MTS European Trading Calendar

		2007	2008
MTS European Trading Calendar
MTS Settlement Calendars
	- Austria
	- Belgium
	- Denmark
	- EuroCreditMTS
	- EuroGlobalMTS
	- Finland
	- France
	- Germany
	- Greece
	- Ireland
	- Israel
	- Italy
	- The Netherlands
	- NewEuroMTS
	- Poland
	- Portugal
	- Spain
	- Slovenia
	- Quasi

EuroMTS Indices Closing Dates for 2008:

TARGET Non-Business Days

- 1 January 08 - New Year’s Day
- 21 March 08 - Good Friday
- 24 March 08 - Easter Monday
- 1 May 08 - Labour Day
- 25 December 08 - Christmas Day
- 26 December 08 - Boxing Day

Important Note: EuroMTS Indices published on the last TARGET business day prior to Christmas Day and prior to New Year's Day are calculated using clean bond prices taken from the close of business on the preceding TARGET business day.

Consequently the clean bond prices on the last TARGET business day prior to Christmas Day and prior to New Year's Day are constant and do not vary. Accrued Interest and Inflation Ratios are correctly updated for these days.

ImportantNote for EuroMTS Covered Bond Index: During each Christmas and New Year period, the established convention of the covered bond market isto suspend all formal covered bond quotation.  For 2006, formal quotation is suspended between Monday 18th December and Friday29th December (inclusive).   Formal quotation restarts on Tuesday 2ndJanuary 2007.

During thisperiod, indicative covered bond prices are derived for the EMTXc calculation asdescribed in section 2.2 of the Rules.