Sonae SGPS — M&A Activity 2021

Jan 13, 2021

Maia, 13th January 2021

(Translation from the Portuguese original)

ANNOUNCEMENT

Sonae SGPS, SA hereby announces the reorganisation of the Spanish operation of its subsidiary Worten – Equipamentos do Lar, S.A.. The company has reached an agreement to sell 17 stores in Spain Mainland to Media Markt Saturn S.A.U and has decided to close an additional 14 stores. This initiative follows Worten's announced plan to optimise its Spanish operation, maintaining its successful strategy in the Canary Islands – where Worten is a leading omnichannel player with an unparalleled footprint and a strong financial profile – and a focus on the digital channel in Spain Mainland. The reorganisation plan was designed to create a financially sustainable operation in Spain, while preserving jobs and minimising the social impact of these initiatives.

These strategic decisions are fully aligned with Sonae's defined objectives of reaching sound profitability in Worten's Spanish operation from 2021 onwards, reinforcing the strong profile of its leading electronics omnichannel operation in Iberia and better preparing the business for its ambitious growth strategy.

The completion of the transaction with Media Markt Saturn S.A.U. is subject to the satisfaction of customary conditions for a transaction of this nature (including the required merger control clearance) and closing is expected to occur in the first quarter of 2021.

The Representative for Market Relations,

Head Office Lugar do Espido, Via Norte, Maia Share Capital: €2.000.000.000,00 Maia Commercial Registry and Fiscal Number 500273170 Sociedade Aberta

For further information, please contact the Investor Relations Department at Sonae:

PATRÍCIA VIEIRA PINTO Head of Investor Relations / Sonae T. +351 220 104 724 // E. pavpinto@sonae.pt

www.sonae.pt

Strengthening Worten's position in Iberia

Announcement presentation January 13th, 2021

Reorganisation highlights

Focus on consolidating Worten's unrivalled leadership position in Portugal

Leading omnichannel electronics retailer in Portugal with an unparalleled store footprint and unique brand awareness

Streamline Spanish operation to achieve profitable growth

Focus on reinforcing the leading omnichannel operation in the Canary Islands, while redirecting the Spain Mainland platform to the digital channel. Right-size the central structure to support the new strategy

Strengthen strategy and financial profile to accelerate future growth

Focus the offline channel in its market leading geographies, while reinforcing its online platform across Iberia in order to better equip Worten to tackle new market trends and future growth opportunities

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Focus on consolidating Worten's unrivalled leadership position in Portugal

指令的

Worten Portugal

Streamline Spanish operation to achieve profitable growth

Strengthen strategy and financial profile to accelerate future growth

• › Reinforce omnichannel operations in leading geographies: Portugal and Canary Islands
• › Offer a differentiated digital platform across Iberia
• › Improve efficiency and financial performance to tackle new market trends and accelerate growth

Worten strategy post-reorganisation Leading to a superior financial performance