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					                                                                      PRESS RELEASE

                                                             Madrid, November, 26 2009

Annual Salary Study


 SALARIES IN THE INVESTMENT BANKING AND PRIVATE EQUITY SECTORS
   FACE DIFFICULT TIMES WITH DECREASES AT ALMOST ALL LEVELS.

          The climate of change and restructuring in Investment Banking over the
           last 12 months has impacted in different ways the various institutions in
           this sector. As a result, we have observed more dispersion in the
           remuneration data than that which we collected in previous years.

          100% of Investment Banks and Private Equity entities use non-monetary
           benefits as a compensation tool. In the Private Equity sector carried
           interest consolidates as a tool for long-term talent retention.

          The category of Vice-President within M&A is the only one that
           experienced an increase in total remuneration (fixed + variable)
           compared to last years levels.

Bao&Partners/Signium International, international Executive Search firm specialized
in Talent Management, presented today a Comparative Analysis of Salaries in
Investment Banking in Spain and a Comparative Analysis of Salaries in Private
Equity in Spain along with perspectives of each sector within the current economic
panorama.

According to Bao&Partners, in Investment Banking, the specific situation of each
institution affects differently its remuneration structure, requiring a more detailed
reflection of the this year’s study’s results in comparison to previous years.

The comparative remuneration analysis collects salary data across various professional
levels comparing the data to that of the previous year. The data corresponds to the
remuneration of Managing Directors, Directores, Vicepresidents and Associates in the
major international and national banks as well as boutique M&A firms in Spain.

Once again, the study includes not only a comparative of the monetary remuneration but
also includes elements of non-monetary remuneration such as: meal tickets, car leasing,
pension plans, stock options, complete health and life insurances, among others.

Within the Investment Banking sector, the analysis shows that in Leverage & Acquisition
Finance (L&AF), there was a notable decrease in the total remuneration in all categories,
most notable being that of Director with the highest decrease in both fixed salary (27,3%)
as well as variable salary (49,7%). On the other hand, Analysts did not suffer such
significant decreases in their salary levels compared to the other professional categories
(decrease of 7.1% in total salary).



Comparative in L&AF:

                                                                                      1/3
                      Total Inter-annual Salary (Fixed + Variable)

                600
                                                                       - 25%
                        Total 2008
                                                                      500
                500     Total 2009

                400                                     - 38,1%             375
                                         - 30,7%        289
                300
                                        202
                200     - 7,1%                                179
                                              140
                        84   78
                100

                  0
                       Asociado       Vice President    Director      Managing
                                                                      Director


In respect to remuneration in M&A, the can be noted that in the category of Vice
President registered the only increase in total salary compared to last years level with an
increase of 16.3%.

Comparative in M&A:

                      Total Inter-annual Salary (Fixed + Variable)
                                                                            - 25,1%
                900                                                         825
                         Total 2008
                800
                         Total 2009
                700                                                               618
                600                                       - 7,9%
                500
                                            16,3%         390 359
                400
                300     - 11,4%                 250
                                          215
                200     123 109
                100
                  0
                        Asociado       Vice President      Director         Managing
                                                                            Director

The study, which analyzes 37 institutions – both national and International with
operations in Spain – also shows another noteworthy characteristic of remuneration
policies in the Investment Banking sector which is that 100% of the companies analyzed
use non-monetary benefits at all levels as part of the compensation packages.

On the other hand, with respect to remuneration in the sector of Private Equity, the study
analyzes the principal Private Equity funds, both national and International with
operations in Spain (30 companies, with a pool of more than 100 executives). The study
collects the following data:




                                                                                        2/3
Comparative in Private Equity

                                       - 5,35%

                      250.000 €                                     TOTAL 2008
                                                                    TOTAL 2009
                      200.000 €
                                                       - 17,16%
                      150.000 €
                                                                      1,25%
                      100.000 €

                       50.000 €

                            0€
                                  Directores de   Ejecutivos de   Analistas de
                                     Inversión      Inversión      Inversión


               The Private Equity sector is experiencing delicate times due to the
                significant decrease in the total volume of investment in 2008 when
                compared to 2007 (decrease of 35%), and this lack of deals has meant,
                among other implications, the reduction of teams in various cases.

               The use of non-monetary benefits continues as a method of retaining
                private equity professionals. 100% of the companies analyzed use varying
                forms of non-monetary benefits in their compensation packages.

               Of those private equity entities analyzed, 100% provide Carried Interest
                to their Investment Directors. 65% Investment Executives receive this kind
                of remuneration, while 20% of Investment Analysts receive Carried Interest
                compared to 17% last year.

Editor’s note

Bao&Partners/Signium International Bao&Partners/Signium International is an International
Executive Search Consulting Firm specializing in Talent Management. The firm provides Consulting
Services to national and multinational companies looking to recruit, grow, and retain the very best
leadership talent in their respective sectors. Bao&Partners is specialized in Talent Management
Services in the Financial Services - and more specifically in Private Equity and Investment Banking –
Professional Services (Legal & Consulting), FMCG and Distribution, and TICE sectors among others.

Bao&Partners forms part of the the firm Signium International, the second oldest Executive Search
firm worldwide with more than 50 years of experience. Signium International is present through its
45 offices across the globe in 29 countries. Ignacio Bao, President of Bao&Partners is currently the
Chairman of this international group of talent management and recruitment.

Signium International as one of the founding firms of AESC (The Association of Executive Search
Consultants), helped develop the professional Code of Ethics for the sector, which are upheld today.


   For more information:
   Christina Chaplin
   Marketing & Communications Director
   Bao&Partners / Signium International
   Tel: (+34 91) 781 52 10
   Fax: (+34 91) 781 52 19
   press@baopartners.com
   www.baoparnters.com

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