Spain: New increased tax rate in the Navarra Autonomous Region

Further to our Announcement A12004, dated 18 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:

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).