Patris Investimentos

M&A Activity • Jul 4, 2019

INAPA – INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA

(Public Held Company) Headquarters: Rua Braamcamp, n.º 40 -9D, 1250-0050 Lisbon, Portugal Share Capital: € 180,135,111.43 Registered with the Commercial Registrar of Companies of Lisbon, under single Tax no. and Company Registration no. 500 137 994

NOTICE

Under the terms and for the purposes of article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council and of article 248-A of the Portuguese Securities Code, Inapa – Investimentos, Participações e Gestão, S.A. (sociedade aberta) ("Inapa") hereby discloses to the market and to the public in general the following information:

The German Federal Cartel Office has approved without restrictions the acquisition by Inapa of Papyrus Deutschland GmbH & Co KG, a subsidiary of OptiGroup AB dedicated to the distribution of paper to the graphic and office segments in Germany.

At this point, all conditions of the share purchase agreement, signed on October 24, 2018, have been met and it is expected that the closing of the transaction will happen in the next 30 days. The final Enterprise Value of the transaction will be dependent on the IFRS accounts of the month where the closing occurs.

This transaction will further strengthen the position of Inapa, growing the Group's topline in more than 50%, becoming the leading Western European paper merchant. The Group will have a leading position in Germany, France and Portugal.

Inapa intends to combine the business of Papyrus Deutschland, which had a turnover of 569 million euros in 2018, with its German subsidiary, Papier Union, which had a turnover of 380 million euros in the same period.

Lisbon, July 4, 2019