Sonae Capital : SGPS, SA informs on Qualified Holding

SONAE CAPITAL, SGPS, SA

Publicly Traded Company

Registered Office: Lugar do Espido, Via Norte, Maia

Share Capital: € 250,000,000.00

Registered at the Commercial Registry of Maia

Registration and Tax Nr. 508 276 756

(Translation from the Portuguese original)

NOTICE ON QUALIFIED SHAREHOLDING

Sonae Capital, SGPS, S.A. informs, as required by article 17 of the Portuguese Securities Code, that it has received today a communication from Quaero Capital Funds (Lux) - Argonaut, as shown in the following pages.

Maia, 26 October 2020

The Representative for Capital Market Relations,

Head Office

Lugar do Espido, Via Norte

Apartado 3053 | 4471-907 Maia

Portugal

For further information, please contact Sonae Capital Investor Relations Department:

Nuno Parreiro

1. [e-mail] T. 22 010 79 11

www.sonaecapital.pt

Date:22 October 2015

ESMA/2015/1597

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer andto the competent authority)i

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are at- tachedii:
   Sonae Capital SGPS SA
   Lugar do espido, Via Norte, Maia, Issuer Province not specified, 4470-177, PT
2. Reason for the notification (please tick the appropriate box or boxes):

[X] An acquisition or disposal of voting rights

[] An acquisition or disposal of financial instruments [ ] An event changing the breakdown of voting rights [ ] Other (please specify)iii:

3. Details of person subject to the notification obligationiv :

Name:	City and country of registered office (if applicable):
Quaero Capital Funds (Lux) - Argonaut	15, avenue J.F. Kennedy L-1855 Luxembourg
	Grand Duchy of Luxembourg

1. Full name of shareholder(s) (if different from 3.)v:
2. Date on which the threshold was crossed or reachedvi:
   2020-10-23
3. Total positions of person(s) subject to the notification obligation:

	% of voting rights at-	% of voting rights		Total number of
	through financial instru-	Total of both in %
	tached to shares (to-	voting rights of is-
	ments	(7.A + 7.B)
	tal of 7.A)	suervii
	(total of 7.B.1 + 7.B.2)
Resulting situation
on the date on which	1.982%		1.982%	250,000,000.00
threshold was
crossed or reached
Position of previous
notification (if appli-	4.559%		4.559%
cable)

1

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type of	Number of voting rightsix		% of voting rights
shares	Direct		Indirect		Direct	Indirect
ISIN code (if possi-	(Art 9 of Directive	(Art 10 of Directive		(Art 9 of Directive	(Art 10 of Directive
ble)	2004/109/EC)	2004/109/EC)		2004/109/EC)	2004/109/EC)
PTSNP0AE0008	1.982%				1.982
SUBTOTAL A	1.982%				1.982
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
					Number of voting
Type of financial	Expira-		Exercise/	rights that may be	% of voting
tion x		acquired if the in-
instrument		Conversion Periodxi	rights
	date				strument is exer-
					cised/ converted.
			SUBTOTAL B.1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC

Type of finan-	Expiration	Exercise/	Physical or	Number of	% of voting
cial instru-	Conversion	cash settle-	voting
x
ment	date	Period xi	mentxii	rights	rights
			SUBTOTAL
			B.2

2

8. Information in relation to the person subject to the notification obligation (please tick the appli- cable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[X ] Fullchain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

		% of voting rights if it	% of voting rights	Total of both if it
		through financial in-
	Namexv	equals or is higher	equals or is higher
	struments if it equals
		than the notifiable	or is higher than the	than the notifiable
		threshold	threshold
		notifiable threshold
	Quaero Capital Funds	1.982	0.00	1.982
	(Lux) - Argonaut

1. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]
2. Additional informationxvi:

Done at Geneva on 2020-10-23.

3