PHAROL, SGPS, S.A.

Legal Proceedings Report • Dec 8, 2024

Announcement | Lisbon | 8 December 2024

Judicial Recognition of Part of the Claim on Rioforte

PHAROL was notified of the decision of the Luxembourg Commercial Court that, in the context of the insolvency proceedings of Rioforte, S.A., recognizing part of Pharol's claim in the insolvency estate of Rioforte, S.A. for the amount of € 147,000,000.00 to be increased by the interests due until the date of the insolvency proceedings.

Regarding the remaining capital claim of € 750,000,000.00, the Court suspended the decision on its recognition until there is a decision in the proceeding brought by an Ad Hoc Trustee of Espírito Santo Internacional, S.A ("ESI") seeking the annulment of an allegedly undue payment of Notes made by ESI in early 2014, a proceeding that was communicated to the market on February 9, 2019 and in the context of which Pharol reaffirms once more that it is not a debtor of ESI.

Pharol will now examine the consequences of the above decision of the Court which does however not harm on the merits of Pharol's remaining capital claim.