FINAL TERMS

12 NOVEMBER 2007

BANCAJA EMISIONES, S.A. UNIPERSONAL Guaranteed by Caja de Ahorros de Valencia, Castellón y Alicante, Bancaja under the €10,000,000,000 Euro Medium Term Note Programme

SERIES NO: 1 TRANCHE NO: 1 Issue of EUR 300,000,000 Floating Rate Notes due 2017

Issue Price: 100 per cent.

JPMorgan as Dealer

FINAL TERMS 12 November 2007 Issue of EUR 300,000,000 Floating Rate Notes due 2017 Guaranteed by Caja de Ahorros de Valencia, Castellón y Alicante, Bancaja under the €10,000,000,000 Euro Medium Term Note Programme PART A – CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 27 June 2007 which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Offering Circular. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Offering Circular. The Offering Circular is available for viewing at Caja de Ahorros de Valencia, Castellón y Alicante, Bancaja, Avenida Cardenal Benlloch, 67 46021 Valencia, Spain and www.bancaja.es and copies may be obtained from Caja de Ahorros de Valencia, Castellón y Alicante, Bancaja, Avenida Cardenal Benlloch, 67 46021 Valencia, Spain.

1.

2.

(a)

Issuer:

Bancaja Emisiones, S.A. Unipersonal

(b)

Guarantor:

Caja de Ahorros de Valencia, Castellón y Alicante, Bancaja

(a)

Series Number:

1

(b)

Tranche Number:

1

3.

Specified Currency or Currencies:

4.

Aggregate Nominal Amount:

Euro (EUR)

(a)

Series:

EUR 300,000,000

(b)

Tranche:

EUR 300,000,000

5.

(a)

Issue Price:

100 per cent. of the Aggregate Nominal Amount

6.

Specified Denominations:

EUR 50,000

7.

(a)

Issue Date:

14 November 2007

(b)

Interest Commencement Date:

14 November 2007

8.

Maturity Date:

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14 November 2017 or if such day is not a Business Day, the Maturity Date shall be postponed to the next day which is a Business Day unless it would thereby fall into the next calendar month, in which event the Maturity Date shall be brought forward to the immediately preceding Business Day.

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9.

Interest Basis:

3 Month EURIBOR + 0.25 per cent. + Spread Floating Rate (further particulars specified below and in the Schedule hereto)

10.

Redemption/Payment Basis:

Redemption at par

11.

Change of Interest Basis or Redemption/Payment Basis:

Not Applicable

12.

Put/Call Options:

Not Applicable

13.

(a)

Status of the Notes:

Senior

(b)

Status of the Guarantee:

Senior

14.

Method of distribution:

Non-syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15.

Fixed Rate Note Provisions

Not Applicable

16.

Floating Rate Note Provisions

Applicable

(a)

Specified Period(s)/Specified Interest Payment Dates:

14 February, 14 May, 14 August and 14 November in each year falling after the Issue Date and on or before the Maturity Date

(b)

First Interest Payment Date:

14 February 2008

(c)

Business Day Convention:

Modified Following Business Day Convention

(d)

Additional Business Centre(s):

None

(e)

Manner in which the Rate of Interest and Interest Amount is to be determined:

The Rate of Interest in respect of each Interest Period will be determined by the Calculation Agent as follows: 3 Month EURIBOR + Margin + Spread, each as defined below or in the Schedule hereto.

(f)

Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent):

JPMorgan Chase Bank, N.A., as Calculation Agent

(g)

Screen Rate Determination:

Not Applicable

(h)

ISDA Determination:

Not Applicable

(i)

Margin(s):

+ 0.25 per cent. per annum

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(j)

Minimum Rate of Interest:

Not Applicable

(k)

Maximum Rate of Interest:

Not Applicable

(l)

Day Count Fraction:

Actual/360

(m)

Fallback provisions, rounding provisions and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions:

See the Schedule hereto

17.

Index Linked Interest Note Provisions

Not Applicable

18.

Dual Currency Interest Note Provisions

Not Applicable

PROVISIONS RELATING TO REDEMPTION 19.

Issuer Call:

Not Applicable

20.

Investor Put:

Not Applicable

21.

Final Redemption Amount of each Note:

EUR 50,000 per Note of EUR 50,000 Specified Denomination

22.

Early Redemption Amount of each Note payable on redemption for taxation reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Condition 6(e)):

As set out in the Conditions

GENERAL PROVISIONS APPLICABLE TO THE NOTES 23.

Form of Notes: (a)

Form:

Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes only upon an Exchange Event

(b)

New Global Note:

Yes

24.

Additional Financial Centre(s) or other special provisions relating to Payment Days:

None

25.

Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):

Yes. The Talons will mature on the Interest Payment Date falling in February 2014.

26.

Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price

Not Applicable

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and date on which each payment is to be made and consequences of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: 27.

Details relating to Instalment Notes: (a)

Instalment Amount(s):

Not Applicable

(b)

Instalment Date(s):

Not Applicable

28.

Redenomination applicable:

Redenomination not applicable

29.

Other final terms:

Not Applicable

DISTRIBUTION 30.

(a)

If syndicated, names of Managers:

Not Applicable

(b)

Stabilising Manager (if any):

Not Applicable

31.

If non-syndicated, name of relevant Dealer:

J.P. Morgan Securities Ltd.

32.

U.S. Selling Restrictions:

TEFRA D

33.

Additional selling restrictions:

Not Applicable

PURPOSE OF FINAL TERMS These Final Terms comprise the final terms required to list and have admitted to trading on the London Stock Exchange’s Gilt Edged and Fixed Interest Market of Notes described herein pursuant to the €10,000,000,000 Euro Medium Term Note Programme of Bancaja Emisiones, S.A. Unipersonal. RESPONSIBILITY The Issuer and the Guarantor accept responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:

Signed on behalf of the Guarantor:

By: ____________________________________ Duly authorised

By: _____________________________________ Duly authorised

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PART B – OTHER INFORMATION 1.

2.

LISTING (i)

Admission to trading:

Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the London Stock Exchange’s Gilt Edged and Fixed Interest Market with effect from 14 November 2007.

(ii)

Estimate of total expenses related to admission to trading:

GBP 100

RATINGS Ratings:

The Programme has been rated: Fitch: A+ Moody’s: A1 S&P: A+

3.

NOTIFICATION OF FINANCIAL SERVICES AUTHORITY Not Applicable

4.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE Save for any fees payable to the Dealer, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer.

5.

REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES Not Applicable

6.

YIELD (Fixed Rate Notes Only) Not Applicable

7.

PERFORMANCE OF INDEX/FORMULA, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING Not Applicable

8.

PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT Not Applicable

9.

OPERATIONAL INFORMATION (i)

ISIN Code:

XS0329522832

(ii)

Common Code:

032952283

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(iii)

Any clearing system(s) other than Not Applicable Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the relevant identification number(s):

(iv)

Delivery:

(v)

Names and addresses of initial Not Applicable Paying Agent(s) (if any):

(vi)

Names and addresses of additional Not Applicable Paying Agent(s) (if any):

(vii)

Intended to be held in a manner Yes which would allow Eurosystem Note that the designation “yes” simply means that eligibility: the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.

(viii)

Commissioner Noteholders:

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Delivery against payment

of

Syndicate

of D. Pedro Miguel Baixauli Ridaura

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SCHEDULE 1.

DEFINITIONS For the purposes of the Notes: "3 Month EURIBOR" means, in respect of an Interest Period, the rate for deposits in EUR for a period of three months which appears on the Reuters Screen EURIBOR01 Page (or any Successor Source) as of 11:00 a.m., Brussels time, on the relevant Interest Rate Determination Date. If such rate does not appear on the Reuters Screen EURIBOR01 Page (or such Successor Source as aforesaid) on such day, 3 Month EURIBOR for such Interest Period shall be determined on the basis of the rates at which deposits in EUR are offered by four major banks in the Euro-zone interbank market selected by the Calculation Agent in its sole and absolute discretion (the "Reference Banks") at approximately 11:00 a.m., Brussels time, on the relevant Interest Rate Determination Date to prime banks in the Euro-zone interbank market for a period of three months commencing on the first day of such Interest Period and in an amount (a "Representative Amount") that is representative of a single transaction in that market at the relevant time assuming an Actual/360 day count basis. The Calculation Agent will request the principal Euro-zone office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided as requested, 3 Month EURIBOR for such Interest Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, 3 Month EURIBOR for such Interest Period will be the arithmetic mean of the rates quoted by major banks in the Euro-zone, selected by the Calculation Agent, at approximately 11:00 a.m., Brussels time, on the first day of such Interest Period for loans in EUR to leading European banks for a period of three months commencing on the first day of such Interest Period and in a Representative Amount; "12 Month EURIBOR" means, in respect of an Interest Period, the rate for deposits in EUR for a period of twelve months which appears on the Reuters Screen EURIBOR01 Page (or any Successor Source) as of 11:00 a.m., Brussels time, on the relevant Spread Determination Date. If such rate does not appear on the Reuters Screen EURIBOR01 Page (or such Successor Source as aforesaid) on such day, 12 Month EURIBOR for such Interest Period shall be determined on the basis of the rates at which deposits in EUR are offered by four major banks in the Euro-zone interbank market selected by the Calculation Agent in its sole and absolute discretion (the "12 Month Reference Banks") at approximately 11:00 a.m., Brussels time, on the relevant Spread Determination Date to prime banks in the Euro-zone interbank market for a period of twelve months commencing on the first day of such Interest Period and in an amount (a "12 Month Representative Amount") that is representative of a single transaction in that market at the relevant time assuming an Actual/360 day count basis. The Calculation Agent will request the principal Euro-zone office of each of the 12 Month Reference Banks to provide a quotation of its rate. If at least two quotations are provided as requested, 12 Month EURIBOR for such Interest Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, 12 Month EURIBOR for such Interest Period will be calculated by the Calculation Agent in its sole and absolute discretion on the relevant Spread Determination Date by reference to such source(s) and at such time as it determines to be appropriate; "Interest Rate Determination Date" means, in respect of an Interest Period, the day falling two TARGET Settlement Days prior to the first day of such Interest Period; "Previous Spread" means, in respect of an Interest Period, the Spread for the Interest Period immediately preceding such Interest Period;

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"Spread" means: (i)

in respect of each Interest Period up to (and including) the Interest Payment Date falling in November 2011, 0 per cent.; and

(ii)

in respect of each Interest Period thereafter a rate (expressed as a percentage) calculated by the Calculation Agent in accordance with the following formula: 2.70 * MAX(12 Month EURIBOR – 6.25 per cent., 0 per cent.) + Previous Spread,

Provided That if in respect of any Interest Period 12 Month EURIBOR is less than 3.50 per cent., Spread in respect of all Interest Periods following such Interest Period will be 0 per cent.; "Spread Determination Date" means, in respect of an Interest Period, the day falling two TARGET Settlement Days prior to the first day of the Succeeding Interest Period; "Succeeding Interest Period" means, in respect of an Interest Period, the Interest Period immediately succeeding such Interest Period; "Successor Source" means: (iii)

the successor display page, other published source, information vendor or provider that has been officially designated by the sponsor of Reuters Screen EURIBOR01 Page; or

(iv)

if the sponsor has not officially designated a successor display page, other published source, service or provider (as the case may be), the successor display page, other published source, service or provider, if any, designated by the relevant information vendor or provider (if different from the sponsor); and

"TARGET Settlement Day" means any day on which the TARGET System is open.

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