The document describes a capital-protected fund offered by Cajamadrid Seleccion Financiera that invests in a basket of stocks from the European financial sector. The fund contains stocks from banks in Ireland, France, Germany, Italy, Spain, and the Netherlands. It aims to benefit from consolidation and improving efficiency in the European banking industry. The fund offers a guarantee of 100% of capital invested plus potential upside returns of 110% of the basket's average performance capped at 20% per stock.

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

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