MUTUACTIVOS SA, SGIIC is the investment fund administrator of the Mutua Madrileña. It was founded in 1985 in order to administer and manage the financial equity of the group through investment funds.

In 1987 MUTUACTIVOS SV was founded as a marketing unit to grant members and investing third parties access to these same Investment Funds.

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 in investment funds reached 2,500 million Euros in June 2006. Of this amount, 48% corresponds to external customers (institutions, distributors and individuals).

Assets administered by Mutuactivos for customers have grown from 311 million Euros in 2000 to 1,211 million in May 2006. This growth represents an annualised figure of around 25% in comparison with the average figure of 4% in the sector.