Tranche Update on Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.'s Equity Buyback Plan announced on December 17, 2018.

Semapa is a diversified group organized around 3 sectors of activity: - production of paper and pulp (78.9% of net sales); - production of cement and building materials (19.3%): primarily cement and clinker, aggregates, mortar and ready-to-use concrete; - environmental services (1.8%). Net sales are distributed geographically as follows: Portugal (24.5%), Europe (43.8%), Americas (14.1%), Africa (12.1%) and Asia (5.5%).