IBERSOL | Annual Report 2021

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 in the fulfilment of the mandate in which he is invested issues its report on the supervisory action carried out as well as its opinion on the Management Report and remaining consolidated and individual fi- nancial statements for the year ended 31st December 2021, and issue its consequent opinion: 1. Supervisory Activity Report: The Fiscal Board accompanied, within the scope of its competencies and mandate, during the 2021 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 2021 the Fiscal Council held quarterly meetings with all members present, 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 proposed to the Audit Committee, at an extraordinary meeting on 9th September 2021, con- vened for this purpose, the “2021 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 as- signed to the team for 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 reviewed the terms of the capital increase project communicated by the Board of Directors. Once it was verified that the terms of the aforementioned capital increase project were in accordance with the authorization contained in article 4, nr. 2 of the Com- pany’s articles of association granted in General Meeting and considering the interest of the operation for the society and for the shareholders highlighted in that project, the Supervisory Board issued a favorable opinion to the aforementioned capital increase project in the exact terms presented to it, for the purposes of the provisions of nr.3 of article 456 of the Com- mercial Companies Code and in the Company’s articles of association. 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. 436