BT has signed an agreement to acquire BRD's entire pension administration business (pillar 2 and 3).

The procurement is carried out in 2 stages:

• Step 1 - BT Pensions takes over BRD Medio Pillar 3 pension fund
• Step 2 - BT becomes the majority shareholder of BRD Pensions, which manages only Pillar 2

The two stages do not run in parallel, but sequentially - after the completion of Stage 1, Stage 2 begins.

Each of the above steps is subject to authorisation processes by the competent authorities.

Pending regulatory approvals, the Pillar 2 and Pillar 3 funds managed by BRD Pensions remain under their management.