Novabase SGPS

Share Issue/Capital Change • Jul 9, 2019

Lisbon, 9 July 2019

Novabase executes a liquidity contract

Novabase – Sociedade Gestora de Participações Sociais, S.A. ("Novabase") informs it has executed, on the date hereof, a liquidity contract with CAIXA – Banco de Investimento, S.A. ("CaixaBI"), aiming at increasing the liquidity of Novabase's shares traded in the regulated market of Euronext Lisbon ("Liquidity Contract").

This contract will be in force for one year, entering into force on 10 July 2019, automatically renewable for consecutive periods of three months in case neither party terminates it in writing and with, at least, a fifteen day prior notice before the term of the contract's successive extensions, and in case the contract has not been terminated for any other reason.

The transactions will be limited to a daily net limit of 5,000 shares and to a global net cap of 10,000 shares of Novabase or 20,000.00 euros.

For the purposes of the contract, no shares representing Novabase's share capital or cash were placed at the financial intermediary's disposal.

The Liquidity Contract shall be suspended, notably, in the following events:

• In case the aggregate position, in terms of number of shares or investment made, reaches the Maximum Position, as defined in the Liquidity Contract;
• In case any relevant events giving rise to an abnormal variation in the price of the shares are disclosed;
• In case there is any breach, by one of the parties, of its contractual obligations, notwithstanding the possibility of termination of the Liquidity Contract by the compliant party;
• In case, in accordance with CaixaBI's criteria acting reasonably, there are any other events that may give rise to significant changes in the market or in the volatility of the price of the shares.

The Liquidity Contract shall be immediately and automatically terminated if, in CaixaBI's judgement, there is an objective conflict between the rights and obligations arising from the Liquidity Contract and the law, or any applicable regulation, public practice, or

orientation publicized by any governmental, financial or tax authority and in case CaixaBI is suspended as an authorized market member. Novabase may also terminate the Liquidity Agreement at any time, without due cause, by sending a written communication to CaixaBI, with a 30 day prior notice.