SAG GEST – Soluções Automóvel Globais, SGPS, SA A Listed Company Estrada de Alfragide, nr. 67, Amadora Registered Share Capital: 169.764.398 Euros Registered at the Amadora Registrar of Companies Registration and Taxpayer number 503 219 886

PRESS RELEASE

Consolidated Results – 1st Quarter 2015 SAG maintains a strong operational performance Consolidated Turnover for the 1st Quarter 2015 (Eur 153 million) records a 46% growth EBITDA increases 62% to Eur 4.3 million •

Consolidated Turnover – Eur 153.3 million – a 46% growth

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SIVA keeps the leadership in the Portuguese passenger cars market, with a 15.5% share

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EBITDA increases 61.9% to Eur 4.3 million •

EBITDA interest coverage increases from 53.5% in the 1st Quarter 2014 to 71.9% in the 1st Quarter 2015

• Consolidated Net Results (a loss of Eur 3.1 million) improved 10.3% when compared to the 1st Quarter 2014 • Unidas’ turnover increases 20.6% when compared to the 1st Quarter 2014, with EBITDA advancing 11.1% and EBIT improving 12%. As at 31 March 2015 Unidas’ fleet was approximately 43 thousand units (a 15% increase when compared with 2014) SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta Sede: Estrada de Alfragide, nº 67 Amadora Capital Social: Eur 169.764.398,00 Matriculada na Conservatória do Registo Comercial da Amadora Número Único de Matrícula e de Identificação Fiscal 503 219 886 Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2 2614-519 Amadora Tel: 21 359 66 64 Fax: 21 359 66 74

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1. OPERACIONAL PERFORMANCE •

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Automotive Distribution •

The Portuguese Automotive market strengthened the 2014 growth trend: the Light Vehicles market recorded a 33.3% growth during the 1st Quarter 2015, when compared with the same period in 2014, with a volume of 52,910 units.

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Overall, SIVA advanced in line with the market, and maintained its leadership in the ranking of the Importers operating in Portugal, with a 14.6% market share and a volume of 7,700 units in the total Light Vehicles (LV) market, and a 15.5% share, with a volume of 7,185 units in the Passenger Cars (PC) market: o

Volkswagen – Passenger Cars, with a volume of 4,177 units recorded a 41.4% growth, and strengthened its market share to 9.0% (8.7% in 2014). The new Volkswagen Passat (European Car of the Year and Car of the Year in Portugal) recorded a particularly strong volume.

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The Audi Brand, which is less geared towards the rent-a-car segment, recorded a 22.8% volume growth when compared with the same period in 2014, with a volume of 2,371 units (1,930 units in the 1st Quarter 2014).

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Skoda’s volume increased 4.8%, to 635 units (606 in the 1st Quarter 2014). The Brand’s growth was lower than the market’s growth due to the phase-out of the old Fabia version, and to the March 2015 launch of the new version of the same model (still only with the Limo version).

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Volkswagen –Commercial Vehicles recorded a 11.5% volume growth, with 515 vehicles (462 units in the same period in 2014). In the vans and pick-ups segment the Brand recorded a 34.0% growth and a 8.7% market share (7.6% in the same period in 2014).

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Commercial support investment to the Brands represented by SIVA increased by more than 30% when compared with the investment of the 1st Quarter 2014, with the objective of strengthening the Brands’ image and awareness.

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In this context, EBITDA for this business area recorded an increase of approximately 35% when compared to the same period in the previous year.

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The net contribution of the Automotive Distribution are to the Consolidated Net Results was more than Eur 3.0 million (Eur 2.3 million in the same period of 2014), recording a growth of almost 30%.

Automotive Retail •

The Soauto Dealers (Soauto SA, Loures Automóveis, Rolporto and Rolvia) delivered, during the 1st Quarter 2015, 1,058 new units of the Volkswagen, Audi, Skoda and Volkswagen – Commercial Vehicles Brands, recording a 34.1% growth when compared with the same period in 2014. In the Used Cars area, the Soauto Dealers recorded a volume of 483 units, a 21.4% increase when compared with the 398 units sold in the same period in 2014.

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Automotive Retail’s EBITDA increased by approximately 28% during the 1st Quarter 2015, and its contribution to Consolidated Net Results recorded a growth of approximately 18%.

SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta Sede: Estrada de Alfragide, nº 67 Amadora Capital Social: Eur 169.764.398,00 Matriculada na Conservatória do Registo Comercial da Amadora Número Único de Matrícula e de Identificação Fiscal 503 219 886 Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2 2614-519 Amadora Tel: 21 359 66 64 Fax: 21 359 66 74

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Brazil •

In spite of the macroeconomic situation prevailing in Brazil during all of the 1st Quarter 2015, the turnover recorded by the Unidas Affiliate increased by approximately 19% when compared with the same period in 2014: o

Volume growth in the Rent-a-Car segment was 26.7%, with more than one million rental days (789,000 in the 1st Quarter 2014), and the corresponding net turnover increased 18.1%.

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The impacts of the adverse overall economic situation were more apparent in the highly competitive Renting segment, and net turnover posted a marginal 1.5% decrease when compared with the same period in the previous year.

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Activities in the Semi-New segment recorded a 30% volume increase leading to a 34% net turnover growth.

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Unidas’ total fleet as at the end of the Quarter was 42,838 cars, 15.2% more than the 37,186 units in the fleet as at 31 March 2014.

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EBITDA increased 11.1% when compared with the 1st Quarter 2014.

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The Affiliate’s net result recorded a decrease of approximately 50% when compared with the same period in the previous year, due to non-recurring items recognized in the 1st Quarter 2014 (recognition of Deferred Tax Assets with a positive R$ 7.2 million impact).

2. ECONOMIC AND FINANCIAL OVERVIEW •

Consolidated Turnover in the 1st Quarter 2015 was Eur 153.3 million, representing a 45.9% growth when compared with the Eur 105.0 million recorded in the prior year’s equivalent period.

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Consolidated Effective Margin increased 19.3% when compared with the 1st Quarter 2014.

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Consolidated EBITDA for the 1st Quarter 2015 (Eur 4.3 million) recorded a 61.9% growth when compared to the Eur 2.6 million recorded in the 1st Quarter 2014, in spite of the increased commercial support investment.

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Consolidated Earnings Before Interest and Taxes (EBIT) was Eur 3.6 million, recording a 83.3% growth when compared with the Eur 2.0 million recorded during the 1st Quarter 2014.

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Consolidated Net Financial Expenses increased by approximately Eur 1.0 million, essentially as a result of obtaining additional bank guarantees required to support the increased activity volumes, and of the additional working capital requirements. However, EBITDA’s coverage of interest expenses progressed from 53.5% in the 1st Quarter 2014 to 71.9% in the three months ended 31 March 2014.

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Net Results attributable to SAG Gest in respect of the 1st Quarter 2015 still remained a negative Eur 3.1 million, although recording a 10.3% improvement when compared to the losses recognized in respect of the 1st Quarter 2014.

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Net Equity, which was already a negative Eur 28.4 million as at 31 December 2014, as a result of the 2014 recognition of a Eur 44.1 million impairment loss in respect of the value of SAG Gest’s investment in the Unidas Affiliate, was a negative Eur 31.6 million as at 31 March 2015.

SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta Sede: Estrada de Alfragide, nº 67 Amadora Capital Social: Eur 169.764.398,00 Matriculada na Conservatória do Registo Comercial da Amadora Número Único de Matrícula e de Identificação Fiscal 503 219 886 Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2 2614-519 Amadora Tel: 21 359 66 64 Fax: 21 359 66 74

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This situation shall be reversed upon the performance, by the Principal S.A. Shareholder, of Supplementary Capital Payments of Eur 35.0 million, in accordance with a proposal submitted to the Annual Shareholders Meeting to be held on 29 May 2015.

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As disclosed in the 2014 Annual Report negotiations are in progress involving SAG Gest’s majority Shareholder and the main creditor Banks with the objective of recomposing SAG Gest’s financial position, in order to secure its sustainability by providing the conditions required to adequately balance the Entity’s Equity and its debt at levels compatible, in terms of amount and maturities, with the profitability of its activities

Alfragide, 29 May 2015 José Maria Cabral Vozone Investor Relations

SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta Sede: Estrada de Alfragide, nº 67 Amadora Capital Social: Eur 169.764.398,00 Matriculada na Conservatória do Registo Comercial da Amadora Número Único de Matrícula e de Identificação Fiscal 503 219 886 Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2 2614-519 Amadora Tel: 21 359 66 64 Fax: 21 359 66 74

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CONSOLIDATED INCOME STATEMENT (Unaudited) 3 Months Ended 31 March Consolidated Income Statement (Values in Eur 000)

2015

2014

% Chg

150,854 2,452 153,306

102,663 2,384 105,047

46.9% 2.9% 45.9%

15,580 10.2%

13,062 12.4%

19.3%

Outside Services & Supplies - Commercial Expenses Outside Services & Supplies - Car Expenses Sub Total Variable Expenses

(2,861) (419) (3,280)

(2,201) (386) (2,586)

30.0% 8.7% 26.8%

Outside Services & Supplies - Non Variable Expenses Payroll Expenses Sub Total Overheads

(2,873) (5,132) (8,005)

(2,761) (5,062) (7,823)

(11,285)

(10,409)

4.1% 1.4% 2.3% 0.0% 8.4%

EBITDA % of Turnover

4,295 2.8%

2,653 2.5%

61.9%

Depreciation and Amortization Gains / (Losses) on Sale of Assets Provisions Impairments

(435) 4 (117) (102)

(457) 0 (105) (102)

-4.8% 2362.9% -11.0% 0.0%

EBIT % of Turnover

3,646 2.4%

1,989 1.9%

83.3%

Income from Associated Companies - Equity Method Net Interest Other Financial Expenses Net Financial Income / (Expenses)

1 (4,083) (1,893) (5,976)

(6) (3,363) (1,587) (4,957)

-109.5% 21.4% 19.3% -20.6%

EBT % of Turnover

(2,330) -1.5%

(2,967) -2.8%

21.5%

(642) (97) 0 (739)

(654) 167 0 (487)

-1.9% 158.3% #DIV/0! 51.7%

Consolidated Net Profit

(3,068)

(3,454)

11.2%

Non-Controlling Interests

52

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118.6%

(3,120) -2.0%

(3,478) -3.3%

10.3%

Sales Services Rendered Turnover Effective Margin % of Turnover

Operating Expenses

Current Income Tax Deferred Income Taxes Adjustments - Prior Years' Income Taxes Income Taxes

Net Profit % of Turnover

SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta Sede: Estrada de Alfragide, nº 67 Amadora Capital Social: Eur 169.764.398,00 Matriculada na Conservatória do Registo Comercial da Amadora Número Único de Matrícula e de Identificação Fiscal 503 219 886 Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2 2614-519 Amadora Tel: 21 359 66 64 Fax: 21 359 66 74

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CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION (Unaudited) Consolidated Statement of the Financial Position (Eur 000)

Mar-15

Dec-14

Fixed Assets - Net Investments in Associates - Equity Method Consolidation Accounts Receivable - Related Parties Deferred Tax Assets Non-Current Assets

79,150 17 118,571 9,088 206,826

79,176 16 116,512 9,361 205,064

Inventories Accounts Receivable Current Income Tax Receivable Taxes Receivable - Other Than Income Taxes Cash & Marketable Securities Current Assets

166,152 85,633 6,867 5,673 9,022 273,348

135,221 78,580 7,183 5,171 16,695 242,850

113,467

113,467

593,641

561,381

48,722 282 53,772 (41,383) (9,501) (80,404) (3,120)

48,670 282 53,928 (41,383) (9,501) (24,993) (55,411)

(31,634)

(28,409)

663 1,706 3,520 5,890

4,880 1,706 3,500 10,086

287,185 293,450 1,928 36,822 619,385

297,363 250,936 1,462 29,944 579,705

TOTAL LIABILITIES

625,274

589,791

TOTAL LIABILITIES & SHAREHOLDERS EQUITY

593,641

561,381

Non-Current Assets Held For Sale TOTAL ASSETS Registered Share Capital, Equity Reserves, Non-Controlling Interests Employee Stock Option Plan (Unidas) Supplementary Capital Payments Cummulative Translation Adjustments Cummulative Translation Adjustment - Goodwill Retained Earnings Current Period Profit / (Loss) TOTAL SHAREHOLDERS EQUITY Bank Debt - Medium and Long Term Deferred Tax Liabilities Provisions Non-Current Liabilities Bank Debt - Short Term Accounts Payable Current Income Tax Payable Taxes Payable - Other Than Income Tax Current Liabilities

SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta Sede: Estrada de Alfragide, nº 67 Amadora Capital Social: Eur 169.764.398,00 Matriculada na Conservatória do Registo Comercial da Amadora Número Único de Matrícula e de Identificação Fiscal 503 219 886 Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2 2614-519 Amadora Tel: 21 359 66 64 Fax: 21 359 66 74

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