The Multireforma Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

Knowledge and experience	Beginner, Informed, Advanced or Expert
Financial situation and ability to bear losses	No capital guarantee (Even total loss of capital)
Risk tolerance	Medium
Objectives and needs	Growth and Retirement
Minimum time horizon	Long-term, more than 5 years

Multireforma invests a maximum of 15% of its assets in shares of companies listed on regulated markets. At least 15%, but no more than 60%, of its assets will be invested in fixed-rate bonds. At least 25%, but no more than 70%, of its assets will be invested in variable-rate bonds. Up to 10% of its assets may be invested in alternative funds. The Fund may also invest up to 10% of its assets in the real estate market, through real estate investment funds.

Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

Age	Investment amount per taxpayer	Maximum tax deduction amount
< 35	€2000	€400
> =35 <=50	€1750	€350
> 50	€1500	€300

Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

Taxable income band (€)	Limit (€)
Up to 7035	No limit
From 7035 to 80,000	The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
Above 80,000	1000

Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

Income tax

Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

In the event of partial payout, the first deposits made will be the first to be paid.

Pension Funds may only be paid out at the request of the Participant.

The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

The Participant retires due to old age.

The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

The Participant is in long-term unemployment.

The Participant has a permanent disability that prevents them from working.

The Participant falls seriously ill.

The Participant dies.

The Multireforma Plus Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

Knowledge and experience	Beginner, Informed, Advanced or Expert
Financial situation and ability to bear losses	No capital guarantee (Even total loss of capital)
Risk tolerance	Medium
Objectives and needs	Growth and Retirement
Minimum time horizon	Long-term, more than 5 years

Multireforma Plus invests a maximum of 40% of its assets in shares of companies listed on regulated markets. At least 20%, but no more than 55%, of its assets will be invested in fixed-rate bonds. At least 15%, but no more than 40%, of its assets will be invested in variable-rate bonds. Up to 10% of its assets may be invested in alternative funds. The Fund may also invest up to 10% of its assets in the real estate market, through real estate investment funds.

Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

Age	Investment amount per taxpayer	Maximum tax deduction amount
< 35	€2000	€400
> =35 <=50	€1750	€350
> 50	€1500	€300

Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

Taxable income band (€)	Limit (€)
Up to 7035	No limit
From 7035 to 80,000	The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
Above 80,000	1000

Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

Income tax

Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

In the event of partial payout, the first deposits made will be the first to be paid.

Pension Funds may only be paid out at the request of the Participant.

The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

The Participant retires due to old age.

The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

The Participant is in long-term unemployment.

The Participant has a permanent disability that prevents them from working.

The Participant falls seriously ill.

The Participant dies.

The Multireforma Ações Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

Knowledge and experience	Beginner, Informed, Advanced or Expert
Financial situation and ability to bear losses	No capital guarantee (Even total loss of capital)
Risk tolerance	High
Objectives and needs	Growth and Retirement
Minimum time horizon	Long-term, more than 5 years

Multireforma Ações invests a maximum of 45% of its assets in variable-rate and fixed-rate bonds, financial instruments and money market and exchange market instruments, commercial paper, derivative financial instruments, real estate investment funds and harmonized, non-harmonized and/or special securities mutual funds, including hedge funds.

Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

Age	Investment amount per taxpayer	Maximum tax deduction amount
< 35	€2000	€400
> =35 <=50	€1750	€350
> 50	€1500	€300

Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

Taxable income band (€)	Limit (€)
Up to 7035	No limit
From 7035 to 80,000	The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
Above 80,000	1000

Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

Income tax

Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

In the event of partial payout, the first deposits made will be the first to be paid.

Pension Funds may only be paid out at the request of the Participant.

The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

The Participant retires due to old age.

The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

The Participant is in long-term unemployment.

The Participant has a permanent disability that prevents them from working.

The Participant falls seriously ill.

The Participant dies.

The Multireforma Capital Garantido Pension Fund is aimed, in particular, at non-professional investors with the following characteristics:

Knowledge and experience	Beginner, Informed, Advanced or Expert
Financial situation and ability to bear losses	No capital guarantee (Even total loss of capital)
Risk tolerance	Medium
Objectives and needs	Growth and Retirement
Minimum time horizon	Long-term, more than 5 years

Multireforma Capital Garantido invests a minimum of 60% of its assets in bonds, with a benchmark of 80% for fixed-rate bonds and 20% for variable-rate bonds. Investment in bonds is carried out in a diversified and prudent manner, taking into account interest rate, credit and liquidity risks. The liquidity component is used in a residual manner and may not exceed 10% of the Fund's asset value. The Fund hedges the exchange rate risk inherent to values expressed in currencies other than the euro.

Retirement Savings Plans and pension funds are deductible from personal income tax collections at a rate of 20% for single persons and for each married spouse not legally separated. The deduction limits are as follows:

Age	Investment amount per taxpayer	Maximum tax deduction amount
< 35	€2000	€400
> =35 <=50	€1750	€350
> 50	€1500	€300

Furthermore, the sum of the tax-deductible benefits may not exceed the limits defined for each taxable income band, as follows:

Taxable income band (€)	Limit (€)
Up to 7035	No limit
From 7035 to 80,000	The result of applying the following formula: 1000 + [1500 × (€80,000 – taxable income)/72,965]
Above 80,000	1000

Amounts applied after the date of retirement and amounts paid by third parties are not deductible, except when made by employers in the name of and on behalf of their employees (Article 21(8) of the Portuguese Tax Benefits Statute).

Income tax

Income is taxed at the personal income tax base at the time of its availability, under the following conditions:

For payouts made in the circumstances provided for by law (including in the event of death of the insured), income is taxed at a minimum rate of 8%, if received in the form of capital, or in accordance with the rules of category H (Pensions), if received in the form of income.

For payouts made outside of the circumstances provided for by law, income is taxed at a rate of 8.6%, if payout occurs from the eighth year, or 17.2% if payment occurs between the fifth and eighth year, provided that at least 35% of the total investment was carried out in the first half of the contract. Otherwise, or if payout occurs before the fifth year, income tax is 21.5%. Income taxation depends on the date on which the sums paid out were invested, with the conditions in force at the time of the investment being applied.

In the event of partial payout, the first deposits made will be the first to be paid.

Pension Funds may only be paid out at the request of the Participant.

The Pension Fund may be paid out when the Participant meets at least one of the following conditions:

The Participant retires due to old age.

The Participant reaches 55 years of age, and provided that they have retired under the social security scheme by which they are covered.

The Participant is in long-term unemployment.

The Participant has a permanent disability that prevents them from working.

The Participant falls seriously ill.

The Participant dies.