The views expressed below are according to legal experts in the field and do not represent the opinion of EQTY Capital.

Filipe Eusebio (Ana Bruno & Associados): The general legal view is that much of what has been proposed is not correct in terms of the constitution. We cannot forget that this is a proposal and not set in stone. Much review and procedure still must occur and the legal community in Portugal is galvanized in its view and the need for significant amendments to the proposal.

Tomas Teixeira (CCA Law): Process is now in motion that needs to be respected. Clarity will emerge throughout this time at various stages as creases are ironed out of the proposal with emphasis on irregularities and ensuring that the final bill is in line with the constitution of Portugal.

Catarina Sardinha (Up Legal): The legal view seems to align with that of the President of the Republic that will need to ratify the proposal once Parliament has voted on it. President Marcelo Rebelo de Sousa has highlighted concerns surrounding constitutionality and actual ability to implement the proposal. We eagerly await developments to manage expectations properly but are encouraged by the robust procedure that this proposal must still travel.