Operation and profitability of the fund CAJA MADRID SELECCIÓN FINANCIERA, comparative advantages and investment opportunities

1. PRESENTATION DEC. 2006 www.gesmadrid.es

4. DJ Euro Stoxx Banks DJ Euro Stoxx Utilities IBEX-35 diferential EUROPEAN FINANCIAL SECTOR

6. ATTRACTIVE VALUATIONS: EUROSTOXX SECTORS PER 21.9x 20.9x 16.6x 12.4x 11x Banks show attractive ratios

7. STOCKS BASKET: COUNTRIES

8. *UPDATED DEC. 19TH 2006 STOCKS BASKET 2.5% 10.7 18.537 ALE COMMERZBANK 10.88x European mean 11.95x 9.8 12.5 12.5 8.7 11.1 PER 07 - 278.367 TOTAL 5.8% 58.966 FRA SOCIÉTÉ GÉNÉRALE 10% 69.460 ITA UNICREDITO 12.6% 65.214 ESP BBVA 10.2% 46.388 HOL ABN AMRO 17% 19.802 IRL ALLIED IRISH BANKS WEIGHT IN COUNTRY MAIN INDEX CAPITALIZATION (million Eur) COUNTRY NAME

9. BASKET CAPITALIZATION VERSUS SIX MAIN STOCKS OF IBEX-35

16. KEY POINTS IN CAJAMADRID SELECCIÓN FINANCIERA: RETURN UP TO 30% PROFIT BET ON OUR OWN SECTOR WE CAN TRIPLE RETURN WITHOUT RISK (DUE TO GUARANTEE) “ ANNUAL WINDOWS ” (ONCE A YEAR, NO FEES CHARGED ON REDEMPTIONS) PRODUCT WITH CAPITAL GUARANTEE REASONS