IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 b) Exercise of the voting rights 12. Possible restrictions on voting rights There are no restrictions on voting rights, such as limitations on the exercise of the vote depending on ownership of a certain number or percentage of shares, given that, under the terms of article 21 of the Bylaws, each share carries one vote. According to article 23 of the Bylaws of the Company, for the General Meeting to be able to meet and deliberate on first call, shareholders of shares representing more than fifty per cent of the share capital must be present in person or represented. According to article 21.1 and 21.2 of the Bylaws, each share carries one vote and resolutions of the General Meeting shall be adopted by simple majority, unless the law requires otherwise. Article 22. 3 to 11 of the Company’s Bylaws contain rules on the exercise of voting rights by post and there are no restriction on postal voting. The company provides postal voting forms and informs of the necessary procedures to exercise this right. The form is available on the company’s website at www.ibersol.pt . Under article 22.4 of the Bylaws, postal votes may be received up to three days before the date of the General Meeting. 13. Maximumpercentage of voting rights that may be exercised by a single shareholder or shareholders which have with that one any relations such as stated on n.º 1 of Art. 20.º of the Securities Code There is no indication of the maximum percentage of voting rights that may be exercised by any shareholder or by shareholders who are related with, in any of the situations described in the mentioned legal standart. 14. Resolutions which only may be taken by qualified majority. Under Bylaws, the Shareholder’s resolutions are not submitted to qualified majorities, unless imposed by law. So, unless the law provides otherwise, resolutions of the General Meeting shall be adopted by simply majority (art. 21.2 of the Bylaws); 141