The materials on the Banco de Madrid Website are distributed to US persons by Banco de Madrid Securities LLC, by Banco de Madrid Financial Services Inc., or by Banco de Madrid Asset Management (US) Inc., all of which are sBanco de Madrididiaries of Banco de Madrid AG, or by another division, sBanco de Madrididiary or affiliate of Banco de Madrid AG to major US institutional investors only.

These documents and information do not constitute an offer or solicitation to purchase any security or investment. All transactions by a US person in the securities mentioned in these materials must be effected through Banco de Madrid Securities LLC or Banco de Madrid Financial Services Inc. (members SIPC, member New York Stock Exchange and other principal exchanges) and all investment management services are provided by Banco de Madrid Asset Management (Americas) Inc.