Ibersol

Share Issue/Capital Change • Jul 5, 2018

IBERSOL, S.G.P.S, S.A.

Publicly Listed Company Registered Office: Praça do Bom Sucesso, 105/159, 9º, Porto Share Capital fully issued and paid up: € 30.000.000 Porto Commercial Registry and Fiscal Number 501669477

NOTICE FOR CAPITAL INCREASE THROUGH INCORPORATION OF RESERVES

• 1. Under the terms of article 1 (a) of CMVM's Regulation no 05/2008 and the final part of article 236, no. 2, (b) of the Portuguese Securities Code, IBERSOL, SGPS, S.A. (IBERSOL) Shareholders are informed that at the General Shareholders Meeting held on the May 26, 2017, IBERSOL deliberated the increase of its share capital from 30.000.000 euros to 36.000.000 Euros, by incorporation of reserves, through the issuance of 6.000.000 new ordinary and nominative shares, with a par value of one euro per share (Shares).
• 1. The capital increase was registered at the Commercial Registry on the 15 June 2018.
• 1. The shares representing IBERSOL's share capital, traded at Euronext Lisbon (the regulated market managed by Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.) until 17 July 2018, included, confer the right to participate in the capital increase through incorporation of reserves, with shares trading ex-rights from 18 July 2018.
• 1. The Shares will be allocated for free to IBERSOL Shareholders in the proportion of 1 (one) new Share for every five (5) shares held, through the application of a 1/5 factor to the number of shares held, rounded down, and will be credited on IBERSOL Shareholders' accounts on July 20, 2018.
• 1. After IBERSOL decision, and as provided in Interbolsa Sociedade Gestora de Sistemas de Liquidação e Sistemas Centralizados de Valores Mobiliários S.A. Circular no. 1/2016, no incorporations rights will be detached from the existing shares and, therefore, there will be no rights negotiation. Fractions that results from the application of the allocation factor will be paid as described in the following section.
• 1. Fractions arising from the application of the allocation factor referred to in 3. will be paid by IBERSOL, at the price per Share of €11.800, which has been calculated per reference of IBERSOL shares closing price of yesterday (corresponding to € 1.967 per fraction). It is expected that the amount should be credited by the financial intermediary in which the fractions holder has its account, from July 20, 2018, with reference to the registered position in the account on July 19, 2018, according with the rules defined by Interbolsa - Sociedade Gestora de Sistemas de Liquidação e Sistemas Centralizados de Valores Mobiliários S.A.

The consideration for the acquisition of IBERSOL Shares deliberated by the IBERSOL Board of Directors fulfills the requirements for the acquisition of own shares deliberated by IBERSOL at the General Shareholders Meeting held on last 15 May.

• 1. Shares allocation will take place automatically with no need for the Shareholders to take any action. IBERSOL Shareholders may, until 17 July 2018, if they wish, acquire or sell IBERSOL shares to adjust their group of shares in order to obtain a number of shares that is a multiple of five.
• 1. Shares to be issued under IBERSOL's capital increase are fungible with others and entitle to profits, reserves or other assets whose distribution is decided subsequently to their issuance, keeping the PTIBS0AM0008 ISIN code.
• 1. Admission to trading at the regulated market managed by Euronext Lisbon Euronext Lisbon - Sociedade Regulated Markets, S.A. of the Shares to be issued under the capital increase has been requested, with the Shares expected to be admitted on July 20, 2018.

Porto, July 5, 2018

In case of discrepancy between the Portuguese original text and the English translation, the Portuguese text shall prevail.