Uría advised one of the few public offerings of the year in the Barcelona Stock Exchange

Uría & Menéndez has advised in the public offering of 7,606,250 shares in Dogi International Fabrics, S.A. (the ?Company?) as legal counsel to Santander Investment Services, S.A. (formerly Santander Central Hispano Investment, S.A. and the investment banking division of Banco Santander) which has acted as lead arranger in the transaction. The aggregate amount of the offering is 28.9 million ? and it is one of the few public offerings of the year in the Barcelona Stock Exchange.

The Company is a global manufacturer of elastic fabrics with high added value for lingerie, swimwear and sportswear with factories in Spain, Germany, Thailand, China and Philippines. The Company has followed a clear trend to globalise its activities since 1995 which was completed in May 2001 with the acquisition of a division of Sara Lee devoted to the manufacturing of elastic fabrics.

The Company has restructured its activities in France and sold its manufacturing business in Mexico to focus on its more profitable operations and, at the same time, has renegotiated its bank debt and tried to reduce its overall expenditures. The Company has recently reported its fourth consecutive quarter with operating profits. Within the frame of this different measures, the purpose of this public offering is to repay a portion of the Company?s bank debt (above 100 million ? as of September 30, 2004) and finance its future investments in the Asia-Pacific region, which includes the construction of a new factory in China.

The newly issued shares will first be offered to the current shareholders of the Company during a period of fifteen days following the announcement of the public offering and, in case the offering is not wholly subscribed, the Company will offer the remaining shares to institutional investors. The controlling shareholder of the Company has partially underwritten the offering. The prospectus of the offering was filed with the National Securities and Exchange Commission (Comisión del Mercado de Valores) on November 11, 2004 and the Company plans to list the newly issued shares in the Barcelona and Madrid Stock Exchanges (as well as in the Mercado Continuo) during the first days of December.

Uría & Menéndez has acted as legal counsel to Santander Investment Services, S.A. and Vialegis Abogados y Asesores Tributarios as legal counsel to the Company. In this transaction the team at Uría & Menéndez was led by Elena Úbeda (partner) and associate Antonio Herrera, both of them based at the Barcelona office of the firm. This deal evidences the strength of Uría & Menéndez?s Barcelona based Capital Markets Group.

Commenting on the deal, Elena Úbeda said ?Dogi has experienced some significant changes during the last three years and is currently involved in a general restructuring of its activities. Reflecting this in the offering documents and allowing the deal to be completed before the end of the year has been particularly challenging for us.?