Cofina, SGPS, SA informs Proposals concerning points 1 to 6 of the agenda of the EGM to be held on October 26, 2023, at 11:00 am Notice of Meeting

COFINA - SGPS, S.A.

Company issuing shares admitted to trading on a regulated market

Head Office: Rua Manuel Pinto de Azevedo, 818, Oporto

Share Capital: Euro 25,641,459

Registered at the Commercial Registry Office of Oporto

Sole registration and tax number 502 293 225

Proposta do ponto 1. (Aprovação de Contas)

GENERAL MEETING OF THE SHAREHOLDERS OF COFINA, SGPS, S.A.

TO BE HELD AT THE REGISTERED OFFICE, ON 26 OCTOBER 2023, AT 11:00 A.M.

PROPOSAL FROM THE BOARD OF DIRECTORS REGARDING

ITEM ONE OF THE AGENDA

(APPROVAL OF THE SALE OF ALL THE SHARES REPRESENTING THE SHARE CAPITAL AND VOTING RIGHTS OF ITS WHOLLY OWNED SUBSIDIARY, COFINA MEDIA, S.A., UNDER ITEM THREE OR ITEM FOUR OR ITEM FIVE OF THE AGENDA)

The Board of Directors of COFINA, SGPS, S.A. (the "Company") hereby presents the following to the Shareholders of the Company:

1. due to its nature as a holding company, the Company must constantly evaluate all business opportunities that may increase the value of its assets;
2. as is of public knowledge, the Company has received two binding offers for the acquisition of all the shares representing the share capital (the "Shares") of Cofina Media, S.A. (the "Cofina Media"), namely: (a) one subscribed by (i) members of Cofina Media's management team, (ii) its senior management and (iii) a group of investors, namely: Luís Santana, Ana Dias, Octávio Ribeiro, Isabel Rodrigues, Carlos Rodrigues, Luís Ferreira, Carlos Cruz, Cristiano Ronaldo, Domingos Vieira de Matos, Paulo Fernandes and João Borges de Oliveira (the "MBO"); and (b) another subscribed by Grupo Media Capital, SGPS, S.A. (the "Media Capital");
3. as disclosed in a timely manner by the Company through the announcements to the market, disclosed through the CMVM Information Disclosure System (Sistema de Divulgação da CMVM), dated 30 June 2023, 17 July 2023, 21 July 2023, 28 July 2023 and 15 September 2023, the content of which is presumed to be known to the Shareholders, and summarised in the report prepared by the Company's Board of Directors, which is attached to this resolution proposal as Annex I, the Company has negotiated with both bidders the contractual and commercial conditions relating to a potential sale of the Shares in Cofina Media, and these negotiations have

COFINA - SGPS, S.A.

Company issuing shares admitted to trading on a regulated market

Head Office: Rua Manuel Pinto de Azevedo, 818, Oporto

Share Capital: Euro 25,641,459

Registered at the Commercial Registry Office of Oporto

Sole registration and tax number 502 293 225

culminated in the presentation, on 15 September 2023, of revised best and final offers, both as regards the consideration offered for the Cofina Media's Shares and the respective contractual conditions, by MBO and Media Capital (the "BAFOs"), which are available to the Shareholders at the Company's registered office as of the date of publication of the notice;

1. as detailed in the report prepared by the Company's Board of Directors (Annex I), the Company's Board of Directors believes that both the BAFOs are in the Company's best interests, namely from the perspective of enhancing its value for the Shareholders, based, in particular, on the value study of Cofina Media prepared by Ernst & Young, as an independent expert, which is attached to this proposal as Annex II;
2. on the one hand, the Shareholders may take a different view to that set out in the immediately preceding point, not considering that the sale of the Shares in Cofina Media, under the conditions set out in the BAFOs, is in the Company's best interests, but understanding that they should be sold under the terms of any alternative proposal, in accordance with Point Five of the agenda, in which case they should vote in favour of this proposed resolution;
3. on the other hand, the Shareholders may absolutely oppose to the transfer of Cofina Media Shares, in which case they should vote against this resolution proposal; and
4. it is therefore important for the Company's Shareholders to be able to express their will clearly and unequivocally, stating whether they wish to see the sale of the Shares in Cofina Media (even before deciding on the best alternative for carrying out such a sale, within the scope of Item Three, Item Four or Item Five of the agenda).

Accordingly, the Company's Board of Directors hereby submits to the discussion and vote of the General Meeting to be held on 26 October 2023, the approval of the transfer of all the shares representing the share capital and voting rights of its wholly-owned subsidiary, Cofina Media, either under Item Three or Item Four or Item Five of the agenda.

COFINA - SGPS, S.A.

Company issuing shares admitted to trading on a regulated market

Head Office: Rua Manuel Pinto de Azevedo, 818, Oporto

Share Capital: Euro 25,641,459

Registered at the Commercial Registry Office of Oporto

Sole registration and tax number 502 293 225

Annexes:

• Annex I - Report of the Company's Board of Directors; and
• Annex II - Value study of Cofina Media prepared by Ernst & Young.

Oporto, 4 October 2023

The Board of Directors,

__________________________________

Name: Ana Menéres de Mendonça

Capacity: Director

COFINA - SGPS, S.A.

Company issuing shares admitted to trading on a regulated market

Head Office: Rua Manuel Pinto de Azevedo, 818, Oporto

Share Capital: Euro 25,641,459

Registered at the Commercial Registry Office of Oporto

Sole registration and tax number 502 293 225

ITEM ONE OF THE AGENDA - ANNEX I

RELATÓRIO

1. Conselho de Administração da Cofina SGPS, S.A., (a "Sociedade" ou "Cofina SGPS"), com sede na Rua Manuel Pinto de Azevedo, n.º 818, freguesia de Ramalde, concelho do Porto, titular do número único de matrícula e de identificação de pessoa coletiva 502 293 225, com o capital social de € 25.641.459,00 (vinte e cinco milhões seiscentos e quarenta e um mil quatrocentos e cinquenta e nove euros), na pessoa dos seus administradores Dra. Ana Rebelo Carvalho Menéres de Mendonça, Dr. Pedro Miguel Matos Borges de Oliveira e Dra. Laurentina da Silva Martins, em quem foram delegados os necessários poderes para tal, emite, na sequência da reunião do Conselho de Administração realizada no dia 22 de setembro de 2023, o presente Relatório:
   1. Enquadramento
   No dia 27 de junho de 2023, a Cofina SGPS recebeu uma oferta vinculativa para a aquisição da totalidade das ações representativas do capital social da Cofina Media, S.A., subscrita por (i) elementos da equipa de gestão daquela subsidiária, (ii) quadros da mesma e (iii) por um conjunto de investidores ("MBO" ou Oferta MBO").
   No dia 28 de junho de 2023, os administradores Eng. Paulo Fernandes, Eng. João Borges de Oliveira e Dr. Domingos de Matos apresentaram ao Conselho de Administração da Sociedade uma declaração escrita referindo que pretendiam avaliar a possibilidade de virem a integrar um consórcio de investidores que estava a ponderar apresentar uma proposta de aquisição da totalidade das ações de que a Sociedade é titular no capital social da Cofina Media, S.A., e que essa vicissitude, se se verificasse, os poderia colocar numa potencial situação de conflito de interesses relativamente a certas matérias, razão pela qual (i) se comprometeram a abster de participar em qualquer discussão em que a Cofina SGPS se encontrasse a analisar os termos dessa proposta, de potenciais propostas concorrentes ou quaisquer questões conexas e (ii) solicitaram que o Conselho de Administração da Cofina SGPS tomasse as medidas idóneas e adequadas no sentido de vedar o respetivo acesso a qualquer informação relativa às mencionadas propostas ou que pudesse criar assimetria na informação prestada a terceiros, bem como informações que pudessem ser, direta ou indiretamente, relevantes para a formulação, apresentação ou avaliação daquelas propostas.
   Face ao exposto, o processo relacionado com a alienação do capital social detido pela Sociedade na Cofina Media, S.A. passou a ser conduzido exclusivamente pela Dra. Ana Menéres de Mendonça, pelo Dr. Pedro Borges de Oliveira e pela Dra. Laurentina Silva Martins, de forma

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