Portucel : Payment of Reserves

ENG Anúncio Pagamento Reservas 28122015

PORTUCEL, SA

Public Company

Headquarters: Mitrena, Apartado 55, 2901-861 Setúbal Registered at the Commercial Register of Setúbal

Share capital: €767,500,000; Corporate Entity 503 025 798

PAYMENT OF RESERVES

Under the terms of the law, Shareholders are hereby notified that following the resolution of the General Meeting of December 17th 2015, Portucel will proceed with the payment of reserves included in retained earnings, to be distributed to shareholders as of December 28th 2015, with

the following value per share:

Gross amount .……………………………………………………€ 0.13950

Withholding tax IRS / IRC (28% / 25%)* ……………………… €0.039060 / € 0.034875 Net amount .............................................................................. € 0.100440 / € 0.104625

The paying agent appointed for this purpose is MillenniumBcp. Payment will be made through the Central de Valores Mobiliários, in accordance with the respective regulations.

For tax exemption, exemption from withholding tax or reduction of tax rate, shareholders must confirm their tax status at the respective share custody entity.

It is also informed that shares traded as of December 23rd 2015 (inclusive) will no longer be eligible to receive the aforementioned payment (ex-dividend right).

Setúbal, December 17th 2015

THE BOARD OF DIRECTORS

* The final withholding tax rate shall be 35% of the amounts placed at the disposal of: (1) omnibus accounts, except where the identity of the effective beneficiary is disclosed and (2) non resident entities without a permanent establishment in Portuguese territory, which are domiciled in a country, territory or region subject to favorable tax regime, according to the list approved by Decree of the Ministry of Finance. For the purpose of benefiting of tax exemption, reduction or non-applicability of withholding obligations regarding income taxation, shareholders entitled to such exemption and benefits should demonstrate and evidence all the relevant facts and information required for the discharge or reduction of the withholding obligation, to the financial institution in which the respective shares are registered. Dividends paid to shareholders resident in Portugal and taxable for IRS (Portuguese Personal Income Tax) are subject to a final tax rate of 28%, unless these shareholders elect to include the dividends (50% of the amount) in the income subject to the marginal Personal Income Tax rates.