IBERSOL | Annual Report 2020

FISCAL BOARD REPORT FISCAL BOARD REPORT To the Shareholders of IBERSOL SGPS, S.A.: In compliance with the legal and statutory requirements, 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 2020, and issue its consequent opinion: 1. Supervision: The Fiscal Board accompanied, within the scope of its competencies and mandate, dur- ing the 2020 financial year, the management of the company and its subsidiaries, having received for that purpose, timely and adequate information from the Company’s Board of Directors and the Statutory Auditor KPMG & Associados, SROC, S.A . Over the course of the year the Fiscal Council held quarterly meetings with all members pre- sent, which examined and considered the matters subject to the powers of this body. In these ordinary meetings the Auditor, KPMG & Associados, SROC, S.A., was represented by the Statutory Auditor Dr. Pedro Manuel Bouça de Morais Alves, Statutory Auditor number 1466. The Statutory Auditor / External Auditor KPMG & Associados, SROC, SA presented and pro- posed to the Audit Committee, at an extraordinary meeting on 19 November 2020, convened for this purpose, the “2020 Year-End Audit Plan and Strategy” with the main points of the plan of its supervisory activity, as well as the performance calendar of the members assigned to the team for the year and first quarter of 2021. Along the exercise they provided the 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 forthcom- ing 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 previously moment to its disclosure. The Fiscal Board did not come across any constraint during their supervision action and verified the inexistence of any irregularities or fraud attempts by shareholders, company em- ployees, External Auditor or any other regulatory, supervisory or inspection bodies that were communicated to the Fiscal Board. The Fiscal Board exercised its powers to supervise the activities and independence of the Ex- ternal 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 audito- ry services that were hired to the External Auditor, having considered that it’s independence was safeguarded, its remuneration was contained 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 overcome the established by European regulations and national legislation in force. The Fiscal Board, in compliance with article 249-A, n.º1 of the Securities Code, in the version introduced by Law n.º50/2020, of 25 August, issued a prior binding opinion regarding the re- view of the internal policy on transactions with related parties, a policy that was approved by the Board of Directors. During the year, transactions with related parties or qualified share- 400