COFINA : SGPS, S.A. announces proposals concerning points 2 to 8 of the agenda of the AGM to be held on April 26, 2017

SHAREHOLDERS' ANNUAL GENERAL MEETING OF COFINA - SGPS, S.A. TO BE HELD IN ITS HEAD OFFICE ON 26 APRIL 2017‌‌‌‌

AT 10H30

PROPOSAL OF THE

BOARD OF DIRECTORS CONCERNING

POINT TWO ON THE AGENDA

(Translation of a document originally issued in Portuguese)

As required by the Portuguese Companies Act and the Company's Articles of Association, the Board of Directors of Cofina, SGPS, S.A. proposes to the General Meeting that the net profit for the year amounting of 1,320,920.73 Euros are fully covered through free reserves.

Oporto, 23 March 2017 The Board of Directors

PROMENDO SGPS, S.A.

SHAREHOLDERS' ANNUAL GENERAL MEETING OF COFINA - SGPS, S.A. TO BE HELD IN ITS HEAD OFFICE ON 26 APRIL 2017,

AT 10H30

PROPOSAL

OF THE SHAREHOLDER PROMENDO, SGPS, S.A. CONCERNING

POINT THREE ON THE AGENDA

(Translation of a document originally issued in Portuguese)

PROMENDO, SGPS, 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 2016, approving a vote of praise for and confidence in the way that the company business was managed and supervised during the 2016 financial year.

Lisbon, 23 March 2017

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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 26 APRIL 2017

AT 10H30

PROPOSAL OF

THE SHAREHOLDER LIVREFLUXO, SGPS, S.A. CONCERNING

POINT FOUR ON THE AGENDA

(Translation of a document originally issued in Portuguese)

LIVREFLUXO, SGPS, S.A., with its registered office at Rua do General Norton de Matos, 58, Porto, with a share capital of € 55,500.00, corporate tax number 508795630, registered in the Commercial Registry Office of Oporto under the same number in its capacity as a shareholder holding 24,150,110 shares representing 12.09% of the share capital and of the voting rights of COFINA - SGPS, S.A. propose the following to the Shareholders:

The approval of the following composition of the company's governing bodies for the new mandate 2017 - 2019:

Board of the Shareholders' General Meeting

Chairman: Manuel Eugénio Pimentel Cavaleiro Brandão Secretary: Maria Conceição Henriques Fernandes Cabaços

Board of Directors

Chairman: Paulo Jorge dos Santos Fernandes

Members: João Manuel Matos Borges de Oliveira

Domingos José Vieira de Matos

Pedro Miguel Matos Borges de Oliveira

Ana Rebelo de Carvalho Menéres de Mendonça

Supervisory Board

Chairman: Pedro Nuno Fernandes de Sá Pessanha da Costa Effective members: António Luís Isidro de Pinho

Guilherme Paulo Aires da Mota Correia Monteiro

Substitute: André Seabra Ferreira Pinto

Remuneration Committee

Chairman: João da Silva Natária

Members: Pedro Nuno Fernandes de Sá Pessanha da Costa André Seabra Ferreira Pinto

We further propose that members of the Board of Directors and members of the Supervisory Board shall provide a guarantee (stand bond) for their responsibilities up to the amount of 250,000 euro (two hundred and fifty thousand euros) by any means permitted by the Portuguese Companies Act, that members of the Board of Directors be authorised to hold positions on the Board of Directors of companies in which the proponent company holds, directly or indirectly, a controlling interest or in which a company holding a controlling interest in those companies holds, directly or indirectly, a controlling interest, under the terms and for the effects of the article 21 of the Portuguese Securities Code, without applying any restriction on their access to information under the terms and for the effects of paragraph 4 of Article 398 of Portuguese Companies Act.

It is also proposed that the members of the corporate bodies be remunerated according to the terms established by the Remuneration Committee.

The information required by sub-paragraph d) of number 1 of Article 289 of Portuguese Companies Act, is hereto attached.

Oporto, 24 March 2017

The Board of Directors of

LIVREFLUXO, SGPS, S.A.