7,2,3,11 Reduction applicable to returns derived from certain insurance contracts

When a deferred capital is received, the portion of the provision corresponding to premiums paid before 31 December 1994 that had been generated before 20 January 2006 will be reduced as follows:

1. The total net yield corresponding to each of the premiums paid before 31 December 1994 will be determined. To determine the total yield obtained corresponding to each premium, this yield will be multiplied by the weighting coefficient resulting from the following quotient:

   • In the numerator, the result of multiplying the corresponding premium by the number of years elapsed from when it was paid until the receipt was received.

   • In the denominator, the sum of the products resulting from multiplying each premium by the number of years elapsed since it was paid until the collection of the receipt.

2. To determine the portion of the benefit that, corresponding to each of the premiums paid before 31 December 1994, has been generated before 20 January 2006, it will be multiplied by the weighting coefficient resulting from the following quotient:

   • In the numerator, the time elapsed between the premium payment and January 20, 2006.

   • In the denominator, the time between the premium payment and the date of payment of the benefit.

3. The total amount of the capital corresponding to life insurance to which the net yield would have been applicable as described above, obtained from January 1 until the time of the deferred capital allocation.

4. When the sum of the deferred capital and the amount referred to in number 3 above is less than 400,000 euros, the amount to be reduced from the total net yield will be determined. For these purposes, the percentage of 2% per year between the payment of the corresponding premium and 14.28 December 31 will be applied to each of the parts of the net yield calculated in accordance with the provisions of number 1994 above. When more than six years have passed between these dates, the percentage to be applied will be 100 per 100.

5. When the sum of the deferred capital and the amount referred to in number 3 above is greater than 400,000 euros, but the result of the amount set out in number 3 is less than 400,000 euros, the reduction indicated in section 4 above each of the parts of the net yield generated before 20 January 2006 that correspond proportionately to the part of the deferred capital that, in addition to the amount in section 3 above, does not exceed 400,000 euros.

6. 6 When the result of the provisions of the third party no. above is more than 400,000 euros, no reduction will be made.