Mutuactivos Pensiones SA S.G.F.P. is the Pension Plan and Fund Administrator of the Mutua Madrileña Group. It offers the experience of a group interested in nothing but the interests of its members, ensuring that their money will be invested in optimum conditions of return, security and efficiency.

Mutuactivos Pensiones was established in 1989 to administer the pension commitments of Mutua Madrileña Group employees. From 2003, it has started to administer and market Individual Pension Plans.

ADMINISTRATION PRINCIPLES

Alignment of interest with our customers.

A significant part of the equity administered by Mutuactivos corresponds to Mutua Madrileña Group. Our customers invest in the same funds through which Mutua Madrileña channels its investment efforts.

Truly active and independent administration.

Investment policy focused on systematically identifying value at a good price, with no external influences, backed by the total independence of Mutua Madrileña Group.

Strict risk control.

Starting point for our investment process: return adjusted to each level of risk.

Concentration and diversification.

We focus our efforts on administering a limited number of products that, however, offer an adequate degree of diversification in terms of sectors, assets and geographical areas. Our main objective is to administer, not "place".

We are an efficient provider of savings and investment solutions.

No “rewarded” commercial network, which allows us to apply the most competitive administration commission rates in the market.

ADMINISTERED ASSETS

The total equity administered by Mutuactivos Pensiones in welfare reached 119 million Euros in June 2006. Of this amount, 29% corresponds to the Individual System and the remaining 71% corresponds to the Employment and Group System.

Assets administered in pensions have grown from 31.5 million Euros in 2002 to 119 million in June 2006. This growth represents an annualised figure of over 39% in comparison with the average figure of 11.3% in the sector.