IBERSOL Annual Report and Consolidated Accounts 2017

Report and Opinion of the Fiscal Council FISCAL COUNCIL REPORT To the Shareholders of IBERSOL SGPS, S.A.: In compliance with the applicable legislation and its mandate, the Fiscal Board issues its report on the supervisory action carried out as well as its opinion on the Management Report and remaining consolidated and individual financial statements for the year ended 31 December 2017. 1. Supervision: The Fiscal Board accompanied, within the scope of its competencies and mandate, during the 2017 financial year, the management of the company and its subsidiaries, having received for that purpose the information of the Company’s Board of Directors, the Statutory Auditor and the External Auditor. Over the course of the year the Fiscal Council held quarterly meetings with all members present, which examined and considered the matters subject to the powers of this body. In the ordinary meetings was always present the External Auditor, Pricewaterhouse Coopers & Associados-SROC, who is also the Statutory Auditor of the company, who proposed to the Fiscal Board, in the first meeting relating to the annual activity, and obtained agreement from the Fiscal Board regarding its fiscal activity plan, including that meant to ascertain: - i) the effectiveness of the risk management system, internal control and internal auditing; - ii) the quality of the process of preparing and disclosing financial information and respective accounting policies; as well as – iii) value-measuring criteria, the regularity of the accounting registers and books and respective support documents, and also - iv) the verification of goods and values pertaining to the company. Along the exercise, the External Auditor/Statutory Auditor provided detailed information about the actions performed and the resulting conclusions. The Fiscal Board met quarterly with the Board of Directors and this last organ was forthcoming in providing the Fiscal Board information over the society’s activity and explanations needed to understand the activity and financial information drawn up by same Board of Directors in a previous moment to its disclosure. The Fiscal Board did not come across any constraint during their supervision action and not received any occurrence or denouncement of irregularities by shareholders, collaborators of the Company, External Auditor or others. The Fiscal Board exercised its powers to supervise the activities and independence of the External Auditor and the Auditor, having the perception that the recommended practices were observed; and the Fiscal Board has rendered its approval to additional services to the auditory services that were hired to the External Auditor, having considered that its independence was safeguarded, its remuneration was in market conditions, and, therefore, it was in the society’s interest to benefit of the knowledge and punctuality assured in those services. The provision of additional services performed by the external auditor did not reach the threshold of 30% of the total value of provided Services. There were no reports to the Fiscal Board of any kind of transactions between the society and its shareholders or related parties, in the sense of the CMVM Recommendation V.2 that should be submitted to its prior opinion if they reached the level of significance established by this body. The Fiscal Board examined the individual and consolidated management report and the individual and consolidated financial statements, its respective attachments, including the 2017 Corporate Governance Report presented by the Board of Directors. As well having examined the Legal Certification of Accounts and its Opinion issued by the Chartered Accountant and has also considered the Audit Report submitted by Pricewaterhouse Coopers & Associados, SROC., attached to the “Additional Report of the External Auditor to the Supervisory Body”, produced by it and referring to the 2017 financial year, in accordance with Article 24 of the Portuguese RJSA (Legal Regime of 294