COFINA : SGPS, S.A. announces notice convening the Shareholders Annual General Meeting on April 26, 2017

COFINA - SGPS, S.A.

Public Company

Head Office: Rua do General Norton de Matos, 68 - R/C, Oporto Share Capital: Euro 25,641,459

Registered at the Commercial Registry Office of Oporto Sole registration and tax number 502 293 225

NOTICE OF MEETING SHAREHOLDERS' ANNUAL GENERAL MEETING

(Translation of a document originally issued in Portuguese)

As required by the Portuguese Companies Act and Company's Articles of Association, the Shareholders of COFINA - SGPS, S.A. are hereby convened to meet at the Annual General Shareholders' Meeting, to be held at its head office in Rua do General Norton de Matos, nº. 68 - R/C, Oporto, at 10h30, on 26 April 2017, with the following

AGENDA

Point one - Discuss and decide on the Company's individual and consolidated Annual Report and accounts, for the year ended 31 December 2016;

Point two - Point three -

Decide on the proposed appropriation of the 2016's net profit; Assess the management and audit of the Company;

Point four - Decide the election of the members of the Board of the General Meeting, the Board of Directors, the Supervisory Board and the Remuneration Committee for the new triennium mandate 2017-2019;

Point five - Decide the election of the Statutory Auditor of the Company for the new triennium man- date for the 2017/2019;

Point six - Discuss and approve the document setting out the proposed remuneration policy to be applied to the Company's management and auditing bodies;

Point seven - Authorise the purchase and sale of own shares to the legal limit of 10%.

Point eight Authorise the purchase and sale of own bonds to the legal limit of 10%.

Participation in the General Shareholders' Meeting and Exercising the Right to Vote

Shareholders shall be entitled to participate in the General Shareholders' Meeting, discuss and vote if they own at least one share at 00:00 hours of the Record Date, i.e. on 19 April 2017 (corresponding to the 5th trade day prior to the meeting). The exercise of voting right shall not be affected by the transfer of shares at any time after the Record Date nor shall it be dependent on their blocking between such date and the date of the Shareholders' General Meeting.

The share capital is divided into 102,565,836 shares without nominal value. Each share corresponds to one vote.

Every shareholder wishing to participate in the General Shareholders' Meeting shall state his/her intention in written to the Chairman of the General Shareholders' Meeting and to the financial intermediary where the respective individual securities account is open, at the latest by 23:59 hours of 18 April 2017. This may be done by using the e-mail address ([e-mail]) and using the form available at the Company's head office and on the Company's website (www.cofina.pt) from the date of publication of this notice of meeting on.

The financial intermediary that is informed of his/her client's intention to participate in the General Share- holders Meeting shall send written information on the number of shares registered in the name of such shareholder to the Chairman of the General Shareholders' Meeting until 23:59 hours of 19 April 2017. In order to do so the financial intermediary may send it to the company's registered office. For this effect, the electronic email address [e-mail] may be used.

Shareholders who, acting as professionals, hold shares in his/her/its own name but on behalf of his/her/its clients and wish to vote in different directions with his/her/its shares shall, apart from submitting the docu- ments mentioned above, present to the Chairman of the General Shareholders' Meeting, until the 23:59 hours of 19 April 2017 by using sufficient and adequate means of proof (i) the identification of each client and the number of shares entitled to vote on such client's behalf, as well as, (ii) the voting instructions given by each client for each point of the agenda.

The shareholders who, having stated their intention to participate in the Shareholders' General Meeting, transfer the title to shares between the Record Date and the end of the Shareholders General Meeting, shall immediately inform the Chairman of the General Shareholders' Meeting and CMVM (the Portuguese Securities Market Commission). For the information to be sent to the Chairman of the General Sharehold- ers' Meeting, the shareholders may send it to the company's head office. For this effect, shareholders may use the email address [e-mail].

Right to apply for inclusion of items in the agenda, to submit proposals and to access information at the Shareholders' General Meeting

Only shareholders holding shares corresponding to, at least, 2% of the Company's share capital are enti- tled to:

1. Apply for inclusion of new items in the agenda, under the terms of article 378 of the Portuguese Companies Act, provided that this application is accompanied by a proposal to be submitted for each agenda item requested;

2. Apply for inclusion of proposals in relation to items included in the notice of the meeting or added to the agenda.

Requests for inclusion of new items, as well as the proposals to be submitted and any accompanying in- formation, shall be addressed, in writing, to the chairman of the Board of the Shareholders' General Meet- ing in the five days following the publication of the notice, and shall be disclosed as soon as possible to the shareholders, in the same way used to disclose this notice of meeting, no later than ten days prior to the date of the General Meeting.

Any shareholder has the right to obtain information at a Shareholders' General Meeting under the terms of article 290 of the Portuguese Companies Act and may request true, complete and clear information to help him/her to form an informed opinion on the matters to be decided. The duty to provide information includes details of relations between the Company and related companies. Any information included in the previous paragraph shall be given by the qualified statutory body, and may only be withheld if its disclosure might cause serious harm to the Company or to a related company or violation of secrecy imposed by law.

Representation at the General Shareholders Meeting

Shareholders may be represented by means of a written representation sent to the Chairman of the Gen- eral Shareholders' Meeting, by e-mail to [e-mail], or by delivery at the Company's head office latest by 23:59 hours of 20 April 2017. On the date of publication of this notice of meeting, the Company will make available a power of attorney minute at its head office and on its website (www.cofina.pt) that shall be used for such purpose.

A shareholder may appoint different representatives for the shares held in different securities accounts, without prejudice to the principle of unit of voting set forth in article 385 of the Portuguese Companies Act.

Postal Voting

Postal votes are allowed.

All postal votes shall be delivered in the form of a written declaration, with the identification of the share- holder and his/her authenticated signature (by a notary, lawyer or solicitor).

The written declaration stating the shareholder's request to cast a postal vote must be delivered at the head office of the company, until the third working day before the scheduled date for the Shareholders' General Meeting, i.e. 20 April 2017, with the shareholders identification and addressed to the Chairman of the Shareholders General Meeting, provided that, proof of shareholder quality is given with reference to the Record Date, under the terms and within the period set out above.

A declaration of vote (ballot paper) shall be written for every single point on the agenda for which a postal vote will be cast. Each vote declaration (ballot paper) shall be sent in a closed and sealed envelope along with the declaration referred to above. The envelope shall only be opened by the Chairman of the General Shareholders Meeting at the vote counting moment. Every envelope must specifically indicate to which point on the agenda its content refers to.

Ballot papers for points on the agenda are available at the head office for collection by the shareholders and at the company's website (www.cofina.pt) from the date of the publication of this notice of meeting on.

Vote by post will be considered to be revoked if the shareholder, or his/her representative, attends the General Shareholders' Meeting.

Votes by post are considered as negative votes in relation to any proposals presented after the date they were issued.

The Annual Report, the proposals and all other information required by law included in the agenda, will be made available to shareholders, as from the date of the publication of this notice, at the Company's regis- tered office, during office hours, as well on the Company's website - www.cofina.pt - and on Information Disclosure System of the Portuguese Securities Market Commission's, www.cmvm.pt.

Chairman of the Shareholders' General Meeting: Francisco da Costa Leite

Address: Rua do General Norton de Matos, 68, R/C, 4050-424, Porto, Portugal Phone: [phone]

Fax: [phone]

E-mail: [e-mail]

Oporto, 31 March 2017

Shareholders' General Meeting Chairman

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(Francisco da Costa Leite)