Taxation

TAXATION IN THE SPHERE OF PARTICIPANTS: INCOME TAX

Concerning the taxation of participants, the applicable tax regime is based on a “taxation at exit” logic.

Taxation, under the current tax regime, applies only to the portion of income generated as of July 1, 2015. Thus, the value determined on the redemption or onerous transfer of the Participation Unit (PU) is given by the difference between the alienation / redemption value and PU acquisition / subscription value, except wi­­­th PU acquired / subscribed before July 1, 2015, in which the value calculated on the PU redemption or onerous transfer is given by the difference between the value and the value of the PU that reflects the market prices of June 30, 2015 or the acquisition / subscription value, if this was higher.

A) Individuals

A.1) Residents

Income obtained outside the scope of a commercial, industrial or agricultural activity:

The income distributed by the Fund and the income obtained with the redemption of PUs and which consist of surplus-value are subject to withholding tax, at the rate of 28%, and the participant may choose to include it.

The yields obtained with the transfer of payment for PUs are subject to autonomous taxation, at the rate of 28%, on the positive difference between the capital gains and losses of the tax period, and the participant may choose to include them.

Income obtained in the context of a commercial, industrial or agricultural activity:

The income distributed by the Fund is subject to withholding tax, at the rate of 28%, with the withholding tax being the nature of payment due to the final tax.

The income obtained with the redemption or with the onerous transfer of PUs contributes to the taxable profit, applying the general rules of the IRC and “Imposto sobre o Rendimento das Pessoas Singulares" (“IRS”).

A.2) Non-residents

The income obtained is exempt from IRS.

When holders of natural persons are resident in a country, territory or region subject to a more favourable tax regime, included in the list approved by an order of the Government member responsible for the area of finance, the income distributed or resulting from the redemption of UPs is subject to taxation, withholding tax, definitively at the rate of 35%.

When the income is paid or made available in accounts opened in the name of one or more holders but on behalf of unidentified third parties, in which case, except when the beneficial owner is identified, the income is taxed by withholding tax at a rate of 35%.

In the case of income resulting from the onerous transfer of units of UP, they are taxed autonomously at the rate of 28%.

B) Legal Entities

B.1) Residents

The income distributed by the Fund is subject to withholding tax, at the rate of 25%, with the tax withheld as a tax on account.

On the other hand, the income obtained with the redemption or the onerous transfer of UP contributes to the calculation of taxable profit, under the terms of the IRC Code.

Income obtained by corporate entities exempt from IRS is exempt from IRS, except when earned by corporate persons that benefit from the partial exemption and which relate to capital income, in which case the income distributed is subject to withholding tax, with a definitive character, at the 25% rate.

B.2) Non-residents

In the case of real estate funds, the distributed income obtained by the redemption is subject to withholding tax at the 10% tax rate.

In the case of securities funds, the income obtained from the PUs is exempt from IRC.

In the case of holders of legal persons residing in countries subject to a more favourable tax regime or directly or indirectly held by more than 25% by entities or individuals resident in Portuguese territory, the income arising from the PUs is subject to taxation at the rate 25%, for withholding tax, in the case of distributed income, or autonomous taxation, in the case of income earned from the regrowth or the onerous transfer of the PU.

The above description does not exempt you from consulting the legislation in force on the matter, nor does it guarantee that this information will remain unchanged.

TAXATION IN THE SPHERE OF THE FUND: INCOME TAX

TAX ON INCOME OF COLLECTIVE PRISONS (“IRC”)

The Fund is taxed, at the general rate of IRC in force, on its taxable profit, which corresponds to the net income for the year, less income (and expenses) from capital, property and capital gains obtained, as well as income, including discounts, and expenses related to management fees and other fees that accrue to you.

Capital gains on assets acquired before July 1, 2015 are taxed under the regime in force until June 30, 2015, considering, for this purpose, as the realization value, the market value at June 30, 2015.

The Fund is also subject to the autonomous IRC tax rates legally provided for, but is exempt from any state or municipal surcharge.

Additionally, you can deduct the tax losses assessed from taxable profits, if any, from one or more of the 5 subsequent tax periods. The deduction to be made in each tax period cannot exceed the amount corresponding to 70% of the respective taxable profit.

STAMP DUTY

- Stamp Duty on the Fund's global net assets is due quarterly at the rate of 0.0125% (in the case of UCIs that do not invest exclusively in money market instruments and deposits).

- Stamp duty on the fund's global net assets is due quarterly at the rate of 0.0025%. (in the case of UCIs that invest exclusively in money market instruments and deposits).

Transfers of investment units in securities investment funds are not subject to Stamp Duty.

The above description does not exempt you from consulting the legislation in force on the matter, nor does it guarantee that this information will remain unchanged.