Code of Ethics and Conduct

Version 1.0 · October 2026

Scope

Applies to all directors, employees and service providers of Muculo Retail, in Angola, Portugal and any other geography in which we operate.

Values

• Integrity: we act honestly and transparently.
• Respect: we treat everyone with dignity, without discrimination.
• Rigour: we comply with the law and deliver what we promise.
• Accountability: we own the consequences of our decisions.

Expected conduct

• Comply with applicable laws and regulations, including customs, tax and data protection rules.
• Avoid and declare conflicts of interest.
• Protect confidential information of clients, partners and the company.
• Neither accept nor offer improper advantages.
• Respect health, safety and the environment in our operations.

Dealing with third parties

We select clients, suppliers and partners on objective criteria and require conduct standards consistent with this Code.

Raising concerns

Anyone may report suspected breaches of this Code through the Whistleblowing Channel, confidentially and without fear of retaliation. Good-faith reports are protected.