Clarification

With reference to Jornal de Notícias headline of today, we clarify the following:

TAP is a company with a "hub and spoke" business model, with 60% of its passengers making the connection of their flights, that do not have Portugal as final destination or origin, in Lisbon.

The Portuguese market as a whole represents, under normal circumstances, less than 20% of TAP's total  carried passengers.

In addition, the markets in Brazil and the United States represent a large volume of TAP's carried passengers and, due to the pandemic, in the quarter in question, there were still strong restrictions on trips for, and from, those countries.

Any analysis on pandemic passengers' traffic and under strong limitations on mobility and free movement of people, has its bases on something that is completely different from the smooth functioning of the market.

TAP hasn't held the leadership in passengers transport in Porto's airport for a few years. However, it remains as the company with more offers for direct intercontinental flights from Porto, to destinations in Brazil and the United States. Through Ponte Aérea, TAP also offers optimized connections to its entire network of destinations from its hub in Lisbon.

According to Portuguese Civil Aviation Authority reports, TAP doubled its market share in Francisco Sá Carneiro's airport regarding the number of carried passengers.

This quota was of 10% in the third quarter, as stated by the Portuguese Civil Aviation Authority, when in the previous quarter it was of 5%. There is therefore no downward trend, quite the opposite, this doubling shows growth, which is expected to continue.