Spain: New increased tax rate in the Navarra Autonomous Region

28.02.2012

Further to our Announcement D12003, dated 19 January 2012 and effective

23 February 2012

the withholding tax rate on interest and dividends paid by companies that are resident in the Navarra Autonomous Region (for example, Viscofan and Papelera Navarra) is increased from 19% to 20%.

This is according to point 4 of the first article of Foral Law 2/2012, published in the Navarra’s Official Gazette on 22 February 2012.

Impact on customers

The withholding tax rate of 20% 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.

Further information

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

LuxemburgFrankfurt
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

bzw. dem Clearstream Banking Customer Service oder Ihrem Relationship Officer.

1. Clearstream Banking bezieht sich sowohl auf die Clearstream Banking AG mit eingetragenem Firmensitz Mergenthalerallee 61, 65760 Eschborn, Deutschland, und eingetragen im Register B des Amtsgerichts Frankfurt am Main, Deutschland, unter Nummer HRB 7500 (CBF) als auch auf Clearstream Banking, société anonyme mit eingetragenem Firmensitz 42, avenue John F. Kennedy, L-1855 Luxemburg und eingetragen im Handelsregister von Luxemburg unter Nummer B-9248 (CBL).