Upon conclusion of the offer to redeem four issues of preference shares issued by Banco Sabadell group between 1999 and 2009, the acceptance rate was 93.80% of the maximum nominal amount.

The redemption offer, which commenced on 2 December and is part of Banco Sabadell's active capital management strategy, gave holders of the preference shares the opportunity to replace their positions in those instruments with Banco Sabadell shares.

This redemption also enables Banco Sabadell to further strengthen its capital, since the preference shares are computed as equity but are not included in the core capital ratio nor do they count as core capital or equity for the purposes of the European Banking Authority. In contrast, the ordinary shares count as core capital and are included in all of the aforementioned ratios and types of capital.

Following this transaction, Banco Sabadell's core capital would have increased by 145 basis points, to 10.55% (proforma) as of September 2011.

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