PRESS RELEASE

MARF registers a commercial paper programme by Grupo ULMA

-       It is the first cooperative to use this financial formula

-       The Programme has a maximum outstanding amount of €50 million

The Mercado Alternativo de Renta Fija (MARF) has admitted to trading a Commercial Paper (CP) Programme by ULMA Inversiones, Sociedad Cooperativa, with a maximum outstanding amount of €50 million, thus becoming the first cooperative entity to use this fund-raising formula. Under the Programme the company will be able to issue CPs with a nominal unit value of €100,000 and maturities of up to 24 months within next year.

The Commercial Paper Programme is coordinated by Banca March as Sole Lead Arranger and ULMA’s Registered Advisor. Likewise, Banca March will be the payment agent for the issues. Law firm J&A Garrigues has acted as legal adviser for the company during the registration process in MARF.

The issuer is a second-tier cooperative firm created in July 2016 that is part of Grupo ULMA, which in turn is in Corporación Mondragón. The Group, which comprises 8 cooperatives, has a presence in more than 80 countries and employs around 4,500 people who work in such different economic areas as agriculture, architectural solutions, forklifts, construction, conveyor, handling systems, packaging and piping. Grupo ULMA has been operating in the Spanish domestic market and abroad for 60 years.

The Group's consolidated revenue in 2016 was €670.6 million, and its EBITDA for the same period amounted to €89.1 million.

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