PHAROL, SGPS, S.A.

Legal Proceedings Report • Oct 10, 2023

Announcement | Lisbon | 10 October 2023

Reduction of Tax Liabilities – 2005 Process

PHAROL, SGPS, S.A. ("PHAROL") was notified by the Portuguese Tax Authority of a 2005 Tax Assessment and Accounts Settlement Statement, pursuant to a court decision handed down in the judicial challenge process, which outcome is wholly favourable to PHAROL's claim.

In all the processes related to 2005, PHAROL's potential tax liability was 83.9M€ and is now decreased to 26.5M€.

PHAROL thus reduces the global amount of potential tax liabilities to around 181M€ as of today (including possible default interest on the lawsuits).