Advantages of a SICAV

TAX ADVANTAGES: The SICAVs have favourable tax status:

1. Tax treatment of the company:
   • Corporation Tax: 1%
   • Property Transfer Tax: completely exempt from this tax for the establishment of the SICAV, conversion into another type of CII, a capital increase or merger.
2. Tax treatment of the shareholder: Individual
   • Income Tax: equivalent to that of Investment Funds; the sale of shares in the SICAV will be taxed at a fixed rate of 18% (from 01/01/2007)
3. Tax treatment of the shareholder: Legal entity
   • I. S: the capital gain generated by the sale of shares is included corporation tax base. Paying tax at the time of the sale enables a taxation plan to be drawn up.

FINANCIAL AND OPERATIONAL ADVANTAGES:

• Enables the client's overall asset risk level to be identified and monitored.
• Flexibility and global coverage of investment: Markets, sectors and assets.
• High degree of investment diversification.
• Regulation and monitoring by the CNMV, the depositary entity and through an external audit.
• Liquidity
• Management by professionals.
• Simplicity in accounting.
• The client receives detailed information on their portfolio composition.