Investor Presentaiton

Tax comparison The Community of Madrid has fiscal advantages on some taxes which has taxation power in order to increase deductions up to 100% such as Wealth Tax- or reduce the tax rate -as is the case of Property Tansfer Tax and Stamp Duty-. It has to be considered that tax rates and deductions which are shown in the following table are generally applied. Nonetheless, tax regulation sets other deductions with an application more residual. PIT Wealth tax Tax rate Only taxed over Tax rate Tax rate Inheritance tax Bonuses Inheritance and Gift tax Gift tax WTT Tax rate Bonuses Tax rate Wealth Transfer Tax and Stamp Duty SD Tax rate *Maximum deductible amount Source: Comunidad de Madrid. Community of Madrid 18.5-43.5% 700,000 € Discount of 100% 7.65-34% Groups I y II: 99%; Group III: 10-15% 7.65-34% Groups I y II: 99%; Group III: 10-15% 6% 0.75% Catalonia Andalusia Castile and Leon 21.5-48% 500,000 € 0.21-2.75% 7-32% 19.5-48% 700.000 € 0.24-3.03% 7.65-36.50% 19-44% 700,000 € 0.2-2.5% 7.65-34% Groups I y II: 99%-20% Groups I y II: 5-9% Groups I y II: 1.000.000€*; Group III y IV disabled people: 250.000€* 7.65-36.50% Groups I y II: 100- 80% 7.65-34% 10-11% 8-9-10% 8-10% 1.50% 1.50% 1.50% 11

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