Registry of PVLCJM

We hereby inform that, on 17^th December, 2018, 500.000.000,00 EUR of commercial paper, with a nominal value of 50.000,00 EUR, of the company PARVALOREM, S.A., shall be registered, regarding the issue "PARVALOREM - 32ª Emissão PC 2011 - PRG 1.000.000.000 EUR ", under the code PVLCJM (ISIN PTPVLCJM0022).

This issue will be cancelled on 17^th June, 2019.

INTERBOLSA, 14^th December, 2018