3. Deposits in checking or savings accounts, demand or time deposits, financial accounts and other types of account deposits

Regulations: Art. 12 Wealth Tax Law

The valuation of each of the deposits as well as of the treasury management accounts and the financial or similar accounts will be carried out by the balance they show on the date of accrual of the Tax (December 31), unless this is lower than the average balance corresponding to the last quarter of the year , in which case the latter will be taken.

For the calculation of said average balance, the following will not be taken into account:

• Funds withdrawn for the acquisition of assets and rights that appear in the estate.

• Funds withdrawn for the cancellation or reduction of debts.

• Income received in the last quarter from loans or credits. In these cases, the corresponding debt will not be deductible either.

In the event that deposits and accounts are in currencies other than the euro the above valuation rule will be applied with the following particularities regarding the calculation of the average balance:

• The average balance will be calculated in the currency in question, and its equivalent in euros will then be determined based on the official euro exchange rate corresponding to the date of accrual of the tax (31 December), published by the European Central Bank or, failing that, the last official exchange rate published previously.

  If there is no official exchange rate, the market value of the monetary unit in question will be taken as a reference.

• Funds withdrawn for the acquisition of assets and rights that appear in the assets will not be included in the calculation of the average balance, considering in this case those withdrawn to acquire foreign currency deposited in other accounts owned by the obligor.

Note: In the event that there are several holders of the corresponding accounts, their values will be allocated equally to each of them, unless a different share of participation between them is justified.