IBERSOL | 2019 Annual Report

2019 ANNUAL REPORT shares, given that under terms of article 21 of the By-laws, each share re- presents one vote. According to article 23 of Company’s By-laws, the General Meeting is able to meet and deliberate on first call as shareholders representing more than fifty per cent of the share capital be present in person or represented. Ac- cording to article 21.1 and 21.2 of the By-laws, each share represents one vote, and General Meeting deliberations can be adopted by simple majority, unless the law requires otherwise. Article 22. 3 to 11 of the Company’s By-laws 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 proce- dures to exercise this right. The form is available on the company’s website at www.ibersol.pt. Under article 22.4 of the By-laws, postal votes can 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 nº 1 of Art. 20.º of the Securities Code There is no By-laws rule of the maximum percentage of voting rights that may be exercised by any shareholder or by shareholders who are mentioned in the previsions of the mentioned nº1 of Art. 20 of Securities Code. 14. Resolutions which only may be taken by qualified majority. Under By-laws, the Shareholder’s resolutions are not submitted to qua- lified majorities, unless imposed by law. So, unless the law provides otherwise, resolutions of the General Meeting shall be adopted by sim- ply majority (art. 21.2 of the By-laws); 133