IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 12. Possible restrictions on voting rights. There are no restrictions on voting rights, such as limitations on the vote exercise depending on ownership of a certain number or percentage of shares, given that under terms of Article 21 of the by-laws, each share represents 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 rep- resented. According 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 and there are no statutory restriction to vote by correspondence either by post or electronically. The company provides postal voting forms and informs of the necessary procedures to exercise this right. The form is available on the compa- ny’s website at www.ibersol.pt . According to Article 22.4 of the by-laws, postal votes can be received up to three days before the date of the General Meeting. 13. Maximum percentage 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 paragraph 1, Article 20, of the Securities Code. 14. Resolutions which only may be taken by qualified majority According to the by-laws, the Shareholder’s resolutions are not submit- ted to qualified majorities, unless imposed by law. So, unless the law provides otherwise, resolutions of the General Meeting shall be adopt- ed by simply majority (Article 21.2 of the by-laws); 223