Sonae : SGPS, S.A. informs on Board of Directors announcement

ANNOUNCEMENT

Maia, 17th July 2018

(Translation from the Portuguese original)

The Board of Sonae SGPS, S.A. has, in accordance with its institutional obligations and the explicit request from the majority shareholder EFANOR INVESTIMENTOS SGPS, S.A, conducted a succession plan for the role of company CEO as the current Co-CEOs have both expressed, at the beginning of the current mandate, their understanding that a new executive leadership, for the upcoming mandate beginning in 2019, would best suit the interests of the company. Following this process, the Board has selected Cláudia Azevedo for the role.

Cláudia Azevedo's exceptional career within the Sonae group has been particularly characterized by the management of diversified portfolios and the international growth of many companies making her experience and skills particularly well suited for the role.

Finally, the Board would like to thank the current co-CEOs for their availability to continue to serve the company in non-executive roles in the upcoming mandate and their commitment to an efficient transition process contributing with their valuable knowledge and experience accumulated in 30 years at Sonae including 20 as executive directors of this Board.

On behalf of the Board of Directors,

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

Head Office

Lugar do Espido, Via Norte, Maia Share Capital: €2.000.000.000,00

Maia Commercial Registry and Fiscal Number 500273170 Sociedade Aberta

PATRÍCIA VIEIRA PINTO

Head of Investor Relations / Sonae

T. [phone] // [e-mail]