Spain: Increased tax rate in the Navarra Autonomous Region

19.01.2012

Further to our Announcement A12001, dated 2 January 2012, and effective

1 January 2012

the withholding tax rate on interest and dividend payments made by companies resident in the Navarra Autonomous Region (for example, Viscofan and Papelera Navarra) is increased from 18% to 19%.

This is according to point 21 of the first article of Foral Law 20/2011, published in the Navarra’s Official Gazette on 30 December 2011.

Impact on customers

The withholding tax rate of 19% will be applied to all final beneficial owners (whether residents or non-residents of Spain) unless the required tax certification for obtaining a reduced tax rate is received within the prescribed deadlines.

Attached is a list of the Navarra securities. This list was obtained from our local depository and is provided here for information purposes only. We do not guarantee that this information is complete or accurate. Clearstream Banking1 does not assume liability for any damages, direct or indirect, that may arise from the reliance on or the use of this information.

Customers will be informed of the applicable withholding tax rate via the notification message sent before the respective income payment.

We continue to monitor the situation and will provide additional information as soon as it is available.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk on:

LuxembourgFrankfurt
Email:tax@clearstream.comtax@clearstream.com
Telephone:+352-243-32835+49-(0) 69-2 11-1 3821
Fax:+352-243-632835+49-(0) 69-2 11-61 3821

or Clearstream Banking Customer Service or your Relationship Officer.

1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).