Microsoft Word - COM_ING.docx SEMAPA - Sociedade de Investimento e Gestão, SGPS, S.A.

Public Limited Company

Registered Office: Av. Fontes Pereira de Melo, nº 14, 10º, Lisboa

Share Capital: 106,510,000 Euro

Corporate Person and Lisbon Companies Registry: 502593130

DISCLOSURE REDUCTION OF SHARE CAPITAL BY CANCELATION OF OWN SHARES AND CHANGES TO THE ARTICLES OF ASSOCIATION

In conformity with the law and regulations in force, we hereby disclose that the reduction of Semapa's share capital from 118,332,445.00 to 106,510,000.00 euro, in the amount of

11,822,445.00 euros, as a result of the cancelation of 11,822,445 own shares, as adopted at the General Meeting on 30 April 2015, has been registered in the Companies Register at the present date.

Furthermore, the change to the Articles of Association of the company, adopted at the general meeting, following which each 100 shares correspond to 1 vote, was also registered on said day, in the Companies Register.

Accordingly, Semapa's share capital is now composed of 106,510,000 ordinary shares -

the nominal unit value having remained at 1 Euro - which correspond to 1,065,100 votes.

However, the company has kept 5,530 own shares, which correspond to 0.005% of its share capital, whose voting rights have been suspended. Consequently, currently the total voting rights which have not been suspended amount to 1,065,044.

Finally, as a result of the aforementioned reduction of share capital and cancelation of

11,822,445 own shares, which corresponds to 9.99% of the company's share capital, and in accordance with the latest information notified and disclosed by the issuer, Semapa's

qualifying holdings are as follows:

Entity No. Shares % capital and voting rights % non- suspended voting rights



A - Sodim, SGPS, S.A. 15,252,726 14.320% 14.321% Cimigest, SGPS, S.A. 3,185,019 2.990% 2.991% Cimo - Gestão de Participações, SGPS, S.A. 16,199,031 15.209% 15.210% Longapar, SGPS, S.A. 22,225,400 20.867% 20.868% OEM - Organização de Empresas, SGPS, S.A. 535,000 0.502% 0.502% Entity No. Shares % capital and voting rights % non- suspended voting rights


Sociedade Agrícola da Quinta da Vialonga, S.A. 625,199 0.587% 0.587% Total: 58,022,375 54.476% 54.479%

B - Banco BPI, S.A. - - - Banco Português de Investimento, S.A. - own

portfolio 3,294 0.003% 0.003%

BPI Vida - Companhia de Seguros de Vida, S.A. 405,804 0.381% 0.381%

Pension funds managed by BPI Pensões -

Sociedade Gestora de Fundos de Pensões, S.A. 10,362,388 9.729% 9.730%
Investment Funds managed by BPI Fundos - Gestão de Fundos de Investimento Mobiliário,

S.A. 1,237,518 1.162% 1.162%

Total: 12,009,004 11.275% 11.276%

C - Bestinver Gestión, S.A. SGIIC - - - Bestinver Empleo, F.P. 7,350 0.007% 0.007% Bestinver Bolsa, F.I. 2,319,127 2.177% 2.177% Bestinver Ahorro, F.P. 386,272 0.363% 0.363% Bestinver Empleo III, F.P. 3,221 0.003% 0.003% Bestinver Hedge Value Fund, FIL 1,721,950 1.617% 1.617% Divalsa de Inversiones, SICAV 7,025 0.007% 0.007% Orgor de Valores SICAV SA 2,160 0.002% 0.002% Bestinver Global F.P. 405,052 0.380% 0.380% Bestinver Mixto, F.I. 187,251 0.176% 0.176% Bestvalue, F.I. 322,323 0.303% 0.303% Tura Investment SICAV, S.A. 2,487 0.002% 0.002% Bestinver Prevision F.P. 32,239 0.030% 0.030% Toro Capital, SICAV, S.A 2,375 0.002% 0.002% Bestinver SICAV-Bestinfund 32,718 0.031% 0.031% Bestinver Empleo II, F.P. 6,071 0.006% 0.006% Perco Patrimonial SICAV, S.A. 53,693 0.050% 0.050% Bestinver Futuro EPSV 8,612 0.008% 0.008% Bestinver SICAV - Iberian 686,685 0.645% 0.645% Bestinver Renta F.I. 120,510 0.113% 0.113% Arvilibia SICAV, S.A. 2,637 0.002% 0.002% Bestinver Consolidacion EPSV 4,609 0.004% 0.004% Vincit 93, SA SICAV 7,039 0.007% 0.007% Bestinfond, F.I. 1,618,080 1.519% 1.519% Soixa SICAV S.A. 497,863 0.467% 0.467%

Total: 8,437,349 7.922% 7.922%

D - Norges Bank (the Central Bank of Norway) 5,649,215 5.304% 5.304%

Lisbon, 18 May 2015

Company Secretary, (Rui Gouveia)

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