COFINA SGPS S A : announces proposals concerning points 2 to 9 of the agenda of the AGM to be held on April 30, 2021

SHAREHOLDERS' ANNUAL GENERAL MEETING OF COFINA - SGPS, S.A.

TO BE HELD IN ITS HEAD OFFICE ON 30TH OF APRIL 2021

AT 10:30 HOURS

PROPOSAL

OF THE

BOARD OF DIRECTORS

CONCERNING

POINT TWO ON THE AGENDA

(Translation of a document originally issued in Portuguese)

Under the terms of the Law and of the Articles of Association, the Board of Directors of Cofina - SGPS, S.A. proposes to the General Meeting that the net profit for the year in the amount of 6,179,202 Euro be fully transferred to free reserves.

Oporto, 7th of April 2021

The Board of Directors

PROMENDO INVESTIMENTOS, S.A.

SHAREHOLDERS' ANNUAL GENERAL MEETING OF COFINA - SGPS, S.A.

TO BE HELD IN ITS HEAD OFFICE ON 30th OF APRIL 2021,

AT 10:30 HOURS

PROPOSAL

OF THE SHAREHOLDER

PROMENDO INVESTIMENTOS, S.A.

CONCERNING

POINT THREE ON THE AGENDA

(Translation of a document originally issued in Portuguese)

PROMENDO INVESTIMENTOS, S.A., in its capacity of shareholder holding 20,488,760 shares representing 19.98% of the share capital and voting rights of COFINA - SGPS, S.A., proposes to the shareholders that they express their confidence in the management and supervision of the company business in 2020, approving a vote of praise for and confidence in the way that the company business was managed and supervised during the 2020 financial year.

Lisbon, 7th of April 2021

-----------------------------------------

The Board of Directors

Tax number 508 805 627

Share Capital: 1,001,500.00 €

Head Office: Edifício Ramazzotti, Avenida do Forte, N.º 6,

Piso 0, Porta 1.12, Salas F e G, 2790-072 Carnaxide

SHAREHOLDERS' ANNUAL GENERAL MEETING OF COFINA - SGPS, S.A.

TO BE HELD IN ITS HEAD OFFICE ON 30TH OF APRIL 2021,

AT 10:30 HOURS

PROPOSAL

OF

THE SHAREHOLDERS

ACTIUM CAPITAL, S.A. AND CADERNO AZUL, S.A.

CONCERNING

POINT FOUR ON THE AGENDA

(translation of a document originally issued in Portuguese)

ACTIUM CAPITAL, S.A., with its registered office in Rua Manuel Pinto de Azevedo, 818, Porto, with a share capital of

• 50,000.00, corporate tax number 508824508, registered in the Commercial Registry Office of Oporto under the same number in its capacity as a shareholder holding 14,235,474 shares representing 13.88% of the share capital and of the voting rights of COFINA - SGPS, S.A. and CADERNO AZUL, S.A., with its registered office at Rua Manuel Pinto de Azevedo, 818, Porto, with a share capital of € 100,000.00, corporate tax number 508038596, registered in the Commercial Registry Office of Oporto under the same number in its capacity as a shareholder holding 15,400,000 shares representing 15.01% of the share capital and of the voting rights of COFINA - SGPS, S.A., propose to the General Assembly to decide:

To amend the wording of the article 1.º; article 2.º, numbers 1 and 2; article 3.º, numbers 1, 2 and 3 and add new number 4; article 5.º, numbers 1, 2, 3 and 4 and add new number 5; article 6.º, number 1, add new number 2, change and renumber numbers 2 and 3 that become numbers 3 and 4; article 7.º; article 8.º, number 1; article 10.º, add new numbers 1 and 2, renumber number 1 that become number 3, eliminate previous numbers 2 and 3, change numbers 5 and 6 and add new numbers 7 to 17; article 11.º, number 1 and eliminate number 2; article 12.º, number 1 and add new number 2; article 13º; article 14.º, number 1 and add new numbers 2, 3 and 4; article 15.º, numbers 1, 2, 4 and 5 and eliminate number 6; Article 16.º, numbers 1 and 2 and eliminate numbers 3 and 4; Article 17º, numbers 2, 3 and 4 and add new number 5; Article 18.º, number 1 and add new numbers 2 and 3; add new Article 19.º and 20.º and renumber previous articles 19.º to 22.º that become articles 21.º to 24.º; Article 19.º, numbers 1, 2 and 3 and add new numbers 4 and 5; Article 20.º, number 2 and eliminate number 4; Article 21.º, number 1, number 2, that is renumber and become number 3, and add number 2; Article 22.º number 1; add new Articles 25.º and 26.º and renumber the previous Article 23.º that become Article 27.º, of Association of Cofina, which are attached.

Oporto, 7th of April 2021

The Sole Director	The Sole Director
of	of
ACTIUM CAPITAL, S.A.	CADERNO AZUL, S.A.

(This is a translation of a document originally issued in Portuguese.

In the event of discrepancies, the Portuguese language version prevails)

ARTICLES OF ASSOCIATION - 30/04/2021

CHAPTER I

Company name, registered office and purpose

Article 1

The Company adopts the name of "COFINA, S.G.P.S., S.A.".

Article 2

ONE - The registered office is located in: Rua Manuel Pinto de Azevedo, no. 818 (eight hundred and eighteen), Ramalde, Porto, Portugal, and may be transferred, under the terms of the law, by simple decision of the Board of Directors.

TWO - The Board of Directors may open or close branches, agencies, offices, delegations and any other form of local representation both in Portugal or abroad, without having to decide upon the said actions with any other Company body, as it considers appropriate.

Article 3

ONE - The Company's purpose is the management of financial investments, as an indirect form of exercising economic activity.

TWO - The Company can also provide specialised administration and management services to all or some of the companies in which it owns shares representing minimum 10 % (ten per cent) of the respective share capital or voting rights, or with which a subordination agreement has been signed.

THREE - Within the scope of its activity and in compliance with legal limits, the Company may acquire or sell shares in any other Portuguese or foreign companies, independently of their purpose and type.

FOUR - The Company can also, through deliberation of the Board of Directors, associate itself with other legal entities in order to, specifically, form new entities, natural or legal, companies, complementary groups of companies, European economic interest associations, consortiums and participation associations or any other form of associa- tion, temporarily or permanently, between companies or entities of other nature.

CHAPTER II

Share capital, shares and bonds

Article 4

ONE - The share capital, fully paid, is 25,641,459 (twenty-five million, six hundred forty -one thousand, four hundred fifty-nine) Euros and is represented by 102,565,836 (one hundred and two million, five hundred and sixty-five thousand, eight hundred and thirty-six) shares without nominal value.

TWO - The Board of Directors may increase the share capital, on one or more occa- sions, and defining the terms and conditions, since the following requirements are re- spected:

a)The global maximum amount of the share capital increase(s) cannot exceed eighty-five million Euro and five cents;

b)The increase(s) operate(s) by the issue of the new shares, which may be for one or more categories allowed under the terms of the law or by the Articles of Association, with or without a share premium;

c)The Board of Directors sets the terms of the issue or issues, as well as the exercise terms of the shareholders' preference right regarding their subscription, unless when is applicable any limitation or suppression decided by the General Meeting;