Arias, Fábrega & Fábrega acted as counsel to Barclays Bank Plc and Credit Suisse Securities (Europe) Limited as initial purchasers in connection with Codere S.A.'s offering of 100 million Euros 8¼% senior notes due 2015.

This issue, with the guarantee of Codere, SA and several of its affiliates, is in addition to bond issues made by Codere Finance Luxembourg SA since June 2005. The new bonds will have the same conditions as the previously issued Notes due 2015.  The proceeds from the issuance will be used for repayment of amounts due under the senior credit line of the Codere Group and other long-term debt, to finance certain obligations owed under the agreement with Grupo Caliente and to pay expenses.

CODERE is a Spanish multinational group and a key player in the private gaming sector in Europe and Latin America. Overall the Group manages more than 53,400 gaming machines, 137 bingo halls, 273 betting locations and 7 casinos, and participates in the management and operation of 3 horse racetracks in Argentina , Brazil, Colombia, Italy, Mexico, Panama, Spain and Uruguay.