COFINA SGPS S A : announces notice convening the Shareholders Annual General Meeting on April 30, 2021

COFINA - SGPS, S.A.

Public Company

Head Office: Rua Manuel Pinto de Azevedo, 818, 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 Code and Company's Articles of Association, the Shareholders of COFINA - SGPS, S.A. ("Company") are hereby convened to meet at the Annual Shareholders' General Meeting, to be held at its head office in Rua Manuel Pinto de Azevedo, 818, Oporto, at 10:30 hours, on 30th of April 2021, with the following

AGENDA

Point one - Discuss and decide on the Company's individual and consolidated Annual Report and accounts, and other accounting documents, including the Corporate Governance Report and the consolidated non-financial statement for the year ended 31st of December 2020;

Point two - Decide on the proposed appropriation of the 2020's net profit;

Point three - Assess the management and audit of the Company in accordance with the article 455 of the Commercial Companies Code;

Point four - Decide to amend the full wording of the Articles of Association of the Company;

Point five - Decide the election of the members of Supervisory Board for the mandate corresponding to 2021-2022;

Point six - Vote for the Statutory Auditor for the mandate corresponding to the year 2021; Point seven - Decide on the Remuneration Policy of the Statutory Governing Bodies;

Point eight - Deliberate on the granting of authorisation to the Board of Directors for the acquisition and sale of treasury shares to the legal limit of 10%;

Point nine - Deliberate on the granting of authorisation to the Board of Directors for the acquisition and sale of own bonds to the legal limit of 10%.

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

Shareholders shall be entitled to participate in the Shareholders' General Meeting, discuss and vote if they own at least one share at 00:00 hours of the Record Date, i.e. on the 23rd of April 2021 (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.

Every shareholder wishing to participate in the Shareholders' General Meeting shall state his/her intention in written to the Chairman of the Shareholders' General Meeting and to the financial intermediary where the respective individual securities account is open, at the latest by 23:59 hours of the 22nd of April 2021. This may be done by using the e-mail address ([e-mail]) and using the form available 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 Shareholders' General Meeting shall send written information on the number of shares registered in the name of such shareholder to the Chairman of the Shareholders' General Meeting until 23:59 hours of the 23rd of April 2021. 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] 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 documents mentioned above, present to the Chairman of the Shareholders' General Meeting, until the 23:59 hours of the 23rd of April 2021 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 Shareholders' General Meeting and CMVM (the Portuguese Securities Market Commission). For the information to be sent to the Chairman of the Shareholders' General 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 entitled to:

1. Apply for inclusion of new items in the agenda, under the terms of article 378 of the Portuguese Companies Code, 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 Meeting 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 Code 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 Shareholders' General Meeting

Shareholders may be represented by means of a written representation sent to the Chairman of the Share- holders' General Meeting, by e-mail to [e-mail], or by delivery at the Company's head office latest by 23:59 hours of the 27th of April 2021. On the date of publication of this notice of meeting, the Company will make available a power of attorney minute 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 Code.

Correspondence Voting

Votes by (i) postal and (ii) electronic correspondence are allowed.

1. All postal votes shall be delivered in the form of a written declaration, with the identification of the shareholder 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 business day before the scheduled date for the Shareholders' General Meeting, i.e. 27th of April 2021, with the shareholders identification and ad- dressed 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 Shareholders' General 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 company's website (www.cofina.pt) from the date of the publication of this notice of meeting on.

1. Voting by electronic correspondence must be received under conditions equivalent to voting by postal correspondence, regarding intelligibility, guarantee of authenticity, confidentiality and other formalities. For this purpose, shareholders must complete the ballot's papers available on the Company's website (www.cofina.pt) and send it to the email address [e-mail], with the ac- knowledgments being replaced by a digital signature. Only electronic mail votes received until 23:59 hours of the 27th of April 2021, will be considered at the indicated email address. To exercise the right to vote by electronic correspondence, the shareholders must use voting ballots that, in a clear and unequivocal manner, express their voting sense. For this purpose, they must use the templates available on the website, and send them as an attachment electronically to the address [e-mail].

Votes by postal or electronic correspondence are considered as negative votes in relation to any proposals presented after the date the votes were issued.

If this quorum is not reached on the scheduled date, the meeting is rescheduled for the 18th of May 2021, at the same time and place, when no minimum quorum will be required.

This Notice of Meeting is published in the context of an international pandemic caused by the COVID-19 virus, which led to the decree of the State of Emergency in Portugal by Decree of the President of the Republic number 31-A/2021, of 25 of March, which was the object of execution by the Government with the publication and entry into force of Decree no. 4/2021, of 13 of March.

This framework imposes the adoption of measures that aim to contain the spread of the virus among the participants of the General Meeting, reason why COFINA will ensure the distance of the participants' places and the disinfection of materials and installations used.

In this particularly adverse context, the shareholders are requested to privilege the exercise of the right to vote by postal or electronic correspondence, under the terms detailed in this notice.

Even under the current circumstances, it is hereby informed that the accountability documents, the deliberation proposals, the ballot papers as well as the other elements imposed by law are available to the Share- holders, only, on the company's website, at www.cofina.pt, and the first two, too, on the Information Disclosure System of the Portuguese Securities Market Commission (www.cmvm.pt), as of the date of publication of this notice.

Chairman of the Shareholders' General Meeting:

Manuel Eugénio Pimentel Cavaleiro Brandão

Address: Rua Manuel Pinto de Azevedo, 818, 4100-320 Porto, Portugal

Phone: [phone]

Fax: [phone]

E-mail:[e-mail]

Oporto, 7th of April 2021

Shareholders' General Meeting Chairman

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(Manuel Eugénio Pimentel Cavaleiro Brandão)