IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 holders were part of the company’s current activity, were carried out under market condi- tions, in compliance with the applicable legal and regulatory requirements, without conflicts of interest identified. The Fiscal Board observed the recommendations I.2.2, I.2.3, I.2.4, I.3.1, I.3.2, I.4.1, I.4.2., I.5.1, I.5.2, III.6, VI.2., VI.3, VI.4, VI.5, VI.7, VII.1.1, VII.2.1., VII.2.2., VII.2.3. of the Corporate Governance Code of the IPCG. The Fiscal Board examined the individual and consolidated management report and the in- dividual and consolidated financial statements, their respective attachments, including the 2020 Corporate Governance Report presented by the Board of Directors, having examined, as well, the Legal Certification of Accounts and Audit Report submitted by the Auditor KPMG & Associados, SROC, S.A ., attached to the “Additional Report of the External Auditor to the Supervisory Body”, that it produced and referring to the 2020 financial year, in accordance with Article 24 of the Portuguese RJSA (Legal Regime of Audit Supervision) , approved by Law 148 / 2015, of 7 September. It covers the scope of the Audit, the partners and employees of the Statutory Auditor who participated in it, the evaluation methods used with reference to impairment tests and corporate concentrations, the consolidation perimeter with mention of entities not audited by KPMG, materiality, Independence and the additional services pro- vided, as well as, among others, the results of the analysis of Internal Control that responds to the questions raised, the answers obtained and the recommendations made. The Fiscal Board also examined the compliance of the Corporate Governance Report includ- ed in the Management Report in compliance to the nº 5 art. 420 of the Commercial Societies Code, focusing its analysis in the inclusion, in that Governance Report, of the required ele- ments of the 245º-A article of the Portuguese Securities Market Code. Given the relevance, impact and possible consequences on the activity and results on the IB- ERSOL group companies in Portugal, Spain and Angola, of the Covid-19 pandemic, the Fiscal Board monitors the apprehension and considerations made by the Board of Directors in Note 34 of the appendix to the consolidated financial statements, having in the fiscal year 2020 followed with particular attention the audit work in the context of uncertainty caused by the pandemic, taking into account the circular to the supervisory bodies of entities of public in- terest, of the CMVM, of December 18, 2020, on the audit of the accounts for this financial year. 2. Opinion: Considering the above, the opinion of the Fiscal Board is that are fulfilled the conditions of the approval, by the General Meeting, of: a) The Management Report, the financial consolidated and individual statements of 2020 and respective annexes, namely the Governance Report; b)The proposal of distribution of year-end results presented by the Board of directors. Porto, 30 th April 2021 The Fiscal Board Dr. Carlos Alberto Alves Lourenço (Chairman) Dra. Maria José Martins Lourenço da Fonseca (Vice-Chairman) Dr. Eduardo Moutinho Ferreira Santos (Effective Member) 401