CAIXA GALICIA

Caixa Galicia Financial Report 2007

Caixa Galicia Financial Report 2007
Caixa Galicia is one of the leading financial groups in Spain, both in terms of turnover and profits generated, which
in 2007 exceeded 454 million. Its business model is geared towards customer relationship banking, the core
activity of the organization. The parent company, Caixa Galicia, focuses on retail banking through a multichannel
distribution structure and a wide range of competitive products and services, complemented by market transactions
(liquidity and treasury management) and CXG Corporación CaixaGalicia, which manages the Group's corporate
participations.

Key Data

BUSINESS (million €)
2007 2006 2005 2004
Total Assets 47,726 42,813 36,709 28,401
Turnover 76,333 62,426 45,140 34,974
Total Investment 41,801 36,101 30,382 23,263
Customer Credit 35,229 28,098 19,192 14,182
Securities Portfolio 6,572 8,003 11,190 9,081
Total Customer Resources 41,104 34,328 25,948 20,791
Customer Resources on Balance Sheet (ERs) 35,793 29,312 21,737 17,331
Off-Balance Sheet liabilities 5,311 5,016 4,212 3,460
Net Credit Entity Position (Interbank) -4,298 -4,827 -7,397 -5,197
Average Total Assets (ATA) 47,039 38,229 34,894 28,401

RESULTS ACCOUNT (thousand €)

2007 2006 2005 2004
Net Interest Margin excluding dividends 580,284 477,241 400,915 364,296
Net Interest Margin 643,620 524,094 434,807 390,437
Basic Margin 787.112 642,773 517,570 466,621
Gross Operating Income 1,214,584 1,002,322 686,498 497,668
Operating Revenue 728,914 610,479 334,556 182,815
PBT 454,122 443,169 251,764 145,727
Result Attributed to Group 401,206 356,863 212,283 107,801
RESOURCES (Number)
2007 2006 2005 2004
Group Employees 5,308 4,756 4,666 4,233
Parent Company Employees 4,714 4,278 3,887 3,624
Branches 893 813 758 735
Operative 885 806 752 728
Universal Bank 860 804 752 728
Galicia 472 468 466 467
Rest of Spain 379 327 278 254
Abroad 9 9 8 7
Corporate 25 2 0 0
Gal icia 6 2 0 0
Rest of Spain 19 0 0 0
Representative abroad 8 7 6 7
Cards 1,318,702 1,197,141 1,023,443 916,459
ATMs 1,037 954 913 874
POS 21,339 21,968 24,249 21,223
Customers 1,899,500 1,860,570 1,792,320 1,782,500
Online / Telephone Banking 564,314 487,156 395,930 335,148
Community Project Budget (thousand €) 112,000 104,066 75,761 62,043

MANAGEMENT RATIOS: Yield (in %)

2007 2006 2005 2004
R.O.A. (PBT / ATA) 0.95 1.15 0.72 0.51
R.O.E. (Net Profit / Average Equity) 20.80 22.32 14.97 8.06
RORWA (Net Profit / Average Risk Weighted Assets) 1.04 1.18 1.04 0.64
Risk Adjusted Return (Operating Rev. / ARWA) 1.89 2.01 1.64 1.09

MANAGEMENT RATIOS: Efficiency and Recurrence (in %)

2007 2006 2005 2004
O.C./O.I (Operating Costs/Operating Income) 39.99 39.09 51.27 63.27
O.C./A.T.A. (Operating Costs/Average Total Assets) 1.03 1.02 1.01 1.11
Commissions/O.C. 29.55 30.29 23.52 24.20

MANAGEMENT RATIOS: Productivity (thousand €)

2007 2006 2005 2004
Turnover/Employee 14,381 13,126 9,674 8,262
Turnover/Branch 86,252 77,452 60,027 48,041
Operating Revenue/Employee 137,32 128,36 71,70 43,19
Operating Revenue/Branch 823,63 757,42 444,89 251,12
MANAGEMENT RATIOS: Solvency (million €)
2007 2006 2005 2004
Computable Own Resources (BIS) 4,336 3,485 2,867 2,294
Net Equity 2,682 2,570 1,945 1,574
Own Funds 2,181 1,803 1,499 1,338
BIS Ratio (%) 10.70 9.50 11.98 13.62
Tier 1 (%) 6.11 4.86 6.42 7.46
Core Capital (%) 5.08 4.27 5.42 6.75
Tier 2 (%) 4.59 4.64 5.56 6.16
Surplus Own Resources 1,094 550 953 947
Securities Portfolio Unrealized Gains 637 1,133 684 361

MANAGEMENT RATIOS: Risk Management (%)

2007 2006 2005 2004
NPL rate 0.79 0.43 0.28 0.33
NPL coverage 264.21 453.65 696.26 638.23

MANAGEMENT RATIOS: Liquidity

2007 2006 2005 2004
Customer Funds/Customer Credit (%) 101.60 104.32 113.26 122.20
Global Liquidity (net interbank+available for discounting) thousand
5,176 4,113 4,351 3,335
€
Letter from the president
I am delighted to present the annual report for the Caixa Galicia Group, in which we present an overview of our
activity in the spheres of financial and social activity and corporate responsibility during the financial year 2007 to
our governing bodies and society at large. We have also included the challenges and objectives facing us in the
coming financial year, which are a reflection of the organisation’s desire for constant improvement

The financial year 2007 was the climax of a period in which the Caixa Galicia Group has taken a major qualitative
leap forward. Turnover has duplicated in three years, profits have quadrupled and 171 branches have been
opened to create more than one thousand new jobs. The year represented a milestone in the Bank’s trajectory, not
only in terms of the results obtained in a series of critical variables, such as business, strength, efficiency and yield,
but also with regard to the solid foundations on which these are based, the guarantee of long-term sustainability.

As you will see in the report, we have given a major stimulus to our commercial capacity, extending the distribution
structure and focusing the organisation towards customer service, personalised attention and sales, leading us to
gain a significant market share in all Spain’s autonomous regions. This commercial strength has led to the
generation of recurrent income, which combined with progress in efficiency has led us to end the year with an
attributed profit in excess of 400 million Euros.

NPL rates and the coverage ratios have continued to be amongst the best in the sector, while the solvency ratio
increased by 120 basic points over the financial year. The restructured balance sheet strengthens our position to
confront the less expansive economic scenario and financial market instability envisaged for the coming years.

While the organisation has grown in financial terms, no less significant advances have been made in the social
field. The Community Project budget of 104 million Euros is the third largest among Spanish banks and puts us
among the organisations that dedicate the highest percentage of profits to this area. Initiatives in areas as diverse
as environmental conservation, cultural activities, care for the elderly and cooperation for development form part of
the daily lives of the more than three million beneficiaries of the work in progress.

This commitment to individuals and the environment forms an essential part of our work, our identity as an
organisation and our Corporate Social Responsibility.

In this area, we have focused on strengthening two main lines throughout the year, which will continue to be a
priority in the future for an organisation that has reaffirmed its commitment with the UN Global Compact. On the
one hand, a coherent environmental policy has led to the inclusion of three of our buildings in the EMAS register
and the installation of a photovoltaic solar power plant for the Data Processing Centre. On the other, our human
resources management has demonstrated firm commitment to gender equality, in an organisation in which more
than half of the 702 newly-contracted staff are women; our prevention of work-related accidents policy has led to
the award of OHSAS certification and the development of professional skills and talent.

The recognition of the important role played by the organisation’s human capital responds to the firm belief that its
human and professional qualities are its main asset and fundamental to offering the best possible image to society
at large.

The involvement and commitment of this highly qualified professional team have been decisive to the ascendant
trajectory of the Group over its nearly thirty years of existence and offer the best guarantee for the future in the
constantly demanding world of finance. I would like to take this opportunity to publicly thank them all for their work.

Mauro Varela
Schedule 2007
The following are the Caixa Galicia Group’s most outstanding financial and social events in 2007.

January
Presentation of the 2006 Results: significant increase in turnover with pre-tax profit up 76% to 443 million

Issue of 'cédulas hipotecarias' totalling €1,500 million

Caixa Galicia and the University of Vigo present the "Caixa Galicia Foundation Chair"

The Foundation announces its Master and Postgraduate fellowships, which have benefited more than 800
fellows to date, with a total investment of €10 million

A collaboration protocol is signed with the Xunta de Galicia Department of the Vice-Chairman of Equal
Opportunities and Welfare to finance the social activities of Galician federations and associations

Caixa Galicia makes a commitment to web accessibility by subscribing to the "We are @accessible"
accessibility project

The Colón Theatre (A Coruña) hosts the Caixa Galicia Group's “23rd Commercial Convention” under the title
of "Part of you" and presents the Caixa Galicia Foundation's annual cultural programme, which puts Galicia
in the limelight of the international cultural stage

Caixa Galicia and the Xunta de Galicia present the first study on climatic change in Galicia

February
Launch of updated version of "On Broker", the Internet securities and funds management service

The Caixa Galicia Group Corporate Social Responsibility Report reaches the final in the 5th Edition of the
"Prize for the best Spanish Enterprise Sustainability Information"

The CXG Corporación CaixaGalicia regatta team starts to build its new boat: the TP 52 “CxG”

Launch of new products: “Caixa Galicia Guarantee Five” guaranteed investment fund, "Deposit Six" structured
deposit and "Kitchen Loan"

The Google Maps service is included on the corporate website to locate offices and cash dispensers

Community Project signs a collaboration agreement with Vigo Town Hall to provide consultancy services and
finance for entrepreneurial projects

Launch of the "The Plus Gallery"Shopping Club a virtual and physical space for electronic commerce with the
option to finance purchases

2nd "Community Project"Announcement of Subsidies for Social Projects 2007" allocates €1.2 million to NGO
projects

March
Cash dispenser security: the installation of "anti-skimming" (copying of cards at cash dispensers) measures
begins

New products: launch of 3 "VaR Funds" active management investment funds, two structured deposits,
corresponding to the "Interest rate cover" service for a wide range of products, the "Club" current account for
young people and, on the Portuguese market, the "Sinal Credit"

12 new branches opened in the first three months of the year

Issue of Treasury Bonds totalling €400 million

The Caixa Galicia Group's Managing Director, José Luis Méndez López, is awarded the “Percebe de Oro” for
his work at the Bank and his promotion of Galicia around the world

Caixa Galicia presents its Community Project “Natura Fund”, aimed at protecting the environment and nature in
the areas in which it operates; the first initiative was the purchase of the Pontevedra archipelago of Sálvora.
The Caixa Galicia Virtual Community (www.caixagalicia.es/comunidad) exceeds 100,000 members
April
Five new Corporate branches opened (1 in Galicia, 2 in Andalusia and 2 in Madrid)

Group profits increase by 12% in March to €150 million

Issue of €150 million in preferred securities, which are fully subscribed and strengthen the Group's financial
position

Launch of new improved version of "On Broker", the Caixa Galicia Group Internet funds and securities
platform

New corporate products: launch of "Cash-Pooling", a new cash management and direct debit payment service
excluding advance payment offers

New product for the immigrant sector: the "You & Me" prepayment card

The "Yellow Points" Programme", which awards the Bank's credit card users points that can be exchanged for
gifts, is renewed until 2009

May
The Caixa Galicia Community Project enters the “Top 10” of the “Diadeinternet” Prizes for its educational
initiative supporting the integration of the disabled into the Information Society

CXG Corporación CaixaGalicia presents CXG Family Credit finance company

Caixa Galicia, the first Galician bank to allow the use of the electronic ID card for customer transactions

Caixa Galicia signs a collaboration agreement with Western Union for international transfers

Launch of the "Galician Doctors" Gold Visa card with specific terms and conditions for doctors

Caixa Galicia markets its new individual systematic savings plans (in Spanish, PIAS), a savings product
designed to complement retirement pensions

June
The General Assembly approves the accounts for 2006 and the launch of the Community Project's "Natura
Fund"

According to a study by CRF Spain, Caixa Galicia is one of the Spanish companies with the best outlook for
the future

Caixa Galicia Foundation, "Medal of Honour of Fine Arts" awarded by the San Fernando Royal Academy of
Fine Arts (Madrid)

New issue of 'cédulas hipotecarias' totalling €300 million, together with an issue of subordinated debt totalling
350 million

New products: launch of the "Immigrants Plus Solutions Account", which provides the immigrant sector with a
wide range of products and services in exchange for a monthly fee; for the non-resident sector, the "Euro-6"
and "Dollar-7" deposits are launched

Community Project focuses its June activities on the elderly, with the 7th Edition of the "International
Gerontology School"

Creation of the "Caixa Galicia Foundation Economics and Finance Chair"

July
The half year results are published and show a consolidated pre-tax profit of 204 million.

The 1st Commercial Caixa Galicia Enterprise Convention held.

Caixa Galicia, the first Spanish bank to publish its triple report (financial, CSR and social) in a format including
access for the disabled

Caixa Galicia is awarded the OHSAS quality certificate, placing it at the fore of the Spanish enterprises most
firmly committed to employee hazard-prevention and occupational health.
 The Activa Mobile mobile telephone electronic banking service celebrates its first anniversary with 5,000 active
customers.

The Foundation website (http://www.fundacioncaixagalicia.org/) gets a facelift and receives the A-level
accessibility certificate

An agreement is signed with the Galician regional government to develop joint projects for the defence of the
environment in Galicia; the Xunta rates Caixa Galicia's "Natural Fund" as the largest private contribution ever
made to the conservation of the Galician environment.

Opening in Vigo (Pontevedra) of the refurbished “Fraga Caixa Galicia Theatre”: avant-garde and tradition at the
service of culture.

The Bank signs collaboration agreements with the Lalín (Pontevedra) and Santiago de Compostela (A
Coruña) Town Halls for the organisation of socio-cultural activities.

The Bank allocates €1.2 million to Social Action NGO projects

Launch of the "Visa Prepayment" prepayment card

August
An agreement is signed with the DECO/Proteste, the Portuguese Consumer Protection Association, so that its
members can apply for the consumer loan with the best conditions on the Portuguese market.

Caixa Galicia signs an agreement with Ourense Provincial Council for the cultural development of the province.

A draft agreement is drawn up for the "Refurbishment of Historical Homes in Galicia"

Through the CIEF, the Foundation publishes the annual report titled "The Galician Economy. 2006 Report"

“Termaria-Casa del Agua”, a leisure-sports centre run by a company in which CXG Corporación CaixaGalicia
has a majority holding, opens in A Coruña.

Through its Community project, Caixa Galicia takes part in the Médicos del Mundo (Doctors of the World)
project to provide a mobile unit to attend to individuals who have been subjected to commercial sexual
exploitation

September
The "Hal-Cash" cash transfer service using cash dispensers is extended to 20% of cash dispensers in Spain.

Issue of cédulas hipotecarias totalling €100 million.

Opening of a new representative office in São Paulo (Brazil), taking the Group's foreign representative office
network to a total of 8.

New products: "Back-to-School" campaign including a loan to buy a computer and the "Formula 10 Advance";
the "Double Six Deposit" structured deposit; the "Six Combined Deposit" combined deposit; and the
"Montesinos" deposit in kind.

Corporate services: launch of the Electronic Payment and Payment Collection Management Platform.

Launch of the "Zero Paper" project to reduce the impact on the environment and increase efficiency.

An agreement is signed with Ponferrada Council (León) to promote social cultural activities in the local town hall

October
The Group increases its consolidated profits to September 2007 by 23%, taking the figure to 237 million.

Caixa Galicia is awarded the Forética “Dialogue with Stakeholders” Prize, which recognizes “Socialia” as the
best project for NGO quality and professionalism.

Caixa Activa, the Group's electronic and telephone banking service, breaks the boundary of 500,000 customers.

A cultural agreement is signed with the Archdiocese of Barcelona for the refurbishment of the Santa María del
Mar Basilica, one of the prime examples of the Gothic style in Catalonia.
 The seventh edition of the "Stock Market Game" begins. To date, it has involved more than 28,000 Galician
students in the world of equities.

Portugal: the agreement with the DECO/Proteste, the Portuguese Consumer Protection Association, is
extended to include a loan specifically for buying a vehicle with the best conditions on the Portuguese market.

Launch of two new structured deposits ("Shares Basket Deposit" and "Super Interest Deposit").

The "Caixa Galicia F.C.R. Social Fund" successfully ends its full investment-disinvestment cycle in Hornos de
Lamastelle, the A Coruña foodstuff company run by disabled staff.

A new Savings Banks Collective Bargaining Agreement is signed for 2007-2010.

November
Caixa Galicia Managing Director, José Luis Méndez López, is awarded “Economist of the Year” prize by the
A Coruña College of Economists

Securitisation of corporate loans €904 million and issue of 100 million of unique mortgage certificates

Caixa Galicia awarded the “Expansion & Employment” prize for innovation in human resources

The Bank meets all the requirements laid down in the new MiFID regulations (Directive on Financial Instrument
Markets)

CXG Corporación CaixaGalicia opens its share capital to new investors

Means of payment: launch of the "Cuatro Caminos Shopping Centre Visa" and the "Coruña Millennium" citizen
card

Caixa Galicia signs a collaboration agreement with the National Museum of Fine Arts of Havana (Cuba)

Caixa Gestión, the electronic corporate banking service, extends its transfer operations

The Bank commits itself to the internationalisation of Galician enterprise in an agreement signed with the
Galician Confederation of Entrepreneurs

New “ClubWorldConnect” prepayment Visa card for immigrants

Caixa Galicia, the first bank in Galicia and the fourth in Spain to obtain the “EMAS” environmental certificate

New products: "Caixa Galicia guaranteed yield" guaranteed investment fund; "Six Combined Deposit" combined
deposit; "VIP High Remuneration Deposit" term deposits and "Enterprise Cash Deposit"

December
The “On CaixaGalicia” virtual branch launches an on-line deposits market.

With the opening of 7 new traditional branches and 1 corporate branch during the month, 2007 closes the year
with 75 new branches.

New products: three structured deposits ("55 Deposit", "Brent Premier Deposit" and "Premier II Super Interest
Deposit"); life-insurance "Combined Balance Bia Vida"; "Caixa Galicia Gift Card" prepayment card and " Loose
Change Service".

The Caixa Galicia Community Project Fund is awarded a prize in the International Social Advertising Festival.

José Luis Méndez López, Managing Director of the Caixa Galicia Group, receives the "Gold Medal" from the
Institute of Political and Social Studies Foundation and the recognition of the Royal Galician Academy for his
commitment to culture

The Group's insurance agency changes its name to CXG Aviva Corporación CaixaGalicia de Seguros y
Reaseguros, SA (CXG Aviva), and incorporates a new insurance brokerage company, CXG Operador de
Banca-Seguros Corporación CaixaGalicia, SL.
Framework of Activity
The following is a description of the economic-financial and legislative framework in which the Caixa Galicia Group
has operated in 2007:

Economic-Financial Framework

Economic Framework
The economic and financial framework in which the Caixa Galicia Group operated in 2007 was determined by the
effect of subprime mortgages and a certain deceleration of economic activity.

The deterioration in the credit quality of certain financial assets associated with US subprime mortgages caused a
reduction in the financial market activity and a higher aversion to risk. which limited and increased the cost of
wholesale finance. This market framework led to lower-level activity in the real economy.

In Spain, as in the European Union, the growth rate slowed down as the year progressed. As a result, the year
closed with a 3.8% growth of the GDP; however, while the Spanish economy grew by 4.1% in the first quarter, in
the final quarter growth was limited to 3.5%.

A ll domestic demand components reduced their contribution to the GDP, a reduction whose effect has been most
noted in domestic consumption and investment in construction, whereas investments in consumer goods showed
the greatest activity. Foreign demand reduced its negative contribution to the GDP by five tenths of a point to 0.7
points.

The still high growth rate enabled the creation of 475,000 jobs during the year, although the rate slowed down
somewhat at the end of the year, increasing the unemployment rate slightly to 8.6%.

Inflation figures had a negative effect on domestic consumption. The year closed with an inflation of 4.2%, the
highest rate in the last 12 years, as a result of energy and food costs.

The Galician economy closed the year with a 4.0% growth of the GDP, two tenths of a point higher than the
Spanish average. The key factors behind the growth were the improved performance of the employment and
investment markets.
 Financial Framework
Within the financial framework, economic activity in the Eurozone during the first half of the year led the European
Central Bank to apply two interest rate increases of 25 basic points during the first half of the year, taking the figure
to 4.0%. During the second half, evidence of deceleration motivated the stabilisation of monetary policy.

The Euribor responded to the said policy with sustained increases over the year. The lower liquidity of the
international wholesale markets created additional tension that took the Euribor to peaks of nearly 5%, although it
fell during the final weeks of the year.

Financial tension also affected long-term interest rates. The need to obtain liquidity led to an increase in the offer of
national debt on the markets, reflected by price reductions and, consequently, increased profitability. The Spanish
ten-year bond closed the year with a yield of 4.4%.

On the equities market, the subprime crisis moderated the revaluation rate of recent years. On the Spanish market,
the IBEX 35 closed the year with an increase of 7.3% in comparison with 32% in 2006.

Finally, the Euro closed another year of gains over the dollar in which it reached an historic high. The single
currency was helped along by falls in interest rates dictated by the Federal Reserve and the fear of a heavy
deceleration of the United States economy.

Financial Sector
The deterioration of macroeconomic conditions led to a credit deceleration and renewed interest in traditional
sources of finance, i.e. customer deposits.

Accordingly, the low economic activity meant credit growth rates of around 16% with a clear moderation of
mortgage activity.

As far as attracting resources was concerned, during the second half of the year, banks focused their efforts on
increasing their traditional customer balance resources and deposits were up 16% in comparison with the 14% of
2006. The dynamism of term deposits was outstanding, with a balance increase of 30%.

Thanks to their sound base, Spanish banks have successfully maintained a high-level capacity for generating
income despite the economic and financial ups and downs. Accordingly, pre-tax profits were up 23% for the sector
as a whole.
Legal Framework
The following are regulations issued or implemented in 2007 that affect Caixa Galicia Group activities.

EC Legislation
Implementation of EUROPEAN DIRECTIVE 2004/39/CE, dated 21 April 2004, on financial instrument markets
(MiFID).

Implementation of DIRECTIVE 2006/73/CE, dated 10 August 2006, on the organisational requirements and
operating conditions of investment companies and the terms defined for the intents and purposes of the said
directive (MiFID).

DIRECTIVE 2007/64/CE of the European Parliament and Council, dated 13 November, on domestic market
payment services.

National Legislation
Act 6/2007, dated 12 April, on the reform of Act 24/1988, dated 28 July, on the Securities Market, for
modification of takeover bids and issuer transparency.

Act 8/2007, dated 28 May, on ground space (Official State Gazette number 128, dated 29 May).

Act 15/2007, dated 3 July, on the defence of competition (Official State Gazette number 159, dated 4 July).

Act 16/2007, dated 4 July, on the reform and adaptation of mercantile accountancy legislation for international
harmonisation based on the regulations of the European Union.

Act 22/2007, dated 11 July, on the remote marketing of financial services for consumers.
- Act 30/2007, dated 30 October, on public sector contracts (Official State Gazette number 261, dated 31
October).

Act 31/2007, dated 30 October, on contracting procedures in the water, energy, transport and postal services
sectors (Official State Gazette number 261, dated 31 October).

Act 41/2007, dated 7 December, which amends Act 2/1981, dated 25 March, on the regulation of the mortgage
market and other mortgage and financial system regulations, on the regulation of inverse mortgages and
dependency insurance, whereby the said tax legislation is laid down.

Act 43/2007, dated 13 December, on consumer protection in the contracting of goods including an offer for the
return of the price.

Act 47/2007, dated 19 December, which amends Act 24/1988, dated 28 July, on the Securities Market.

Act 55/2007, dated 28 December, on the cinema (amends the Sale by Instalment of Chattel Goods Act).

Act 56/2007, dated 28 December, on measures for promoting the information society (Official State Gazette
number 312, dated 29 December).

Royal decrees and other national regulations

ROYAL LEGISLATIVE DECREE 1/2007, dated 16 November, which adopts the re-written text of the General
Act for the Defence of Consumers and Users and other complementary legislation.

ROYAL DECREE 45/2007, dated 19 January, which amends the Regulations on the notary system and its
organisation

ROYAL DECREE 362/2007, dated 16 March, which amends the regulations laid down in Act 35/2003, dated 4
November, on collective investment institutions, adopted by Royal Decree 1309/2005, dated 4 November.

ROYAL DECREE 363/2007, dated 16 March, which amends Royal Decree 726/1989, dated 23 June, on Stock
Exchange Governing Entities, Stock Exchange Members, and the collective; Royal Decree 1814/1991, dated 20
December, which regulates the official futures and options markets and Royal Decree 116/1992, dated 14
February, on securities represented through book entries and clearance and settlement of stock market trades.
 ROYAL DECREE 364/2007, dated 16 March, which amends Royal Decree 685/1982, dated 17 March, which
implements certain issues of Act 2/1981, dated 25 March, regulating the mortgage market; Royal Decree
1343/1992, dated 6 November, which implements Act 13/1992, dated 1 June, on shareholders’ equity and the
consolidated supervision of financial enterprises; Royal Decree 867/2001, dated 20 July, on the legal system of
investment service companies; and Royal Decree 1333/2005, dated 11 November, which implements Act
24/1988, dated 28 July, on the Securities Market in market abuse issues.

ROYAL DECREE 1066/2007, dated 27 July, on takeover bids.

ROYAL DECREE 1362/2007, dated 19 October, which implements Act 24/1988, dated 28 July, on the Securities
Market, with regard to the transparency requirements concerning information on issuers whose securities are
accepted for trading on an official secondary market or on another regulated market of the European Union.

ROYAL DECREE 1720/2007, dated 21 December, which adopts the regulations laid down in Organic Statue
15/1999, dated 13 December, on the protection of personal data.

EHA ORDER 3011/2007, dated 4 October, which amends Order ECO/805/2003, dated 27 March, on regulations
for valuing property and certain rights for specific financial purposes.

Implementation of REGULATION 1287/2006, dated 10 August 2006, on the duties of investment companies to
keep a register, information on transactions, market transparency, trading of financial instruments and terms
defined for the intents and purposes of the said directive (MiFID).

Regional Legislation
ANDALUSIA

ORGANIC STATUTE 2/2007, dated 19 March, on the reform of the Autonomy Statute for
Andalusia (Official State Gazette dated 20 March 2007).

CASTILLA AND LEON

ORGANIC STATUTE 4/2007, dated 30 November, on the reform of the Autonomy Statute for
Castilla y León (Official State Gazette dated 1 December 2007).

NAVARRA

ORDER DATED 20 DECEMBER 2006, issued by the Department of Economy and

Employment, which lays down instruments for the implementation of social welfare
programmes pertaining to foreign savings banks (DO Ext. dated 4 January 2007).
Key Strategies during the Financial Year
2007 culminated an expansion process launched by the Caixa Galicia Group in 2004, which, taking advantage of a
favourable economic cycle, completes an in-depth transformation of the organisation. In a period marked by high-
level economic activity, the liquidity surplus in Europe, the strength of the property sector and the intense rivalry
between banks, the banking model turned towards a commercial organisation focusing on customer relationships
and sales.

2007 culminated expansion process launched in 2004...

This change in direction involved co-ordinated actions in various areas: the organisational structure, the expansion
of the commercial platform, the focus of systems on sales and segmented customer management, the cultural
change in human resources management, the strengthening of the corporate group and the use of the growth
potential in customer segments such as SMEs and personal banking.

...which has doubled Group turnover, profits and equity

The results of this change in the banking model are evident. In three years, turnover and equity have doubled and
profits quadrupled; 171 new offices have been opened and more than 1,000 jobs created; efficiency levels
improved by 23 basic points and a gain of 23% in market quota was registered; NPL levels were contained and the
cover was almost 300%.

Results of model change toward sales and customer relationship bank

(2004-07)
Concept 2007 Var 2004
Turnover (million €) 76,333 x2.0
Consolidated Profit (million €) 401 x4.0
Equity (million €) 4,336 x 2.0
Branches (number) 893 +171
Employees (number) 5,308 +1,075
Efficiency (OC/OR in %) 39.99 Improvement 23 p.p.
Productivity (Turnover/employee) 14.4 x2
Market Share (in %) 1.9 +23 b.p.

Change in environment determines strategic priorities for

coming years
However, 2007 also marked the beginning of a change in the economic and financial context that will logically
influence the strategic priorities of coming years. The deceleration of growth rates and real estate activity and the
conditions of the international financial markets following the subprime mortgage crisis constitute a more restrictive
scenario to be approached on the basis of three general principles:

Giving priority to deposits and minimising recourse to wholesale markets while increasing the role played by
short term in investment; investment growth rates will be determined by the liquidity and solvency targets set.

Focusing on profitability, which implies promoting products with higher value-added and a price strategy in
accordance with the profitability-risk dichotomy.

Focusing on improving productivity through permanent progress in generating income from commissions and
adapting running costs. In short, priority will be given to optimising the distribution structure rather than
expansion.
Caixa Galicia Group Strategy 2007
The strategic framework of the policy applied by the Caixa Galicia Group in 2007 focused on the following basic
lines of activity:

1. Consolidating the commercial progress achieved by the bank

Accordingly, the development of the Caixa Galicia's financial platform continued with a clearly defined multichannel
focus, strengthening the customer focus through a personalised, quality service. All backed by human resource
management based on talent, motivation and training.

82 new branches were opened to complete a network of 893, with particular activities in Catalonia, Central Spain
and Andalusia.

The bank's international presence was increased to 17 branches following the opening of a
representative branch in Brazil.

4,326 new prescriptors were incorporated (shops, dealers, estate agents) to take the total to almost 6,000
establishments attending customers in a timetable adapted to commercial practice.

A network of 25 branches was created to focus on corporate service and equipped with 118 specialised
managers.

The "Caixa Galicia Premium" service was launched with 80 personal managers offering personalised banking
services to customers with more sophisticated financial requirements.

The offer and features included in virtual on-line banking were promoted, increasing accessibility to financial
services and the attraction of business through "On-Caixa", which handles more than 800 million.

160,000 training hours were given. The variable remuneration system was consolidated and talent development
programmes were launched. The said programmes have been awarded the "Expansión Prize for Innovation in
Human Resources".

2. Adapting growth rates to an context of economic deceleration and shortage on wholesale markets. The
actions in this area were as follows:

Diversifying credit growth with particular attention to customer credit and financing small and medium-sized
companies, positioning the institution in the context of a slower property market.

Consolidating attraction of term deposits to reduce the recourse to wholesale markets as a source of finance.

Reducing weight of fixed income portfolio on the balance sheet and restructuring equities portfolio, making use of
fifth consecutive bull market to accumulate revaluations of 151% over the period.

3. Guaranteeing sustainability of growth

Maintaining an advantageous position regarding the market references in default rates and cover levels.

Applying an active capitalisation policy to increase solvency ratios and extend the equity surplus, which stood at
€1,094 million at the close of the year, doubling the surplus at the close of 2006.

Achieving ample liquidity - overall Caixa Galicia Group liquidity increased by more than 1,200 million over the
year to close at 5,176 million.
Business Model: Multichannel Commercial Platform focused
on Retail Banking
Today the Caixa Galicia Group is a commercial platform providing financial and related services. It is one of the
most diverse Spanish financial groups in terms of lines of business and customer service channels.

One of the most diverse Spanish financial groups...

This diversity makes it more readily adaptable to the environment, reducing its sensitivity to the ups and downs of
the economic cycle, the evolution of a certain line of business or a specific geographical area. This represents a
clear competitive edge as it increases the Group’s capacity to generate resources, the basis of its sustainable
growth.

The Caixa Galicia Group comprises:

The Parent Company, Caixa Galicia, whose financial activities, according to its special legal status, focus on
generating profits for 100% reinvestment to strengthen its financial position and organise socio-cultural activities.

CXG Corporación CaixaGalicia, which brings together the Group's business entities with to diversify their lines of
business, takes advantage of synergies obtained through the parent company's financial activities and improves
bonds with the corporate world, fostering the development of the business environment.

...focusing on retail banking complemented by market and

corporate participation activity through CXG Corporación
CaixaGalicia
The parent company’s financial activities include two additional areas: on the one hand, its main activity, retail
banking, which caters to the financial requirements of families/individuals, companies (mainly self-employed
workers and SMEs) and government authorities and on the other, financial market transactions involving the
creation/placement of resources and the negotiation of securities to support liquidity and cash management.

Distribution Channels and Human Capital - pillars of the

Business Model
The Caixa Galicia Group focuses on "relationship banking", which looks for a closer bond with customers through a
segmented offer that provides incremental value added.

Focus on "relationship banking" - priority of customer relations

and bonds...
The aim is not only to increase the customer base, but also and most particularly to strengthen bonds with
customers and increase the number of products contracted by each of the two million customers, the Caixa Galicia
Group's main focus of attention.
 ...distribution channels and human capital - two basic pillars of
model
These basic pillars are:

Distribution channels: configured as a multichannel model in which customers decide how and when to complete
their financial transactions. With this model, the traditional branch office is maintained as the centre of
personalised attention, complemented by alternative channels (electronic/on-line banking, means of payment,
cash dispensers, etc.).

Human Capital: this is the Caixa Galicia Group's main asset and the fundamental driving force behind its prime
position on the Spanish financial stage. Its aim is to foster the configuration of staff identified with a common
project on every level and who are active and open to the changes that come about on a constantly evolving
scenario. Accordingly, the organisation's decision-taking processes have been decentralised to afford greater
independence.

These two variables come together to make up a matrix structure which, in comparison with the traditional pyramid
hierarchy of vertical flows, favours internal relations, the transmission of information in every direction and the
incorporation of instruments that focus increasingly on sales and customer service.

Parent company structure coordinates two fundamental

approaches:
Business design and development: based on the segmentation of the customer base (families, SMEs, etc.), the
priority is to provide customers with products and services supplied by the bank itself or by third parties in
response to their financial requirements. In addition, it must support the active, segmented processing of the
customer base (commercial intelligence) and both dynamize and cover the commercial work carried out by the
Group's various distribution channels.

Personalised customer management and sales channels: this comprises the different distribution channels,
which range from the traditional office, the ATM network and virtual banking to new sales techniques that expand
the Group’s commercial scope and capabilities, such as a network of prescribers, SME managers and premium
banking.
Distribution Channels

Branch office continues to be centre for customer relations...

The Caixa Galicia Group has established a multi-channel distribution model in which the traditional high-street
branch remains the basic instrument for customer relations, operating as an advice centre and point of sale. This
along with the supporting advanced technology places a wide range of alternatives at the customer's disposal
(Internet banking, telephone banking, cash dispensers, brokers, cards, etc.) resulting in better service quality and
improved Group efficiency.

...supported by new remote service channels

Branch Network

2007 saw culmination of extra-regional expansion plan

following incorporation of 261 new branches since 2000, 82 of
which were opened in 2007
Following the extra-regional expansion policy drive of recent years, the Caixa Galicia Group has consolidated its
position as one of the leading financial platforms on the Iberian market. Having reached this position, the future
expansion of the national branch network will be much more selective, placing greater priority on optimising and
making good use of the commercial structure potential.
Since the incorporation of the network purchased from BNP in 2000, which increased the Group´ s presence all
over Spain, the Bank has increased the number of branch offices endogenously (i.e. by opening its own
branches) to 279 at the end of 2007. Each of these new branches was opened under strict criteria of prudence and
profitability, based on preliminary analyses of the possible local potential and an individualised yield plan subject to
constant monitoring.

The success of this exansion policy is supported by the fact that the extra-regional network now provides 38% of
the ordinary profits generated by the Group´ s branch network, while this percentage was less than 8% in 2000.
This percentage will continue its upward trend as the profitability of the recently opened branches matures.

In coming years network expansion process will give way to

focus on use of commercial structure potential
In 2007 alone the Caixa Galicia Group opened 82 new branches, reinforcing its presence in the Spanish and
international markets. In particular, it promoted its corporate branch network, with 23 new offices, as part of
the segment specialisation service aimed at satisfying the needs of a priority collective in the Group´s growth
strategy.

Promotion of Corporate branch network with 23 new branches

The Spanish network opened 81 new branches, with the Mediterranean area remaining a priority of the Group s
expansion policy. The Catalonia network opened the most new branches (23); Andalusia increased its network by
9; the Region of Valencia opened 4; the Balearic Islands 3; and Murcia, 2. The Galician network also opened 9
new branches, together with 1 in Aragon, 4 in Asturias, 5 in the Canary Islands, 1 in Cantabria, 4 in Castilla-León, 3
in Castilla La Mancha, 1 in Exremadura, 9 in Madrid, 1 in Navarra and 2 in the Basque Country.

The Group s international expansion process also continued its search for areas with large colonies of Spanish
emigrants and focused on accompanying Galician and Spanish enterprises in their internationalisation process and
access to new markets and clients. Accordingly, a representative branch was opened in Brasil (Sao Paulo) in 2007.
 Representative Branch opened in Brazil...
The best example of the Group's international presence can be found in Portugal where the Group had
7 branches turning over almost €800 million at the end of 2007.

...to reach a total of 17 branches outside Spain

At the end of 2007, the Bank had 17 branches overseas (9 operative - 7 in Portugal, 1 in Switzerland and 1 in the
United States and 8 representative branches in Latin America and Europe). Together with the numerous
collaboration agreements with overseas institutions, this extends the bank's services to the main international
financial centres.

893 branches distributed throughout every province in Spain,

Portugal, America and Europe
As a result of this expansion strategy into the national and international market, the Caixa Galicia Group ended
2007 with a network comprising 893 branches. Of these, 885 are operative: 876 in Spain, 7 in Portugal, 1 in
Switzerland and 1 in the United States. There are also 8 representative branches overseas.
The Virtual Bank
The Group's virtual banking service, particularly the electronic-telephone and on-line banking options, has had the
most important role in the shift from the traditional branch to a multichannel distribution structure in recent years.

The general implantation of new technologies (Internet, personal computers, mobile telephones, etc.) in Spanish
homes, together with cutting-edge technological support, enables the operation of a channel that improves
customer service, increases efficiency levels and opens up new sources for the Group to attract business.

30% of Group's customers use virtual banking services

At the end of 2007, the Caixa Galicia Group had 564,314 virtual banking customers, which represented an annual
growth of 16%. Accordingly, 30% of the Group's customer base uses a channel that completed 75 million
transactions in 2007.

62% of transferable transactions are now carried out outside

branch
The growth of the Caixa Galicia Group's remote service channels (virtual banking, cash dispensers and POS
terminals) is refelcted by the fact that they handled 34% of the 349 million customer transactions performed in
2007. This percentage rises to 62% if only turnover from transferable transactions, i.e. those that can be
completed on any service channel, is taken into account

Electronic and Telephone Bank

The Caixa Galicia Group offers a new electronic/telephone banking service equipped with the most advanced
operational security standards, which is continually including new tools and methods to offer an increasingly high-
quality service providing more value added to the customer.

Electronic-telephone banking services increased their customer

base by 16% and transactions by 21%
The Bank's electronic banking option is channelled through two services that match the specific market segment
for individuals (Caixa Activa) and enterprise (Caixa Gestión). Both channels showed consistent growth throughout
2007 and, from their launch, have maintained both the number of users, 564,314 customers, 16% more than 2005,
and the volume of transactions, which increased by 21% to 75 million.
 Consolidation of "Activa Mobile" and electronic
correspondence service
The positions of two recently launched services were consolidated during the year:

The "Activa Mobile" service reached a total of 6198 customers, up 70% on the previous year, which totalled
148,177 transactions, 217% more than in 2006.

The electronic correspondence service avoided the sending of approximately 1,650,000 letters in 2007, as well
as a saving of €300,000 in postal expenses.

"On Broker" - the on-line broker service - channelled 58% of the

bank's security sales-purchases
In addition, the year 2007 saw the renewal of the "On Broker" on-line broker service to improve the many
management tools, general consultancy and information service for customers' funds and securities portfolios.
These improvements have simplified the use of the service and provided easy access to all the information on the
various indexes and markets. The service handled 58% of the bank's securities orders.

Online Banking
“On CaixaGalicia”, the Caixa Galicia Group's virtual branch, closed 2007 with a turnover of €822 million,
accumulating an annual growth of 46%.

During the year, loan applications were up 43%, which has increased the asset balance by 53%. Despite this
growth, the Virtual Branch closed the year with an NPL index of 0.26%, slightly below the sector average.

With regard to liabilities, total balance increased by 38%, with a particular growth of 43% in the term deposit
balance.

Online Banking business increased by 46%...

The Virtual Branch is backed up by the "On Caixa Galicia" Centre, the first physical office of the Virtual Branch.
The Centre has achieved a turnover of almost €100 million and has more than 14,000 registered users.

"On" Centre - physical office of Virtual Branch

The Virtual Office uses the Internet to market a wide range of products under highly competitive conditions, offering
customers saving and finance options. The processes associated with these products are carried out entirely over
the Internet or by telephone.

Launch of "On-line Deposits Market"...

This included the launch of the "On-line Deposits Market", which uses the "On Caixa Galicia" Virtual Office to
provide the group's customers with a wide range of term deposits that vary in real-time in accordance with market
evolution.

Another outstanding Virtual Branch achievement in 2007 was the outsourcing of the mortgage-signing process via
an external agent network with coverage all over Spain, meaning improved customer service.
 ... and new prescriptor channel that processes more than 600
applications during the year
Furthermore, a new on-line prescriptor channel has been developed, closing the year with 600 completed loan
applications.

Electronic commerce
In 2007, Electronic Commerce maintained its upward trend of recent years. During the year, 88 merchants
subscribed to the Caixa Galicia Group's Virtual POS service.

88 new merchants subscribe to Group payment gateway service

Two new concepts were implanted in 2007:

The Virtual Tax Office, which allows our customers to comprehensively manage their tax obligations with the
public organisations on the system: currently the Provincial Councils of A Coruña and Ferrol.

Tighter security in e-commerce transactions

Implantation of Authenticated Electronic Commerce (3D Secure), an authenticated electronic commerce solution
using 3D Secure security protocol. This protocol has notably increased guarantees and security in the Internet
payment systems provided by Caixa Galicia. This virtual POS has been adopted by 23 merchants and the
system has processed more than 2,000 transactions.

Corporate Website
In 2007, caixagalicia.es - the corporate Internet portal continued to offer a complete and differentiated service to
users with updated information on the financial products and services marketed by the Caixa Galicia Group and its
functions were increased and improved.

This led to an increase in the number of monthly visits to the corporate website, which ended the year with 735,000
hits according to Nielsen-NetRatings.

Corporate website gets 735,000 visits per month

The contents of the Corporate Website are provided according to the visitor's profile in order to meet the specific
requirements of each customer segment, with special attention to Individuals and Companies. Content is grouped,
rotated and updated "intelligently" according to the different needs of each user.

In 2007, a large number of users simulated their income tax return using the Tax Optimiser and downloaded the
Tax Guide for the new 2007 Income Tax Act.

It is used by Individuals and Companies as the main access to applications such as Electronic Banking (Caixa
Activa for individuals and Caixa Gestión for enterprises), On Broker and the Caixa Galicia Box Office Service.
Portals

More than 13,000 young people take part in "Netclub"

competitions
On the Netclub Website, the younger public at the Caixa Galicia Group can find the latest in music, sports, events
and interviews, as well as a fortnightly competition that last year involved 13,000 young people.

In 2007 we developed and published four new websites:

Launch of four new portals

On broker: The demand for information and tools related to the on-line purchase/sale of securities led us to
publish an exclusive portal for the Caixa Galicia Group's customers to process their investments on-line. A
website that contains market information with advice and options for on-line purchases-sales, it also includes a
range of analysis tools and e-mail and mobile phone services. The updated value of the customer's portfolio,
together with the improved design and browsing facility, as well as the special prices, again led customers to
complete their securities transactions over the Internet.

The Plus Gallery: a website for the marketing of products with optional finance. The "Plus Gallery" Shopping
Club is a website offering a selection of consumer products grouped together by categories (electronics, the
home, sports, etc.) with monthly catalogue updates and exclusive offers.The Shopping Club's success lies in the
payment facilities, which range from payment by credit card to taking out a loan on the website itself. It also
includes interest-free deferred payment.

Institutional Reports 2006 Website: "Triple Report ": In 2007, the Caixa Galicia Group launched its Institutional
Reports Website, a unique place that brings together the Caixa Galicia Group's financial, sociocultural and
corporate social responsibility reports. This has been a pioneer Reporting project as it has applied the Triple
Report concept, conceived as a corporate exercise of transparency and diffusion of the Bank's environmental,
social and economic dimensions.

Commitment to accessibility on the Institutional Reports

website
The Website's features include the Caixa Galicia Group's commitment to "AA" accessibility and multilingual
facilities. It has excellent browsing options and a highly developed system for associating contents and GRI
indicators. This year saw improvements to the process for gathering and presenting the information and the
process towards the confluence of global information continues.

"Look and Light" Photography Competition: The Bank published an exclusive website at
http://www.miradaeluz.com/ and announced the 1st Photography Competition, which increased participation and
made room for inexperienced photographers to give their particular view of the Caixa Galicia's sociocultural
activities.

The first prize was €3,000 in photography material and inclusion as the protagonist of the Caixa Galicia's
2008 paper-format calendars, together with a selection of 12 photos that were the protagonists of each month
on the same calendars.A total number of 700 photographs were received from more than 280 participants.

The Corporate Website is also the umbrella site for a number of portals representing the wide range of activities
carried out. The portals are grouped together under three content types: financial, social action and leisure and
culture.

The corporate portals achieved a record of more than 835,000 visits per month
 Overall, websites broke record of 835,068 visits in October 2007.
Financial portals
We would like to highlight Caixa Galicia's corporate website, CXG Corporación CaixaGalicia, which also offers
access to the companies in the corporation, including CXG Viaxes and CXG Inmobiliaria, among others.

The ITE - Technical Business Institute website offers a wide range of information on training: Master
Programmes, courses and seminars, customised training, with the option of registering on-line.

Finally, the Investor information website contains all the financial information for large investors and also meets
the information and update requirements laid down by the National Securities Market Commission.

Community Portals
The Caixa Galicia Group continues to maintain its social welfare vocation and provides society with access to new
technologies on its Foundation, Community Project and Socialia websites.

The diffusion of programmes and activities on the web provides users with Group services, activities, the
network Community Project and Foundation centres and details of their scheduled events calendar.

Following the successful launch of the new Foundation website, the launch of the new Social Welfare and Socialia
project websites are scheduled for 2008.

Leisure and cultural portals

90,000 tickets sold on-line

Other web facilities include the "Box Office" site, the "Plus Gallery" shopping club and the "Active Gallery " virtual
shopping centre: almost 90,000 tickets were sold on-line in 2007.

Corporate User Attention Service dealt with 19,000 queries on-

line with average response time of one day
User Attention Service

In 2007, the User Attention Service (UAS), attended by 170 experts, processed approximately
19,000 queries via the Corporate Website. Most of the queries were related to the main
products marketed by the Caixa Galicia Group, such as mortgages, Caixa Activa (electronic
banking service for individuals), loans, accounts and cards. The average response time was
successfully kept down to one day. We also succeeded in 75% of the responses being valued
positively.

The innovative "Click to Talk" free telephone consultancy service provided on the corporate
website lived up to expectations after it was launched in 2006 and received more than 8000
calls in 2007, which represents around 1000 hours of telephone consultancy services.
 Caixa Galicia Virtual Community

Spectacular evolution of the Caixa Galicia Virtual Community - a space on the corporate website where more
than 118,000 registered users benefit from exclusive services. These services include:

Free subscriptions to electronic bulletins. More than 4 million bulletins sent during the year. Thanks to the
widespread acceptance of the new bulletins and the strengthening of previously existing publications, the
number of subscriptions has now exceeded 68,000, an increase of 45% compared to the previous year.

Consultancy services provided by 170 experts in financial services and products, allowing users access to
their queries from last year.

Online management of a Curriculum Vitae, automatically participating in the selection process for personnel
at Caixa Galicia

Management of consent for publicity material by email and mobile.

NetClub competition for the younger age group. In addition, more than 13,000 young people took part in
competitions on the "Net Club" youth website, targeting their interests and preferences, an increase of 75%
over the previous year.

Virtual Community surpasses 118,000 registered users - more

than 4 million bulletins sent to 68,000 subscribers
Caixa Galicia’s Commitment to Accessibility
Accessibility should be understood as the possibility of a website being visited and used satisfactorily by the
greatest number of people possible, regardless of personal or environmental limitations.

There are three levels of Accessibility: "A" minimum level, "AA" (double A) and "AAA" (triple A) maximum level. The
aim of the Caixa Galicia Group is to achieve at least Accessibility level "A" for any of its newly created or updated
web sites.

Last year, the Caixa Galicia Foundation Website achieved Accessibility level “A” after an audit by Technosite, a
company belonging to the ONCE Foundation group.

"We are accessible" project

This project allows the Caixa Galicia Group to achieve at least Accessibility level "A" for any of its newly created or
updated websites.

Accordingly, Caixa Galicia organises an Accessibility training day for all its contents publishers each year, with the
second edition taking place in 2007. The training is given by companies of recognized prestige in Accessibility,
such as the CTIC Foundation and Technosite.

Usability: creation of the "Web Usability Laboratory"

Caixa Galicia has created this laboratory to maintain and improve the usability of its various web portals. Usability
is a portal's capacity for being understood, used and as attractive as possible for users.

The tasks include tests with real users to see the level of understanding of information pages and the ease with
which they can follow the different processes on the portals (e.g. request for information or contracting products).
 Creation and development of Translation Dept.
The Caixa Galicia Corporate Website continues to provide contents in the two official languages of Galicia
(Galician and Spanish) and, on some of the new websites, as is the case with Investor Information, the content has
also been published in English.

The month of May 2007 saw the creation of the Translation Department to improve the quality and style of
translations in all languages. The department's activity has focused on developing language policy, demonstrating
clear support for the linguistic standardisation of Galician and observing the directives laid down by the Royal
Galician Academy.

The Translation Department has published an Internal Galician Style Book, based on common usage. It does not
replace existing grammar books but provides recommendations for presenting written texts. The criteria
for publishing new Spanish and English versions are currently being defined.

Computer Assisted Translation (CAT) tools, such as translation memories and databases containing technical
terminology, have also been implemented, to improve the consistency and coherence of Caixa Galicia publications.

Automation

ATMs complement branch service

As part of the multichannel distribution model developed by the Caixa Galicia Group, the self-service network plays
a leading role as a complement to the traditional branch office. Using these machines, customers may carry out a
growing percentage of their transactions without restrictions, such as opening times and in locations often far away
from a branch office, which also means branch staff can focus their activity on commercial missions and
personalised consultancy services.

1,037 - a significant number of ATMs

Following the inclusion of 83 new units during the year, the Caixa Galicia Group ended 2007 with a total number of
1,037 cash dispensers, which were used to carry out 46.3 million transactions, more than 5% of the total figure.
This number consolidated the Bank as one of the leading Spanish savings banks in terms of number of ATMs, and
situates its automation ratio (ATM/branch) above the average for the Spanish financial system.

With a view to strengthening its presence at locations with high levels of people traffic (airport, shopping centres,
railway and bus stations, petrol stations, etc.), the Group has a network of 80 ATMs.
 …backed up with network of multimedia information points, 125
recycling stations, 518 savings book printers and 21,339 POS

Traditional cash dispensers have been joined by a network of all the media information points which, based on web
technology, allow users to complete all the transactions provided by the Bank over the Internet.

In offices with a high number of customers, there are 125 recycling stations for the automatic counting of cashand
518 savings book printers to speed up processing, reduce possible errors and free the branch from work that has
no value added.

Finally, the Group has 21,339 Point-of-Sale terminals (POS) located in merchant sites to facilitate purchasing and
the financing of purchases for customers and improve the operational and financial management of these
establishments. The increase in their use has been particularly significant, around 20% in annual terms, taking the
figure to the threshold of 38 million transactions over the year.

All cash dispensers and POS have been adapted to EMV chip
technology
The Caixa Galicia Group completed the changeover of its cash dispensers and Point-of-Sale terminals (POS) to
the EMV standard. This was developed by the main card issuers around the world (Eurocard, MasterCard and
Visa) to increase transaction security by replacing the traditional magnetic band with a chip.

Continuous improvement of functions

While increasing the number, the Caixa Galicia Group has continuously improved the functions of its automated
customer service devices. In the past this was almost exclusively limited to cash balance and inquiry operations,
but recently access to a range of options similar to the physical branch has been included.

Practically all the cash dispenser network includes the Wosa application that allows personalised interaction with
customers, subject to continuous operational and functional improvements. The system also anticipates any
possible requirement (language, operational habits, agenda with relevant information, products).

Installation of anti-skimming devices on cash dispenser

network
Transaction security at the Group's cash dispensers has been tightened during the year with the progressive
installation of anti-skimming devices.
 More than 2,858 “ATM loans” during year
Following its launch in 2005, the "Cash Dispenser Loan" service, allowing instant credit management for the
Group's customers, processed more than 2,858 operations in 2007.

“Hal-Cash”, service to instantly send money to cash dispensers

by mobile phone extended to 20% of ATMs in Spain
The Caixa Galicia Group provides the "Hal-Cash" service, which instantly sends money by mobile telephone for
withdrawal from a cash dispenser belonging to a bank on the system without the need for using cards. After the
incorporation of the Banco Popular Group, 20% of cash dispensers in Spain provide the service. “Hal-Cash” is part
of “CaixaGalicia Mobile”, which increases and flexibilises its capacity for operations by providing a new, fast
channel without time restrictions.

In addition to the establishment of a powerful number of self-service devices, the Caixa Galicia Group offers its
customers a wide range of payment methods aimed at covering the requirements of each segment.

The strategy followed in this line of business focuses on increasing the use of cards for payment rather than cash,
promoting finance with revolving credit cards and the development of innovative services and products.

Number of cards increases by 10% to 1.32 million units...

Following the incorporation of 121,561 new cards, the Caixa Galicia Group closed 2007 with a total figure of
1,318,702 cards issued. Particularly significant is the growth in revolving credit cards, which grew by 40% and
reached the figure of 138,000 units.

...with 40% growth in revolving credit

In 2007, there were four centralised issues of credit cards aimed at more than 45,000 customers, with an activation
percentage of approximately 20%. Accordingly, customers can apply for credit cards using a variety of channels
(corporate website, telephone, commercial stands, traditional branch office, etc.).

Centralised issue of more than 45,000 credit cards

Bank cards saw a 13% increase in both the number of operations (50.5 million during the year) and the amounts
channelled (€3367 million).
Among the methods developed to promote the use of credit cards, the payment method known as "Special
Purchases" is particularly outstanding. This included the Visa and MasterCard cards and allowed individual
operations or groups of operations to be financed in a different way from general card credit, providing the
customer with a greater degree of flexibility. It was also an effective mechanism for promoting merchant sales.

Development of loyalty programmes

In addition, loyalty programmes were developed, such as the return of revolving cards, the "Yellow Points"
programme (points that can be exchanged for gifts) and discounts at Galp petrol stations for customers who use a
Caixa Galicia Group card for payment.

190,000 tickets sold via "Box Office" service

The Caixa Galicia Group has provided a Box Office service for customers so that tickets may be purchased via
remote channels (telephone and Internet) - tickets for shows, films, plays, opera, concerts, dance, football, sports
events, etc. organised by promoters who have signed agreements with the Caixa Galicia Group.

Following the inclusion of new promoters and venues in the portfolio, the service processed the purchase of more
than 190,000 tickets in 2007.

Human Capital - principal Group asset

The business model developed by the Caixa Galicia Group is based on establishing firm relations with the client, in
order to guarantee its future growth and sustainability.

This means it is necessary to ensure having a human capital that provides increasing added value to relations
between the organisation and the client, incorporating personnel who are suitably trained, autonomous and
receptive to the constant changes that occur in the field. It is also essential to develop a system for the integral
management of human resources, in which the human resources policy is aligned with the strategic goals of the
organisation, ensuring that all of its employees are aware of and actively involved in achieving these goals.

An integral management model for human capital, which seeks

to align the human resources policy and the strategic objectives
of the organisation.
For this purpose, a series of Corporate Values have been defined, which in turn define the different working
practices relating to the function of human resources in the organisation:

Teamwork: the capacity to collaborate and cooperate with other people making use of shared resources, with
personal interests taking second place to achieving a common objective.

Orientation towards results: Constant preoccupation for achieving results and excellence in personal
performance.

Entrepreneurial spirit: The capacity to propose and instigate ideas that lead to operational improvements in the
organisation, assuming the associated risk.

Client service: making the client the focal point of the organisation’s actions, anticipating the coverage of their
needs.

In line with these Corporate Values, the management of human capital within the Caixa Galicia Group is based in
four main areas:

Development of management skills and talent management, progressing towards a change of culture focusing
on talent, multiple skills and efficiency, favouring a policy of internal promotion based on merit. In 2007 the
“Talentum Plan” and the commercial network manager plan were launched, consolidating the Yearly Interview
procedure for all of the Group’s personnel.
 Launch of the “Talentum Plan” and commercial network
manager plan:
Payment and compensation, consolidating the variable reward system as a basic cornerstone for the recognition,
motivation and involvement of all employees.
160,000 hours of training

Consolidation of the variable payment system

Training: aimed at promoting professional development and the permanent renovation of personnel skills. In
2007 a total of 160,000 hours training were offered, with the participation of 82% of the Group’s employees.

160,000 hours of training

Internal communication: a basic support for sharing knowledge, learning, cultural integration and motivation.
“Diario Caixa”, the Group’s corporate intranet information and communication portal, issued nearly 8,000
electronic messages in 2007. The year also saw the launch of the new “Human Resources” portal.

Launch of the new Human Resources Intranet portal

At the end of 2007, the Caixa Galicia Group employed a total of 5,308 staff, representing a net increase of 552
employees for the year (+12%).

The Group’s personnel increased by 12% to a total of 5,308 employees, focusing particularly on the equality policy
and the recognition of talent and efforts.

The Parent Company employed a total of 4,714 personnel, with a net growth of 436, of which 53% were women.
The average age was reduced by nearly two years with respect to 2006, situated at 41 years of age.
The “Human Resources Innovation Award”, organised by the business newspaper “Expansión” and the Enterprise
Institute.

Work has continued to strengthen the recognition of talent and effort by each employee, leading to 595 promotions.
In 2007 the “Talentum Plan” was launched, a plan for professional training and development aimed at close to 400
employees with potential to occupy senior management posts in the Caixa Galicia Group, which received the
“Human Resources Innovation Award” organised by the business newspaper “Expansión” and the Enterprise
Institute.

Human Capital: Nº of Employees

Concept Value
Caixa Galicia Group 5,308
Parent Company 4,714
Central Services 907
Branches 3,807
Women (%) 40
Average age (years) 41
Average years with company 15
Net Promotions (nº) 595
Executive Development and Talent Management
Last year, Caixa Galicia launched a firm commitment to internal talent development, identifying it, retaining it and
developing it through the application of marketing tools aimed at segmenting and creating loyalty in our internal
client: our employee. Accordingly, we have developed a model based on detailed knowledge of our professionals
gained by means of three fundamental pillars:

The annual interview

This activity was implanted in 2006 and continued in 2007 as a key tool for managing and improving professional
performance at Caixa Galicia.

The annual interview involves 100% of staff and the results are
taken into account for employee training, development and
salaries.
The interviewers and interviewees analyse the performance during the previous year and lay down improvement
plans for the following year. The model includes a skills and know-how appraisal, the design of a training plan and,
finally, an action plan that is drawn up jointly.

Network Resources Managers (GRRs)

The second of the pillars on which the model has been based is the decentralisation of human resources through
Network Resources Managers (GRRs). This type of manager is a new figure and the main aim is to make the
human resources department more accessible for employees and their requirements.

The team comprises 16 professionals whose main function is to implement human resources policies, get to know
the professionals on a personal level and meet business requirements with regard to people management.

The Talentum Plan

This is based on identifying internal talent and its basic aim is to bind and retain collaborators through promotion
opportunities, the definition of professional careers and the training of multi-skilled employee profiles. The goal is to
identify ‘high-potential’ employees to turn them into the bank's present and future executives.

This project has led to an internal promotion policy that has

made it possible for between 65% and 70% of management
posts to be covered without the need for external recruitment.

Salaries and Social benefits

Good pay is fundamental to create employee loyalty and increase their degree of satisfaction. While the Collective
Savings Banks Agreement may be considered advanced in this sense, at Caixa Galicia further conditions have
also been agreed, such as the introduction of the Variable Compensation System (SRV) and advanced social
benefits, which amounted to nearly 22 million in 2007. Thus we substantially improve on the conditions established
in the agreement and reward the effort, aptitude and personal circumstances of each professional.
Pay scale

Our pay scale is determined by the Savings Bank sector collective bargaining agreement. The agreement includes
a pay scale classified into 18 pay levels and a salary structure comprising a basic salary and benefits. Even the
basic salary at the lowest level is 86.4% higher than the Minimum Inter-professional Salary, which stood at
€7,988.4 per annum in 2007.

Although this may be considered as the standard starting salary in this sector, Caixa Galicia staff receive other
employee and social benefits as soon as they join the company, which raise this remuneration above the basic
salary and which act as an incentive in our staff recruitment and retention policies.

Accordingly, special mention must be made of the implantation of the Variable Salary System (VSS), which has
benefited more than 3,200 employees who are directly involved in commercial activities (75% of the workforce),
with a budget that has been increased by 30% in 2007 and which is to be extended to the entire workforce.

Employees can access information on the monitoring of targets and the amounts to be received through our human
resources portal, where they also have a box for sending their suggestions. The VSS has been developed on five
basic principles:

Universality: all the positions in the commercial network are subject to variable incentive payments.

Transparency: the benchmarks, targets, scales, weights and calculation methods are communicated to each
participant at the beginning of the year.

Motivation: it is possible to receive more than 100% of the benchmark variable if the results clearly beat the
targets.

Homogeneity: a common framework of targets for all participants. The VSS includes a selection of the most
relevant strategic metrics to evaluate the contribution to results.

Flexibility: consideration is given not only to the quantitative targets evaluated, but also to skills and alignment
with corporate values.

As in previous years, throughout 2007 we have taken part in market salary surveys to assess the equivalence of
our salaries and obtained a reference framework for reviewing salaries and adapting them to appointments and
recruitments. The number of salary reviews has also been increased to adapt the salary to the genuine
responsibility of each employee's position.

Competitive examinations
As part of the bank's policy for salary improvements, in September 2007 a competitive examination for skill-based
promotion to salary levels X, IX, VIII and VII of Group1 was announced. The new classification represents an
important improvement to salary conditions for those accessing the new categories.

It aims to cover 15 places on each of the four levels and the examination is open to all permanent employees on
staff when the announcement is made and who have a category lower than that of the places on offer.

Social benefits

A significant part of social benefits received by employees is included in the general terms and conditions of the
Savings Banks Collective Bargaining Agreement, an agreement that pays the greatest attention to employees’
personal and professional well-being. Furthermore, at Caixa Galicia, we have gone further than our duties as per
the said agreement through progress in issues related to employee reconciliation, satisfaction and payment.

These activities have involved investments of almost €22 million, 19.5% up on the previous year and 9.8% of the
total for workers’ salaries and bonuses.
 LA3- Social benefits (€ thousand)
Description 2007 2006 2005
Life insurance 326 192 175
Employee study assistance 44 32 29
Children's study assistance 1,973 1,947 1,908
Favourable financial conditions 4,547 3,256 3,001
Pension Complement 14,362 12,352 10,968
Club Caixa 460 394 302
Health insurance 83 55 47
Others 0 0 0
Total 21,795 18,228 16,430

The following table shows the main social benefits that are included in the collective bargaining agreement and
represent economic or social benefit for Caixa Galicia employees.

Social benefits for Caixa Galicia employees

Name Detail

ACCESS TO FINANCIAL Home mortgage at 65% of the euribor rate.

PRODUCTS UNDER PRIVILEGED
Interest-free social advances.
CONDITIONS
Social loan at 2,75%.

Salary current account at the euribor reate less 0,50%.

CHILD BENEFIT: € 450/year per child up to the age of 25 years if they

remain unemployed and twice that amount if they
spend the night away from home.

€750/year for nursery costs up to the age of 3 years.

€3,000 for disabled children.

ACCREDITED STUDY Up to 90% of the annual costs of books and

ASSISTANCE FOR EMPLOYEES: registration fees

PENSION SCHEME: Annual contribution of 5% of each employee's

pensionable salary to a pension fund.

INSURANCE Contribution for employees' annual life insurance

premium.

Contribution for accident insurance and salary

accident insurance.

Widowhood and orphanage insurance for occupational

accidents.

Total disability and total permanent disability

insurance.
It is also Caixa Galicia’s aim to promote equality and improve its employees' personal circumstances. Accordingly,
it has laid down specific measures for improvements in cases of maternity or adoption with paid leave or benefits
for employees with family responsibilities. The following are some of the specific measures that have been adopted
in the area of social benefits:

Substitution of all personnel on maternity leave, including the breast-feeding period when accumulated by the
worker.

Possibility of substituting the breast-feeding hour with 15 working days' paid leave added to the postnatal rest
period of 16 weeks.

Right to a reduced working day owing to various extraordinary family circumstances, with the possibility of paid
leave of no more than 10 days a year in certain cases.

Unpaid leave of up to 1 month for various circumstances, such as adoption abroad, assisted reproduction
treatments or lengthy stays in hospital owing to serious illnesses affecting spouses or first-degree relatives.

Transfers: preference in transfers for employees with large families.

Training: attendance at training centres located near the home or work centre.

Holidays: workers with family responsibilities have preference for having their holidays coincide with school
holiday periods.

Offer for summer camps and residences for employees' children.

Timetable: summer timetable (June to September) reduced by half an hour a day during children's summer
holidays.

Portal with special offers so that employees can purchase third-party products and services under privileged
market conditions.

Club Caixa

Club Caixa is an initiative that has been in operation for over 30 years and its main aim is to set up and promote
personal relations between Caixa Galicia employees beyond a professional level. The members of the club include
all Caixa Galicia’s working and retired employees and workers retired on bridging pensions, together with their
direct family members.

There are 12 Club Caixas in various geographical areas and each one has a staff of employees who volunteer part
of their free time to organise and coordinate the activities.

Each year, Caixa Galicia makes a significant economic contribution to Club Caixa to promote the activities and all
its employees' participation. In 2007, this contribution totalled €460,000 and enabled the organisation of more than
100 activities involving over 6,700 participants.

Although Caixa Galicia’s economic contribution is important for

these initiatives, they would not be possible without the selfless
efforts of all the employees who collaborate with the Club.
The activities organised include sports: this year saw the Club’s 5th Golf Tournament, football competitions and
hiking trips and excursions. There have also been cultural activities (guided tours around exhibitions, etc.),
children's activities (Christmas Parties), gastronomical activities (employee lunches and dinners), travel, etc.

The AJPCG (the Caixa Galicia Association of Pensioners and Retired Workers) has organised a variety of activities
sponsored by the Club, including their attendance at the National Savings Bank Congress of Associations of
Pensioners and Retired Workers.
General information about Club Caixa's activities (thousand euros)
Statistics 2007
Annual contribution made to Club Caixa by Caixa Galicia 460
Number of employees who collaborate with Club Caixa 53*
Number of employees who take part in Club Caixa's activities 6,774
Number of activities organised 109
* Permanent collaborators, since there are a high number of employees who collaborate on an occasional
basis.

Training

The constant creation of new talent management and development programmes, the creation of employee loyalty
and integration, the use of internal know-how and the nuturing of skills focused on the Bank's corporate values are
some of the main objectives of Caixa Galicia’s human resources policies.

Training schedule

The 2007 Caixa Galicia strategic training plan is based on four fundamental pillars: the bank's strategic business
plan; the response to individual training needs as revealed by performance appraisals; the strategic human
resources plan; and innovation in training methods.

Training as support for the strategic human resources plan

The creation of an ambitious training and development plan, such as the Talentum Plan, symbolises the
organisation's commitment to applying training as a tool for identifying and developing internal talent.

Support for the strategic business plan

The constant adaptation to the requirements of the business environment and guidelines is one of the key factors
for successful training programmes. In 2007, significant efforts were made in training focused on the one hand on
the development of commercial skills and on the other on knowledge of internal procedures and management
tools.

As support for the commercial expansion plan that was launched in previous years, training is also provided to
make the organisation's new recruits more effective more quickly in order to enable their integration and adaptation
to Caixa Galicia’s management models. Accordingly, 583 participants have taken part in the incorporation
programmes.

Training programmes have also been provided and adapted to new marketing channels (corporate staff, premier
service, real estate agents, collaborators, etc.) and business requirements managed by new specialised
professionals.
Meeting individual training requirements
Meeting individual training requirements to help the organisation's professionals improve on a daily basis has been
one of the most significant issues in 2007. By combining different training methods, cover has been provided for
the requirements put forward by employees directly or through the annual interviews. This has led to the extension
of the training catalogue and the number of individual training activities has doubled in comparison with the
previous period.

Innovative methodology
Significant efforts have also been made to develop new training methods with higher value added for both
employees and the organisation.

In 2007, 10% of training activities consisted of individual on-the-spot tutorials. Accordingly, a network of training
offices has been created with facilities for teaching the critical processes related to management tools, skills and
procedures to new recruits and employees who have been allocated new functions.

A system has also been created for distributing knowledge pills that can be accessed easily and read in a short
time to provide an executive training tool for business managers. The system also enables the rapid
communication of new ideas, products, strategies and concepts to the organisation at a time when the environment
requires the immediate updating of knowledge.

67% of teaching hours also focused on in-class training aimed particularly at commercial revitalisation programmes
and occupational hazards (with more than 200 in-class training activities taking place).

Training figures

The following tables show the main training figures for the last 3 years. They evidence the firm commitment made
in 2007 to growth in terms of both hours and budget by 20.5% and 13%, respectively.

It is also significant that all the increases in 2007 corresponded to in-class training, which breaks the tendency
towards on-line training of recent years. This has been brought about by the increase in the number of
programmes and activities whose features basically require this format. An example of this can be seen in the
welcome programmes or the network management and commercial skills development programmes. Finally, the
launch of the Talentum Plan also includes a significant element of in-class training.
Overall investment in training
Investment in training 2007 2006 2005
Number of in-class hours 118,819 73,285 70,526
Number of on-line hours 41,763 59,961 78,029
Total hours 160,582 133,246 148,555
Total amount (€ thousand) 3,033 2,682 2,163

LA10 INT 3 - General figures for internal training

Concepts 2007 2006 2005
Number of groups/Training events 1,537 695 973
Number of students 32,882 9,102 11,662
Number of teaching hours 160,582 133,246 150,055
Average training hours per employee 39.2 38.3 37.0
Satisfaction with the training -average score 8.4 8.3 8.2
Employees who have taken part as monitors 134 126 116
In-class 75% 55% 48%
E-learning 25% 45% 52%
% employees that have taken part in training no figures no figures
82%
activities over total staff available available

LA10 % time dedicated to training by categories (*)

Staff cate go ries 2007 2006 2005
Managers 26% 28% 35%
Middle management 19% 24% 34%
Technical/commercial 31% 10% 15%
General Staff 24% 38% 16%
Total 100% 100% 100%
(*)- Estimated figures based on the main profile of those taking part in training activities

The greater dedication to individual development and specialisation programmes (masters, advanced programmes,
etc.) in terms of both hours and budget is also significant. The same can be said of language training, which has
been extended to commercial network staff working at offices in tourist resorts.

The year 2007 saw various lines of action aimed at making the organisation's recruits more effective more quickly
through monthly editions of the Caixa Galicia Welcome Programme. The aim of this course is to provide
newcomers with a practical view of the main management tools, products and processes applied at Caixa Galicia.

Training for new recruits

Content 2007 2006 2005
Number of participants 583 449 84
Total training hours 16,024 8,490 1,764

In reference to training in Corporate Social Responsibility and Human Rights, it is our opinion that these subjects
are already included in current training programmes, especially those on data protection, money-laundering, the
financing of terrorism, the prevention of occupational hazards and safety, etc.

As far as informative activities for CSR are concerned, a page has been published on the Caixa Galicia intranet
with all the information for employees on our progress in the subject. Explicit training in CSR is included in the
Welcome Course for recently recruited professionals and information has been provided to 100% of the external
personnel and safety companies with which we work on the corporate responsibility and workers’ rights policies
and procedures applicable to Caixa Galicia activities.

Internal communication
Diario Caixa is Caixa Galicia’s main information and communication portal through which employees can access
several of the bank's information, communication and management systems and tools. Its versatility makes it
possible to include all the business, socio-cultural and personal information into one single tool for access by every
professional.

Staff communication: Diario Caixa Statistics

Statistics 2007 2006 2005
Total number of electronic notes sent 7.950 9.550 9.581
Number of notes of a regulatory nature 245 175 163
Number of general rules 13 16 27
Number of Operations Manuals 6 0 2
Number of circulars in Spain 187 126 109
Number of circulars in Portugal 39 33 25

In 2007, the process for improving the portal design continued with a view to restructuring all the information into
three thematic portals:

A human resources portal, currently in implementation phase, which includes all the information on this area.

A portal with business information and information on regulations.

A portal with socio-cultural information.

'Your First Useful Guide' to Caixa Galicia: in the Digital Campus

Library
This is a new permanent and open guide that has been published to provide the bank's new recruits with a general
and professional information manual that can also be used as a welcome to the bank itself. It has also been
published in web format for convenient access to the various modules, which include the following:

Caixa Galicia, history and structure: position, our employees, governing bodies.

Main accesses on the corporate intranet (Diario Caixa).

Branch operation.

Principles governing the protection of data and security (in Spanish, the LOPD legislation).

Office security (fire, robbery, etc.).

Besides being one of the documents given to new recruits as part of the welcome programmes in which they take
part, it has also been designed as a manual help their integration into the Caixa Galicia culture and the way in
which the bank works.

New Human Resources Information Bulletin

2007 also saw the launch of a new human resources bulletin with a view to opening up a direct communication
channel between employees and the human resources department for matters of importance.
 New Device Assistance Portal (DAP)
This is a new tool that brings together all the information on the devices that help employees in their daily work. It
focuses on providing employees with the possibility of consulting and solving technical incidents and learning how
to use the different devices used at Caixa Galicia (cash dispensers, printers, terminals, telephones, etc.).

The new Human Resources portal

This portal aims to provide our professionals with permanent communication and access to the various human
resources departments. Employees can see their professional records and directly access and modify their details
in the staff area. It has various points of access that provide a wealth of information structured into the following
sections:

My File: provides personal, economic, professional and academic information.

Professional Development: information about professional careers.

News: provides updated internal information and information about the environment.

Community: internal information, information about Club Caixa and offers for employees.

Virtual Campus: interactive training portal that channels all the bank's on-line training. It also operates as a
channel for communication and information about all the different types of training activities: in-class, on-line and
distance.

Personal affairs: holidays, assistance, announcements, etc.

The information available on this portal includes the Virtual Participant's Office (VPO), which provides economic
information on the employee pension fund and its evolution during the current and previous years.
The new portal is an important tool for accessing the human resources department and provides management
capacity and information on the main issues that are of our professionals' interest and concern.

UAS - User Attention Service

The UAS is the internal communication system run by Caixa Galicia to provide immediate telephone solutions to
technical or administrative incidents or problems arising from professional activities.

INT 3 - User Attention Service - UAS

S tatistics 2007 2006 2005
Number of calls taken 250.148 211.901 182.839
Number of calls solved (*) 211.375 171.386 138.994
% calls solved 84% 80% 76%
Average length of enquiry (minutes) 2´54" 2´40" 2´53"
% enquiries resolved at Level 1 83% 78% 72%
*A notice to a Technical Service is considered a call NOT solved by the USC

UAS - Types of enquiry made

Description 2007 2006 2005
Applications 54% 54% 48%
Hardware 28% 30% 33%
Administrative business 18% 16% 18%
Total 100% 100% 100%
 Staff participation forums
The participation forums are for employees to put forward their doubts, queries, suggestions and complaints in
various professional areas. Their aim is to foster a communication culture that can be used as a source of
information to improve performance. There are currently 10 active forums grouped into the following 9 categories:

On-line courses.

Software development.

General management.

Mortgage distribution.

Business experts.
Internal distance training.

Improvements for processes and suggestions.

Prevention of occupational hazards.

Corporate Social Responsibility.

Some figures reflect the activity in the forums: a total number of 3,179 employees have taken part in or consulted
one of the forums at some time, making a total of 4,303 contributions. There are currently 203 employees classified
as experts for commenting or reporting on and responding to the various initiatives and there are 105 managers
controlling the forums.

The Customer: centre of attention

One of the Caixa Galicia Group's main strengths and support for its present and future growth is its large,
consolidated customer base, which is constantly growing and reached the threshold of two million customers in
2007.

However, the intense competition on the Spanish financial market, the similarities in prices offered by different
banks and the increasingly demanding requirements of a customer base with growing levels of financial know-how
make it essential to have a large customer base; however, this is not enough to guarantee growth.

In this environment, making the Group's customer base, distribution structure and technological capacity profitable
is a critical factor and can be achieved by means of stable customer relations based on the provision of financial or
other services with growing value added.

Accordingly, the customer base has to be segmented and personalised management channels developed to
improve the service and increase the Group's commercial capacity.
Customer Base
The Caixa Galicia Group has created a bank model focused on sales and customer relations as a critical factor for
the growth of the Group's business.

In this framework, priority is placed on extending, associating and achieving greater profitability from the customer
base, for which various actions have been taken:

Segmentation of the customer base using very active management processes that define priority groups in
accordance with their value and potential.

Optimisation of commercial activity to anticipate customer requirements, focusing on the most appropriate
channel with commercial intelligence tools to design a range of products and services in line with each
customer's current and future requirements.

This attracted approximately 100,000 new customers in 2007, to close the year with 1,899,500 customers, 2.1% up
on 2006.

100,000 new customers take total to 1.9 million

Structural analysis shows that 95% of the new customers are individuals, with the corporate segment showing the
most prominent activity and representing 4% of the total, when in 2004 it was just over 2.5%.

Intense activity of corporate segment

This customer base is the bank's main asset and is the basis of current and future growth for the Caixa Galicia
Group.
 Progress in customer bonding levels

At the same time, customer bonding levels have increased, which shows the growing satisfaction with the bank's
services and the success of the strategy for increasing profitability per customer. In 2007, the average figure of
5.67 products per customer was reached (5.23 in 2004) with a total of 150,000 "closely bonded" customers.

The strategy of "packaging" products and services through "Solution Accounts" and the results of cross sales in
asset products (basically personal loans and mortgages) mainly accounted for the increase in bonding levels.

Personalized Customer Management

While segmenting the customer base, the Caixa Group has created a new kind of manager to focus on
personalized customer relations and sales. As a complement to the Group's distribution channels, they cater to the
specific requirements of high turnover clients with differentiated services and products and specially trained staff.

Managers trained to focus on personalized customer relations

and sales
To date, the Group has implemented three main lines of action in personalised customer management:

Corporate banking: creation of the Corporate Division to provide a specialised service for a strategic segment.
Premium banking: personalised service for customers with greater financial-fiscal requirements.
Prescriptor platform: point-of-sale access to customers, increasing the Group's sales capacity.
Commercial activities aimed at the corporate segment have been systematised and work focused on attracting new
customers:

Selection of potential customers using geomarketing techniques.

Identification of the actual and potential most valuable segments for the bank, taking into account their size,
activity sector and evolution.

Development of highly competitive specific products to cover all the segment's requirements.

Implantation of a specialised commercial system for Corporate

segment and Campaign Manager
The growing number of segmented commercial activities implemented through various channels has made it
necessary to set up an automated system to efficiently manage the said campaigns:

Activity designed (targets, scopes, channels, objectives, etc.).

Rapid selection of target customers with greater capacity for segmentation.

Establishment of complex rules to avoid saturation and collisions between campaigns.

Easy analysis of campaign results (control groups, coding by stages, etc.).

Campaigns focusing on 700,000 customers channelled through

commercial schedule
Commercial activities focusing on approximately 700,000 customers were processed using the commercial
agenda, a management tool implemented in 2006. It was also a key tool for the creation of branch office Micro-
campaigns.

The telemarketing channel was set up in 2007 as a new way of transmitting offers to customers and it reached
approximately 50,000 individual customers over the year.

Corporate Bank
This is the Group's strategic segment managing future investments and the growth potential shown by the Bank's
investment structure. It is also one of the lines of business with greater yield in relation to risk and for which the
new capital agreement (Basel II) establishes lower equity consumption.

Strategic Caixa Galicia Group business segment focusing on

SMEs and self-employed
As a result of the Group's strategic commitment to the business segment, in 2006 the Corporate Division was
created and currently manages a customer base of more than 11,000 companies, processed by nearly 120
managers in a network of 25 branch offices and service counters located in traditional branches.
In 2007, the Corporate branch network was increased by 23 new offices in Spain and closed the year with a
turnover of €5,300 million, 65% up on the previous year.

23 new Corporate branches attended by 118 specialised

managers
The Group's corporate website (http://www.caixagalicia.es/) has a specific page for the business collective, "Caixa
Galicia Enterprises". Besides providing information, it offers the on-line contracting of products, access to the
electronic banking for enterprises service "Caixa Gestión ” and a wide range of additional services (simulators,
bulletins, etc.).

The main target of this segment is to attract new customers (mainly SMEs and self-employed workers) and
strengthen bonds with existing customers, for which there is a specific catalogue of products and services.
Furthermore, together with the products designed to cover the most common financing needs (guarantees,
discount credit, documentary credit,…), a wide range of specific products have been developed such as leasing,
renting, factoring and Comprehensive Supplier Payment Management. (see New Products and Campaigns ).

The balance in guarantees and other collateral was €2,350 million, while documentary credits were up 29%, at 184
million.

Second-largest Spanish savings bank in commercial discount

credit
The volume of commercial discount credit and credit advances increased by 323% in 2007 to just below €4,735
million, with a real investment balance increase of 9% and a 10% increase in the number of clients. In terms of the
number of bills discounted by members of the CECA (Confederation of Spanish Savings Banks) Discount
Exchange, this puts Caixa Galicia in second place, raises it to second place in terms of nominal discounts and third
place in nominal deposits.

Sixth-largest Spanish savings bank in leasing finance

More than 2,800 leasing contracts were signed in 2007 for a total amount of €256 million, leading to an
accumulated balance of €690 million. These figures make Caixa Galicia the sixth largest savings bank in the
Spanish Leasing Association.

Leasing has consolidated itself as a value-added product. Evidence of this is the leading role of leasing in
renewable energy projects, especially photovoltaic solar energy, accounting for 16% of the total sum formalised
over the year. The contribution of real estate leasing also merits attention, accounting for 14% of the amount
formalised .
 Fourth-largest bank savings bank in factoring finance...
With the launch of “Factoring Caixa Galicia” in 2007 the bank completed its offer of collection and payment
management services for its corporate clients. This makes the Bank fourth largest in the Spanish Factoring
Association, in terms of a turnover that doubled year-on-year in 2007.

…and one of the most active in funding foreign trade operations

The Caixa Galicia Group has been confirmed as one of the benchmark Spanish banks in Foreign Trade products
and services, an area in which it formalised €1,700 million in 2007, thus increasing the balance of this business
area by 48% over the year.

Balanced business growth achieves figure of €5,300 million

(+65%)
With regard to resources, the collaboration with Premium Banking and NCXG Patrimonies, and the range of more
sophisticated and profitable products developed by the Business Development Department may be highlighted.
This has made it possible to provide a specialised, personalised service to the Caixa Galicia Group corporate
clients, which has increased term resources by 126% and the off balance sheet assets managed by 306%.

This business growth has involved rigorous risk management in accordance with segment requirements and the
market situation. This has kept the NPL rate below 0.20%.

Comprehensive assumed risk management, with NPL rates

below 0.20%
With a view to providing greater security and control, a team of 40 analysts specialising in enterprise has been
created to attend the Corporate Division. This represents a ratio of fewer than 3 managers per analyst.
Furthermore, a commercial system has been developed that places particular importance on risk monitoring,
introducing daily alert systems, dynamic enterprise files and regular controls over the companies' evolution. These
procedures are complemented with the figure of the risk monitoring manager.

Finally, information systems have been adapted to the Division's commercial requirements. The customer revenue
programme has been developed (see Technology ) and has allowed us to focus the Corporate Division's business
model on relationship banking based on customer loyalty and association.

Implantation of customer revenue system in area

Premier Managers
In 2007 "Caixa Galicia Premier", the Group's personal banking service for customers with more sophisticated
financial requirements, was launched as part of the segmented processing of the customer base.

Personalized banking services for 20,000 Group customers

Through its 80 personal managers, "Caixa Galicia Premier" provides a more personalised service than a universal
branch, incorporating a greater element of consultancy and hence further value added for the customer.

All 20,000 customers are assigned a specialised manager, who configures a service and product mix to optimise
their financial-fiscal profitability using a differentiated communication system (premium web, comprehensive
statement, "Premier" call centre, etc.).

Prescriptor Platform
The third crucial pillar for the segmented customer base is the financial and collaborating agents platform, which
increases the Group's sales capacity by enabling access to customers at the moment of purchase, which is when
they consider their financial requirements, and the offer of a service with much less restricted times at more
locations.

Number of prescriptors increases fivefold...

In 2007, the number of prescriptors multiplied by five to reach 6,000, providing a turnover of almost €800 million.

...new 'collaborators' channel launched

In 2007, a new business finding channel was incorporated into the real estate and consumer channels:
collaborators. With a network of 368 collaborators, it handled almost €200 million in one single year. One example
in this field is "Euroresidents", which channels finance transactions for non-resident Europeans buying a holiday
home.
 Consolidation of prescriptor service centre
In 2007, the Bank updated its electronic platform to provide faster service for prescriptors generated business
(consumer and real estate) with the consolidation of the Prescriptor Service Centre (PSC). Attended by staff highly
qualified in transaction-marking and risk analysis, the centre provides support for a team of specialised managers
who, devoted exclusively to dealing with prescriptors, guarantee a specialised service for this business segment. In
order to make the response to brokers more agile, it was decided to channel risk analysis away from the large
prescriptor chains into a centralised PSC, while the other (local) prescriptors will be analysed at prescriptor
analysis centres at Regional Department level.

Specific new tools have also been defined for this channel:

Prescriptor portal, through which the transactions generated can be automatically marked, all the current
products can be consulted and all kinds of simulations for estimates, insurance and automatic billing can be
performed.

New scoring systems specialised in customer analysis: consumer, immigrant, automobile, etc.

New products: assimilation of competitor mortgages using the prescriptor channel.

Finally, specific business campaigns for this type of customer have been defined to achieve greater efficiency and
effectiveness in attaining product specification targets.

Quality, Technology and Innovation: bases for future growth

The Caixa Galicia Group develops a business model focused primarily on the customer.

Thus it offers management processes based on quality of service to ensure the fidelity of existing customers and
attract new ones, which requires personalized treatment and the offer of innovative products and services that
respond to their present and future requirements.

As part of this firm bid to guarantee quality of service, the Group’s distribution channels play an important role,
allowing the customer to access the services provided without physical limitations or time constraints. This
customer-oriented service has led to the redesign of the traditional physical branch office, which continues to be
the main channel of contact with the customer, eliminating physical barriers and making more space available for
consultancy services, as part of the state of the art technological surroundings that serve as the support for the
evolution of the Group towards relationship banking.
Quality
In the Caixa Galicia Group business model, the customer is the main focus of attention and the basis of future
growth.

Commitment to quality - key to attracting new customers and

guaranteeing fidelity
Management processes based on quality of service are essential to ensuring the fidelity of existing customers and
attracting new ones. This means personal treatment and the offer of innovative products and services adapted to
their requirements.

As part of the firm bid to guarantee quality of service, the Group’s distribution channels play an important role,
allowing the customer to access the services provided by the organisation without physical limitations or time
constraints. This customer-oriented service has led to the redesign of the traditional physical branch office, which
has been maintained as the main channel of contact with the customer, eliminating physical barriers and making
more space available for offering consultancy services, as part of cutting-edge technological surroundings that
serve as the basis for the evolution of the Group towards relationship banking.

Emphasis on quality of service to employees

The Caixa Galicia Group also places special emphasis on the quality of the service provided to its ‘internal
customers’, its employees, who have a wide range of channels available to answer questions and obtain
information on products and services, etc.

Customer service channels

The Customer Attention Service (CAS) allows Caixa Galicia Group customers to channel their complaints and
suggestions on any matter relating to Bank activities, thus bringing clarity and transparency. Its operations are
controlled by internal and external regulations, which define, among other aspects, the response periods for solving
incidents, the resolution of which is communicated to the customer and the unit involved.

In 2007 a total of 2,299 reports were processed, 26% more than the previous year.

Customer Attention Service channels one third of its activities

through the Internet
The Customer Attention Service website (in Castilian and in Galician ), forms an increasingly fundamental part of
the operations of this service, offering complete information to customers and serving as an agile channel through
which suggestions or complaints may be processed. In 2007 a total of 3,146 complaints were received, of which
one third were channelled via the Internet.

In turn, the insurance company CXG Aviva (formerly Bia Galicia), jointly owned by the Caixa Galicia Group and the
British multinational AVIVA, which manages life insurance and pension plans offered through the organisation’s
offices, has ombudsmen for both policyholders and shareholders.

Call Centre (AENOR ISO 9001 quality certified) channels more

than two million calls
Communication with customers is reinforced through the Customer Attention Centre via the Internet, whose 170
expert operators channelled more than 19,000 queries in 2007 and through the online consultancy service “Click to
Talk”, which dealt with more than 8,000 calls in the same period. These are supported by the service offered by a
call centre managed by the company Servicios de Telefonía Avanzada (S.T.A.), which channelled a total of
2,023,712 calls in 2007, 10% more than in the previous year. The quality of the service offered to our customers is
evaluated objectively through certification by the Spanish standardisation and certification company AENOR,
according to the ISO 9001 standard.
 UAS channels more than 250,000 queries from employees
As regards the consultancy services available for the Group’s employees, the main channel for technical and
operational queries is through the User Attention Service (UAS). During 2007 it received a total of 250,148 calls,
18% more than in the previous year.

Two new employee attention channels: Device Helpline Portal

and the Product Consultant Attention Centre
In 2007 the Device Helpline Portal was implanted to provide users with technical information and possible solutions
for incidents with Group devices and peripherals. The Product Consultant Attention Centre also opened to offer
specialised, agile communication regarding processing and risk analysis with Group product consultants.

Another fundamental employee information channel is “Diario Caixa”, the corporate staff Intranet portal. It may be
personalized according to user preferences and offers extensive information on products and services, news,
regulations, job offers, etc.

External quality recognition

The quality of the service offered by group employees was ratified by the award of the “OHSAS 18001/1999”
quality certification for operations and social centres, an international reference in the prevention of risks in the
workplace. The Caixa Galicia Group also received the “Expansión & Empleo” (Expansion and Employment) award
for innovations in human resources, and was considered tobe one of the Spanish companies with the most
promising future in a study by the consultancy firm CRF España.

Quality questionnaires
The objective of the complementary initiatives and added value customer services is to improve the quality levels
offered by Group financial services.

It is crucial that these improvements are perceived and accepted by customers, as may be deduced from the
“Customer Satisfaction Benchmarking Report”, published by the CECA (the Spanish Savings Bank Association) to
measure the satisfaction levels of Spanish savings bank retail customers with regard to service received.

One of the highest levels of customer loyalty and bonding in

Spanish Savings Bank sector
In this report, Caixa Galicia received a score of 8.34 points out of 10 for customer satisfaction with the service
received in branches and was one of the Spanish savings banks with the highest levels of customer loyalty and
bonding; 84% stated they would recommend the bank to their friends and acquaintances. The report also
highlighted the bank's high score in terms of branch design and telephone service, the speed with which
information is received at home and its quality and the customer perceptions regarding the interest and
commissions charged.

Quarterly analysis of service quality at branch offices

In 2007 a series of objective service quality studies were carried out in our branch offices using quarterly analyses
based on “pseudo-purchases”. These studies evaluated all aspects relating to customer attention and management
services, analysing issues such as branch design, communication, speed, commercial actions and the product
definition. The results obtained revealed Caixa Galicia to be the organisation that has increased its global Service
Quality index the most since 2002, which will give room to establish corrective measures for aspects that require
further improvement.
Technology
One of the main features of the Caixa Galicia Group identity has been the constant presence of one of the most
developed technological platforms in the Spanish financial scenario. Since it first appeared in 1978, the Group has
been a pioneer in the implantation of technological advances in Spanish banking operations, in areas that today
seem as basic as a communications network between different business units, the implantation of ATMs or bank
cards, together with more recent and sophisticated measures, such as online banking, e-commerce and mobile
banking.

Cutting-edge technological platform - prominent feature of

Group identity
Banking operations are constantly evolving, and their management is becoming increasingly complex. Today it is
essential to be able to access and operate with any type of data or information, meaning it is essential to have a
first-rate technological structure.

240 million Euros invested in technology over last five years

Technological investment is therefore one of the Group’s strategic priorities, aware of the fact that the sustainability
of its business model is largely supported by having a powerful technological structure. In just the last five years a
total of 240 million Euros have been invested in technology, of which 55 million Euros corresponded to 2007.

Following a number of years in which priorities were improving

efficiency and productivity through the migration of
operations…
In recent years the challenge has been to motivate the migration of productivity towards channels other than
branches, particularly for routine operations that generate little added value for the customer. Currently two thirds
of all operations suitable for migration are carried out outside the branch.

This achieved, we have begun to focus the Group towards the ‘relationship banking’ model, which involves a shift
in priorities in the areas of processes, technology and information systems in order to focus on increasing sales,
the segmentation of the customer base and the creation of value.

…current focus on orientation of Group toward relationship

banking
Thus in 2007 the Caixa Galicia Group focused its technology strategy along four main lines of priority action:
Information systems and commercial network support
As mentioned previously, one of the key factors in the business model of the Caixa Galicia Group is the segmented
treatment of the customer base, configuring an offer of products and services that gives added value to the
customer, and which also leads to a greater bond and fidelity with the Group.

In this area, the intensive use of information technology represents a clear competitive advantage for the Caixa
Galicia Group, facilitating the strategic segmentation of its customer base using IT systems for its business design
and development units, to then support the commercial action of the different channels of distribution through sales
support tools.

The optimisation of the technological production processes and an organisation that recognises the added value
technology may provide allows for a constantly innovative attitude within the Group, as well as allowing it to
respond in an agile manner to new trends in the market.

Development of tools to support commercial activity

More specifically, the Group’s main actions in this field throughout 2007 have focused on:

launch of "Business Intelligence Services Centre" (BISC)

This is a reporting service that provides added value solutions for information requirements in the Group’s different
business areas.

BISC commences supply of reporting services

Its main objectives are to:
Reduce the consumption of resources dedicated to the generation of management information within the
different business areas and units.

Centralise the generation of information (the design, development and publication of reports and departmental
guidelines) with the aim of converging into a corporate “Balance Score Card” system.

Certifythat data comes from a common source, based on a single information point: the corporate “Data
Warehouse”.

Establish an efficient management model, focusing on relations with the areas and units using the information as
part of an “integral information management cycle”, using a working methodology aimed at project management.

Establish a dynamic service that responds to constant changes in the requests and requirements of the business
areas through a customer-supplier approach.
Customer Revenue System
Throughout 2007, the commercial network (universal banking, business banking and personal banking) was
provided with a tool to obtain details on revenue per customer and per business centre from the corporate ‘data
warehouse’, according to the analytical study of their contracts. A new application has been developed for
calculating revenue per customer contract and per centre.

Extending the Customer Revenue System to the network

Apart from the support this tool offers in the process of creating budgets and establishing objectives, it also allows
individualised commercial strategies to be developed according to the value provided by each customer.

The customer revenue system will serve as the starting point for an evolution towards customer evaluation models
incorporating the following elements:

Estimation of future cash flow per customer

Average life cycle of customer

Adapting value provided to risk

Implantation of the Microsoft Project Portfolio

This project involves the implantation of the Microsoft Project Portfolio Server to manage the Systems AGD project
portfolio, integrating it with the CGDN+ in order to analyse different requests, and organise their priority according
to a series of business indicators in line with the corporate strategy.

A new tool to give priority to requests from the different

business units
The management of the projects and technological investments portfolio has the following objectives:

Implanting Microsoft Project Portfolio as a tool for analysing the cost and impact of the different requests.

Improving the priority given to requests based on quantitative data (business indicators).

Focusing efforts on requests that provide more business value at a more effective cost.

Identifying the cost of each request.

Implantation of “Genesys” in Contact Centre.

A Contact Centre is an evolution of the traditional Call Centre, which receives telephone calls, towards platforms
for the management of interactions or contact with customers through different service channels, such as e-mail,
Internet, chat programmes, fax, etc.

“Genesys” - evolution of call centres toward contact centres

The Contact Centre offers:

The unified management of different service channels: telephone, e-mail, fax, web, etc.

Integrated statistics from the different channels with customer contact details

Computerised call management, with automatic identification of customers by phone numbers, etc.

Automatic and predictive dialling applications for managing outgoing call campaigns

Integration with back office tools as if they were another channel in the queue.
Creation of the Technological Integration Department
A specific unit has been created to coordinate the implantation of new applications in the organisation so that they
may be assimilated quickly and efficiently by users. The department is also responsible for monitoring the systems
implanted, proposing improvements and transmitting the best working practices identified to the rest of the
organisation.

New Technological Integration Department

In 2007, much of its work focused on training and other actions aimed at improving efficiency and adaptation to
working processes.

Operational improvements in the international network

Throughout 2007, a series of important operational improvements were implanted to support the development of
the Group’s international activities. These were:

Specific service for e-banking and securities operations at the

Miami office (USA)
A specific e-banking service was developed for the Miami office in the USA, giving its customers access to their
balances and providing secure communications with the office.

A new system was also implanted allowing customers in the USA to channel their stock market operations.

A plan for the network in Portugal was launched with the aim of increasing efficiency and reducing administrative
costs. The improvements have made it possible to reduce the workload by 8,868 hours and direct costs by
9,000€ per annum.

Management platform and portal for prescriptors and collaborating agents.

The Prescriptor and Collaborating Agents application was developed with the following objectives:

Control the details of prescriptors and associated contracts.

Manage payment packages. Standardise offers and automate payment guidelines.

Automatic liquidation of operations.

Management of invoicing groups, business groups, delegations and franchises.

Automated accountancy, VAT and personal income tax.

Optimisation of consultancy processes

The portal for Prescriptors and Collaborating Agents has also been designed to optimise channel operating
costs by making it possible to manage and monitor the process of financing a purchase (offer of products, request,
scoring, approval, income, issuing of invoices, etc.) in real time.

Systematic and Symptomatic Risk Alerts

This is a new application that makes it possible to establish a common automated mechanism for extracting risk
alerts and developing a parameterization workshop so that users can personalise information related to the
indicators (general parameters, cut-off values or exceptions).
 New risk alert application
Once the alerts have been established, these are sent automatically to the commercial network, which analyses
them to decide which risk policy should be applied. All this activity is monitored by the BISC (Business Intelligence
Services Centre).

Efficiency and Productivity

The Caixa Galicia Group is characterised by being one of Spain’s most efficient financial organisations, an
achievement in which the support provided by its technological platform has a direct effect due to the possibilities
offered in terms of migrating operations and reducing costs. The Group’s firm commitment to technological
efficiency has made it possible to reduce the average cost of a transaction by half with respect to 2000, and
currently stands at 30% below the Spanish average.

Transaction costs reduced by half since 2000 and currently 30%

below sector average
Apart from reducing operating costs, the intensive use of technology has also made it possible to improve the
quality of the service provided to the Group’s almost two million customers.

The main activities carried out in this area throughout 2007 were:

Electronic Report
This system was implanted in order to electronically process asset operations, including all of the different
procedures and applications involved. The process is guided by the manager, which simultaneously automates and
integrates procedures previously carried out manually or independently.

At the end of 2007, 96% of all risk applications were processed using the electronic report system, four percentage
points higher than the previous financial year.

Almost all asset operations channelled with Electronic Report

system
These advances have been based on the constant implantation of measures to make operations more flexible
(control of coherence, change of modality, automation of documentation and variations in reference rates in
variable rate credit accounts, cross sales, etc.), and the incorporation of new functions such as the “Mortgage
Management” procedure, which standardises all of the process of granting a mortgage, the scoring of operations
by new residents, self-employed workers and micro enterprises, and processing credit cards and guarantees.

“e-migr@” project
Active progress continues to be made in one of the Group’s most ambitious projects in the area of perfecting
processes, focusing on making continuous improvements in re-engineering operational and commercial routines in
the network of branch offices in order to optimise available resources.

The “e-migr@” project focuses on two main areas: firstly, improving the operational efficiency of branch offices, by
re-engineering the processes aimed at optimising the resources of the commercial network; and secondly, by
promoting the migration of customer operations towards ‘self-service’ channels (ATMs, virtual banking, etc.).
The main actions in this area throughout 2007 were:

Migration of pensioners’ transactions to ATMs: work has continued on encouraging pensioners to make
withdrawals from ATMs, explaining the operational advantages of this method compared to making withdrawals
over the counter, using promotional campaigns. This has led to 44% of these accounts being provided with the
means to carry out operations using ATMs.

Migrating the payment of bills and regular payments from the counter to alternative channels or direct debits.
Campaigns have been implemented to encourage the payment of receipts by standing order, leading to 163,000
receipts being processed automatically, at the same time as increasing transfers made by automatic channels or
‘self-service’ procedures by 7.3%.

44% of accounts have ATM capability

Migration of bill payment and periodic transfers at cashier window toward alternative channels or direct debits:
we have developed migration campaigns for receipts payments to boost their payment by direct debit, so that
163,000 bills were processed by automated means, while transfers made through automatic or self-service
channels increased by 7.3%.

Automated treatment of 163,000 bills and more than 1 million cash

card ‘top-ups’ at ATMs

Cash card ‘Top-ups’: the Caixa Galicia Group has close to one hundred automatic devices in its branches to top
up cash cards, both in cash and through account debits, for its customers’ cash cards. This initiative has made it
possible to increase by 60% the number of top-ups made for cash cards through its ‘self-service’ channels,
exceeding the threshold of one million operations for the first time (75% of the total).

The increased use of automatic devices: other aspects related to advances in the use of automatic devices and
‘self-service’ channels are shown below for 2007:

The number of savings books with PINs for sight accounts has increased by 10%

The number of accounts with debit cards has increased by 5%.

The number of electronic/telephone banking customers has increased by 16%.

Migration - Key Variables

Concept 2006 2007
Bills Migrated 8% 10%
Self-service updates 89% 89%
Accounts with Electronic Access Means / Total Accounts 44% 45%
Withdrawal Accounts/ Total Accounts 19% 20%
Self-service Wallet Card Recharges 44% 75%
General Migration Indicators 2006 2007
Migrated Transfers / Total Transfers 45% 47%
ATM Withdrawals < 600€ / Total Transfers 72% 73%
Caixa Activa Customers / Total Customers 24% 27%
Pension Accounts with Electronic Access Means / Total Pension Accounts 41% 46%
Pension Accounts with ATM withdrawal facility / Total Pension Accounts 17% 17%
“-1%” Project
Advances continue to be made on the “-1%” Project, aimed at achieving the continuous reduction of operational
costs for the bank through the efficient and rational use of technology.

Progress has continued to be made throughout 2007 on the implantation of measures aimed at reducing the
unnecessary use of paper through the “Zero Paper” project, with the increased use of electronic messaging, the
joint impact of which has been to reduce consumption by 5.5 million sheets of paper per year.

The process of “Express” reform work has been optimised for office buildings, reducing the cost and average time
spent in adapting properties.

The “–1%” Project has reduced costs by 1.6 million Euros

Global impact in terms of reduced costs has amounted to 1.6 million Euros.

Adaptation to Standards
The provision of financial services is an increasingly complex activity, due to the extent and specialisation of the
products offered and increasing globalisation. Moreover, the optimum performance of a financial system is one of
the most critical factors for the normal development of a country or economic area.

This is why it is one of the activities subject to the most wide ranging and strict standards and controls, from
regional and national bodies (such as the Bank of Spain or Spanish National Stock Market Commission) and
international bodies (such as the ECB, BIS or EU).

Within this framework, the technological support of an organisation is essential in being able to respond to all of the
standards and controls that regulate its activity.

Four projects were implemented throughout 2007 in this area:

Adaptation to the Markets in Financial Instruments Directive (MiFID)

The Caixa Galicia Group has adapted its system to the requirements established by European Directives
2004/39/CE (Level I) and 2006/73/CE (Level II), commonly known as the MiFID.

Successful completion of adaptation process to new MiFID

Work was concentrated on the following areas:

Classification of customers. Customers who consume products and investment services were classified into
three categories (Retail customers, Professionals and Eligible Counterparts), each of which has a different level
of protection depending on the customer category and the product or service offered. The yearly reclassification
processes have been identified, as required by the MiFID.

Suitability of the product for the customer. The catalogue of investment products has been reviewed, assigning
the products to specific risk profiles and classifying them according to their complexity (Complex, Non-Complex),
with the aim of ensuring the convenience/suitability of the products or services offered to the customer.
In order to guarantee this convenience/suitability, more detailed information has to be obtained from the
customer, making it possible to verify the suitability of the investment service provided. This information is
obtained by applying a series of tests designed for this purpose: a Suitability Test (for consultancy services and
integral portfolio management) and a Convenience Test (for contracting products identified as Complex).

Information for customers. The directive has led to an increase in the information to be provided to customers,
particularly pre-contractual information.

Record of customer orders and other records. The MiFID reiterates the obligation for the immediate recording of
information, together with other obligations such as handling orders in such as way as to guarantee “the
punctual, fair and timely execution of all orders on behalf of customers”. This requirement, together with other
issues included in the MiFID, such as the importance of keeping records of all matters related to the provision of
investment services, has been revised and adapted from the point of view of the related applications and
databases.
Calculation of BIS II Regulatory capital and reporting for the Bank of Spain
In order to provide an early response to the new directives on regulatory capital or Basel II, a new engine for
calculating the capital consumption has been implanted, making it possible to:

Generate calculations on capital consumption by Credit risk at contract level (standard methods in an early stage
and more advanced methods at a subsequent stage).

Generate regulatory reports for the purposes of supervision by the Bank of Spain.

Provide a tool for all of the necessary departments making it possible to design and execute simulations on the
impact of Business decisions on the regulatory capital.

Use the figure for the consumption of regulatory capital calculated at contract level to generate information for
RAROC.

Guarantee compliance with the dates stipulated by the Bank of Spain to comply with the new regulations (date of
entry: January 2008; date for first report to the Bank of Spain: June 2008).

The Caixa Galicia Group has carried out a process of analysis and selection from among a series of different
commercial tools and acquired FERMAT in its FERMAT-CAD-Module for the Calculation of the Consumption of
Regulatory Capital by Credit Risk, which makes it possible to cover all of the requirements of the three main areas
of the Basel II directive.

Continued progress in adapting systems to new BIS directive

requirements on calculation of regulatory capital
The project for implanting the FERMAT tool for reporting information to the Bank of Spain was also implanted, with
a working plan making it possible to:

Configure the system according to the requirements defined in the draft document of the Solvency Bulletin from
the Bank of Spain.

Design and develop all of the information required for the calculation engine, in order to guarantee the automatic
and regular reporting of all of the information to the Bank of Spain at contract level, in order to generate the
calculations for regulatory capital consumption.

Carry out individual trial runs at system level

Generate the first calculations on regulatory capital consumption by Credit Risk for the Caixa Galicia Group,
together with the corresponding regulatory reports. In 2008 this information will undergo a gradual process of
optimisation until the target date of June 2008.

Contingency Plan
A Global Business Continuity Plan has been designed for Caixa Galicia, covering all the different areas of Group
activity, with two key objectives:

Minimising the impact of any serious incident in any point of the Caixa Galicia Group, not only in Systems.

Complying with new directives: MiFID, Basel, etc.

As a part of this Plan, the Support Centre, which has existed for several years, plays a key role, a result of
dedicating time and resources to creating and maintaining a centre for the recovery of the Caixa Galicia Group IT
services in the event of a critical situation or natural disaster (serious faults, fires, earthquakes, flooding, etc.)
 Contingency Plan for critical situations with involvement of
Support Centre
Disaster Recovery simulations are carried out on a regular basis, simulating the total loss of operability of the main
data processing centre, and the implementation of emergency procedures to ensure that business can continue,
by recovering the operability of all of the services from an alternative centre (the Support Centre) in a different
location.

SEPA Transfers Project

This is a basic payment instrument for transferring non-urgent sums in Euros between bank accounts of customers
in the Single Euro Payments Area (SEPA).

This project was set underway at the end of 2007 in order to adapt the current systems to the SEPA guidelines:

Notification of transfers with IBAN/BIC from the issuer and the beneficiary.

SEPA Scheme (Control of payment times, return and rejection).

“ISO UNIFI 20022 XML” exchange standard.

Infrastructures and Security

Work has continued to strengthen the heart of the Caixa Galicia Group system architecture: the central IBM host,
responsible for processing all operations generated by the increasing amount of business handled by the
organisation. The processing capacity of the host has continued to increase and is currently 3,399 MIPS (millions
of instructions per second), with a storage capacity that has multiplied by three to 144 terabytes. The operational
availability of the system was 99.7% over the year.

Storage capacity of central computer has tripled in size

This has made it possible to increase its operational capacity to reach 1,640 million operations during the year,
providing coverage for new applications and services (Metropolis, Vignette websites, Murex, etc.).

Metropolis, a new model of technological architecture

A new model of technological architecture known as ‘Metropolis’ has been designed, focusing on the following
three main areas:

Technical: updating the technological platform, improving productivity and flexibility, guaranteeing interoperability
between systems, and standardising the development of applications.

Economic: reducing software development costs

Strategic: reducing dependency on external suppliers, increasing the capacity to externalise developments,
reducing the roll-out time for services and increasing their functionality, and increasing the alignment between
business and technology.

E-Vault provides virtually unlimited capacity for e-mail inboxes

2007 also saw the pilot “E-Vault” programme, which gives users an e-mail inbox of virtually unlimited capacity,
storing attachments in an independent location from their e-mail.

In an increasingly complex activity where the number of transactions carried out 24 hours a day is growing
exponentially, as are the different channels (office counters, internet, telephone, ATMs, POS terminals, etc.), it is of
vital importance to equip the Bank's technological infrastructure with the highest security measures, particularly
where information is exchanged with the exterior.
 “Control Panel” for monitoring critical services
The Group has a “Control Panel” through which it is able to monitor and control in real time the availabity of critical
services such as the branch network, ATMs, corporate websites, electronic and telephone banking services and e-
mail.

Electronic Platform for safe transmission of information

In 2007 a new Electronic Platform was implanted, permitting communication between applications using a file
transfer protocol with guaranteed delivery, in order to:

Guarantee communication between the Bank's own applications, even those using different platforms (HOST,
AIX, Windows).

Permit the transfer of files to third parties (collaborating bodies, clients), using a single platform.

Facilitate the execution of transformations to messages (files) transmitted.

Migration of all ATMs and POS terminals to EMV standard

completed
Last but not least, Caixa Galicia has completed the process of migrating its ATMs and POS terminals to the new
EMV standard, aimed at increasing operational safety for payments using chip cards.

The international regulations for the EMV standard imply a change in the responsibility for operations carried out
with cards of this kind, meaning that the owner of the terminal is resonsible for any fraudulent use if they do not
comply with the standard.

Innovation
Caixa Galicia has developed a "relationship banking" model that focuses not only on increasing its customer base,
but also on strengthening customer fidelity by offering a service segmented by product and service channel to offer
greater value.

This has required an increase in quality throughout the entire Organisation's structure, transforming it into a large
commercial platform with a parent company structure that promotes internal relations, information flow between all
units and the incorporation of instruments that focus increasingly on customer service and sales.

Group has become a commercial platform with parent company

structure
This parent company structure comprises two interrelated axes: Business Development and Design and Sales
Channels and personalized Customer Management.

The priority of Business Development and Design is to develop products and services that respond to the financial
requirements of each customer segment and business niche and to support and promote the commercial work
carried out by the Group's various distribution channels.

Aim of Business Development and Design is to develop

products and services adapted to each customer segment
These aims have been structured on the Group's two large customer segments: Individuals and Companies. This
has been gradually expanded to include new segments such as immigrants, public authorities, large companies,
etc. This action has the full support of the Marketing Department and goes beyond advertising campaigns. It is
based on segmenting the customer base and applying commercial intelligence tools to detect consumer profiles
and purchasing preferences.
New Products and Campaigns
In 2007, the Bank maintained its high-level activity of recent years in terms of launching specific campaigns and
products and its proactive management of the customer base.

More than 100 commercial campaigns and new product

launches, together with specific actions for 700,000 customers
The majority of these actions were aimed at the Group's two main customer segments: individuals and companies.
However, service was also provided for other segments, such as public Administration, new residents, non-
residents, etc.

Individuals
Families: This is a traditional segment and the largest in the Group's business structure.

With regard to assets, a new mortgage package was launched: "Mortga-

ge Solutions" (applies bonuses to the differential according to the
customer's level of association); two new mortgage loan repayment
methods have also been implanted to allow the modulation of payments
in accordance with preferences. The catalogue of products for young
people was extended with the launch of the "Young 50 Mortgage"
(maximum term of 15 years and up to 100% of the appraisal value),
which has benefited 1250 customers under the age of 40 years.

Promotion of mortgage offers

In addition, specific consumer-finance campaigns were launched, such as the "Kitchen Loan", the "TV + Wii
Loan" (to finance the purchase of a television and game console), the "Computer Loan", and the "Premium
Sargadelos Loan", which were taken out by more than 20,000 customers. Similarly, in 2007, as in previous
years, seasonal finance advertising campaigns were used to offer very competitive financing at a time when
families need liquidity, such as: the "January Uphill Loan" and the "Don't pay until 2008 Loan" to finance
payments for purchases made at specific times of the year.

One of the best consumer finance offers on Portuguese

market
The "Sinal Credit" was marketed in Portugal as a personal-guarantee loan for paying the "deposit" for the
purchase of a home and the campaign for subrogations to mortgage loans under highly competitive
conditions was also launched. In addition, two agreements were signed with the Portuguese Consumer
Protection Association "DECO/Proteste" which allowed members to access consumer finance products under
the best conditions on the Portuguese market.

With regard to deposits for this segment, the star products of the year were the structured deposits, with 10
new launches ("Deposit Six", "Deposit Shares Basket", "Deposit 5x2", " Financial Deposit Five", "Stock
Market Deposit Six", "Deposit 6+6", "Deposit Double Six", "Deposit Double Five", "Brent Premium Deposit"
and "Premium II Super Interest Deposit"), as well as payment in kind deposits, with four new launches ("Wii
Deposit", "TV Deposit", "Montesinos Deposit" and "Premium Sargadelos Deposit").

Deposits become star products in attracting individual

customers
This included the launch of the "On-line Deposits Market", which uses the "On Caixa Galicia" Virtual Office to
provide the group's customers with a wide range of term deposits that vary in real time in accordance with
market evolution.

Two new foreign-currency deposits were launched for non-residents ("Euro-6 Deposit" and "Dollar-7
Deposit"), one combined deposit ("Six Combined Deposit") and two high-payment deposits ("Deposit 12" and
"VIP High Payment Deposit").
 Launch of "On-line Deposits Market" and "Solutions
Accounts"
Following their test launch in 2006, the commercialisation of the "Solutions Accounts" extended to the entire
network in 2007. This product offers integrated product and service packages for savings books or current
accounts aimed at covering financial requirements (savings book, cards, transfers, cash dispenser
transactions, cheques, etc.) as well as non-financial requirements (travel, mobile alerts, electronic banking,
etc.) for customers in exchange for a monthly payment.

Complete offer in investment funds and pension schemes

There were also seven new investment funds, four of which were guaranteed ("Caixa
Galicia Five", "Caixa Galicia Double Guarantee", "Caixa Galicia Guarantee" and "Caixa
Galicia Guaranteed Yield"), and three VaR funds adapted to the investor's risk profile ("Caixa
Galicia Conservative Management", "Caixa Galicia Moderate Management" and "Caixa
Galicia Committed Management"). In addition, the operative platform provided by Ahorro
Corporación Net was used to include the investment funds of the international broker Pictect
Funds in the offer. Accordingly, the Caixa Galicia Group markets funds from four large
international brokers (BNP Paribas Parvest, Fidelity, JP Morgan and Pictect Funds).

Pension schemes continued to promote additional contributions from public administrations. Three new local
public administrations have been included in the "Caixa Galicia Corporations Pension Scheme" joint
promotion pension scheme. Two new private entities were included as promoters of the "Caixa Galicia SME
Pension Scheme"

New insurance policy to protect customers from interest rate

shifts
In the area of insurance, the option for "interest rate cover" was extended to all the products subject to an
interest rate risk, in particular those associated with mortgage transactions "Peace of Mind Mortgage" and
"Mortgage Tunnel". A single-premium life insurance was launched in association with mortgage loans ("Bia
Life Combined Balance"). The Individual Systematic Saving Schemes (ISSS) were marketed with the launch
of 2 products ("Bia ISSS Guaranteed Insurance" and "Bia ISSS Investment Assured") and, finally, a new
home insurance was launched "Premium Home Insurance" (with additional cover to the standard home
insurance).

Marketing of pre-payment cards launched

In payment channels, the Bank's catalogue saw the incorporation of prepayment cards
(rechargeable cards that allow payments/withdrawals up to the balance on the card),
whose first initiative was the launch of the "Prepayment Visa". The "Cuatro Caminos
Shopping Centre Visa" affinity card was marketed, together with the "Caixa Galicia Gift
Card" and the "Millennium Coruña Citizen Card", a wallet card used as a means of
payment on public transport and other municipal services in A Coruña. Another new
product in this area was the launch of the "Loose Change Account Service", which transfers the amount
corresponding to rounding up the payments made using cards indicated by the customer to a high-interest
current account. In addition, loyalty programmes were renewed, such as "Yellow Points", where customers
obtain points when they use the Bank's credit cards and can then exchange them for gifts; the agreement

with the GALP petrol station network for a 5% discount on purchases using the Group's credit cards; and the
programme for returns on revolving credit cards, which returns a percentage of the amount spent and
benefited 120,000 customers in 2007.

A package of specific products was launched for mothers-to-be: "Caixa Galicia Newborn Programme". It
includes a product package (loan, savings book, insurance, etc.) to cover the future welfare of the newborn
baby and helps with the cost of the birth of the child.

New residents: in this segment the target is to reach a position in accordance with the Bank's share of the
financial market. Aware of this collective's potential, the "Immigrants Plus Solutions Account" (an integrated
package of products and services with a fixed monthly amount) was launched in 2007. "Hal-Cash" operations
were extended with the incorporation of a new partner (Banco Popular Group) and two prepayment cards were
launched ("You & Me" and "ClubWorldConnect") for making payments and transfers to their countries of origin.
Furthermore, a commercial agreement was reached with "Western Union" (world leader in remittance services)
so that the Caixa Galicia network could use its service.
 Promotion of offer to new residents collective
Companies and Self-employed
This segment is a priority in the Group's commercial activities and one of the segments with the greatest activity
level in recent years.

Together with traditional products for this segment (guarantees, discounts, documentary credits) there is an
increasing range of innovative and specific products such as leasing, renting, supplier payment management or
interest-rate coverage.

Improvements to Comprehensive Supplier Payment

Management Service have consolidated its position as one of
the most complete on the market
In 2007, new services and products were launched for this segment. In asset products, the innovative features
provided by the "Comprehensive Supplier Payment Management Service", which has been one of the most
complete services on the market since it was launched, may be highlighted. 2007 saw the launch of the "Advance
Payment Web Service", which allows all the enterprises and self-employed workers that receive payments through
the Caixa Galicia Group to consult the said payments and finance them directly over the web, regardless of
whether or not they are customers and make payments in any listed currency to any country in the world. In
addition, the "Cash-Pooling" service was launched (cash management for company groups) and various
campaigns (pre-allocation of credits and discounts, interest rate cover, etc.).

Two cash-management deposits were marketed for this collective ("Enterprise 3 Cash
Deposit" and "Enterprise Six Cash Deposit").

The Caixa Galicia Group modified the management and administration of its Financial Offers
and Agreements to adapt the offers to the collectives' requirements, improving price and
process efficiency through the use of management and monitoring tools.

As a complement to certain agreements for the Bank's strategic productive sectors, various commercial activities
were carried out on the basis of different agreements and offers for their commercial promotion. This led to the
signing of 36 agreements with collectives from a variety of sectors.

36 new agreements signed with collectives

The "Doctors of Galicia Gold Visa" card was launched (for doctors associated with this collective in the region of
Galicia).

In addition, the "Caixa Gestión” corporate electronic banking service incorporated new functionalities related to
transfers (International, currencies, Bank of Spain and urgent).

Generic Services
In 2007, other generic services were launched for Group customers:

Telematic services: The "On Broker" service for operating with securities over the Internet was renewed and its
scope was increased to make it simpler and more intuitive. In electronic commerce, the "Plus Gallery " was
launched to allow the on-line purchase/finance of products.

Automation: Anti-skimming devices were progressively installed on the cash dispenser network, which was also
enabled for operation using the electronic ID card, a measure that was also extended to electronic/on-line
banking.

CXG Corporación CaixaGalicia launched a financial broker “CXG Crédito Familiar” and the Group's new
insurance broker company “CXG Operador de Banca-Seguros Corporación CaixaGalicia” in accordance with
the new Insurance Brokerage Act.

“Euroresidents”, a new prescriptor channel was launched to operate on the finance transactions channel for the
purchase of holiday homes by non-resident Europeans.
CXG Corporación CaixaGalicia and market transactions: a
complementary dynamic to diversify Group activity
The financial activity of the Caixa Galicia Group is basically aimed at retail banking clients, offering integral
coverage for the financial needs of families, companies and public authorities. Together with this are two further
areas: market transactions and business investments made through CXG Corporación CaixaGalicia, which play a
basic complementary role in the structure of Group business:

The Caixa Galicia Group has traditionally maintained an active presence in the financial markets, granting it
access to diverse sources of financing, allowing it to incorporate derivative instruments such as coverage tools,
take advantage of the best investment opportunities, and offer its clients a wide range of innovative products.
This makes it possible to complement the dynamic commercial activity in the area of retail banking, and obtain
synergies and improvements in efficiency in the overall management of the Group.

Through CXG Corporación CaixaGalicia, the Group channels its holdings in strategic sectors and companies.
With a portfolio of listed companies valued at 1,775 million Euros at the end of 2007, the Corporation is present
in more than 20 sectors and close to 120 companies. CXG also manages a group of subsidiary companies that
are essential to securing the loyalty of the customer base through cross sales, and improving efficiency levels in
the Caixa Galicia Group as a whole.

CXG Corporación CaixaGalicia

CXG Corporación CaixaGalicia is a business organisation principally owned by Caixa Galicia, in order to transact
the Group’s business investments. CXG is also a fundamental pillar in the diversification of Group business toward
activities connected with financial activity and the externalisation of those that are not purely financial, leading to
improvements in efficiency.

The criteria governing the investment activities of CXG Corporación CaixaGalicia are that they should:

Contribute towards business development and pay special attention to the sectors and/or activities with the
greatest potential for growth and the creation of value for the area in which the Caixa Galicia Group operates.

Create value and revenue for CXG.

Work in a complementary manner with the business of the parent company Caixa Galicia, through the launch of
financial and para-banking products.

Present in more than 20 productive sectors and almost 120

companies
CXG Corporación CaixaGalicia is present in more than 20 productive sectors and services through its holdings in
close to 120 companies, complementing the financial and social activities of the Caixa Galicia Group. Its portfolio of
businesses is structured in ten areas: Strategic Portfolio, Development Portfolio, Risk Capital, Joint Ventures,
Social Fund, Alternative Investments, Property Development, Property Holdings, Consumer Credit and Group of
Companies.

Capital Opening for new investors

In 2007 the Caixa Galicia Group opened up its Corporación to the entry of new investors through an extension of
capital that was subscribed to in full by the parent company of the Galician industrial company Hierros Añón S.A.
The incorporation of a new shareholder helped to reinforce the financial solvency of CXG, while forging closer
bonds with the business fabric of Galicia.

Extension of “CXG” brand to Group of Companies

In 2007 the “CXG” brand was further extended to the Group of Companies, a process begun in 2006, continued.
The companies previously known as Ciberviaxes and Coinsa now operate under the names CXG Viaxes and CXG
Gestión Operativa, respectively. These joined other companies that had already adopted the CXG brand in 2006,
from the outset of their activity in the case of CXG Renting, CXG Willis and CXG Crédito Familiar, or abandoning
their previous denomination, in the case of CXG Inmobiliaria (previously Home Galicia).
 CXG profits exceed 300 million Euros
In 2007 CXG’s pre-tax profits grew to more than 300 million Euros, strengthening its position as a basic pillar in the
diversification of income for the Caixa Galicia Group. Part of these results were based on the rotation of shares in
listed companies, anticipating a possible downward trend in the financial markets, and on the highly positive results
from its ‘para-banking’ business and services: insurance, renting, property management and financing for
consumer goods, amongst others.

Strategic Portfolio
In its strategic portfolio, CXG has shareholdings in some of the most important companies listed on the Spanish
stock exchange, with special attention focused on companies whose activity is in areas of strategic importance for
the Caixa Galicia Group.

Work progresses on reorganising the portfolio, taking full

advantage of upward trends on the stock market
In 2007, CXG participated in a series of important corporate operations in the national and international financial
markets. As part of the reorganisation of its business holdings that began in the previous financial year, it has
strengthened its holdings in Pescanova, reaching a total of 20% of its share capital, and slightly increased the
shares held by CXG in Tecnocom, subscribing to various share capital extensions and buying shares, reinforcing
its commitment to the corporate development plan and growth of the company, with a view to making it the leading
ICT sector company in Spain. Taking advantage of historic maximums on the Spanish stock market, there was
divestment in the Portuguese company Galp, the remaining shares held by CXG in the paper manufacturing
company Ence were sold and there was a partial disinvestment in Unión Fenosa, operations that jointly produced a
capital gain of 340 million Euros.

Investment in listed companies of more than 650 million Euros,

with a portfolio valued at more than 1,700 million.
At the close of the financial year 2007, the market value of the strategic portfolio of CXG was in excess of 1,700
million Euros, a figure that demonstrates the ability of CXG to generate important capital gains in a less favourable
economic climate.

In summary, following the investments made in 2007, the value of the CXG CORPORACION CAIXAGALICIA
portfolio was more than 1,000 million Euros at the close of the financial year, distributed as follows:
 CxG Portfolio
Total investment
% Participation
(Thousand Euros)
Tecnocom 20,652 14.7
Afirma Grupo Inmobiliario 74,824 5.0
Pescanova 49,486 20.0
SacyrVallehermoso 255,839 5.0
Unión Fenosa 268,764 5.0
Total Listed 669,565
Group Companies 70,325
Other non-quoted, of which:
Investimentos Ibéricos 22,500 45.0
Faus Group 46,191 46.2
Banco Etcheverría 16,091 44.7
Cupa Group 40,044 20.0
Caser 22,849 6.9
Gas G a lic ia 20,794 10.0
Reganosa 12,311 25.9
Inhova 9,694 25.0
Plásticos Ferro 15,996 20.1
Grupo Norvento 15,011 20.0
Filmax Entertainment 6,714 7.9
Sociedad de Fomento y Desarrollo 5,008 25.0
Terras Gauda 1,202 5.0
Market Value of Listed Companies (*) 1,774.795
Latent Unrealized Gains to 31 December in Listed (*) 1,127,256

(*) Includes indirect shareholdings in Galp through Investimentos Ibéricos

Development Portfolio
The Development Portfolio channels CXG activity into unlisted companies with a stable share history and capable
management team, with a solid project for organic or inorganic growth, and positive profit and loss accounts.

Increasing presence in large unlisted groups

In 2007 the Reganosa re-gasification plant was commissioned, a project in which CXG has a 25.93% share and is
characterised for its strategic value in contributing towards the development of Galicia, and for completing the gas
infrastructures of the Iberian Peninsula as a whole.

One of the main transactions in 2007 was the agreement reached between CXG Corporación CaixaGalicia and
Inforsistem for the joint development of a leading national project in the area of printing, document packaging and
handling. As a result of this agreement, CXG acquired a 10% share in the capital of Inforsistem.

Another important feature was the acquisition of a 33.3% share in the company Natur Hotel Spa Allariz, dedicated
to operating the AC Villa de Allariz hotel. CXG also increased its shareholding in Andrés Faus to 46.2%, and up to
three extensions of capital have been subscribed to in the company Inversora de Hoteles Vacacionales with the
aim of building new hotel projects in Morocco. Finally, 2007 saw the adjudication to the Fomento de Iniciativas
Náuticas of the concession for the new marina of San Antón (in A Coruña), which together with the need to finance
other projects and the restructuring of its holdings, has led to the extension of its share capital.

In 2007, divestments were made in Neo Sky 2002, Islalink, Camerfirma, Dársena Deportiva and AC Desarrollo de
Hoteles.
Venture Capital
Through its Venture Capital portfolio, CXG participates in the temporary acquisition of shareholdings, maximising
financial returns through a diversified and efficiently managed portfolio. The InverCaixa Galicia F.C.R. Fund directs
its investment towards companies with a clear vocation for growth and leadership.

CXG, the only private institution in Galicia that manages

Venture capital funds…

Following the investment activity by CXG Corporación CaixaGalicia in 2006, which led to the intensification of its
presence in the area of wind power production, 2007 was characterised by conservative activity focusing on the
maintenance and monitoring of the portfolio, in particular the merger operation within the Factoría Naval de Marín
group and the subsequent increase of capital, the new increase of capital in Filmax and the creation of the
Transporte Aéreo Mar de Vigo, which in collaboration with different public and private institutions, is dedicated to
increasing the movement of perishable products in the port and airport terminals of the city of Vigo and its
catchment area.

…with an investment of 81 million Euros

Other important events were the two divestments at the end of 2007 with the sale of Euxa and Celtinova.

Joint Ventures
Joint Ventures are investments in mixed companies created with the best possible partners to take full advantage
of the synergies generated by the combination of the respective teams, experience and know-how.

Seeking synergies through associations with industrial partners

An important feature is the participation of CXG CaixaGalicia in a series of capital increases in CXG Aviva, BEM
España and Caser (execution of the second and third stage of the extension project approved in 2006), continuing
with the support of leading insurance companies in Spain in the life and non-life areas respectively. CXG aslo
subscribed to a 32% share in hte newly created Hal International.

The acquisition of 70.58% of Bem Galicia sharecapital in an operation that formed part of the decentralisation
process commenced by the parent company Bem España, might also be highlighted.
Social Fund
Through the Caixa Galicia F.C.R Social Fund, a pioneering initiative in Spain, CXG Corporación CaixaGalicia
participates in projects aimed at cultural, educational and socio-economic development, with special focus on the
least favoured sectors of society.

In 2007 Caixa Galicia F.C.R Social Fund formalised the sale to Galega de Economía Social of 45.29% of its capital
holdings in Hornos de Lamastelle to that moment. The sale did not represent the separation of Caixa Galicia
F.C.R Social Fund and Hornos de Lamastelle, as both continue to be connected through the 20% holdings the
Fund has in Galega de Economía Social.

Culmination of investment cycle in Hornos Lamastelle

This operation, apart from being the first completed cycle of investment - divestment, reflects the basic objective of
the Caixa Galicia F.C.R Social Fund: to contribute, from a perspective of economic profitability, to the viability of
projects focusing on the cultural, educational and socio-economic development of the region.

At the end of 2007, another highly relevant operation was completed: the constitution of Sempre Cinema, a
Galician film production company.

Alternative Investments
Alternative Investments explore and materialise investment opportunities in financial instruments operated by third
parties in order to reach sectors, geographic areas or types of assets for which CXG does not have an investment
team to do so directly

Restructuring of CXG investment activity in renewable energies

through Eolia Renovables
A relevant event in this area was the restructuring of CXG investment activity in the renewable energy sector, as a
direct result of the constitution of Eolia Renovables. This company was created to become a leading independent
business in the renewable energy sector in Spain. In order to create the company it was necessary to transfer the
assets of Eolia Gregal and part of Eolia Mistral, as well as those of other independent development groups. The
company will shortly be listed on the Spanish stock exchange. As a result, CXG has a minority participation in Eolia
Renovables, maintaining the position it held in Eolia Mistral.

Property and Real Estate Development

Property and Real Estate Development channel CXG activities and investments in the real estate sector.

Sustainable real estate projects in Spain’s main development

areas
Through its Real Estate Development portfolio, CXG undertakes the integral development of real estate projects at
all different stages (management, planning, organisation and marketing), either directly, through the acquisition of
land, or through participation in mixed companies with other development or financial companies. All these projects
are based on sustainable, high-quality construction, the promotion of low-cost housing and business estates
and the development of emblematic architectural projects for Galicia, such as the projected Someso Towers in A
Coruña and the reconstruction of Peleteiro School and the former General Hospital in Santiago de Compostela.

In turn, the activities carried out as part of its Property Holdings portfolio are focused on the regeneration of
property value through the rehabilitation, re-use and renovation of buildings.
Group of Companies
The Group of Companies unites businesses that offer products and services to the residential and business
markets in areas such as B2B (e-commerce between companies), through its own network and that of Caixa
Galicia.

The Group of Companies includes some of Galicia’s most important businesses in their respective sectors, such as
insurance, the promotion of performance events, leisure, health, direct marketing, travel and renting.

The Group of Companies, a cornerstone in client loyalty and

improved efficiency
The Group of Companies is a leading player in advancing in the area of client loyalty through cross sales. The
Group of Companies also contributes to improving efficiency levels in the Caixa Galicia Group, by carrying out
para-financial parent company activities by means of externalisation processes.

In 2007, work focused on the opening of Termaria – Casa del Agua, a leading health and leisure centre in Spain.
Termaria does not only have a solid, growing base of users living in the metropolitan area of A Coruña, but also
forms part of the growing number of tourist attractions in the city. With installations covering 13,700 m2, Termaria -
Casa del Agua (http://www.termaria.es/) is one of Europe’s largest water leisure centres. The centre is divided into
three different areas: sport, ‘thalasso’ seawater therapy and a Club. All are complementary to each other and
provide an integral offer in a single complex.

Consumer Credit
CXG Corporación CaixaGalicia is present in the consumer credit sector through CXG Crédito Familiar, a
credit organisation subject to the supervision of the Bank of Spain, which carried out an extensive and innovative
launch campaign in 2007.

Caixa Galicia has thus become the first Spanish Savings Bank to launch a finance company that operates
intensively through the media. CXG Crédito Familiar also has the most extensive product catalogue distributed
through every possible channel: financial intermediaries, outlets and direct publicity.

Crédito Familiar, the first financial company launched by a

Spanish savings bank to operate intensively through the media
CXG Crédito Familiar operates in the emerging sector of consumer credit through a multi-channel, multi-product
structure. Its range of solutions includes the following products: home mortgages, loan re-financing, personal loans
(Crediutil and Crediutil Plus), universal and private credit cards, consumer financing and insurance policies
connected with products.

Market Transactions
The weight on the consolidated balance of the Caixa Galicia Group’s market transactions carried out during the
course of 2007 was similar to that of 2006 (liabilities remained steady at 47% while assets dropped from 30% to
27%), despite the variation in the business unit breakdown.

Boost in syndicate activity and wholesale market financing

The boost in syndicate activity as a complement to retail loan activity may be highlighted. In terms of liabilities, one
of the most notable features was the Bank's decision to step up wholesale financing when market conditions were
appropriate.
 BALANCE OF ACTIVITY ON FINANCIAL MARKETS (Million Euros)
ASSET 2007 2006 % Variation
Interbank 2,360 3,142 -24.90%
Non - Financial Institutions Syndicated 3,526 2,735 28.92%
Fixed Income Portfolio 5,095 5,197 -1.96%
Equities Portfolio 1,299 1,121 15.90%
Derivatives 598 447 33.87%
To tal Area Assets 12,877 12,641 1.87%
% of total Bank assets 27% 30%

LIABILITIES
Interbank 6,139 8,275 -25.82%
REPO with institutional clients 455 623 -26.97%
Derivatives 838 550 52.28%
Wholesale Finance 14,960 10,811 38.38%
Total Area Liabilities 22,391 20,259 10.52%
% of total Bank liabilities 47% 47%

Area Management
The following factors conditioned Caixa Galicia Group financial market activity in 2007:

The reduction in credit availability attributable to the sharp contraction of wholesale markets during the second
half of the year

The overall slowdown in investment growth during the same period and attributable to the same cause

The levelling off of Euro intervention rates following the initial rise to 4%

The reasonable performance of the Spanish stock market

In the light of this situation, financial market management focused on two main aspects in 2007:

1. Dynamic portfolio management

According to the market fluctuations registered throughout the year, anticipating the necessary hedging in both
fixed income and equities. Positive action was taken to cover interest rates and redistribute portfolios and activity
increased in syndicated loan operations with the unwinding of private fixed income positions.
 Dynamic portfolio management and effective cover policy
enable Area to contribute 10.5% to Group Operating Income

The Finance and Capital Markets Area contributes around 10.5% of the total Operating Income.

2. Resource Optimisation
Assets: margins were widened to allowed for increased returns on funds available for investment
and considerable activity in allocation, participation and placement of syndicated loans. Risk was suitably divided
among sectors and geographical areas, thereby maintaining the excellent quality of the risk contracted.
 ACTIVE BALANCE SHEET DISTRIBUTION ON GEOGRAPHICAL
MARKETS (Syndicated and Private Fixed Income)
2007 2006
Spain 71.66 63.85
EU (rest) 23.41 28.04
USA 2.59 6.02
Western Europe (other) 0.32 0.64
Australasia 019 0.52
Supranational 0.20 0.20
Other 1.32 0.22
< 3 mill. Euros 0.31 0.50
Total 100.00% 100.00

Private fixed-income activity centred on the following areas:

1. The sale of assets producing lowest returns and consuming highest equity in order to take advantage of
evolution of credit differentials.

2. Use of qualified securities for operations under Central European Bank monetary policy

3. Taking advantage of the reduction in portfolio size to retain the issue of AyT Caixa Galicia Empresas I, FTA
shares for a total of €847.3 m
 Investment quality: no unpaid or doubtful debts in financial
area
Once again this year, a strategy based on careful risk selection and the personalised and ongoing monitoring of
the various operations has meant that there are no unpaid or doubtful debts in the financial area.

Active management of equities portfolio, taking full advantage of investment opportunities to consistently
generate unrealized gains on assets and sales profits. Sales aimed at strengthening the Capital base and the
ongoing improvement of the Group’s results were particularly noteworthy in 2007. Results from portfolio financial
operations available and derivatives from sales totalled 26 million Euros. Another important feature is the
realization of 351 million Euros of gains by the disposal of part of the CXG Corporación CaixaGalicia portfolio.

Active management of equities portfolio produces considerable

unrealized gains to consolidate Group soundness (voluntary
provisions) and solvency (profit for reserves)
Liabilities: 2007 revealed the importance of the wholesale liability strategy commenced in 2006. The Capital
Market and Investor Information units were expanded and the investors' website was renewed to offer securities
buyers and depositors maximum market information.

Effective long-term issue strategy prevents upsets

during second half year (liquidity crisis) and further potential
upsets for 2008

Principal highlights were the issues to raise hybrid capital funds, the inaugural issue of Cédulas Hipotecarias and
that of Bonds in Sterling, which attracted major international demand and were fully subscribed. At the close of the
financial year, and in collaboration with Ahorro y Titulización, a corporate loan securitisation process was
instrumented, the majority of which was kept on balance as a potential liquidity resource.
Issues
Date Amount (m €) Product
Jaunary 1,500 'Cédulas Hipotecarias'
March 50 'Cédulas Hipotecarias AyT'
March 535 GBP Bonds (400 m)
April 150 Preferred Shares
June 300 'Cédulas Hipotecarias'
June 350 Subordinated Debt
October 100 'Cédulas Hipotecarias AyT'
November 100 'Cédulas Hipotecarias AyT'
November 904 AyT Caixa Galicia Corporate I, FTA
Financial Report
The results in terms of business, profits and solvency of the strategy implemented by Caixa Galicia Group in 2007
are shown below.

Adaptation of the growth rates to a climate of gradual economic slowdown and straitened wholesale markets,
which has led to greater diversification of credit growth, greater efforts in capturing term deposits on the balance
sheet and a reduction in the influence of the securities portfolio

. uarantee growth sustainability. To this end the Group maintained a favourable stance with regard to market
G
references governing the quality of assets; a capitalisation policy was brought into play and the Group's liquidity
strengthened.

In a less favourable economic-financial climate than in previous accounting periods, the Caixa Galicia Group has
managed to combine relevant growth rates of its activity and profits with an appreciable improvement in levels of
solvency, efficiency and profitability. All this has enabled the Bank to consolidate its position among the top
Spanish banks.

Balance sheet and activity

The business model implemented by Caixa Galicia Group has once again enabled it to keep activity growth rates
above Spanish financial sector averages, both in terms of the size of the Balance Sheet and turnover.

At the close of 2007, the Group’s Balance Sheet totalled €47,726 million, up 11.48% over the year.

Turnover grew 22.28% in 2007 to total €76,333 million.

These substantial growth rates enabled the Group to maintain its ranking within the Spanish financial system,
where it has picked up market share in key business areas.
Balance Sheet Structure
The Caixa Galicia Group Balance Sheet increased by €4,913 million -11.48% in 2007. The year closed with a
balance of €47,726 million.

Caixa Galicia Group: Consolidated Public Balance Sheet (€ thousand)

ASSETS 2007 2006 Absolute Var. %
Bank, Central Banks, Credit Institutions
7,417,627 9,490,018 -2,072,391 -21.84
and Fixed Income
Customer Credit 35,228,572 28,098,052 7,130,520 25.38
Equities 2,258,539 2,718,323 -459,784 -16.91
Material Assets 987,055 838,834 148,221 17.67
Others 1,834,315 1,667,699 166,616 9.99
Total Assets 47,726,108 42,812,926 4,913,182 11.48
NET LIABILITIES AND EQUITY 2007 2006 Absolute Var. %
Customer Resources 35,793,326 29,311,805 6,481,521 22.11
Credit Institutions 7,249,389 8,880,598 -1,631,209 -18.37
Other Liabilities 2,001,292 2,050,429 -49,137 -2.40
Liabilities 45,044,007 40,242,832 4,801,175 11.93
Own funds 2,180,979 1,803,299 377,680 20.94
Others 501,122 766,795 -265,673 -34.65
Net Equity 2,682,101 2,570,094 112,007 4.36

Total Net Liability and Equity 47,726.108 42,812,926 4,913,182 11.48

Customer loans have continued to gain prevalence in the asset structure, in detriment principally to the securities
portfolio and credit institutions. With regard to liabilities, there was a 22% increase in customer funding on the
balance sheet, which offset the lower figure from credit institutions, and the 21% increase, in terms of net assets, of
the Group’s capital resources.
 Equilibrium of balance sheet structure remains unchanged
As a result of the strategy pursued by the Bank, the Caixa Galicia Group balance sheet structure maintains a
sound equilibrium of financial sources and investment targets, so that customer resources exceed 75% of the
balance sheet and completely fund customer loans, which represent 74%.

Turnover
In recent years, the Caixa Galicia Group has pursued a strategy focused on increasing its capacity to generate
recurrent profits, which it has achieved with continual and sustained increases in business handled, accompanied
by reductions in the portfolio whenever required to accompany growth.

Turnover grew 22% to 76,333 million

This enabled the business volume handled (customer credit + managed customer funds) to grow 22.28%, almost
14,000 million in 2007, to reach €76,333 million.
Investment
The Caixa Galicia Group closed 2007 with a Total Investment balance (customer credit + securities portfolio) of
€41,801 million, representing absolute annual growth of €6,000 million - or 15.79%.

Total Investment increased by 6,000 million - or 16%

This growth in investment was largely due to the increase in customer credit, particularly those lines with greater
risk adjusted yield (SMEs, consumer goods and housing). The securities portfolio balance dropped, with a reduced
fixed income portfolio on the Balance Sheet in light of the interest rate situation and the restructuring of the equities
portfolio in response to the positive performance of the Spanish stock market.

Leading role of customer credit in investment growth and

restructuring of securities portfolio

Customer Credit

In 2007, the Caixa Galicia Group was notably buoyant in granting financing to households, companies and public
authorities through loans, credits, discount credit and other instruments, leading to an increased Customer Credit
balance, up 25.38% to €35,229 million.
 Customer credit up 25%
Broken down into segments, credit to other private sectors (resident and non-resident) led the way, both with
regard to the structure, accounting for 96% of gross credit, and annual growth.

Customer Credit
Var.
Concept 2007 2006 Absolute %
Public Administrative Bodies 1,027,381 1,046,937 -19,556 -1.87
Other private sectors 34,744,824 27,528,885 7,215,939 26.21
With Mortgage Guarantee 21,742,329 16,208,440 5,532,889 34.13
With Personal and Other Guarantee 13,002,495 11,319,445 1,683,050 14.87
Doubtful assets 278,378 120,045 158,333 131.89
Gross Customer Credit 36,050,583 28,695,867 7,354,716 25.63
Insolvency Funds -683,702 -470,855 -212,847 45.20
Other institutions, adjustments and disposals -138,309 -126,960 -11,349 8.94
Total Customer Credit 35,228,572 28,098,052 7,130,520 25.38

Mortgage financing reduces growth rate by half…

Financing with mortgage collateral, a traditional activity of the Group, fundamentally linked to the purchase by
individuals of their first home, moderated its growth rate in 2007, and dropped by 50% year on year. The 52%
increase posted in 2006 was down to 23% in 2007.

Within the financing granted to households, which increased by 23% to €12,550 million, financing for the purchase
of homes also grew at more moderate rates (+18% in 2007 versus + 33% in 2006).

…while consumer financing takes over with growth of 33%…

Anticipating this situation, in recent years the Group has been positioning itself in accordance with a scenario of
progressive moderation of real estate activity, diversifying credit growth, with special focus on funding to SMEs and
consumer credit.

Consumer credit increased its balance by 33% in 2007, to €3,536 million.

 …and companies (mainly SMEs and self-employed), up 29%

The financing of companies, representing 62% of the total balance of credit to the resident private sector, grew
29% in 2007 to €20,251 million.

The Group offers its Corporate Division to companies in general. Its sphere of operations encompasses the
provision of financial services to SMEs and the self-employed through a network of branches and specially trained
personnel. Coupled with this, the bank also offers a modern, electronic, corporate banking service “Caixa Gestión”,
which closed 2007 with more than 48,000 customers.

Furthermore, together with the products designed to cover this sector's most common financial needs (guarantees,
discount credit, documentary credits, etc.), a wide range of specific products has been developed, such as leasing,
renting, factoring and Comprehensive Supplier Payment Management.

The balance of guarantees and other collateral represented €2,350 million, while documentary credits were up
29% to 184 million.

Second-largest Spanish savings bank in commercial discount

credit
The volume of commercial discount credit and credit advances increased by 323% in 2007 to just below €4,735
million, with a real investment balance increase of 9% and a 10% increase in the number of customers. Caixa
Galicia is the second largest discounter of bills in the group of Spanish savings bank that form the CECA
(Confederation of Spanish Savings Banks) Discount Exchange, second largest discounter of nominal amounts and
has the third largest volume of deposited nominal amounts.
 Sixth-largest Spanish savings bank in leasing finance
More than 2,800 leasing contracts were arranged in 2007 for a total amount of €256 million, leading to an
accumulated balance of €690 million. These figures make Caixa Galicia the sixth-largest savings bank in the
Spanish Leasing Association.

Leasing has consolidated itself as a value-added product. Evidence of this is the leading role of leasing in
renewable energy projects, especially photovoltaic solar energy, accounting for 16% of the total sum formalised
over the year. The contribution of real estate leasing also warrants attention, accounting for 14% of the amount
granted.

Fourth-largest bank savings bank in factoring finance

With the launch of “Factoring Caixa Galicia”, in 2007 the bank rounded off its collection and payment management
services for its corporate customers. This led the Bank being ranked as fourth biggest by the Spanish Factoring
Association, with a business volume that has doubled year-on-year in 2007.

…and one of the most active in funding foreign trade operations

The Caixa Galicia Group has been confirmed as one of the benchmark Spanish banks in Foreign Trade products
and services, an area in which it formalised €1,700 million in 2007, thus increasing the balance of this business
area by 48% over the year.

Analyzing the portfolio structure by company type, there is similar distribution among the three groups (small and
medium enterprises and the self-employed, developers and large companies), with one third of the portfolio in
each. With regard to sector distribution, the link between the construction and real estate sectors is relevant,
although it has lost almost 3 percentage points of the total with regard to 2006 and maintains very low NPL levels
(0.28%).

Market share increases in all credit areas - especially in

consumer financing

These financing trends, both in the household and business segments, were clearly reflected in terms of market
share, so that the Caixa Galicia Group increased its share of all business lines, allowing greater sustainability over
time and relieving over-dependency on one specific business line. In 2007 the total market share increased by 14
basis points over that of Spanish credit institutions as a whole, reaching a 1.82% share of resident sector credit. Of
special relevance was the increase of consumer financing, which was up 36 base points over the year.
 …maintaining adequate credit portfolio quality…
The Caixa Galicia Group applies an advanced and strict risk management policy, which enables it to maintain one
of the lowest NPL rates in the Spanish financial system, closing 2007 at 0.79%, several base points below the
figure for Spanish banks as a whole (0.64%).

…and an extremely prudent provisions policy.

As part of a policy characterised by the utmost prudence and anticipating possible changes in market conditions, in
2007 the Caixa Galicia Group maintained its generic provision for insolvency at the legal maximum, reinforcing this
with a voluntary allocation for the purpose of strengthening the bank's position to confront possible additional
defaults in forthcoming years. The insolvency coverage rate at close of year was 289%.

In addition, coverage from general and substandard insolvency provisions represented more than 91% of the total,
further improving the Group's financial strength.

Securities Portfolio

Group activity in securities portfolio transactions continues to

be restructured…
The Caixa Galicia Group has continued restructuring its securities portfolio transactions throughout 2007, so that it
has gradually assumed less importance on the Balance Sheet in accordance with the strategy established and in
line with the financial market trend. This has enabled the Group to progressively and uninterruptedly increase its
market share of Spanish banking business while reducing its involvement in securities transactions, a key area in
previous years when the financial climate was substantially different.
The result is a securities portfolio balance that closed 2007 at €6,572 million, down 17.88% year on year, a
percentage that ascends to 41.27% when compared to 2005. The equities portfolio accounts for 68% of the
reduction on the total 2007 balance.

…using stock market cycle to generate substantial gains to

reinforce Group solvency…
Equities portfolio transactions in 2007 were characterised by active management of the company industrial
portfolio, which, taking advantage of substantial gains on the Spanish stock market at that time, has led to the
generation of appreciable gains that have been transferred to the Group's Income Statement to sustain solidity
and solvency (provisions and reserves).

The balance of the Group's equities portfolio thus fell by 16.91% during the year, to €2,259 million.

Despite the divestment, the CXG Corporación CaixaGalicia (the Group corporate division) portfolio was valued at
€1,730 million at the close of 2007, accumulating latent unrealized gains of €1,127 million.

…and reducing weight of fixed-income portfolio on balance

sheet.
While the Group fixed-income portfolio closed 2007 with a balance of €4,314 million, a year-on year decrease of
18.37%, largely as a result of the reorganization of the public fixed-income portfolio in response to fluctuations in
interest rates.
Customer funding obtained

Customer funding or total funds raised, made up of financial liabilities with customers (deposits and issues),
financial liability capital (preferred securities) and off-balance sheet funds managed (investment funds, pension
funds and insurance policies) concluded 2007 with a balance of €41,104 million - a year on year increase of
19.74%.

On Balance Sheet term deposits up by 28%

To cover the increased customer funding requirements and in line with the growth strategy implemented in recent
years, in 2007 the Caixa Galicia Group focused on obtaining term deposits on the balance sheet, reducing the
need to tap wholesale markets for financing purposes. The result was a 28% increase in term financing, which
accounted for 85% of the annual growth of total funds obtained.

…positive performance of off-balance sheet funds managed

(+6%) in generally negative Spanish investment fund industry
scenario
The positive performance of the off-balance sheet funds obtained should also be highlighted - up 6% in 2007 to
€5,311 million, it represents a strategic business line given the contribution to results from commissions. The Caixa
Galicia Group achieved a 1% increase of the funds managed in investment funds in a year marked by decreased
confidence in these products in Spain. The Net asset Value of these funds fell 3%.
 …leading to growth of market shares in key funding lines
This growth in funding was higher than the figure achieved by the Spanish financial sector as a whole, allowing the
Bank to increase its market share in the key areas of this business line.

Total Client Funding

2007 2006 AbsoluteVariation %
Public Administrative Bodies 1,937,962 817,912 1,120,050 136.94
Other private sectors 21,635,058 20,585,563 1,049,495 5.10
Demand Deposits 7,759,021 7,957,468 -198,447 -2.49
Term Deposits 13,393,198 11,302,129 2,091,069 18.50
REPO and Other 654,079 1,316,318 -662,239 -50.31
Other institutions, adjustments and disposals -12,776 -23,820 11,044 -46.36
Customer Deposits 23,560,244 21,379,655 2,180,589 10.20
Debt Securities 10,496,023 6,695,864 3,800,159 56.75
Subordinated Debt 1,194,748 845,682 349,066 41.28
Preferred securities 542,311 390,604 151,707 38.84
Insurance contract liabilities 0 0 0 0
Customer Resources on the Balance Sheet 35,793,326 29,311,805 6,481,521 22.11
Investment funds 2,983,733 2,963,510 20,223 0.68
Pension plans 979,544 883,451 96,093 10.88
Insurance Policies 1,347,461 1,169,156 178,305 15.25
Off-balance sheet funding 5,310,738 5,016,117 294,621 5.87
Total Client Fu nding 41,104,064 34,327,922 6,776,142 19.74

Note: The December 2006 balance has been adjusted to the new classification of 'cédulas' in accordance with
Bank off Spain criteria.

Customer Funding On the Balance Sheet

Total Customer Funding on the balance sheet grew 22%, one of

the highest percentages in the Spanish savings bank sector

Customer resources on the Caixa Galicia Group balance sheet, which include financial liabilities with customers,
institutional issues and preferred securities, closed 2007 with a balance of €35,793 million, representing an annual
increase of 22%, one of the highest percentages in the Spanish savings bank sector. This growth is focused on
long-term funding, both through the issue of fixed-income securities and deposits
 …promoting term funding on the balance sheet, both through
term deposits (+19%)...
Customer deposits grew by 10.20% up to €23,560 million, with particularly good performance by term deposits,
showing annual growth of 18.50%.

Analysing sector distribution, resident and non-resident private sector deposits grew by 5.10% over the financial
year, while public sector deposits increased by 136.94%.

The Group is particularly strong in managing non-resident sector savings, largely due to the group of Galician
emigrants living outside Spain. With the support of 17 overseas offices, it manages 12.4% of deposits attracted by
the Spanish savings bank sector. The business managed on behalf of its almost 100,000 non-resident clients
represents 6% of the total, the second-highest percentage among Spanish savings.

The Group's dominant activity in these business and customer segments are also evident in its remittance
operations, which channelled €1,873 million in 2007.

The growth in funding attracted through deposits is based on the availability of a wide and competitive range of
products, which is channelled through an extensive distribution network comprising nearly 900 branches and the
new distribution channels (Internet, telephone, ATMs, etc.).

The Group has likewise continued to issue wholesale securities as a financing formula and method of reinforcing
its solvency.

…and the issue of securities (+54%) in capital markets…

Over the course of the year securities worth €3,489 million were issued. Chief among these were the five 'cédula'
issues worth €2,050 million - one of treasury bonds worth 400 million Sterling - and the securitisation of loans worth
904 million. These were accompanied by an issue of preferred shares and another issue of subordinate debt for a
joint amount of €500 million, which served to reinforce the Group's solvency.

Security Issues 2007 (€ Million)

enomination Amount
Preferred Securities 150
Cédulas 2,050
Senior Debt 535
Subordinated Debt 350
Securitiztions 904
Total

* 400 million Sterling

The Group also issued promissory notes for €9,670 million (5,576 million were amortized over the year) with a
reduced maturity cycle (less than 2 years).
Off-Balance Sheet Funding
Attracting funding through off-balance sheet products basically encompasses the funds managed by investment
funds, pension schemes and insurance policies. These transactions are crucial to the Caixa Galicia Group, given
the commission-based contributions to results.

Off-balance sheet funding up by 6% to 5,311 million in difficult

climate...
In a financial and tax climate that has worsened in this particular field in the last two years, the Caixa Galicia Group
broke the general market trend (assets managed in off-balance sheet products by Spanish deposit
institutions remained stagnant at -+0.27%- in 2007) with off-balance sheet resources increasing 5.87%, to close
the year at €5,311 million. This was largely possible due to the broad and wide-ranging product portfolio that
covers the different investor profiles for each client segment and particularly proactive commercial activity in this
business line.

…with growth in three main lines: investment funds, pension

and insurance plans
The total figure of €295 million was distributed among the three key business areas:

Investment funds increased their balance by 1% to €2,964 million, in a difficult year for this product due to the
volatility of the markets and the competition to attract traditional deposits. Assets managed in Spanish market
investment funds were down by more than €9,000 million in 2007, or 3%, following three consecutive years on
the increase.

Scope (144 products) and wide-ranging nature (includes main

business segments) of investment funds on offer enable Group
to continue growing in area, in marked contrast to the general
performance of Spanish market, which experienced notable
reductions
Following the year’s new inclusions, 144 investment funds were available in this business area at the close of 2007
: 67 national funds covering all business segments: real estate, financial, fixed income, equities mixed and
guaranteed funds; and 77 international funds offering a new concept of being able to subscribe in the same
currency as the fund or in Euros.

The Group offers two applications designed to improve personalised client advice. On the one hand “My Profile”,
which advises clients on the position of their investment funds, assigns investor profiles and determines a model
portfolio based on this. On the other hand “My Broker”, which complements the foregoing and details the fund
transfers that should be carried out by clients to adapt their investments to the model portfolio.

Assets managed under pension schemes grew by 11% reaching €980 million, while the number of participants
increased by 10% to 95,000 at the close of the tax year, during which 12,500 new plans were subscribed.
 95,000 participants in pension schemes, with assets managed
up by 11%
At the end of 2007, the Caixa Galicia Group offered 16 established Pension Funds incorporating 26 pension
schemes (13 employment schemes and 12 individual schemes). In addition to these, there is a specific
complementary social provision plan for people resident for tax purposes in the Basque Country.

Finally, insurance, a strategic business line for the Caixa Galicia Group, has achieved the best results in 2007, with
a 15% annual increase of managed funds (€178 million), totalling €1,347 million.

Managed insurance funds up by 15%

‡ Life assurance: the evolution of this business line received a decisive boost in 2001 following the
participation of Grupo Aviva (formerly BíaGalicia) in CXG Aviva capital. From then on, taking advantage of
the synergies arising from alliance with one of the biggest insurers in Europe, the Caixa Galicia Group
promoted its activity in “bancassurance”, taking advantage of the scope of its extensive distribution network
and the size and quality of Aviva’s range. This allowed CXG Aviva to formalise a total of 102,918 contracts,
15% more than in 2006, with a volume of accrued premiums reaching €396 million, closing the year with a
portfolio comprising 336,650 policies.

CXG Aviva - one of top Spanish bancassurance companies

This evolution had a logical effect on the State ranking of insurance companies. CxG Aviva ended 2007 in 11th
position in the State ranking system for bancassurance premium policies (source: ICEA).

The life assurance policies offered by the Caixa Galicia Group are geared around two fundamental lines:

Bia Vida: A range of life assurance-risk policies comprising 8 products, encompassing policies that can be freely
chosen and those that tied to loan contracts. The group managed 259,339 policies at the close of 2007, 26,449
more than the previous year, with sums assured equivalent to €9,742 million.

Bia Asegurado: A range of life assurance-savings policies comprising 16 different methods, from one-off
premiums or periodic premiums to those with products targeted at minors or housewives, or unit-linked insurance
policies. A total of 77,310 policies were managed at the close of 2007 (an annual growth of 30%), accumulating
mathematical provisions of some €1,284 million.

In the non-life assurance sector (vehicle, house, multi-risk, personal protection, etc.) and in the small and medium
enterprise sector, the Group operates through the Correduría de Seguros Caixa Galicia (Caixa Galicia Insurance
Brokerage).

As a brokerage company, its activity focuses on the establishment of collaboration contracts with large companies
within the sector, with the aim of offering its clients a wide and competitive range of rates.

Over the course of 2007, Brokerage activities and revenue have enjoyed considerable growth over the sector
average, increasing business volume by 11.76% year on year.

Volume of Non Life-Assurance Business in 2007 (% growth)

Area Sector Caixa Galicia Insurance brokerage:
Vehicles 3% 13%
Multi-risk 8% 25%
Remaining non-life assurance 5% 5%
Total non-life assurance 5% 12%

The excellent performance in the Affinity and Telemarketing business, with premium growth of 89.20% year on
year, becoming one of the Brokerage’s strategic focal points of business generation this year is a significant
highlight.
Household Multi-risk insurance has enjoyed year-on-year growth of 25.06%, growth that has been supported by
the commercial increase and activation carried out with Household Insurance not tied to any product and the sale
of insurance policies linked to the Group’s mortgage business.

One of the group's competitive advantages is the vehicle insurance multi-rate offer, which only requires details to
be taken once and then uses the rates from 6 leading companies in order to offer the client different options and
cover according to their needs.

Corporate and SME business up by 32%

Corporate and SMEs business also received a healthy boost in 2007, with brokered business volume up 31.85%
compared to 2006.

One of the leading products in this particular business sphere was the Machinery Breakdown Insurance, a highly
competitive product offering new areas of cover.

Other key events in 2007 included:

Creation of CXG Operador de Banca-Seguros

The recent Insurance Brokerage Act (17 July 2006) has had an impact on insurance activity in general and more
specifically on Banks, who have reorganised the Companies within their structure that broker insurance deals.
CXG Operador de Banca-Seguros Corporación CaixaGalicia, S.L. was created as a vehicle to channel the
commercialisation of life and non-life assurance policies through the Group's distribution network.

At the same time, the Insurance Brokerage Act requires distribution networks to acquire basic knowledge in order
to commence their consultancy activity - based on classification levels - in insurance issues and retrain staff every
three years. Training will be carried out by CXG Operador de Banca-Seguros.

Launch of CXG WILLIS to focus on large corporate sector and

public administrative bodies
CXG Willis commenced its activities in 2007. The company was created in collaboration with Willis Insurance
Brokers, one of the top three broker firms worldwide and the second largest in Spain, to target Corporate and
Public Administration Insurance Schemes.

Positioning
In recent years, the growth strategy implemented by the Caixa Group has enabled above-average sustained
growth in the Spanish market with regard to business managed.
 Growth strategy has led to notable increases in market share…
In 2007 this led to increased market share, both in terms of loans and customer funding. The Bank’s market share
in terms of business volume was up 12 basis points over the year with regard to the Spanish market overall,
accounting for 1.85% and with regard to both to customer credit and funds raised.

As the 340 branches incorporated since 2000 have “matured” and with the contribution of new business channels
(online banking, prescriptors, ATMs, etc.) the bank has been narrowing the differential between the branch
network and turnover quotas, so that the gap narrowed 13 basis points in just three years to be virtually
equivalent at the close of 2007.

…and a strong convergence between business and branch

market share
In 2007 Caixa Galicia increased market share in all the autonomous regions, leading the way in the Bank's native
region Galicia, where it manages one quarter of the business volume of the market, a percentage that is closer to
50% if we take only the Savings Bank sector into consideration.

Higher market share in all Spanish autonomous regions and

leader in Galicia
Considering the different business lines discussed above, it is clear that Caixa Galicia has managed to increase its
market share both in the main investment areas and on the customer funding market, indicating diversified growth
and, consequentially, reduced sensitivity to fluctuations in any particular business area.

Caixa Galicia's leadership of the Galician market is not based solely on its market share but also extends to the
more significant business and results variables, which combine to make it one of the primary financial institutions in
the Spanish market.
Profit and Loss

Caixa Galicia Group closed 2007 with attributed profit of €401 million, a year-on-year increase of 12.43%, in line
with the positive profit growth trend of recent years.

Group Attributed Profit has quadrupled since 2004 to

exceed €400 million…
The commercial drive resulting from the opening of 82 new branches in 2007, attracting 100,000 new customers
over the year and thus raising the client base to 2 million and the progress made in terms of the efficiency ratio,
which is now below 40%, have enabled the Group to multiply profits fourfold since 2004.

This has also led to the growth of recurrent profits, with recurrent pre-tax profits that have virtually doubled in 2007.

…with recurrent profits that have doubled in 2007

The Group took advantage of a bullish stock market to make positive capital gains with its equities portfolio, which
enabled the Group to strengthen its solvency through allocations of profits to reserves, as well as maintaining
the utmost prudence in its operational risk policy, making voluntary allocations to anticipate the expected economic
slowdown in Spain in 2008.

Caixa Galicia Recurrent Profits (thousand €)

Concept 2007 % Variation
Net Interest Margin 643,620 22.81
Basic Margin 787,112 22.46
Gross Operating Income 861,440 23.68
Net Operating Revenue 375,770 23.34
PBT 215,618 93.23

Realizing capital gains in equities to ensure solvency and

solidity
The balance of the financial year shows increases in excess of 20% on all P&L account margins, coupled with an
improvement in the levels of Group efficiency, profitability and productivity.
 All margins up by over 20%, with progress in terms of
profitability, efficiency and productivity

Caixa Galicia Group P&L Account (Thousand €)

2007 % Variation
Financial Revenue 2,073,960 54.17
Financial Costs 1,493,676 72.09
Net Interest Margin excluding dividends 580,284 21.59
Dividends 63,336 35.18
Net Interest Margin 643,620 22.81
Net Commissions 143,492 20.91
Basic Margin 787,112 22.46
Net Financial Operations 380,842 10.87
Results of Equity Method 46,630 190.55
Gross Operating Income 1,214,584 21.18
Operating Costs 485,670 23.95
Personnel, Administrative and Amortization costs 501,911 19.51
Other Operating Results 16,241 -42.29
Net Operating Revenue 728,914 19.40
Insolvency Provisions 266,371 50.88
Other net results -8,421 -191.19
PBT 454,122 2.47
Consolidated Results 401,037 12.39
Profit Attributed to Group 401,206 12.43

Profit and Loss Account

The Caixa Galicia Group closed 2007 with attributed profits of 401 million (+12.43%), with increases of over 20% in
all results statement margins and recurrent profits that have doubled over the year.

A more thorough analysis of the key areas of the results statement reveals the consistency of these results.

Business growth and good management of pricing policy raise

Net Interest Margin by 23%
The positive business trend and astute management of the pricing policy has led to a 21.6% increase in the Net
Interest Marginexcluding dividends. If we add revenue from dividends, which was up by 35.2%, the Group's Net
Interest Margin increased by 22.8% to 643.62 million..
The increase in the capacity to generate recurrent and sustainable income is evident in the quarterly evolution of
the margin, which excluding dividends grew 19 million Euros more in the fourth quarter than in the first.

Positive trend of revenue in account service (+21%)

Revenue from account services grew 20.9% following the trend displayed by business areas providing customers
with value-added, such as guarantess and letters of credit, payment and collection services, off-balance sheet
financial products and brokerage and advanced services such as interest rate hedging or provider payment.
 Recurrent gross operating income up 24%
The results of financial transactions contributed 381 million to the results statement, a year-on-year increase of
10.9%. If we add profits from the equity method (47 million) the gross operating income totalled 1,215 million,
representing growth of 21.2%.

Focusing solely on recurrent profits from financial transactions and exchange rate differences, the recurrent gross
operating income was up 23.7% in 2007, this being one of the fundamental pillars of Caixa Galicia Group profit
generation.

Consolidation of advances attained in productivity levels,

efficiency and recurrence…

The income generation trend, along with increased employee productivity, up 10% in 2007, has maintained the
efficiency ratio (OC/OI) below 40% (39.99%), appreciably lower than that of the Spanish financial system as a
whole, which was at 47% at the close of 2007.

Elsewhere, revenue from commissions covered 30% of operating costs at, so given that the average sector ratio is
around 50%, there is room for improvement here.
 …absorb expansion costs, so that recurrent operating revenue
has grown by 23%
The high efficiency and recurrence levels absorbed the impact of the Group's expansion costs (82 new branches
and 552 new jobs created in 2007), so that the recurrent net operating revenue grew 23.3% to a total of 376 million
in 2007, proof of the excellent performance of the Group's typical financial activities.
 Comfortable revenue generation margin consolidates
soundness…
This revenue generation capacity consolidates the Group's soundness, increasing insolvency provisions by 50.1%
(to 266 million, of which 76 million is a voluntary allocation in response to the economic slowdown forecast for
2008) and increasing core capital with reserves, so that total own resources increased by 24.4% to 4,336 million.

…without affecting the final Group result, where pre-tax

recurrent profits have almost doubled (+93%)
The final result was a pre-tax profit of 454.12 million, 2.5% up year-on-year. Discounting the extraordinary results of
the year, the pre-tax recurrent profits obtained by the Group increased by 93.2% in 2007.

Efficiency and Profitability

Significant progress in terms of efficiency and productivity in

recent years has enabled implementation of maximum prudence
policy in management of 2007 results statement…
The advances achieved in terms of efficiency and productivity along with activity growth, have improved the Caixa
Galicia Group’s yield levels in recent years. This solid position has enabled us to implement a strategy of maximum
prudence in the management of the 2007 results statement, increasing provisions above the regulatory requirements
instead of showing higher profit growth.
 …maintaining profitability levels above sector average
The return on equity or R.O.E. (Consolidated Net Profit/Average Own Capital Resources) reached 20.80% in 2007
almost 13 percentage points up on the 2007 ratio and two percentage points higher than Spanish banks and savings
banks as a whole (19% in 2007).

Elsewhere, the return on assets or R.O.A. (Consolidated pre-tax profits/Consolidated Average Total Assets) of the
Caixa Galicia Group was 0.95%, while the return of risk-weighted assets or RORWA (Net profit attributed to the
Group/Average Assets Weighted by Risk) was 1.04%.

Recurrent R.O.A. up by 58%

Without including the impact of non-recurrent financial transactions or extraordinary allocations on the results
statement, the recurrent R.O.A. of the Group was up by 58% in 2007, to 0.46%.

513,000 Euros profit per branch

In relative terms, the profit generated by each Caixa Galicia Group employee was €86 thousand in 2007, while
profit per branch was €513 thousand.
Solvency
One of the basic premises of the Caixa Galicia Group’s sustained growth is an adequate level of capital resources
to support this growth. To this end, the Group takes advantage of all opportunities under current legislation to
reinforce its capitalisation position, both by allocating most of its profit to reservesand the issue of securities that
are considered as capital resources.

As a result of this policy, the Group’s Own Resources was up 24.43% in 2007, to €4,336 million. Similarly, the BIS
ratio increased by 120 basis points, to 10.70%.

The Bank's financial soundness evidenced by the ratings granted by two of the most prestigious ratings
agencies: Moody’s and Fitch Ratings.

Ratings
Long Short Financial Subordinated Preferred
Agency Date Outlook 'Cédulas'
term term Strength Debt Securities
Jan-
Moody´s A2 P-1 Stable C A3 Baa1 Aaa
08
Fitch Feb-
A F1 Stable B/C A- BBB+ Aaa
Ratings 08

Capitalisation

Throughout 2007 the Caixa Galicia Group has significantly increased its capitalisation ratios, both through
allocation of reserves charged on the year's profits and through the issue of securities in capital resources.

Excellent progress in capitalisation ratios

Following the mandate approved by the Bank’s General Assembly, we propose to charge a total of €331.4 million
to the 2007 profit and loss account as reserves, 23.86% up on the previous financial year. In addition, over the
course of the tax year, subordinated debt and preference securities were issued and added €500 million to the
Group's capital resources.
 Own Capital Resources increase 24% to €4,336 million

The 2007 closing balance of the Caixa Galicia Group’s Capital Base was €4,336 million, a year on year increase of
24.43%. Elsewhere, Group own resources increased by 20.94%, to €2,181 million.

…with Tier 1 Capital Resources up 39%

Particularly relevant is the improvement of Tier 1 Capital, which rose 38.86% in 2007 and account for 57.13% of
the total.

Capital surplus doubles

This strategy has allowed the Group's surplus capital to grow to €1,094 million (+ 98.98%).

The increase experienced in the volume of the Group's capital resources, along with the moderation in the growth
of risk-weighted assets, have prompted an appreciable improvement of the Solvency Ratio (Bank of Spain Circular
5/93 with Bank of Spain Circular 2/06 amendments), closing 2007 at 10.70%, 120 basis points over the 2006 ratio
and 270 basis points above the legal minimum.

In line with the capitalisation criteria established by the International Bank in Basel, at the close of 2007 the BIS
Ratio stood at 10.70% (9.50% in 2006), with a Tier 1 ratio of 6.11% (+125 basis points) and a Tier 2 of 4.59% (-5
basis points)
 Solvency - Year-on-year variation
2007 2006 Abs. Var. %
Computable Own Capital Resources (BIS) 4,336,129 3,484,919 851,210 24.43
Capital Resources Tier 1 2,477,411 1,784,104 693,307 38.86
Capital Resources Tier 2 1,858,718 1,700,815 157,903 9.28
Capital Resources 2,180,979 1,803,299 377,680 20.94
Capitalisation Ratio Bank of Spain (Circular 5/93) 10.70 9.50 1.20 12.64
BIS Ratio 10.70 9.50 1.20 12.64
T ier 1 6.11 4.86 1.25 25.71
Cor e Capital 5.08 4.27 0.80 18.83
Tier 2 4.59 4.64 -0.05 -1.07
Capital Resources Surplus (BIS) 1,093,717 549,666 544,051 98.98

Ratings
The financial soundness of the Caixa Galicia Group is confirmed by the ratings granted by two of the most
prestigious ratings agencies.

Moody’s granted the bank an A2 rating for its long-term deposits, Prime 1 for the short-term deposits and C for its
overall financial strength. This is in addition to a stable medium-term outlook stemming from good credit solvency
based on a solid financial position.

The Group’s main strengths are:

Leadership in its native region with a nationwide presence

Renewed commercial dynamism is starting to have a positive impact on the margins and revenue from
commissions
Very low NPL levels, below that of competitors, and excellent hedging
Good financial foundations
Good liquidity management, with a healthy deposit base as part of its financial structure

Fitch Ratings agency (the main European credit rating agency) granted Caixa Galicia an A rating for long-term
deposits, F1 for short term, B for Individual and 3 in Support, with a stable outlook in the long-term rating.

In its report, Fitch Ratings highlights the following key points of the Caixa Galicia Group:

Its strong regional presence and growing profitability

The Strategic Plan implemented has started to produce tangible results
Comfortable levels of NPL and coverage ratios
Goodmanagement of liquidity: apart from customer deposits, the bank has been raising funds on the capital
markets, with diversification by instruments, investors and maturities.
Management has judiciously reduced credit concentration and growth.

Ratings
Long Short Financial Subordinate Preferred
Agency Date Outlook 'Cedulas'
Term Term Strength Debt Securities
Jan-
Moody´s A2 P-1 Stable C A3 Baa1 Aaa
08
Fitch Feb-
A F1 Stable B/C A- BBB+ Aaa
Ratings 08
Risk Management
Risk management is a traditional and fundamental function of a bank and constitutes the base of its financial and
patrimonial strength. Even so, in recent years, it has undergone notable and particularly intense progress. Among
the numerous catalysts of this progress, the following are currently the most relevant:

The markets in which banks operate and their interdependence are growing as a result of economic
globalisation. At the same time, technological changes alter the basis of many economic activities in relatively
short periods and often induce the appearance of new activities. Accordingly, market monitoring and know-how
are becoming increasingly complex.

The development of new products and services adapted to new market conditions as a result of exploring the
options provided by technological innovations.

Aware of the changing environment, legislators have toughened requirements. New legislative systems arise
with new rules for measuring and controlling risks and room is given to banks so that they can decide to what
extent they want to or can develop risk management. The clearest first-hand reference is the New Basel Capital
Agreement.

Comprehensive vision and continuous improvement of processes are risk

management priorities
Faced with these challenges, risk management has to assume at least two priority targets: Comprehensive view of
the risks that are managed and permanent improvement and updating of management procedures and tools. At
the same time, the constant search for improvements in business and risk process efficiency remains.

As on all changing scenarios, opportunities arise for progress on a competitive scale. The most demanding
requirements in credit management and, above all, an appropriate response to the said requirements will tend to
provoke actions aimed at optimising business-generation through a greater capacity for segmenting the market.
Products and prices would be adapted to each customer's specific profile, enabling value-generation on both sides
of the bank-customer relation.

With the strategic vision, the Caixa Galicia Group has developed various actions in recent years aimed at
strengthening the sound position reached on the market to approach the changing business environment under
better conditions.

Development of risk management function flow diagram adapted to Basel II

proposals
In 2007, risk management focused mainly on guaranteeing the permanent updating of the credit policies issued by
the Management during the admission phase and monitoring and recovery tasks. The year's main milestones
focus on the following:

1. Development of a risk management function flow chart placing priority on its independence from the commercial
and planning function, aimed at maintaining the bank's portfolio credit quality. Following the creation of a Risk
Department in 2006, its organisation was developed on the basis of four areas in 2007 and designed to bring
together the various processes and risk components under one single authority. This completed the adaptation of
the organisational structure to the provisions laid down in the Basel Agreement. The new structure enables the
generation of risk-management synergies from a global standpoint, increased specialisation of functions and the
appropriate centralisation of decisions on large business areas.
2. Adaptation of risk legislation to the organisational structures and business evolution. Among other issues, this
updating process has implanted a power-delegation policy which efficiently includes the risk-management
experience base, deviations from policies and the development of products and segments.

Improvement of support and control instruments

3. Improvement in credit policy support and monitoring instruments, based on the growing innovation of data-
processing technologies and a strategy for the permanent identification of proven tools and information sources are
available on the market. This chapter focuses particularly on improving the specific information structure for
optimal, global risk management, with the appropriate incorporation of data quality control mechanisms in the
development framework of the various elements required to complete the risk measurement systems.

Risk management policy based on maximum prudence...

Within the framework of these activities, 2007 was again an example of risk management based on prudence, in
appropriate balance with the growth policy of the activity. The year’s figures show a 25% growth of credit over
customers, taking the figure to over €35,000 million, with a significant increase in the recurring profit (+93%) to
obtain an attributed Group result of more than €400 million.

...through voluntary provisions and significant increases in capitalisation

levels...
The excellent results have focused on strengthening the Group's capacity for adapting to a foreseeably less
expansive scenario. Accordingly, provisions have been increased by 51% in comparison with 2006 after booking
an extraordinary allocation of €76 million. This policy takes the insolvency fund to €736 million, with more than 80%
associated with generic funds. The improved results have also strengthened own resources with extra
reserves, now at 4,336 million, placing core capital above 5% and the capitalisation ratio at 10.70%

...diversified credit growth with sound coverage ratio and low NPL rate...
Growth has also been based on a prudent diversification policy, prioritising finance for SMEs and limiting the
weight of the real estate and housing construction business in the credit growth. Accordingly, we closed the year
with an NPL rate of 0.79% and a coverage ratio of 264%. Despite the increase in the NPL rate in a more adverse
environment, it is among the lowest in the sector.

...correct liquidity management...

The Group has also managed liquidity appropriately in a somewhat unfavourable environment. The business plan
approved for 2007 studied the financial requirements for the year. Caixa Galicia issued almost €4,000 million, 90%
of the figure issued in 2006. This finance, the promissory note programme and the significant increase in the
traditional sources of the commercial network have been sufficient to meet business requirements. The aim of
wholesale finance focuses on product diversification, terms and investors, which has led to excellent credit
classifications.

...with market risk in which risk assumed is below limits set for year...
The Caixa Galicia Group actively participates in the financial markets and monitors changes in the values of the
financial instruments in its portfolio , taking account of changes which arise on a daily basis as a result of interest
and exchange rate fluctuations, the market value of fixed income securities and equities and volatility.

Trading activity is divided according to the type of risk and type of security, with three types of limits for each:
positions, results (stop-loss) and potential losses. To estimate the potential losses, the Value at Risk (VaR) method
is used and adverse market scenarios are also generated to check the market value behaviour of the portfolios
under stress-testing scenarios.

At the Caixa Galicia Group, counterpart risk control and measurement processes are dynamic. They are based on
the valuation of the structure at market prices plus a potential future risk (add-on) which, as a percentage of the
nominal rate, measures the expected maximum loss during the life of the transaction with a confidence level of
99%. These percentages are regularly estimated by taking into account the product type, the term of the operation
and the historical and/or implicit volatility of the underlying asset. In addition, consideration is given to the
contractual compensation agreements (netting) and the corresponding collateral guarantees.
...no risk positions associated with the subprime sector...
In the current scenario, where credit markets, interbank markets and stock markets are dominated by uncertainty
and volatility, the Caixa Galicia Group has not assumed positions of risk with institutions associated with the
subprime mortgage sector.

With regard to the interest rate risk management, objectives have focused on maintaining risk exposure within
acceptable levels, subject to criteria of prudence and efficiency. This type of risk is regularly monitored and
controlled according to the assigned limits and measures to optimise the risk level maintained in accordance with
market interest rate expectations are proposed.

...with prudent interest rate risk management based on techniques and

models in accordance with Basel II
In accordance with the control policies, the Caixa Galicia Group has various techniques for measuring sensitivity
and simulation models based on Basel II.

...and support of specific operational risk control unit.

Finally, the Caixa Galicia Group has a specific unit for controlling operational risk, in which the strategies are
defined for compliance with the directives laid down in legislation on the Bank's integration in the Framework of
Operational Risk Management.

Credit Risk
Credit risk is the possibility of losses arising as a consequence of customers and counterparts failing to meet their
contractual commitments, generally due to insolvency. This circumstance forces banks to measure and control
credit exposure and take the necessary preventive and corrective measures in accordance with the corresponding
policies.

Within this framework, four specific actions in the strategic focus on credit risk management in 2007 may be taken
into consideration:

Advances in incorporation and use of Statistical Models

Since 2007, the Caixa Galicia Group has used rating and scoring algorithms that support and decide on admission
in 95% of the operations that are applied for.

95% of operations applied for are put through a rating and

scoring filter
In 2007, admission models were incorporated for the self-employed and micro-enterprise segments and a specific
model for foreign residents. Pending incorporation are the public administration and development sector models.

Similarly, at the end of 2007, sufficient information was collected on the number of operations and past records to
improve the main models for the individual customer segment. The said models will come into effect in 2008.

Launch of TRIAD platform for analysis and pre-classification of

limits for individuals
Another of the main milestones in 2007 was the launch of a platform for the analysis and pre-classification of limits
for individual customers. The TRIAD tool incorporates behaviour scoring models for the different customer
segments. Accordingly, with this tool it is possible to automate the preconcession of limit policies by customer and
by specific product, speeding up preconcession management with the said business segment.

With Corporate transactions and customer classification, a recommended spread is incorporated in accordance
with the specifications of the operation applied for and the customer's risk profile.
The legislation applicable to the admission and attributions established the different procedures to be followed in
accordance with the results of the scoring and rating tools.

At the end of 2007, the authorised risk classification of companies with internal classification was distributed as
follows in accordance with their rating:

Further implementation of electronic file tools

The electronic file defines the tasks to be carried out in almost all risk operations applied for. In 2007, 96% of risk
applications were processed by the electronic file.

Electronic file channels 96% of risk applications

This tool is a key control element in that it involves the centralised and automatic incorporation of new tasks and
modifies the corresponding task flow to incorporate new policies on the admission of transactions. As a result, the
file plays a fundamental role in controlling credit and operational risk and improves the efficiency of business
management.
Permanent and specialised support for branch network and development of
analysis help tools

With the strategic aim of solid investment growth, particular emphasis has been placed on providing the
commercial branch network with instruments and quality information to support for their actions.

Accordingly, the main activities were as follows:

In the specific application of sectorial information, economic activities with a risk profile identified as sensitive
were constantly monitored and corporate business opportunities quickly identified. Similarly, support for
analysing the financing of projects of particular relevance was strengthened by the increase of 34% in the
number of transactions. These actions have enabled the bank not only to maintain balanced investment growth,
the roadmap of credit risk management, but also to actively support the development potential of the areas in
which it operates.

Number of financial transactions for corporate

projects evaluated by sectorial analysis unit increased by 34%
The company database continues to grow on both a quantitative and qualitative scale with regard to utilities and
available information. This application is the preliminary stage to obtaining information for proactive action in the
corporate segment. Most corporate commercial actions are based on a customer risk classification in order to
optimise the selection of the target companies and the commercial action itself (awareness of risk adjusted price,
viability of the amounts and products, etc.).

Company database - basic tool for proactive management

of corporate segment
As well as including information to assist commercial actions, the automated collection of information on NPLs in
external databases has been reinforced. Their integration in the originitaion phase allows the automatic
modification of the algorithm decisions where information is positive.

Exceptional promotion of customer follow-up functions

In the current scenario, monitoring risk undertaken with customers is of critical importance. Accordingly, various
actions have been implemented during the year to strengthen the mechanisms for monitoring the situation and
customer perspectives regarding their payment obligations. They include the following:

Back up of computer application utilities to detect alert signals, providing them to customer managers and the
reception and processing of their responses. These utilities quickly provide a flexible range of alerts and allocate
a tailor-made credit policy for each customer according to their particular situation.

Implantation of risk control and follow-up alert system

The application of alerts is integrated into the general information systems so that when the position is consulted or
new transactions processed, the customer alerts and corresponding monitoring policy are reported.

Extension of the alert portfolio: new alerts designed in line with the monitoring policies issued by
Management have been incorporated. Accordingly, centralised monitoring based on alerts and policies adapted
to the risk of all the most significant portfolios have been established.
Systematic follow-up: without overlooking risk alert management monitoring, the systematic follow-up procedure
applied to customers with greater exposure to risk has been improved.
For the most sensitive risk portfolios, stress tests have been performed on new interest rate and hedge
evaluation scenarios.
Besides the improvements to the operational and administrative procedures, particular attention has been paid to
the executive monitoring function, specified in the strengthening of the Monitoring Committees that meet at
different levels.
Strengthening of the organisational structure focused on providing rapid and efficient cover for the main follow-up
requirements. At the end of 2007, the Bank had 20 employees exclusively devoted to monitoring credit risk.
Recovery management
The Caixa Galicia Group recovery cycle is based on three consecutive phases, which act in coordination with each
other under the supervision of the Recovery Management Department:

Phase one: the branch responsible for the risk, supported by a call centre, attempts to recover the debt by
telephone;

Phase two: following phase one, operations are managed by the more specialised Regional Recovery Units,
which negotiate the recovery of the debt or close negotiations and prepare the lawsuit;

Phase three: finally, where necessary, an external network of solicitors (under the Legal Department's
supervision) begin legal action.

In 2007 the main aim was the proactive management of NPLs, acting in coordination with the other areas involved,
especially with the Monitoring Department.

Proactive NPL management

All debt recovery functions have been brought together in the Debt Recovery Department, which, having previously
depended on the Risk Department, was transferred to the Legal Relations Department.

The branch recovery phase has been reduced and external company recovery costs and responsibilities revised.

With a view to providing appropriate cover for these concepts, the Regional Unit structure has been
strengthened over the year. These policies have led to the appointment of a Debt Recovery Director in all
the regional departments and the number of Recovery Managers has been increased.

Similarly, until 2007 there was only one external debt-recovery company, so the decision was taken to incorporate
a new provider, which also led to greater competition in the provision of the service, and an increase in
the recovery rate.

The measures adopted focused not only on achieving growing specialisation in the debt-recovery management
work, but also on providing differential treatment in accordance with the profile of the business to be recovered. In
this area, we might highlight the special "Consumer" circuit (for personal loans, cards and overdrafts of less than
€30,000) - a specialised 15 day procedure formula for external debt recovery companies.

Interest rate risk

Interest rate risk refers to the Bank's probability of suffering losses in Net Interest Margin (short-term) and
economic net worth (long-term) as a result of adverse market interest rate movements.

This risk is consubstantial to the banking business as one of the fundamental characteristics of credit institutions is
that many of their basic products are subject to interest rate evolution. However, excessive exposure can represent
a threat to the Bank's margin stability and value.

The Strategy Committee is the delegate body of the Board of Directors with basic competency in managing the
Group's structural risks. With regard to the interest rate, objectives focus on maintaining the exposure to the risk
within acceptable levels, subject to criteria of prudence and efficiency. This type of risk is regularly monitored and
controlled according to the corresponding limits and measures to optimise the level of risk to be maintained in
accordance with market rate expectations are proposed.

Use of sensitivity measurement techniques and simulation

models based on Basel II
In accordance with the control policies, the Caixa Galicia Group has different techniques for measuring sensitivity
and simulation models based on Basel II.

Gap analysis offers a simplified view of the balance exposure to interest rate risk.
 Reappraisal Gap (million Euros)
more
than
between between between between between between
Data to to 1 5
1 and 3 3 and 12 1 and 2 2 and 3 3 and 4 4 and Total
31/12/2007 month years
months months years years years 5years
and
NS

ASSET 11,826 13,743 16,672 686 460 170 121 3,051 46,729
Credit
7,215 11,579 15,239 304 273 122 90 173 34,995
Investment
Money Market 4,375 2,160 1,422 367 172 33 17 1,414 9,960
Other Assets 236 3 11 15 15 15 15 1,464 1,774
LIABILITY 11,690 15,041 9,458 3,183 3,075 677 630 2,975 46,729
Customer
3,597 4,234 3,308 3,018 2,921 650 604 188 18,519
Deposits
Issues 3,060 9,129 4,498 104 125 0 0 0 16,916
Money Market 4,898 1,675 1,633 36 5 2 1 0 8,250
Other
Liabilities and 136 4 18 25 25 25 25 2,787 3,044
Equity
Simple Gap 135 -1,298 7,214 -2,497 -2,615 -507 -508 76
Accumulated
135 -1,163 6,051 3,555 939 433 -76
Gap

Although the positions in Euros represent 96.2% of the total balance, the exposure to interest rate risk takes into
account the most significant currencies: US dollars, pounds Sterling and Swiss francs.

In order to make better risk assessments, the Caixa Galicia Group uses deterministic and probabilistic models to
obtain reliable measurements. In order to validate results, data is checked a posteriori and assumptons are
reviewed to give a reliable view of the risk. The modifications are incorporated into the new scenarios, which
means that the review process is continuous, anticipating and adapting to new market situations.

Objective: preserve Net Interest Margin on time horizon of 1

year...
The main objective of risk management is to conserve the Net Interest Margin, quantifying the anticipated changes
resulting from variations in interest rates in the short term (up to 1 year). Accordingly, the sensitivity of the future
Net Interest Margin is measured from a dynamic perspective. Besides recording positions at the close of every
month, the new business corresponding to the annual budget is also incorporated.

...and protect economic value of group net worth...

The second objective focuses on protecting the economic value of group net worth, which measures the impact of
variations in interest rates on the current value of cash flows on balance sheet positions in the long-term. The limits
are reviewed on a regular basis and warn of undesirable exposures that may have a significant effect on the
Group. The economic value of net worth is calculated as the difference between the current value of total assets
and liability cash flows, taking into account the current interest rate curve.
The Caixa Galicia Group assesses the different magnitudes of parallel movements on the interest rate curve -
whether up or down - using a variation of 100 bp as a standard reference. The graph shows the risk profiles
obtained; it shows that the consumption of limits is kept at a low level, even though it has been a year in which
the bullish evolution of interest rates and the liquidity crisis have generated a high degree of instability on financial
markets.

The impact of changes in interest rates leads to different magnitudes of variations in the economic value and
margin. The hedges adopted by Caixa Galicia reduce the adverse effect on the two magnitudes and limit the risk.

...hence use of hedge operations

The Bank uses hedge operations for interest rate risk management in the instruments that may expose the Bank to
significant risks. All the book interest rate hedges are of "reasonable value" according to the terms of Circular
4/2004, meeting the criteria, requirements and recorded documentation as indicated by the Bank of Spain. As the
following table illustrates, the Bank's hedge policy significantly reduces risk.

Market Risk
Market risk is the possibility of a company incurring losses in its current position as a result of adverse trends in
market prices and interest rates. Market risk management and control is carried out in separate units, so that the
treasury management department is independent of the risk management department, which is responsible for
measuring and informing senior management of the risk levels assumed.
 Market risk control and management in units outside risk-taker
and contracting treasury department
The Caixa Galicia Group actively participates in the financial markets and monitors changes in the valuation of the
financial instruments in its portfolio, as a result of interest and exchange rate fluctuations, the value of equities and
volatility, on a daily basis.

According to risk characteristics, activities are divided into various categories: trading, investment, strategy and
distribution, which are all monitored on a daily basis and monthly reports on risks assumed and the results
obtained relayed to the governing body.

Trading operations, focused on obtaining short-term profit and reflecting mark to market value on the profit and loss
account, are centred on public debt activity, equities and short and long-term interest rate derivatives.
The majority of security trading activity is carried out with securities issued in Spanish territory and derivatives from
financial institutions within the European Union.

Trading activity is divided according to the type of risk and type of security, with three types of limit for each:
positions, results (stop-loss) and potential losses

The Value at Risk (VaR) methodology is used to estimate potential losses, determining the maximum loss
expected with a confidence level of 99% within a one-day timeframe.

Level of assumed risk maintained below established limits

The average daily VaR over the course of 2007, calculating with a confidence level of 99% over a timeframe of 1
day, was €553 thousand, with a maximum risk of €1,431 thousand. Over the course of the year the authorised
market risk limits were not exceeded at any moment for trading portfolio activities. The calibration of these results
is periodically compared using back-testing processes, through which the results generated by VaR are contrasted
with the profits or losses obtained. In addition, adverse market scenarios are generated to check the effects on the
portfolio's mark to market value in stress-testing situations.

Average Risk in terms of VaR for Trading Portfolio (Thousand Euros)

2007 2006
December Annual Max Annual Average Annual Average
Instruments at Fair Value 205 1,431 553 296
Public Debt 3 259 23 35
Equities 83 611 231 68
Short term Derivatives 117 701 277 170
Long term Derivatives 188 631 319 114

The Treasury Commission is responsible for the definition of trading strategies and monitoring their execution. In
normal market conditions, the limits are revised and approved annually by the Board and more often if so required
by market conditions.

Most market activity is focused on fixed income and equities (available for sale) portfolios and interest rate
derivatives.

The main objective of the fixed-income portfolio is the creation of economic value in the medium and long-term and
as a result the generation of financial margins. The aim of the ordinary equities portfolio is to obtain profits on
medium-term divestments / sales. The market interest rate derivatives close the risk opened in the interest
rate hedge transactions formalised by the branch network.

In order to analyse risk, activities are evaluated and measured according to the following parameters:

Restrictions on global positions and particular securities.

Restrictions on results (mark to market).
Analysis of sensitivity when faced with fluctuations in market prices - Scenario Analysis or Stress Testing.
Value at Risk (VaR).
 Average Risk in terms of VaR Available for Sale Portfolio (Thousand
Euros)
2007 2006
December Annual Max Annual Average Annual Average
Non-indexed Public Debt 1,185 1,353 1,209 1,386
Private, non-indexed fixed income 2,127 4,035 2,758 4,955
Listed Equities 1,236 6,037 2,459 748

Liquidity risk
Caixa Galicia’s aim in liquidity management consists of guaranteeing financial resources at a reasonable cost to
guarantee the investment plans established in the annual budget.

The Strategy Committee is responsible for liquidity management at Caixa Galicia. As a body delegated by the
Board of Directors, it establishes the policy, regularly monitors the corresponding limits and proposes the bank's
liquidity plans. The General Financial Division is responsible for implementing the measures that are contemplated.

Annual Liquidity Contingency Plan did not have to be modified

despite market stress during second half year
The Liquidity Contingency Plan is approved annually and establishesthe lines of action to be followed on both
normal and extreme scenarios involving the financial markets. In the month of July, the Liquidity Emergency
Committee had to be activated as a result of the market stress situation in summer 2007. The indicators were
analysed with the corresponding areas (Commercial, Financial, Risks and Planning), together with the actions to
be carried out if the situation were to continue. However, it was not necessary to resort to extraordinary measures,
such as ECB auctions, at any time.

Institutional issues in 2007 total 90% of previous year figure

The business budgets approved for 2007 studied the financial requirements for the year. Caixa Galicia issued
almost €4,000 million, 90% of the figure issued in 2006. The said finance, the promissory note programme and the
significant increase in the traditional sources of the commercial network have been sufficient to meet business
requirements. Wholesale finance focuses on product diversification, terms and investors, which has led to
improved credit classifications.
 Diversification of products, terms and investors achieves
improved credit classifications
In 2007, the General Assembly approved the extension of the promissory note programme by 3,000 million as an
additional source of liquidity. So far, its use has not been necessary.

European Central Bank funding maintained at same levels as

2006

Caixa Galicia Group policy on appeals for the European Central Bank funding did not change in 2007 and levels
similar to the previous year were maintained.

The high credit quality of our fixed income portfolio allows its use as an additional source of liquidity. 95% of the
said portfolio has an external rating higher than "A".

High quality fixed income portfolio: 95% has external rating over
"A"
The Risk Division measures and controls various liquidity indicators independently, reporting the results to the
bank's various bodies. The liquidity measures observed refer to the following indicators:

Liquidity gaps

Short-term liquidity (week) and overall liquidity

Liquid assets and their management for use as collateral or sales

Securities issue capacity

Net interbank positions and renewals and promissory notes

The Bank has maintained levels of liquidity higher than the required minimum at all times.

Liquidity levels over required limits at all times

Caixa Galicia uses the various instruments it has to maximise the opportunity-cost binomial of financial resources,
maintaining the balance of wholesale issue maturities and the availability of alternative sources of fundong to
guarantee the commitments undertaken and investment opportunities at all times.
Operational Risk
The main aims of operational risk management should be to identify, measure and evaluate this type of risk.
Accordingly, as understood by the Caixa Galicia Group, a permanent study on where and how process deficiencies
arise is required to reinforce operative controls.

The Caixa Galicia Group operational risk management model has the following objectives:

The inclusion of the organisation in every management phase

Adaptation to legislative requirements

The creation of risk-based information systems

The application of management results

Creation of specific operational risk control and monitoring unit

The Operational Risk Unit, which is part of the Market and Balance Risk Division, establishes the strategies for
complying with the directives laid down in legislation on the bank's integration in the operational risk management
framework. To carry out these functions effectively and ensure the inclusion of the organisation, Operational Risk
Managers have been appointed in each of the bank's areas to promote and implement the processes developed in
each of their areas of responsibility.

Linking the different risks and their controls and transferring the responsibility for improvement to the business units
is generating continuous improvements throughout the organisation. Success in implementing a sufficiently strong
internal control system guarantees Management a more secure decision-taking process, so that it can assume the
risk profile that is best adapted to its business strategies.

Quantitative and qualitative operational risk analysis

The management tools implanted are based on a dual focus (quantitative and qualitative) according to the type of
information used:

The quantitative analysis is based on an operational events database. Since 2004, loss events related to this
type of risk have been collected in a database in order to analyse and monitor the said losses and complete the
existing qualitative information.

The qualitative analysis is based on the identification, measurement and monitoring of the operational risk,
whose aim is to complete a qualitative assessment of the bank's operational risk and identify the weak points in
the processes.

The main focus of the assessment is the analysis of critical business processes, the identification of the
inherent risks, the existing controls for reducing them and the establishment of continuous improvement
systems for operative processes and the existing control structure.
 Accordingly, we have the Quality of Assessment Tool (QAT) and the Action Plans Tool, currently under
development, whose purpose is to monitor the improvements and recommendations resulting from the
weaknesses found in the qualitative assessment.

Counterpart Risk
Financial operations must take into account the possibility that the counterpart may fail to meet contractual
obligations and settle transactions in our favour. Where this occurs, the Bank must replace the original transactions
and thus be exposed to market risk. This exposure is not only current but also potential, i.e. the loss that may result
from a counterpart incurring default at any time before the maturity of the OTC structure contracted must be
estimated.

Dynamic counterpart risk management

At the Caixa Galicia Group, counterpart risk control and measurement processes are dynamic. They are based on
the evaluation of the structure at market prices plus a potential future risk (add-on) which, as a percentage of the
nominal rate, measures the expected maximum loss during the life of the operation at a confidence level of 99%.
These percentages are regularly estimated by taking into account the product type, the term of the operation and
the historical and/or implicit volatility of the underlying asset.

Consideration is also given to contractual compensation agreements (netting) and the corresponding collateral
guarantees.

The counterpart risk position on 31 December 2007 was as follows:

Risk Position 31 Dec 2007

Concept (million €)
Gross replacement cost 4,058
Netting agreements and guarantees -1,275
Net replacement cost 2,783

No risk positions with institutions associated with subprime

sector
In the current scenario, where credit, interbank and stock markets are dominated by uncertainty and volatility, the
Caixa Galicia Group has not assumed any risk positions with institutions associated with the subprime mortgage
sector.
ID Data
Incorporation and registration dates

The Caja de Ahorros de Galicia was founded with the merger of the Caja de Ahorros y Monte de Piedad de La
Coruña y Lugo and the Caja General de Ahorros y Monte de Piedad de Ferrol, by public document issued in La
Coruña on 3 April 1978.

The Caja de Ahorros de Galicia was registered in the Commercial Register of La Coruña under volume 1019, folio
1, page number C-4045, entry 1, and in the Special Savings Banks Register under number 130. Its tax number is
G-15028947 and its bank number is 2091.

Corporate domicile and location for consulting the bank's articles of association and other public information:

Registered address: Rúa Nueva, 30. 15003 A Coruña

Telephone: 981 18 70 00
Fax: 981 18 81 79
Website: http://www.caixagalicia.es/

As well as other public information about the Bank, the Articles of Association, whose re-written text was adopted
by the General Assembly on 18 June 2005 and which is currently in force, may be consulted at the
registered address.

Terms and forms for announcing ordinary or extraordinary general assemblies:

In accordance with articles 17 and 18 of the Articles of Association:

The Board of Directors may announce the General Assembly.

The ordinary meeting will be announced with sufficient notice to ensure that it may be held within six months from
the date of the end of the fiscal year.

The Board of Directors may call an extraordinary meeting whenever it judges this to be appropriate to the
company's interests. It may also announce an extraordinary meeting at the request of one-third of the members of
the Assembly or by agreement of the Control Committee when it concerns subjects under its competence. In both
cases, the meeting shall be announced within fifteen days from presentation of the request. No more than 20 days
may elapse between the date of announcing the meeting and the day of the Assembly.

The Caja de Ahorros de Galicia is a member of the Deposit Guarantee Fund for savings banks It is also a member
of the Galician Federation of Savings Banks, the Spanish Confederation of Savings Banks, the International
Institute of Savings Banks, the European Economic Community Grouping of Savings Banks and the Euro Banking
Association.

Proposed Distribution of Profits

The Board of Directors, applying current regulations, has agreed to propose the following distribution of Caixa
Galicia Group profits for the financial year 2007 to the General Councillors:

Proposed Distribution of Profits

Profits 2007

PBT 186,571
Corporate TAX -11,272
Net Result of Year 197,843
Distribution of Net Result
To Community Project Fund 70,000
To Reserves 127,843
Individual data in thousand Euros
Consolidated Annual Accounts
The Annual consolidated Caixa Galicia Group Accounts 2007 (PDF File 250KB)

Include:

Consolidated Audit Report.

Consolidated Annual Accounts.
Consolidated Management Report.

Corporate Governance
Governing Bodies
Caixa Galicia is a private Institution structured as a foundation and, as with other Savings Banks, is subject to State
legislation and, where applicable, Galician Autonomous Community legislation.

Its legal framework is stated in the Articles of Association, which were partly modified and approved by the General
Assembly on 18 June 2005 in order to meet the requirements of Xunta de Galicia Decree 276/2004, dated 18
November.

The Articles of Association contain the composition of the Assembly and the origin of its members, in addition to
the operating guidelines for each of the Governing Bodies. The Electoral Procedure Regulations describe the
process for selecting members of the Governing Bodies for the institution, positions that may be held for periods of
four years to a maximum of 12 years, continuously or uninterruptedly. After eight years from this date they may be
re-elected. If the period for the tenure of office has not expired, the nomination of members of the Governing
bodies will be irrevocable.

In accordance with the existing Articles of Association, the Caixa Galicia Group is directed, represented and
controlled by the following bodies:

General Assembly
This is the Institution's supreme body of governance and decision-
making. It comprises 160 General Councilors from the widest variety of locations and all sectors that have close
links with the Savings Bank, i.e. depositors, local corporations, well-known business organizations and employees.
Ordinary meetings are held annually.
Composition of General Assembly
Chairman
Mr Mauro Varela Pérez

Vice-chairman 1
Mr Andrés Fernández-Albalat y Lois

Vice-chairman 2
Mr Alfonso Paz-Andrade Rodríguez

Secretary (Not board member)

Mr Francisco Javier García de Paredes y Moro

Deputy secretary (Not board member)

Mr Francisco Serna Gómez

Managing Director
Mr José Luis Méndez López

Members

Surnames, First Name

Abelleira Mayor Luis
Abraham John Kuriakose
Alonso Agrelo Jose Antonio
Aran Bernal José Emilio
Baamonde Díaz Agustín
Ballesteros Ballesteros Amelia
Baños Navarro Esteban
Barbeito Vilariño Ana Mª
Barcia Diéguez Ariadna Mª
Barcón Sanchez Mar
Barreiro Pérez Juan Bautista
Bellas García Rosa
Caamaño Suarez Manuel
Calviño Facal Natalia
Camino Copa Angel
Canobbio Pineda Estefanía
Caramelo Roel Juan
Cardador Canelo Florencio
Cendán Fernández José Manuel
Cerredelo Ferreiro José Manuel
Colmeiro Rojo Mª Carmen
Cuenco Velasco José
Dans Fariña Mª Consolación
De Castro Lorenzo Santiago
Díaz Blanco Ana Mª
Díaz López Enrique
Díaz Pereira Francisco Manuel
Diéguez Gullón Nicolás
Domínguez Fernández MªJosé
Domínguez García José Antonio
Domínguez Rodríguez Manuel
Fernández Domínguez Luis
Fernández Losada Diego J.
Fernández Moreda Salvador
Fernández Nogueira Manuel
Fernández Pérez Juan Miguel
Fernández Piñeiro José Antonio
Ferreiro González José Antonio
Ferreiro González María José
Ferrero Rodríguez Evencio
Figueira Blanco Mª Fernanda
Flores Peña Manuel
Folgueiras Conde Manuel
Fraiz Gomez Nuria
Freire Bujía Belarmino
Freire Couto Manuel
Gallego Peña Jorge
García García José Luis
García Iglesias José
García Martínez Xosé Manuel
García Rodríguez Teófilo Xabier
García Rodríguez Alfredo
García Seoane Angel
Gil Merino Antonio
Goicoa Fernández Mª Mercedes
Gómez Vazquez Miguel Angel
González Barcia José
González Caamaño J. Ismael
González Matías Francisco
González Regueira José Miguel
González-Cela Pardo Gerardo
Graña López Manuel Angel
Grien Díaz Luis Carlos
Guerreiro Riveira Jesús
Hernández Ramírez Fernando
Hervella Vazquez José
Ibáñez Santiago Leopoldo
Isern Pérez José Luis
Jimeno Peláez José Manuel
Juncal Castro Mª José
Lagarón Vidal Ernesto
Lameiro Prol Manuel
Llamas Llamas Mario
Loimil Garrido Francisco
Longarela Saavedra Pedro
López Castro Manuel
López Miranda Rafael
López Orozco José Clemente
López Rojo Francisco
López-Domínguez López Jesús
Maceiras Rivas Isaac V.
Maneiro Castro Marcos
Marín Valle Mª Victoria
Mariño Mariño Constantino
Marrube Martínez Mª Flora
Martín Ávila Santos
Martínez Agra Mª Pilar
Martínez Álvarez Cipriano Elías
Martinez Cantón Ángela
Martinez Castell Magdalena
Martínez Merelles José Manuel
Martínez Villanueva José Antonio
Martino Martino Teodosio
Matía Villarino Gerardo
Montero Blanco Xosé María
Montero Martínez Clodomiro
Molares Cabana Mª Dolores
Moreira Montes Francisco
Mosquera González María
Mourelle Díaz Mª Oliva
Muiño Domínguez José
Muñoz Tubet Jesús Adolfo
Olivé López José Luis
Oreiro Fariña Juan
Ortiz Amor Gonzalo
Otero Echart Manuel Francisco
Pahíno Vazquez Yolanda
Partida Brunete Luis M.
Paz Bernardez Antonio
Pedrosa Silva María Teresa
Pereira Dono Olimpia
Pérez Rodríguez Esperanza
Permuy Martínez Xosé Mª
Petisco Abeijón Alejandro
Picos García Javier
Pitarch Rico Mª Jesús
Porteiro Tuñas Enrique
Quintela Pazo Manuel
Ramos Peralta José
Raposo Guldrís Armando
Rey Cedeira Juan José
Rey Majado Aurea-Elena
Reza Domínguez José Antonio
Rico Lago Javier
Rieiro Oreiro Ernesto
Rodríguez Corcoba Fernando
Rodríguez Díaz Severino
Romay Beccaría José Manuel
Rodríguez García Roberto
Roel Rivas Melchor
Rubido Ramonde Leopoldo
Rumí Sampedro José
Sánchez Benítez de Soto Manuel Alfonso
Sánchez Marín Mª Dolores
Sanz Sánchez Pedro Emilio
Senande Meijome Pedro
Silva Carneiro Natalia
Souto Saa Mª Teresa
Teijeiro Neira Mª del Carmen
Torres García Mª Belén
Torres París Mª Dolores
Touceda Dorelle Olga
Tovar Martín Elías
Varela Bendaña Ana Isabel
Varela Rey José Ramón
Vazquez Marineli Carlos Manuel
Vazquez Taín Miguel
Veiga Paz José Eduardo
Vicente Ordóñez Paloma
Vidal Andión Antón
Villar Ageitos Maria Luisa
Villar Rouco Miguel Anxo
Yvant Paul Camille

Board of Directors
The Board of Directors carries out the administrative, managerial and representative functions for the Savings
Bank as stated in article 20 and 21 of the Articles of Association, with full power and without limit, other than those
expressly reserved for the Institution's Assembly.

The Board of Directors comprises 21 board members from the four representative groups (depositors, local
corporations, well-known institutions in the business world and employees). They meet in ordinary session once
per month. Agreements are made by the majority of representatives attending the meeting.

Board of Directors Executive Committees

The Board of Directors may delegate functions it considers to be appropriate to a committee, except for the
preparation of proposals to the General Assembly and those which in turn have been specifically delegated to the
Board, except where it has been expressly authorised to delegate such functions.

At present, the Board has delegated part of its functions to two Executive Committees: one for the Board of
Directors and another for Social Activity.
Other Board of Directors Committees
In accordance with the Board's legal rules and regulations a Compensation Committee and an Investment
Committee were created as collegiate, non-executive, non delegate bodies with the function of reporting, studying
and where necessary proposing specific subjects that may be expressly granted by the Board of Directors.

Composition of the Board of Directors

Chairman
Mr Mauro Varela Pérez

Vice-chairman 1
Mr Andrés Fernández-Albalat y Lois

Vice-chairman 2
Mr Alfonso Paz-Andrade Rodríguez

Secretary (Not board member)

Mr Javier García de Paredes y Moro

Deputy Secretary (Not board member)

Mr Francisco Serna Gómez

Members

D. Agustín Baamonde Díaz

Dª Mª del Mar Barcón Sánchez
D. José Manuel Cerredelo Ferreiro
D. Mª José Domínguez Fernández
D. Manuel Domínguez Rodríguez
D. Salvador Fernández Moreda
D. José Hervella Vázquez
D. Francisco Loimil Garrido
D. José Clemente López Orozco
D. Isaac Maceiras Rivas
Dª Mª Victoria Marín Valle
D. Cipriano Elías Martínez Álvarez
Dª María Mosquera González
D. Gonzalo Ortiz Amor
D. Manuel F. Otero Echart
D. Enrique Porteiro Tuñas
D. Roberto Rodríguez García
Dª Dolores Sánchez Marín

Managing Director
Mr José Luis Méndez López
Composition of Executive Committee
Chairman
Mr Mauro Varela Pérez

Vice-chairman 1
Mr Andrés Fernández-Albalat y Lois

Vice-chairman 2
Mr Alfonso Paz-Andrade Rodríguez

Member
Mr José Manuel Cerredelo Ferreiro
Mr Salvador Fernández Moreda

Secretary
Mr Roberto Rodríguez García

Deputy Secretary
Mr Enrique Porteiro Tuñas

Managing Director
Mr José Luis Méndez López

Composition of Community Project Executive Committee

Chairman
Mr Mauro Varela Pérez

Vice-chairman
Mr Alfonso Paz-Andrade Rodríguez

Secretary
Mr Javier García de Paredes y Moro

Deputy Secretary
Mr Francisco Serna Gómez

Manager
Mr Manuel Aguilar López

Members
Mr Agustín Baamonde Díaz
Mrs María del Mar Barcón Sánchez
Mr Manuel Domínguez Rodríguez
Mr Francisco Loimil Garrido
Mr Isaac V. Maceiras Rivas
Mrs María Victoria Marín Valle
Mr Cipriano Elías Martínez Álvarez
Mr María Mosquera González
Mr Manuel F. Otero Echart
Mrs Dolores Sánchez Marín

Managing Director
Mr José Luis Méndez López
Composition of Investment Committee
Chairman
Mr Mauro Varela Pérez

Secretary
Secretary to the Board (Mr Javier García de Paredes y Moro)

Deputy Secretary
The Deputy Secretary to the Board (Mr Francisco Serna Gómez)

Members
Mr Francisco Loimil Garrido
Mr Gonzalo Ortiz Amor

Managing Director
Mr José Luis Méndez López

Composition of Appointments Committee

Chairman
Mr Mauro Varela Pérez

Secretary
The Secretary to the Board (Mr Javier García de Paredes y Moro)

Deputy Secretary
The Deputy Secretary to the Board (Mr Francisco Serna Gómez)

Members
Mr Andrés Fernández-Albalat y Lois
Mr Enrique Porteiro Tuñas

Managing Director
Mr José Luis Méndez López

Control Commission
As stated in articles 30 to 35 of the Articles of Association, the Control Commission supervises the management of
the Board of Directors so that it undertakes its activities within the framework of the aims of the Institution, under
the directives and resolutions of the General Assembly and the directives arising from financial regulations.

All members of the Control Commission proportionately represent the four sectors forming part of the Assembly.
Their profile and function falls within the category of the independent member.

Audit Commission
During the 2007 the Control Commission acted as the Audit Commission under the powers delegated to it by the
Board of Directors in 2003.
Composition of Control Commission
Chairman
Mr Nicolás Diéguez Gullón

Secretary
Mr Ángel Camino Copa

Members
Mr. Teófilo Xabier García Rodríguez
Mr. José González Barcía
Ms. Magdalena Martínez Castell
Mr. Javier Picos García
Ms. Mª Jesús Pitarch Rico
Mr. Leopoldo Rubido Ramonde

Composition of Management Committee

President
D. José Luis Méndez López

Spokesmen

First Assistant Director General: D. Juan Dapena Traseira

On Caixa assistant Director General : D. José Venegas Alonso

Systems Assistant Director General : D. José Manuel Valiño Blanco

Financial Assistant Director General: D. José Ignacio Navas Díaz

Admin, Planniung and Control Assistant Director General: D. Ramón Seoane Sánchez

CXG CORPORACIÓN CAIXAGALICIA, S.A. Managing Director: D. José Luis Méndez Pascual

Assistant Director of Business Design and Development: D. Álvaro Valentín García Diéguez

Assistant Risk Director: D. Francisco José Zamorano Gómez

Assistant Director Network II: D. Eduardo Manuel Vioque Ruiz

Director Network I: D. Julio Rivero Gómez

Secretariat

Assistant Director General of General Secretariat: D. Francisco Javier García de Paredes

Area Directorates
Director Network I: D. Julio Rivero Gómez

Associate Director Network II: D. Eduardo Manuel Vioque Ruiz

A Coruña: Dª. Dolores Estrada Gromaz

Ferrol: D. Marcos Vidal Álvarez

Lugo: D. Walter Álvarez Álvarez

Santiago de Compostela: D. Juan Carlos Carneiro Caneda

Ourense: D. Alfonso Cortés Castañera

Pontevedra: D. José Manuel Fernández Fernández

Asturias: D. Julián Rodríguez Donate

Cataluña: D. Ricardo Metón Teijeiro

León: D. José Antonio Maira Calvo

Levante: Dª Lucía Aguirre González

Centre: D. Alfonso Prieto González

South: D. Antonio José Prieto Prieto

Vasco-Aragonesa: D. José Manuel Casal Barbeyto

Islands: D. Ramón Roselló Pons

Portugal: D. Pedro Pimenta Donick

International Division : D. Roberto Franci Francardi

Div. Empresas: D. Yago Enrique Méndez Pascual

Social Commitment
Caixa Galicia, the parent company of the Group, is structured like a non-profit making foundation. Its financial
activity is guided by a clear social vocation and it destines a significant part of its profits to the development of
sociocultural activities through its Community Project and the Caixa Galicia Foundation .

Since its establishment in 1978, the Caixa Galicia Group has allocated 679 million Euros to cultural projects, care
of the elderly, the integration of the invalid, the promotion of volunteer workers, support of productive sectors and
research and training.

The Organisation also assumes that its commitment to society goes beyond the Community Project and has
instigated a Corporate Social Responsibility model that involves all its operational scope in relations with
customers, employees, providers and governing bodies, from economic-financial, social and environmental
perspectives.
Economic data

The Caixa Galicia Group, major private social agent in Galicia,

invested more than €73 million in social projects in 2007…
In 2007 the Caixa Galicia Group, the main Galician private Community Project developer, invested €68.17 million
in developing activities promoted by its Community Project and Foundation. This level of resources, which has
risen to €450 million over the last eight years, means the institution can achieve ambitious targets in training,
assistance, social and employment integration, international cooperation, social and economic development and
cultural promotion in all areas where it operates.

…promoting more than 4,500 events in more than 240 towns

and cities for 3.5 million people
The social activity of Caixa Galicia, channelled through its Community Project and Foundation, continue to be very
intense, and 4,500 events and activities took place in 2007 in more than 240 towns and cities. It also collaborated
in more than 1,098 events either by providing facilities or by giving financial support. In total, 3.5 million people
have benefited from our social activity work.

Caixa Galicia has allocated resources of €112.1 million for the social activity to be undertaken in 2008.
The Caixa Galicia Community Project budget for 2008 includes an 8% increase on the previous year's allocation, a
clear commitment by the Institution to permanently allocate the resources required to confront the economic, social
and cultural challenges in the environment. So Caixa Galicia has allocated resources of €112.1 million for social
activity in 2008. The Bank will provide 70 million Euros of this from the profits of 2007.

Allocation of 2007 Budget

In 2007 the Caixa Galicia Group, the principal private Galician social agent, invested €73.78 million in
developing Community Project activities promoted - an 8.2% increase over 2006 that consolidates the ascendant
budgetary trend. This level of resources, which has risen to €450 million over the last eight years, means the
institution can achieve ambitious targets in training, assistance, social and employment integration, international
cooperation, social and economic development and cultural promotion in all areas where it operates.

Investment in Community Project 2007 (Thousand €)

Amount % of Total
Programme Events 66,684 90.37
Community Project Admin. 1,898 2.57
Amortizations 5, 20 7 7.06
Total Investment 73,789

Community Project Investment grows 8% over 2006

2007 saw an increase in the volume of Community Project expenditure. Investment in programmes related to
different social demands grew by 27%. The resources assigned are firmly objective based and only 9% of
expenditure was destined to cover administrative costs and the amortization of properties belonging to the
Community Project.
 Resources assigned to programmes increase 27%
Investment distribution by areas is detailed below:

Budget Allocation 2007(Thousand €)

Area Budget Allocation
Community Project 75,744 42,366
Caixa Galicia Foundation 28,322 31,423
TOTAL INVESTMENT 104,066 73,789
Income derived from activities and budget remaining 14,516 5,009
TOTAL BUDGET 89,550 68,780

…more than 4,500 events, collaborations with more than 1,098

organizations and 3.5 million beneficiaries...

In 2007, 3.5 million people benefitted from our Social activity. More than 4,500 activities took place, collaborating
with 1,098 non-profit making organisations operating in 240 municipal areas, reinforcing the objectives of the
Community Project. These actions included 2000 training activities, 230 exhibitions, 573 music and dance events,
536 film projections, 291 theatre performances and 122 presentations of publications, giving an idea of the highly
dynamic nature of our social and cultural activity in 2007.
With a clear focus on excellence, the Community Project has received numerous awards and extensive recognition.
The Royal Academy of Fine Arts of San Fernando awarded its Medal of Honour to the Caixa Galicia Foundation in
recognition of its work in promoting culture in different fields. The Socialia programme, in recognition of its innovative
character, received the “Market Place” award from Forética in the category of Dialogue with Pressure Groups. The
Association of Internet Users gave a prize to the Ciberalia Centres for promoting access to new technologies by the
disabled.
Social Action and employment creation
Galicia is one of the European regions with the highest rate of demographic aging. 22% of the population is older
than 65, and it is estimated that some 125,000 people physically depend on others to live. Caixa Galicia
Community Project confronts the current challenges of aging and dependency by offering complementary actions
to those of the public authorities and society at large and applying innovative intervention strategies.

To cover the needs of the elderly who are in situations of dependency and their family members responsible
for their care, Caixa Galicia Community Project has its own network of centres for the elderly, fully equipped
with the latest installations and an extensive range of social and healthcare services. At present, following the
opening in 2006 of the ‘Euxa’ Centre for the Elderly in Vigo and Remanso in A Coruña, this network has a total of 4
centres, offering 434 residential places and 60 daycare places. A further 215 people have received direct funding
for a total of more than two million Euros per year.

More than 500 places in Elderly Centres

In addition, its incorporation in 2006 as a founding member of the “Galician Social Services
Society” (SOGASERSO), promoting the construction, equipping and opening of five centres for elderly people
leading to the creation of 750 new residential places and 300 more in daycare centres, will make a decisive
contribution towards reducing the deficit that exists in Galicia.

As an indispensable complement to our care services, we also focus major efforts on the development of Active
Aging programmes, which help to improve the quality of life of the elderly and help to prevent future situations of
dependency. The Community Project has centres for the elderly in A Coruña, Betanzos, Ferrol, Pontedeume,
Santiago de Compostela, Lugo, Monforte de Lemos, Viveiro, Ourense and Pontevedra.

Together with a wide range of services (press, cafeteria, chiropody, hairdressing, non-therapeutic massage,
psychology etc.), the ten Centres for the Elderly that belong to the Community Project also offer an extensive
programme of services fully in line with the changes that are occurring in Society at large. They have a total of
38,805 members, with more than 68,000 people taking part in their activities, giving a clear idea of how dynamic
these centres are, and the level of involvement of their members.

SOCIALIA is the denomination used for the programme from Caixa Galicia’s Community Project for the non-profit
making sector. The central nucleus of Socialia is the portal http://www.socialia.org/, which includes a directory of
the 1,645 organisations that participate in the programme and which serves as an efficient means of
communication between NGOs and the Community Project. Year after year it is consolidated as a space of
reference for non-profit making organisations, increasing the number of visits (125,132 in 2007), of associated
organisations (1,645, of which 62% are Galician), and of subscriptions to our bulletins “Socialia” and
“Voluntariado”.

2007 saw the celebration of the first edition of “Viradeiras”, an annual event offered to the Galician public to present
the work of social NGOs, together with a tribute to them from Caixa Galicia. The programme designed by the
Community Project was presented in the main streets and squares of Galicia’s towns and cities. The exhibition is
comprised of five structures two metres high and six metres long, which describe the personal history of 84 real
people photographed by Vari Caramés. Each structure is dedicated to one of the five areas that make up the
Viradeiras programme: Infancy and Youth, Disability, Social Integration, Immigration and the Elderly.

Socialia Calidad is an innovative programme aimed at promoting social leadership and management focusing on
quality, transparency and good working practices. Caixa Galicia’s Community Project provides NGOs with an offer
of training and consultancy services comprised of four different programmes. Each NGO, depending on its needs
and management capacity, may opt for the programme best adapted to its situation: Strategic Planning, Quality
Management for NGOs, ISO 9001 Certification or the EFQM Seal of Excellence. In 2007, 8 NGOs received ISO
9001 quality certification, a further 20 are working to receive this certification in the next two years, and 10 have
produced strategic plans. More than 300 people take part in these programmes each year, and 99% of participants
state that they are satisfied or very satisfied. In 2006, the Socialia Calidad programme received the “Social Value
Quality” prize at the Galician Quality Congress, and in 2007 the “Market Place” award from Forética for the best
initiative for “Dialogue with Stakeholders” (Pressure Groups).

At Socialia, the social and labour market intgration of vulnerable and less favoured groups into society and
the workplace in general, and the disabled in particular, is a constant concern. Caixa Galicia’s Community Project
believes that integration into the labour market is one of the key factors in guaranteeing people’s right to equal
opportunities.
Sharing this perspective, Community Project and the main associations for the disabled in Galicia collaborate in an
ambitious Employment Plan, which in recent years has contributed to increasing the participation of this collective
in the labour market and in economic activity as self-employed workers.
As a result of this work, more than 3,100 people have found jobs, of which 80% are with full-time contracts, and
more than 1,600 companies have received information on the services of employment intermediation, selection of
candidates, consultancy on the adaptation of posts, and funding.

With the same objective of promoting the integration of vulnerable and disadvantaged groups into society and the
job market, facilitating their mobility and improving their incorporation into the employment market, in 2007 Caixa
Galicia Community Project provided 80 vehicles, 12 of which are specially adapted, to 66 non-profit making
organisations in Spain. This is the result of the Special Call by Community Project aimed at NGOs working in the
field of social action in Spain, to provide vehicles to help transport people in vulnerable situations, which received
funding amounting to 3 million Euros.

Finally, as testimony to its constant concern to promote the spread of its work to society, in 2007 Caixa Galicia’s
Community Project presented its Second Call for Funding for Social Projects, for a total of 1,250,000 Euros. 73
Associations and Foundations received grants of up to 60,000 Euros for projects dedicated to providing attention
and support for the most vulnerable collectives, as well as the creation and promotion of employment. A total of
30,122 people will benefit from these projects.

Microloans are a financial instrument made available for people with a business plan or viable project for self-
employment but who, due to having insufficient guarantees, have difficulties in accessing financing through the
normal channels of the banking system. These microloans are fully in line with the traditions and founding spirit of
the Savings Bank system and Caixa Galicia in particular, integrating the financial dimension and our social
vocation. Beneficiaries of the microcredit programme include immigrants, single mothers, disabled people who are
unemployed or in a precarious employment situation, or people working on an informal basis who wish to regulate
their situation.

Conditions for Microloans:

Maximum: 25,000 Euros
Interest rate: 4%, fixed
Maximum repayment period: 5 years
Optional grace period of 6 months

2007 saw a total accumulated number of 394 projects, with a volume of credit granted in excess of 3.6 million
Euros. 68% of the companies were created by immigrants and returned emigrants. Furthermore, 51% of these
credits were granted to women. Another factor that defines the profile of the beneficiaries of the microcredit system
is that 86% of the operations were granted to people who were either unemployed or in poorly paid or unstable
jobs.

Since 1999, Caixa Galicia’s Community Project has maintained a commitment with less advantaged nations,whose
main expression is the Call for Development Cooperation. The Ninth Call for Development Cooperation was
aimed at supporting actions from three main areas: microfinancing, co-development and Fair Trade. From the
different proposals presented, Community Project selected 11 projects in the area of Fair Trade, five in the area of
microfinancing, and three in co-development. This latest edition means that Caixa Galicia has now collaborated
with a total of 96 projects, providing more than 2,375,000 Euros.

At the Community Project, we firmly believe that young people can offer a great deal to society. We work to
improve the quality of life of our young people, and there is no better way to do so than by implementing all of the
possible actions and programmes that benefit them. Together with the existing network of educational centres (3
infant schools, 2 ‘Cyberclassrooms’, and 1 Vocational Training Centre), with 16,184 members and more than 3,500
students this year, Caixa Galicia’s Community Project participates in leading educational programmes at national
and European level, sponsoring numerous teams of students at secondary and high school level, with exceptional
results. The educational programmes have more than 30,000 participants, who throughout this year have studied
the process of creating a newspaper via a website, the creation and maintenance of an Internet blog, and
discovering how the stock markets operate.

A cornerstone of this work is the Promotion of Sporting Activities, through collaborations with numerous
organisations in different types of sport (sailing, football, surfing, horse riding, tennis, etc.), and sponsoring
numerous tournaments. The lines of collaboration are mainly focused on promoting nautical sports, football,
basketball and others such as horse riding, tennis and athletics, allowing a large number of young people to
discover and practice these sports. More than 1,500,00 Euros have been allocated to 110 collaboration projects
with non-profit making sporting organisations in Galicia.
Aware of the importance of Digital Literacy, major efforts have been made in this area through the ‘Ciberalias’ in
Lugo and A Coruña, and the 10 Centres for the Elderly, with 500 daily users, and training more than 3,400 people
throughout 2007.

The preservation of natural spaces for future generations is an unavoidable obligation that affects all of society.
Contributing towards the protection of the Environment is currently a firm commitment of one of the programmes
of the Community Project. Its actions have focused on educational activities for schoolchildren and awareness
programmes for public agents and the public on environmental problems, supporting ecological organisations who
carry out protection programmes.

As a result of this concern, 2007 saw the presentation of the Caixa Galicia Community Project Nature Fund,
created to preserve natural spaces of great ecological value for future generations, and dedicating them to social
uses. The Nature Fund aspires to turn these unique locations into spaces for personal and social development, as
well as for environmental education and research, free time activities, art, for training professionals, or for
supporting initiatives that are respectful towards the environment. In order to achieve these goals, a series of
places of great ecological value will be acquired, signing agreements or creating specific management formulas.

Cultural Activities
The Caixa Galicia Foundation is dedicated to promoting and nurturing information, knowledge, culture and
research. The institution has become an essential cultural reference in Galicia today. Its programme agenda
covers the widest imaginable offer of cultural events, aimed at fostering innovation, the development of creativity
and the promotion of Galicia’s cultural identity.

It aspires to offer an integral and original programme of activities aimed at presenting art in all of its facets, diffusing
different areas of knowledge through our publications, and supporting our young students, artists and researchers,
thanks to its programme of grants and awards, as well as supporting economic research through the Centre for
Economic and Financial Research (CIEF).

Our effort has been compensated with major achievements, obtaining great success and applause from
specialised cultural agents. In 2007, 1.7 million people enjoyed almost 2,700 activities organised by the Caixa
Galicia Foundation, increasing the number of beneficiaries in comparison to the previous year by 24%. Many of
these activities travelled to different exhibition centres throughout the region. The breakdown of the activities
organised throughout the year was: 151 exhibitions, 788 training activities, 572 live music and dance events, 527
film showings, 119 presentations of publications, 282 theatre performances and 234 other activities.

2007 was an especially significant year with the reopening of the Colón Theatre in A Coruña in February. Caixa
Galicia and the Caixa Galicia Foundation were appointed by the Regional Authority of A Coruña to manage and
maintain the Colón Theatre. In 2007 it held 123 performances in a wide variety of genres (ballet, theatre, light
opera, international soloists, pop-rock, and children’s theatre), giving the public the opportunity to enjoy
internationally renowned artists such as Ute Lemper or Dulce Pontes.

A new centre will open shortly in Vigo, the emblematic Caixa Galicia Fraga Theatre, following the renovation work
commenced in 2007. The reform work, to create our new centre, is being carried out by the architect César Portela,
who affirmed his intention to maintain the building’s external structure intact. The aim of the project is to alter the
original structure as little as possible, as well as to respect all of the details taken by its original architect, Gutiérrrez
Soto, from the Baroque style of Santiago de Compostela, and which make this building so unique. Its 6000 square
metres on different floors will contain an auditorium, considered as having one of the best acoustics in the world,
and will have 1,300 seats, with 2,100 square metres reserved for other sociocultural uses in the basement. The
rest of the space will contain ‘cyberclassrooms’, information points, reading and meeting rooms, amongst other
areas.

Both of these centres, the Colón Theatre and the Fraga Theatre and Cinema, form part of a network of private
sociocultural spaces unrivalled in Europe, which comprises five Sociocultural centres (in A Coruña, Santiago,
Ourense, Vigo and León) and five main centres (in A Coruña, Santiago, Lugo, Ferrol, Pontevedra and Monforte).

Since its origins, the Caixa Galicia Foundation has been characterised as an organisation firmly committed to
promoting art, music, theatre and cinema. The exhibitions, alongside presentations by internationally renowned
artists, the organisation has continued to support young artists, programming events not only in our centres in
Galicia’s main cities, but also throughout the whole of the region with the aim of supporting culture throughout all of
Galicia.
The objective of organising exhibitions such as those of Frida Khalo, Diego Rivera or Tamara de Lempicka – an
objective which is being achieved – is to include Galicia within the circuit for large-scale international art
exhibitions. The Caixa Galicia Foundation is keen to bring the work of the great international artists and major
exhibitions to the Galician public .

In Vigo, the Caixa Galicia Foundation organised the first exhibition in Spain by Tamara de Lempicka. A large-
scale exhibition reflected the spirit of the studio in Paris where the artist painted her finest works, as well as the
personal universe of Lempicka, her talent, and her independent, feminist spirit. Neither London, Vienna,
Switzerland or Paris, where the last retrospectives were held of a ‘legendary’ twentieth-century painter, had the
opportunity to enjoy an exhibition on the scale of that organised by the Caixa Galicia Foundation, the first in Spain
to present the creations of this artist of Polish origin. More than 61,000 people visited the exhibition.

The Caixa Galicia Foundation centres in Ferrol and Pontevedra were chosen to present an exhibition of work by
the famous American artist Keith Haring, one of the leading lights of Pop Art. In Santiago de Compostela, from
April-June 2007, visitors were able to enjoy the paintings of one of the main exponents of Surrealism, André
Masson. Also, as part of the PhotoGalicia 2007 Festival, our centre in A Coruña presented an exhibition dedicated
to the work of the American photographer Man Ray, from October 2007 until 6 January 2008. As part of the same
Festival, visitors to the centre in Santiago de Compostela enjoyed the exhibition "África", by Sebastião Salgado
with portraits from the continent condemning the suffering and desperation of its people.

The exhibition “The Lord of the Rings. The Cinema Trilogy” was held simultaneously at the foundation’s
centres in A Coruña and Santiago. More than one million people had already visited the exhibition in cities such as
Boston, London, Sidney or Singapore, and its arrival in Spain marked the final stop on the tour, the last opportunity
to see the pieces before they returned permanently to their owners. A total of 118,000 visitors enjoyed the
exhibitions in Santiago and A Coruña, with 800 pieces on display used in the films, including clothes, weapons,
models, helmets and jewellery. The exhibition also revealed the details behind making such a hugely complex film,
thanks to a series of multimedia presentations.

Finally, its intense commitment towards art and Galician society has served as the driving force leading to the
creation of the Caixa Galicia Collection, one of Spain’s most important corporate art collections. In 2007 the
collection reaffirmed its commitment towards artistic creativity, increasing and promoting its funds, and contributing
towards educating a public with a greater capacity to understand and value contemporary art both in Galicia and
beyond our frontiers.

In total, more than 800,000 people visited the exhibitions

organised by the Caixa Galicia Foundation
The Caixa Galicia Foundation organises an intensive programme, within which the scenic and music arts have
acquired a special place all of their own, consolidating our organisation as one of Galicia’s most dynamic cultural
agents. Music Seasons such as Vangardas Sonoras, Lusofonías: Voces de Muller or Música Brasileira, brought
musicians of the stature of Dulce Pontes, Mariza or Toquinho to the region’s auditoriums and concert halls, as well
as representatives of contemporary music such as Elliot Murphy & Olivier Durand, Micah P. Hinson & Will
Johnson, Matt Elliott and Camera Obscura. The Concert Programme was marked throughout 2007 by its intensity
and the importance of the Colón Theatre as a newly restored venue for these types of events. Other performances
catering for the widest imaginable range of tastes brought famous artists from the national and international circuit
to Galicia, such as Ute Lemper, Susana Seivane, Kepa Junquera, Los Secretos, the Tibetan monks of the
monastery of Thashi Lhunpo, Rosa Cedrón, María Lavalle, John Pizzarelli, Diego el Cigala or Cesaria Évora,
amongst others.

We support and promote our music with a firmly consolidated programme, "As Nosas Músicas". Some twenty
thousand people enjoyed this seventh season of concerts, with performances by Galician groups and artists such
as Treixadura or Mercedes Peón, together with Marful, Lamatumbá, María do Ceo, Lorena Lores and the pop
group from Barcelona, The Unfinished Sympathy, completing the musical offer for this season.

The Foundation has continued to collaborate with the City Councils of Vigo and A Coruña in two of the main
cultural events in these cities. The tenth edition of the Mozart Festival, organised by the City Council of A Coruña,
had the Foundation’s support for the seventh year running. Vigo saw the celebration of the eighth ‘Are More’
Festival, a reference on the Galician musical scene, as well as in the rest of Spain and abroad.

February, April and May saw the presentation of three performances of theatre in its purest form: Políticamente
Incorrecto, Buenas noches, madre, and Ya van 30; three plays that return to the very essence of dramatic art:
dialogue. The Caixa Galicia Foundation opened its season of plays for children with the theatre adaptation of Lewis
Carroll’s ‘Alice in Wonderland’, followed by seven other pieces. The multi-talented actor Moncho Borrajo bid
farewell to the stage in his home city, Ourense, with the performance Despedida y cierre. Between 19-22 July, the
theatre company of Ana Diosdado presented at the Caixa Galicia Colón Theatre a new version of its first ever
performance, Olvida los tambores, and Arturo Fernández performed at the same theatre the play Desconcierto Me
acordaré de todos vosotros.

As part of the programme for the month of March in the Caixa Galicia Colón Theatre, the Oleg Danouski National
Classic Ballet Company of Rumania presented two ballet performances: Swan Lake, and The Three Musketeers.
The company Arte 369, directed by the ballerina María Giménez, performed the romantic nineteenth-century ballet
Giselle at the Theatre on the fifth and sixth of October. Other events included the Camut Band and the Choir and
Ballet of the Russian Army.

Finally, special mention should be made of the intense training activities that were offered, together with work in the
area of cultural promotion through prizes and competitions, as well as the edition of numerous publications.

Through its activities, the Caixa Galicia Foundation makes it possible to maintain a series of Forums for Thought,
through which persons of recognised prestige and from a wide range of fields express their opinions and transmit
their knowledge. Throughout 2007, our conference season presented speakers such as the Nobel prize winning
mathematician John Forbes Nash, the ex-President of the IMF Rodrigo Rato, the current chairman of the Spanish
Academy of Television Arts and Sciences, Manuel Campo Vidal and the Director-General of “Le Monde
Diplomatique” Bernard Cassen, amongst others. The year also saw the organisation of a series of literary
discussions, performances with commentaries, poetry workshops and round table events, focusing on culture and
thought. A total of 731 conferences or similar events were organised during the year, with the attendance of 57,000
people.

Through the annual Prizes sponsored by the Caixa Galicia Foundation in different areas of knowledge and artistic,
literary, scientific and technical creation, our aim is not only to foster the creativity of our young people, but also to
publicly recognise the work of authors, researchers and scientists. Important awards include the Caixa Galicia
Foundation’s “Rúa Nova” Prize for Young Narrators, the Ánxel Fole Literary Award, the Caixa Galicia Foundation’s
“Esquío” Prize, the Research Prize from the Royal Academy of Medicine-Caixa Galicia Foundation, and the Royal
Galician Academy of Sciences – Caixa Galicia Foundation Award.

In the field of publications, the Foundation has two main lines of work: the editing of works from the publications
department and the Caixa Galicia Historical Book Collection, specialising in works dating from the fifteenth century
until the early twentieth century. The editorial lines of the Publications and Documentation department cover
different areas such as economics, historical and artistic research and literary creation, through the different prizes
the Foundation is involved in. Aware of the importance of literature in the diffusion of knowledge, and in line with its
programme for promoting knowledge and culture, the Foundation edited one hundred and three new publications in
2007.

The Opera Prima Grants might also be highlighted. The Caixa Galicia Foundation presented these grants at the
end of 2007, to promote first works by young creators in the fields of literature, music, art, theatre or audio-visual
creation, providing them with economic support and the opportunity to present their work to the public. In its first
edition, the call for grants received more than two hundred works by new creators from Galicia and the rest of
Spain, as well as Germany, Argentina, Brazil, Cuba, the USA, Panama and the United Kingdom.

Promotion of Productive Sectors Programme

Caixa Galicia F.C.R. Social Fund

The Caixa Galicia F.C.R Social Fund was created to contribute, from the perspective of economic yield, to the
viability of projects aimed at the cultural, educational and socio-economic development of the region, focusing its
actions through projects that:

Favour the creation of social infrastructures in providing attention to the elderly.

Promote the insertion of people with disabilities into society and the labour market.

Are dedicated to medical research.

Promote the production of clean energy.

One hundred percent of the shares of the Fondo Social Caixa Galicia F.C.R. are held by Caixa Galicia through
provisions from its Community Project, and in 2007 it successfully completed its first operation involving a full cycle
of investment and divestment in Hornos de Lamastelle, thereby complying with its basic objectives.
 10th Anniversary of Caixa Galicia Foundation Grants
One thousand grant holders and 11 million Euros as part of Galicia’s most ambitious grant programme. More than
one hundred beneficiaries of this celebrated grant programme met in A Coruña to take part in a programme of
events with which the Caixa Galicia Foundation wished to celebrate the tenth anniversary of its main educational
project.

The Caixa Galicia Foundation began its Grants programme in 1996, and since then one thousand students have
benefitted from the funding offered by the organisation for the training of young Galicians, reaching a total
investment of 11 million Euros.

The Master Grants are aimed at students seeking to carry out post-graduate studies in Universities and Research
Centres of Academic Excellence. Twenty-five applicants out of 465 were chosen to receive Caixa Galicia
Foundation Grants in 2007.

Second Call for Funding for Promotion of Productive Sectors

2008 saw the “Second Call for Funding for the Promotion of Productive Sectors”, with the support of business
associations and other organisations who contribute towards the creation of wealth and employment, and the
launch of a programme to provide vehicles to help the incorporation of disabled people into the labour market,
which will soon be seen on roads throughout Spain.

With the creation of the Centre for Economic and Financial Research (CIEF) in 1999, the Caixa Galicia Foundation
aims to contribute towards a deeper understanding of the socio-economic and financial spheres of our country, at
the same time as becoming an important forum for reflexion on the challenges facing society, forming a bridge
between the research community and social and economic agents. The research activity of the CIEF takes shape
as regular or specific research projects with the collaboration of recognised experts in the different fields involved.
Examples of these projects is the Annual Report on the Galician Economy (this year in its twenty-first edition), the
Galician Economic Overview Report (now in its thirteenth edition) and the Real Estate Observatory. Part of the
activity of the CIEF also focuses on offering conferences, seminars and workshops with the presence of
recognised experts in the field of economics and other areas. The scientific production of the Centre in 2007
included a series of studies and analyses on renewable energies, cultural industries, corporate social responsibility
and industry and competitiveness. Since its creation, the CIEF has edited some 100 scientific publications, the
result of its research activities.

Sociocultural Centre Investment plan

The organisation's own network of Centres for Social Action continues to grow. In 2007 the Caixa Galicia Colón
Theatre was opened in A Coruña and work has begun on renovating the emblematic Fraga Cinema in Vigo for use
as the Foundation centre.
2008 Budget
The Caixa Galicia Community Project 2008 budget allocation is 8% higher than the previous year, clear testimony
of the organisation’s intention to permanently provide the necessary resources to confront the economic, social and
cultural needs of the region.

2008 budget up to €112 million

The social activities to be carried out by Caixa Galicia in 2008 will have total resources of 112.1 million Euros. Of
this amount, the Bank will provide 70 million Euros from the 2007 profits, of which 3.92 million will come from
income derived from its own and other activities; the rest will be obtained by incorporating the surplus generated in
previous years to this financial year.

In 2008 Caixa Galicia, will allocate 45% of its budget to Community Project activities and initiatives carried out by
the organisation to contribute to the socio-economic development of the areas in which it is present.

8% up on 2007
The Caixa Galicia Foundation will absorb around 26% of the budget, allowing it to carry out its programmed
activities in the fields of art, science and technology, and socio-cultural events.

Finally, 29% of the budget will be invested in Socio-Cultural buildings.

Community Project and the Caixa Galicia Foundation: 2008 Budget (Thousands of €)

Community Project and Caixa Galicia Foundation: 2008 Budget

Concept Thousand €
Activities Assigned to Own programmes and in Collaboration 75,434.34
Admin and Management 2,140.21
Amortization 5,500.00
Community Project 83,074.55
Caixa Galicia Foundation 28,402.31
TOTAL Resources allocated to Community Project 112,164.86
 Income allocated to Community Project
C o n cept Thousand €
Income from community Project and Foundation Activities 3,928.77
Incorporation of remaining budget 38,236.09
TOTAL Community Project ncome 42,164.86
Cai a Galicia Contribution 70 000 00

CSR in the Caixa Galicia Group

The incursion of Corporate Social Responsibility - CSR - in the corporate, political and social panorama is no
longer a novelty, but has consolidated itself as a management paradigm to be incorporated in the strategic plans of
many leading national and international companies.
For the Caixa Galicia Group CSR is the maximum expression of a way of understanding and doing business, of
contributing to the development of the company and feeling close to all and each of our stakeholder groups.
As one of the first Spanish entities to back this new corporate concept, the Caixa Galicia Group has made CSR
into an important ally, which besides feeding the trust that the stakeholders have deposited in the organisation,
leads the company to respond with excellence to all the challenges of a new framework.

…EXTENDING TO CUSTOMERS…
Affecting the Quality of Service

With innovative products, adapted to customers and multichannel presence with secure access
24/7.

Accessibility: level A Web Access for the sensorially disabled.

Promoting the Innovation and improvement of processes: pioneers in the incorporation of the
Electronic ID number and the electronic invoice, consolidating the e-migr@ Project, digital
correspondence and the ITIL Project.

Developing Socially Oriented Products and Services

With special offers for new residents: Mortgage loans, the “You & Me” card, remittance
services…

Microloans: 394 transactions, 3.6 million € conceded.

Assisting dependents and senior citizens with special products and services such as The
Inverse Mortgage.

For NGOs: solidarity gallery products on Corporate Website, special financial conditions, etc.

Offering Socially Responsible investments offering Ethical and Solidarity funds

…BENEFITTING SOCIETY…
Economic Impact

35.4 % of Profits allocated to Community Project in 2007: 324 million Euros assigned to
technology in the last five years

The 2008 budget breaks the 100 million € barrier.

Creating wealth for the areas in which it operates - 786 million € - 19% more than the previous
year

Social Impact

With more than 4,500 activities developed in 240 in 3 municipalities with 3 million beneficiaries.
Caring for the elderly with 4 Nursing homes, 10 day centres, specialized training for
Professionals and financing for people with limited resources.

16 million € allocated to social and professional integration; jobs for 3,100 members of
marginal groups, 80% undefined.

SOCIALIA Project: dialogue with more than 1,600 NGOs.

International Solidarity financing 96 projects in the third world.

Caixa Galicia Foundation: 31 million € to promote Culture in artistic, sociocultural and scientific
activities.

CIEF and ITE Caixa Galicia Group backing for top quality knowledge and Training.

…DEEPENING COMMITMENT TO THE ENVIRONMENT…

In developing its own Activity

with ISOFOTON Project: a photovoltaic plant installed in the corporate Data processing Centre
to provide energy for the Information Systems.

1st Galician financial Organisation and 4th in Spain to obtain EMAS environmental
accreditation for 3 of our buildings.

With the publication of The Environmental Declaration validated by an independent auditor

With ISO 14001 certificates for 3 particular buildings

Consolidating "Paperless Branch" project

Training and raising of awareness of Employees activities

In Financing

Supporting renewable energies: 720 million € allocated to financing 190 renewable energy
projects.

Investments with environmental impact Norvento, Allarluz, Eolia Renovables

In Diffusion and Awareness raising

with the creation of the Caixa Galicia Natural Fund major contribution to the protection and
conservation of the environment in Galicia.

With social diffusion programmes such as Operation Oak tree, LN42º, Caring for the Earth, Os
 Ecolatas, Healthy and Sustainable Municipalities and courses, workshops, exhibitions,
volunteer groups etc.

…WITH THE BEST EMPLOYEES…

Promoting management skills, talent and internal promotion

The Plan Talentum professional development plan is based on the identification of internal
talent for promotion, the definition of professional trajectories and the development of
polyvalent profiles.

595 promotions in 2007

Annual Interview: evaluation in terms of capacities, quantitative and qualitative involving all
staff

Promoting the Training, qualification constant updating of employees

1,537 Training Activities, 32,882 students and more than 160,000 Course hours
82% of staff received training in 2007

With a high level of employment creation but maintaining stability.

Contracts: 702 new Employees

Net creation of employment (%) growth of 10.2%

Stability: 4,714 Employees in the Parent Company, 92% with fixed contract.

Promoting Equality of Opportunity

Sexual Equality: 40% of staff are women and 53% of new contracts were signed by women in
2007.

Equality: objectivity in selection, pay and promotion.

Caring for Health and Safety of employees

OHSAS certification: PRL Management standard that puts the Caixa Galicia Group at the
head of the Spanish Companies most committed to the Prevention of workplace risks and
workers' health.

2,250 Medical Examinations and 1,293 Enquiries

Improving Social Benefits

Financial advantages, life insurance, nursery, study and health assistance... for a value of
more than 21 million Euros

Club Caixa: 460,000 € in leisure and social activities for employees - more than 100 Activities
organized with 6,700 Participants
...AND THE PARTICIPATION OF THE GOVERNING BODIES...
Governing Bodies

With 100 % representation of our main Stakeholder Groups: Depositors, City Councils, Social
Interest Entities and Employees determine that the members of governing bodies may be
treated as Independents.

Good Corporate Governance

The fulfilment of Good Governing Practices: transparency, independence and efficiency...

Conflict of Interests the Control Commission is directly appointed by the General Assembly and
not by the Board of Directors.

Board of directors Code of Conduct.

…AND IMPLICATING BUSINESS PARTNERS…

Principles of Activity

Nearly 9,500 providers

Responsibility in terms of time, form and payment of providers.

Transparency of election % of providers: purchasing committees

Evaluation of reputation and good practices

Provider and Contractor Code of Conduct

Contractual requirement of correct labour and environmental compliance

Invitation to participate in the United Nations Global Compact

...PRIZEWINNING MANAGEMENT WITH WIDESPREAD

RECOGNITION.
Qualification A+ for CSR Report conceded by independent Audits and the international body, GRI. Guaranteeing
highest levels of demands in terms of information quality.

Caixa Galicia Foundation - Honorary Fine Arts Medal winner in recognition of organisation's work in favour of the
promotion and diffusion of Culture in all areas. An honourable distinction dating from 1943.

EXPANSIÓN & EMPLEO prize for Innovation in Human Resources for the Caixa Galicia Group’s emphasis on
the development of internal talent.

Forética “Dialogue with stakeholders” prize: Caixa Galicia Community Projects has seen its work to promote the
Quality, Transparency and Professionalisation of the NGO sector.

Caixa Galicia, among the Spanish Companies with the most promising future, according to a CRF Spain study,
which recognizes its solid implantation in the marketplace, coherent strategy, solid financial position, priority of
personal attention and consolidated innovation process.
Branch Network
Detailed below is the Grupo Caixa Galicia branch network (operative, corporate and representative) to 31
december 2007.

Branches in Spain are grouped by province and municipality and complementary information of interest , such as
address, telephone number and manager's name, is included.

Operative Branches
Operative in Spain (PDF 79KB)

Foreign Branches (PDF 5,26KB)

Representative Spain
Representative branches abroad (PDF 45KB)

Corporate
Corporate Branches (PDF 9KB)
ANNEXES
 THE ANNUAL CONSOLIDATED
CAIXA GALICIA GROUP ACCOUNTS 2007
CAJA DE AHORROS DE GALICIA GROUP
Consolidated Annual Accounts at December 31st 2007
and Consolidated Directors’ Report for 2007

NOTE: The Annual Accounts for 2007 are pending approval at the next General Assembly Meeting
 PricewaterhouseCoopers Auditores, S.L.
Paseo de la Castellana, 43
28046 Madrid
España
Tel. + 34 915 684 400
Fax + 34 913 083 566
www.pwc.com/es

A free translation of the report on the consolidated annual accounts originally issued in Spanish and
prepared in accordance with International Financial Reporting Standards as adopted by the European
Union. In the event of a discrepancy, the Spanish language version prevails.

AUDITOR´S REPORT ON THE CONSOLIDATED ANNUAL ACCOUNTS

To the General Assembly of Caja de Ahorros de Galicia

We have audited the consolidated annual accounts of Caja de Ahorros de Galicia (the Parent
Entity) and its consolidated Group (the Group) consisting of the consolidated balance sheet as at
31 December 2007, the related consolidated income statement, the consolidated cash flow
statement, the consolidated statement of changes in equity and the related notes of the
consolidated annual accounts corresponding to the year then ended, the preparation of which is
the responsibility of Directors of the Parent Entity. Our responsibility is to express an opinion on the
consolidated annual accounts as a whole, based on our audit work performed in accordance with
auditing standards generally accepted in Spain, which require examining, on a test basis, evidence
supporting the consolidated annual accounts and an evaluation of their overall presentation, the
accounting principles applied and the estimates made.

In accordance with Spanish Corporate Law, the Directors have presented, for comparative
purposes only, for each item of the consolidated balance sheet, the consolidated income
statement, the consolidated statement of changes in net equity and the consolidated cash flow
statement, the corresponding amounts for the previous year as well as the amounts for 2007. Our
opinion refers exclusively to the consolidated annual accounts for 2007. On 24 April 2007, we
issued our audit report on the 2006 consolidated annual accounts, in which we expressed an
unqualified opinion.

In our opinion, the accompanying consolidated annual accounts for the year 2007 present fairly, in
all material respects, the consolidated financial position of Caja de Ahorros de Galicia and its
consolidated Group as at 31 December 2007 and the consolidated results of their operations,
changes in consolidated net equity an consolidated cash flows for the year then ended, and contain
all the information necessary for their interpretation and comprehension in accordance with the
International Financial Reporting Standards as adopted by the European Union, which are
consistent with those applied for the previous year.

The accompanying consolidated Directors’ Report for 2007 contains the information that Entity’s
Directors consider relevant to Caja de Ahorros de Galicia and its consolidated Group, the
development of its business and other matters and does not form an integral part of the
consolidated annual accounts. We have verified that the accounting information contained in the
aforementioned Directors’ Report agrees with that of the consolidated annual accounts for 2007.
Our work as auditors is limited to checking the consolidated Director s’ Report within the scope
already mentioned in this paragraph and it does not include a review of information other than that
obtained from Caja de Ahorros de Galicia and its consolidated Group’s accounting records.

PricewaterhouseCoopers Auditores, S.L.

Original in Spanish signed by

José Maria Sanz Olmeda

Parther

24 April 2008
PricewaterhouseCoopers Auditores, S.L. - R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª
Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

ASSETS 2007 2006

Cash and balances with central banks (Note 7) 1,902,531 700,681

Financial assets held for trading (Note 8) 667,335 392,704

Loans and advances to credit institutions - -
Money market operations through counterparties - -
Loans and advances to other debtors - -
Debt securities 5,227 5,449
Other equity instruments 242,324 54,300
Trading derivatives (Note 8.3) 419,784 332,955
Memorandum item: Loaned or advanced as collateral 459 303

Other financial assets at fair value through profit or loss - -

Loans and advances to credit institutions - -
Money market operations through counterparties - -
Loans and advances to other debtors - -
Debt securities - -
Other equity instruments - -
Memorandum item: Loaned or advanced as collateral - -

Available-for-sale financial assets (Note 9) 4,978,111 6,446,798

Debt securities 3,309,367 4,032,065
Other equity instruments 1,668,744 2,414,733
Memorandum item: Loaned or advanced as collateral 2,558,214 3,604,718

Loans and receivables (Note 10) 36,632,513 31,986,070

Loans and advances to credit institutions 1,201,589 3,504,908
Money market operations through counterparties - -
Loans and advances to other debtors 35,228,572 28,098,052
Debt securities - -
Other financial assets 202,352 383,110
Memorandum item: Loaned or advanced as collateral - -

Held-to-maturity investments (Note 11) 998,913 1,246,915

Memorandum item: Loaned or advanced as collateral 718,128 1,050,791

Changes in the fair value of the hedged items in portfolio hedges of

interest rate risk - -

Hedging derivatives (Note 12) 178,124 113,681

Non-current assets held for sale (Note 13) 18,770 7,194

Loans and advances to credit institutions - -
Loans and advances to other debtors - -
Debt securities - -
Equity instruments - -
Tangible assets 18,770 7,194
Other assets - -

1
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

ASSETS - Continuation 2007 2006

Investments (Notes 14 and 16) 347,471 249,290

Associates 347,471 249,290
Group entities - -

Insurance contracts linked to pensions (Note 44) 147,841 145,645

Reinsurance assets - -

Tangible assets (Notes 15 and 33) 987,055 838,834

For own use 825,497 673,819
Investment properties 38,092 38,385
Other assets leased out under an operating lease - -
Assigned to welfare projects 123,466 126,630
Memorandum item: Acquired under a finance lease - -

Intangible assets (Notes 4 and 16) 50,724 24,585

Goodwill 883 883
Other intangible assets 49,841 23,702

Tax assets (Note 27) 379,635 311,584

Current 103,405 91,399
Deferred 276,230 220,185

Prepayments and accrued income (Note 17) 29,345 46,327

Other assets (Note 18) 407,740 302,618

Inventories 215,595 183,102
Other 192,145 119,516

TOTAL ASSETS 47,726,108 42,812,926

2
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

LIABILITIES 2007 2006

Financial liabilities held for trading (Note 8) 418,658 335,623

Deposits from credit institutions - -
Money market operations through counterparties - -
Deposits from other creditors - -
Debt certificates including bonds - -
Trading derivatives (Note 8.3) 418,658 335,617
Short positions - 6

Other financial liabilities at fair value through profit or loss - -

Deposits from credit institutions - -
Deposits from other creditors - -
Debt certificates including bonds - -

Financial liabilities at fair value through equity - -

Deposits from credit institutions - -
Deposits from other creditors - -
Debt certificates including bonds - -

Financial liabilities at amortised cost (Note 19) 42,370,874 38,240,460

Deposits from central banks 2,459,734 1,826,411
Deposits from credit institutions 4,789,655 7,054,187
Money market operations through counterparties - -
Deposits from other creditors 23,560,244 21,679,655
Debt certificates including bonds 10,496,023 6,395,864
Subordinated liabilities 1,194,748 845,682
Other financial liabilities 230,450 438,661

Changes in the fair value of the hedged items in portfolio hedges

of interest rate risk - -

Hedging derivatives (Note 12) 419,365 214,705

Liabilities associated with non-current assets held for sale - -

Deposits from central banks - -
Other credit institutions - -
Deposits from other creditors - -
Debt certificates including bonds - -
Other liabilities - -

Insurance contracts liabilities - -

Provisions (Notes 20 and 44) 291,633 323,924

Provisions for pensions and similar obligations 245,176 255,827
Provisions for taxes - -
Provisions for contingent exposures and commitments 36,672 49,511
Other provisions 9,785 18,586

3
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

LIABILITIES - Continuation

Tax liabilities (Note 27) 252,058 426,670

Current 4,699 4,782
Deferred 247,359 421,888

Accrued expenses and deferred income (Note 21) 94,953 82,211

Other liabilities (Notes 22 and 33) 294,175 228,635

Welfare funds 235,744 201,673
Other 58,431 26,962

Capital having the nature of a financial liability (Note 23) 542,311 390,604

TOTAL LIABILITIES 45,044,007 40,242,832

4
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

EQUITY 2007 2006

Minority interests (Note 24) 80,252 1,870

Valuation adjustments (Note 25) 420,870 764,925

Available-for-sale financial assets 420,870 764,925
Financial liabilities at fair value through equity - -
Cash flow hedges - -
Hedges of net investments in foreign operations - -
Exchange differences - -
Non-current assets held for sale - -

Own funds (Note 26) 2,180,979 1,803,299

Capital or endowment fund 60 60
Issued 60 60
Unpaid and uncalled (-) - -
Share premium - -
Reserves 1,779,713 1,446,376
Accumulated reserves (losses) 1,727,065 1,430,912
Retained earnings
Reserves (losses) of entities accounted for using the equity method 52,648 15,464
Associates 52,648 15,464
Jointly controlled entities - -
Other equity instruments - -
Equity component of compound financial instruments - -
Other - -
Less: Treasury shares - -
Non-voting equity units and associated funds (savings banks) - -
Non-voting equity units - -
Reserves of holders of non-voting equity units - -
Stabilisation fund - -
Profit or loss attributed to the group 401,206 356,863
Less: Dividends and remuneration - -

TOTAL EQUITY 2,682,101 2,570,094

TOTAL LIABILITIES AND EQUITY 47,726,108 42,812,926

MEMORANDUM ITEM 2007 2006

Contingent exposures 2,703,907 3,250,622

Financial guarantees (Note 34) 2,606,900 3,153,230
Assets earmarked for third-party obligations - -
Other contingent exposures 97,007 97,392

Contingent commitments 8,052,281 7,539,118

Drawable by third parties (Note 34) 7,855,970 7,406,229
Other commitments 196,311 132,889

5
CONSOLIDATED PROFIT AND LOSS ACCOUNTS FOR THE YEARS ENDED
DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

2007 2006

Interest and similar income (Note 35) 2,073,960 1,345,201

Interest expense and similar charges (Note 36) (1,493,676) ( 867,960)

Remuneration of capital having the nature of a financial liability ( 22,379) ( 16,343)
Other (1,471,297) ( 851,617)

Return on equity instruments (Note 37) 63,336 46,853

NET INTEREST INCOME 643,620 524,094

Share of profit or loss of entities accounted for using the

equity Method (Note 38) 46,630 16,049
Associates 46,630 16,049
Jointly controlled entities - -

Fee and commission income (Note 39) 170,919 140,595

Fee and commission expenses (Note 40) ( 27,427) ( 21,916)

Insurance activity - -
Insurance and reinsurance premium income - -
Reinsurance premiums paid - -
Benefits paid and other insurance-related expenses - -
Reinsurance income - -
Net provisions for insurance contracts liabilities - -
Finance income - -
Finance expense - -

Results on financial assets and liabilities (net) (Note 41) 380,276 343,063
Held for trading 25,029 13,638
Other financial instruments at fair value through profit or loss - 2,137
Available-for-sale financial assets 355,249 338,046
Loans and receivables - -
Other ( 2) ( 10,758)

Exchange differences (net) 566 437

GROSS INCOME 1,214,584 1,002,322

Sales and income from the provision of non-financial services

(Note 42) 57,995 61,237

Cost of sales (Note 42) ( 50,928) ( 49,497)

Other operating income (Notes 15.2 and 43) 22,648 33,269

Personnel expenses (Note 44) ( 326,279) ( 288,866)

Other administrative expenses (Note 45) ( 131,606) ( 94,659)

6
CONSOLIDATED PROFIT AND LOSS ACCOUNTS FOR THE YEARS ENDED
DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

PROFIT & LOSS (Continuation) 2007 2006

Depreciation and amortization ( 44,026) ( 36,458)

Tangible assets (Note 15) ( 40,589) ( 33,825)
Intangible assets (Note 16) ( 3,437) ( 2,633)

Other operating expenses (Notes 1.8, 15.2 and 46) ( 13,474) ( 16,869)

NET OPERATING INCOME 728,914 610,479

Impairment losses (net) ( 279,205) ( 154,696)

Available-for-sale and held to maturity financial assets (Notes 9.3
and 11.3) 6,354 ( 7,061)
Loans and receivables (Note 10.3) ( 258,729) ( 146,926)
Non-current assets held for sale - -
Associates - -
Tangible assets - ( 342)
Goodwill ( 26,830) -
Other intangible assets - ( 45)
Other assets - ( 322)

Provisioning expense (net) (Note 20) 12,834 ( 21,849)

Finance income from non-financial activities - -

Finance expenses of non-financial activities - -

Other gains (Note 47) 7,443 15,588

Gains on disposal of tangible assets 2,531 2,235
Gains on disposal of investments - 1
Other 4,912 13,352

Other losses (Note 47) ( 15,864) ( 6,353)

Losses on disposal of tangible assets ( 312) ( 115)
Losses on disposal of investments - -
Other ( 15,552) ( 6,238)

PROFIT OR LOSS BEFORE TAX 454,122 443,169

Income tax (Note 27) ( 53,085) ( 86,335)

Mandatory transfer to welfare funds - -

PROFIT OR LOSS FROM ORDINARY ACTIVITIES 401,037 356,834

Profit or loss from discontinued operations (net) - -

CONSOLIDATED PROFIT OR LOSS FOR THE PERIOD 401,037 356,834

Profit or loss attributed to minority interests (Note 24) ( 169) ( 29)

PROFIT OR LOSS ATTRIBUTED TO THE GROUP 401,206 356,863

7
CONSOLIDATED STATE OF CHANGES IN EQUITY FOR THE YEARS ENDED
DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

2007 2006

Net income registered directly in equity (344,055) 320,450

Available-for-sale financial assets (344,055) 320,450

Revaluation gains/losses (520,917) 448,629
Amounts transferred to income statement - -
Income tax 176,862 (128,179)
Reclassifications - -

Other financial liabilities at fair value - -

Revaluation gains/losses - -
Amounts transferred to income statement - -
Income tax - -

Cash flow hedges - -

Revaluation gains/losses - -
Amounts transferred to income statement - -
Amounts transferred to the initial carrying amount of hedged items - -
Income tax - -

Hedge of net investments in foreign operations - -

Revaluation gains/losses - -
Amounts transferred to income statement - -
Income tax - -

Exchange differences - -
Translation gains/losses - -
Amounts transferred to income statement - -
Income tax - -

Non-current assets held for sale - -

Revaluation gains - -
Amounts transferred to income statement - -
Income tax - -
Reclassifications - -

CONSOLIDATED PROFIT OR LOSS FOR THE PERIOD 401,037 356,834

Published consolidated profit or loss for the period 401,037 356,834
Adjustments due to changes in accounting policy - -
Adjustments made to correct errors - -

TOTAL INCOME AND EXPENSES FOR THE PERIOD 56,982 677,284

Parent 57,151 677,313
Minority interests ( 169) ( 29)

MEMORANDUM ITEM: EQUITY ADJUSTMENTS ALLOCABLE TO

PRIOR PERIODS

Effect of changes in accounting policies - -

Own funds - -
8
CONSOLIDATED STATE OF CHANGES IN EQUITY FOR THE YEARS ENDED
DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

2007 2006
Continuation

Valuation adjustments - -
Minority interests - -

Effects of errors - -
Own funds - -
Valuation adjustments - -
Minority interests - -

TOTAL - -

9
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARS ENDED
DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)
2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES

Profit or loss for the period 401,037 356,834

Adjustment to profit or loss: 314,633 281,168

Depreciation of tangible assets (+) 40,589 33,825
Amortisation of intangible assets (+) 3,437 2,633
Impairment losses (+/-) 279,205 154,696
Provisioning expense (net) (+/-) ( 12,834) 21,849
Gains/Losses on disposal of tangible assets (+/-) ( 2,219) ( 2,120)
Gains/Losses on disposal of investments (+/-) - ( 1)
Share of profit of loss of entities accounted for using the equity
method (net of dividends) (+/-) ( 46,630) ( 16,049)
Taxes (+/-) 53,085 86,335
Other non-monetary items (+/-) - -
Adjusted profit or loss Subtotal 715,670 638,002

Net increase/decrease in operating assets

Financial assets held for trading 274,631 ( 53,275)
Loans and advances to credit institutions - -
Money market operations through counterparties - -
Loans and advances to other debtors - -
Debt securities ( 222) 5,449
Other equity instruments 188,024 ( 50,521)
Trading derivatives 86,829 ( 8,203)
Other financial assets at fair value through profit or loss - -
Loans and advances to credit institutions - -
Money market operations through counterparties - -
Loans and advances to other debtors - -
Debt securities - -
Other equity instruments - -

Available-for-sale financial assets (1,474,711) (3,437,573)

Debt securities ( 729,052) (4,172,275)
Other equity instruments ( 745,659) 734,702

Loans and receivables 4,905,252 9,319,697

Loans and advances to credit institutions (2,303,319) 188,890
Money market operations through counterparties - ( 165,910)
Loans and advances to other debtors 7,389,329 9,063,058
Debt securities - ( 35,028)

10
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARS ENDED
DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

2007 2006

Other financial assets ( 180,758) 268,687

Other operating assets - -

Subtotal 3,705,172 5,828,849

Net increase/decrease in operating liabilities

Financial liabilities held for trading 83,035 ( 8,441)

Deposits from credit institutions - -
Money market operations through counterparties - -
Deposits from other creditors - -
Debt certificates including bonds - -
Trading derivatives 83,041 ( 8,441)
Short positions ( 6) -

Other financial liabilities at fair value through profit or loss - -

Deposits from credit institutions - -
Deposits from other creditors - -
Debt certificates including bonds - -

Financial liabilities at fair value through equity - -

Deposits from credit institutions - -
Deposits from other creditors - -
Debt certificates including bonds - -

Financial liabilities at amortised cost 4,141,328 5,120,941

Deposits from central banks 676,065 ( 242,673)
Deposits from credit institutions (2,307,274) (2,241,011)
Money market operations through counterparties - -
Deposits from other creditors 1,880,589 4,038,036
Debt certificates including bonds 4,100,159 3,299,797
Other financial liabilities ( 208,211) 266,792

Other operating liabilities 35,868 45,953

Subtotal 4,260,231 5,158,453

Total net cash flows from operating activities (1) 1,270,729 ( 32,394)

11
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARS ENDED
DECEMBER 31st, 2007 AND 2006
(Expressed in thousand euros)

CASH FLOWS FROM INVESTING ACTIVITIES

Investments (-)
Group entities, jointly controlled entities and associates ( 78,381) ( 120,598)
Tangible assets ( 197,837) ( 138,830)
Intangible assets ( 29,576) ( 13,580)
Held-to-maturity investments - ( 193,575)
Other financial assets ( 66,639) -
Other assets ( 156,191) ( 120,120)

Subtotal ( 528,624) ( 586,703)

Divestments (+)
Group entities, jointly controlled entities and associates - 1
Tangible assets - 2,120
Intangible assets - -
Held-to-maturity investments 248,002 -
Other financial assets - 24,747
Other assets - -

Subtotal 248,002 26,868

Total net cash flows from investing activities (2) ( 280,622) ( 559,835)

CASH FLOWS FROM FINANCING ACTIVITIES

- -
Issuance/Redemption of capital or endowment fund (+/-) - -
Acquisition of own equity instruments (-) - -
Disposal of own equity instruments (+) - -
Issuance/Redemption of non-voting equity units (+/-) - -
Issuance/Redemption of other equity instruments (+/-) 151,707 390,604
Issuance/Redemption of capital having the nature of a financial
liability (+/-) 349,066 ( 189,752)
Issuance/Redemption of subordinated liabilities (+/-) - -
Issuance/Redemption of other long-term liabilities (+/-) 78,551 ( 94)
Increase/Decrease of minority interests(+/-) - -
Dividends/Interest paid (-)
Other items relating to financing activities (+/-) ( 367,581) 268,243

Total net cash flows from financing activities (3) 211,743 469,001

Effect of exchange rate changes on cash or cash equivalents (4) - -

NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS

(1+2+3+4) 1,201,850 ( 123,228)

Cash or cash equivalents at beginning of period 700,681 823,909

Cash or cash equivalents at end of period 1,902,531 700,681

(*) Cash understood as cash and balances with central banks.

12
13
CAJA DE AHORROS DE GALICIA GROUP
Notes to the consolidated annual accounts for the year
ended December 31st 2007

14
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEAR
ENDED DECEMBER 31st 2007
(Expressed in thousand euros)

1. Introduction, basis of presentation of the consolidated annual accounts and

other information

1.1. Introduction

Caja de Ahorros de Galicia (hereinafter the Entity or the Parent Entity) is a non-profit
entity resulting from the merger of several savings banks in the Autonomous Region of
Galicia and Caja Rural de León. Given its status as a general savings bank serving the
public, the Entity is required to allocate the net surplus obtained each year to reserves as
a further guarantee of the funds under its administration, to finance the development of its
activities and to carry out the Welfare projects envisaged in its specific objectives.

The Entity is subject to the legislation and regulations governing banking institutions in
Spain. The Entity’s bylaws and other public information may be viewed on both the
Entity’s official web site (www.caixagalicia.es) and at its registered office (Rúa Nueva 30,
A Coruña).

The Entity is a member of the Spanish Confederation of Savings Banks (“Confederación

Española de Cajas de Ahorros”) and forms part of the Savings Banks’ Deposit Guarantee
Fund.

The management and use of borrowings secured by savings banks and other aspects of
their economic and financial operations are subject to certain legal rules that govern, inter
alia:

1. Maintenance, in the form of deposits at the Bank of Spain, of a percentage of

customers’ computable funds for minimum reserve ratio coverage purposes.

2. Law 4/1996, of 31 May 1996, authorities the Xunta de Galicia to provide

guidance on Community Projects, indicating the main needs and priorities to be
addressed. In accordance with Article 21 of Decree 261/1999, of 17 September
1999, governing the Community Projects of Galician Savings Banks, this guidance
concerning community project funds may be arranged through agreements between
Savings Banks and the “Consellería de Economía e Facenda” (the Regional
Treasury Authorities), which will determine the minimum appropriation to Community
Projects for the year for certain areas of action.

15
 3. In accordance with Royal Decree 2606/1996, of 20 December 1996, on the
Deposit Guarantee Fund in Credit Institutions, as amended by Royal Decree
948/2001, of 3 August 2001, concerning investor indemnity systems and Circular
4/2001, of 24 September 2001, the Entity is required to appropriate annually up to a
maximum of 0.002 of computable third- party funds, plus 0.001 of the value of
securities and financial instruments deposited in the same or registered by investors
to the Savings Banks’ Guarantee Deposit Fund, by charge to the income statement
for the year. The guarantee under this Fund covers deposits of up to the equivalent
of €20,000 per depositor (see Note 46).

In addition to the transactions carried out directly, the Entity is the parent of a group of
subsidiaries that engage in several activities which are listed below and which together
with it, make up the Caja de Ahorros de Galicia Group, defined in accordance with Law
13/1985, of 25 May 1985, and enabling provisions, particularly, Article 2 of Royal Decree
1371/1985, of 1 August 1985, and Bank of Spain Circular 4/2004, of 22 December 2004,
governing the consolidation of the financial statements of credit institutions. The Entity is
therefore required to prepare in addition to its own annual accounts, the Group’s
consolidated annual accounts that similarly include interests in joint ventures and
investments in associates which are set out in the appendices hereto.

At December 31st 2007 the Parent Entity’s total assets, equity and surplus for the year
account for 98%, 62% and 49%, respectively, of the same items in the Group (97%, 61%
and 52%, respectively, at December 31st 2006).

16
Set out below is a summary of the Parent Entity’s individual balance sheet, individual
income statement, individual statement of changes in equity and individual cash flow
statement for the years ended December 31st 2007 and 2006, which have been prepared
in accordance with the same accounting principles and standards as those applied in the
Group’s present consolidated annual accounts:

a) Individual balance sheets at December 31st 2007 and 2006:

€’000
2007 2006

Cash and balances with central banks 1,902,411 700,561

Financial assets held for trading 667,335 392,704
Other financial assets at fair value through profit and loss: - -
Available-for-sale financial assets 3,574,250 4,297,771
Loans and receivables 36,923,890 32,350,661
Held-to-maturity investments 998,913 1,246,915
Changes in the fair value of the hedged items in portfolio -
hedges of interest rate risk -
Hedging derivatives 178,124 113,681
Non-current assets held for sale 18,669 7,194
Investments 791,622 791,619
Insurance contracts linked to pensions 147,841 145,645
Tangible assets 959,246 807,070
Intangible assets 30,227 14,578
Tax assets 348,248 289,728
Prepayments and accrued income 26,709 43,507
Other assets 191,792 119,271

Total assets 46,759,277 41,320,905

Financial liabilities held for trading 418,658 335,623

Other financial liabilities at fair value through profit and loss - -
Financial liabilities at fair value through equity - -
Financial liabilities at amortised cost 43,542,733 38,512,810
Changes in the fair value of the hedged items in portfolio - -
hedges of interest rate risk
Hedging derivatives 419,365 214,705
Liabilities associated with non-current assets held for sale - -
Provisions 291,539 323,871
Tax liabilities 52,975 59,874
Accrued expenses and deferred income 90,367 80,786
Other liabilities 293,107 228,481
Capital having the nature of a financial liability - -

Total liabilities 45,108,744 39,756,150

Valuation adjustments ( 7,009) 13,256

Own funds: 1,657,542 1,551,499
Capital or endowment fund 60 60
Share premium - -
Reserves 1,459,639 1,365,355
Other equity instruments - -
Less: Treasury shares - -
Non-voting equity units and associated funds - -
Profit or loss for the period 197,843 186,084
Less: Dividends and remuneration - -

Total equity 1,650,533 1,564,755

Total liabilities and equity 46,759,277 41,320,905

Contingent risks 2,714,844 3,264,415

Contingent commitments 8,052,281 7,539,108

Total memorandum accounts 10,767,125 10,803,523

17
b) Individual income statements for the years ended December 31st 2007 and
2006:

€’000
2007 2006

Interests and similar income 2,078,825 1,349,353

Interest expense and similar charges ( 1,492,064) ( 864,206)
Return on equity instruments 148,330 143,345

Net interest income 735,091 628,492

Fees and commission income 154,727 128,718

Fees and commission expenses ( 25,810) ( 21,805)
Gains or losses on financial assets and liabilities(net) 30,159 14,260
Exchange differences (net) 566 437

Gross income 894,733 750,102

Other operating income 4,825 6,276

Personnel expenses ( 306,275) ( 260,021)
Other administrative expenses ( 117,207) ( 97,000)
Depreciation and amortisation ( 41,271) ( 33,368)
Other operating expenses ( 5,224) ( 4,395)

Net operating income 429,581 361,594

Impairment losses (net) ( 248,340) ( 154,003)

Provision expense (net) 12,837 ( 21,845)
Other gains 7,046 5,509
Other losses ( 14,553) ( 5,707)

Profit or loss before tax 186,571 185,548

Income tax 11,272 536

Mandatory transfer to welfare funds - -

Profit or loss from ordinary activities 197,843 186,084

Profit or loss from discontinued operations (net) - -

Profit or loss for the period 197,843 186,084

18
c) Individual statements of changes in equity for the years ended December 31st
2007 and 2006:

€’000
2007 2006

Net income registered directly in equity: ( 20,265) ( 10,276)

Available-for-sale financial assets ( 20,265) ( 10,276)
Other financial liabilities at fair value - -
Cash flow hedges - -
Hedge of net investments in foreign operations - -
Exchange differences - -
Non-current assets held for sale - -

Profit or loss for the period: 197,843 186,084

Published profit or loss for the period 197,843 186,084
Adjustments due to changes in accounting policy - -
Adjustments made to correct errors - -

Total income and expenses for the period - -

Total 177,578 175,808

d) Individual cash flow statements for the years ended December 31st 2007 and
2006:

€’000
2007 2006

Net Cash flows from operating activities:

Profit or loss for the period 197,843 186,084
Adjustment to profit and loss 263,359 206,619
Net increase/ decrease in operating assets 4,573,826 5,362,106
Net increase/ decrease in operating liabilities 4,783,523 4,974,607

Net cash flows from investing activities: 29,571 ( 329,404)

Investments ( 222,058) ( 333,461)
Divestments 251,629 4,057

Net cash flows from financing activities 501,380 200,852

Effect of exchange rate changes - -

Net increase/ decrease in cash or cash equivalents 1,201,850 ( 123,348)

Cash or cash equivalents at beginning of period 700,561 823,909

Cash or cash equivalents at end of period 1,902,411 700,561

19
1.2 Basis of presentation of the consolidated annual accounts

The consolidated annual accounts have been prepared on the basis of the accounting
records of the Parent Entity and each of the companies that make up the Group and
include the necessary adjustments and reclassifications to ensure consistency in terms of
accounting and presentation criteria and are presented in accordance with International
Financial Reporting Standards (IFRS), adopted by the European Union, so as to provide a
true and fair view of the Group’s net worth, its financial situation and the results of its
operations, changes in equity and cash flows for the years ended December31st 2007 and
2006.

In the preparation of the consolidated annual accounts, the generally accepted accounting
principles, described in Note 2, have been applied. All mandatory accounting principles or
standards which have a significant effect on the consolidated annual accounts, have been
applied.

The Group’s consolidated annual accounts for 2006 were approved by the Entity’s
General Assembly of June 9th 2007. The consolidated annual accounts for 2007 were
prepared by the Entity’s Directors during the Board of Directors’ meeting of March 27th
2008. The Group’s consolidated annual accounts and the annual accounts of virtually all
the entities that form part of the Group for 2007 are pending approval by their respective
General Assemblies and General Shareholders’ Meetings. Nonetheless, the Group’s
Board of Directors expects the annual accounts to be approved without significant
changes.

Unless otherwise stated, these consolidated annual accounts are presented in EUR’000.

1.3. Responsibility for information and estimates made

The information contained in these annual accounts is the responsibility of the Directors of
the Entity, as the Group’s Parent Company.

In the Group’s consolidated annual accounts for 2007, occasionally estimates prepared by
the Group’s Directors are used to quantify certain assets, liabilities, revenues, expenses
and commitments recognised. These estimates relate basically to:

x Impairment losses on certain assets (Notes 9, 10, 11, 14, 15 and 16)

20
 x Assumptions used in actuarial calculations of liabilities and commitments relating to
post-employment benefits and other long-term commitments with employees (Notes
2.12 and 44)

x Useful life of tangible assets and intangible assets (Notes 2.14 and 2.15)

x Measurement of goodwill on consolidation (Note 2.15)

x Fair value of certain unlisted assets (Note 29)

x Recovery period for deferred taxes (Note 2.13)

These estimates were made based on the best information available at December 31st
2007 concerning the facts analysed. Nonetheless, future events could generate significant
adjustments (upward or downward) in coming years, which would be made prospectively,
in accordance with prevailing regulations, to recognise the impact of the change in the
estimate on the consolidated income statement for the years in question.

1.4. Shareholdings in credit institutions

In accordance with Article 20 of Royal Decree 1245/1995, of 14 July 1995, there follows a
list of the Entity’s shareholdings in domestic and foreign credit institutions, maintained by
the Group at December 31st 2007 and 2006 that exceed 5% of their capital or voting
rights:

Financial institution % shareholding

2007 2006

Banco Etcheverría, S.A. 44.73% 44.73%

CxG Crédito Familiar corporación Caixa Galicia, S.A., E.F.C. (*) 100% 100%

(*) Known before as Crediter, S.A., E.F.C. as at December 31st 2006.

At December 31st 2007 and December 31st 2006, no domestic or foreign credit institution
or groups within the meaning of Article 4 of the Securities Market Law, formed by a
domestic or foreign credit institution, owns a shareholding or 5% or more in the capital or
voting rights of any credit institution that should be regarded as a Group entity.

21
1.5. Agency agreements

The Group has no agency agreements or relations with third parties for the negotiation or
arrangement of banking transactions.

Without prejudice to the foregoing, the Group has entered into certain agreements with
individuals and legal entities in order to secure business although they have not been
granted powers to negotiate or formalise such business. In no event may they therefore
be classed as Agents for the purposes of Royal Decree 1542/95, 14 July 1995, and Bank
of Spain Circular 6/2002.

1.6. Environmental impact

The Entity’s overall operations are governed by Regional, Central Government and local
environmental legislation applicable to its facilities and operations for the protection of the
environment (Regulations (EC), laws, orders and bylaws).

Caixa Galicia believes that it has applied suitable measures to guarantee legal
compliance, by implementing an Environmental Control System in line with the
International Standard ISO 14001. This system promotes environmental protection and
minimises the environmental impact.

During 2007 Caixa Galicia included some centres in the EMAS II Register, an initiative
whereby it complements the implementation of correct environmental management
through the abovementioned ISO certification. This voluntary instrument, in addition to
minimizing the environmental impact by our entity in aspects such as lower energy
consumption, the reduction of emissions or correct waste management, guarantees full
compliance with environmental legislation.

1.7. Minimum ratios

1.7.1. Minimum equity ratio

Minimum equity requirements in Credit Institutions in Spain, at the level of individual

companies and of consolidated groups, are laid down in Law 13/1992, dated 1 June,
enabled by Royal Decree 1343/1992, and the Order dated 10 December 1992, as
well as by Bank of Spain Circular 5/1993, 26 March 1993, and successive
amendments, that includes Circular 2/2006, 30 June 2006.

At December 31st 2007 and 2006, the Group’s computable equity exceeded the
amount required by those regulations.

22
 1.7.2. Minimum reserves ratio

In accordance with monetary circular 1/1998, 29 September 1998, that came into
effect on 1 January 1999, the ten-year cash ratio was replaced with the minimum
reserve ratio.

At December 31st 2007 and 2006, and throughout 2007 and 2006, the consolidated
entities complied with the minimum ratios required by applicable Spanish
regulations.

1.8. Deposit guarantee fund

The Entity is a member of the Deposit Guarantee Fund.

In 2007 the expense incurred as a result of the contributions made to these bodies
amounted to €4,905k (€4,118k in 2006), which has been recorded under “Other operating
expenses” in the accompanying consolidated income statement (Note 46).

1.9. Post-Balance-sheet events

The Group issued mortgage debentures totalling €100k million in January 2008. Likewise
a securitisation operation was performed with the transfer of mortgage loans amounting to
€900 million to “Serie AyT Colaterales Global Hipotecario Caixa Galicia I, F.T.A.”

On March 14th 2008, the Group has signed a preliminary agreement, for the sale of part of
its tangible fixed assets.

2. Accounting principles and policies and measurement methods applied

During the preparation of the Group’s 2007 and 2006 consolidated annual accounts, the
following accounting principles and policies and measurement methods have been
applied:

23
2.1 Consolidation

2.1.1 Subsidiaries

“Subsidiaries” are those in which the Entity has the capacity to exercise control. This is
generally, though not exclusively, reflected by the direct or indirect ownership of at least
50% of the voting rights or, if lower, or where no voting rights are held, by other
circumstances or agreements with shareholders that give control to the Entity. In
accordance with prevailing legislation, control is deemed to be the power to direct an
entity’s financial and operational policies in order to benefit from its activities. Appendix I
to these Notes contains significant information on these companies.

The subsidiaries’ annual accounts are consolidated with those of the Entity using the full
consolidation method, as stipulated in prevailing regulations. Consequently, all significant
balances deriving from transactions between the fully-consolidated companies have been
eliminated during consolidation. Additionally, third-party interests in the:

x Group’s equity, are presented in “Minority interests” in the consolidated

balance sheet (Note 24);

x Consolidated results for the year, are presented in “Profit or loss

attributed to minority interests” in the consolidated income statement (Note
24).

Results generated by subsidiaries acquired by the Group during the year are consolidated
taking into account only the amounts for the period running from the acquisition date to
the year end. Results generated by subsidiaries sold during the year are consolidated
taking into account only the amounts for the period running from the beginning of the year
to the date of sale.

2.1.2. Joint ventures

Joint ventures are contractual agreements under which two or more entities (members)
carry out transactions or hold assets such that any strategic, financial or operational
decision that affects them requires the unanimous consent of all members. Such
transactions or assets are not included in different financial structures from those of the
members.

24
The assets and liabilities assigned to joint ventures and the assets that are controlled
jointly with other members are presented in the consolidated balance sheet, classified on
the basis of their specific nature. Similarly, revenues and expenses arising on joint
ventures are presented in the consolidated income statement according to their nature.

“Joint ventures” are also shareholdings in entities that are not subsidiaries and are
controlled jointly by two or more unrelated entities.

The annual accounts of those investees classified as joint ventures are consolidated with
those of the Entity using the proportionate consolidation method such that the balances on
the consolidated balance sheet and consolidated income statement are aggregated and
the balances and the effects of the transactions carried out with Group companies are
eliminated solely in the proportion that the Group’s shareholding represents in the capital
of these entities.

Appendix II provides relevant information on these companies.

2.1.3. Associates

Associates are all entities over which the Entity has significant influence but not control or
joint control. Significant influence generally accompanies a direct or indirect shareholding
of 20% or more of the voting rights.

In the consolidated annual accounts, associates are consolidated using the equity
method, as defined in prevailing legislation.

Should an associate recognise negative equity as a result of losses, the consolidated

balance sheet shows a zero balance, unless the Group is required to provide financial
support.

Appendix III provides relevant information on these companies.

In 2007 and 2006 the Group has not included in the consolidation Regasificadora del
Noroeste, S.L. in which it has a 25.93% shareholding, on the grounds that the “quasi-
corporate” agreements preclude the Group from exercising significant influence in that
company.

25
2.2. Financial instruments

2.2.1. Initial recognition of financial instruments

Financial instruments are initially recognised in the consolidated balance sheet when the
Group becomes party to the relevant contract, in accordance with the terms of that
contract. Specifically, debt instruments such as loans and deposits in cash are recognised
as from the date on which the legal right to receive or the legal obligation to pay the cash
is generated, respectively. In general, derivative financial instruments are recognised on
the date they are contracted.

Purchases and sales of financial assets arranged through conventional contracts,

understood as those contracts under which the parties’ reciprocal obligations must be
fulfilled within a timeframe established by regulations or market convention and which may
not be settled by differences, such as stock market contracts or currency forwards are
accounted for from the date on which the benefits, risks, rights and duties inherent in all
ownership are transferred to the acquirer. Depending on the type of financial asset
purchased or sold, this may be the contract date or the settlement or delivery date.
Specifically, transactions performed on the foreign exchange spot market are recognised
at the settlement date, transactions performed using equity instruments traded in Spanish
securities markets are recorded at the contract date and transactions performed using
debt instruments traded on Spanish securities markets are recognised at the settlement
date.

2.2.2. Disposal of financial instruments

A financial asset is written off the consolidated balance sheet in any of the following
circumstances:

x The contractual rights to the cash flows generated have expired; or

x The financial asset, together with its substantial risks and returns, is transferred or
control is transferred, even where risks and returns are not substantially
transferred or retained (Note 2.7).

A financial liability is written off the balance sheet when the obligations generated were
extinguished or when it has been re-purchased by the Group for either re-placement or
settlement.

26
2.2.3. Fair value and amortised cost of financial instruments

The fair value of a financial instrument at a given date is understood to be the amount at
which it may be purchased or sold at that date between duly informed parties in an arm’s
length transaction. The most objective and common reference value for a financial
instrument’s fair value is the price that would be paid in an organised, transparent and
deep market (“quoted price” or “market price”).

In the absence of a market price for a specific financial instrument, its fair value is
estimated on the basis of recent transactions involving similar instruments or, failing this,
using valuation techniques that are acceptable to the international financial community,
taking into account the specific features of the instrument to be measured and, above all,
the different types of associated risks.

Specifically, the fair value of held-for-trading derivative financial instruments traded in

organised, transparent and deep markets is the same as their daily market price. If, in
exceptional circumstances, the price cannot be established on a given date, they are
measured using similar methods to those applied to derivatives not traded in organised
markets.

The fair value of derivatives not traded on organised markets, or traded on organised
markets that are not deep or transparent, is equal to the sum of the future cash flows
generated by the instrument, discounted at the measurement date (“present value” or
“theoretical close”), employing valuation techniques accepted by the financial markets.

Amortised cost is the acquisition cost of a financial asset or liability adjusted (upward or
downward) for capital and interest repayments and, where applicable, for the (higher or
lower) portion (recognised in the consolidated income statement by applying the effective
interest method) of the difference between the initial amount and the repayment value of
the financial instruments. The amortised cost of financial assets also includes impairment
adjustments.

The effective interest rate is the discount rate that brings the initial value of a financial
instrument exactly into line with total estimated cash flows throughout its residual life. In
the case of fixed-income financial instruments, the effective interest rate is equal to the
contractual rate defined on acquisition, adjusted for commissions and transaction costs
that must be included in the calculation of the effective interest rate, under IAS 39. The
effective interest rate for variable-rate financial instruments is estimated in the same way
as for fixed-income transactions, and is recalculated at each interest review date stated in
the contract, taking into consideration changes in the transaction’s future cash flows.

27
2.2.4. Classification and measurement of financial assets and liabilities

Financial instruments are classified into the following categories in the Group’s
consolidated balance sheet:

Financial assets and liabilities at fair value through profit and loss: this category is
made up of financial instruments classified as trading portfolio and other financial assets
and liabilities classified at fair value through the income statement:

x Financial assets included in the trading portfolio are those assets

acquired in order to be realised in the short term or which form part of a
portfolio of financial instruments identified or managed jointly for which there is
evidence of recent actions taken to obtain short-term gains, and derivative
financial instruments not designated as hedge instruments, including
instruments segregated from hybrid financial instruments in accordance with
applicable regulations.

x Financial liabilities included in the trading portfolio are those liabilities

issued in order to be repurchased in the near future or that form part of a
portfolio of financial instruments identified or managed jointly for which there is
evidence of recent actions to obtain short-term gains, short positions in
securities arising from sales of assets acquired under non-optional repurchase
agreements and loans of securities, and derivative financial instruments not
designated as hedge instruments, including instruments segregated from
hybrid financial instruments in accordance with applicable regulations.

x Other financial assets or liabilities at fair value through profit and loss are
those hybrid financial instruments which are simultaneously made up of an
implicit derivative and a principal financial instrument which do not form part of
the trading portfolio and for which, while complying with the requirements
contained in prevailing legislation to record separately the implicit derivative
and principal financial instrument, such separation cannot be effected.

28
Financial instruments classified as at fair value through the income statement are initially
carried at fair value and any changes in fair value are subsequently recorded with a
balancing entry in “Gains or losses on financial assets and liabilities” in the consolidated
income statement, except for changes in that fair value due to accrued return on financial
instruments other than derivatives held for trading which should be recorded under
“Interest and similar income”, “Interest expenses and similar charges” or “Return on equity
instruments” in the consolidated income statement, by nature. The returns on debt
instruments included in this category are calculated using the effective interest method.

Held-to-maturity investment portfolio: This includes debt securities with fixed maturities
and identified or identifiable cash flows that are classified by the Group from the outset
and at any subsequent date based on the intention and financial capacity to hold them to
maturity.

The debt securities included in this category are initially carried at fair value, as adjusted
for transaction costs directly attributable to the acquisition of the financial asset, which are
recognised in the income statement using the effective interest method, defined in current
legislation. They are subsequently carried at amortised cost, calculated based on the
effective interest rate.

The interest accrued on these securities, calculated using the effective interest method, is
recognised in the caption “Interest and similar income” in the income statement. Exchange
differences on securities denominated in foreign currency other than the euro included this
portfolio are accounted for in Note 2.4. Possible impairment losses on these securities are
recorded as indicated in Note 2.8.

29
Loans and receivables: This category includes unlisted debt securities, financing
provided to third parties arising from the ordinary credit and loan activities carried out by
consolidated entities and debts incurred by asset buyers and by service users. It also
includes finance lease transactions where the consolidated entities are the lessors.

The financial assets included in this category are initially carried at fair value, as adjusted
for commissions and transaction costs directly attributable to the acquisition of the
financial asset and which, under applicable regulations, must be recognised in the
consolidated income statement using the effective interest method. Following acquisition,
the assets acquired in this category are carried at amortised cost.

Assets acquired at a discount are recorded at the cash amount paid and the difference
between the repayment value and that cash amount is recognised as financial income
applying the effective interest method during the period to maturity.

In general, the consolidated companies intend to hold the loans and credits granted to
their final maturity dates and they are therefore carried at amortised cost in the
consolidated balance sheet.

The interest accrued on these securities, calculated using the effective interest method, is
recognised in the caption “Interest and similar income” in the consolidated income
statement. Exchange differences on securities denominated in foreign currency other than
the euro, included in this portfolio are accounted for as indicated in Note 2.4. Possible
impairment losses on these securities are recorded as indicated in Note 2.8. Debt
securities included in fair value hedging are recorded as mentioned in Note 2.3.

Available-for-sale financial assets: This category includes debt securities not classified
as held to maturity, such as credits, loans and discounts, or as at fair value through the
income statement, and equity instruments owned by the Group relating to entities which
are not subsidiaries, joint ventures or associates, which have not been classified as at fair
value through the income statement.

The instruments included in this category are initially measured at fair value, as adjusted
for transaction costs directly attributable to the acquisition of the financial asset, which are
recognised in the consolidated income statement using the effective interest method, to
maturity, unless the financial assets have no fixed maturities, in which case they are taken
to the income statement when they become impaired or are written off the consolidated
balance sheet. Following acquisition, the financial assets included in this category are
carried at fair value.

30
Nonetheless, equity instruments whose fair value cannot be determined in a sufficiently
objective manner are carried at cost in these consolidated annual accounts, net of
impairment calculated as explained in Note 2.8.

Balancing entries are made in “Interest and similar income” (calculated using the effective
interest method) and “Return on equity instruments” in the consolidated income
statement, with respect to changes in the fair value of financial assets classified as
available for sale, relating to interest or dividends accrued, respectively. Impairment
losses on these instruments are recorded as mentioned in Note 2.8. Exchange differences
on financial assets denominated in foreign currency other than the euro are accounted for
as mentioned in Note 2.4. Changes in fair value of financial assets covered by fair value
hedges are stated as mentioned in Note 2.3.

A balancing entry is made in “Equity – Valuation adjustments – Available-for-sale financial

assets”, in the Group’s equity, with respect to the remaining changes to the fair value from
the acquisition date of available-for-sale financial assets, until the financial asset is written
off, when the balance is taken to “Gain or losses on financial assets and liabilities” in the
consolidated income statement.

Financial liabilities at fair value through equity: This category includes those financial
liabilities associated with financial assets classified as available for sale and which
originate in asset transfers and should be carried at fair value through equity.

Financial liabilities at amortised cost: This category of financial instruments relates to

financial liabilities that are not included in any of the previous categories. The financial
liabilities included in this category are initially carried at fair value, as adjusted for
transaction costs directly attributable to their issue, which are recognised in the
consolidated income statement to maturity using the effective interest method.
Subsequently, they are carried at amortised cost, calculated by means of the effective
interest method.

31
The interest accrued on these assets, calculated using the effective interest method, is
recognised in the caption “Interest expense and similar charges” in the consolidated
income statement. Exchange differences on securities included in this portfolio and
denominated in foreign currency other than euro are accounted for as mentioned in Note
2.4. Financial liabilities included in fair value hedging are recorded as mentioned in Note
2.3.

This notwithstanding, financial instruments that must be treated as non-current assets

held for sale in accordance with prevailing regulations are recognised in the consolidated
annual accounts as explained in Note 2.19.

2.3 Hedging and mitigation of risks

The Group uses financial derivatives as part of its strategy to limit its exposure to interest
rate, market and foreign exchange risks, inter alia. When these transactions comply with
certain requirements contained in current legislation, such transactions are regarded as
“hedging”.

When the Group designates a transaction as a hedge, it does so as from the time of
inception of the transactions or the instruments included in those hedges, that hedge
being appropriately documented. When documenting these hedging transactions, the
instrument or instruments hedged and hedging instrument or instruments are properly
identified together with the nature of the risk which is intended to be hedged and the
criteria or methods followed by the Group to measure the efficiency of the hedge over the
term of the same, taking into account the risk that it is sought to cover.

Only transactions that are considered highly effective throughout the hedge term are
treated as hedge transactions. Hedging is considered highly effective if during the
envisaged term any changes in fair value or cash flows attributed to the risk covered in the
hedging of the financial instrument or instruments hedged are virtually fully offset by the
changes in fair value or cash flows, as appropriate, of the hedging instrument or
instruments.

32
In order to measure the efficiency of hedging defined as such, the Group analyses
whether from inception and to the end of the defined hedging period defined, changes in
fair value or cash flows of the hedged item which may be attributed to the hedged risk
may prospectively be expected to be offset almost completely by changes in fair value or
cash flows, as appropriate, of the hedging instrument or instruments and that
retrospectively the results of the hedge have fluctuated in a variation range of 80% to
125% with respect to the results of the item hedged.

Hedging transactions performed by the Group are classified as fair value hedges, i.e.,
they cover exposure to changes in fair value of financial assets or liabilities or firm
commitments not yet recognised or an identified portion of those assets, liabilities or firm
commitments, attributable to a risk in particular and provided that they impact the income
statement.

Specifically, with respect to financial instruments designated as hedged and hedging

items, the measurement differences in both the hedging items and hedged components –
in relation to the type of risk hedged – are recognised directly in the consolidated income
statement.

The Group interrupts hedge accounting when the hedging instrument expires or is sold,
when a hedge no longer meets the criteria for hedge accounting or when the transaction
ceases to be classified as a hedge.

Where fair value hedge accounting is interrupted as stated in the preceding paragraph, in
the case of hedged items carried at amortised cost, the value adjustments made for
hedge accounting purposes are recognised in the income statement until the maturity date
of the hedged items, applying the effective interest rate as recalculated on the interruption
date.

Moreover, the Group holds certain derivative financial instruments in order to mitigate
certain risks inherent in its operations which do not meet the conditions to be regarded as
hedging. In particular, the Entity has contracted certain credit-default-swaps through which
it hedges the credit risk on the related transactions. These derivative instruments are
recorded by the Entity as financial guarantees received (see Note 2.9).

33
2.4. Foreign currency transactions

2.4.1. Functional currency

The Group’s functional currency is the euro. All balances and transactions denominated in
currencies other than the euro are therefore foreign currency balances and transactions.

The equivalent value in euro of total assets and liabilities in foreign currency carried by the
Group at December 31st 2007 amounts to €1,642,447k and €1,878,922k, respectively
(€2,043,223k and €2,042,618k, respectively, at December 31st 2006). Approximately 64%
and 59% of those balances at December 31st 2007 and 2006 respectively, are in US
dollars while the remaining balances are entirely in currencies listed on the Spanish
market.

2.4.2. Foreign currency translation methods

Foreign currency balances are translated to euro in two consecutive stages:

x Translation of the foreign currency to the functional currency of Group entities, joint
ventures and entities measured using the equity method and

x Translation to euro of balances in entities consolidated or measured under the

equity method, for which the presentation currency is not the euro.

The functional currency of all Group entities or entities measured using the equity method
in the consolidated annual accounts agrees with the respective presentation currency.

Transactions in foreign currency carried out by consolidated entities or entities measured

using the equity method are initially recorded in the respective financial statements at the
equivalent value in the functional currencies resulting from applying the exchange rates in
force on the date on which the transactions are performed. The consolidated entities
subsequently translate the monetary balances in foreign currency to the functional
currency using the year-end exchange rate.

Additionally:

1. Non-monetary items carried at historical cost are translated into the functional
currency using the exchange rate prevailing at their acquisition date.

2. Non-monetary items carried at fair value are translated into the functional
currency using the exchange rate in force at the date on which fair value was
determined.

34
2.4.3. Exchange rates applied

The exchange rates used by the Entity to translate balances denominated in foreign
currencies into euro when preparing the annual accounts, on the basis of the above-
mentioned methods, are as follows:

Breakdown by currency type (1 euro =) 2007 2006

Pound sterling 0.73 0.67

US dollar 1.47 1.32
Canadian dollar 1.44 1.53
Swiss franc 1.65 1.61
Swedish krona 9.44 9.04
Norwegian krone 7.96 8.24
Danish krone 7.46 7.46
Japanese yen 164.93 156.93
Australian dollar 1.68 1.67

2.4.4. Accounting for exchange differences

Exchange differences arising from the translation of foreign currency balances into the
functional currency of the consolidated entities and branches are generally recognised at
their net amount in “Exchange differences (net)” in the consolidated income statement,
except for differences in financial instruments carried at fair value through the income
statement, which are recognised in the income statement together with any other changes
in their fair value.

This notwithstanding, exchange differences in non-monetary items whose fair value is

adjusted by means of a balancing entry in equity are recognised in “Valuation adjustments
– Exchange differences” in the consolidated balance sheet, until they are realised.

2.5. Recognition of revenue and expense

Set out below is a summary of the most significant accounting policies employed by the
Group to recognise income and expense:

2.5.1. Interest income and expense, dividends and similar items

In general, interest revenue and expense and similar items are accounted for on an
accruals basis, applying the effective interest method defined in prevailing
regulations. Dividends received from other companies are recognised in the income
statement when the consolidated entities become entitled to receive them.

35
 2.5.2. Commissions, fees and similar items

Revenue and expense relating to commissions and similar fees, which are not
included in the calculation of the effective interest rate of operations and/or do not
form part of the acquisition cost of financial assets or liabilities, except for those
carried at fair value through the income statement, are recognised in the income
statement using different methods depending on their nature. The most significant
methods used are explained below:

x Amounts associated with the acquisition of financial assets and liabilities

carried at fair value through the income statement are recognised in the
income statement at the payment date.

x Amounts arising from long-term transactions or services are recognised in

the income statement over the term of the transactions or services.

x Amounts relating to a one-off event are recorded in the income statement

when that event takes place.

2.5.3. Non-financial income and expense

These amounts are accounted for on an accruals basis.

2.5.4. Deferred collections and payments

Deferred collections and payments are carried at the amount obtained by

discounting forecast cash flows at market rates.

2.6. Offset of balances

Only debtor and creditor balances arising on transactions which, under contract or
legislation, provide for possible offset and are to be settled at their net amount, or
simultaneously realised and paid, are offset and therefore presented in the consolidated
balance sheet at their net amount.

36
2.7. Transfers of financial assets

The accounting treatment of transfers of financial assets is subject to the manner in which
the risks and returns associated with the assets are transferred to third parties.

x If all the risks and benefits of the assets transferred are substantially transferred to
third parties, such as in unconditional sales, sales under repos at fair value on the
repurchase date, sales of financial assets with a call option acquired or put option
issued deeply “out of the money”, asset securitisation in which the assignor retains
no subordinated financing and nor grants any type of credit enhancement to the new
holders and other similar situations, the financial instrument transferred is written off
the balance sheet and at the same time any right or obligation retained or created as
a result of the transfer is recognised.

x If the risks and benefits associated with the financial asset transferred are
substantially retained, such as in sales of financial assets under repos at a fixed
price or at the selling price plus interest, security lending contracts under which the
borrower is required to return the same or similar assets, the securitisation of
financial assets in which subordinated financing is maintained or other types of
credit enhancement that substantially absorb expected credit losses on securitised
assets and other analogous cases, the financial asset transferred is not written off
the balance sheet and continues to be measured using the same criteria as those
used prior to the transfer. Conversely, the following items are recognised and not
offset:

x An associated financial liability in an amount equal to the price received, which

is subsequently measured at amortised cost.

x Both revenue from the financial asset transferred but not written off and
expense from the new financial liability.

x If neither the risks nor benefits associated with the financial asset transferred are
substantially transferred or retained, as in the sale of financial assets with a call
option acquired or a put option issued which are not deeply “in the money” or “out of
the money”, financial asset securitisation in which the assignor assumes
subordinated financing or other types of credit enhancements for part of the asset
transferred etc and other similar cases, the following distinction is made:

x Where the assignor does not retain control of the transferred financial asset: in
this case, the asset transferred is written off the balance sheet and any right or
obligation retained or created as a result of the transfer is recognised.

37
 x Where the assignor retains control of the transferred financial asset: the asset
continues to be recognised in the balance sheet at an amount equal to its
exposure to value changes that could arise, also recognising an associated
financial liability. The net amount of the asset transferred and associated
liability will be the amortised cost of the rights and obligations retained if the
asset transferred is measured at amortised cost or the fair value of the rights
and obligations retained, if the asset transferred is measured at fair value.

Accordingly, financial assets are only written off the balance sheet when the cash flows
they generate have been exhausted or when related risks and returns have been
substantially transferred to third parties.

Note 34.5 summarises the most significant circumstances of the main asset transfers
recorded at the 2007 and 2006 year end.

2.8. Financial asset impairment

A financial asset is deemed to be impaired and its carrying amount is therefore adjusted in
order to reflect the effect of impairment on the basis of objective evidence of the following
events:

x In the case of debt instruments (loans and debt securities), an adverse impact
on the future cash flows estimated when the transaction was completed is identified.

x In the case of equity instruments, their carrying amount cannot be fully

recovered.

As a general rule, the impairment adjustment to the carrying amount of financial

instruments is charged to the consolidated income statement for the period in which
impairment arises and any recoveries of previously recorded impairment losses are
recognised in the consolidated income statement for the period in which the impairment is
reversed or reduced.

Where the recovery of an impairment loss is deemed remote, the relevant amount is
eliminated from the consolidated balance sheet, notwithstanding any collection actions
that may be taken by the consolidated entities until their rights are definitively extinguished
due to lapsing, remission or other causes.

38
The methods applied by the Group to identify possible impairment losses for each
category of financial instruments and to calculate accounting provisions for impairment are
described below:

2.8.1. Debt instruments measured at amortised cost

Impairment losses on such instruments are equal to the positive difference between their
respective carrying amounts and the present value of their estimated future cash flows.
The market value of listed debt instruments is treated as a reasonable estimate of the
present value of future cash flows.

When estimating future cash flows on debt instruments, the following is taken into
account:

x All amounts that are expected to be obtained over the remaining life of
the instrument, even, if appropriate, those that may result from the guarantees
arranged (following the deduction of the necessary costs involved in
foreclosure and subsequent sale). Impairment losses take into account the
possible collection of interest accrued, due and not collected.

x The different types of risk to which each instrument is subject and

x The circumstances in which collection will presumably take place.

Subsequently, such cash flows are discounted at the instrument’s effective interest rate
(where a fixed rate was contracted) or at the effective contractual interest rate at the
discount date (where a variable rate was contracted).

As regards impairment losses caused by the insolvency of a party liable for payment
(credit risk), a debt instrument is impaired owing to insolvency:

x When there is evidence of a reduction in the party’s payment capacity due to

default or other causes, and/or

x In the event that country-risk materialises, in respect of debtors resident in a

country affected by circumstances other than ordinary commercial risks.

39
The following process is followed to assess potential impairment losses on these assets:

x Individually, for all significant debt instruments and those which, though not
significant, cannot be classified into homogenous groups of instruments of a similar
type, borrower business sector and geographic area, guarantee type, age of past
due amounts, etc.

x Collectively: The Group classifies operations into different groups based on

the nature of the liable parties and the circumstances in their countries of residence,
status of the operation and type of guarantee, age of past due amounts, etc. and, for
each risk group, establishes the impairment losses (“identified losses”) that must be
recognised in the consolidated entities’ financial statements.

Assets provisioned individually are classified as Doutbful Assets and Substandard Assets
as established by the Bank of Spain’s Circular 4/2004 (see Note 10.3).

In addition to the specific covers for impairment indicated above, the Group covers against
the inherent losses incurred in debt instruments not carried at fair value through the
income statement and the contingent risks classified as normal risk using collective cover.
Such collective cover which relates to the statistical loss is arranged taking into account
historical experience of impairment and other circumstances known at the time of
assessment and relates to inherent losses incurred at the date of the financial statements,
calculated using statistical procedures, and which have yet to be assigned to specific
transactions.

Since it does not have sufficient and statistical experience of its own in this respect, the
Group has used the parameters established by the Bank of Spain, based on its sector
experience and information, which determine the method and amount to be used to cover
inherent impairment losses incurred in debt instruments and contingent risks classified as
normal risk, which are changed regularly on the basis of the development of the data in
question. This method for determining coverage of impairment losses incurred in debt
instruments is carried out through the application of percentages to debt instruments not
measured at fair value through the income statement and contingent risks classified as
normal risk. The aforementioned percentages vary on the basis of the classification of
those debt instruments under normal risk in the following subcategories: With no
appreciable risk, Low risk, Medium – low risk, Medium – high risk and High risk.

40
2.8.2. Available-for-sale debt instruments

Impairment losses on debt instruments included in the available- for- sale financial asset
portfolio, if applicable, are equal to the positive difference between the acquisition cost
(net of principal repayments) and fair value, after deducting any impairment loss
previously recognised in the income statement.

In the case of impairment losses arising from the insolvency of the issuer of available-for-
sale debt securities, the Group calculates the losses using the procedure explained above
in Note 2.8.1 for debt instruments carried at amortised cost.

Where there is objective evidence that the negative differences arising in these assets are
caused by impairment, the relevant amounts are removed from the Group’s caption
“Equity – Valuation adjustments – Available-for-sale financial assets” and the entire
amount accumulated to that date is recognised in the consolidated income statement.
Should all or part of the impairment losses be subsequently recovered, the recovery is
recognised in the income statement for the period in which the losses are recovered.

Similarly, negative differences in the measurement of debt instruments classified as "non-

current assets held for sale" which are recorded in the Group’s consolidated equity are
considered to be realised and therefore recognised in the consolidated income statement
at the time the assets are classified as non-current assets for sale.

2.8.3. Available-for-sale equity instruments

Impairment losses on debt instruments included in the available- for- sale financial asset
portfolio, if applicable, are equal to the positive difference between the acquisition cost
(net of principal repayments) and fair value, after deducting any impairment loss
previously recognised in the income statement.

The methods applied to measure impairment losses on available-for-sale equity

instruments are similar to those applied to debt instruments (as explained in Note 2. 8. 2.),
except for the fact that any recoveries are recognised in the caption “Equity – Valuation
adjustments – Available-for-sale financial assets”.

41
It is Entity policy, when considering financial asset impairment, to regard variable income
portfolio securities classified as available for sale as impaired when there is a fall in the
quotation price of more than 40% and this fall exists for a year and a half, in accordance
with current regulation.

Additionally, exceptions to the above will be considered to exist when there are
exceptional unforeseeable circumstances that entail a general fall in the quotation price.

2.8.4. Equity instruments measured at cost

Impairment losses on equity instruments measured at cost are equal to the difference
between their carrying value and the present value of expected future cash flows,
discounted at the market rate of return for other similar securities.

Impairment losses are recognised in the consolidated income statement for the period in
which they arise, directly reducing the cost of the equity instrument. Such losses may only
be recovered when the assets are sold.

2.9. Financial guarantees and related provisions

Financial guarantees are contracts in which an entity undertakes to pay specified sums for
the account of a third party in the event that payment is not made by the third party,
irrespective of the form of the obligation: guarantee deposit, financial or technical
guarantee, irrevocable documentary credit issued or confirmed by the entity, etc.

Financial guarantees, irrespective of the holder, form or other circumstances, are

analysed periodically in order to determine credit risk and, if applicable, estimate the need
for provisions. The methods employed are similar to those applied to calculate impairment
losses on debt instruments measured at amortised cost, as explained in Note 2.8.

Provisions for financial guarantees are recorded in the caption “Provisions – Provisions for
contingent exposures and commitments” under liabilities in the consolidated balance
sheet. A balancing entry is made in the caption “Provisioning expense (net)” in the
consolidated income statement in respect of provisions recognised and reversed.

When a provision is required for financial guarantees, commissions pending accrual on

the guarantees, carried in the consolidated balance sheet in the caption “Accrued
expenses and deferred income”, are reclassified to the relevant provision.

42
2.10. Accounting for leases

2.10.1. Finance leases

Finance leases are those in which substantially all the risks and rewards carried by the
leased asset are transferred to the lessee.

Whenever the consolidated entities act as lessors of an asset in a finance lease

transaction, the sum of the present values of the amount that will be received from the
lessee plus the guaranteed residual value, usually the purchase option price when the
lease terminates, are recorded as financing provided to third parties. It is therefore
included in “Loans and receivables” in the consolidated balance sheet, in accordance with
the nature of the lessee.

When the consolidated entities act as the lessees in a finance lease transaction, the cost
of the leased assets is recorded in the consolidated balance sheet on the basis of the
nature of the asset leased and a liability is carried in the same amount, which will be the
lower of the fair value of the leased asset and the sum of the present values of the
amounts payable to the lessor, plus, if appropriate, the purchase option exercise price.
These assets are depreciated at similar rates to those applied to the Group’s tangible
assets for own use (Note 2.14).

In both cases, the financial revenue and expense on finance leases is credited and
charged, respectively, to the consolidated income statement captions “Interest and similar
income” and “Interest expense and similar charges”, applying the effective interest method
on the lease to estimate accrual, calculated in accordance with prevailing legislation.

2.10.2. Operating leases

In operating leases, ownership of the leased asset and substantially all risks and rewards
of ownership are retained by the lessor.

Where the consolidated entities act as the lessors in operating lease agreements, the
acquisition cost of the leased asset is carried under “Tangible assets” in “Investment
properties” or “Other assets leased out under an operating lease”, depending on the
nature of the leased assets. Such assets are depreciated in accordance with the policies
adopted for similar tangible assets for own use and the revenue from lease contracts is
recognised in the consolidated income statement on a straight-line basis in the caption
“Other operating income”.

43
Where the consolidated entities act as the lessees in operating lease agreements, the
lease costs, including any incentives granted by the lessor, are charged on a straight-line
basis to the consolidated income statement caption “Other administrative expenses”.

2.11. Investment funds and pension funds managed by the Group

Investment and pension funds managed by the consolidated entities are not recognised in
the Group’s consolidated balance sheet as the fund assets are owned by third parties.
Fees accrued during the year for services rendered to the funds by the Group entities
(asset management, portfolio depository services, etc.) are recorded in “Fee and
commissions income” in the consolidated income statement. At December 31st 2007 and
2006 no investment and pension funds are being managed by the Group.

2.12. Staff costs

2.12.1. Post-employment commitments

Under the current collective agreement, the Entity is required to supplement the Social
Security benefits accruing to its employees, or to their beneficiary right holders, for
retirement, permanent disability, death of spouse and death of parent.

The Control Committee of the Employee Pension Plan of Caja de Ahorros de Galicia,
during its meeting of 13 November 2002, adopted certain agreements that amended
pension commitments existing to that date, as is detailed below:

Amendment of the Pension Plan in accordance with the provisions of the Collective
Agreement on Supplementary Pension Benefits dated 12 November 2002, writing the
entire content of the Agreement in through the following steps:

- Replacement of the previous benefit system with a defined contribution plan for
those workers who voluntarily accept the new system.

- Inclusion of serving and retired employees from the banking sector and from
Caja Rural de León in order to externalize their pension commitments, as defined
in the Collective Agreement.

44
 As a result, with respect to employees covered by the defined contributions plan,
the Control Committee amended the Pension Plan to incorporate past service rights and
obligations vis-à-vis beneficiaries relating to new commitments, commitments not included
in the plan and/or commitments not included in the previous Rebalance Plan, as laid down
in the Collective Agreement.

Since 31 December 2002, pension supplements for the Entity’s employees have been
covered as follows:

x Under a pension fund policy concluded with Intercaser, S.A. (for personnel retired
prior to 3 November 1988).

x Under the Pension Plan named “Empleados de Caja de Ahorros de Galicia, Plan de
Pensiones N-0348”, the only plan tied to the Pension Fund named “Empleados Caixa
Galicia, Fondo de Pensiones”, which is managed and partially underwritten by Caser, S.A.
and Bia Galicia de Seguros y Reaseguros, S.A. (for personnel retired since 3 November
1988, the Entity’s serving employees and employees from the banking sector and from
Caja Rural de León, as mentioned above).

x Under an internal fund that covers the actuarial liability accrued in respect of
pension supplements relating to serving employees who are not members of the external
Pension Plan and the actuarial liability accrued in respect of pension supplements relating
to personnel who took up the partial retirement and pre-retirement plans and the actuarial
liability that could result from possible future deviations in the performance of the actuarial
assumptions, calculated in accordance with current regulation.

In the Entity’s conversion process to the accounting policies contained in Bank of Spain
Circular 4/2004, the entire shortfall at that date relating to the Entity’s adaptation to the
requirements of the previous Bank of Spain Circular 5/2000 and current legislation was
recorded by charge to reserves in 2005 but with effects for accounting purposes from 1
January 2004.

Similarly, the Directorate General for Insurance has approved the Entity’s Rebalance
Plan, on the basis of which the relevant funds are effectively transferred to the Pension
Plan, interest accruing at the effective rate of 4% a year in respect of the amounts pending
amortisation.

The amounts effectively transferred in 2007 and 2006 amounted to €11,164k and
€13,075, respectively, being €45,622k and 56,786k at December 31st 2007 and 2006,
respectively, the amount yet to be transferred.

45
In order to determine post-employment commitments, the Entity has obtained the
following actuarial studies at December 31st 2007 and 2006, conducted by independent
actuaries, who have applied the following criteria, inter alia, in order to quantify them:

1. The calculation method used is the projected unit credit method which
considers each year of service as generating an additional unit of entitlement
to benefits and measures each unit separately.

2. The actuarial study calculations for defined benefit systems have been carried
out using the following assumptions:

2007 2006
Mortality tables:
- Serving employees GRM/F-95 GRM/F-95
- Retired employees (insurance policy PCP-1013) PERM/F-2000P PERM/F-2000P
- Retired employees PERM/F-2000P PERM/F-2000P
Technical interest rate:
- Serving employees 4% 4%
- Pre-retired employees 4% 4%
- Retired employees (policy PCP-1013) 4% 4%
- Retired employees 4% 4%
Salary increase rate: 2% 2%
Increase in Social Security contribution bases:
- External pension fund 2% 2%
- Internal pension fund 1% 1%
Pension revaluation rates 1% 1%

Similarly, with respect to any possible future differences between the actuarial
liability deriving from the application of the previous assumptions and that
which may finally derive from the real performance of the actuarial
assumptions, a provision has been recorded for the amount of the variations
resulting from the application of the criteria under new accounting legislation
in effect.

46
 3. The estimated retirement age of each employee is the first age at which he is
entitled to retire or the agreed age, as appropriate.

4. The fair value of the insurance contracts has been determined as the amount
of the mathematical reserves recorded by the relevant insurance company,
taking into account an expected rate of return of 4%.

Post-employment remuneration is accounted for as follows:

Defined contribution commitments

The contribution accrued during the year in respect of this item is recorded under
Personnel expenses in the income statement.

Defined benefit commitments

In the caption “Provisions – Provisions for pensions and similar obligations” on the
liabilities side of the balance sheet (or on the assets side, in the caption “Other assets –
Other”, depending on whether the difference is positive or negative and provided the
conditions laid down in new applicable regulations are fulfilled), the Entity recognises the
present value of its defined-benefit pension commitments, net of the fair value of the
assets that fulfill the requirements to be regarded as plan assets and of deferred past
service costs, as explained below.

Plan assets are assets linked to a specific defined-benefit commitment that will be directly
used to settle these obligations and that fulfill the following conditions: they are not owned
by the Entity but rather by a legally independent third party unrelated to the Entity, they
are only available to pay or finance employees’ post-employment remuneration and may
not be returned to the Entity, other than when the remaining plan assets are sufficient to
comply with all the obligations of the plan or Entity related to current or past employee
benefits or to return employee benefits already paid by the Entity.

If the Entity can require an insurance company to pay part or all the disbursement needed
to settle a defined benefit obligation, it being practically certain that that insurance
company will reimburse some or all the payments required to settle that obligation but the
insurance policy does not fulfill the conditions to be a plan asset, the Entity records its
reimbursement right under assets in the balance sheet under Pension-related insurance
contracts which, in other respects, is treated as a plan asset.

Actuarial gains and losses derive from differences between prior actuarial assumptions
and actual fact, and from changes in the actuarial assumptions used.

47
Actuarial gains or losses relating to the Entity’s post-employment commitments are
charged or credited to the income statement in the year they arise.

Past service costs resulting from changes to existing post-employment benefits or from
the inclusion of new benefits are recognised in the income statement over the period
commencing when the new commitments arise and ending on the date the employee
becomes irrevocably entitled to receive the new benefits.

Post-employment benefits are recorded in the income statement as follows:

x Current service costs, i.e. the increase in the present value of the obligations
arising from the services provided by employees in the current year, are
recognised in “Personnel expenses";

x Interest costs, i.e. the increase in the present value of the obligations that
occurs during the year due to the passage of time, are recognised in "Interest
expense and similar charges". Whenever the obligations are presented, net of
the plan assets, under liabilities, the cost of the liabilities recorded in the
income statement will correspond entirely to the obligations recorded under
liabilities. The amount recorded in respect of this item in the income statement
for 2007 has totaled €10,011k (€11,538k in 2006) (Note 36).

x The forecast return on assets assigned to cover commitments and losses and
gains at their value less any cost resulting from their administration and
relevant taxes, is recognised under Interest and similar revenues. The amount
recorded in respect of this item in the income statement for 2007 has totaled
€5,798k (€6,260k in 2006) (Note 35).

x Actuarial gains and losses and past services costs in “Provisioning expense
(net)” in the income statement.

48
2.12.2. Other long-term remuneration

2.12.2.1. Partial retirement and pre-retirement commitments

In 2007 and prior years the Entity offered certain employees the possibility of retiring
partially or under pre-retirement arrangements before reaching the retirement age
stipulated in the applicable collective agreement. In this respect, provisions were recorded
in 2007 and previous years to cover commitments entered into with these employees in
relation to salaries and Social Security charges from the pre-retirement date to the
effective retirement date.

For accounting purposes, pre-retirement commitments are recognised using the same
methods explained previously for defined-benefit commitments, with the exception that all
past service costs are recognised as soon as they arise.

2.12.2.2. Length of service awards

The Entity has entered into with its employees a commitment to pay them benefits
amounting to €1,000 and €2,000 after 25 years and 40 years of service in the Entity,
respectively.

The Entity records the liability accrued in respect of length of service awards under
“Provisions for pensions and similar obligations” in the balance sheet at December 31st
2007 and 2006.

2.12.3. Severance payments

Under current Spanish labour legislation, the Entity is required to make indemnity
payments to employees terminated without just cause. At December 31st 2007 and 2006
there is no staff redundancy plan making it necessary to record a provision in this
connection.

2.13. Corporate income tax

Expense arising from Spanish corporate income tax and similar taxes applicable to the
foreign consolidated entities is recognised in the consolidated income statement, except
where the tax expense arises from a transaction the results of which are recognised
directly in equity, in which case a balancing item is also recorded in the Group’s equity in
respect of that tax expense.

49
Income tax expense for the year is calculated as tax payable on taxable income for the
year, as adjusted for variations during the year in asset and liability balances arising from
temporary differences, tax credits and allowances, and tax-loss carryforwards (Note 27).

The Group considers that there is a temporary difference when there is a difference
between the carrying amount and the taxable amount of an asset or liability. The amount
attributed to an asset or liability for tax purposes is considered the tax base. A taxable
temporary difference is understood as that which will generate a future obligation for the
Group to pay the relevant Administration. A deductible temporary difference is understood
to be that which will generate for the Group some reimbursement right or a decrease in
the payment to be made to the relevant administration in the future.

Tax credits and allowances and tax credits for tax-loss carryforwards are amounts that,
though generated on completion of an activity or obtainment of a result, are not applied for
tax purposes in the relevant tax return until the conditions stipulated in tax legislation are
fulfilled, and provided the Group considers that application in future years is probable.

Current tax assets and liabilities are amounts that the Group expects to recover from or
pay to the corresponding tax administration within 12 months as from the date on which
they are recognised. Deferred tax assets and liabilities are amounts that the Group
expects to recover from or pay to the corresponding tax administration in future years.

Deferred tax liabilities are recognised for all taxable temporary differences. Nonetheless,
deferred tax liabilities resulting from the recording of goodwill are not recognised.

For its part, the Group only records deferred tax assets arising from deductible temporary
differences, credits for deductions or rebates or tax losses if the following conditions are
met:

x Deferred tax assets are only recognised in the event that it is considered
probable that the consolidated entities will record sufficient tax gains in the future
against which to utilise them; and

x Deferred tax assets deriving from tax losses have arisen due to causes
identified as unlikely to arise again.

50
Deferred tax assets and liabilities are not recognised when an asset or liability is initially
booked, which does not result from a business combination and which at the time of
recording has not affected the accounting or tax result.

At each accounting close, deferred tax assets and liabilities are analysed to ensure that
they remain valid and any necessary adjustments are made accordingly.

As mentioned in Note 27, Law 35/2006 has changed the tax rate applicable to the Entity's
results. Temporary differences pending reversal at December 31st 2007 and 2006 have
been valued by applying the rates detailed in that Note on the basis of the estimated year
of reversal.

2.14. Tangible assets

2.14.1. For own use

Tangible assets for own use comprise assets owned that the Group holds for current or
future use for purposes other than Welfare Projects or for the production or supply of
goods and which are expected to be used for more than one financial year. Among other
assets, this category includes property, plant and equipment received by the consolidated
entities to fully or partially settle financial assets representing debt claims against third
parties and which the Group plans to use itself on a continuous basis. Tangible assets for
own use are carried in the consolidated balance sheet at acquisition cost, which is the fair
value of any consideration paid plus all cash payments made or committed, less:

x The relevant accumulated depreciation; and

x If applicable, estimated losses calculated by comparing each asset’s carrying

amount with its recoverable amount.

To this end, the acquisition cost of assets received and included in the Group’s tangible
assets for own use, is equal to the carrying amount of the financial assets settled.

Depreciation is calculated using the straight-line method based on the acquisition cost of
the assets less their residual value. The land on which the buildings and other
constructions stand is understood to have an indefinite life and is not therefore
depreciated.

51
Annual depreciation of Tangible assets is charged with a balancing entry in “Depreciation
and amortization – Tangible assets” in the consolidated income statement and is basically
equivalent to the following depreciation rates (determined on the basis of years of
estimated useful lives , on average, of the different assets):

Annual rate

Buildings 2%
Furniture 8% to 14%
Installations 6% to 13%
Machinery and electronic equipment 25%

Automation equipment is depreciated using the declining balance method over a period of
4 years (40%, 30%, 20% and 10%).

At each accounting close, the consolidated entities check for internal or external
indications that the carrying amount of their Tangible assets exceeds the recoverable
amount, in which case the carrying amount of the asset in question is written down to its
recoverable amount and future depreciation charges are adjusted in proportion to the
adjusted carrying amount and the new residual useful life, if a new estimate is necessary.
If applicable, this write-down of Tangible assets is charged to the consolidated income
statement caption “Impairment losses – Tangible assets”.

Similarly, where there are indications that the value of impaired Tangible assets has been
recovered, the consolidated entities recognise the reversal of the impairment loss shown
in previous periods by crediting the consolidated income statement caption “Impairment
losses – Tangible assets” and adjusting future depreciation charges accordingly. The
reversal of the impairment loss on an asset in no event may entail an increase in its
carrying value in excess of the amount that would be carried had no impairment loss been
recognised in prior years.

Additionally, the estimated useful lives of Tangible assets for own use are reviewed at
least yearly to detect significant changes. If necessary, adjustments are made to
depreciation charges for future years in the consolidated income statement on the basis of
the new useful lives.

52
Repair and maintenance costs for tangible assets for own use are charged to the
consolidated income statement during the financial period in which they are incurred, in
the caption “Other administrative expenses”. Financial costs incurred to Tangible assets
for own use are recognised in the income statement when they accrue and do not form
part of the acquisition cost of the assets.

2.14.2. Investment properties

“Investment properties” in the consolidated balance sheet includes the carrying amounts
of land, buildings and other constructions held either for rental or to obtain a gain on the
sale of the property as a result of future market price increases.

The same methods applied to property, plant and equipment for own use (Note 2.14.1)
are used to recognise the acquisition cost, depreciation, estimated useful life and
impairment losses on investment property.

2.14.3. Assigned to Welfare Projects

The consolidated balance sheet caption “Tangible assets – Assigned to Welfare Projects”
includes the carrying amount of the property, plant and equipment used in the Entity’s
Welfare Projects (Note 33).

The methods applied to recognise the acquisition cost of assets assigned to Welfare
Projects, to depreciate them, estimate their respective useful lives and record any
impairment losses are the same as the methods described for property, plant and
equipment for own use (Note 2.14.1), the only exception being that the balancing entries
for depreciation and any impairment losses recognised and recovered in respect of these
assets are not recorded in the consolidated income statement but in the consolidated
balance sheet caption “Other liabilities – Welfare funds”.

2.15 Intangible assets

Intangible assets are identifiable non-monetary and non-physical assets that arise from
legal business or have been developed internally by the consolidated entities. Intangible
assets are only recognised when their cost may be reliably and objectively estimated and
the consolidated entities consider they will probably generate future economic benefits.

53
Intangible assets are initially recognised at acquisition or production cost and
subsequently measured at cost less, where appropriate, accumulated amortisation and
any impairment losses.

2.15.1. Goodwill

The excess of the cost of shareholdings in consolidated entities and in entities measured
using the equity method over their acquired carrying amounts, adjusted at the date of first
consolidation, is allocated as follows:

1. Where the excess may be allocated to specific components of the acquired

company’s equity, the value of assets (or liabilities) whose fair values are higher (or
lower) than the carrying amounts at which they were recognised in the balance
sheets of the acquired companies, is increased (or reduced) accordingly.

2. Where the excess may be allocated to specific intangible assets, it is

recognised directly in the consolidated balance sheet provided the fair value may be
reliably measured at the acquisition date.

3. Any remaining differences are carried as goodwill, which is allocated to one or

more specific cash-generating units.

Goodwill is only recognised when acquired for valuable consideration and therefore
represents advance payments made by the acquiring entity in respect of future economic
benefits deriving from the acquired entity’s assets that cannot be individually and
separately identified and recognised.

Goodwill acquired as from 1 January 2004 is shown at acquisition cost, while goodwill
acquired before that date is carried at the net amount recognised at 31 December 2003,
calculated in accordance with the regulations previously applied by the Group (Bank of
Spain Circular 4/1991,14 of June). In both cases, at each accounting close the Group
tests goodwill for any impairment that may have reduced its recoverable amount to below
the carrying amount. In this case, goodwill is written down and a balancing entry is made
in the caption “Impairment losses (net) – Goodwill” in the consolidated income statement.

Goodwill impairment losses are not subsequently reversed.

54
2.15.2. Negative goodwill

Negative differences between the cost of the shareholdings in the capital of consolidated
entities and Associates with respect to the relevant carrying values, adjusted at the date of
the first consolidation, are allocated as follows:

1. Where the excess may be allocated to specific components of the acquired

company’s equity, the value of liabilities (or assets) whose fair values are higher (or
lower) than the carrying amounts at which they were recognised in the balance
sheets of the acquired companies, is increased (or reduced) accordingly.

2. The remaining amounts which may not be allocated are recorded under “Other
gains” in the consolidated income statement for the year in which capital is acquired
in the consolidated entity or associate.

2.15.3. Other intangible assets

Intangible assets other than goodwill are carried in the consolidated balance sheet at
acquisition or production cost, net of accumulated amortisation and any impairment
losses.

Intangible assets are deemed to have indefinite useful lives where, on the basis of
analyses of all relevant factors, the conclusion is drawn that there is no foreseeable limit
to the period during which the assets are expected to generate net cash flows for the
Entity. The rest of the Group’s intangible assets are deemed to have definite useful lives.

Intangible assets with a definite life are amortised over their useful life at rates similar to
those applied to property, plant and equipment. The annual amortisation charge for these
intangible assets is carried in the consolidated income statement caption “Depreciation
and amortization – Intangible assets”.

For intangible assets with both an indefinite and definite use life, the consolidated entities
recognise any impairment in those assets through a balancing entry “Impairment losses
(net) – Other intangible assets” in the consolidated income statement. The methods
applied to recognise impairment losses on these assets and, if appropriate, the recovery
of impairment losses recognised in prior years are similar to those applied to tangible
assets (Note 2.14.1).

55
2.16 Inventories

This consolidated balance sheet caption records the non-financial assets that the
consolidated entities:

- Hold for sale in the ordinary course of business;

- Are in the process of making, building or developing for such purposes; or

- Plan to consume in the production process or in the provision of services.

Therefore land and other properties for sale or inclusion in property development are
considered inventories.

Inventories are stated at the lower of cost, which includes all amounts paid to acquire and
transform the inventories and all direct and indirect costs incurred to bring them to their
present condition and location, and net realisable value. The net realisable value of
inventories is their estimated selling price in the ordinary course of business, less the
estimated cost of completing production and selling expenses.

Decreases in and, if applicable, subsequent recoveries of the net realisable value of

inventories, below their carrying amount, are recognised in the consolidated income
statement in the financial year they are incurred, in the caption “Impairment losses (net) –
Other assets”.

The carrying amount of the inventories is written off the consolidated balance sheet and
recognised as an expense in the income statement caption "Cost of sales" if the sale
forms part of the consolidated Group’s ordinary business, or in the consolidated income
statement caption "Other operating expenses” in all other cases, in the period in which the
proceeds from the sale are recognised.

56
2.17. Provisions and contingent liabilities

When preparing the consolidated entities’ annual accounts, their respective directors
distinguish between:

x Provisions: creditor balances that cover obligations in force at the balance

sheet date deriving from past events that could give rise to financial losses for the
entities. Although such losses are regarded as probable and are specific in nature,
the amount and/or settlement date involved cannot be determined, and

x Contingent liabilities: possible obligations deriving from past events which may
materialise subject to one or more future events beyond the control of the
consolidated entities.

The Group’s consolidated annual accounts include all significant provisions for obligations
classed as probable. Contingent liabilities are not recognised in the consolidated financial
statements, although information is provided in accordance with applicable prevailing
regulations.

Provisions which are quantified using the best information available on the consequences
of the event that justifies them and are re-estimated at the year end are applied to meet
the specific obligations for which they were originally recognised and fully or partially
reversed should such obligations cease to exist or decrease.

At the 2007 and 2006 year end, a number of legal proceedings and claims had been
instigated against the consolidated entities, arising in the ordinary course of business. The
Group’s legal advisors and directors consider that the outcome of these proceedings and
claims will not have a significant impact on the financial statements for the years in which
the judgements are issued.

Provisions deemed necessary as stated above are charged or credited to the

consolidated income statement caption “Provisioning expense (net)”.

2.18. Consolidated cash flow statements

The terms employed in the consolidated cash flow statements have the following
meanings:

x Cash flows: Inflows and outflows of cash and cash equivalents, understood as
short-term investments which are highly liquid and involve a low risk of changes in
value.

57
 x Operating activities: typical credit institution activities and other activities that
may not be classified as investing or financing activities.

x Investing activities: acquisition, sale or disposal through other means of non-

current assets and other investments not included in cash and cash equivalents.

x Financing activities: activities that cause changes in the size and composition
of equity and liabilities and do not form part of operating activities.

When preparing the consolidated cash flow statement, “cash and cash equivalents”
consist of highly liquid current investments in respect of which the risk of value fluctuations
is low. Accordingly, the Group treats the following financial assets and liabilities as cash or
cash equivalents:

x The Group’s own cash, which is recognised in the consolidated balance sheet
caption “Cash and balances with central banks”.

x Debtor balances with central banks are recorded under “Cash and balances
with central banks” under assets on the consolidated balance sheet.

2.19. Non-current assets held for sale

“Non-current assets held for sale” on the balance sheet record the carrying value of the
individual items, included in a disposal group or which are part of the business unit that is
intended to be sold (discontinued operations) and where there is a high probability that the
sale will be made, under the conditions in which said assets are currently to be found,
within one year as from the date referred to in the consolidated annual accounts.

Non-current assets held for sale also include holdings in associates or joint ventures that
meet the requirements stated in the previous paragraph.

Consequently, the carrying amount of these items, which may be financial or non-financial
in nature, will foreseeably, be recovered through their selling price rather than through
continued use.

58
Specifically, investment property or other non-current assets received by the consolidated
entities from their debtors in full or partial settlement of obligations are treated as non-
current assets held for sale unless the consolidated entities have decided to use these
assets on a continuous basis.

Non-current assets held for sale are generally measured at the lower of their carrying
amount when they are recognised as such and their fair value net of estimated cost of
sales. While included in this category, tangible and intangible assets, subject to
depreciation and amortisation by nature, are not depreciated or amortised.

In the event that the carrying amount exceeds the fair value of the assets, net of cost of
sales, the Group adjusts the carrying amount of the assets by the amount of the excess
and makes a balancing entry in the caption “Impairment losses (net) – Non-current assets
held for sale” in the consolidated income statement. In the event that the fair value of the
assets were to increase at a subsequent date, the Group reverses the losses previously
recorded in the accounts, increasing the carrying value subject to the limit of the amount
prior to their eventual impairment, against “Impairment losses (net) – Non-current assets
held for sale” in the consolidated income statement.

2.20. Welfare Projects

The Welfare Projects fund is recorded in the caption "Other liabilities – Welfare funds" on
the consolidated balance sheet. Appropriations to said fund are accounted for as an
application of the Entity’s results.

The expenses relating to Welfare Projects are presented on the balance sheet as a
deduction from the Welfare Projects fund. Under no circumstances are they charged to
the consolidated income statement.

Tangible assets and the liabilities associated with Welfare Projects are presented in
separate captions on the consolidated balance sheet (Notes 15 and 22).

The amount of the Welfare Projects that is materialised in the form of the activities of the
Entity or another Group credit institution is recorded simultaneously as a reduction in the
Welfare Projects fund and as income in the consolidated income statement in accordance
with standard market conditions for this type of activities.

59
3. Distribution of the Entity’s results

The proposed distribution of the Entity’s net profit or loss for 2007 which the Board of
Directors will propose to the General Assembly for approval compared with that already
approved for 2006 is as follows:

€’000
2007 2006

Distribution:
Voluntary reserves 127,843 96,534
Welfare Projects fund 70,000 89,550

Profit distributed 197,843 186,084

Profit for the year 197,843 186,084

4. Business combinations

Among 2007, there have not been any meaningful operations of business combinations.

In the first quarter of 2006 the Entity acquired the 100% of the share capital of Crediter,
S.A. (nowadays known as CxG Crédito Familiar Corporación Caixa Galicia, S.A.,
E.F.C.)The purchase price of that shareholding was set at €9,717k. The net fair value of
the assets, liabilities and contingent liabilities of the acquiree at the time of acquisition of
the shareholding was estimated at €8,885k. The excess of the purchase price over the net
fair value of the acquiree’s assets, liabilities and contingent liabilities recorded in the
consolidated balance sheet, amounting to €832k, has been accounted for as goodwill,
deriving from the gains expected by the Entity’s Directors from the acquiree.

5. Business segment reporting

5.1 Segmentation criteria

Reporting by segment is structured on the basis of the Group’s business lines. A

geographic breakdown is not included as this is not considered to be significant, since the
Group performs practically all its activities within Spain, and the customer type is similar
throughout the country.

The business lines described below were established on the basis of the Group’s
organisational structure applicable in 2007, bearing in mind both the nature of the
products and services offered and the customer segments to which these are addressed.

60
In 2007, the Group centred its activities on the following major business lines:

1. Retail Banking
2. Finance and Capital Markets
3. “Corporación”
4. International Banking

The Retail Banking area covers the activities performed in Spain through Caixa Galicia’s
branch office network with individual customers, shops, small and medium-sized
enterprises and promoters. Included within the group of products and services offered are
on-demand and term savings products, mortgage loans, consumer loans, short and long-
term financing for companies and promoters, guarantees, direct debit and credit cards,
etc.

The Finance and Capital Markets area covers the following activities:

- Activities undertaken with large corporate customers both public and private and with
international financial institutions.

- The Group’s treasury activities on the money market and in variable income and the
work involving the creation of the public debt market.

- The Capital Markets activity, originating, syndication, the secondary market for
syndicated credits, securitisation, managing own issues, etc.

The “Corporación” area gathers the recurring results from the various companies that are
part of the consolidated Group.

The International Banking area covers the activities undertaken outside of Spain through
the offices operating in Portugal, Geneva and Miami.

5.2 Bases and methodology employed in segment reporting

Segment reporting is based on reports prepared from information supplied through an IT

management control application.

This information is structured as if each business line were an autonomous business.

The net interest income and ordinary income from the business lines are calculated by
applying transfers prices in line with currently applicable market rates to their
corresponding assets and liabilities. The yields from the equity portfolio are distributed to
the business lines on the basis of their participation.

61
Administration expenses include both direct and indirect costs and are distributed to the
business lines and the support service units on the basis of the internal usage of these
services.

The assets distributed between the various business segments include the trading and
securities portfolio and loans to financial institutions and customers, net of the provisions
for losses. The liabilities and equity distributed among the various business segments
include the marketable debt securities, deposits from credit institutions and customer
funds.

5.3 Business Segment Reporting

Business segment information (primary segments) for years 2007 and 2006 is disclosured
as follows:
Finance
Retail and Capital Internacional
2007 Banking Corporacion Markets Banking Total

Net Interest Income 622,574 (41,617) 49,645 13,018 643,620

Net Fee & Commissions 119,887 14,575 6,904 2,126 143,492

Finance Operations 5,550 350,117 71,239 - 426,906

Exchange Differences 302 - 181 83 566

Gross Income 748,313 323,075 127,969 15,227 1,214,584

Operating costs (430,928) (23,742) (21,166) (9,834) (485,670)

Net Operating Income 317,385 299,333 106,803 5,393 728,914

Impairment Losses (241,581) (30,868) 12,726 (6,648) (266,371)

Others 2,474 ( 914) (9,751) ( 230) ( 8,421)

Profit or Loss before Tax 78,278 267,551 109,778 (1,485) 454,122

62
 Finance
Retail and Capital Internacional
2006 Banking Corporacion Markets Banking Total

Net Interest Income 451,144 (80,841) 147,174 6,617 524,094

Net Fee & Commissions 90,652 11,766 14,906 1,355 118,679

Finance Operations - 328,803 30,309 - 359,112

Exchange Differences 337 - 113 ( 13) 437

Gross Income 542,133 259,728 192,502 7,959 1,002,322

Operating costs (358,594) (10,843) (15,116) (7,290) (391,843)

Net Operating Income 183,539 248,885 177,386 669 610,479

Impairment Losses (114,594) ( 697) (55,007) (6,247) (176,545)

Others 2,409 9,433 (2,379) ( 228) 9,235

Profit or Loss before Tax 71,354 257,621 120,000 (5,806) 443,169

5.4 Geographical Segmentation

The Group develops almost the 100% of its activity in Spain. Moreover, they follow the
same risk policy for all customers. Therefore, the Group considers just one geographical
segment for the whole activity.

63
6. Remuneration of the Board of Directors and Senior Management

6.1. Remuneration to the Board of Directors

The following table sets out a breakdown only of the remuneration accrued to the
members of the Entity’s Board of Directors, in their capacity as directors of the Entity, in
2007 and 2006:

DIRECTORS Short-term remuneration

Remuneration

Investment
Committee

Committee

Committee
Appointed

Appointed
committee
Directors
Board of

Other (*)
Welfare
Total
Name Total 2006
2007

Agustín Baamonde Díaz 10 - - - 3 2 15 12

María Mar Barcón Sánchez 6 - - - 2 - 8 13
Jose Manuel Cerredelo Ferreiro 9 19 - - - - 28 13
María José Domínguez Fernández 6 - - - - 2 8 4
Manuel Domínguez Rodríguez 8 - - - 3 2 13 12
Andrés Fernández-Albalat Lois 11 23 3 - - 2 39 32
Jesús Salvador Fernández Moreda 9 15 - - - - 24 11
Nuria Fraiz Gómez (*) - - - - - 1 1 5
Jose Antonio García Cardeso (*) - - - - - - - 6
Jose Hervella Vázquez 10 - - - - 1 11 5
José Jiménez Salvador (*) - - - - - - - 5
Francisco Loimil Garrido 8 - - 7 2 2 19 7
José Ramón López López (*) - - - - - - - 12
Jose Clemente López Orozco 7 - - - - - 7 3
Isaac Ventura Maceiras Rivas 10 - - - 3 2 15 12
Luís Pedro Mariño Tarrio (*) - - - - - - - 9
María Victoria Marín Valle 9 - - - 3 2 14 12
Cipriano Elías Martínez Álvarez 5 - - - 1 - 6 5
María Mosquera González 8 - - - 3 - 11 10
Gonzalo Ortiz Amor 10 - - 6 - - 16 5
Manuel Francisco Otero Echart 9 - - - 3 2 14 5
Alfonso Paz-Andrade Rodríguez 10 20 - - 3 - 33 17
Enrique Porteiro Tuñas 10 16 2 - - 1 29 24
Manuel Jesús Precedo Lafuente (*) - - - - - - - 3
José Antonio Rodríguez Fernández (*) - - - - - - - 6
Roberto Rodríguez García 10 21 - - - 2 33 20
José Rodríguez Reza (*) - - - - - - - 15
María Dolores Sánchez Marín 10 - - - 3 1 14 12
Mauro A. Varela Pérez 14 27 4 10 4 - 59 44
Jesús R. Victoria Meizoso (*) - - - - - - - 6
189 141 9 23 33 20 417 345
(*) Directors who resigned in 2006
(**) Includes attendance allowances of the Electoral Committee and General Assemblies, as appropriate.

64
6.2. Senior Management Remuneration

For the purposes of the preparation of these annual accounts, 13 members (13 members
in 2006) of the Entity’s Management Committee have been regarded as Senior
Management, considered for such purposes key personnel.

The table below shows the remuneration accrued to the Entity’s Senior Management, as
defined hereabove:

Short-term remuneration Post-employment benefits TOTAL

2007 2006 2007 2006 2007 2006

TOTAL 6,326 5,036 1,525 1,154 7,851 6,190

6.3. Other transactions performed with members of the Board of Directors and
Senior Management

In addition to the remuneration accrued during the year to the members of the Entity’s
Board of Directors and Senior Management indicated hereabove (see notes 6.1 and 6.2),
set out below is a breakdown of revenues and expenses recorded in the income
statement for 2007 and 2006 relating to transactions performed with the Entity:

Interest income Interest expense

2007 2006 2007 2006

Senior Management and members of the

Board of Directors 52 132 48 34

65
Similarly, set out below is a breakdown of asset and liability balances recorded in the
balance sheet relating to transactions with members of the Entity’s Board of Directors and
Senior Management at December 31st 2007 and 2006:

Assets- loans granted Assets-credit accounts

(gross amount) (gross amount)
2007 2006 2007 2006

Senior Management and members of the

Board of Directors 2,840 4,498 799 1,340

6.4. Post-employment benefits of former members of the Entity’s Board of

Directors and Senior Management

No amount has been recorded in the 2007 or 2006 income statement in respect of
pension commitments and similar obligations entered into by the Entity with former
members of its Board of Directors and former members of Senior Management.

7. Cash and balances with central banks

An analysis of the balances of this caption in the consolidated balance sheets as at

December 31st 2007 and 2006 is as follows:

€’000
2007 2006

Cash on hand 152,276 151,622

Deposits at Bank of Spain 1,745,420 546,676
Deposits at other central banks 3,910 1,802
Valuation adjustments (interest) 925 581

1,902,531 700,681

The balance under this caption does not include balances measured at fair value.

Bank of Spain Regulation 1998/15, of 1 December 1998, amended by Bank of Spain

Regulation /2000/8, of 31 August 2000, Bank of Spain Regulation /2002/3 of 18 April 2002
and Bank of Spain Regulation 2003/9 of 12 December 2003, requires credit institutions to
comply with the minimum reserve ratio on the basis of computable liabilities during the
established maintenance period. Minimum reserves to be recorded in the Bank of Spain
reserve account amount to €382,594k and €325,726k at December 31st 2007 and 2006,
respectively.

66
8. Financial assets and liabilities held for trading

8.1. Breakdown of the balance and maximum credit risk – debtor balances

Set out below is a breakdown of the financial assets included in this category at
December 31st 2007 and 2006, classified by geographic area where the risks are located,
by category of counterparty and type of instrument:

€’000
2007 2006
By counterparty categories:
Credit institutions 450,945 326,682
Other resident sectors 189,201 52,923
Other non-resident sectors 27,189 13,099

667,335 392,704

By instrument types:
Listed debt securities 5,227 5,449
Listed shares 242,324 54,300
Derivatives traded on organised markets 419,784 332,955

667,335 392,704
By geographic area
Spain 314,107 94,224
Other European Union countries 164,385 127,181
Rest of Europe 183,662 167,908
Rest of world 5,181 3,391

667,335 392,704

The carrying value recorded above reflects the Group’s maximum credit risk exposure in
relation to the financial instruments included.

67
8.2. Breakdown of the balance - creditor balances

Set out below is a breakdown of the financial liabilities included in this category at
December 31st 2007 and 2006, classified by geographic area where the risks are located,
by class of counterparty and type of instrument:
€’000
2007 2006

By counterparty categories:
Credit institutions 399,878 327,422
Other resident sectors 9,923 2,590
Other non-resident sectors 8,857 5,611

418,658 335,623

By instrument types:
Derivatives traded on organised markets - -
Derivatives not traded on organised markets 418,658 335,617
Other - 6

418,658 335,623

By geographic area
Spain 76,301 61,360
Other European Union countries 140,707 112,019
Rest of Europe 191,338 156,693
Rest of world 10,312 5,551

418,658 335,623

8.3. Trading derivatives

Set out below is a breakdown by type of inherent risk, of the fair value of the Group’s
derivatives held for trading and their notional value (on the basis of which future payments
and collections of these derivatives are calculated) at December 31st 2007 and 2006:
€’000
2007 2006
Notional Notional
Debtors Creditors value Debtors Creditors value

Exchange risk 80,158 76,418 4,728,331 53,273 44,509 3,721,173

Market risk 13,636 12,659 925,344 3,643 3,958 222,250
Interest rate risk 325,843 329,581 29,516,566 276,039 287,150 18,243,268
Other risks 147 - 100,000 - - -

Total 419,784 418,658 35,270,241 332,955 335,617 22,186,691

68
The notional amount of the contracts formalised does not represent the real risk entered
into by the Group since the net position in these financial instruments results from their
offset and / or combination.

Note 12 sets out the methods applied by the Entity to measure the financial instruments
classified in this category.

9. Available-for-sale financial assets

9.1. Breakdown of the balance and maximum credit risk

Set out below is a breakdown of the financial assets included in this category at
December 31st 2007 and 2006, classified by geographic area where the risks are located,
by category of counterparty and type of instrument:
€’000
2007 2006
By geographic area:
Spain 3,495,942 4,604,234
Other European Union countries 1,280,697 1,408,336
Rest of Europe 124,689 219,951
Latin America 4,181 1,005
Other 111,127 225,230

5,016,636 6,458,756
(Impairment losses) (*) ( 12,337) ( 16,781)
Other valuation adjustments ( 26,198) 4,813
Doubtful assets 10 10
4,978,111 6,446,798
By counterparty categories:
Credit institutions 414,934 47,337
Non-resident credit institutions 91,669 74,939
Resident Public Administrations 983,071 2,089,910
Other resident sectors 2,097,936 2,466,987
Other non-resident sectors 1,429,026 1,779,583

5,016,636 6,458,756
(Impairment losses) (*) ( 12,337) ( 16,781)
Other valuation adjustments ( 26,198) 4,813
Doubtful assets 10 10

4,978,111 6,446,798
By instrument types:
Debt securities: 3,347,892 4,044,023
Spanish public debt 983,071 2,089,910
Treasury Bills 42 24
Government bonds and debentures 758,878 1,820,381
Regional Government Public Debt 224,151 269,505
Foreign public debt 673,439 404,206
Issued by financial institutions 496,390 86,328
Other fixed-income securities 1,194,992 1,463,579

Other equity instruments: 1,668,744 2,414,733

Shares in Spanish companies 1,553,614 2,204,390
Shares in foreign companies 16,362 179,857
Participation units in assets of Investment Funds 98,768 30,486

5,016,636 6,458,756
Impairment losses (*) ( 12,337) ( 16,781)
Other valuation adjustments ( 26,198) 4,813
Doubtful assets 10 10
4,978,111 6,446,798
(*) This amount at December 31st 2007 and 2006 relates to impairment losses recorded to cover the credit risk.

69
The carrying value recorded above reflects the Group’s credit risk exposure in relation to
the financial instruments included.

The effective average interest rate of the debt instruments classified in this portfolio at
December 31st 2007 stood at 4.92% (4.17% at December 31st 2006).

At December 31st 2007 “Other equity instruments” mainly record the Group’s
shareholdings in Unión Fenosa, S.A. amounting to €705,657K representing 5.00% of its
share capital (€919,129k as at December 31st 2006 representing 8.00% of share capital),
in Sacyr Vallehermoso, S.A. amounting to €397,843K representing 5.00% of its share
capital (€640,518k as at December 31st 2006 representing 5.00% of its share capital), in
Astroc Mediterráneo, S.A. amounting to €30,298k representing 5.00% of its share capital
(€192,789k as at December 31st 2006 representing 4.00% of its share capital). In
addition, as at December 31st 2006 the shareholdings in Metrovacesa, S.A. amounting to
€173,094k which represented the 1.32% of its share capital and in Galp Energía SGPS,
S.A. amounting to €172,646k which represented the 3.00% of its share capital.

9.2. Past-due and impaired assets

At December 31st 2007 there are past due and impaired assets amounting to €10k (€10k
at December 31st 2006). There are no assets with past-due balances that have not been
considered impaired.

70
9.3. Credit risk coverage

At December 31st 2007 the Entity has recorded €12,337k as coverage of the credit risk
relating to assets in this portfolio (€16,781k at December 31st 2006). The table set out
below shows impairment losses in register to offset Available-for-sale financial assets
2007 and 2006.

2007 Movements with effect

on income statement
Balance at Balance at
31.12.06 Additions Recoveries Applications Other 31.12.07

Determined generally 16,781 - 4,444 - - 12,337

Total impairment losses 16,781 - 4,444 - - 12,337

2006 Movements with effect

on income statement
Balance at Balance at
31.12.05 Additions Recoveries Applications Other 31.12.06

Determined generally 15,414 5,922 - - (4,555) 16,781

Total impairment losses 15,414 5,922 - - (4,555) 16,781

71
10. Loans and receivables

10.1. Breakdown of the balance and maximum credit risk

Set out below is a breakdown of the financial assets included in this category at
December 31st 2007 and 2006, classified by geographic area where the risks are located,
by class of counterparty and type of instrument:

€’000
2007 2006
By geographic area
Spain 34,370,762 28,837,300
Other European Union countries 1,919,311 2,809,703
Rest of Europe 278,953 229,898
Latin America 462,084 408,155
Rest of world 279,722 171,795

(Impairment losses) ( 683,702) ( 470,855)

Other valuation adjustments 5,383 74

36,632,513 31,986,070

By counterparty categories:
Credit institutions 1,191,338 3,492,478
Resident Public Administrations 982,512 998,546
Non-resident public administrations 40,815 43,147
Other resident sectors 32,805,682 25,987,959
Other non-resident sectors 2,290,485 1,934,721

(Impairment losses) ( 683,702) ( 470,855)

Other valuation adjustments 5,383 74

Of which:
Interest accrued 124,424 89,514
Micro-hedging transactions 1,886 5,690
Premiums / discounts on assumption ( 20,071) ( 13,260)
Fees ( 100,856) ( 81,870)

36,632,513 31,986,070

By instrument types:
Variable interest credits and loans 31,331,322 25,219,940
Fixed income credits and loans 4,590,919 3,364,407
Securities acquired under repurchase agreements 388,322 1,414,428
Time deposits at credit institutions 507,268 1,323,362
Other 493,001 1,134,714

(Impairment losses) ( 683,702) ( 470,855)

Other valuation adjustments 5,383 74

36,632,513 31,986,070

72
The balances recorded above include an amount classified by the Group as doubtful
assets amounting to €278,378k at December 31st 2007 (€120,045k at December 31st
2006) (Note 10.2)

The carrying value recorded above reflects the Group’s maximum credit risk exposure in
relation to the financial instruments included.

The effective average interest rate of the debt instruments classified in this portfolio at
December 31st 2007 stood at 4.98% (3.92% at December 31st 2006).

10.2. Past-due and impaired assets

Set out below is a breakdown of those financial assets classified as credits, loans and
discounts and considered to be impaired due to the credit risk at December 31st 2007 and
2006 and those which, although not considered impaired, record some amount which is
past due at that date, classified on the basis of time elapsed from the due date of the
amount not paid at that date most outstanding on each operation:

Impaired assets at December 31st 2007 and December 31st 2006

€’000
Between Between Between
Up to 6 6 and 12 12 and 18 18 and 24 Over 24
months months months months months Total

Balance as at 134,905 72,981 30,400 13,716 26,376 278,378

st
December 31 2007
Balance as at 65,766 32,449 9,876 4,368 7,586 120,045
December 31st 2006

Impaired assets by counterparty categories break down as follows:

€’000
2007 2006

Other resident sectors 271,605 106,930

Other non-resident sectors 6,773 13,115

278,378 120,045

At December 31st 2007 and 2006 the amount of impaired assets relates in full to credits
and loans granted by the Group.

Assets with past due balances not regarded as impaired at December 31st 2007 and
December 31st 2006

Assets recording past due balances but which are not regarded as impaired at December
31st 2007 and 2006 amount to €503,766k and €218,021k, respectively.

73
The breakdown by period of time mentioned as at December 31st 2007 and 2006 is as
follows:

€’000
Between Between
Up to 1 month 1 and 2 months 2 and 3 months Total

Balance as at December 31st 2007 205.764 2.805 9.452 218.021

Balance as at December 31st 2006 311.651 7.035 185.080 503.766

The breakdown by counterparty caption is as follows:

€’000
2007 2006

Resident Public Administrations 11,445 11,770

Other resident sectors 440,418 192,814
Other non-resident sectors 51,903 13,437

503,766 218,021

The total amount of assets matured not regarded as impaired at December 31st 2007 and
2006 relates to credits and loans.

10.3. Credit risk coverage

Set out below is the movement for 2007 and 2006 in impairment losses recorded to cover
the credit risk and the accumulated amount of such losses at the beginning and end of
those years on debt instruments classified as loans and receivables:

Movement in Impairment losses for 2007:

Movements with effect

on income statement
Balance at Balance at
31.12.06 Additions Recoveries Applications Other 31.12.07

Doubtful assets 27.175 89.785 (7.829) (21.745) (24.182) 63.204

Substandard assets 3.379 76.031 - - - 79.410
Generic provision 440,301 100.787 - - - 541.088

Total impairment losses 470,855 266.603 (7.829) (21.745) (24.182) 683.702

74
Movement in Impairment losses for 2006:

Movements with effect

on income statement
Balance at Balance at
31.12.05 Additions Recoveries Applications Other 31.12.06

Doubtful assets 14.096 21.709 (4.002) (4.327) (301) 27.175

Substandard assets 31.756 - (28.377) - - 3.379
Generic provision 281,305 158,948 - - 48 440,301

Total impairment losses 327,157 180,657 (32,379) (4,327) (253) 470,855

The provision for substandard assets is calculated on the amount of the current risk as at
December 31st 2007 and 2006 amounting to 889,686k and 16,652k, respectively.

In the year 2007, because of the general economic climate, the Entity, the Group’s Parent
Company, has performed a specific analysis of its mortgage guaranteed loans to private
individuals. This analysis took into account of the effect that certain variables (such
changes in the interest rates and the value of the assets mortgaged) could have on
payment defaults in this portfolio. Based upon this analysis and applying criteria of
prudence, the Entity classified 215,838k as substandard assets and raised a provision of
27,791k. Both of these amounts are included in the balances referred to in the preceding
paragraph.

Additionally, during 2007 defaulting assets amounting to €2,058k were recovered

(€2,811k in the year 2006) and defaults amounting to€ 2,013k in 2007 and €1,459kk in
2006 were charged directly to the income statement (Note 30).

Impairment losses by counterparty categories break down as follows:

€’000
2007 2006

Other resident sectors 644,458 439,623

Other non-resident sectors 39,244 31,232

683,702 470,855

75
11. Held-to-maturity investments

11.1. Breakdown of the balance and maximum credit risk-

Set out below is a breakdown of the financial assets included in this category at
December 31st 2007 and 2006, classified by geographic area where the risks are located,
by category of counterparty and type of instrument:

€’000
2007 2006

By geographic area
Spain 540,591 613,759
Other European Union countries 353,493 504,538
Other 108,613 134,312

(Impairment losses) (3,784) ( 5,694)

998,913 1,246,915

By counterparty category
Resident credit institutions 41,971 40,967
Non-resident credit institutions 24,017 33,288
Resident Public Administrations 474,205 521,911
Other resident sectors 24,416 50,881
Other non-resident sectors 438,088 605,562

(Impairment losses) (3,784) ( 5,694)

998,913 1,246,915

By type of instrument:
Spanish public debt 474,204 521,911
Government bonds and debentures 474,204 521,911
Other fixed-income securities 528,493 730,698
Listed on organised markets 528,493 730,698

(Impairment losses) (3,784) ( 5,694)

998,913 1,246,915

The carrying value recorded above reflects the Entity’s maximum credit risk exposure in
relation the financial instruments included.

The effective average interest rate of the debt instruments classified in this portfolio as at
December 31st 2007 stood at 3.96% (3.88% as at December 31st 2006).

76
11.2. Past-due and impaired assets

There are no past-due or impaired assets in this portfolio as at December 31st 2007 and
2006.

11.3. Credit risk coverage

Set out below is the movement for 2007 and 2006 in impairment losses recorded to cover
the credit risk and the accumulated amount of such losses at the beginning and the end of
that year on debt instruments classified as held to maturity:

Movement for “Impairment losses” as at 2007:

Movements with effect

on income statement
Balance at Balance at
31.12.06 Additions Recoveries Applications Other 31.12.07

Determined generally 5,694 - 1,910 - - 3,784

Total impairment losses 5,694 - 1,910 - - 3,784

Movement for “Impairment losses” as at 2006:

Movements with effect

on income statement
Balance at Balance at
31.12.05 Additions Recoveries Applications Other 31.12.06

Determined generally - 1,139 - - 4,555 5,694

Total impairment losses - 1,139 - - 4,555 5,694

12. Hedging derivatives (debtors and creditors)

At December 31st 2007 and 2006 contracted derivatives designated as hedging and the
items hedged are mainly as follows:

x Interest Rate Swaps that hedge Customer Deposits, accruing interest at a fixed rate.

x Interest Rate Swaps that hedge fixed rate linked syndicated customer loans.

x Financial interest rate futures that hedge part of the Entity’s fixed rate debt portfolio.

x Call Money Swaps that mainly cover references of the Entity’s debt portfolio and inter-
bank deposits.

77
The measurement methods used to determine the fair value of derivatives have been the
discounted cash flow method to measure interest rate derivatives and the Montecarlo
technical simulation method to measure structured products with an optional component.

Fair value hedges

Set out below is a breakdown by inherent risk of the fair value and notional value of those
derivatives designated as hedging instruments in fair value hedging operations at
December 31st 2007 and 2006:

€’000
2007 2006
Notional Notional
Debtors Creditors value Debtors Creditors value

Price risk - - - - - 75,502

Interest rate risk 178,124 419,365 7,846,870 113,681 214,705 9,460,409
Other risks - - - - - -

Total 178,124 419,365 7,846,870 113,681 214,705 9,535,911

The notional amount of the contracts executed does not represent the real amount
assumed by the Group in relation to such instruments.

The Group applies fair value hedge accounting mainly to those operations where it is
exposed to changes in the fair value of certain assets and liabilities which are sensitive to
interest rate fluctuations, i.e., mainly assets and liabilities linked to a fixed interest rate,
which is transformed into variable interest through the relevant hedging instruments.

78
13. Non-current assets held for sale

At December 31st 2007 and 2006 the balances under these balance sheet captions break
down as follows:

€’000
2007 2006

Foreclosure assets 17,508 5,970

Residential assets 14,866 3,284
Industrial assets 1,907 1,982
Agricultural assets 354 388
Other assets 381 316

Investment properties 1,262 1,224

Residential assets 881 876
Industrial assets 44 12
Agricultural assets 315 316
Other assets 22 20

Total 18,770 7,194

Non-current asset sales are made in cash, except unless a deferral is necessary over a
prudent timeperiod, provided that there is a real property guarantee securing that deferral
and the Group’s interests are upheld through appropriate legal arrangements. Where the
sale is financed through loans granted by the Group, such loans are granted under usual
financial and risk terms and conditions for customers.

14. Investments

14.1. Associates

Appendix III sets out a breakdown of the shareholdings considered associates by the
Group at December 31st 2007 and 2006 together with the relevant information.

The caption “Investments – Associates” on the consolidated balance sheets at December

31st 2007 and 2006 includes €64,893k and €91,154k , respectively, relating to goodwill
associated with this type of shareholdings. Note 16 sets out information concerning
goodwill.

14.2. Shareholding in joint ventures

Appendix II sets out a breakdown of the shareholdings considered joint ventures by the
Group at December 31st 2007 and 2006 together with the relevant information.

79
14.3. Notification of acquisition of shareholdings

Acquisitions and sales of shareholdings in the capital of group companies, associates and
joint ventures have been notified in accordance with Article 86 of the Spanish Companies
Act and Article 53 of Law 24/1988, on the Securities Market. To these effects, in 2007 the
main Group shareholdings additions and disposals are as follows:

% Additions % Disposals

Pescanova, S.A. (*) 20% -

Natur-hotel SPA Allariz, S.A. 40% -
FBEX Hércules, S.L. 49% -
Urbehispania, S.L. 50% -
Islalink, S.A. - 26%
Euxa, S.L. - 51%

(*)Pescanova, S.A. shares have been acquired among several years including 2007

The main Group shareholding additions and disposal for year 2006 were as follows:

% Additions % Disposals

Crediter, S.A., E.F.C. (*) 100% -

Andrés Faus, S.A. 45% -
Cupire Padesa, S.L. 20% -
Softgal, S.A. - 100%
Softgal Gestión, S.A. - 100%
Estratega Consulting, S.L. - 51%
Impulso TV comunicación Multimedia, S.L. - 50%

(*) Currently named CxG Crédito Familiar Corporación Caixa Galicia, S.A., E.F.C.

14.4. Impairment losses

At December 31st 2007 and 2006 there are no impairment losses on the shareholdings of
group companies, multigroup entities or associates, apart from those mentioned in Note
16.

80
15. Tangible assets

The movement in this consolidated balance sheet caption in 2007 and 2006 is as follows:

€’000
For own Investment Welfare
use properties Projects Total
Cost -
Balance at January 1st 2007 1,048,100 40,438 150,870 1,239,408
Other additions 204,910 - 1,956 206,866
Disposals and other write-offs ( 14,787) ( 9) ( 42) ( 14,838)
Other transfers and other movements ( 4,674) - - ( 4 674)
st
Balance at December 31 2007 1,233,549 40,429 152,784 1,426,762

Accumulated depreciation-
st
Balance at January 1 2007 374,281 2,053 24,240 400,574
Disposals and other write-offs ( 6,534) - ( 4) ( 6,538)
Charges 40,305 284 5,082 45,671
Balance at December 31st 2007 408,052 2,337 29,318 439,707

Tangible assets net -

st
Balance at December 31 2007 825,497 38,092 123,466 987,055

€’000
For own Investment Welfare
use properties Projects Total
Cost -
Balance at January 1st 2006 919,354 40,980 141,169 1,101,503
Other additions 138,925 58 11,957 150,940
Disposals and other write-offs ( 9,680) ( 600) ( 2,256) ( 12,536)
Other transfers and other movements ( 499) - - ( 499)
st
Balance at December 31 2006 1,048,100 40,438 150,870 1,239,408

Accumulated depreciation-
st
Balance at January 1 2006 345,108 1,858 20,407 367,373
Disposals and other write-offs ( 4,366) ( 91) - ( 4,457)
Charges 33,539 286 3,833 37,658
st
Balance at December 31 2006 374,281 2,053 24,240 400,574

Tangible assets net -

Balance at December 31st 2006 673,819 38,385 126,630 838,834

81
15.1. Tangible assets for own use

Set out below is a breakdown by nature of the items that make the balance of this
consolidated balance sheet caption at December 31st 2007 and 2006:

€’000
Accumulated Net
Cost Depreciation Balance

Data-processing equipment and installations 209,494 (169,854) 39,640

Furniture, vehicles and other installations 324,312 (166,715) 157,597
Buildings 425,474 ( 37,712) 387,762
Work in progress 88,820 - 88,820

Balance at December 31st 2006 1,048,100 (374,281) 673,819

Data processing equipment and installations 222,983 (187,363) 35,620

Furniture, vehicles and other installations 375,558 (180,747) 194,811
Buildings 500,894 (39,942) 460,952
Work in progress 134,114 - 134,114
st
Balance at December 31 2007 1,233,549 (408,052) 825,497

At December 31st 2007 there are fully-depreciated tangible assets for own use for a gross
amount of approximately €253,478k (€226,023k at December 31st 2006).

15.2. Investment properties

In 2007 and 2006 rental income from the Group’s investment properties amounted to
€1,451k and €1,503k, respectively (Note 43) and operating expenses in respect of all
related items amounted to €319k in 2007 (€227k in 2006) (Note 46).

15.3. Other assets leased out under an operating lease

There are no assets assigned under operating leases at December 31st 2007 or
December 31st 2006.

15.4. Impairment losses

At December 31st 2007 and 2006 there are no impairment losses on tangible assets.

82
16. Intangible assets

16.1. Goodwill

16.1.1. Breakdown of the balance and significant movements:

Set out below is a breakdown of the goodwill recorded in the caption “Intangible Assets –
Goodwill” of the Group consolidated balance sheet at December 31st 2007 and 2006, on
the basis of the entities that generated it:

€’000
2007 2006
Consolidated

CxG Crédito Familiar Corporación Caixa Galicia, S.A., E.F.C. (Note 4) (*) 832 832
Unicom, S.L. 51 51

883 883

(*) Former Crediter, S.A., E.F.C.

Apart from the goodwill recorded in the table above, the consolidated balance sheet
records other amounts of goodwill as part of the caption “Investments – Associates” at
December 31st 2007 and 2006 (see Note 14). Goodwill at that dates breaks down as
follows, on the basis of the entity that generated it:

€’000
2007 2006

Associates (Note 14)

Banco Etcheverría, S.A. 6,682 6,682
Sociedad de Fomento y Desarrollo Turístico, S.A. 2,650 2,650
Andrés Faus, S.A. 13,416 39,001
Islalink - 676
Cupire Fadesa, S.L. 23,085 23,085
Norvento Curuxeiras, S.L. 6,386 6,386
Plásticos Ferro, S.A. 6,263 6,263
Ozona Consulting, S.L. 175 175
Norvento Montouto, S.L. 6,236 6,236

Total 64,893 91,154

During 2007, the Group has depreciated the goodwill corresponding to the investment in
the company Andrés Faus, S.A by €26,830k, since, based upon the analysis performed,
the income forecasts for the company did not fully support the net value of the goodwill
generated on acquisition. This amount has been recorded under the heading “Impairment
losses (net) – Goodwill” in the Group’s income statement at December 31st 2007.

83
According to the estimates and projections available to the Group’s Administrators, the
forecast income attributable to the Group from those companies or cash generating units
to which it is linked support the net value of the goodwill in the accounting registers.

The movements (gross amounts) in the goodwill registered on the consolidated balance
sheets during the years 2007 and 2006 were as follows:

€’000
2007 2006

Consolidated
Balance at January 1st 883 -
Other additions for the year - 883
Balance at December 31st 883 883
-
Associates
st
Balance at January 1 91,154 22,491
Other additions for the year 1,245 69,148
Retirements for the year ( 676) ( 485)
Other transfers and other movements ( 26,830) -

Balance at December 31st 64,893 91,154

16.1.2. Impairment losses:

At December 31st 2007 and 2006 there are no impairment losses on intangible assets
apart from those explained in Note 16.1.1 above.

16.2. Other intangible assets

The movement in this balance sheet caption in 2007 and 2006 is as follows:

€’000
Accumulated Net
Cost amortization balance

Balance as at 1 January 2006 17,703 ( 4,065) 13,638

Other additions / charges against results for the year 12,696 ( 2,633) 10,063
Other movements ( 53) 54 1
st
Balance as at December 31 2006 30,346 (6,644) 23,702
Other additions / charges against results for the year 24,755 (3,437) 21,318
Other movements 5,409 ( 588) 4,821

Balance as at December 31st 2007 60,510 (10,669) 49,841

84
The entire amount under Intangible assets in 2007 and 2006 is made up of administrative
concessions and computer applications used in the performance of the Group’s
operations and which are amortised over their useful lives initially estimated at 3 to 5
years. At December 31st 2007 and 2006 there are no intangible assets with an indefinite
useful life.

There are no fully-amortised intangible assets at December 31st 2007 or December 31st
2006 and nor have any impairment losses affecting these intangible assets at those dates
been recorded although in 2006 €45k were recorded in “Impairment losses (net) – Other
intangible assets” which has been fully utilised.

17. Debtor accruals

Set out below is a breakdown of this caption in the balance sheets at December 31st 2007
and 2006:

€’000
2007 2006

Deferred financial expenses – Issues 5,871 7,872

Sundry expenses 4,970 3,885
Fund custody and fees 6,100 4,700
Interest ceded 6,798 25,004
Other 5,606 4,866

29,345 46,327

18. Other assets

Set out below is a breakdown of the balances in this caption in the balance sheets at
December 31st 2007 and 2006:

€’000
2007 2006

Inventories 215,595 183,102

Transactions in transit 158,580 91,914
Other 33,565 27,602

407,740 302,618

The amount recorded under Inventories at December 31st 2007 and 2006 mainly relates to
land and other properties held by the Group entities for sale in the course of its property
development business.

85
19. Financial liabilities at amortised cost

19.1. Deposits from central banks

Set out below is a breakdown of the balances in this caption in the balance sheets at
December 31st 2007 and 2006:

€’000
2007 2006

Bank of Spain 2,450,000 1,820,710

Valuation adjustments (accrued interest) 9,734 5,701

2,459,734 1,826,411

The effective average interest rate of the debt instruments classified in this caption at
December 31st 2007 stood at 4.00% (3.60% at December 31st 2006).

19.2. Deposits from credit institutions

Set out below is a breakdown of the balances in this caption of the consolidated balance
sheets at December 31st 2007 and 2006, taking into account the nature of the operations:

€’000
2007 2006

Time or pre-notification deposits:

Time deposits 2,539,199 3,074,142
Assets sold under repurchase agreements 2,082,060 3,338,681
Other accounts 109,731 580,561
Valuation adjustments 58,665 60,803

4,789,655 7,054,187

The effective average interest rate of the debt instruments classified in this caption at
December 31st 2007 stood at 4.64% (3.54% at December 31st 2006).

86
19.3. Deposits from other creditors

Set out below is a breakdown of the balance under this caption in the consolidated
balance sheets at December 31st 2007 and 2006, taking into account the geographic area
where the financial liabilities arise, their nature and the counterparties to the transactions:

€’000
2007 2006

By geographic area:
Spain 21,785,370 19,561,698
Other European Union countries 315,491 353,536
Rest of World 1,627,220 1,753,996

Valuation adjustments ( 167,837) 10,425

23,560,244 21,679,655

By type:
Current accounts 3,348,746 3,328,502
Savings deposits 5,138,707 5,264,594
Home saving account 54,106 59,692
Time deposits 8,486,837 6,672,733
Hybrid financial liabilities 535,206 221,807
Other term loans 4,791,568 4,834,337
Of which mortgage debentures 4,482,500 4,232,500
Securities sold under repurchase agreements 1,371,878 1,324,254
Other 1,033 ( 36,689)

Valuation adjustments ( 167,837) 10,425

23,560,244 21,679,655

By counterparty:
Resident Public Administrations 1,934,882 814,414
Non-resident public administrations 83 2,712
Other resident sectors 19,850,488 18,747,284
Other non-resident sectors 1,942,628 2,104,820

Valuation adjustments ( 167,837) 10,425

23,560,244 21,679,655

The effective average interest rate on the debt instruments classified in this caption at
December 31st 2007 stood at 3.24% (1.83% at December 31st 2006).

87
19.4. Debt certificates including bonds

An analysis of the balance of this caption in the consolidated balance sheets as of

December 31st 2007 and 2006 is as follows:

€’000
2007 2006

Bonds and debentures issued 4,422,230 3,578,558

Promissory notes and other securities 4,125,299 2,785,037
Mortgage debentures 1,800,000 -
Valuation adjustments 148,494 32.,269
- Interest accrued 163,710 50,332
- Micro-hedging transactions ( 14,721) ( 17,947)
- Transaction Costs ( 495) ( 116)

10,496,023 6,395,864

The effective average interest rate on the debt instruments classified in this caption at
December 31st 2007 stood at 4.65% (3.38% at December 31st 2006).

19.4.1. Bonds and debentures issued

Set out below is a breakdown of the balance of this account at December 31st 2007 and
2006 by issue and maturity date:

€’000
Nominal Date of Date of Nominal Importe suscrito
Class Interest issue maturity Issue 2007 2006

Treasury Bonds 3.25% 01/04/03 01/04/08 120,000 120,000 120,000

Treasury Bonds 3.25% 01/08/03 01/08/08 240,000 239,727 240,000
Treasury Bonds 3.25% 02/09/04 02/09/09 150,000 149,355 150,000
Treasury Bonds 2.60% 15/11/05 15/11/08 70,000 70,000 70,000
Treasury Bonds 4.84% 25/11/05 29/11/10 1,000,000 999,050 999,257
Treasury Bonds 4.69% 08/05/06 08/05/09 1,000,000 999,710 999,748
Treasury Bonds 4.74% 08/11/06 08/11/11 1,000,000 999,540 999,553
Treasury Bonds (*) 6.74% 09/03/07 09/03/12 400,000 544,848 -
Territorial Bonds 4.61% 13/07/06 13/07/11 300,000 300,000 -
4,422,230 3,578,558
(*) Issued in GBP. Nominal amounts disclosured above are shown in GBPk.

88
The movement in Bonds and Debentures issued in 2007 and 2006 is as follows:

€’000
2007 2006

Opening balance 3,578,558 1,580,000

Issues 545,442 2,000,000

Redemption - -
298,230 ( 1,442)

Closing balance 4,422,230 3,578 ,558

19.4.2. Promissory notes and other securities

The Group records 445 outstanding promissory note issues as at December 31st 2007
(249 issues at December 31st 2006), amounting to €4,125,299k (€2,785,037k as at
December 31st 2006). All outstanding issues at December 31st 2007 were issued in 2006
and 2007 (€30,140k and €4,094,068k, respectively) and mature in 2008 and 2009 (issues
at December 31st 2006 were fully issued in 2006 and all have matured in 2006 or 2007).
The interest rate on issues outstanding at December 31st 2007 stands from 3.77% to
5.14% (from 2.89% to 4.07% at December 31st 2006).

All these financial instruments are denominated in euro.

The movement in the account Promissory notes and other securities in 2007 and 2006 is
as follows:

€’000
2007 2006

Opening balance 2,785,037 1,498,326

Issues 9,669,906 3,983,253

Redemption ( 8,328,682) ( 2,713,739)
Other movements ( 962) 17,197

Closing balance 4,125,299 2,785,037

The amount relating to issues and redemption of promissory notes includes the issues set
out in the table above and the issues and redemptions performed and maturing in the year
amounting to €5,575,838k in year 2007 and €1,062,194k in year 2006.

89
19.5. Subordinated liabilities

An analysis of the balance of this caption in the balance sheets as at December 31st 2007
and 2006 is as follows:

€’000
2007 2006

Subordinated bonds 1,188,599 838,599

Valuation adjustments 6,149 7,083

1,194,748 845,682

Set out below is a breakdown of the balance of this caption in the balance sheets at
December 31st 2007 and 2006, by issue interest rate:

19.5.1. Subordinated debentures

€’000
Amount subscribed
Date of issue Date of Nominal Nominal
maturity rate amount 2007 2006

01/09/1988 perpetual 3.75% 58,599 58,599 58,599

01/10/2002 01/10/2012 4.00% 120,000 120,000 120,000
03/11/2003 03/11/2013 3.00% 90,000 90,000 90,000
01/04/2004 01/04/2014 3.00% 70,000 70,000 70,000
04/01/2005 04/01/2015 3.00% 90,000 90,000 90,000
04/07/2005 04/07/2015 3.12% 210,000 210,000 210,000
12/09/2006 12/09/2016 3.65% 200,000 200,000 200,000
20/06/2007 perpetual 5.76% 350,000 350,000 -
1,188,599 838,599

19.5.2. Movement during the year:

Subordinated
2007 debentures

Opening balance 838,599

Issues 350,000

Closing balance 1,188,599

Subordinated
2006 debentures

Opening balance 638,599

Issues 200,000

Closing balance 838,599

90
The subordinated liability issue of 1 September 1988 is perpetual and, accordingly, the
redemption of the securities will be deferred until the liquidation by dissolution of the
Entity. However, after 20 years have elapsed, the Bank of Spain or the supervisory
authorities at the time may authorise, at the request of the Entity, the total or partial
redemption of the issue. The payment of interest must be suspended, save express
authorisation to the contrary from the Bank of Spain, if the Entity’s income statement
discloses losses in the prior calendar half-year, in which case the unpaid interest will be
accumulated in a subordinated deposit, and will only be paid when the income statement
discloses a surplus and only up to one-third of such surplus. The late-payment interest will
be subject to prior authorisation by the Bank of Spain and may not exceed the interest
rate applicable to the issue under any circumstances.

Additionally, the 20 June 2007 issue is of a perpetual nature, although once ten years
have passed, the Entity could, with the prior authorisation from the Bank of Spain, fully
amortise the issue at par. The interest payment can be deferred if the Entity’s audited
individual income statements show losses. The deferred interests in these circumstances
would themselves earn interests at the same interest rate applicable at each moment to
the nominal amount of the issue.

These issues are subordinate in nature and in terms of order-of-preference of credit rights,
rank behind the rights corresponding to all ordinary creditors of the Entity.

Interest accrued on subordinated debt financing in 2007 amounted to €37,824K

(€19,746K in 2006).

Subordinated debt financing issues (Note 23) are authorised by the Bank of Spain for
inclusion as equity and at December 31st 2007 €516,612k has been computed as Tier I
equity and €1,187,987k as Tier II equity (€337,616k and €890,983k at December 31st
2006).

The effective average interest rate on the debt instruments classified in this caption at
December 31st 2007 stood at 3.71% (3.64% at December 31st 2006).

91
20. Provisions for contingent exposures and commitments and other provisions

Set out below are movements in 2007 and 2006 and the purpose of the provisions
recorded under these captions in the balance sheet at December 31st 2007 and 2006:

€’000
Provisions for contingent risks
and commitments
Other
provisions for
Provisions for risks and
pensions and commitments Other
similar liabilities liabilities provisions

Balances at January 1st 2006 283,955 27,661 24,779

Period provisions charged to surplus 11,701 24,432 -
Reversal of provisions - ( 2,583) ( 5,910)
Provisions used ( 39,829) - ( 224)
Other movements - 1 ( 59)
st
Balances at December 31 2006 255,827 49,511 18,586
Period provisions charged to surplus 11,068 5,607 -
Reversal of provisions - ( 18,441) ( 8,844)
Provisions used ( 21,719) - -
Other movements - ( 5) 43
st
Balances at December 31 2007 245,176 36,672 9,785

The breakdown of the caption “Provisions for pensions and similar commitments” is set
out in Note 44 – Personnel expenses.

Provisions for contingent exposures and commitments

This caption includes the amount of the provisions recorded to cover contingent risks,
understood as those transactions where the Entity secures third-party obligations resulting
from the financial guarantees granted or other types of contracts and contingent
commitments, understood as irrevocable commitments which may lead to the recognition
of financial assets.

Other provisions for risks

Other provisions for risks and charges include the funds arranged by the Group to cover
risks which derive from events that have already taken place and are likely to generate
future disbursements related to the Group usual operations.

92
Reversal of provisions under “Provisions – Other provisions” in 2007 and 2006 relates to
the release of provisions recorded under “Income tax” in the income statement (Note 27),
based on the evolution of the risks covered by these provisions. The Entity has released
an amount of €9,200k in 2007 and € 5.910k in 2006.

21. Accrued expenses and deferred income

An analysis of the balance of this caption in the consolidated balance sheets as at

December 31st 2007 and 2006 is as follows:

€’000
2007 2006

Financial guarantees 22,879 20,825

Other 72,074 61,386

94,953 82,211

22. Other liabilities - Other

An analysis of the balances of this caption in the consolidated balance sheets at

December 31st 2007 and 2006 is as follows:

€’000
2007 2006

Welfare Projects 235,744 201,673

Transactions in transit 27,679 16,684
Other 30,752 10,278

294,175 228,635

The heading “Other” includes at December 31st 2007 and 2006 amounts of €24,681k and
€8,288k, respectively, which include the compensation account created to perform the
annual distribution of the financial yields obtained on investments in Economic Interest
Groupings (AIEs) over the period these revenues are generated.

93
23. Capital having the nature of a financial liability

An analysis of the balance of this caption in the consolidated balance sheets as at

December 31st 2007 and 2006 is as follows:

€’000
2007 2006

Preference shares 540,000 390,000

Valuation adjustments 2,311 604

542,331 390,604

This heading records the preferred shares issued by Caixa Galicia Preferentes, S.A.
Sociedad Unipersonal, amounting to €150,000k, €140,000k and €250,000k at December
31st 2007 and€140,000k and €250,000k at December 31st 2006.

The following table sets out the main characteristics of these liabilities issued to
perpetuity:

€’000
Commencement date Nominal rate Nominal amount 2007 2006

29/12/2003 3.51% 140,000 140,000 140,000

14/12/2005 4.58% 250,000 250,000 250,000
20/04/2007 6.17% 150,000 150,000 -

540,000 390,000

94
24. Minority interests

The breakdown by consolidated company of the balance of the caption “Minority interests”
in the consolidated balance sheet at December 31st 2007 and 2006 and “Profit or loss
attributed to minority interests” in the consolidated income statement for 2007 and 2006 is
as follows:

€’000
2007 2006
Profit or loss Profit or loss
attributed attributed
Minority to minority Minority to minority
interests interests interests interests
Entity
Tasaciones y Valoraciones de Galicia, S.A.
(TASAGALICIA) 44 262 44 258
Conexiones Informáticas de Galicia, S.A.
(COINSA) 23 94 19 4
Espacios Termolúdicos, S.A. 817 ( 370) 849 ( 136)
BEM Galicia, S.A. 673 ( 453) - -
Euxa, S.L. - - 978 ( 153)
Hierros Añon, S.A. 78,864 298 - -
CxG Administración de Flotas, S.L. - - 9 ( 2)

80,421 ( 169) 1,899 ( 29)

In the month of November 2007 a capital increase was implemented in the company CXG
Corporación Caixa Galicia, S.A. of €46,651k with an issue premium of €53,349k, and was
fully subscribed by the company Hierros Añon, S.A., whereby this latter company now has
a 5.5679% holding in the company. In the contract signed between the shareholders, the
company Hierros Añon, S.A. grants the Group a purchase option to be executed within a
timeframe of not less than 5 years.

25. Valuation adjustments

25.1. Available-for-sale financial assets

This caption in the balance sheets records the net amount of those variations in fair value
of assets classified as available for sale which, in accordance with Note 2, should be
classified as an integral part of the Entity’s equity. Variations are recorded in the income
statement when the relevant assets are sold or when the shareholdings are impaired.

95
Valuation adjustments break down as €420,979k in respect of capital gains on listed
variable income (€769,443k at December 31st 2006) and €109k in respect of capital losses
on listed fixed income securities (€4,518k of capital gains at December 31st 2006). Such
capital gains on variable income securities mainly include at December 31st 2007 the
revaluation (net of taxes) of the Group’s shareholdings in Unión Fenosa, S.A. amounting
€287,475k (€326,711k in 2006), Sacyr Vallehermoso, S.A. amounting €93,868k
(€267,413k in 2006).

As at December 31st 2006, it also included the revaluation, net of taxes, of the
shareholding in Astroc Mediterráneo, S.A. for €109,191k At December 31st 2007 this
revaluation means a capital loss, net of taxes, of €29,434k.

There are no other kinds of valuation adjustments at December 31st 2007 or December
31st 2006.

The statement of changes in equity included herein sets out movements in “Equity –
Valuation Adjustments – Available-for-sale financial assets” in the consolidated balance
sheet for 2007 and 2006.

26. Reserves

Set out below is the reconciliation of the carrying value at the beginning and end of 2007
and 2006 of “Equity – Own funds - Reserves” in the balance sheet, explaining all
movements during 2007 and 2006:
Reserves
Reserve (losses)
Endowment revaluation General Equity
fund of fixed assets reserves Shareholding

Balance at 1 January 2006 60 146,282 1,132,670 7,348

Changes in equity: - ( 597) 152,557 8,116
Measurement gains / (losses) - - - -
Transferred to income statement - - - -
Transferred to carrying value - - - -
Corporate income tax - - - -
Transfer between items - ( 597) 152,557 8,116
Appropriation against surplus for the year - - - -
st
Balance as at December 31 2006 60 145,685 1,285,227 15,464
Changes in equity: - ( 38,781) 334,934 37,184
Measurement gains / (losses) - - - -
Transferred to income statement - - - -
Transferred to carrying value - - - -
Corporate income tax - - - -
Transfer between items - ( 38,781) 334,934 37,184
Appropriation against surplus for the year - - - -
Balances at December 31st 2007 60 106,904 1,620,161 52,648

96
The “General reserves” column for 2007 and 2006 includes certain movements relating to
the conversion to IFRS carried out by Group branches abroad amounting to €2,250 k and
€2,617k, respectively.

The appropriation to reserves is determined based on Law 13/1985 and Royal Decree
1343/1992, of 6 November 1992, which govern minimum equity levels to be maintained by
financial intermediaries.

Savings banks are required to appropriate at least 50% of the surplus after corporate
income tax to general reserves or provisions.

From the figure of Other reserves at December 31st 2007, €1,352,735k relates to Parent
Company reserves (€1,219,670k at December 31st 2006).

As at December 31st 2006 the reserves relating to the revaluation carried out under Royal
Decree-Law 7/1996 in the amount of €38,183k were recorded as restricted reserves.
During 2007 the above amount has been reclassified to Other reserves (unrestricted),
since in accordance with the legally established term the relevant monetary gain is
deemed to have been realised. This movement is reflected in the column “Reserve
revaluation of fixed assets” reserves in the table above.

Restricted reserves are as follows:

ƒ Revaluation reserves due to conversion to IFRS

The reserve becomes available due to the amortization of property’s revaluation or

to its disposal. This reserve amounts to €106,904k and €107,502k at December 31st
2007 and 2006, respectively.

97
26.1. Reserves of entities consolidated under the full consolidation or proportionate
consolidation methods

Set out below is the breakdown by entity of the balances under equity “Equity – Reserves
– Accumulated reserves” in the consolidated balance sheets at December 31st 2007 and
2006 in the part of that balance resulting from the consolidation process, by entities
consolidated under the full consolidation or proportionate consolidation methods in the
consolidated financial statements:

€’000
2007 2006
Accumulated Accumulated
Entity reserves reserves

Corporación Caixa Galicia, S.A. 278,457 71,851

CxG Crédito Familiar Corporación Caixa Galicia, S.A., E.F.C. ( 3,221) -
S.T.D. Multiopción, S.A. 351 279
Invercaixa Galicia, F.C.R. ( 1,193) ( 3,382)
Euxa, S.L. - ( 721)
Ciberviaxes, S.A. ( 459) ( 459)
Other companies ( 6,509) ( 2,011)

267,426 65,557

(*) Negative balances represent accumulated losses

26.2. Reserves of entities accounted for using the equity method

Set out below is a breakdown by entity of balances under “Equity – Reserves – Reserves
(losses) of entities accounted for using the equity method” on the consolidated balance
sheets at December 31st 2007 and 2006 and the balance recorded in “Equity – Valuation
Adjustments – Exchange Differences” at those dates, in the part of that balance that has
arisen on consolidation, broken down for each entity measured using the equity method in
the consolidated financial statements:

98
 €’000
2007 2006
Accumulated Accumulated
Entity reserves reserves

Bia Galicia, S.A. 7,521 6,125

Plásticos Ferro, S.L. 4,566 3,189
Gallega de Residuos Ganaderos, S.A. 486 698
Helena Activos Líquidos, S.L. 266 348
Sociedad de Fomento y Desarrollo Turístico, S.A. ( 617) ( 617)
Investimentos Ibéricos, S.G.P.S., S.A. 29,537 ( 18)
Other companies 10,889 5,739

52,648 15,464

(*) Negative balances represent accumulated losses

27. Tax situation

27.1. Consolidated Tax Group

In accordance with current legislation, the Consolidated tax group of which the Entity is
the parent company pays tax under the Tax Consolidation Regime provided under
Chapter VII, Title VII of Legislative Royal Decree 4/2004, of 5 March 2004, whereby the
Corporate Income Tax Act (TRLIS) is approved. The subsidiaries of the Consolidated Tax
Group are those subsidiaries that fulfil the requirements laid down to this effect under tax
legislation on the consolidated profit/surplus of corporate groups.

99
In 2007 the consolidated tax group includes the following companies:

SUBSIDIARY
Albazul del Castillo, S.L.U.
Altabrava Del Mar, S.L.U.
Blancacima del Noroeste, S.L.U.
CXG Desarrollos Inmobiliarios corporación Caixa Galicia, S.L.U.
CXG Paim, S.L.U.
CXG Publicidad Directa, S.L.
Caixa Galicia Preferentes, S.A.
Cavea Producciones, S.L.U.
CXG Viaxes Corporación Caixa Galicia, S.A.
Servicios de Telefonía y Back Office Avanzado, S.L.U.
Corporación Empresarial y Financiera de Galicia, S.L.U.
Correduría de Seguros del Grupo Caixa Galicia, S.A.
CXG Corporación Caixa Galicia, S.A.U.
CXG Renting Corporación Caixa Galicia, S.L.U.
CXG Crédito Familiar Corporación Caixa Galicia, E.F.C., S.A.
CXG Operador de Banca Seguros Corporación Caixa Galicia, S.L.
FC 40 SPV Internacional, S.L.U.
Gescaixa Galicia Sociedad Gestora de Entidades de Capital Riesgo, S.A.U.
Hayedo de Montesaltos, S.L.U.
CXG Inmobiliaria Corporación Caixa Galicia, S.A.
Instituto Tecnológico y Empresarial Caixa Galicia, S.A.
STD-Multiopción, S.A.
Tasaciones y Valoraciones de Galicia, S.A.
Tasagalicia Consult, S.A.
Torre de Hércules, S.L.U.
Unicom, Compañía de Seguridad Electrónica, S.L.U.

The fact that the Entity files consolidated corporate income tax returns does not
necessarily result in an accrued tax expense substantially different from the amount that
would be payable were an individual tax return filed. As such, permanent or timing
differences arising from consolidation are not included.

100
27.2. Years subject to tax inspection.

At December 31st 2007 the years 2003 to 2007 were open to inspection by the tax
authorities for the principal taxes to which the Tax Group is subject, apart form VAT, which
is opened to inspection since 2002, inclusive. Other consolidated entities are generally
subject to inspection by the tax authorities for the last four years for the principal taxes to
which they are subject.

As a result of the different interpretations which may be afforded to tax legislation

applicable to the consolidated entities’ operations for the years open to inspection,
contingent tax liabilities could arise, the amount of which cannot be objectively quantified.
However, the directors of the Entity consider that the tax debt, if any, which might arise
would not materially affect these annual accounts.

27.3. Reconciliation of the accounting and tax results.

The balance under the caption “Financial liabilities at amortised cost - Other financial
liabilities” on the accompanying balance sheets includes the liability relating to the
different taxes applicable.

The reconciliation of the Parent Entity’s reported surplus for 2007 and 2006 to taxable
income for corporate income tax purposes is as follows:

€’000
2007 2006

Surplus before taxes 186,571 186,084

Increases (decreases) due to permanent differences:

Welfare Projects reserve ( 70,000) ( 89,550)
Other permanent differences (net) 1,591 1,171
Increases (decreases) due to timing differences:
Arising in the year 156,691 137,096
Arising in prior years (20,905) ( 72,582)

Taxable income for the year 253,948 162,219

101
The breakdown of the balance of Income tax in the income statement for 2007 and 2006
is as follows:
€’000
2007 2006

Gross tax payable (32.50% - 35.00%) 82,533 56,777

Deductions (45,531) ( 49,869)
Current year tax 37,002 6,908

Deferred taxes assets (43,635) ( 22,060)

Deferred taxes liabilities ( 496) ( 520)
Provision recoveries ( 9,200) ( 5,910)
Other items 5 ,057 21,046
Consolidated entities 64,357 86,871

Total Income tax 53,085 86,335

At December 31st 2007 and 2006 the entry “Other items” includes dividend deductions
applied by the Entity.

As from, Law35/2007 on Personal Income Tax and the partial amendment of Corporate
Income Taxes, non-resident income tax and wealth tax, will change the tax rate applicable
to the Group’s result to 32.50% for year 2007 and 30.00% for year 2008 and subsequent
years.

In accordance with IAS 12, deferred tax assets and liabilities are quantified by applying to
the relevant temporary difference or credit the tax rate at which it is expected to be
recovered or assessed. In 2007, this has led to a deduction of deferred taxes amounting
to €3,396k recorded in Caixa Galicia. In 2006, the most significant impact on the income
statement through a charge amounting to €25,364k relates to the restatement of deferred
taxes recorded in Caixa Galicia and the most significant impact on equity relates to the
deferred taxes recorded in Corporación Caixa Galicia in respect of the valuation of the
available- for -sale portfolio amounting to a positive sum of €27,840k.

102
27.4. Taxes charged through equity.

Irrespective of corporate income tax charged through the consolidated income statement,
in 2007 and 2006 the Group has charged through consolidated equity the taxes relating to
Valuation Adjustments to Available-for-sale Financial Assets until such assets are sold, for
the following amounts:

€’000
2007 2006

Deferred tax assets relating to valuation adjustments (capital losses) to

Available-for-sale Financial Assets 5,899 3,618
Deferred tax liabilities relating to valuation adjustments (capital gains) to
Available-for-sale Financial Assets 196,513 371,130

27.5. Deferred taxes

In accordance with current tax legislation, in 2007 and 2006 certain timing differences
have arisen which should be taken into account when quantifying the relevant corporate
income tax expense. Deferred taxes recorded in the balance sheets at December 31st
2007 and 2006 have arisen due to the following:

€’000
Deferred tax assets in respect of: 2007 2006

Amortization of goodwill Banco Urquijo branches 1,128 1,603

Amortization of goodwill BNP branches 4,757 5,232
Internal pension allowance (net) 78,896 82,948
Provision for insolvencies 139,791 107,905
Substandard Risk Provision 17,873 922
Allocation loan fees 5,494 7,652
Valuation adjustments (debt securities and Equity instruments) 5,899 5,345
Foreign branches adjustments 370 5,345
Other items 22,022 4,960

Total deferred tax assets 276,230 220,185

€’000
Deferred tax liabilities in respect of: 2007 2006

Accelerated depreciation Royal Decree-Law 3/1993 621 783

Depreciation restated assets 49,339 49,671
Valuation adjustments fixed and variable income 196,513 371,130
Other items 886 304

Total deferred tax liabilities 247,359 421,888

103
During the year 2007, the group company CXG Desarrollos Inmobiliarios Corporación
Caixagalicia, S.L.U agreed to a capital increase of €282k (with an assumption premium of
€2,534k), an operation that was fully subscribed by CXG Corporación Caixagalicia,
S.L.U., through a non-monetary contribution of its holding in the company Sociedad
Gestora de Promociones Inmobiliarias y Desarrollo Empresarial, S.L.. Under Article
96.1.b) of the Corporate Income Law, the revised text of which was approved by
Legislative Royal Decree 4/2004, of 5 March, this capital increase operation through a
non-monetary contribution of equity holdings was covered by the tax neutrality regime
established in Chapter VIII of Title VII of the Corporate Income Tax Law. In compliance
with Article 93.2 of this Revised Text, CXG Corporación Caixagalicia, S.L.U. declares that
the carrying amount of the holding contributed in this capital increase, a total of €2,816k,
coincides with the value that has been recorded in the accounts of the holdings received
in CXG Desarrollos Inmobiliarios, S.L.U.

During 2006, the Group company C de G Paim, S.L.U agreed to a capital increase of
€1,276k, that was fully subscribed by CXG Corporación Caixagalicia, S.A.U, through the
non-monetary contribution of certain tangible assets. Under Article 96.1.b) of the
Corporate Income Law, the revised text of which was approved by Legislative Royal
Decree 4/2004, of 5 March, this capital increase operation through a non-monetary
contribution of shares was covered by the tax neutrality regime established in Chapter VIII
of Title VII of the Corporate Income Tax Law. The securities of C for G Paim, S.L.U.
received by the CXG Corporación Caixagalicia, S.A.U. derived from the aforementioned
capital increase were recorded in the latter’s accounts at €1,276k (the amount of the
capital increase).

In the year 2005, the Group company CXG Desarrollos Inmobiliarios, S.L.U agreed to a
capital increase of €4,135k, which was fully subscribed by the CXG Corporación
Caixagalicia, S.L.U through the non-monetary contribution of its holdings in the companies
Boreal Desarrollo Inmobiliario, S.A, Jocai XXI, S.L, Proboin, S.L and Galeras Entreríos,
S.L. The abovementioned non-monetary contribution was covered by the Special Regime
for Mergers, Spin-offs, Contribution of Assets and Exchange of Securities of Chapter VII
of Title VII of the Legislative Royal Decree 4/2005, of 5 March, which approves the
Revised Text of the Corporate Tax Law. In compliance with what is established in the
abovementioned Revised Text , the CXG Corporación Caixagalicia, S.L.U. declares that
the carrying amount of the holdings contributed in the capital increase referred to, for a
total of €4,135k, coincides with the value at which the holdings in CXG Desarrollos
Inmobiliarios, S.L.U received and registered in the accounts.

In 2006, 2005 and 2004 the Group applied the tax benefits laid down in article 42 of the
Corporate Income Tax Law , consisting of the deduction for reinvestment of the
extraordinary profit obtained on the sale of tangible, intangible and financial assets.

104
In 2006 the income included in the aforementioned deduction amounted to approximately
€149,916k. As a result, the Group assumed reinvestment commitments amounting to
approximately €253,050k. At December 31st 2006 reinvestment commitments of
approximately €142,285k had been met, leaving a balance pending reinvestment of
approximately €110,765k on that date.

In 2005 the amount of the income included in the aforementioned reinvestment deduction
amounted to approximately €125,448k. As a result, the Group assumed reinvestment
commitments totalling approximately €256,546k, that were fully met between the same
year 2005 (approximately €138,426k) and the year 2006 (€118,120k).

In 2004, the extraordinary profits included in the reinvestment deduction were

approximately €1,854k. Consequently, the Entity assumed reinvestment commitments of
approximately €3,973k. At 31 December 2004, these reinvestment commitments had
been fully met.

The Entity availed itself in 2003 of the tax benefit established in Article 36.ter of the
Corporate Income Tax Act 43/1995, consisting of tax deductions for the reinvestment of
approximately €1,398k of extraordinary gains on the sale of property, plant and
equipment. As a result, the Entity assumed reinvestment commitments amounting to
approximately €4,733k. At 31 December 2004 all such reinvestment commitments had
been fulfilled in accordance with Article 42.6.b) of Legislative Royal Decree 4/2004, of 5
March 2004, whereby the Corporate Income Tax Act is approved.

The Entity availed itself in 2002 of the tax benefit established in Article 36.ter of the
Corporate Income Tax Act 43/1995, consisting of tax deductions for reinvestment of
approximately €690k of extraordinary gains on the sale of property, plant and equipment.
As a result, the Entity assumed reinvestment commitments amounting to approximately
€2,034k. At 31 December 2002 all such reinvestment commitments had been fulfilled.

In 2001 the Entity decided to avail itself of Transitional Provision Three of Law 24/2001
and to include in the Corporate Income Tax base all income pending inclusion, and by
virtue of revoked Article 21 of Law 43/1995 in addition to applying the tax credit for
reinvestment provided by the new Article 36.ter of Corporate Income Tax Act 43/1995.

105
On 24 September 2001, the investee company Corporación Financiera de Galicia, S.A.
sold a 50% shareholding in Bia Galicia de Seguros y Reaseguros, S.A., thereby
generating a capital gain of €139,555k. The Corporate Income Tax provision for 2001 was
calculated by the investee company and includes a tax benefit comprising deferral of tax
for reinvestment, provided by Article 21 of the Corporate Income Tax Act, whereby the
investee company did not include income obtained from a transfer for valuable
consideration in the 2001 tax base. As a result, the tax consolidated Group was required
to reinvest the total amount obtained from the transfer within the period covering the year
prior to the transfer and the following three years.

The income not included in the tax base must be included, at the taxpayer’s discretion,
during a period of seven years as from the end of the above-mentioned period or, in the
case of depreciable assets, within the depreciation period. Given the incompatible nature
of the deferral for reinvestment and the tax deduction for internal double taxation of
dividends arising from internal capital gains, regulated in Article 20.5 of the Corporate
Income Tax Act, the capital gain to be deferred totalled €135,656k and the deferred tax
amounted to €47,480k.

The above notwithstanding, in its Corporate Income Tax return for 2001, the Group could
opt to avail itself of the stipulations of the preceding paragraphs or of Article 36.ter of Law
43/1995 on Corporate Income Tax, introduced under Law 24/2001, of 31 December 2001,
on Tax, Administrative and Social Measures for 2002, and in Transitional Provision Three,
section three, of the previous Law, which regulate, respectively, the tax treatment of the
tax credit for reinvestment of extraordinary gains and the transitional regime applicable to
income pending inclusion in the tax base, to which the stipulations of Article 21 of Law
43/1995 on the reinvestment of profits would have been applicable under the wording in
force until 1 January 2002.

Finally, in the Corporate Income Tax return for 2001 the tax consolidated Group opted to
avail itself of the final option described above. As at 31 December 2001 an amount of
€108,182k of the €144,243k generated from the sale of Bia Galicia de Seguros y
Reaseguros, S.A. had been reinvested in property, plant and equipment used in business
operations and in equity in all kinds of entities. Reinvestments were made by Corporación
Caixa Galicia, S.A. itself and by the remaining companies of the tax consolidated Group.
Consequently, the Group’s Corporate Income Tax base for 2001 included the same
proportion of the capital gain generated on the sale of the investee company, for an
amount of €101,742k, applying the 17% tax deduction for reinvestment, amounting to
€17,296k.

106
During 2003 an adjustment to the selling price of 50% of the holding was agreed with the
purchaser consisting of a €2,050k reduction in the initially agreed selling price
(€144,243k), after which the selling price was definitively set at €142,193k.

This adjustment to the initially agreed selling price meant that both the amount of the
capital gain qualifying for deduction due to reinvestment derived from this sale and the
amount to be reinvested required to qualify for said deduction were reduced by the same
amount (€2,050k) and were set, following the price adjustment mentioned above, at
€133,606k and €142,193k, respectively. At 31 December 2004 all reinvestment
commitments pending had been fulfilled in accordance with Article 42.6.b) of Legislative
Royal Decree 4/2004, of 5 March 2004, whereby the Corporate Income Tax Act is
approved.

During 2003 the companies Home Galicia, S.A. and Conexiones Informáticas de Galicia,
S.A., also availed themselves of the reinvestment tax deduction provided for in Article
36.ter of Law 43/1995 in relation to the capital gain made on the sale of property, plant
and equipment, totalling approximately €111k and €1k, respectively. At 31 December
2004 all reinvestment commitments pending had been fulfilled in accordance with Article
42.6.b) of Legislative Royal Decree 4/2004, of 5 March 2004, whereby the Corporate
Income Tax Act is approved.

Similarly, in 2001 Corporación Caixa Galicia, S.A. availed itself of the provisions of Article
36.ter of Law 43/1995 and Transitional Provision three of Law 24/2001 in relation to the
capital gain on the sale of shares in Intelsis, S.A. Since at 31 December 2001 no amount
relating to this transaction had been reinvested, Corporación Caixa Galicia, S.A. confined
itself to reducing the tax base by €122k relating to the capital gain which could avail itself
of the tax benefit, less the part of the capital gain that availed itself of the double tax
deduction. The selling price for the transfer amounted to €3,786k. At 31 December 2004
all reinvestment commitments pending had been fulfilled in accordance with Article 42.6.b)
of Legislative Royal Decree 4/2004, of 5 March 2004, whereby the Corporate Income Tax
Act is approved.

In accordance with Article 135 of Legislative Royal Decree 4/2004, of 5 March 2004,
whereby the Corporate Income Tax Act is approved, Caja de Ahorros de Galicia declares
that during the year 2005 it restated part of its property, plant and equipment for
accounting purposes in order to bring the same into line with fair value at 1 January 2004.
This restatement has not been included in the corporate income tax base.

107
The revaluation for accounting purposes amounts to approximately €168,096k. A
breakdown is as follows:

Assets involved Amount

Buildings for own use 157,008

Rented buildings 11,088

TOTAL 168,096

The revaluation for accounting purposes was carried out in 2006 although its effect is
included in 2004 balance sheet balances through the entry for the first application of
Circular 4/2004.

28. Liquidity risk on financial instruments

The Strategy Committee of Parent Entity, following instructions from the Board of
Directors, manages the liquidity risks inherent to the activity and to financial instruments,
with the aim of assuring sufficient liquidity to meet the payment commitments related to
the settlement of liabilities on their respective due dates, without reducing the Group’s
capacity to respond rapidly to any strategic opportunities on the market.

In managing the liquidity risk, the need for resources is planned paying special attention to
the diversification of the products, financing sources, costs and due dates of the
operations. A varied portfolio of liquid assets is held that can be presented as security in
financing operations and can be quickly executed.

Among the techniques applied (preparation of gaps, ratios, monitoring contracts made,
stress testing scenarios, etc) attention is drawn to the daily and weekly preparation of
wholesale position gaps. Additionally, a gap report is prepared monthly on the total
balance sheet, entering into detail in the shortest due dates and grouping together those
at more extended terms.

The Group’s liquidity risk position is established employing scenario and sensitivity
analysis. These analyses take into account not only normal market situations, but also
extreme conditions that might arise and that could affect the Group’s collections and
payments flows, due to market or the Group’s internal factors. Within the scenarios
addressed possible restrictions to the wholesale markets are simulated, with varying
degrees of severity, calculating the length of autonomy. A weekly monitoring of the Group
has been performed demonstrating, in adverse scenarios, the maintenance of commercial
activity during periods of more that a year, without the need to recur to wholesale
financing.

108
A liquidity contingency plan is prepared annually and regularly revised, establishing the
measures that allow liquidity contingencies that may occur to be covered.

The following tables show a matrix of due dates according to contractual conditions for
balances reflected under the headings “Credit Investments” and “Financial Liabilities at
amortised cost” of the assets and liabilities on the individual balance sheet of Caixa
Galicia as at December 31st 2007 and 2006, since these represent 98% of the total assets
and liabilities of the Group in both years:
2007
Between 1 Between 3 Between Between 1
Up to 1 and 3 and 6 6 and 12 and 5 More than
Assets Demand month months months months years 5 years Unclassified Total

Deposits at credit
institutions 286,636 624,658 97,771 - 98,433 92,015 - - 1,199,513
Customer loans 56,604 1,757,070 973,849 1,200,738 3,601,644 11,028,462 16,141,670 714,968 35,475,005
Other financial assets - 249,372 - - - - - - 249,372

343,240 2,631,100 1,071,620 1,200,738 3,700,077 11,120,477 16,141,670 714,968 36,923,890

2007
Between 1 Between 3 Between Between 1
Up to 1 and 3 and 6 6 and 12 and 5 More than
Liabilities Demand month months months months years 5 years Unclassified Total

Deposits from Central

bank 2,459,734 - - - - - - - 2,459,734
Deposits from Credit
Institution 77,929 1,431,912 1,179,430 997,239 531,077 275,408 253,918 - 4,746,913
Customer funds 3,741,573 8,599,590 2,818,156 1,548,407 1,754,590 1,253,384 4,243,357 - 23,959,057
Marketable debt
securities - 845,201 1,285,860 915,400 1,472,866 4,175,376 1,800,000 - 10,494,703
Subordinated debt
financing - - - - - 120,000 1,077,062 540,000 1,737,062
Other financial
liabilities - 145,264 - - - - - - 145,264

6,279,236 11,021,967 5,283,446 3,461,046 3,758,533 5,824,168 7,374,337 540,000 43,542,733

109
2006
Between 1 Between 3 Between Between
Up to 1 and 3 and 6 6 and 12 1 and 5 More than
Assets Demand month months months months years 5 years Unclassified Total

Deposits at credit
institutions 751,606 1,750,928 670,110 157,440 34,467 139,836 - - 3,504,387

Customer loans 67,672 1,211,766 1,060,579 1,719,327 2,231,800 9,022,237 12,875,897 326,089 28,515,367
Other financial assets - 330,907 - - - - - - 330,907

819,278 3,293,601 1,730,689 1,876,767 2,266,267 9,162,073 12,875,897 326,089 32,250,061

Between 1 Between 3 Between Between

Up to 1 and 3 and 6 6 and 12 1 and 5 More than
Demand month months months months years 5 years Unclassified Total
2006
Liabilities

Deposits from Central

bank 1,826,411 - - - - - - - 1,826,411
Deposits from Credit
Institution 580,561 2,673,614 1,488,769 1,298,023 615,833 235,769 161,615 - 7,054,184
Customer funds 3,347,847 8,073,516 2,008,901 1,138,251 1,319,865 1,415,331 4,443,801 - 21,747,512
Marketable debt
securities - 388,695 665,658 875,058 823,434 3,640,894 - - 6,393,739
Subordinated debt
financing - - - - - - 845,682 390,000 1,235,682
Other financial
liabilities - 255,282 - - - - - - 255,282

5,754,819 11,391,107 4,163,328 3,311,332 2,759,132 5,291,994 5,451,098 390,000 38,512,810

29. Fair value

29.1. Fair value of financial assets and liabilities not carried at fair value

In accordance with IFRS, the following financial assets and liabilities are carried at values
other than fair value:

x Loans and receivables and investments held to maturity.

x Equity instruments the market value of which cannot be reliably estimated.

x Financial derivatives which have these instruments as underlying assets and which
are settled through delivery.

x Financial assets other than those included in the trading portfolio.

Of the above, part of the assets and liabilities recorded under “Loans and Receivables”
and “Financial liabilities at amortised cost” on the balance sheet at December 31st 2007
and 2006, are included in the fair value hedges managed by the Entity and are therefore
carried in the balance sheet at the fair value relating to the interest rate risk hedged.

110
A significant part of other assets and some liabilities are variable rate, subject to annual
interest rate reviews. Therefore fair value resulting from market rate fluctuations does not
vary significantly with respect to the amounts at which such assets and liabilities are
carried on the accompanying balance sheet.

Other assets and liabilities are fixed rate. A significant part of these mature in less than
one year and therefore their market value resulting from movements in market interest
rates is not materially different from the value recorded in the accompanying balance
sheet.

As a result, the fair value of fixed rate assets and liabilities with a period to maturity of
more than one year and which are not hedged against fluctuations in market interest rates
does not differ significantly from that recorded in the accompanying balance sheet.

The market value of the balance under the “Held-to-maturity investments” on the balance
sheet at December 31st 2007 and 2006 amounted to €963,430k and €1,201,100k,
respectively.

29.2. Fair value of tangible assets

The Group’s policy is to record tangible fixed assets at cost, in line with what is allowed
under current regulations, with the Administrators believing that there are no capital losses
on these elements. In any case, the Group Administrators’ estimates of fair value do not
show, for the fixed assets as a group, positive differences of more that 25% of their
carrying amount.

30. Credit risk exposure

The credit risk represents the losses that the Group would incur in the event that a
customer or some counterparty fails to comply with its contractual payment obligations.
This risk is inherent in traditional banking products (loans, credits, financial guarantees
provided etc.) and other type of financial assets (fixed income portfolio, derivatives etc).

The Group’s Governing Bodies have established the policies and procedures required for
the correct identification, measurement, and control of the credit risk assumed in the
course of business. These policies can be seen in the:

a) Various operations management phases

- Rigor in processing the operations through a series of centrally established and

controlled processes.
- Strict analysis of the operations by specialised personnel incorporating the
participation of centralised analysts in specific segments.

111
 - Availability of support tools in decision making.
- Continuous monitoring of customers through alert systems that warn of possible
credit difficulty situations.
- Operations recovery policies in payment default situations that are strict on
payment dates and in certain circumstances are undertaken by third parties.

b) Actions designed to control the risk in different business segments:

- Limits on risk concentration.

- Stress simulations on the principal parameters that affect the risk in the most
sensitive retail areas.
- Monitoring progress in the portfolios both by product type and by customer
segment.

At each level of the business structure, branch office, territorial, network and for the whole
Entity, the credit risk assumed is monitored at least monthly.

The Entity’s Control Committee’s functions include safeguarding proper compliance of the
Group’s risk policies and ensuring that these policies are appropriate, are effectively
implemented and are regularly reviewed.

Set out below is the movement in 2007 and 2006 in the Group’s impaired financial assets
which are not carried on the balance sheet on the understanding that recovery is remote
although the Group continues to implement actions to recover the amounts owed:

€’000
2007 2006

Balance at January 1st 131,541 128,705

Additions: Against asset impairment adjustments 21,745 4,683
Direct charge against the income statement 2,013 1,459
Products matured but not collected 985 949
Other - 141
Total additions 24,743 7,232
Disposals:Owing to recovery in cash of principal ( 2,058) ( 2,811)
Condoned ( 2,018) ( 653)
Foreclosure tangible assets ( 102) ( 399)
Debt restructuring - ( 356)
Total disposals ( 4,178) ( 4,219)
Net change owing to exchange differences ( 149) ( 177)

Balance at December 31st 151,957 131,541

112
31. Interest rate risk exposure

Interest Rate Risk is defined as the probability that exists that an entity will incur losses in
terms of net interest margin (short-term perspective) and in economic value of its equity
(long-term perspective) because of adverse changes in the market interest rates.

This risk is consubstantial to the banking business because of the fundamental

characteristics of credit entities since a major part of the basic products with which they
operate are subject to rigor of interest rates. However, excessive exposure can create a
danger to the stability of the margin and the value of an entity.

The Commission considers that management of the Groups structural risks is

fundamental. In the area of interest rates, the objectives are centred on maintaining
exposure to the risk within acceptable levels, applying prudent and efficient criteria.
Monitoring and control operations of this type of risk are performed regularly and
measures are proposed to optimise the risk level to be maintained, based on the interest
rate expectations on the market.

In line with the established controls, the Caixa Galicia Group avails of various sensitivity
measurement techniques to provide an ample perspective of the object under study.
Simulation models based on the Basle II agreement are used.

Although positions in euro represent 96.2% of the balance sheet total, exposure to interest
rate risks in the major currencies are taken into account: US Dollars, Pounds Sterling and
Swiss Francs.

The primary objective pursued in interest rate risk management is to preserve the net
interest rate margin, quantifying the short-term (up to one year) changes expected as a
result of changes in the interest rate. To do so, the sensitivity of the future net interest rate
margin is measured under a dynamic perspective. Thus, in addition to recording the
positions at the close of each month, new business corresponding to the annual budget is
incorporated. Calculated in this manner, at the close of 2007 the net interest rate margin’s
sensitivity to an instantaneous and parallel change of 100 basis points in interest rates is
21 million euro, (3.4%).

113
The second objective is centred on protecting the economic value of the shareholders’
assets, which measures the impact of variations in interest rates on the current value of
the cash flows of the balance sheet positions under a long-term perspective. The limits set
are revised regularly and this allows an alert to be raised on undesirable exposures that
could significantly affect the Group. The economic value of the shareholders assets is
calculated as the difference between the current cash flows of the asset positions and the
liabilities applying the current interest rate curve. Calculated in this way, the variation in
the economic value of the shareholders assets as a result of a reduction of 100 basis
points in the interest rate is to consume 16 million euros, or 0.39%.

The Group resorts to coverage operations for the management of individual interest rate
risks in those instruments that could expose the Group to significant risks. In this way, the
sensitivity of the market value of the shareholders’ assets is reduced to 0.39% from the
7% it would have been if the coverage positions had not been taken. All the accounting
coverage of interest rates are at “fair value” in the terminology of the IFRS, and comply
with the applicable criteria, requirements and the documentation on file.

32. Exposure to other market risks

The Caixa Galicia Group has implemented active policies to measure, follow-up and
control the risks inherent in operations on different markets.

With respect to the exchange risk, it is Group policy not to hold significant foreign currency
positions. Limits relate to the maximum positions allowed in each currency.

The country risk is kept at minimum levels. The limits set and their follow-up enable the
Group to carry out operations with customers and secure its positions.

114
33. Welfare Projects

Set out below is a breakdown of the balance sheet items including the assets and
liabilities associated with the Entity’s Welfare Projects together with their respective
balances at December 31st 2007 and 2006:

€’000
2007 2006
Assets
Tangible assets– associated with Welfare Projects
Furniture and installations 23,179 24,524
Buildings 100,287 102,106

123,466 126,630
Liabilities
Other liabilities-
Welfare Projects Fund
Transfer to tangible assets 123,466 126,630
Transfer applied to other investments 25,636 22,353
Expenses committed during the year 89,550 57,800
Current year maintenance expenses ( 61,913) ( 48,497)
Amount not committed 35,254 26,070
Other liabilities 23,751 17,317

235,744 201,673

Set out below is the movement in “Other liabilities – Welfare funds” in the above table in
2007 and 2006:

€’000
2007 2006

Balance at January 1st 201,673 189,810

Application of surplus from preceding year 89,550 57,800
Maintenance expenses for the year
Budgeted current expenses for the year ( 48,497) ( 37,651)
Other movements ( 6,982) ( 8,286)

Balance at December 31st 235,744 201,673

The purposes of Welfare Projects in accordance with the Entity’s bylaws consist of
financing social and cultural projects on a stand-alone basis or in collaboration such that
they focus on education, social assistance, research, innovation, culture, public healthcare
and other actions of a strategic nature that drive and promote socioeconomic
development in its territory of operation.

115
Expenses and investments in the Entity’s Welfare Projects for 2007 and 2006 amounted
to €73,789k and €68,171k, respectively, which have been covered through available
provisions, the transfer for the year and revenues deriving from socioeconomic activities
and centres.

Most property, plant and equipment connected with Welfare Projects relates to buildings
and their facilities, from where a significant part of cultural and social activities are carried
on. In 2007 there has been a new incorporation to the cultural network of the Entity, the
Instituto Tecnológico Empresarial Caixa Galicia (ITE).

Investment in Community Projects in 2007 is up 8.00 % from 2006, meaning the

consolidation of the upward trend in investment of last years.

Caixa Galicia continued to work intensely on the social front, through its Community
Projects and Foundation, and in 2007 there were 4,000 acts and activities in over 240
municipalities. Similarly, it collaborated with more than 1,098 entities by assigning facilities
or providing economic support. A total of 3.5 million people benefited from our social work.

Of the activities carried out in each area in 2007, particularly noteworthy were the
following:

A) Social Action and Job Promotion

By financing development projects in favour of third world countries, the granting of social
micro credit, various initiatives for the socio-labour integration of vulnerable and
underprivileged groups, education programmes, dependence and active ageing
programmes and training programmes and involvement in environmental conservation, in
addition to the holding of the II Social Project Assistance Programme.

During the year 2007 the Community Projects created a programme entitled “Natural
Fund” with the objective of preserving natural spaces of high ecological and landscape
value through environmental education, investigation, free time, art, professional training
and support for initiatives that respect the environment.

B) Cultural Activities

An integral and original programme was offered of activities mainly aimed at the
promotion of all forms of art and the communication of different kinds of knowledge
through the arrangement of awards and contests and the issue of numerous publications.

116
C) Production Sector Promotion Programme

Through Venture Capital funds which invest in companies and / or projects which favour
the cultural, educational and socio-economic development of Galicia, and facilitate the
integration of underprivileged groups, the grant programme of Fundación Caixa Galicia
and the activities carried out by Centro de Investigación Económico - Financiero (CIEF),
and the holding of the I Production Sector Promotion Programme.

34. Other significant information

34.1 Financial guarantees

Financial guarantees are understood as those amounts which the consolidated entities
should pay on account of third parties in the event that the parties initially required to
effect payment fail to do so in response to the commitments assumed by them in the
course of their ordinary activities.

Set out below is a breakdown at December 31st 2007 and 2006, taking into account the
maximum risk assumed by the Group in relation to the mentioned:

€’000
2007 2006
Deposits
Guarantees and other security provided 2,338,968 3,011,056
Financial guarantees 222,481 160,529
Technical guarantees 946,719 1,031,188
Other commitments 1,169,768 1,819,339

Credit Derivatives sold 84,036 -

Irrevocable documentary credits 183,896 142,174

2,606,900 3,153,230

A significant part of these amounts will reach maturity without any payment obligation
arising for the consolidated companies. Therefore the joint balance of these commitments
may not be regarded as a real future need for financing or liquidity to be granted to third
parties by the Group.

117
Revenues obtained from guarantee instruments are recorded under the captions “Fee and
commission income” and “Interest and similar income” (at the amount relating to the
discounting of the value of fees) in the consolidated income statements for 2007 and 2006
and are calculated at the relevant contract rate on the nominal amount of the guarantee.

The provisions recorded to cover these guarantees provided, which have been calculated
by applying similar criteria to those applied to calculate the impairment of financial assets
measured at amortised cost have been recorded under “Provisions – Provisions for
contingent risks and commitments” on the consolidated balance sheet (see Note 20).

34.2. Assets assigned in guarantee

At December 31st 2007 and 2006, assets owned by the consolidated entities secured
operations carried out by them or by third parties and sundry liabilities and contingent
liabilities assumed by the Group. The carrying value at December 31st 2007 and 2006 of
the Group’s financial assets delivered to secure such liabilities or contingent liabilities and
similar was as follows:

€’000
2007 2006

Pledged at Bank of Spain 1,931,553 1,185,252

Other 570,941 724,400

2,502,494 1,909,652

34.3. Balances drawable by third parties

At December 31st 2007 and 2006 the limits on financing contracts granted and the
amounts used under such financing contracts for which the Group had assumed some
credit commitment in excess of the amount recorded under assets on the consolidated
balance sheet were as follows:

118
 €’000
2007 2006
Amount Amount
drawable drawable

Immediately drawable 3,608,036 3,236,162

Credit institutions 25,687 13,641
Public Administration Sector 111,365 127,006
Other resident sectors 3,470,984 3,095,515

Drawable subject to conditions 4,247,934 4,170,067

Public Administration Sector 40,933 68,423
Credit Entities 40,872 -
Other sectors 4,166,129 4,101,644

7,855,970 7,406,229

34.4. Third-party funds marketed but not managed by the Group and security
depository institution

Off-balance sheet funds marketed by the Group at December 31st 2007 and 2006 are
analyzed below:

€’000
2007 2006

Investment funds 2,983,733 2,963,510

Pension funds 979,544 883,451
Other 1,347,461 1,169,156

5,310,738 5,016,117

Set out below is a breakdown of the fair value of third party funds deposits with the Group
at December 31st 2007 and 2006:

€’000
2007 2006

Debt securities and equity instruments 7,138,058 9,490,341

Other financial instruments 230,203 181,639

7,368,261 9,671,980

119
34.5. Asset securitisation

The outstanding balance for transfers of financial assets made by the Entity December
31st 2007 and 2006 is as follows:

€’000
2007 2006

Written off before 1 January 2004 75,370 94,006

Fully maintained on the balance sheet 856,444 -

931,814 94,006

The Group carried out a number of securitisation operations before January 1st 2004
which have been written off. In 1999, the Group participated in a mortgage securitisation
programme. The mortgage loan portfolio contributed, which has served as a basis for the
issue of mortgage bond holdings, consists of 5,518 mortgage loans, the capital value of
which amounted to €307,481k at June 2nd 1999. In July 1st 1999, “AyT.1 Fondo de
Titulización Hipotecaria” issued mortgage securitization bonds with a nominal value of
470,500k. As at December 31st 2007 and 2006 the outstanding amount of securitised
loans was €75,370k and €94,006k, respectively.

During 2007 the Entity has performed a securitisation operation whereby loans to
companies amounting to €904,200k were transferred to “AyT Caixa Galicia Empresas I
Fondo de Titulización de Activos”, of which €41,600k correspond to subordinated bonds of
the series B, €27,100k correspond to subordinated bonds of the series C, €24,500k
correspond to subordinated bonds of the series D, €5,000k correspond to subordinated
bonds of the series E1 and €24,300k correspond to subordinated bonds of the series E2.

The main characteristics of each securitisation are:

Securitisation Serial Amount Return Maturity

AyT Caixa Galicia Empresas I, F.T.A. Serial A 781,700 Euribor 3m + 0.30% 27/01/2045
Serial B 41,600 Euribor 3m + 0.80%
Serial C 27,100 Euribor 3m + 1.50%
Serial D 24,500 Euribor 3m + 2.50%
Serial E1 5,000 Euribor 3m + 6.00%
Serial E2 24,300 Euribor 3m + 6.00%

120
34.6. Financial instrument reclassifications

In 2007 and 2006 the Group has carried out no reclassifications between the financial
instrument portfolios.

35. Interest and similar income

Set out below is a breakdown of the origin of interest and most significant similar revenues
accrued by the Group in 2007 and 2006:
€’000
2007 2006

Deposits at central banks 15,826 8,195

Deposits at credit institutions 138,645 101,230
Customer loans 1,681,385 952,157
Debt securities 181,490 241,553
Doubtful assets 3,991 2,263
Rectification of revenues arising from accounting hedges 45,767 32,629
Revenues on insurance contracts related to pensions and
similar obligations (Note 2.12) 5,798 6,260
Other revenues 1,058 914

2,073,960 1,345,201

Set out below is a breakdown of the amounts recorded in “Interest and similar income” in
the consolidated income statements for 2007 and 2006, classified on the basis of the
relevant financial instrument portfolio:

€’000
2007 2006

Trading portfolio 316 113

Available-for-sale financial assets 144,239 195,981
Held-to-maturity 36,935 45,459
Loans and receivables 1,839,847 1,055,527
Rectification of revenues resulting from accounting hedges 45,767 32,629
Other revenues 6,856 15,492

2,073,960 1,345,201

121
36. Interest expense and similar charges

The breakdown of the balance of this caption in the consolidated income statements for
2007 and 2006 is as follows:

€’000
2007 2006

Bank of Spain 60,704 48,053

Credit institution deposits 293,153 241,180
Customer funds 571,605 379,444
Marketable debt securities 436,374 135,212
Subordinated debt financing (Note 19.5) 37,824 19,746
Rectification of costs arising from accounting hedges 58,654 14,333
Costs attributable to pension funds arranged (Note 2.12) 10,011 11,538
Remuneration of capital having the nature of financial liabillity 22,379 16,343
Other interest 2,972 2,111

1,493,676 867,960

Set out below is a breakdown of the amounts recorded in “Interest expense and similar
charges” in the consolidated income statements for 2007 and 2006, classified on the basis
of the relevant financial instrument portfolio:

Miles de euros
2007 2006

Financial liabilities at amortised cost 1,399,660 823,635

Capital having the nature of a financial liability 22,379 16,343
Rectification of costs arising from accounting hedges 58,654 14,333
Other interest 12,983 13,649

1,493,676 867,960

122
37. Return on equity instruments

The breakdown of the balance of this caption in the consolidated income statements for
2007 and 2006 by portfolio and nature of the financial instruments is as follows:

€’000
2007 2006

Equity instruments classified as:

Trading portfolio 8,301 5,087
Available-for-sale financial assets 55,035 41,766

63,336 46,853
Equity instruments having the nature of:
Shares 63,336 46,853

63,336 46,853

38. Share of profit or loss of entities accounted for using the equity method

The breakdown by company of the balance of this caption in the consolidated income
statements for 2007 and 2006 is as follows:

€’000
2007 2006

Associates -
Bia Galicia, S.A. 8,999 6,974
Plásticos Ferro, S.L. 870 1,510
Banco Etcheverría, S.A. 1,817 1,322
Norvento Montouto, S.A. 1,040 1,091
Gallega de Residuos Ganaderos, S.A. 244 ( 212)
Cupire Padesa, S.L. 3,600 2,400
Investimentos Ibéricos, S.G.P.S., S.A. 28,403 ( 69)
Other 1,657 3,033

46,630 16,049

123
39. Fee and commission income

Set out below is fee revenue accrued in 2007 and 2006, classified taking into account the
main items involved, together with the consolidated income statements for those years in
which such revenue has been recorded:

€’000
2007 2006

Interest and similar revenues

Origination fees 37,091 31,061
Study fees 1,641 745
Early termination commissions 7,199 5,798

45,931 37,604
Fees received
Fees relating to contingent risks 20,303 16,411
Fees relating to contingent commitments 5,033 3,222
Fees relating to collection and payment services 69,460 56,751
Fees relating to investment and complementary activities 8,127 9,589
Fees relating to foreign currency and note exchange 252 243
Fees relating to marketing of non-bank financial products 33,685 31,680
Other 34,059 22,699

170,919 140,595

40. Fees and commission expenses

Set out below is the fee expense accrued in 2007 and 2006, classified taking into account
the main items involved, together with the consolidated income statements for those years
in which such expense has been recorded:

€’000
2007 2006

Fees paid
Commissions ceded to other banks and correspondent banks 4,039 4,506
Commission expenses on securities transactions 2,281 585
Other fees 21,107 16,825

27,427 21,916

124
41. Gains or losses on financial assets and liabilities

The breakdown of the balance of this caption in the consolidated income statements for
2007 and 2006 by portfolio of the financial instruments involved is as follows:

€’000
2007 2006

Trading portfolio 25,029 13,638

Available-for-sale financial assets 355,249 338,046
Other assets at fair value through the income statement - 2,137
Loans and receivables - -
Other ( 2) ( 10,758)

380,276 343,063

The heading “Available-for-sale financial assets” at December 31st 2007 mainly records
the gain obtained on the sale of the 3.00% shareholding in the capital of Unión Fenosa,
S.A. amounting to €199,153k, and the 3.00% shareholding in Galp Energía, SGPS
amounting €132,370k.

The heading “Available-for-sale financial assets” at December 31st 2006 mainly records
the gain obtained on the sale of the 1.99% shareholding in the capital of Unión Fenosa,
S.A. amounting to €123,749k, the 8.62% shareholding in Itinere Infraestructuras, S.A.
amounting to €85,298k, the 3.44% shareholding in Ebro Puleva, S.A. amounting to
€41,938k and the 9% shareholding in Grupo Empresarial Ence, S.A. amounting to
€54,831k.

42. Sales and income from provision of non-financial services and cost of sales

These captions in the consolidated income statements record, respectively, sales of

assets and revenues from the provision of services that make up the typical activity of
non-financial consolidated entities included in the Group and the matching cost of sales.

At December 31st 2007 the balance of Sales and revenues from the provision of non-
financial services amounts to €57,995k (€61,237k at December 31st 2006) and the
balance of Cost of sales amounts to €50,928k (€49,497k at December 31st 2006) mainly
relating to the Group companies’ services provided line of activities.

125
43. Other operating income

The breakdown of the balance of this caption in the consolidated income statements for
2007 and 2006 is as follows:

€’000
2007 2006

Revenues from investment properties (Note 15.2) 1,451 1,503

Other revenues 21,197 31,766

22,648 33,269

44. Personnel expenses

The breakdown of the balance of this caption in the income statements for 2007 and 2006
is as follows:

€’000
2007 2006

Wages and salaries 236,926 212,937

Social Security 51,056 46,190
Appropriations to defined benefit pension plans 5,705 5,107
Appropriations to defined contribution pension plans 9,219 7,409
Indemnities 2,694 758
Staff training expenses 3,730 2,659
Other staff costs 16,949 13,806

326,279 288,866

The average number of employees of the Group, by professional category, at December

31st 2007 and 2006 is as follows:

2007 Number of employees

Men Women Total

Senior Management 13 - 13
Directors and specialists 2,255 1,047 3,302
Other administrative and commercial personnel 653 1,033 1,686
Auxiliary personnel 93 181 274
3,014 2,261 5,275

126
2006 Number of employees
Men Women Total

Senior Management 13 - 13
Directors and specialists 2,164 899 3,063
Other administrative and commercial personnel 593 823 1,416
Auxiliary personnel 111 148 259
2,881 1,870 4,751

Set out below is an itemised breakdown of the captions “Provisions – Provisions for
pensions and similar obligations” and “Insurance contracts linked to pensions” on the
balance sheets at December 31st 2007 and 2006:

€’000
2007 2006

Provisions - Provisions for pensions and similar

obligations (Note 20)
Post-employment commitments 194,600 200,582
Pre-retirement commitments 50,576 55,245

245,176 255,827

Insurance contracts linked to pensions

Post-employment commitments 144,434 141,674
Pre-retirement commitments 3,407 3,971

147,841 145,645

44.1. Post-employment commitments

Set out below is breakdown of post-employment commitments, both defined benefit and
defined contribution, entered into by the Entity:

Defined contribution plans

The Entity has entered into a commitment with part of its employees to make annual
contributions to the Pension Plan named “Empleados de Caja de Ahorros de Galicia, Plan
de Pensiones N-0348”, consisting of 5% of their pensionable salary.

In 2007 and 2006 the Group has made contributions to defined contribution plans
amounting to €9,219k and €7,409k, respectively.

127
Defined benefit plans

Set out below is a breakdown of the present value of the obligations assumed by the
Group in respect of post-employment remuneration at the 2007 and 2006 year end, taking
into account the form in which such commitments were covered and the fair value of the
plan assets.

€’000
2007 2006
Present value of obligations:
Serving employees 71,137 87,457
Retired employees 307,751 293,115
378,888 380,572

Fair value of plan assets 187,609 183,518

Unrecognised actuarial gains/ losses - -

Past service costs pending recognition - -

Provisions – Provision for pensions (Note 20) (*) 191,279 197,054

Of which insurance contracts with group insurance companies 122,957 118,889
Of which insurance contracts with other insurance companies 21,477 22,785
378,888 380,572
Surplus (shortfall) - -

(*) Includes €492k related to commitment recorded under Other liabilities caption of the
accompanying balance sheet as at December 31st 2007.

44.2. Pre-retirement commitments

Set out below is a breakdown of the fair value of obligations relating to partial retirement,
pre-retirement and length-of-service awards entered into by the Group at December 31st
2007 and 2006 and the fair value of assets assigned to cover such obligations at those
dates:

€’000
2007 2006
Present value of obligations:
Partially retired employees 17,353 11,940
Pre-retired employees 33,224 43,305
Length of service awards and other commitments 3,812 3,528
54,389 58,773
Fair value of assets:
Balance recorded in “Provisions – Provisions for pensions
and similar obligations” on the balance sheet (Note 20) 54,389 58,773
Of which insurance contracts with group entities 3,407 3,971
54,389 58,773
Surplus (shortfall) - -

128
44.3. Remuneration in kind

In accordance with current accounting legislation, the Group treats as non-monetary

remuneration that deriving from the granting of credit facilities to employees at lower than
market rates, quantified at the amount of the difference between market conditions and
those conditions agreed with the employee.

In 2007 and 2006 the Entity has recorded €4,547k and €3,257k, respectively, as staff
costs in respect of these items.

45. Other administrative expenses

The breakdown of the balance of this caption in the consolidated income statements for
2007 and 2006 is as follows:

€’000
2007 2006

Buildings and facilities 17,917 15,638

Rentals 9,462 7,413
Information Technology 21,157 10,657
Communications 18,491 15,760
Advertising 26,368 17,476
Legal fees 1,616 1,246
Technical reports 4,686 4,859
Guarding services 4,231 3,882
Insurance premiums 1,769 1,840
Governing bodies 1,496 1,656
Entertainment expenses 6,829 4,709
Association charges 1,461 1,007
Taxes 5,063 3,483
Other items 11,060 5,033

131,606 94,659

The fees of PricewaterhouseCoopers Auditores, S.L. accrued in respect of services

relating to the audit of the consolidated annual accounts for 2007 and other services
related to that review have amounted to €365k (€293k in 2006). The fees of
PricewaterhouseCoopers Auditores, S.L accrued by other services not related to the audit
of the consolidated annual accounts have amounted to €108k in 2007 (€78k in 2006).

In 2007 the fees for other services provided by other companies that use the
PricewaterhouseCoopers trademark have amounted to €227k (€40k in 2006).

129
46. Other operating expenses

The breakdown of the balance of this caption in the consolidated income statements for
2007 and 2006 is as follows:

€’000
2007 2006

Contribution to Deposits Guarantee Fund (Note 1.8) 4,905 4,118

Expenses relating to investment properties (Note 15.2) 319 277
Other items 8,250 12,474

13,474 16,869

47. Other gains and losses

The breakdown of the balance of these captions in the consolidated income statements
for 2007 and 2006 is as follows:

€’000
2007 2006
Gain Loss Gain Loss

Sale of tangible assets 2,531 312 2,235 115

Defined contribution plans - 11,779 - 2,611
Other items 4,912 3,773 13,353 3,627

7,443 15,864 15,588 6,353

130
48. Related parties

In addition to the information in Note 6 relating to the balances and operations carried out
with the members of the Entity’s Board of Directors and the Group’s Senior Management,
set out below are the balances recorded in the consolidated balance sheets and in the
consolidated profit and loss accounts at December 31st 2007 and 2006 resulting from
transactions with related parties other than those included in Note 6:

2007 2006
Other Other
Joint related Joint related
Associates ventures parties Associates ventures parties

ASSETS
Loans and credits 433,158 89,379 710 351,981 77,187 2,039
Securities portfolio 106 - - 106 330 -

LIABILITIES
Deposits 700,805 5,497 2,642 697,137 4,471 1,362
Other liabilities - - - - 522 -

PROFIT AND LOSS

Interests and similar charges 25,951 215 - 18,676 46 -

Revenues-
Interests and similar revenues 18,607 3,150 - 9,835 1,798 55
Fees 6,006 37 52 5,578 37 -

OTHER
Contingent liabilities 14,914 9,237 184 41,241 14,128 211

49. Customer Care Service

Article 17.2 of Order ECO/734/2004, of 11 March 2004, on Customer Care Departments

and Services and the Customer Ombudsman in Financial Institutions, lays down that the
notes to the annual accounts should briefly summarise the content of the Entity’s
Customer Service Report. This summary is as follows:

a) The Customer Care Department and Customer Ombudsman have received 3,146
claims and 5,377 enquires in 2007 (a total of 2,299 claims and 5,224 enquiries in 2006).

b) In 2007 89% of enquiries and claims have been dealt with (95% in 2006).

131
SCHEDULE I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE

GALICIA GROUP AS AT DECEMBER 31st 2007

Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Reserves Results
Tasaciones y Valoraciones de Galicia, S.A. (TASAGALICIA) A Coruña Valuation 292 - 85.46 85.46 301 160 2,758
Corporación Caixa Galicia, S.A. A Coruña Holding company 791,123 94.43 - 94.43 837,863 125,418 246,297
CxG Gestión Operativa, S.A. (F) A Coruña Data-processing 249 - 70.82 70.82 64 26 377
Correduría de Seguros del Grupo Caixa Galicia, S.A. A Coruña Insurance broker 60 - 94.43 94.43 60 12 7,379
CxG Viaxes, S.A. (G) A Coruña Travel agency 531 - 94.43 94.43 60 12 382
S.T.D. Multiopción, S.A. A Coruña Marketing 3,056 - 94.43 94.43 3,056 351 1,573
CxG Inmobiliaria, S.A. (H) A Coruña Sale of real estate 13,765 - 94.43 94.43 13,765 136 858
Tasagalicia Consult, S.A. (A) A Coruña Valuation 60 - 94.43 94.43 60 12 364
Instituto Tecnológico y Empresarial Caixa Galicia, S.A. (B) A Coruña Training 333 - 94.43 94.43 65 400 (13)
Gescaixa Galicia, S.G.E.C.R., S.A. A Coruña Venture Capital Manager 350 - 94.43 94.43 350 74 213
Invercaixa Galicia, F.C.R. (C) A Coruña Venture Capital 50,000 - 94.43 94.43 50,000 (3,302) 1,553
Asistens, S.A. A Coruña Services 1,880 - 94.43 94.43 320 854 (47)
Caixa Galicia Preferentes, S.A. A Coruña Holding company 60 100.0 - 100 60 63 67
Espacios Termolúdicos, S.A. A Coruña Services 3,100 - 73.18 73.18 4,000 (371) (1,644)
Unicom, Una Compañía de Seguridad Electrónica, S.L. A Coruña Information Technology 1,190 - 94.43 94.43 148 (81) 34
CxG Desarrollos Inmobiliarios, S.L. A Coruña Real estate development 6,954 - 94.43 94.43 4,420 (524) (3,662)
CxG Publicidad Directa, S.L. A Coruña Advertising 2,053 - 94.43 94.43 2053 131 -188)
Altabrava del Mar, S.L. A Coruña Real estate development 7,003 - 94.43 94.43 7,003 (30) (1,379)
Hayedo de Montesaltos, S.L. A Coruña Real estate development 1,953 - 94.43 94.43 1,953 (21) (80)
CxG Paim, S.L. A Coruña Real estate development 1,280 - 94.43 94.43 1,280 (36) (16)
Torre de Hércules, S.L. A Coruña Sale of real estate 1,378 - 94.43 94.43 66 302 97
Corporación Empresarial y Financiera de Galicia, S.L. A Coruña Dormant 1,005 - 94.43 94.43 1,003 47 64
Galsoft, Servicios Software Portugal, Lda. (D) Lisbon Information technology 122 94.43 94.43 122 (227) -
CxG Crédito Familiar Corporación Caixa Galicia, S.A. E.F.C. (I) A Coruña Financing 49,805 - 94.43 94.43 28,062 17,690 (10,346)
CxG Renting, S.L. A Coruña Financing 1,100 - 94.43 94.43 200 709 (339)
Blancacima del Noroeste, S.L. A Coruña Real estate development 3 - 94.43 94.43 3 - -
Albazul del Castillo, S.L. A Coruña Real estate development 3 - 94.43 94.43 3 - -
Cavea Producciones, S.L. A Coruña Services 100 - 94.43 94.43 100 (10) 185
FC 40SPV Internacional, S.L. A Coruña Holding company 3 100.0 - 100 3 - -
Serv. Telefonia y Back Office Avanzados, S.L. A Coruña Call center 330 100.0 - 100 330 - 78
CXG Operador de Banca y Seguros, S.L. A Coruña Insurance broker 74 - 94.43 94.43 90 (20) (11)
BEM Centro del Emigrante Galicia, S.L. (E) Madrid Financial Services 2,085 - 66.65 66.65 3 2,287 (1,541)
Promociones urbanísticas Hayaplus, S.L. Madrid Real estate development 2,003 - 94.43 94.43 2,003 (37) (41)

(A) At December 31st 2007 €45k in unpaid capital (B) At December 31st 2007 €32k in unpaid capital (D) At December 31st 2007 €9,362k in unpaid capital (D) Data at September 30th 2007 (E) Data at November 30th 2007 (F) Former
Conexiones Informáticas de Galicia, S.A. (COINSA) (G) Former Ciberviaxes, S.A. (H) Former Home Galicia, S.A. (I) Former Crediter, S.A. E.F.C.

132
SCHEDULE I (2)

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE

GALICIA GROUP AS AT DECEMBER 31st 2006

9 Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Reserves Results
Tasaciones y Valoraciones de Galicia. S.A. (TASAGALICIA) A Coruña Valuation 292 - 90.50 90.50 301 160 2,718
Corporación Caixa Galicia. S.A. A Coruña Holding company 791,123 100.00 - 100.00 791,211 41,240 288,197
Conexiones Informáticas de Galicia. S.A. (COINSA) A Coruña Data-processing 249 - 75.00 75.00 64 12 14
Correduría de Seguros del Grupo Caixa Galicia. S.A. A Coruña Insurance broker 60 - 100.00 100.00 60 12 6,132
Ciberviaxes. S.A. A Coruña Travel agency 531 - 100.00 100.00 60 12 310
S.T.D. Multiopción. S.A. A Coruña Marketing 3,056 - 100.00 100.00 3,056 279 753
Home Galicia. S.A. A Coruña Sale of real estate 13,765 - 100.00 100.00 13,765 121 144
Tasagalicia Consult. S.A. (B) A Coruña Valuation 60 - 100.00 100.00 60 12 558
Instituto Tecnológico y Empresarial Caixa Galicia. S.A. (C) A Coruña Training 333 - 100.00 100.00 65 303 108
Gescaixa Galicia. S.G.E.C.R.. S.A. A Coruña Venture Capital Manager 350 - 100.00 100.00 350 61 135
Invercaixa Galicia. F.C.R. (D) A Coruña Venture Capital 50,000 - 100.00 100.00 50,000 (3,382) 163
Asistens. S.A. A Coruña Services 780 - 100.00 100.00 80 122 (136)
Caixa Galicia Preferentes. S.A. A Coruña Holding company 60 100.00 - 100.00 60 2 62
Espacios Termolúdicos. S.A. A Coruña Services 1,350 - 60.00 60.00 2,250 (127) (339)
Unicom. Una Compañía de Seguridad Electrónica. S.L. A Coruña Information Technology 266 - 100.00 100.00 60 260 (1,095)
Euxa. S.L.(A) A Coruña Services 1,740 - 51.00 51.00 3,412 (1,415) (313)
CxG Desarrollos Inmobiliarios. S.L. A Coruña Real estate development 4,138 - 100.00 100.00 4,138 (943) (1,093)
CxG Publicidad Directa. S.L. A Coruña Advertising 3 - 100.00 100.00 3 - 26
Altabrava del Mar. S.L. A Coruña Real estate development 3,503 - 100.00 100.00 3,503 - (47)
Hayedo de Montesaltos. S.L. A Coruña Real estate development 1,353 - 100.00 100.00 1,353 - (32)
CxG Paim. S.L. A Coruña Real estate development 1,280 - 100.00 100.00 1,280 - (55)
Torre de Hércules. S.L. A Coruña Sale of real estate 1,378 - 100.00 100.00 66 302 94
Corporación Empresarial y Financiera de Galicia. S.L. A Coruña Dormant 1,005 - 100.00 100.00 1,003 (9) 94
Galsoft. Servicios Software Portugal. Lda. Lisbon Information technology 122 100.00 100.00 122 (227) -
Crediter. S.A. E.F.C. A Coruña Financing 9,806 - 100.00 100.00 7,062 1,823 (2,993)
CxG Renting. S.L. A Coruña Financing 100 - 100.00 100.00 100 - (294)
CxG Administración de flotas. S.L. A Coruña Services 66 - 90.50 90.50 90 - (20)
Blancacima del Noroeste. S.L. A Coruña Real estate development 3 - 100.00 100.00 3 - -
Albazul del Castillo. S.L. A Coruña Real estate development 3 - 100.00 100.00 3 - -
Cavea Producciones. S.L. A Coruña Services 100 - 100.00 100.00 100 - (4)

(A) Data at Noviembre 30th de 2006 (B) At December 31st 2006 €45k in unpaid capital (C) At December 31st 2007 €45k in unpaid capital (D) At December 31st 2007 €13,246k in unpaid capital

133
SCHEDULE II

ADDITIONAL INFORMATION ON MULTI-GROUP COMPANIES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE

GALICIA GROUP AS AT DECEMBER 31st 2007

Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Reserves Results
GPS NOROESTE, S.L Córdoba Real estate development 3,005 - 47.22 47.22 6,010 166 3,604
Galeras Entrerios,S.L. Santiago Real estate development 1 - 47.22 47.22 3 (236) -
Sociedad Gestora Promociones Inmobiliarias, S.L. A Coruña Real estate management 2,816 - 47.22 47.22 5,700 68 (102)
Landix operaciones urbanísticas, S.L. A Coruña Real estate development 700 - 47.22 47.22 1,400 (80) (22)
Comarexur, S.L. (A) Granada Real estate development 5,753 - 47.22 47.22 11,506 (1,024) (164)
Galicat Invest, S.L. Tarragona Real estate development 2,000 - 47.22 47.22 4,000 (8) 24
Cinco Villas del Golf, S.L. A Coruña Real estate development 4,025 - 47.22 47.22 8,050 (34) 44
Urbehispania, S.L. Valencia Real estate development 11,860 - 47.22 47.22 18,000 (16) (3,122)
Ingalix desarrollos inmobiliarios, S.L. Málaga Real estate development 1,000 - 47.22 47.22 2,000 (16) (62)

(A) Data at September 30th 2007

134
SCHEDULE II (2)

ADDITIONAL INFORMATION ON MULTI-GROUP COMPANIES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE

GALICIA GROUP AS AT DECEMBER 31st 2006

Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Reserves Results
Atlántica CYO, S.L. Cáceres Real estate development 3 - 50.00 50.00 6 - -
GPS NOROESTE, S.L Córdoba Real estate development 3,005 - 50.00 50.00 6,010 (42) 1,050
Galeras Entrerios,S.L. Santiago Real estate development 2 - 50.00 50.00 3 (136) (104)
Sociedad Gestora Promociones Inmobiliarias, S.L. A Coruña Real estate management 50 - 50.00 50.00 100 16 50
Landix operaciones urbanísticas, S.L. A Coruña Real estate development 350 - 50.00 50.00 700 (28) ( 56)
Comarexur, S.L. Granada Real estate development 5,753 - 50.00 50.00 11,506 (492) (482)
Galicat Invest, S.L. Tarragona Real estate development 2,000 - 50.00 50.00 4,000 (26) (54)
Cinco Villas del Golf, S.L. A Coruña Real estate development 3,725 - 50.00 50.00 7,450 (6) ( 28)
Urbehispania, S.L. Valencia Real estate development 9,000 - 50.00 50.00 18,000 16 (24)
Promociones urbanísticas Hayaplus, S.L. Madrid Real estate development 1,002 - 50.00 50.00 2,004 - (50)
Ingalix desarrollos inmobiliarios, S.L. Málaga Real estate development 1,000 - 50.00 50.00 2,000 - (12)
Servicios de Telefonía Avanzada, AIE A Coruña Marketing 330 50.00 - 50.00 660 - -

135
SCHEDULE III

ADDITIONAL INFORMATION ON ASSOCIATES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE GALICIA GROUP AS
AT DECEMBER 31st 2007

Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Reserves Results
Banco Etcheverría, S.A. Betanzos Banking 11,633 - 42.24 42.24 5,950 17,528 4,063
Inseco, S.A. A Coruña Recoveries 40 - 18.89 18.89 60 12 166
Bia Galicia de Seguros y Reaseguros, S.A. A Coruña Insurance 39,621 - 47.22 47.22 61,030 15,388 17,998
Sociedad De Fomento Y Desarrollo Turístico, S.A. (A) A Coruña Operation of congreso facilities 1,846 - 23.61 23.61 2,125 5,213 480
Inesga S.A. Santiago Business project promotion 106 22.18 - 22.18 480 - -
NCG Patrimonios Galicia, S.A. Madrid Wealth management 207 - 47.22 47.22 300 43 96
Gallega De Residuos Ganaderos, S.A. Ourense Waste processing 1,301 - 37.77 37.77 4,000 (1,290) 609
Dinak Chimeneas, S.A.(A) Vigo Building accessory manufacturing 763 - 23.27 23.27 1,380 1,059 840
Desarrollos Territoriales Inmobiliarios, S.A. (DETEINSA) (B9 Madrid Real estate development 3,692 - 23.61 23.61 3,045 428 12,164
Boreal Desarrrollo Inmobiliario, S.A. Sevilla Real estate development 1,289 - 18.89 18.89 12,000 (5,607) 430
Plásticos Ferro GPF, S.L. (A) A Coruña Plastic goods manufacturer 14,324 - 19.01 19.01 35,410 35,625 4,322
Ozona Consulting, S.L. (C) Santiago Services 81 - 28.33 28.33 14 271 -
Zeltinova, S.L. (D) Santiago Animal feed 59 - 29.35 29.35 446 (245) -
Jocai XXI, S.L. (E) A Coruña Real estate development 3,781 - 47.22 47.22 7,783 226 -
Proboin, S.L. Boiro Real estate development 352 - 23.61 23.61 1,600 - (107)
Fomento De Iniciativas Náuticas, S.L. A Coruña Services 1,820 - 31.16 31.16 2,400 3,607 (166)
Norvento Montouto, S.L. Lugo Windfarms 2,211 - 18.89 18.89 1,924 4,584 5,197
Norvento Neda S.L. (E) Lugo Windfarms 1 - 18.89 18.89 3 - -
Norvento Sasdonigas, S.L. (E) Lugo Windfarms 1 - 18.89 18.89 3 - -
Paragefa, S.L. (D) Vigo Services 1 - 23.61 23.61 3 - -
Helena Activos Líquidos, S.L. Madrid Information technology 259 - 27.24 27.24 16 924 9
CXG Fuenteamarga, S.L. Madrid Real estate development 171 - 31.16 31.16 714 8 (172)
Investimentos Ibéricos, S.G.P.S., S.A.(A) Portugal Holding Company 75,959 - 42.49 42.49 50,000 65,637 63,118
Cupire Padesa, S.L. (A) Ourense Natural building materials 21,948 - 18.89 18.89 7,813 90,398 18,000

136
SCHEDULE III (continuance)

ADDITIONAL INFORMATION ON ASSOCIATES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE GALICIA GROUP AS
AT DECEMBER 31st 2007

Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Reserves Results
Autovía del Barbanza, S.A. (A) A Coruña Motorway concessionaire 1,775 - 18.89 18.89 9,400 - -
Andrés Faus, S.A. (F) Valencia Wood transforming 1,027 - 43.60 43.60 1,442 15,914 (15,000)
CxG Willis correduría de seguros, S.A. (A) Vigo Insurance brokerage 159 47.22 47.22 120 - 217
Inversora de Hoteles vacacionales, S.A. Palma de Mallorca Hotel management 11,367 - 23.61 23.61 49,179 5,877 1,412
Norvento Curuxeiras, S.L. Lugo Windfarms 1,892 - 18.89 18.89 70 6,181 3,767
Pescanova, S.A. (B) Vigo Food 56,937 - 18.89 18.89 78,000 198,753 24,726
Helena Activos Liquidos Internacional, S.L. Madrid Information technology 248 - 30.26 30.26 1,000 - (180)
Natur Hotel Spa Allariz, S.A. (A) Ourense Hotel 531 - 31.47 31.47 1,109 778 (200)
FBEX Hercules, S.L. Barcelona Real estate development 13,618 - 46.27 46.27 11,600 18,900 (1,069)

(A) Data at September 30th 2007 and estimated result at December 31st 2007 (B) Data at October 31st 2007 and estimated result at December 31st 2007 (C) Data at March 31st 2007 and estimated result at December 31st 2007 (D) Data
st st th st th st
at December 30 2006 and estimated result at December 31 2007 (E) Data at June 30 2007 and estimated result at December 31 2007 (F) Data at November 30 2007 and estimated result at December 31 2007

137
SCHEDULE III (2)

ADDITIONAL INFORMATION ON ASSOCIATES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE GALICIA GROUP AS
AT DECEMBER 31st 2006

Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Company Domicile
Banco Etcheverría, S.A. Betanzos Banking 10,965 - 44.73 44.73 5,950 15,607 2,956
Inseco, S.A. (A) A Coruña Recoveries 39 - 20.00 20.00 60 39 120
Bia Galicia de Seguros y Reaseguros, S.A. A Coruña Insurance 36,786 - 50.00 50.00 47,030 12,594 13,947
Operation of congreso
Sociedad De Fomento Y Desarrollo Turístico, S.A. A Coruña facilities 1,835 - 25.00 25.00 2,125 4,840 374
Inesga S.A. Santiago Business project promotion 106 22.18 22.18 480 - -
NCG Patrimonios Galicia, S.A. Madrid Wealth management 491 - 50.00 50.00 300 5 676
Gallega De Residuos Ganaderos, S.A. Ourense Waste processing 1,134 - 40.00 40.00 4,000 (759) (531)
Building accessory
Dinak Chimeneas, S.A.(A) Vigo manufacturing 656 - 24.64 24.64 1,380 282 1,000
Desarrollos Territoriales Inmobiliarios, S.A. (DETEINSA) Madrid Real estate development 96 - 25.00 25.00 3,045 385 427
Boreal Desarrrollo Inmobiliario, S.A. Sevilla Real estate development 3,875 - 20.00 20.00 12,000 (257) 7,631
Plásticos Ferro GPF, S.L. (A) A Coruña Plastic goods manufacturer 14,432 - 20.13 20.13 35,410 28,782 7,500
Ozona Consulting, S.L. (A) Santiago Services 53 - 30.00 30.00 14 261 (100)
Zeltinova, S.L. Santiago Animal feed 62 - 31.08 31.08 446 (248) 3
A.C. Desarrollo De Hoteles, S.L. (A) A Coruña Hotel business 160 - 50.00 50.00 173 162 (15)
Jocai XXI, S.L. A Coruña Real estate development 4,553 - 50.00 50.00 7,783 (42) 1,365
Proboin, S.L. Boiro Real estate development 387 - 25.00 25.00 1,600 - (54)
Fomento De Iniciativas Náuticas, S.L. A Coruña Services 202 - 33.00 33.00 600 2 9
Daeca Comarex, S.L. Granada Real estate development 3,541 - 37.50 37.5 10,006 (276) (288)
Norvento Montouto, S.L. Lugo Windfarms 2,272 - 20.00 20.00 1,924 3,982 5,456
Norvento Neda S.L. Lugo Windfarms 1 - 20.00 20.00 3 - -
Norvento Sasdonigas, S.L. Lugo Windfarms 1 - 20.00 20.00 3 - -
Paragefa, S.L. Vigo Services 1 - 25.00 25.00 3 - -
BEM Centro del Emigrante de Galicia, S.L. Madrid Financial services 336 - 40.00 40.00 3 2,429 (1,593)
Helena Activos Líquidos, S.L. Madrid Information technology 301 - 32.02 32.02 16 1,087 (162)
CXG Fuenteamarga, S.L. Madrid Real estate development 206 - 33.33 33.33 714 (8) (81)
Señorío Del Retiro, S.L. Málaga Real estate development 2,855 - 33.33 33.33 9,000 (146) (288)
Investimentos Ibéricos, S.G.P.S., S.A.(A) Portugal Holding company 22,415 - 45.00 45.00 50,000 (40) (150)
Cupire Padesa, S.L. (A) Ourense Natural building materials 21,441 - 20.00 20.00 7,813 83,661 12,000

138
SCHEDULE III (2)

ADDITIONAL INFORMATION ON ASSOCIATES MAKING UP THE CONSOLIDATED CAJA DE AHORROS DE GALICIA GROUP AS
AT DECEMBER 31st 2006

Net value % shareholding

Company Domicile Activity (€’000) Direct Indirect Total Capital Company Domicile
Autovía del Barbanza, S.A. A Coruña Motorway concessionaire 1,390 - 20.00 20.00 9,400 - (100)
Andrés Faus, S.A. (A) Valenc ia Wood transforming 9,911 - 45.08 45.08 1,442 7,072 7,940
Islalink, S.A. Madrid Cmmunication services 5,646 - 26.06 26.06 8,054 14,243 (630)
CxG Willis correduría de seguros, S.A. Vigo Insurance broker 60 50.00 50.00 120 - -
Inversora de Hoteles vacacionales, S.A. Palma de Mallorca Hotel management 10,803 - 25.00 25.00 36,246 6,562 404
Norvento Curuxeiras, S.L. Lugo Windfarms 1,278 - 20.00 20.00 70 6,488 (166)

(A) Data at September 30th 2006 and estimated result at December 2006.

139
CAJA DE AHORROS DE GALICIA GROUP

Consolidated management report corresponding to the year 2007.

ECONOMIC AND FINANCIAL ENVIRONMENT

The economic and financial framework in which Caixa Galicia performed its activities in
2007 was affected by the impact of the sub prime mortgages and by a certain slowdown in
economic activity.

The deterioration of credit quality of certain financial assets related to the sub prime
mortgages in the US, caused a reduction in activities on the financial markets and a
greater aversion to risk that limited and made wholesale financing more expensive. This
scenario on the markets resulted in a lower activity level in the real economy.

In Spain, as well as in the European Union, a deceleration in the growth rate occurred
which gained intensity as the year progressed. Thus, the year closed with a GDP growth
of 3.8%, but whereas in the first quarter of the year the Spanish economy grew at 4.1%
the last quarter grew at 3.5%.

All of the components of internal demand deteriorated throughout 2007, although it was
most notable in consumer spending and construction investment. Investment in capital
goods was the most dynamic area. External demand reduced its negative effect on GDP
by five decimal points reaching - 0.7 points.

The slowdown in the real estate sector had consequences on the labour market and on
economic confidence indicators. In the last quarter the number of persons in employment
fell by 33,700 and the unemployment rate increased from 8% in the third quarter to 8.6%
at the close of the year.

The data on inflation also negatively affected consumer spending. The year closed with an
inflation rate of 4.2%, the highest rate in the last twelve years, as a result of higher energy
and food prices.

The Galician economy closed the year with a GDP growth of 4%, 0.2% higher than the
Spanish average. The keys to growth were a better atmosphere in the labour market and
in investment.

In the financial area, the economic dynamism of the Euro Zone in the first quarter of the
year led the European Central Bank to make two interest rate increases of 25 basis points
in the first half year to bring these to 4%, with a clear tightening of short-term rates in the
second half of the year. The combination of economic deceleration and higher interest
rates moderated loan activities, especially in the second semester.

140
On the variable income market the sub prime crisis affected prices worldwide. On the
Spanish market the IBEX 35 closed the year with a 7.3% increase, far from the 32%
increase achieved in 2006.

The Spanish financial system demonstrated its strength and its capacity to adapt itself to a
less favourable economic environment. The economic slow-down has impacted growth
rates in loans, which fell to 16%, with a clear moderation in mortgage lending. With regard
to winning new business, in the second half year the financial institutions centred their
efforts on gaining higher volumes of traditional resources from customers.

THE YEAR FOR THE CAIXA GALICIA GROUP

Strategy

In this context of economic slow-down, Caixa Galicia’s basic lines of action during 2007
were:

x To consolidate the commercial thrust achieved by the entity to continue

developing the Caixa Galicia financial platform, with a clear multi-channel focus, and
strengthening the orientation towards the customer through a personalised and high
quality service.

x To adapt growth rates to an environment of growing economic deceleration

and tightening of the wholesale markets. To this end, credit growth was diversified with
special attention the consumer credit and the financing of small and medium sized
enterprises and the capture of term deposits was strengthened.

x To continue reducing the relative importance of the fixed income portfolio in

a rising rates scenario, in favour of the more profitable headings on the balance sheet.

x To guarantee growth sustainability while maintaining an advantageous position

in the face of both loan defaults and coverage, applying an active policy of capitalisation
to increase the solvency ratios and guaranteeing a satisfactory liquidity position.

Business and Surplus

The results for the year reflect the impact that these lines of action have had on the
Group. Business volume increased by 22.3% to reach 76,333 million euro, with an
increase of 25.4% in credit investments, while the surplus attributed to the Group
amounted to 401.21 million euro, or 12.4% higher than in 2006.

These results are discussed in greater detail below.

141
In the data that follows, unless stated otherwise, the percentages indicate year to year
variations at December 2007 and the amounts show the balances at that same date.

a)- Investment

Customer loans amounted to 35,229 million euro after an increase of 25.4% in the year,
although showing increasing moderation throughout the year. Within this growth, financing
to companies was strengthened, growing by 29%, as was consumer financing which grew
by 33%. This resulted in a reduction of 11 percentage points in the weight of home and
real estate financing within lending growth.

The default rate was 0.79% remaining below the sector reference, while coverage was
246%.

The weight on the balance sheet of the securities portfolio was reduced by 17.9%,
reaching 6,572 million euro. This drop is centred on the fixed income portfolio where the
balance was reduced by 971 million euro.

b)- Winning business

Customer resources managed by the entity reached 41,104 million euro after growing by
19.7%. The resources on the balance sheet grew by 22.1%, with a greater prominence of
term deposits which grew by 28%; while off-balance-sheet resources managed showed
an increase of 5.9% to 5,311 million euro, with a 15.3% growth in insurance contracts.

The winning of resources through issues was particularly relevant, with an increase of
55% between debenture loans and subordinated liabilities.

c-) Services

High added value products were fostered as coverage for interest rates, where operations
amounting to 3,200 million euro were formalised in 2007, as were payment management
to suppliers, where a volume of 4,575 million euro in payments was handled.

Business lines generating income from services rendered such as guarantees,

discounting, payment means and operations not reflected on the balance sheet also
showed favourable progress. Thus, the number of cards grew by 121,561 units and
168,003 insurance contracts were signed.

142
d-) Other information

In 2007, 80 new branch offices were opened, bringing the total to 893, of which 478
offices are located in Galicia and 17 abroad. The foreign network was extended to Brazil
in 2007. Additionally, the platform of prescribers was extended to 4,500 and the
specialised teams for services to companies through a network of 25 offices addressed to
this segment was strengthened, as was the service to individuals through the premier
bank service.

e-) Results

The progress in the principal business figures in reflected in growth in income in the
following manner:

x The net interest margin increased by 22.8% to reach 643.6 million euro, showing
a growing trend by quarter throughout the year which endorses it sustainability.

x Income arising from services rendered grew by 20.9%, bringing the basic margin
(which reflects the entity’s capacity to generate recurring income) to 787.1 million euro,
with a growth of 22.5%.

x Additionally, the gross margin passed, for the first time, the 1,200 million euro
mark, after showing an increase of 21.2%, supported by an increase of 10.8% in income
from financial operations.

x To the generation of income is added the maintenance of the efficiency levels so

that the net operating margin grew by 19.4% to total 728.9 million euro. The efficiency
ratio (GEMO) was 40.0%, and the productivity per employee grew by 10%, which allowed
the impact that the expansion of the Group had on operating expenses to be absorbed.

x The progress of the income statement allowed the application of a prudent policy
in provisions and write-offs with an increase in the provisions and write-offs of 90 million
euro. Thus, the provision for non-performing loans at the end of the year amounted to 736
million euro, of which 8.6% corresponds to specific provisions.

x Profits before taxes reached 454.12 million euro, and after the obligatory
payment of taxes the net surplus attributed to the Group amounted to 401.21 million
euros or 12.4% higher than in 2006.

These results allow a bigger contribution to Community Projects up to 70 million euro for
2008. Adding the amount of reserves corresponding with results regarding to past years,
the budget will be up to 112 million. Moreover, 331.21 million euro will be distributed for
reserves, leading the equity balances to an increase of 24.4% up to 4,336 million euro.

143
Other information

In 2007, 80 new branch offices were opened, bringing the total to 893, of which 478
offices are located in Galicia and 17 abroad. The foreign network was extended to Brazil
in 2007. Additionally, the platform of prescribers was extended to 4,500 and the
specialised teams for services to companies through a network of 25 offices addressed to
this segment was strengthened, as was the service to individuals through the premier
bank service.

The number of ATMs reached 1,037 and point of sale terminals amounted to 21,339
installed units. Additionally, the entity’s virtual banking services reached at year end a total
of 564,314 customers, an increase of 15.84%. The number of operations handled by this
service was 74.6 million, a year on year increase of 21%, contributing in a decisive
manner to the fact that 62% of the services that can be migrated are already performed
through channels other than the branch offices.

Another especially relevant factor in the year was the creation of 552 jobs bringing the
total staff to 5,275 persons at the close of the year.

The following is the sensibility gap for the Caixa as at December 31st 2007:

SENSIBILITY GAP
Data in million euros
Between Between Betwee Betwee Betwee Betwee
Up to 1 1 and 3 3 and 12 n 1 and n 2 and n 3 and n 4 and Over 5
Data as at 31/12/2007 month month month 2 years 3 years 4 years 5 years years Total

Assets 11,826 13,742 16,672 686 460 170 122 3,051 46,729
Credit portfolio 7,215 11,579 15,239 304 273 122 90 173 34,995
Monetary market 4,375 2,160 1,422 367 172 33 17 1,414 9,960
Rest of assets 236 3 11 15 15 15 15 1,464 1,774

Liabilities 11,690 15,041 9,458 3,183 3,075 677 630 2,975 46,729
Traditional funds 3,597 4,234 3,308 3,018 2,920 650 604 188 18,519
Issues 3,060 9,129 4,498 104 125 - - - 16,916
Monetary market 4,898 1,675 1,633 36 5 2 1 - 8,250
Rest of liabilities and
equity 135 3 19 25 25 25 25 2,787 3,044

Simple Gap
136 (1,299) 7,214 (2,497) (2,615) (507) (508) 76
Cummulated Gap (1163) 6,051 3,554 939 432 (76) -

144
Corporación Caixa Galicia

In 2007 the Corporación Caixa Galicia increased capital allowing the entry of the Galician
businessman Mr. Manuel Añón who took a 5.6% holding in CXG, which left Caixa Galicia
with the remaining 94.4%. The incorporation of a new shareholder provides greater
financial strength to allow a presence in strategic sectors or with high potential, and at the
same time it increases the Group’s links with the Galician business community.

Among the projects undertaken, CXG has consolidated its position in strategic sectors of
the economy, such as renewable energy, the audiovisual sector (with the start-up of a
new producer with 100% Galician capital), the naval sector (participating in the
consolidation of the project for the construction of mega-yachts in Marin) and in logistics,
collaborating with various public and private institutions to start-up Transporte Aéreo Mar
de Vigo. At the same time, during the year it reduced positions in the capital of Unión
Fenosa, Galp, Ence and Sacyr. At the close of the year the portfolio of participations by
the Group was valued at 2,259 million euro with latent capital gains of 637 million euro.

In 2007, CXG continued on the track of growing income that it has shown over the last
number of years, achieving profits before taxes of over 300 million euro, which
consolidates CXG at the core of the diversification of the Caixa Galicia Group’s income.
Part of these results are based, on the one hand, on obtaining income arising from the
rotation of quoted holdings anticipating a possible market drop, and, on the other hand, on
the very positive contribution to profits of the semi-banking businesses and services:
insurance, renting, patrimony management and consumer financing, among many others.

Community Projects and Corporate Social Responsibility

Throughout the year 2007, Caixa Galicia employed a budget of 104 million euro to the
development of activities promoted from the Community Projects and Foundation,
consolidating it as the third Spanish institution assigning the greatest resources to develop
its social/cultural labours.

A network of more than 30 social cultural centres, collaboration with 1,100 organisations
integrated in the association area and the more than 4,500 activities throughout the year
make the Caixa Galicia an important social catalyst, with a presence in over 240
municipalities in all of Spain.

Among the actions undertaken last year, the creation of the Fondo Natural Caixa Galicia
stands out for its innovative nature, and has been recognised by the Galician Autonomous
Government for its contribution to environmental conservation.

145
In the cultural area, more than 2,700 activities were organised covering a wide spectrum
of artistic areas and among which exhibitions on an international scale are worthy of note,
such as that dedicated to Tamara de Lempicka or the cinema trilogy of the Lord of the
Rings. Another important milestone in the cultural area was the nomination of Caixa
Galicia to manage the programming of the Teatro Colón de A Coruña, which within this
first year of its new phase has presented 123 shows, becoming a reference point for the
theatre in Galicia.

In recognition of its labour in promoting the arts, the Foundation received the Medal of
Honour granted by the Real Academia de Bellas Artes de San Fernando, one of the
highest distinctions that can be granted in the area.

In the Corporate Social Responsibility area, two lines have received a strong impulse
throughout the year. First of all the environmental policy, with registration of three
buildings in the EMAS Register, being the Entity one of the first Spanish entities to obtain
this accreditation, and the installation of a solar photovoltaic energy generation plant that
supplies the CPD.

Secondly, the management of human resources, an area in which certification under the
norm OHSAS18001:1999 in the prevention of work related risks was granted, and the
innovation prize in human resources which was granted by Expansión y Empleo and the
Instituto de Empresa.

RESEARCH AND DEVELOPMENT ACTIVITIES

Technological innovation. Technological investment was centred on developing support

tools for commercial actions and on the segmentation of the treatment of customers. The
most notable actions were:

x Information systems: The start-up of the “Business Intelligence Services Centre”

was completed, contributing added value solutions to the information needs of the
business areas, extending the use of the “Profitability by customer system” to the various
networks.

x Channels: “Genesys” was installed as a tool to allow a unified management of

customer contacts through the various service channels, a specific e-banking service for
AIB in Miami was developed and a management platform and portal for prescribers and
agents was completed.

x In the area of efficiency, advances continue on the “Zero paper” project, with
measures such as the “electronic briefcase” which in the year has resulted in an estimated
saving of 5 million sheets of paper, the programme to review processes to reduce general
expenses continues and a specific reengineering plan has been initiated to increase the
operating efficiency in the support area in Portugal.

146
Financial innovation. Caixa Galicia is continually active in developing new financial
products with the aim of responding to the ever more demanding and sophisticated
market requirements.

Some of the most notable actions were the launch of ten structured deposits and seven
investment funds, the On-line Deposit market was set-up offering the customer a wide
range of term deposits with characteristics that vary in function of the markets. A treasury
management service and collections and payments service were launched for companies
as was the multi-function policy which offers various different current liability financing
options under a single contract. Coverage of interest rates for all the variable rate asset
products was developed, outstanding among these being that addressing mortgage loans.

SIGNIFICANT EVENTS IN 2008

y An issue of 100 million euro of territorial bonds was made in January and
securitisation of mortgage loans amounting to 900 million euro was performed in the
month of March.

y A new commercial organisation system was implemented in the branch office

network with the creation of the position of area coordinator covering a reduced number of
offices. This change favours commercial efficiency, strengthens collaboration mechanisms
in the network and brings management and supervision closer to the business units.

y Caixa Galicia participated along with other Galician entities in the company
Crecentia Galicia, created under the patronage of the Fundación Galega para a
Sociedade do Coñecemento, the objective of which is to boost investment projects that
generate added value and economic development in Galicia, committing to a contribution
of 10 million euro.

y The Caixa has become the first Spanish financial entity to offer its customers the
possibility of signing contracts through Internet employing the electronic National Identity
Card, which allows financial services to be contracted 100% online, while guaranteeing
full legal validity.

PROSPECTS FOR 2008

The growth forecasts for the world’s principal economies for 2008 have been significantly
cut back due to the situation brought about on the financial markets by the sub prime
mortgages. In spite of this, the active fiscal policies implemented by governments and
monetary policies by the central banks, along with the positive situations in emerging
economies, allow us to expect growth rates that are well above recession scenarios.

147
Alter the growth rate fell to 3.5% in the last quarter or 2007, the Spanish economy will
show growth in the region of 2.5% in 2008, maintaining a deceleration profile throughout
the year. The construction industry will show a marked correction while investment will
continue to be the most dynamic component of GDP.

The labour market will show less economic dynamism with moderation in job creation and
an increase in the unemployment rate.

In the area of prices, after the upturn in inflation in the last stages of 2007, it will continue
to remain high in the early months of 2008. During the course of the year, it should
moderate, only if petroleum prices do not continue to rise above current levels, and the
same will occur in Europe.

If this scenario is confirmed, the European Central Bank will maintain interest rates during
the first part of the year and relax its monetary policy in the latter half, bringing the Euribor
rate closer to 4%.

Within this framework, the entity’s strategy for 2008 will revolve around four basic points:

x The winning of resources by the commercial network to finance investment,

minimising recourse to the wholesale markets. For this purpose it is strengthening the
capture on the balance sheet while investment will focus on short-term products with
higher rotation.

x Priority will be given to profitability, which will mean promoting products with a
higher added value and a strategy to set prices based upon the profit/risk relationship.

x To encourage productivity increases through continuous advances in

generating income through commissions and the adjustment of costs. These productivity
increases will be accompanied by moderation in the expansion of the office network.

x To guarantee sustainability of growth by increasing capitalisation levels,

applying a prudent policy in provisions adapted to the cycle and increasing the Group’s
liquidity level.

The transfer of these guidelines to the objectives for 2008 will result in a growth of
business volume in the region of 7,500 million euro.

148
To the best of our knowledge, the annual accounts for 2007, prepared in line with the
applicable accounting principles, offer a true and fair view of the equity, the financial
situation and the profits of the Group. Likewise, the management report corresponding to
the year 2007 includes an accurate analysis of progress, results and the Group’s position
as at December 31st 2007.

The annual accounts (Balance Sheet, Income Statement and Notes to the Accounts) and
Directors’ Report of Caja de Ahorros de Galicia Group, for 2007, set out on normal sheets
of paper, numbered 1 through 147, initialed by the Secretary, have been prepared by the
Board of Directors, in accordance with the provisions of section c) of Article 21 of the
Bylaws, during the meeting of March 27th 2008, for their execution and approval, if
appropriate, by the General Assembly of the Caja de Ahorros de Galicia.

A Coruña, March 27th 2008

Mauro Varela Pérez Andrés Fernández-Albalat y Lois Alfonso Paz-Andrade Rodríguez

Chairman First Vice-Chairman Second Vice-Chairman

Agustín Baamonde Díaz María del Mar Barcón Sánchez José Manuel Cerredelo Ferreiro
Director Director Director

María José Domínguez Fernández Manuel Domínguez Rodríguez Salvador Fernández Moreda
Director Director Director

José Hervella Vázquez Francisco Loimil Garrido José Clemente López Orozco
Director Director Director

Isaac Maceiras Rivas Cipriano Elías Martínez Álvarez María Victoria Marín Valle
Director Director Director

María Mosquera González Gonzalo Ortiz Amor Manuel F. Otero Echart

Director Director Director

Enrique Porteiro Tuñas Roberto Rodríguez García Dolores Sánchez Marín

Director Director Director
 BRANCH NETWORK
Operatives Branches. Operative in Spain
DESCRIPTION ADDRESS MUNICIPALITY TOWN PROVINCE P.C. TELEPHONE
ABEGONDO CR. BETANZOS-MESON DO VENTO,SANAbegondo ABEGONDO A CORUÑA 15318 981673029
BERTAMIRANS AV. MAHIA, 68 Ames BERTAMIRANS A CORUÑA 15220 981883128
MILLADOIRO AV. ROSALIA DE CASTRO, 16 Ames MILLADOIRO A CORUÑA 15895 981531700
ARES AV. SAAVEDRA MENESES, 38 Ares ARES A CORUÑA 15624 981468098
ARTEIXO AV. BALNEARIO, 51 Arteixo ARTEIXO A CORUÑA 15142 981600750
MEICENDE TR. MEICENDE, 152-B Arteixo MEICENDE A CORUÑA 15008 981274776
VILARRODIS CL. ALC. MANUEL PLATAS VARELA, 81 Arteixo VILARRODIS A CORUÑA 15141 981600466
PASTORIZA AV. PASTORIZA, 8 (A MACEIRA) Arteixo PASTORIZA A CORUÑA 15140 981988002
ARTEIXO URB.01 CL. RIO ULLA, 2 Arteixo ARTEIXO A CORUÑA 15142 981988900
ARZUA. O.P. PZ. ESPAÑA, S/N Arzúa ARZUA A CORUÑA 15810 981500050
ARZUA. URB. 01 CR. SANTIAGO-LUGO, S/N Arzúa ARZUA A CORUÑA 15810 981500829
BAÑA, A LG. SAN VICENTE Baña (A) A BAÑA A CORUÑA 15863 981886554
BERGONDO LG. CRUCE DE SAN ISIDRO Bergondo BERGONDO A CORUÑA 15165 981791154
BETANZOS. O.P. CL. CANTON SAN ROQUE, 3 Betanzos BETANZOS A CORUÑA 15300 981770217
BETANZOS. URB. 01 AV. JESUS GARCIA NAVEIRA, 34 Betanzos BETANZOS A CORUÑA 15300 981773411
BOIMORTO LG. LA GANDARA, S/N Boimorto BOIMORTO A CORUÑA 15818 981516236
BOIRO. O.P. CL. PRINCIPAL, 57 Boiro BOIRO A CORUÑA 15930 981844200
CABO DE CRUZ CL. PESQUEIRA, 73 Boiro CABO DE CRUZ A CORUÑA 15939 981844212
ESCARABOTE CR. GENERAL ESCARABOTE, 65 Boiro ESCARABOTE A CORUÑA 15992 981844112
BOIRO. URB. 01 AV. CONSTITUCION, 47 Boiro BOIRO A CORUÑA 15930 981847914
LESTEDO CR. SANTIAGO-OURENSE Boqueixón LESTEDO A CORUÑA 15881 981503131
PONTE LEDESMA CR. SUSANA, S/N Boqueixón PONTE LEDESMA A CORUÑA 15882 981514050
BRION LG. ALQUEIDON-URB.MONTE BALADO Brión BRION A CORUÑA 15865 981509980
CABANA CR. LA CARBALLA-CESULLAS Cabana de Bergantiños CABANA A CORUÑA 15115 981754022
CAMARIÑAS AV. LA CORUÑA, 1 Camariñas CAMARIÑAS A CORUÑA 15123 981736229
CAMELLE CL. PRINCIPAL, 29 Camariñas CAMELLE A CORUÑA 15121 981710150
PONTE DO PORTO CL. OUTEIRO, 23 Camariñas PONTE DO PORTO A CORUÑA 15121 981730000
SAN PEDRO DE NOS CL. CUESTA DE LA TAPIA, 46-48 Cambre O TEMPLE A CORUÑA 15679 981660161
TEMPLE, O CL. CONSTITUCION, 17 Cambre O TEMPLE A CORUÑA 15679 981664611
CAMBRE CL. PARQUE IGLESIA, 1 Cambre CAMBRE A CORUÑA 15660 981674064
CAPELA, A LG. AS NEVES Capela (A) A CAPELA A CORUÑA 15613 981459015
CARBALLO. O.P. CL. VAZQUEZ DE PARGA, 15 Carballo CARBALLO A CORUÑA 15100 981700211
CARBALLO. URB. 01 AV. MILAGROSA, S/N Carballo CARBALLO A CORUÑA 15100 981701764
CARBALLO. URB. 02 CL. GRAN VIA, 150-152 Carballo CARBALLO A CORUÑA 15100 981702051
CARBALLO. URB. 03 CL. FOMENTO, 6 Carballo CARBALLO A CORUÑA 15100 981700990
CARIÑO AV. DEL MUELLE, 9 Cariño CARIÑO A CORUÑA 15360 981405040
PINDO, O CR. MUROS-CEE, SENAL Carnota O PINDO A CORUÑA 15296 981764800
CARNOTA CL. AS BREAS, 3 Carnota CARNOTA A CORUÑA 15293 981857024
LIRA LG. AGROVELLO, 10 Carnota LIRA A CORUÑA 15292 981761003
CARRAL AV. MARTIRES, 11 Carral CARRAL A CORUÑA 15175 981670027
CEDEIRA PZ. GALICIA, S/N Cedeira CEDEIRA A CORUÑA 15350 981480233
CEE AV. FERNANDO BLANCO, 59-A Cee CEE A CORUÑA 15270 981745462
SILVA, A CR. CARBALLO, 50 Cerceda A SILVA A CORUÑA 15186 981692436
CERCEDA AV. GALICIA, 16-18 Cerceda CERCEDA A CORUÑA 15185 981685020
CERDIDO LG. LA BARQUERA Cerdido CERDIDO A CORUÑA 15569 981411050
CORCUBION AV. DA MARIÑA, 7 Corcubión CORCUBION A CORUÑA 15130 981745514
AGUALADA CR. FISTERRA Coristanco AGUALADA A CORUÑA 15148 981734592
CORISTANCO AV. ERBECEDO, 6 Coristanco CORISTANCO A CORUÑA 15147 981733044
CORUÑA, A. O.P. CL. RUA NUEVA, 30 Coruña (A) A CORUÑA A CORUÑA 15003 981187000
CORUÑA, A. URB. 01 CL. CONCEPCION ARENAL,1-3 Coruña (A) A CORUÑA A CORUÑA 15006 981187001
CORUÑA, A. URB. 02 CL. GENERAL SANJURJO, 141-B Coruña (A) A CORUÑA A CORUÑA 15006 981187002
CORUÑA, A. URB. 03 CL. TORRE, 11-13 Coruña (A) A CORUÑA A CORUÑA 15002 981187003
CORUÑA, A. URB. 04 PO. PUENTES, 1 Coruña (A) A CORUÑA A CORUÑA 15004 981187004
CORUÑA, A. URB. 05 CL. PAYO GOMEZ, 2-4 Coruña (A) A CORUÑA A CORUÑA 15004 981187005
CORUÑA, A. URB. 06 CL. VILLA DE NEGREIRA, 18 Coruña (A) A CORUÑA A CORUÑA 15011 981187006
CORUÑA, A. URB. 07 CL. PIO XII, ESQ. C/ DE LA PLAZA Coruña (A) A CORUÑA A CORUÑA 15001 981187007
CORUÑA, A. URB. 08 RD. NELLE, 48 Coruña (A) A CORUÑA A CORUÑA 15005 981187008
CORUÑA, A. URB. 09 CL. ANGEL SENRA, S/N Coruña (A) A CORUÑA A CORUÑA 15007 981187009
CORUÑA, A. URB. 10 AV. MONELOS, 69-75 Coruña (A) A CORUÑA A CORUÑA 15009 981187010
CORUÑA, A. URB. 11 CL. JUAN FLOREZ, 88 Coruña (A) A CORUÑA A CORUÑA 15005 981187011
CORUÑA, A. URB. 12 AV. HERCULES, 15, 17, 19 Coruña (A) A CORUÑA A CORUÑA 15002 981187012
CORUÑA, A. URB. 13 CL. SAN VICENTE, 39 Coruña (A) A CORUÑA A CORUÑA 15007 981187013
CORUÑA, A. URB. 14 CL. BARCELONA, 6-8 Coruña (A) A CORUÑA A CORUÑA 15010 981187014
CORUÑA, A. URB. 15 AV. GRAN CANARIA, 7 Coruña (A) A CORUÑA A CORUÑA 15011 981187015
CORUÑA, A. URB. 16 CL. CANTON GRANDE, 1 Coruña (A) A CORUÑA A CORUÑA 15003 981187016
CORUÑA, A. URB. 17 CL. BARCELONA, 65 (ED. CARACAS) Coruña (A) A CORUÑA A CORUÑA 15010 981187017
CORUÑA, A. URB. 18 CL. SARGENTO PROVISIONAL, 33 Coruña (A) A CORUÑA A CORUÑA 15007 981187018
CORUÑA, A. URB. 19 CL. GENERAL SANJURJO, 203-205 Coruña (A) A CORUÑA A CORUÑA 15006 981187019
CORUÑA, A. URB. 20 CL. RAMON Y CAJAL, 40 Coruña (A) A CORUÑA A CORUÑA 15006 981187020
CORUÑA, A. URB. 21 AV. MONELOS, 141 Coruña (A) A CORUÑA A CORUÑA 15009 981187021
CORUÑA, A. URB. 22 CL. MEDICO RODRIGUEZ, 11 Coruña (A) A CORUÑA A CORUÑA 15004 981187022
CORUÑA, A. URB. 23 CL. JUAN FLOREZ, 25 Coruña (A) A CORUÑA A CORUÑA 15004 981187023
CORUÑA, A. URB. 24 CL. NOVOA SANTOS, 6-8 Coruña (A) A CORUÑA A CORUÑA 15006 981187024
CORUÑA, A. URB. 26 MC. CENTRAL DE FRUTAS DE AGRELA Coruña (A) A CORUÑA A CORUÑA 15008 981187026
CORUÑA, A. URB. 27 AV. SALVADOR DE MADARIAGA, 28 Coruña (A) A CORUÑA A CORUÑA 15008 981187027
CORUÑA, A. URB. 28 AV. PERULEIRO, 36 Coruña (A) A CORUÑA A CORUÑA 15011 981187028
CORUÑA, A. URB. 29 PG. ELVIÑA 2º FASE, B-2 (FRENTE AV.S Coruña (A) A CORUÑA A CORUÑA 15008 981187029
CORUÑA, A. URB. 25 PG. POCOMACO, PARCELA F-1 Coruña (A) A CORUÑA A CORUÑA 15190 981187025
CORUÑA, A. URB. 34 CL. FORCAREY, 23 Coruña (A) A CORUÑA A CORUÑA 15002 981187034
CORUÑA, A. URB. 31 CL. MENENDEZ PELAYO, 4-6 Coruña (A) A CORUÑA A CORUÑA 15005 981187031
CORUÑA, A. URB. 35 CL. SALORIO SUAREZ, 5 Coruña (A) A CORUÑA A CORUÑA 15010 981187035
CORUÑA, A. URB. 32 RD. OUTEIRO, 263 Coruña (A) A CORUÑA A CORUÑA 15010 981187032
CORUÑA, A. URB. 33 RD. NELLE, 81-83 Coruña (A) A CORUÑA A CORUÑA 15005 981187033
CORUÑA, A. URB. 30 CL. JUANA DE VEGA, 35 Coruña (A) A CORUÑA A CORUÑA 15004 981187030
CORUÑA, A. URB. 37 CTRO.COM. 4 CAMINOS, RAMON Y CAJACoruña (A) A CORUÑA A CORUÑA 15006 981187037
CORUÑA, A. URB. 38 CL. COPERNICO, 7, PARQUE EMP.AGRECoruña (A) A CORUÑA A CORUÑA 15008 981187038
CORUÑA, A. URB. 39 CL. MONFORTE, 13 Coruña (A) A CORUÑA A CORUÑA 15007 981187039
CORUÑA, A. OF. CAMPUS UCAMPUS ELVIÑA CASA DE LA GALERIA Coruña (A) A CORUÑA A CORUÑA 15071 981187069
CORUÑA, A. URB. 40 CL. ALFREDO VICENTI, 18 Coruña (A) A CORUÑA A CORUÑA 15004 981187040
CORUÑA, A. URB. 41 AV. LOS CAIDOS, 44 Coruña (A) A CORUÑA A CORUÑA 15009 981187041
CORUÑA, A. URB. 42 CL. EUROPA, 3 Coruña (A) A CORUÑA A CORUÑA 15007 981187042
CORUÑA, A. URB. 43 CL. ORILLAMAR, 96 Coruña (A) A CORUÑA A CORUÑA 15002 981187043
CORUÑA, A. URB. 44 CL. SOL, 20 Coruña (A) A CORUÑA A CORUÑA 15003 981187044
CORUÑA, A. URB. 45 CL. MARIA PUGA CERDIDO, 11 Coruña (A) A CORUÑA A CORUÑA 15009 981187045
CORUÑA, A. URB. 47 PG.ROSALES, CL. MANUEL AZAÑA, 15 Coruña (A) A CORUÑA A CORUÑA 15011 981187047
CORUÑA, A. URB. 48 CL. MONTSERRAT, 2 (EIRIS) Coruña (A) A CORUÑA A CORUÑA 15009 981187048
CORUÑA, A. URB. 50 LG. PALAVEA, 11-B EDF. LOS PORCHES Coruña (A) A CORUÑA A CORUÑA 15009 981988020
OFICINA TRANSPORTABLE PG. POCOMACO, PARC. F-3 Coruña (A) A CORUÑA A CORUÑA 15190
OFICINA MOVIL NUM. 1 PG. POCOMACO, PARC. F-3 Coruña (A) A CORUÑA A CORUÑA 15190 616904543
CORUÑA, A. URB. 53 Pº DARSENA, 8 Coruña (A) A CORUÑA A CORUÑA 15001 981988005
A CORUÑA. URB. 54 CL.MANUEL MURGUIA,CASA DEL AGUA Coruña (A) A CORUÑA A CORUÑA 15011 981988980
CORUÑA, A. URB. 51 AV. LINARES RIVAS, 56 Coruña (A) A CORUÑA A CORUÑA 15005 981187051
RED VIRTUAL PG. POCOMACO, PARC. A-2 NAVE B-7 Coruña (A) A CORUÑA A CORUÑA 15190
BURGO, O AV. LA CORUÑA, 2 Culleredo O BURGO A CORUÑA 15670 981660496
VILABOA AV. VILABOA, 46 BAJO, RUTIS Culleredo VILABOA A CORUÑA 15174 981660543
FONTECULLER AV. PORTAZGO, 8 Culleredo FONTECULLER A CORUÑA 15174 981667920
CORVEIRA, A AV. VILABOA, 158 ED. CHURIN Culleredo A CORVEIRA-RUTIS A CORUÑA 15174 981654690
CURTIS AV. GENERALISIMO, 36 Curtis CURTIS A CORUÑA 15310 981786052
TEIXEIRO AV. DR. MARTINEZ PARDO, 55 Curtis TEIXEIRO A CORUÑA 15310 981789125
DODRO LG. TALLOS Dodro DODRO A CORUÑA 15981 981802059
EZARO CR. CEE A MUROS, S/N Dumbría EZARO A CORUÑA 15297 981712697
DUMBRIA CR. SERRA DE OUTES Dumbría DUMBRIA A CORUÑA 15151 981744007
FENE AV. NATURALES DE FENE, 3 Fene FENE A CORUÑA 15500 981340107
MANIÑOS CR. LA PALMA, S/N Fene MANIÑOS A CORUÑA 15520 981360199
SAN VALENTIN AV. COOPERACION, TORRE 3 Fene SAN VALENTIN A CORUÑA 15500 981341851
FERROL. O.P. CL. GALIANO, 4-6 Ferrol FERROL A CORUÑA 15402 981337900
FERROL. URB. 01 CL. IGLESIA, 100 Ferrol FERROL A CORUÑA 15402 981337901
FERROL. URB. 09 CR. DE CASTILLA, 341-343 Ferrol FERROL A CORUÑA 15404 981337909
FERROL. URB. 02 CR. CATABOIS, 242 Ferrol FERROL A CORUÑA 15405 981337902
FERROL. URB. 04 CR. DE CASTILLA, 80 Ferrol FERROL A CORUÑA 15404 981337904
FERROL. URB. 05 PG. CARANZA, C/ JUAN DE AUSTRIA Ferrol FERROL A CORUÑA 15406 981337905
FERROL. URB. 06 CL. ALCALDE USERO,ESQ. MTRO. PATIÑFerrol FERROL A CORUÑA 15403 981337906
FERROL. URB. 07 CL. ALEGRE, 24-26 Ferrol FERROL A CORUÑA 15401 981337907
FERROL. URB. 08 CL. REAL, 73-75 Ferrol FERROL A CORUÑA 15402 981337908
FERROL. URB. 10 CR. CASTILLA, 219-221 Ferrol FERROL A CORUÑA 15404 981337910
FERROL. URB. 11 PG. CARANZA, AV. CASTELAO, 62 Ferrol FERROL A CORUÑA 15406 981337911
FERROL. URB. 12 AV. ESTEIRO, 21-23 Ferrol FERROL A CORUÑA 15403 981337912
FERROL. URB. 03 CL. REAL, 174 Ferrol FERROL A CORUÑA 15402 981337903
FISTERRA PZ. ARASOLE, S/N Fisterra FISTERRA A CORUÑA 15155 981740156
PONTE CARREIRA CR. CURTIS, S/N Frades PONTE CARREIRA A CORUÑA 15686 981692108
IRIXOA LG. PAZO, 19 Irixoa IRIXOA A CORUÑA 15313 981793127
LARACHA AV. FISTERRA, 63 Laracha (A) LARACHA A CORUÑA 15145 981605052
PAIOSACO AV. BERGANTIÑOS, 68 Laracha (A) PAIOSACO A CORUÑA 15145 981605250
LAXE CL. ROSALIA DE CASTRO, 40 Laxe LAXE A CORUÑA 15117 981728039
MALPICA PZ. D. ANSELMO VILLAR AMIGO, 22 Malpica de Bergantiños MALPICA BERGANTIÑA CORUÑA 15113 981720054
BUÑO CL. SANTA CATALINA, 7 Malpica de Bergantiños BUÑO A CORUÑA 15111 981711311
PICOTA, A AV. FCO. SUAREZ SALGADO, 3 Mazaricos A PICOTA A CORUÑA 15258 981852005
MELIDE LG. CAMPO DE SAN ROQUE, S/N Melide MELIDE A CORUÑA 15800 981505133
XANCEDA LG. CAMPO DE LA IGLESIA Mesía XANCEDA A CORUÑA 15685 981687004
MIÑO CL. CARREIRA, 15 Miño MIÑO A CORUÑA 15630 981782054
MOECHE LG. SAN RAMON DE MOECHE Moeche MOECHE A CORUÑA 15563 981404016
MUGARDOS AV. GALICIA, 78 Mugardos MUGARDOS A CORUÑA 15620 981470095
MUROS PZ. CURRO DA PRAZA, 3 Muros MUROS A CORUÑA 15250 981826040
ESTEIRO LG. SOLLEIROS, S/N Muros ESTEIRO A CORUÑA 15240 981763026
MUXIA RU. REAL, 37 Muxía MUXIA A CORUÑA 15124 981742150
XUVIA CL. ESTRADA DE CASTELA, 908 B Narón XUVIA A CORUÑA 15570 981382192
FREIXEIRO CL. ESTRADA CASTELA, 417-419 Narón FREIXEIRO A CORUÑA 15572 981383244
NARON CL. 25 XULLO ESQ.CL. MEDICO VALERONarón NARON A CORUÑA 15570 981384464
ALTO DEL CASTAÑO CL. VIGO, 37 (ESQ. CTRA. LA GANDARA Narón NARON A CORUÑA 15578 981383000
SANTA CECILIA AV. SANTA CECILIA, 101 Narón SANTA CECILIA A CORUÑA 15407 981391185
NEDA AV. ALGECIRAS, 32 Neda NEDA A CORUÑA 15510 981380217
NEGREIRA CL. RUA DE CACHURRA, 15 Negreira NEGREIRA A CORUÑA 15830 981885005
NOIA. O.P. CL. COMERCIO, 2 Noia NOIA A CORUÑA 15200 981820448
NOIA. URB. 01 CL. SAN LAZARO, S/N Noia NOIA A CORUÑA 15200 981820957
NOIA. URB. 02 AV. LA CORUÑA, ESQ. F.L.RGUEZ. Noia NOIA A CORUÑA 15200 981820031
PERILLO AV. ERNESTO CHE GUEVARA, 10 Oleiros PERILLO A CORUÑA 15172 981635492
OLEIROS PZ. RABADEIRA, 12 Oleiros OLEIROS A CORUÑA 15173 981610136
MERA CL. CELSO EMILIO FERREIRO, 12 Oleiros MERA A CORUÑA 15177 981617475
SANTA CRUZ RU. VIÑAS BABILONIA, 3 Oleiros SANTA CRUZ A CORUÑA 15179 981615481
MESON DO VENTO CR. N-550 Ordes MESON DO VENTO A CORUÑA 15689 981692805
ORDES. O.P. AV. ALFONSO SENRA, 104 Ordes ORDES A CORUÑA 15680 981680201
ORDES. URB. 01 CL. JOSE ANTONIO, 21 Ordes ORDES A CORUÑA 15680 981680400
SIGUEIRO AV. COMPOSTELA, 3 Oroso SIGUEIRO A CORUÑA 15688 981691482
ORTIGUEIRA CL. GENERAL FRANCO, 51-53 Ortigueira ORTIGUEIRA A CORUÑA 15330 981400094
SERRA DE OUTES AV. COMPOSTELA, 3 Outes SERRA DE OUTES A CORUÑA 15230 981850015
CRUCEIRO DE ROO CR. NOIA-MUROS, S/N Outes CRUCEIRO DE ROO A CORUÑA 15287 981765474
OZA DOS RIOS CL. CASTIÑEIRO, 14 - PL. BAJA Oza dos Ríos OZA DOS RIOS A CORUÑA 15380 981792053
PADRON CL. CALVO SOTELO, 21 Padrón PADRON A CORUÑA 15900 981810197
ARCA AV. LUGO, 16 Pino (O) ARCA A CORUÑA 15821 981511011
POBRA DO CARAMIÑAL, A RU. PAZ, 39 Pobra do Caramiñal (A) A POBRA DO CARAMIA CORUÑA 15940 981830411
PONTECESO LG. LA TRABE Ponteceso PONTECESO A CORUÑA 15110 981714050
CORME CL. REAL, S/N Ponteceso CORME A CORUÑA 15114 981738141
PONTEDEUME CL. REAL, 15 Pontedeume PONTEDEUME A CORUÑA 15600 981430725
CAMPOLONGO LG. CAMPOLONGO, 136 Pontedeume CAMPOLONGO A CORUÑA 15614 981430436
PONTES, AS AV. GALICIA, 31 Pontes de García RodríguAS PONTES DE G.RG A CORUÑA 15320 981450056
PORTO DO SON CL. DEL RIO, 6 Porto do Son PORTO DO SON A CORUÑA 15970 981853027
PORTOSIN AV. CONSTITUCION, 34 Porto do Son PORTOSIN A CORUÑA 15999 981766072
XUÑO CL. AGRA, 18 Porto do Son XUÑO A CORUÑA 15995 981769010
RIANXO PZ. CASTELAO, 5 Rianxo RIANXO A CORUÑA 15920 981860030
TARAGOÑA CL. CAMPO DE PAZOS, 38 Rianxo TARAGOÑA A CORUÑA 15985 981861203
RIBEIRA. O.P. CL. GENERAL FRANCO, 18 Ribeira STA. EUGENIA RIBEIRA CORUÑA 15960 981871134
AGUIÑO CL. CENTRO, 41 Ribeira AGUIÑO A CORUÑA 15965 981840171
PALMEIRA CR. VILAR, 5 Ribeira PALMEIRA A CORUÑA 15950 981838150
CORRUBEDO CL. PUERTO, 50 Ribeira CORRUBEDO A CORUÑA 15969 981865401
CARREIRA CL. CAMPOS, S/N Ribeira CARREIRA A CORUÑA 15967 981841052
RIBEIRA. URB. 01 CL. OTERO PEDRAYO, S/N Ribeira STA. EUGENIA RIBEIRA CORUÑA 15960 981870355
RIBEIRA. URB. 02 CL. GARCIA BAYON, S/N Ribeira STA. EUGENIA RIBEIRA CORUÑA 15961 981872200
ROIS CR. PADRON-NOIA, SAMIL Rois ROIS A CORUÑA 15911 981804194
URDILDE LG. LA CALLE, S/N Rois URDILDE A CORUÑA 15281 981805050
SADA PRACIÑA DO CONDE, 2-3 Sada SADA A CORUÑA 15160 981620258
SAN SADURNIÑO CR. FERROL - OVIEDO San Sadurniño SAN SADURNIÑO A CORUÑA 15560 981490003
SANTA COMBA AV. ALFONSO MOLINA, 57 Santa Comba SANTA COMBA A CORUÑA 15840 981880050
SANTIAGO. O.P. CL. MONTERO RIOS, 7 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15706 981953000
SANTIAGO. URB. 01 CL. ROSALIA DE CASTRO. 89 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15706 981953001
SANTIAGO. URB. 02 CL. CASAS REALES, 44 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15704 981953002
SANTIAGO. URB. 03 CL. HUERFANAS, 4 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15703 981953003
SANTIAGO. URB. 04 PZ. ROXA, 5 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15701 981953004
SANTIAGO. URB. 05 CL. PASTORIZA, 23 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15704 981953005
SANTIAGO. URB. 06 CL. VISTA ALEGRE, 106 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15705 981953006
SANTIAGO. URB. 07 CL. CONCHEIROS, 64 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15703 981953007
SANTIAGO. URB. 08 CL. PAJONAL, 79 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15702 981953008
SANTIAGO. URB. 09 CL. FRAY ROSENDO SALVADO, 22 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15701 981953009
SANTIAGO. URB. 10 CL. SANCHEZ FREIRE, 90 (CONXO) Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15706 981953010
SANTIAGO. URB. 11 CL. REPUBLICA ARGENTINA, 12 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15701 981953011
SANTIAGO. URB. 12 CL. LA ROSA, 33, ESQ. SANTIAGO CHILESantiago de Compostela SANTIAGO COMPOSTA CORUÑA 15701 981953012
SANTIAGO. URB. 13 CL. RUA DO FRANCO, 58 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15702 981953013
SANTIAGO. URB. 14 PZ. PASCUAL VEIGA, 3-4 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15706 981953014
SANTIAGO. URB. 15 PZ. SAN AGUSTIN, S/N Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15704 981953015
SANTIAGO. URB. 16 PG. TAMBRE, VIA EDISON, CTRO.CIVICOSantiago de Compostela SANTIAGO COMPOSTA CORUÑA 15890 981953016
SANTIAGO. OF. CAMPUS U PABELLON ESTUDIANTIL, PLANTA 1ª Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15706 981953038
SANTIAGO. OF. ORGANISMCL. MONTERO RIOS, 9-1º,2º Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15706 981953039
SANTIAGO. URB. 17 TR. DAS FONTIÑAS, 71-73 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15703 981953017
SANTIAGO. URB. 18 CL. SANTIAGO DE GUAYAQUIL, 7 Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15702 981953018
SANTIAGO. URB. 19 PG. FONTIÑAS, AREA CENTRAL LOC. 18Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15703 981953019
SANTIAGO. URB. 20 RUA GALERAS, BLOQUE 7-E BAJO Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15705 981953020
SANTIAGO. URB. 21 AV. FERROL, BLOQUE J (CONXO) Santiago de Compostela SANTIAGO COMPOSTA CORUÑA 15706 981953021
SOBRADO PZ. PORTA, 31 Sobrado SOBRADO A CORUÑA 15813 981787635
SOMOZAS, AS CL. IGLESIAS, S/N Somozas (As) AS SOMOZAS A CORUÑA 15565 981404110
PONTE VEA CR. LA ESTRADA, 3 Teo PONTE VEA A CORUÑA 15883 981809009
CALO CL. CASALONGA, 13 Teo CALO A CORUÑA 15886 981530312
CACHEIRAS ED. OS MUIÑOS, B-J, LOCAL 3A Teo CACHEIRAS A CORUÑA 15886 981806725
TORDOIA LG. PONTEPEDRA, S/N Tordoia TORDOIA A CORUÑA 15683 981682668
TOURO AV. CASTELAO, S/N Touro TOURO A CORUÑA 15822 981504030
TRAZO CR. GRAL. 25 - LG. VIAÑO PEQUEÑO Trazo TRAZO A CORUÑA 15687 981689006
BEMBIBRE CL. ARCAY, 110-B Val do Dubra BEMBIBRE A CORUÑA 15873 981889002
PORTOMOURO CL. ENTREPONTES, S/N Val do Dubra PORTOMOURO A CORUÑA 15871 981882500
VALDOVIÑO CR. FERROL - CEDEIRA, S/N Valdoviño VALDOVIÑO A CORUÑA 15552 981487042
VEDRA LG. STA. CRUZ DE RIVADULLA Vedra VEDRA A CORUÑA 15885 981512022
BAIÑAS CR. NEGREIRA, 57-A Vimianzo BAIÑAS A CORUÑA 15127 981741059
VIMIANZO AV. BLANCO RAJOY, 33 Vimianzo VIMIANZO A CORUÑA 15129 981716049
BAIO CL. ARZOBISPO ROMERO LEMA, S/N Zas BAIO A CORUÑA 15150 981718000
ZAS CR. SANTIAGO, S/N Zas ZAS A CORUÑA 15850 981751092
VITORIA/GASTEIZ CL. ORTIZ ZARATE, 8 - BAJO Vitoria-Gasteiz VITORIA/GASTEIZ ALAVA 1005 945143630
VITORIA/GASTEIZ.U.01 CL. REYES CATOLICOS, 26 - BAJO Vitoria-Gasteiz VITORIA/GASTEIZ ALAVA 1002 945758898
ALBACETE Pº PEDRO SIMON ABRIL, 3 Albacete ALBACETE ALBACETE 2003 967223108
ALCOI/ALCOY AV. PAIS VALENCIANO, 68 Alcoy/Alcoi ALCOY/ALCOI ALICANTE/ALACANT 3801 965541811
ALACANT/ALICANTE. URB. COM.RES.ISLA TABARCA, CL.PERU, 15- Alicante/Alacant ALICANTE/ALACANT ALICANTE/ALACANT 3008 965106971
ALACANT/ALICANTE. O.P. AV. FEDERICO SOTO, 11 Alicante/Alacant ALICANTE/ALACANT ALICANTE/ALACANT 3003 965210122
ALACANT/ALICANTE. URB. CL. CAPITAN DEMA, 3 Alicante/Alacant ALICANTE/ALACANT ALICANTE/ALACANT 3007 965113392
ALACANT/ALICANTE. URB. AV, PERIODISTA RODOLFO SALAZAR, 4 Alicante/Alacant ALICANTE/ALACANT ALICANTE/ALACANT 3013 965916289
ALACANT/ALICANTE.U.5 AV.PINTOR BAEZA,3 A Alicante/Alacant ALICANTE/ALACANT ALICANTE/ALACANT 3010 965018000
SAN JUAN, PLAYA AV. SANTANDER, 8 Alicante/Alacant PLAYA SAN JUAN ALICANTE/ALACANT 3540 965018002
ALACANT/ALICANTE.U.6 AV. CARDENAL FRANCISCO ALVAREZ, 1Alicante/Alacant ALICANTE/ALACANT ALICANTE/ALACANT 3005 965018004
ALTEA CL. CONDE ALTEA, 70 Altea ALTEA ALICANTE/ALACANT 3590 966881747
BENIDORM AV. EUROPA, ED. TORRE BENIDORM Benidorm BENIDORM ALICANTE/ALACANT 3500 965856652
CALP/CALPE AV. EJERCITOS ESPAÑOLES, 16-B Calpe/Calp CALPE/CALP ALICANTE/ALACANT 3710 965874497
DENIA PS. DEL SALADAR, 1 (EDIFICIO PARIS) Dénia DENIA ALICANTE/ALACANT 3700 966433229
ELX/ELCHE CL. JOSEP MARIA BUCH, 25 Elche/Elx ELCHE/ELX ALICANTE/ALACANT 3201 965441210
ELDA CL. REYES CATOLICOS,36-38 Elda ELDA ALICANTE/ALACANT 3600 966980030
JAVEA/XABIA AV.AMANECER DE ESPAÑA, 5(CL PEATOJávea/Xàbia JAVEA/XABIA ALICANTE/ALACANT 3730 965790216
JAVEA/XABIA, URB1 CR.CABO LA NAO-PLA, Nº 116 Jávea/Xàbia JAVEA/XABIA ALICANTE/ALACANT 3730 966463896
ORIHUELA AV. TEODOMIRO, 58 Orihuela ORIHUELA ALICANTE/ALACANT 3300 966739360
SANT VICENT DEL RASPEIGAV. ANCHA DE CASTELAR, 31 San Vicente del Raspeig/ SAN VICENTE RASPE ALICANTE/ALACANT 3690 965672784
TORREVIEJA AV. HABANERAS, 80 Torrevieja TORREVIEJA ALICANTE/ALACANT 3180 965703028
TORREVIEJA, URB 1 PS. VISTA ALEGRE, 9 Torrevieja TORREVIEJA ALICANTE/ALACANT 3180 966708947
ALMERIA. O.P. AV. FEDERICO GARCIA LORCA, 83 Almería ALMERIA ALMERIA 4004 950254200
ALMERIA. URB. 01 GL. MEDITERRANEO, 22 Almería ALMERIA ALMERIA 4080 950761000
EJIDO, EL CR. MALG-ALMERIA, AV. BV. EL EJIDO, 1Ejido (El) EL EJIDO ALMERIA 4700 950573164
PARADOR, EL CR. ALICUM, 323, ED. LOS NARANJOS Roquetas de Mar ROQUETAS DE MAR ALMERIA 4740 950349265
ROQUETAS DE MAR AV. GUSTAVO VILLAPALOS, 17 Roquetas de Mar ROQUETAS DE MAR ALMERIA 4740 950329306
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LEPE PZ. LOS MARINEROS ESQ. A CL. TRIANALepe LEPE HUELVA 21440 959645175
HUESCA CL. CABESTANY, 4-6 Huesca HUESCA HUESCA 22005 974232750
PORT D'ALCUDIA CR. ARTA, 30 - LC. 10 Alcúdia ALCUDIA ILLES BALEARS 7400 971545990
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MAHON CL. DEYA, 15 Maó MAHON-MENORCA ILLES BALEARS 7702 971355688
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JAEN CL. BERNABE SORIANO, 20 Jaén JAEN JAEN 23001 953245626
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ANTAS DE ULLA AV. LUGO, S/N Antas de Ulla ANTAS DE ULLA LUGO 27570 982379209
CADAVO, O PZ. LUGO, S/N Baleira O CADAVO LUGO 27130 982354062
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BEGONTE CR. NACIONAL VI-P.KM. 531,600 Begonte BEGONTE LUGO 27373 982396220
RUBIAN AV. GALICIA, 24 Bóveda RUBIAN LUGO 27350 982424026
BURELA. O.P. AV. ARCADIO PARDIÑAS, 62 Burela BURELA LUGO 27880 982585810
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CASTRO RIBEIRAS DE LEA CL. GARCIA ABAD, 6 Castro de Rei CASTRO RIBEIRAS LELUGO 27260 982310036
CASTROVERDE CL. ROSALIA DE CASTRO, 59 Castroverde CASTROVERDE LUGO 27120 982312065
SAN CIPRIAN AV. DA MARINA, 3 Cervo SAN CIBRAO LUGO 27890 982594202
CHANTADA AV. MONFORTE, 14 Chantada CHANTADA LUGO 27500 982440118
CORGO, O CR. NACIONAL VI, KM. 487,8 Corgo (O) O CORGO LUGO 27163 982302116
COSPEITO AV. TERRA CHA, 40 Cospeito COSPEITO LUGO 27377 982520027
MUIMENTA PZ. MAYOR, 13 Cospeito MUIMENTA LUGO 27377 982528044
SEOANE DO COUREL CL. SAN XOAN, 4 Folgoso do Courel SEOANE DO COURELLUGO 27324 982433050
FONSAGRADA, A AV. GALICIA, 11 Fonsagrada (A) A FONSAGRADA LUGO 27100 982340105
FOZ AV. DA MARIÑA, 1 Foz FOZ LUGO 27780 982140187
FRIOL AV. LA CORUÑA, 1 Friol FRIOL LUGO 27220 982375042
GUITIRIZ CL. GENERAL FRANCO, 9 Guitiriz GUITIRIZ LUGO 27300 982370104
PARGA AV. CALVO SOTELO, 2 Guitiriz PARGA LUGO 27380 982373013
GUNTIN CR. DE OURENSE, S/N Guntín GUNTIN LUGO 27211 982320011
INCIO, O PZ. DE ESPAÑA, 10 Incio (O) O INCIO LUGO 27346 982427032
PUEBLA DE SAN XULIAN AV. BENIGNO QUIROGA, S/N Láncara A POBRA DE SAN XIA LUGO 27360 982543038
VILANOVA DE LOURENZA TR. MARIÑA, 7 Lourenzá VILANOVA DE LOURELUGO 27760 982121177
LUGO. URB. 05 PZ. SANTO DOMINGO, 16 Lugo LUGO LUGO 27001 982289005
LUGO. URB. 01 AV. LA CORUÑA, 146 Lugo LUGO LUGO 27003 982289001
LUGO. URB. 02 AV. 18 DE JULIO, 80 Lugo LUGO LUGO 27004 982289002
LUGO. URB. 03 PZ. COMANDANTE MANSO, 6 Lugo LUGO LUGO 27001 982289003
LUGO. URB. 04 AV. CARLOS AZCARRAGA, 1 Lugo LUGO LUGO 27003 982289004
LUGO. O.P. PZ. ESPAÑA, 16 Lugo LUGO LUGO 27001 982289000
NADELA CR. MADRID, 15 Lugo NADELA LUGO 27160 982304192
LUGO. URB. 06 AV. RAMON FERREIRO, 14 Lugo LUGO LUGO 27002 982289006
LUGO. URB. 07 CL. MONTEVIDEO, 6 Lugo LUGO LUGO 27001 982289007
LUGO. URB. 09 AV. LA CORUÑA, 298 Lugo LUGO LUGO 27003 982289009
LUGO. URB. 10 CL. TUY, 44 Lugo LUGO LUGO 27004 982289010
LUGO. URB. 17 PG. CEAO, AV. BENIGNO RIVERA, Lugo LUGO LUGO 27003 982207224
LUGO. URB. 18 AV. AMERICAS, 1-3 B,D-1 Lugo LUGO LUGO 27004 982289018
LUGO. URB. 11 CL. RUA SAN ROQUE, 169 Lugo LUGO LUGO 27002 982289011
LUGO. URB. 12 PZ. FERROL, S/N Lugo LUGO LUGO 27001 982289012
LUGO. URB. 13 AV. FONTIÑAS, 94-96 Lugo LUGO LUGO 27002 982289013
LUGO. URB. 15 PG. ACEÑA DE OLGA, AV. ALFONSO X, 2Lugo LUGO LUGO 27002 982289015
MEIRA AV. GENERALISIMO, 34 Meira MEIRA LUGO 27240 982330132
MONDOÑEDO PZ. CONCELLO, S/N Mondoñedo MONDOÑEDO LUGO 27740 982521730
MONFORTE DE LEMOS. O.PCL. CARDENAL, 18 Monforte de Lemos MONFORTE DE LEMOLUGO 27400 982401297
MONFORTE DE LEMOS. URAV. LA CORUÑA, 61 Monforte de Lemos MONFORTE DE LEMOLUGO 27400 982401542
MONTERROSO AV. LUGO, 11 Monterroso MONTERROSO LUGO 27560 982377007
MURAS PZ. DE LA FERIA, 10 Muras MURAS LUGO 27836 982500004
NAVIA DE SUARNA AV. GENERALISIMO, 51-53 Navia de Suarna NAVIA DE SUARNA LUGO 27650 982365129
NOGAIS, AS RU. ROSALIA DE CASTRO, 40 Nogais (As) AS NOGAIS LUGO 27677 982364132
OUROL CR. VIVEIRO - CABREIRA, S/N Ourol OUROL LUGO 27865 982559097
PALAS DE REI AV. LUGO, 10 Palas de Rei PALAS DE REI LUGO 27200 982380028
FERREIRA DE PANTON CR. OURENSE, 44 Pantón FERREIRA DE PANTOLUGO 27430 982456158
PARADELA CR. BECERREA- VENTAS NARON, S/N Paradela PARADELA LUGO 27611 982541016
BRETOÑA CL. DR. ARES ABRAIRA, S/N Pastoriza (A) BRETOÑA LUGO 27746 982349145
PEDRAFITA RU. CONSTITUCION, 12 Pedrafita do Cebreiro PEDRAFITA CEBREIR LUGO 27670 982367155
POBRA DO BROLLON, A R. JOSE ANTONIO, 64 - BAJO Pobra do Brollón (A) A POBRA DO BROLLOLUGO 27330 982430020
MOSTEIRO CL. RUA CASTELAO, 9 Pol MOSTEIRO LUGO 27270 982345001
PONTENOVA, A AV. GENERALISIMO, 24 Pontenova (A) A PONTENOVA LUGO 27720 982342213
PORTOMARIN PZ. CONDE FENOSA, 3 Portomarín PORTOMARIN LUGO 27170 982545031
QUIROGA RU. REAL, 54 Quiroga QUIROGA LUGO 27320 982428085
RABADE RU. GABRIELA NIETO CHAIN, 1 Rábade RABADE LUGO 27370 982390067
RIBADEO O.P. CL. RODRIGUEZ MURIAS, 2 Ribadeo RIBADEO LUGO 27700 982128404
RIBADEO URB. 01 AV. GALICIA, 29 Ribadeo RIBADEO LUGO 27700 982120627
RIOTORTO CL. JOSE ANTONIO, 24 Riotorto RIOTORTO LUGO 27744 982346043
SARRIA CL. MARQUESA DE CASA LOPEZ, 4 Sarria SARRIA LUGO 27600 982531150
ESCAIRON CL. PARDO BAZAN, 2 Saviñao (O) ESCAIRON LUGO 27540 982452056
SOBER AV. BELAN, ESQ. PLAZA AYTO. Sober SOBER LUGO 27460 982460030
TABOADA AV. LUGO, 106 Taboada TABOADA LUGO 27550 982465367
TRABADA RU. CONCELLO, 24 Trabada TRABADA LUGO 27765 982135056
TRIACASTELA AV. CAMILO JOSE CELA, 10 Triacastela TRIACASTELA LUGO 27630 982548109
FERREIRA DO VALADOUROPZ. SANTA MARIA, 4 Valadouro (O) FERREIRA VALADOURLUGO 27770 982574107
VICEDO, O TR. MARIÑA, 72 - BAJO Vicedo (O) O VICEDO LUGO 27860 982590132
VILALBA RU. PRAVIA, 31 Vilalba VILALBA LUGO 27800 982510362
VIVEIRO CL. PASTOR DIAZ, 20, JOSE ANTONIO, 1Viveiro VIVEIRO LUGO 27850 982560238
CELEIRO CL. LAVANDEIRAS, 6 Viveiro CELEIRO LUGO 27863 982560936
ROUPAR CR. VIVEIRO, S/N Xermade ROUPAR LUGO 27835 982501071
XOVE AV. DIPUTACION, S/N Xove XOVE LUGO 27870 982592054
ALCALA HENARES CL. NATIVIDAD, 1 ESQ. AV. COMPLUTENAlcalá de Henares ALCALA DE HENARESMADRID 28805 918819648
ALCOBENDAS CL.MARQUES DE LA VALDAVIA, 53 Alcobendas ALCOBENDAS MADRID 28100 916573822
ALCORCON CL. MAYOR, 48 (ESQ. CL. ALFARES) Alcorcón ALCORCON MADRID 28921 916448219
ALGETE CL. SAN ROQUE, 34 Algete ALGETE MADRID 28110 918366000
ARANJUEZ CL. POSTAS, 6 Aranjuez ARANJUEZ MADRID 28300 918364002
ARGANDA DEL REY AV. EJERCITO, 1 BIS Arganda del Rey ARGANDA DEL REY MADRID 28500 918757480
BOADILLA DEL MONTE AV. GENERALISIMO, 1 Boadilla del Monte BOADILLA DEL MONT MADRID 28660 916334443
CIEMPOZUELOS CL. JERONIMO DEL MORAL, 19 Ciempozuelos CIEMPOZUELOS MADRID 28350 918364000
COLLADO VILLALBA CL. REAL, 59-BIS BAJO Collado Villalba COLLADO VILLALBA MADRID 28400 918506667
COLMENAR VIEJO PZ. PUEBLO, 13 Colmenar Viejo COLMENAR VIEJO MADRID 28770 918454694
COSLADA CL. JESUS SAN ANTONIO, 24 Coslada COSLADA MADRID 28820 916699105
FUENLABRADA CL. LEGANES, 39, LOCAL B Fuenlabrada FUENLABRADA MADRID 28945 916856965
GETAFE CL. HORMIGO, 1-3, A Getafe GETAFE MADRID 28901 916812012
LEGANES CL. GETAFE, 1 Leganés LEGANES MADRID 28912 916896050
MADRID. URB. 35 CL. SIERRA JAVALAMBRE, 3 (VALLECASMadrid MADRID MADRID 28038 915021570
DP.BACK OF. MERCADOS CL. SERRANO, 41-4ª PLANTA Madrid MADRID MADRID 28001 915866000
MADRID. O.P. CL. SERRANO, 45 Madrid MADRID MADRID 28001 915866000
MADRID. URB. 01 CL. BUEN SUCESO, 13 Madrid MADRID MADRID 28008 915866001
MADRID. URB. 02 4V. FELIPE II, 17 Madrid MADRID MADRID 28009 915866002
MADRID. URB. 03 CL. COMANDANTE ZORITA, 31 Madrid MADRID MADRID 28020 915866003
MADRID. URB. 04 AV. SAN LUIS, 166 LOCAL 4 Madrid MADRID MADRID 28033 913839443
MADRID. URB. 05 CL. ANDRES MELLADO, 108 Madrid MADRID MADRID 28003 914416079
MADRID. URB. 06 Pº GENERAL MARTÍNEZ CAMPOS, 42 Madrid MADRID MADRID 28010 913105148
MADRID. URB. 07 AV. EUROPA, 30. ED. TENERIFE, BL-1 Madrid MADRID MADRID 28023 913515455
MADRID. URB. 08 CL. GRAN VIA DE HORTALEZA, 49 Madrid MADRID MADRID 28043 913817858
MADRID. URB. 09 PZ. ENCUENTRO, 3 (MORATALAZ) Madrid MADRID MADRID 28030 914395059
MADRID. URB. 10 AV.NIZA, 67 (PG. LAS ROSAS-LAS MUSAMadrid MADRID MADRID 28022 917759194
MADRID. URB. 12 CL. ALONDRA, 50 ESQ. RAMON SAINZ Madrid MADRID MADRID 28025 914611614
MADRID. URB. 13 CL. SIERRA VIEJA, 60 (VALLECAS) Madrid MADRID MADRID 28031 917791501
MADRID. URB. 34 CL. BRAVO MURILLO, 239 Madrid MADRID MADRID 28020 915709945
MADRID. URB. 14 CL. MONTE ESQUINZA, 15 Madrid MADRID MADRID 28010 915866014
MADRID. URB. 15 CL. STA. MARIA DE LA CABEZA, 44 Madrid MADRID MADRID 28045 915395800
MADRID. URB. 17 CL. FERNANDEZ DE LOS RIOS, 2 Madrid MADRID MADRID 28015 915941342
MADRID. URB. 19 CL. ALBERTO ALCOCER, 50 Madrid MADRID MADRID 28016 914571201
MADRID. URB. 20 CL. SOR ANGELA DE LA CRUZ, 17 Madrid MADRID MADRID 28020 915704792
MADRID. URB. 21 AV. AMERICA, 33 Madrid MADRID MADRID 28002 914135411
MADRID. URB. 22 CL. RODRIGUEZ SAN PEDRO, 70 Madrid MADRID MADRID 28015 915498200
MADRID. URB. 23 PO. HABANA, 50 Madrid MADRID MADRID 28036 915645584
MADRID. URB. 24 CL. ARTURO SORIA, 142 Madrid MADRID MADRID 28043 915195979
MADRID. URB. 25 AV. DOCTOR ESQUERDO,163 Madrid MADRID MADRID 28007 915014440
MADRID. URB. 26 PZ. CEBADA, 6 Madrid MADRID MADRID 28005 913640786
MADRID. URB. 28 CL. GINZO DE LIMIA, 37 Madrid MADRID MADRID 28029 917385500
MADRID. URB. 29 CL. RIOS ROSAS, 34 Madrid MADRID MADRID 28003 914418355
MADRID. URB. 32 CL. SAGUNTO, 17 Madrid MADRID MADRID 28010 915943002
MADRID. URB. 33 CL. O'DONNELL, 8 Madrid MADRID MADRID 28009 917810350
MADRID. URB. 36 AV. LOGROÑO, 122 (BARAJAS PUEBLO) Madrid MADRID MADRID 28042 913120597
MAJADAHONDA CL. GRAN VIA, 48 Majadahonda MAJADAHONDA MADRID 28220 916342704
MOSTOLES AV. 2 MAYO, URB. FUENSANTA, 38 Móstoles MOSTOLES MADRID 28934 916139716
PARLA CL. REAL, 5 Parla PARLA MADRID 28980 912751940
PINTO CL.NAVARRA, 6-URB.ENTREPARQUES Pinto PINTO MADRID 28320 916925623
POZUELO DE ALARCON CL. LAS FLORES, 2 Pozuelo de Alarcón POZUELO DE ALARCOMADRID 28223 917990927
RIVAS-VACIAMADRID AV. PABLO IGLESIAS, 78 Rivas-Vaciamadrid RIVAS-VACIAMADRID MADRID 28529 918365010
ROZAS, LAS. CL. REAL, 26 Rozas de Madrid (Las) LAS ROZAS DE MADRMADRID 28230 916372162
SAN SEBASTIAN REYES CL. REAL, 1 San Sebastián de los ReySAN SEBASTIAN REY MADRID 28703 916587188
TORREJÓN DE ARDOZ AV. CONSTITUCION, S/N Torrejón de Ardoz TORREJON DE ARDOMADRID 28850 916568904
TORRELODONES AV. VALLADOLID,12 LC. COMERCIAL 3 PTorrelodones TORRELODONES MADRID 28250 918361020
TRES CANTOS CL. TAGARRAL, 50 Tres Cantos TRES CANTOS MADRID 28760 912759520
VILLANUEVA CAÑADA CL. REAL, 17 Villanueva de la Cañada VILLANUEVA LA CAÑAMADRID 28691 918117669
VILLANUEVA DEL PARDILLOAV. JUAN CARLOS I, 66 Villanueva del Pardillo VILLANUEVA PARDILLMADRID 28229 918100258
VILLAVICIOSA DE ODON CM. SACEDON, 2 Villaviciosa de Odón VILLAVICIOSA DE OD MADRID 28670 916658171
ANTEQUERA CL. INFANTE D. FERNANDO, 33 BAJO DRAntequera ANTEQUERA MALAGA 29200 952846806
ESTEPONA AV. ESPAÑA, 260 ED. PANORAMA Estepona ESTEPONA MALAGA 29680 952798446
FUENGIROLA AV. BOLICHES, 27-29 Fuengirola FUENGIROLA MALAGA 29640 952667949
MALAGA. O.P. AV. ANDALUCIA, 19 Málaga MALAGA MALAGA 29002 952041880
MALAGA. URB. 01 CL. ANDROMEDA, URB. EL ROMERAL Málaga MALAGA MALAGA 29010 952998010
MALAGA. URB. 02 CL. HEROES SOSTOA, 152 Málaga MALAGA MALAGA 29002 952998012
MIJAS AV. MIJAS, 39 LC.7B (ESQ. A CAMINO COMijas MIJAS - COSTA MALAGA 29650 952666712
RINCON LA VICTORIA AV.MEDITERRANEO,14-ESQ CL. MIGUELRincón de la Victoria RINCON LA VICTORIAMALAGA 29730 952998030
TORREMOLINOS AV. PALMA MALLORCA, 35, ED. IBIZA Torremolinos TORREMOLINOS MALAGA 29620 952057351
BENALMADENA AV. PALMA MALLORCA, 35 - ED. IBIZA Torremolinos TORREMOLINOS MALAGA 29620 952057351
VELEZ AV. VIVAR TELLER, 7-9 (ED.FUENTENUEVélez-Málaga VELEZ-MALAGA MALAGA 29700 952557582
CARTAGENA CL. CARMEN, 17-19 Cartagena CARTAGENA MURCIA 30201 968522706
LORCA CL. STA.PAULA, 5 Lorca LORCA MURCIA 30800 968478512
MOLINA DE SEGURA PS. ROSALES, 8 Molina de Segura MOLINA DE SEGURA MURCIA 30500 968644362
MURCIA CL. GRAN VIA, 19 Murcia MURCIA MURCIA 30004 968212277
SAN JAVIER CL. CORREOS, 5 San Javier SAN JAVIER MURCIA 30730 968192574
BURLADA/BURLATA CL. MAYOR,14 Burlada/Burlata BURLADA NAVARRA 31600 948978050
PAMPLONA. URB. 01 CL. ESQUIROZ, 25-27 Pamplona/Iruña PAMPLONA/IRUÑA NAVARRA 31007 948177184
PAMPLONA. O.P. AV. CARLOS III, 53 Pamplona/Iruña PAMPLONA/IRUÑA NAVARRA 31004 948247600
TUDELA AV. ZARAGOZA, 45 Tudela TUDELA NAVARRA 31500 948822504
ALLARIZ CL. EMILIA PARDO BAZAN, 4 Allariz ALLARIZ OURENSE 32660 988440770
AMOEIRO CR. RUA-SANTIAGO, 18 Amoeiro AMOEIRO OURENSE 32170 988281042
AVION AV. FRANCISCO GIL ZAMORA, S/N Avión AVION OURENSE 32520 988486262
BANDE CL. FAUSTINO SANTALICES, 7 Bande BANDE OURENSE 32840 988443013
BAÑOS DE MOLGAS CL. SAMUEL GONZALEZ, 57 Baños de Molgas BAÑOS DE MOLGAS OURENSE 32701 988430267
VALENZA, A CR. OURENSE-CELANOVA, 100-102 Barbadás A VALENZA OURENSE 32890 988231412
BARCO, O PZ. ANDRES DE PRADA, 1ESQ DR PEREBarco de Valdeorras (O) O BARCO VALDEORROURENSE 32300 988321145
BEARIZ AV. MERELLES, 19 Beariz BEARIZ OURENSE 32430 988284251
BOBORAS CL. CRISTOBAL COLON, S/N Boborás BOBORAS OURENSE 32514 988402010
BOLO, O CL. CESAR CONTI, 13 Bolo (O) O BOLO OURENSE 32373 988323087
CALVOS DE RANDIN CR. BANDE-FRONTERA Calvos de Randín CALVOS DE RANDIN OURENSE 32644 988434003
SOBRADELO CR. ENTOMA, 3 Carballeda de ValdeorrasSOBRADELO OURENSE 32330 988335095
CARBALLIÑO, O CL. TOMAS Mª MOSQUERA, 4 Carballiño (O) O CARBALLIÑO OURENSE 32500 988271751
CASTRELO DE MIÑO LG. CORTIÑAS Castrelo de Miño CASTRELO DE MIÑO OURENSE 32232 988493046
CASTRO CALDELAS AV. OURENSE, 14 Castro Caldelas CASTRO CALDELAS OURENSE 32760 988203111
CELANOVA CL. CELSO EMILIO FERREIRO, 5 Celanova CELANOVA OURENSE 32800 988451436
CENLLE CR. CARBALLIÑO-VALDEPEREIRA Cenlle CENLLE OURENSE 32454 988404001
CHANDREXA DE QUEIXA LG. CELEIROS Chandrexa de Queixa CHANDREXA DE QUEOURENSE 32786 988334024
CUALEDRO PZ. ALAMEDA, 14 Cualedro CUALEDRO OURENSE 32689 988424035
ENTRIMO AV. SANTA MARIA LA REAL, 56 Entrimo ENTRIMO OURENSE 32860 988434669
GOMESENDE CR. FUSTANES-ABELLAS, 8 Gomesende GOMESENDE OURENSE 32212 988495204
GUDIÑA, A CL. BEATO SEBASTIAN APARICIO, 82 Gudiña (A) A GUDIÑA OURENSE 32540 988421034
IRIXO, O PZ. MAYOR Irixo (O) O IRIXO OURENSE 32530 988287406
LAROUCO CL. REAL, 116 Larouco LAROUCO OURENSE 32358 988348051
LAZA AV. IGLESIA Laza LAZA OURENSE 32620 988422121
LEIRO CL. GABINO BUGALLAL, 31 Leiro LEIRO OURENSE 32420 988488132
LOBEIRA TR. ALCALDE EMILIO HIGUERO, 15 Lobeira LOBEIRA OURENSE 32850 988458537
LOBIOS CR. PORTUGAL, S/N Lobios LOBIOS OURENSE 32870 988448017
MACEDA AV. AURELIANO FERREIRO, 61 Maceda MACEDA OURENSE 32700 988463130
MANZANEDA CL. TORAL, S/N Manzaneda MANZANEDA OURENSE 32781 988333049
MANCHICA, A CR. OURENSE-CELANOVA, KM. 15 Merca (A) A MANCHICA OURENSE 32830 988260071
MEZQUITA, A AV. CONSTITUCION, 57 Mezquita (A) A MEZQUITA OURENSE 32549 988425538
MONTEDERRAMO AV. GALICIA, S/N Montederramo MONTEDERRAMO OURENSE 32750 988292056
MUIÑOS LG. MUGUEIMES Muíños MUIÑOS OURENSE 32880 988456421
LUINTRA CR. LOS GOZOS Nogueira de Ramuín LUINTRA OURENSE 32160 988201029
OURENSE. URB. 06 RU. PASEO, 6 Ourense OURENSE OURENSE 32003 988517106
OURENSE. URB. 01 AV. SANTIAGO, 9 Ourense OURENSE OURENSE 32001 988517101
OURENSE. URB. 02 RU. HERVEDELO, 52 Ourense OURENSE OURENSE 32002 988517102
OURENSE. URB. 03 CL. GARCIA MOSQUERA, 1 (EL POSIO) Ourense OURENSE OURENSE 32005 988517103
OURENSE. URB. 04 RU. PEÑA TREVINCA, 8 Ourense OURENSE OURENSE 32005 988517104
OURENSE. URB. 05 AV. SANTIAGO, 52 Ourense OURENSE OURENSE 32001 988517105
OURENSE. O.P. CL. JUAN XXIII, 31 Ourense OURENSE OURENSE 32003 988517100
OURENSE. URB. 07 AV. PORTUGAL, 106 Ourense OURENSE OURENSE 32002 988517107
OURENSE. URB. 08 AV. BUENOS AIRES, 65 Ourense OURENSE OURENSE 32004 988517108
OURENSE. URB. 09 AV. ZAMORA, 70 Ourense OURENSE OURENSE 32005 988517109
OURENSE. URB. 10 RU. MARCELO MACIAS, 64 Ourense OURENSE OURENSE 32002 988517110
OURENSE. URB. 11 RU. DOCTOR FLEMING, 57 Ourense OURENSE OURENSE 32003 988517111
OURENSE. URB. 13 PG. VISTAHERMOSA, CL. J.FERRO, B 1- Ourense OURENSE OURENSE 32002 988517113
OURENSE. URB. 15 CL. RAMON PUGA, 45 (A SAIZA) Ourense OURENSE OURENSE 32005 988517115
OURENSE. URB. 16 CL. SAN ROSENDO, 16 (ZONA ESTACIO Ourense OURENSE OURENSE 32001 988517116
OURENSE. URB. 17 CL. RAMON CABANILLAS, 2-3 Ourense OURENSE OURENSE 32004 988517117
OURENSE. URB. 18 CL. CURROS ENRIQUEZ, 33 Ourense OURENSE OURENSE 32003 988517118
OURENSE. URB. 19 CL.DR. TEMES,10-B (ZONA UNIVERSIDAOurense OURENSE OURENSE 32004 988517119
PADERNE CR. RIOSECO, S/N Paderne de Allariz PADERNE DE ALLARI OURENSE 32110 988293045
PARADA DE SIL CR. VILLARINO Parada de Sil PARADA DE SIL OURENSE 32740 988208028
POBRA DE TRIVES, A PZ. MAYOR, 2 Pobra de Trives (A) A POBRA DE TRIVES OURENSE 32780 988330235
RAMIRAS LG. VILLAVIDAL Ramirás RAMIRAS OURENSE 32810 988479316
RIBADAVIA RU. RIBEIRO, 31 Ribadavia RIBADAVIA OURENSE 32400 988470717
RIOS CL. JOSE ANTONIO, S/N Riós RIOS OURENSE 32611 988425000
RUA, A CL. PROGRESO, 82 Rúa (A) A RUA OURENSE 32350 988310475
RUBIA CR. VILLAFRANCA, 53 Rubiá RUBIA OURENSE 32310 988324137
SAN AMARO RU. CAMIÑO TOUZA, 2 San Amaro SAN AMARO OURENSE 32455 988288102
SAN CIBRAO DAS VIÑAS CR. SALGUEIRO-REBOREDO San Cibrao das Viñas SAN CIBRAO DAS VIÑOURENSE 32901 988362010
SAN XOAN DE RIO PZ. ANTONIO SABIN, S/N San Xoán de Río SAN XOAN DE RIO OURENSE 32770 988346016
TOEN RU. VILAR, 5 Toén TOEN OURENSE 32930 988261284
TRASMIRAS CR. MADRID Trasmiras TRASMIRAS OURENSE 32695 988445011
VEIGA, A CR. ALTO COVELO, 5 Veiga (A) A VEIGA OURENSE 32360 988350105
VERIN CL. LUIS ESPADA, 31 Verín VERIN OURENSE 32600 988411012
VIANA DO BOLO CL. NICOLAS TENORIO, 30 Viana do Bolo VIANA DO BOLO OURENSE 32550 988340247
TAMALLANCOS PARCELANº2 PARQUE EMPRESARIAL V Vilamarín TAMALLANCOS-VILLAOURENSE 32102 988281053
VILAMARTIN DE VALDEORRCL. MIGUEL CERVANTES, S/N Vilamartín de Valdeorras VILAMARTIN DE VALDOURENSE 32340 988300032
VILAR DE BARRIO AV. SAN FELIX, 15 Vilar de Barrio VILAR DE BARRIO OURENSE 32702 988449034
VILARDEVOS CL. MANUEL NUÑEZ, S/N Vilardevós VILARDEVOS OURENSE 32616 988417285
VILARIÑO DE CONSO CR. VILLARINO Vilariño de Conso VILARIÑO DE CONSO OURENSE 32557 988340320
XINZO DE LIMIA AV. ORENSE, 12 Xinzo de Limia XINZO DE LIMIA OURENSE 32630 988460544
PALENCIA. URB. 02 CL. CARDENAL CISNEROS, 17 Palencia PALENCIA PALENCIA 34004 979165779
PALENCIA O.P. CL. MAYOR PRINCIPAL, 50 Palencia PALENCIA PALENCIA 34001 979700021
BAIONA CL. CARABELA LA PINTA, 16 Baiona BAIONA PONTEVEDRA 36300 986356682
BUEU CL. EDUARDO VINCENTI, 18 Bueu BUEU PONTEVEDRA 36930 986321616
CALDAS DE REIS CL. MATEO SAGASTA, 17 Caldas de Reis CALDAS DE REIS PONTEVEDRA 36650 986530224
CAMBADOS AV. GALICIA, 25 Cambados CAMBADOS PONTEVEDRA 36630 986543529
CAMPO LAMEIRO CL. BERNARDO SAGASTA, 37 Campo Lameiro CAMPO LAMEIRO PONTEVEDRA 36110 986752032
CANGAS AV. VINCENTI, 10-12 Cangas CANGAS PONTEVEDRA 36940 986300900
CAÑIZA, A CL. PROGRESO, 64 Cañiza (A) A CAÑIZA PONTEVEDRA 36880 986663350
ESTRADA, A CL. JUSTO MARTINEZ, 8 Estrada (A) A ESTRADA PONTEVEDRA 36680 986570672
FORCAREI CL. PROGRESO, S/N Forcarei FORCAREI PONTEVEDRA 36550 986754213
GROVE, O CL. JAIME SOLA, 1 ESQ. RUA DA PLAZA Grove (O) O GROVE PONTEVEDRA 36980 986731138
GUARDA, A CL. CONCEPCION ARENAL, 56 Guarda (A) A GUARDA PONTEVEDRA 36780 986613279
ILLA DE AROUSA, A BO. EL CAMPO, 5 Illa de Arousa (A) ILLA DE AROUSA PONTEVEDRA 36626 986527332
LALIN CL. MATEMATICO RODRIGUEZ, 7 Lalín LALIN PONTEVEDRA 36500 986780325
MARIN CL. SALVADOR MORENO, 10 Marín MARIN PONTEVEDRA 36900 986881711
MOAÑA CL. CONCEPCION ARENAL, 128 Moaña MOAÑA PONTEVEDRA 36950 986313750
MONDARIZ PZ. ESPAÑA, S/N Mondariz MONDARIZ PONTEVEDRA 36870 986656080
MOS AV. VIGO, 56 Mos MOS PONTEVEDRA 36416 986288088
NIGRAN CL. ROSALIA CASTRO, 13 Nigrán NIGRAN PONTEVEDRA 36350 986380256
BARCA, A CL. A BARCA, 32 Poio SAN SALVADOR PONTEVEDRA 36005 986872028
PONTEAREAS CL. SENEN CANIDO, 4 Ponteareas PONTEAREAS PONTEVEDRA 36860 986640287
PONTEVEDRA. O.P. CL. AGUSTO GONZALEZ BESADA, 1-5 Pontevedra PONTEVEDRA PONTEVEDRA 36001 986857350
ESTRIBELA CL. MARQUES DE VALTERRA, 115 Pontevedra ESTRIBELA PONTEVEDRA 36910 986881596
PONTEVEDRA. URB. 01 CL. BENITO CORBAL, 33 Pontevedra PONTEVEDRA PONTEVEDRA 36001 986846900
PONTEVEDRA. URB. 02 CL. ROSALIA DE CASTRO, 48 Pontevedra PONTEVEDRA PONTEVEDRA 36001 986862301
PONTEVEDRA. URB. 03 AV. LA CORUÑA, 54 Pontevedra PONTEVEDRA PONTEVEDRA 36005 986872281
PONTEVEDRA. URB. 04 CL. PEREGRINA, 42 Pontevedra PONTEVEDRA PONTEVEDRA 36001 986847653
PONTEVEDRA. URB. 06 CL. EDUARDO PONDAL, 64 Pontevedra PONTEVEDRA PONTEVEDRA 36003 986848427
PONTEVEDRA. URB. 05 CL. ECHEGARAY, 28 Pontevedra PONTEVEDRA PONTEVEDRA 36002 986856784
PORRIÑO, O CL. RAMON GONZALEZ, 60 Porriño (O) O PORRIÑO PONTEVEDRA 36400 986331642
REDONDELA CL. ALFONSO XII, 10 Redondela REDONDELA PONTEVEDRA 36800 986403100
CHAPELA AV. VIGO, 135 Redondela CHAPELA PONTEVEDRA 36320 986452475
RIBADUMIA CL. CRUCEIRO VELLO, S/N Ribadumia RIBADUMIA PONTEVEDRA 36636 986710054
RODEIRO CR. LALIN-CHANTADA, 25 Rodeiro RODEIRO PONTEVEDRA 36530 986790024
ROSAL, O PZ. CALVARIO, 6 Rosal (O) O ROSAL PONTEVEDRA 36770 986625117
SALCEDA DE CASELAS CL. VICTORIANO PEREZ VIDAL, 3 Salceda de Caselas SALCEDA DE CASELAPONTEVEDRA 36473 986343069
SALVATERRA DE MIÑO CL. RAIÑA DONA URRACA, S/N Salvaterra de Miño SALVATERRA DE MIÑPONTEVEDRA 36450 986664035
SANXENXO Pº. SILGAR, 36 Sanxenxo SANXENXO PONTEVEDRA 36960 986724011
PORTONOVO RU. MARIÑA. 8 Sanxenxo PORTONOVO PONTEVEDRA 36970 986727032
SILLEDA AVDA.PARQUE, 24 ESQ.CALLE G Silleda SILLEDA PONTEVEDRA 36540 986580097
TOMIÑO AV. GONDOMAR, 34 Tomiño TOMIÑO PONTEVEDRA 36740 986622231
TUI CL. AUGUSTO GONZALEZ BESADA, S/N Tui TUI PONTEVEDRA 36700 986600251
VIGO. O.P. CL. POLICARPO SANZ, 36-38 Vigo VIGO PONTEVEDRA 36202 986815000
VIGO. URB. 01 CL. ROSALIA CASTRO, 28 Vigo VIGO PONTEVEDRA 36201 986815001
VIGO. URB. 02 CL. VENEZUELA, 48 Vigo VIGO PONTEVEDRA 36203 986815002
VIGO. URB. 03 AV. CAN.DEL CASTILLO, 6 (BERBES) Vigo VIGO PONTEVEDRA 36202 986815003
VIGO. URB. 04 AV. SANJURJO BADIA, 163 (TEIS) Vigo VIGO PONTEVEDRA 36207 986815004
VIGO. URB. 05 AV. LAS CAMELIAS, 129-A Vigo VIGO PONTEVEDRA 36211 986815005
VIGO. URB. 06 CL. URZAIZ, 173 (EL CALVARIO) Vigo VIGO PONTEVEDRA 36205 986815006
VIGO. URB. 07 CL. EDUARDO IGLESIAS, 20 Vigo VIGO PONTEVEDRA 36202 986815007
VIGO. URB. 08 AV. FLORIDA, 37 Vigo VIGO PONTEVEDRA 36210 986815008
VIGO. URB. 09 CL. URZAIZ, 117 Vigo VIGO PONTEVEDRA 36204 986815009
VIGO. URB. 10 CTRA.PROVINCIAL,114-PT.1(URB.MIRAFVigo SARDOMA-VIGO PONTEVEDRA 36204 986815010
VIGO. URB. 11 AV. CASTRELOS, 188 Vigo VIGO PONTEVEDRA 36210 986815011
VIGO. URB. 12 AV. RAMON NIETO, 412 (CABRAL) Vigo VIGO PONTEVEDRA 36205 986815012
VIGO. URB. 13 AV. GARCIA BARBON, 93 Vigo VIGO PONTEVEDRA 36201 986815013
VIGO. URB. 14 TR. VIGO, 71 Vigo VIGO PONTEVEDRA 36206 986815014
VIGO. URB. 15 AV. FRAGOSO, 101 Vigo VIGO PONTEVEDRA 36210 986815015
VIGO. URB. 16 AV. LAS CAMELIAS, 80 Vigo VIGO PONTEVEDRA 36211 986815016
VIGO. URB. 17 CL. PI Y MARGALL, 21 Vigo VIGO PONTEVEDRA 36202 986815017
VIGO. URB. 18 CL. PI Y MARGALL, 110 Vigo VIGO PONTEVEDRA 36202 986815018
VIGO. URB. 19 CL. GRAN VIA, 160 Vigo VIGO PONTEVEDRA 36211 986815019
VIGO. URB. 20 CL. CONDE TORRECEDEIRA, 64-66 Vigo VIGO PONTEVEDRA 36202 986815020
VIGO. URB. 22 CL. ALCALDE GREGORIO ESPINO, 52 Vigo VIGO PONTEVEDRA 36205 986815022
VIGO. URB. 23 AV. FLORIDA, 60 Vigo VIGO PONTEVEDRA 36210 986815023
VIGO. URB. 24 PZ. HISPANIDAD, 109 Vigo VIGO PONTEVEDRA 36203 986815024
VIGO. URB. 26 CL. TOMAS ALONSO, 234 (BOUZAS) Vigo VIGO PONTEVEDRA 36208 986815026
VIGO. URB. 27 CL. MARTIN ECHEGARAY, 30 (COIA) Vigo VIGO PONTEVEDRA 36209 986815027
VALLADARES CR. VALLADARES, 210 Vigo VIGO PONTEVEDRA 36314 986467091
VIGO. URB. 28 AV. RAMON NIETO, 126 Vigo VIGO PONTEVEDRA 36205 986991025
VIGO. URB. 29 CL. TEIXUGUEIRAS, 16 (PAU DE NAVIA) Vigo VIGO PONTEVEDRA 36212 986815054
VILA DE CRUCES CL. VAZQUEZ S/N ESQ CL CUATRO LC2 Vila de Cruces VILA DE CRUCES PONTEVEDRA 36590 986582075
VILAGARCIA DE AROUSA, OCL. COVADONGA, 1-3 Vilagarcía de Arousa VILAGARCIA DE AROUPONTEVEDRA 36600 986507811
VILAGARC.AROUSA U.1 AV. DEL DOCTOR TOURON, 50 Vilagarcía de Arousa VILAGARCIA DE AROUPONTEVEDRA 36600 986566218
VILAGARC.AROUSA U.2 CL. RODRIGO MENDOZA, 72 Vilagarcía de Arousa VILAGARCIA DE AROUPONTEVEDRA 36600 986566221
VILAGARC.AROUSA U.3 RU. RAMON PIÑEIRO LOPEZ, 2 Vilagarcía de Arousa VILAGARCIA DE AROUPONTEVEDRA 36600 986566228
SALAMANCA. URB. 01 PZ. ESPAÑA, 12 Salamanca SALAMANCA SALAMANCA 37004 923215601
SALAMANCA. O.P. CL. ZAMORA, 24 Salamanca SALAMANCA SALAMANCA 37002 923217100
SEGOVIA CL. LOS COCHES, 3 Segovia SEGOVIA SEGOVIA 40002 921430811
DOS HERMANAS CL. CANONIGO, 57 Dos Hermanas DOS HERMANAS SEVILLA 41700 955675739
ECIJA PZ. ESPAÑA, 13 Écija ECIJA SEVILLA 41400 955584000
SEVILLA. URB. 05 PZ. ALTOZANO, 9 (BO.TRIANA) Sevilla SEVILLA SEVILLA 41010 955571035
SEVILLA. URB. 04 AV. REINO UNIDO, 9 (LOS BERMEJALESSevilla SEVILLA SEVILLA 41012 955571000
SEVILLA. URB. 03 PZ.SAN AGUSTIN,1 ZN. PTA. CARMONA Sevilla SEVILLA SEVILLA 41003 955571003
SEVILLA. URB. 01 CL. VIRGEN DE LUJAN, 39 Sevilla SEVILLA SEVILLA 41011 954280487
SEVILLA. URB. 02 AV. SAN FRANCISCO JAVIER, 1 Sevilla SEVILLA SEVILLA 41005 954660611
SEVILLA. O.P. CL. SAN FERNANDO, 17 Sevilla SEVILLA SEVILLA 41004 954293370
SORIA CL. ADUANA VIEJA, 23 Soria SORIA SORIA 42002 975758000
AMERICAS, PLAYA DE LAS COMPLEJO COMPOSTELA BEACH-B.II Arona ARONA STA.CRUZ DE TENERI 38660 922798681
PUERTO DE LA CRUZ CL. DOCTOR INGRAM, 4 Puerto de la Cruz PUERTO DE LA CRUZSTA.CRUZ DE TENERI 38400 922372903
LA LAGUNA CL. HERRADORES, 19 San Cristóbal de La Lagu LA LAGUNA STA.CRUZ DE TENERI 38204 922901010
STA. CRUZ TENERIFE CL. PUERTA CANSECO, 71 Santa Cruz de Tenerife STA.CRUZ DE TENERSTA.CRUZ DE TENERI 38003 922151198
ADEJE C.C. AQUAMALL, LOCAL 4B-5A PL. CEROAdeje ADEJE STA.CRUZ TENERIFE 38670 922717296
CAMBRILS CL. SAN PERE, 21 Cambrils CAMBRILS TARRAGONA 43850 977369338
REUS PZ. CATALUÑA, 8 Reus REUS TARRAGONA 43204 977127067
TARRAGONA CL. PERE MARTELL, 48-50 Tarragona TARRAGONA TARRAGONA 43005 977958998
TORTOSA PZ. AGUSTI QUEROL,1 (ESQ. PINTOR G Tortosa TORTOSA TARRAGONA 43500 977448565
EL VENDRELL CL. CARRETERA VALLS, 57-59 Vendrell (El) EL VENDRELL TARRAGONA 43700 977664543
TERUEL AV. SAGUNTO, 31 Teruel TERUEL TERUEL 44002 978968000
ILLESCAS CL. FRANCISCO GUZMAN, 22 Illescas ILLESCAS TOLEDO 45200 925513444
TALAVERA DE LA REINA CL. CARRETAS, 1 Talavera de la Reina TALAVERA DE LA REI TOLEDO 45600 925819015
TOLEDO CL. VENANCIO GONZALEZ, 1-BIS Toledo TOLEDO TOLEDO 45001 925283637
ALZIRA CL. BENITO PEREZ GALDOS, 64 Alzira ALZIRA VALENCIA 46600 962091000
BURJASSOT CL. JORGE JUAN, 104 Burjassot BURJASSOT VALENCIA 46100 963092249
CULLERA AV. DEL PAIS VALENCIANO, 2 Cullera CULLERA VALENCIA 46400 963097000
GANDIA CL. MAGISTRADO CATALA, 11 Gandia GANDIA VALENCIA 46700 962951413
ONTENIENTE\ONTINYENT CL.MUSICO MARTINEZ VALLS, 47 Ontinyent ONTINYENT VALENCIA 46870 962099000
PATERNA AV. VICENTE MORTES ALFONSO, 103 2-Paterna PATERNA VALENCIA 46980 963092508
LA POBLA DE VALLBONA AV. COLON, 127 Pobla de Vallbona (la) LA POBLA DE VALLBOVALENCIA 46185 962098898
PUERTO DE SAGUNTO CL. ARQUITECTO ALFREDO SIMON, 26 BSagunto/Sagunt PUERTO DE SAGUNT VALENCIA 46520 962678023
TORRENT CL. RAMON Y CAJAL, 6 Torrent TORRENT VALENCIA 46900 961560903
VALENCIA. URB. 17 AV. BALEARES, 46 Valencia VALENCIA VALENCIA 46023 963092000
VALENCIA. URB. 16 AV. PIO XII, S/N ESQ.CL.VALDELINARES Valencia VALENCIA VALENCIA 46015 963455091
VALENCIA. URB. 01 CL. GRAN VIA RAMON Y CAJAL, 16 Valencia VALENCIA VALENCIA 46007 963526944
VALENCIA. URB. 02 AV. PUERTO, 246 Valencia VALENCIA VALENCIA 46023 963310512
VALENCIA. URB. 03 AV. REINO DE VALENCIA, 82 Valencia VALENCIA VALENCIA 46005 963346800
VALENCIA. URB. 04 CL. ARCHIDUQUE CARLOS, 42 Valencia VALENCIA VALENCIA 46014 963785252
VALENCIA. O.P. PZ. AYUNTAMIENTO, 26 Valencia VALENCIA VALENCIA 46002 963529517
VALENCIA. URB. 06 AV. POETA EMILIO BARO,88 Valencia VALENCIA VALENCIA 46020 963627152
VALENCIA. URB. 07 CL. DR. MANUEL CANDELA, 55 Valencia VALENCIA VALENCIA 46021 963627137
VALENCIA. URB. 08 CL. BERNAT DESCOLL, 51 Valencia VALENCIA VALENCIA 46026 963343698
VALENCIA. URB. 10 AV.NAVARRO REVERTER,5(ESQ.DR FLEValencia VALENCIA VALENCIA 46004 963525728
VALENCIA. URB. 12 CL. REINA, 28 Valencia VALENCIA VALENCIA 46011 963670450
VALENCIA. URB. 13 CL. JAIME ROIG, 12 Valencia VALENCIA VALENCIA 46010 963610911
VALENCIA. URB. 14 CL. GRAN VIA MARQUES DEL TURIA, 46 Valencia VALENCIA VALENCIA 46005 963956163
XATIVA PASEO DE LA ALAMEDA JAUME I, 19 Xàtiva XATIVA VALENCIA 46800 962090000
ARROYO CL. LOS PICONES, 1 (ESQ. CL.INDUSTR Arroyo de la Encomienda ARROYO DE ENCOMI VALLADOLID 47195 983408874
VALLADOLID. URB. 02 AV. SEGOVIA, 20-22. ED.RS.EMBAJADORValladolid VALLADOLID VALLADOLID 47013 983456400
VALLADOLID. O.P. CL. GAMAZO, 1 Valladolid VALLADOLID VALLADOLID 47004 983375050
VALLADOLID. URB. 03 PZ. LAS ONCE CASAS, 4 Valladolid VALLADOLID VALLADOLID 47011 983998000
BARAKALDO CL. GUIPUZCOA, 3-5 Barakaldo BARAKALDO VIZCAYA 48901 944372457
BASAURI CL. LEHENDAKARI AGUIRRE, 49 Basauri BASAURI VIZCAYA 48970 944262562
BERMEO CL. SANTAMAÑE, 5 (ESQ. CL. KURTZIO) Bermeo BERMEO VIZCAYA 48370 946186259
BILBAO. O.P. CL. GRAN VIA DIEGO LOPEZ DE HARO, Bilbao BILBAO VIZCAYA 48011 944424054
BILBAO. URB. 02 AV. MADARIAGA, 10 (DEUSTO) Bilbao BILBAO VIZCAYA 48014 944751002
BILBAO. URB. 03 CL. BIARRITZ, 1A LONJA 1ª (REKALDE) Bilbao BILBAO VIZCAYA 48002 944430088
BILBAO. URB. 04 CL. LUIS LUCIANO BONAPARTE,30 (SANBilbao BILBAO VIZCAYA 48004 944110272
BILBAO. URB. 05 CL. ALAMEDA DE SAN MAMES, 36 (INDABilbao BILBAO VIZCAYA 48010 944444550
BILBAO. URB. 06 CL. ANDRES ELISEO DE MAÑARICUA, 13Bilbao BILBAO VIZCAYA 48003 944161343
DURANGO CL. ERMODO, 1-A Durango DURANGO VIZCAYA 48200 946215836
ALGORTA CL. AMESTI, 15 Getxo ALGORTA VIZCAYA 48991 944911450
MUNGIA PL. GOIETAKO, 4 Mungia MUNGIA VIZCAYA 48100 946744490
ZAMORA CL. CORTINAS SAN MIGUEL, 5 Zamora ZAMORA ZAMORA 49015 980530721
CALATAYUD AV. BARON DE WARSAGE, 12 Calatayud CALATAYUD ZARAGOZA 50300 976546517
TARAZONA Pº CONSTITUCION, 6-8 Tarazona TARAZONA ZARAGOZA 50500 976641000
UTEBO CL. MANUEL VIOLA, 2, ESQ. C/VENEZUEUtebo UTEBO ZARAGOZA 50180 976998000
ZARAGOZA. URB. 04 CL.PABLO RUIZ PICASSO, 47 Zaragoza ZARAGOZA ZARAGOZA 50018 976106039
ZARAGOZA. O.P. CL. CANFRANC, 22-24. ESQ. CESAR AUGZaragoza ZARAGOZA ZARAGOZA 50004 976212202
ZARAGOZA. URB. 02 AV. JUAN PABLO II, 10 - PL. BAJA Zaragoza ZARAGOZA ZARAGOZA 50009 976321112
ZARAGOZA. URB. 05 CL.MARQUES DE LA CADENA, 63 Zaragoza ZARAGOZA ZARAGOZA 50014 976998003
 BRANCH NETWORK
Operatives Branches. Foreign Branches
DESCRIPTION ADDRESS TOWN COUNTRY P.C. TELEPHONE
PORTUGAL
LISBOA AV. 5 DE OUTUBRO, 48 LISBOA PORTUGAL 1050-057 +351213306300
OPORTO AV. BOAVISTA, 1772 PORTO PORTUGAL 4100-116 +351226063386
VALENCA DO MINHO AV. MIGUEL DANTAS, S/N. ED. STATUS VALENCA DO MINHO PORTUGAL 4930-678 +351951826200
MAIA AV. VISCONDE DE BARREIROS, 110 MAIA PORTUGAL 4470-151 +351229485388
VILA NOVA DE GAIA AV. DA REPUBLICA, 2025, R/C VILANOVA DE GAIA PORTUGAL 4430-206 +351223700494
VIANA DO CASTELO LARGO JOAO TOMAS DA COSTA, 64-66 VIANA DO CASTELO PORTUGAL 4901-877 +351958826262
BRAGA AV. CENTRAL, 167-167 A BRAGA PORTUGAL 4710-228 +351953261366

Others Countries
MIAMI 1111 BRICKELL AVENUE - 21ST FLOOR MIAMI EEUU FLO - 33131 +13053493965
GINEBRA 14, RUE DU MONT-BLANC - CASE POST. 1283 GENEVE-1 SUIZA 1211 +41225929400
 BRANCH NETWORK
Representative Spain. Representative branches abroad
DESCRIPTION ADDRESS TOWN COUNTRY TELEPHONE

0692 BUENOS AIRES EDF.BCO.PROVINCIA,SAN MARTIN, 108-16º (C1004) AAD-BUENOS AIRES ARGENTINA 0114 1143470191
ED.BCO. CARIBE,PB, DR. PAUL A SALV. LEON
0684 CARACAS (1010A) CARACAS VENEZUELA 0212 2125646064
0681 LONDRES MALTA HOUSE, 36-38 PICADILLY, 4TH. FLOOR LONDON GRAN BRETAÑA 0207 2074343773

0682 MEXICO CL. HOMERO, 440, ESQ.EMERSON,8º PISO (11560) MEXICO-D.F. MEXICO 0555 5552547399

1108 PANAMA TORRES LAS AMERICA, OF. B-802 (64640) PANAMA REP. PANAMA 204 2045725

0687 PARIS 111, RUE DU FAUBOURG ST. HONORE, 1º (75008) PARIS FRANCIA 0015 153530810

1128 SAO PAULO AV. JUSCELINO KUBITSCHEK 1700, CJ. 72 (04543) SAO PAULO BRASIL 13 130787473
0686 ZURICH TALACKER, 50 - 8º (8001 ) ZURICH SUIZA 044 442020882
BRANCH NETWORK
Corporate. Corporate Branches
DESCRIPTION ADDRESS MUNICIPALITY TOWN PROVINCE P.C TELEPHONE
A CORUÑA CL. SANCHEZ BREGUA, 5 Coruña (A) A CORUÑA A CORUÑA 15004 981187152
FERROL CL. GALIANO, 4-6 Ferrol FERROL A CORUÑA 15402 981320290
SANTIAGO CL. MONTERO RIOS, 7 4ª PLANTA Santiago de Compostela SANTIAGO COMPOSTELA A CORUÑA 15701 981953022
GIJON CL. SANTA LUCIA, 22 - PB Gijón GIJON ASTURIAS 33206 985569570
OVIEDO AV. GALICIA, 10 - 1ºB Oviedo OVIEDO ASTURIAS 33005 984768011
BARCELONA CL. TUSET, 34 Barcelona BARCELONA BARCELONA 8006 935217000
GRANOLLERS CL. GERONA, 27- PB Granollers GRANOLLERS BARCELONA 8400 936214010
SABADELL AV. FRANCESC MACIA, 30 - TORRE B 2º - 3ª Sabadell SABADELL BARCELONA 8206 936191002
CORNELLA PS. FERROCARRILS CATALANS, 97-117 Sant Feliu de Llobregat CORNELLA LLOBREGAT BARCELONA 8940 935219266
GIRONA CL. NARCISO MONTURIOL, 7 Girona GIRONA GIRONA 17001 972212350
GUADALAJARA PZ. CARMEN, 5 Guadalajara GUADALAJARA GUADALAJARA 19001 949761010
LEON PZ. CORTES LEONESAS, 3 León LEON LEON 24003 987968799
PONFERRADA CL.GRAL. GOMEZ NUÑEZ, 18 -P1 Ponferrada PONFERRADA LEON 24400 987414429
MADRID 9 CL. SERRANO, 45 - 1ª PL. Madrid MADRID MADRID 28001 902020570
MADRID 6 CL. ALBERTO ALCOCER, 50 Madrid MADRID MADRID 28016 912751790
MADRID 7 CL. O' DONNELL, 4 - 6. PL. BAJA Y SOTANO Madrid MADRID MADRID 28016 912753999
MADRID 1 CL. RIOS ROSAS, 34 ENTREPLANTA Madrid MADRID MADRID 28003 912750993
MALAGA AV. ANDALUCIA, 11 - PL.1ª Málaga MALAGA MALAGA 29002 952998014
PONTEVEDRA CL. GONZALEZ BESADA, 1-5 Pontevedra PONTEVEDRA PONTEVEDRA 36001 986844120
PORRIÑO PG.IND.A GRANXA-ED.USOS MULTIPLES PC.260 Porriño (O) PORRIÑO PONTEVEDRA 36400 986342544
VIGO CL. POLICARPO SANZ, 21 PB Vigo VIGO PONTEVEDRA 36202 986815060
SEVILLA CL. SAN FERNANDO, 17-1º (ED. SEVILLA OP) Sevilla SEVILLA SEVILLA 41003 955571017
TARRAGONA AV. JOSEP PONT I GOL, 3 -LC.1 -PL. BAJA Tarragona TARRAGONA TARRAGONA 43005 977958598
BILBAO CL. GRAN VIA DIEGO LOPEZ DE HARO, 57 Bilbao BILBAO VIZCAYA 48011 944411516
ZARAGOZA CL. CANFRANC, 22-24 - ESQ. CESAR AUGUSTO Zaragoza ZARAGOZA ZARAGOZA 50004 976998784