PHAROL, SGPS, S.A.

Legal Proceedings Report • Feb 21, 2024

Announcement | Lisbon | 21 February 2024

NOTICE FROM RIO FORTE TO PHAROL FOR APPEARING BEFORE THE COMMERCIAL COURT OF THE GRAND DUCHY OF LUXEMBOURG

Pharol has received in the current month of February, 2024, a Notice, from a Luxembourg enforcement agent ("Huissier de Justice") representing the liquidators of Rio Forte Investments, S.A (RFI), to appear before the Commercial Court of the Grand Duchy of Luxembourg on 19th of April 2024, at 9:00 – this session determines the start of the court proceedings, and Pharol does not have to take any position on the case until then.

This is about a request, qualified by the RFI's liquidators themselves as subsidiary in relation to the already requested "non-recognition of the credit claimed by Pharol" in RFI's insolvency in the amount of €918,146,770.80, to have the payment of € 199,631,000.00 made by RFI on 15th of April 2014 directly to Pharol declared null and void.

The liquidators themselves recall in this new Notice that the insolvency administrators objected to Pharol's credit claim declaration as unsecured credit claim for €918,146,770.80, merely on the grounds of an alleged "prudence".

From the Notice received, no new arguments result that, in the opinion of Pharol, supported by the Legal Opinion of its Lawyers, could challenge the regularity of the Company's credit claim on RFI's insolvency in the amount of €918,146,770.80.

Pharol will keep the market informed of any relevant updates in the mentioned court proceedings and will not fail to take all necessary and appropriate measures to fully defend the interests of all the Company's Stakeholders