Taxation and liquidity conditions

Retirement Savings Plans (PPR) vs. Open Pension Funds (FPA).

The tax regime presented below does not reflect the tax consultancy service provision, nor can it be interpreted as such.

The information does not exempt you from consulting the legislation in force at any time, nor does it constitute a guarantee that it will not be altered at any time before the date of redemption. This framing is non-binding for tax and judicial authorities and does not guarantee that these agencies will not be able to adopt contrary positions. It does not exempt the user from consulting article 21 of the Tax Benefits Statute.

BBVA Poupança Reforma Plans
BBVA Open pension funds

A. Tax benefit upon subscription

Under the terms of article 21 of the EBF, 20% of the amounts invested in Retirement Savings Plans or Open Pension Funds are deductible from Participants' personal income tax, with the following limits depending on the age of the participant on 1st January of the year in which the investment is made:

Age of the Participant	Investment for maximum deduction	Maximum income tax deduction(1)
Age of the Participant Under 35	Investment for maximum deduction €2,000	Maximum income tax deduction(1) €400
Age of the Participant From 35 to 50 years old (inclusive)	Investment for maximum deduction €1,750	Maximum income tax deduction(1) €350
Age of the Participant More than 50 years(2)	Investment for maximum deduction €1,500	Maximum income tax deduction(1) €300

1) There is a 10% refund of this tax benefit for each year or fraction thereof:

- In the specific redemption conditions, when the age of the shares is <5 years, or made outside the specific redemption conditions regardless of the age of the units, except in the event of the death of the participant.

2) The following amounts are not deductible by taxpayers after retirement for income tax purposes.

Taxable Income after Family Quotient	Limit	Limit Increase
Taxable Income after Family Quotient Up to €7,703 (inclusive)	Limit Unlimited	Limit Increase Households with 3 or more dependents: 5% for each dependent or godchild who is not a taxpayer
Taxable Income after Family Quotient From €7,703 to €80,000 (inclusive)	Limit €1,000+[(€2,500-€1,000)x[(€80,000-Collectable Income)/€80,000-€7,703)]]
Taxable Income after Family Quotient More than €80,000	Limit €1,000

Deductions are subject to the general deductions limits for income tax collection, provided for in paragraph 7 of Article 78 of the CIRS, which vary according to the taxable income bracket of the taxpayer. This limit includes the sum of deductions from the taxable amount relating to general family expenses, health and health insurance expenses, education and training expenses, the cost of property or homes, maintenance payments, invoice requirements, people with disabilities, international double taxation, tax benefits, the additional municipal property tax, in accordance with Article 135-I of the Municipal Property Tax Code, as well as the cost of remuneration for the provision of domestic labor.

B. Taxation at the time of redemption

1. Specific redemption conditions provided for by law

In case of full or partial redemption of PPR - rules applicable to the income from income tax category E.

Income paid in subscribed Shares	Effective withholding rates
Income paid in subscribed Shares Until 12/31/2005	Effective withholding rates 4%(1)
Income paid in subscribed Shares Since 01/01/2006	Effective withholding rates 8%(2)

Autonomous rate of 20% on:

(1) One fifth of the income (1/5 * 20% = 4%)

(2) Two fifths of the income (2/5 * 20% = 8%)

Note: Retired participants who did not enjoy tax benefits at the time of subscription can request a redemption of the shares at any time, without any penalty.

2. Outside the specific redemption conditions

% of the value of subscriptions made during the 1st half of the contract in relation to the total value of subscriptions	Rates applicable to income (effective rates) depending on the years of validity of the 1st active share
% of the value of subscriptions made during the 1st half of the contract in relation to the total value of subscriptions	Rates applicable to income (effective rates) according to the years of validity of the 1st active share <5 years	Between 5 and 8 years	>8 years
% of the value of subscriptions made during the 1st half of the contract in relation to the total value of subscriptions <35%	Rates applicable to income (effective rates) according to the years of validity of the 1st active share 21.5%	21.5%	21.5%
% of the value of subscriptions made during the 1st half of the contract in relation to the total value of subscriptions >=35%	Rates applicable to income (effective rates) according to the years of validity of the 1st active share 21.5%	17.2%	8.6%

Note: Return of the tax benefits obtained in the subscription with an increase of 10% for each year or fraction after the redemption.

C. Redemption Conditions

Specific redemption conditions provided for by Law

60 years*, with 5 years elapsed on each delivery
Retirement due to old age*, with 5 years elapsed on each delivery
Serious Illness, Incapacity for Work and Long Term Unemployment**
Repayment of the installment of a permanent home loan, 5 years after each delivery
Death of the Participant
Outside the situations provided for in the previous points

* Participant or Spouse, with the PPR being a common good of the couple.

**Of the participant or any member of his or her household

A. Tax benefit upon subscription

Pursuant to article 21 of the Tax Benefits Statute, 20% of the amounts invested in Retirement Savings Plans or Open Pension Funds are deductible from the Participant's income tax declarations, with the following limits in accordance with the participant's age on January 1 of the fiscal year under the Tax Regime in force:

Age of the Participant	Investment for maximum deduction	Maximum income tax deduction(1)
Age of the Participant Under 35	Investment for maximum deduction €2,000	Maximum income tax deduction(1) €400
Age of the Participant From 35 to 50 years old (inclusive)	Investment for maximum deduction €1,750	Maximum income tax deduction(1) €350
Age of the Participant More than 50 years(2)	Investment for maximum deduction €1,500	Maximum income tax deduction(1) €300

1) Redemptions of contributions less than 5 years old have tax benefits increased by 10% for each year, except in case of death of the participant.

2) The following amounts are not deductible by taxpayers after retirement for income tax purposes.

Taxable Income after Family Quotient	Limit	Limit Increase
Taxable Income after Family Quotient Up to €7,479	Limit Unlimited	Limit Increase Households with 3 or more dependents: 5% for each dependent or godchild who is not a taxpayer
Taxable Income after Family Quotient From €7,479 to €78,834 (inclusive)	Limit €1,000 + [(€2,500 - €1,000) x [(€78,834 - Taxable Income after application of the Family Quotient) / €78,834 - €7,479)]]
Taxable Income after Family Quotient More than €78,834	Limit €1,000

B. Taxation at the time of redemption

1. Specific redemption conditions provided for by law

In case of full or partial redemption of FPA - rules applicable to the income from income tax category E.

Income paid in subscribed Shares	Effective withholding rates
Income paid in subscribed Shares Until 12/31/2005	Effective withholding rates 4%(1)
Income paid in subscribed Shares Since 01/01/2006	Effective withholding rates 8%(2)

Autonomous rate of 20% on:

(1) One fifth of the income (1/5 * 20% = 4%)

(2) Two fifths of the income (2/5 * 20% = 8%)

C. Redemption Conditions

Pre-Retirement;
Early retirement;
Retirement due to old age;
Serious Illness, Incapacity for Work and Long Term Unemployment*;
Death of the Participant.

* understanding these concepts in terms of the legislation applicable to PPR products and only applicable to the participant.

Retirement calculator

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Tools that help you plan your contributions so that you can enjoy the standard of living you desire in your retirement.

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BBVA Poupança Reforma Plans
More info
BBVA Open pension funds
More info

Comparative table

Differences between Reforma Poupança savings plans and Open Pension Funds

Both scenarios offer tax advantages, and the difference essentially lies in terms of money provision and repayment.

See comparative table

Warnings to the investor

There is no capital or revenue guarantee in the following BBVA pension funds.
It is only possible to redeem funds from the following Open Pension Funds: BBVA Sustentável Conservador ISR [BBVA Conservative Sustainable Socially Responsible Investment], BBVA Sustentável Moderado ISR [BBVA Moderate Sustainable Socially Responsible Investment] and BBVA Multiativo Moderado [BBVA Moderate Multi-asset] as provided for by law. Amounts can be redeemed from the Retirement Savings Funds BBVA Estratégia Capital PPR [BBVA Capital Strategy Retirement Savings Plan], BBVA Estratégia Acumulação PPR [BBVA Accumulation Strategy Retirement Savings Plan] and BBVA Estratégia Investimento PPR [BBVA Investment Strategy Retirement Savings Plan] at any time, subject to the applicable tax penalty and redemption fee, as defined in the Information Documents and Management Regulations, in accordance with the legal terms.
Subscription and redemption fees may apply.

BBVA Mediación, Operador de Banca-Seguros Vinculado, S.A., under code OV-0060 and registered with the Insurance and Pension Funds Supervisory Authority (ASF), as evidenced on the ASF website, is the entity responsible for marketing the BBVA Pension Funds, as broker of open pension funds, using the distribution network of Banco Bilbao Vizcaya Argentaria SA, Portugal Branch. The Information Documents (DI) and Management Regulations are available at any BBVA Branch and at www.bbvaassetmanagement.com/pt, www.bbva.pt, and www.asf.com.pt.