REPORT AND ACCOUNTS 30 June 2017 REPORT AND ACCOUNTS 1H 2017

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

In the event of discrepancies, the Portuguese language version prevails - Note 16)

TABLE OF CONTENTS

INTRODUCTION 3 STOCK EXCHANGE EVOLUTION 4 COMPANY ACTIVITY 6 FINANCIAL REVIEW 7 OUTLOOK 10 CORPORATE GOVERNANCE 11 LEGAL MATTERS 12 CLOSING REMARKS 14 STATEMENT UNDER ARTICLE 246, 1, C) OF THE SECURITIES CODE 15 DECLARATION OF RESPONSIBILITY 16 ARTICLE 447 OF THE COMMERCIAL COMPANIES CODE AND ARTICLE 14, PARAGRAPH 7, OF PORTUGUESE SECURITIES REGULATOR (CMVM) REGULATION NO. 5/2008 17 MANAGEMENT REPORT 30 JUNE 2017 REPORT AND ACCOUNTS 1H2017

I. Management Report

To the Shareholders

Pursuant to the legal requirements, the Board of Directors of Cofina, SGPS., S.A. (Public Company) hereby presents its Report and Accounts for the first semester of 2017.

INTRODUCTION

The year 2017 has turned out to be a difficult year for circulation and advertising revenues, counteracting the recovery trend that seemed to be a possibility in 2016.

Despite the extremely adverse scenario, the Group continued to maintain leadership of its main products in terms of market share.

Cofina SGPS SA published this content on 31 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 August 2017 18:42:04 UTC.

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