7.3.3.10. Deductible expenses

To determine the net income, only the following expenses will be deducted from the gross income:

ADMINISTRATION AND DEPOSIT EXPENSES FOR NEGOTIABLE SECURITIES

For these purposes, administration and deposit expenses are considered to be those amounts charged by investment services companies, credit institutions or other financial institutions that, in accordance with Law 24/1988, of July 28, on the Securities Market, have the purpose of remunerating the service derived from the performance on behalf of their holders of the service of deposit of securities represented in the form of certificates or the administration of securities represented in account entries.

Amounts representing consideration for discretionary and individual management of investment portfolios, where there is a disposition of investments made on behalf of the owners in accordance with the mandates conferred by them, will not be deductible.