The Board of Directors will recommend to the Shareholders' General Assembly a dividend of euros 0.30 per share (euros 0.17 in 2003).

Group Solvency Ratio (Equity plus Provisions as a percentage of Total Assets without Cash and Securities) at December 31st was 44,79%. The General Assembly is scheduled on April 18th 2005. The dividend will be payable during the first 15 days of May 2005