Semapa

Legal Proceedings Report • Apr 1, 2016

SEMAPA - Sociedade de Investimento e Gestão, SGPS, S.A.

Public Company Registered Offices: Avenida Fontes Pereira de Melo, nº 14, 10º, Lisboa Share Capital: 81,645,523 Euros Corporate person and Lisbon Companies Registry no.: 502593130

DISCLOSURE

RECTIFICATION TO NOTE 31 OF THE SEPARATE FINANCIAL STATEMENTS TO THE REPORT AND ACCOUNTS 2015

Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. informs that on page 41 (regarding Note 31) of the Separate Financial Statements to the Report and Accounts 2015 published last 23 March, the transactions with related parties as at 31 December 2014 were reported by lapse, in place of transactions as at 31 December 2015.

Therefore, Semapa hereby rectifies said note as follows:

Where it says:

"During the year ended 31 December 2015, transactions with related parties were as follows:

Amounts in Euro	Sales rendered (Note 5)	and services Supplementary Interest and income	other income (Note 13)	Financial costs (Note 13)	Acquisition of goods	Sales of investment
Shareholders
Cimigest, SGPS, S.A.	-	157	-	(82,006)	(107,740)	-
Cimo - Gestão de Participações, SGPS, S.A.	-	-	-	(8,260)	-	-
Longapar, SGPS, S.A.	-	-	-	(210,687)	-	-
OEM - Organização de Empresas, SGPS, S.A.	-	-	-	(46,228)	-	-
	‐	157	‐	(347,181)	(107,740)	‐
Subsidiaries
ETSA Investimentos, SGPS, S.A.	327,212	120	260,104	-	-	-
Great Earth - Projectos, S.A.	-	-	-	-	-	(3,202)
Portucel, S.A.	7,443	13,602	-	-	-	-
Seinpart - Participações, SGPS, S.A.	-	-	-	(495)	-	-
Semapa Inversiones, S.L.	-	-	223	-	-	-
Soporcel - Soc. Portuguesa de Papel, S.A.	9,036,951	103,709	-	-	-	-
Secil - Companhia Geral de Cal e Cimento, S.A.	3,966,115	-	-	(506)	-	-
	13,337,721	117,431	260,327	(1,001)	‐	(3,202)
Other
Cimilonga - Imobiliária, S.A.	-	-	-	-	(810,755)	-
Hotel Ritz, S.A.	-	-	-	-	(39,220)	-
YD Invisible, S.A.	-	-	1,162	-	-	-
	‐	‐	1,162	‐	(849,975)	‐
Total	13,337,721	117,588	261,489	(348,182)	(957,715)	" (3,202)

SEMAPA - Sociedade de Investimento e Gestão, SGPS, S.A.

Public Company Registered Offices: Avenida Fontes Pereira de Melo, nº 14, 10º, Lisboa Share Capital: 81,645,523 Euros Corporate person and Lisbon Companies Registry no.: 502593130

It should say:

"During the year ended 31 December 2015, transactions with related parties were as follows:

Amounts in Euro	Sales and services rendered (Note 5)	Supplementary income	Interest and other income (Note 13)	Financial costs (Note 13)	Acquisition of goods	Sales of investment
Shareholders
Cimigest, SGPS, S.A.	-	1,798	-	(878)	(107,740)	-
Cimo - Gestão de Participações, SGPS, S.A.	-	-	-	(3,125)	-	-
Longapar, SGPS, S.A.	-	-	-	(1,683)	-	-
OEM - Organização de Empresas, SGPS, S.A.	-	-	-	(8,584)	-	-
Sodim, SGPS, S.A.	-	120	-	-	-	-
	‐	1,918	‐	(14,270)	(107,740)	‐
Subsidiaries
Abapor - Comércio e Indústria de Carnes, S.A.	-	-	47	-	-	-
Biologica l - Gestão de Resíduos Industria is, Lda.	-	-	4	-	-	-
Ciminpart - Investimentos e Participações, SGPS, S.A	-	-	2,012,337	-	-	93,174,834
ETSA Investimentos, SGPS, S.A.	251,726	-	131,941	-	-	-
Etsa Log, S.A.	-	-	163	-	-	-
Inspiredplace, S.A.	-	-	-	(293)	-	-
ITS - Indústria Transformadora de Subprodutos, S.A	-	-	-	(84)	-	-
Portucel, S.A.	-	19,950	-	-	-	43,395
Secil - Companhia Geral de Cal e Cimento, S.A.	2,963,570	6,609	375	-	-	-
Seinpar Investments, B.V.	-	-	89	-	-	-
Seinpart - Participações, SGPS, S.A.	-	-	-	(274)	-	-
Semapa Inversiones, S.L.	-	-	-	(168)	-	-
Soporcel - Soc. Portuguesa de Papel, S.A.	7,625,394	92,240	-	-	-	-
	10,840,690	118,799	2,144,956	(819)	‐	93,218,229
Other
Cimilonga - Imobiliá ria, S.A.	-	180	-	-	(816,791)	-
Hotel Ri tz, S.A.	-	-	-	-	(30,563)	-
	‐	180	‐	‐	(847,354)	‐
Total	10,840,690	120,897	2,144,956	(15,089)	(955,094)	" 93,218,229

Lisbon, 01 April 2016

The Directors,