Altri SGPS — Annual Report 2022

Apr 6, 2023

European single electronic reporting format (ESEF) and PDF version

This document is an unofficial and unaudited PDF version of the Annual Report 2022 of Altri, SGPS, S.A.. This version has been prepared for ease of use and does not contain ESEF information as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The official ESEF reporting package is available on the CMVM website and was submitted on 6 April 2023. This document is a true copy of the aforementioned financial information. In case of discrepancies between this version and the official ESEF package, the latter prevails.

ALTRI, SGPS, S.A. Public Company Head Office: Rua Manuel Pinto de Azevedo, 818 – Oporto NIF 507 172 086 Share Capital: 25,641,459 Euro

Integrated Report	4
Corporate Governance Report, which includes the Remuneration Report	189
Consolidated Financial Statements and accompanying notes	279
Separate Financial Statements and accompanying notes	385
Statutory and Auditor's Report	437
Report and Opinion of Statutory Audit Board	449

Table of contents

1. + Altri	6
1.1 Altri in 2022	6
1.2 Leadership Messages	8
1.3 This is Altri	13
2. + Value	19
2.1 Create Value	19
2.2 Risks and Opportunities	23
2.3 Share Value	25
2.4 Topics with Value	30
3. + Leadership	31
3.1 Governance Structure	31
3.2 Ethics	33
4. + People	35
4.1 Human Rights	35
4.2 Health, Safety, and Well-being of Employees	38
4.3 Skills Development	43
4.4 Community	45
5. + Forest	50
5.1 Forest Management and Biodiversity Protection	50
6. + Environment	59
6.1 Climate Change and Greenhouse Gas Emissions	59
6.2 Energy Efficiency	65
6.3 Water Management	66
6.4 Waste Management	69
7. + Excellence	73
7.1 Innovation	73
7.2 Operational Excellence	78
8. + Competitiveness	81
8.1 Framing	81
8.2 Operational Performance	84
8.3 Financial Performance	85
8.4 Stock Market Evolution	88
8.5 Taxonomy	87
9. + Future	93
10. + Results	95
11. About the Report	96
Annexes to the Integrated Report	98

1.1 Altri in 2022

competitiveness	people	forest	environment	excellence
Record year	816	10,167 ha	124,892 tCO2e	50 M €
EBITDA, total revenues and volume of cellulosic fibers produced	employees	forest conservation area	GHG emissions of scope 1 & 2	of CapEx in activities aligned with the EU Taxonomy
301.4 M €	18%	70%	64%	Caima Go
record EBITDA	women	certified wood	recovered waste	Green
1,066.2 M €	24%	90.4 thousand ha	93%
of income	women in leadership roles	of managed forest	primary energy from renewable origin
1,142.6 MtAD	23,592 h	7	20 m3 /ADt
of cellulosic fibers produced	of training	biodiversity stations	specific water use at industrial units	IWWTP Celbi
152.1 M €		8.3 MtCO2e	27.100 tCO2e	Recovery of
Consolidated net income (continued operations)	Safety Lab	Stock of CO2e in forest biomass	avoided GHG emissions	acetic acid and furfural
1.1x	MBO
Net debt/EBITDA	Management by Objectives

Main Events

January 2022: "Caima Go Green" Project - 40 million investment to abandon fossil fuels

This investment of 40 million by Caima is intended to build a new biomass boiler, allowing to abandon fossil fuels throughout its production process, thus guaranteeing the use of 100% renewable energy and what Caima highlighted as the 1st Iberian producer of fuel-free cellulosic fibers (see 6.1 Climate change and greenhouse gas emissions).

March 2022: 1st of the industry to integrate environmental information into commercial documents

In sharing documents with our customers, we incorporate environmental information resulting from the processing, production and distribution of our products. The shared information is diverse, addressing issues such as GHG emissions, water use, and energy consumption

May 2022: 1st Kaizen Institute Award for "Excellence in the Continuous Improvement System"

Altri Group was distinguished among the large companies in Portugal in the category of "Excellence in the Continuous Improvement System" one of the four distinguished in the 11th edition of the Kaizen Awards. This award, which represents the most important mention of the maturity level of a company, recognizes the work, dedication and motivation of a large multidisciplinary and cross-sectional team of Altri Group (see 7.2 Operational Excellence).

July 2022: Altri in partnership with other companies offers 22 scholarships in the area of Forest Engineering

Following the creation of a public-private partnership to which Altri is an active member, it was announced to grant the funding of 22 scholarships for courses in the field of forestry engineering, for courses taught at the University of Trás-os-Montes and Alto Douro and at the University of Porto (UTAD and UP), at the School of Agriculture - University of Lisbon (ISA), or at the Agrarian School of Coimbra (see 4.4 Community).

July 2022: Altri was the winner of the APCE 2021 Grand Prize, in the Sustainability Communication & ESG category, with the 2020 Sustainability Report

Altri Group was finalist of the APCE Grand Prize - Portuguese Business Communication Association, which aims to recognize excellence in communication, pointing out the importance of sustainability in its business.

July 2022: Altri GHG emission reduction targets approved by SBTi

Altri Group has established a set of targets for reducing its GHG emissions for scopes 1, 2 and 3. These goals are aligned with the Sustainable Development Goals and have been approved by the Science Based Target initiative. (see 6.1 Climate Change and Greenhouse Gas Emissions).

July 2022: Signature of the RRP Protocol

Signature on July 23 of the Protocol of Acceptance of Agenda Transform (led by the subsidiary Altri Florestal) under Component 5 of the RRP (Recovery and Resilience Plan).

August 2022: 42 young people at the Summer Academy

The Altri Summer Academy allows us to disclose to the youngest the reality of the activities developed by Altri, enhancing the development of personal capacities and the occupation of leisure time. In addition, scholarships were awarded to participants. (see 4.4 Community).

August 2022: Statute INOVADORA COTEC

Caima, Celbi and Biotek, companies of the Altri Group, are three of the 654 companies distinguished with the INNOVATIVE COTEC Statute (see 7.1 Innovation).

November 2022: Altri Group signed the Manifesto "Rumo à COP27"

Altri Group signed the Manifesto "Rumo à COP27", developed by BCSD Portugal. Together with more than 80 companies associated with BCSD Portugal, Altri highlights the relevance of #COP27 to promote a transition to a carbon-neutral economy, promoting sustainable and socially inclusive development.

December 2022: Altri Group signed the BCSD Portugal Manifesto by an agreement by Nature in COP15

In line with the objectives set out in the United Nations COP15, Altri signed the BCSD Portugal Manifesto aimed at halting the global loss of biodiversity by 2030 (see 5.1 Forest Management and Biodiversity Protection)

December 2022: Altri maintains its Leadership (A-) ranking for the climate in the CDP ranking

Altri maintains its Climate Leadership (A-) ranking in the CDP (Carbon Disclosure Project) ranking, which places the Group among the 21% of companies in the sector that have reached this level. Altri also obtained the Management (B) rating at CDP Forests and CDP Water Security, a rating seen by Altri as a challenge to do more and better (see 6.1 Climate Change and Greenhouse Gas Emissions).

December 2022: Best year ever in financial and operational terms

Altri Group registers in 2022 its best year ever in terms of total revenues, EBITDA, as well as pulp volumes produced in the various industrial units of the Group. Benefiting from a favourable evolution in pulp prices, total revenues reached a level of around € 1,066.2 M in 2022. Altri Group reached a record EBITDA of € 301.4 M in 2022, and despite the challenging environment in terms of cost inflation, the Group was able to maintain a high level of profitability. In 2022, the total volume of pulp produced reached an all-time high with 1,142.6 thousand tonnes (see 8. +Competitiveness).

1.2 Leadership Messages

Alberto Castro

Chairman of the Board of Directors

1. Companies and their purposes - a context

The last year of the last century was marked by the approval of the so-called UN Global Compact, a voluntary initiative of several CEOs from around the world, which laid down ten principles of guidance in the relationship, and responsibility, of the strategy and operation of companies with people and the planet. Thus, the so-called "triple bottom-line" arose, in which the first "p" are, in the convenience that the English language provides, the "Profits". In a sense, it was the culmination of a process whose beginning we can, by simplification, refer to the appearance, in the purpose of the company, of the notion of "stakeholder" (constituent, interested party), as opposed to the narrower logic of "shareholder". This happened already in the 80's, recovering, in fact, discussions that date back a few decades ago. In this line, another important milestone occurs in 1992 with the presentation of the socalled Cadbury Code, which lists and systematizes a set of principles for the good governance of companies. Closer to us, even at the level of international institutions, the OECD approved in 2018 a Due Diligence Guide for Responsible Business Conduct, from which several declinations (sectoral, ranks, etc.) have emerged, which, in a sense, materialize the general guidelines arising from the United Nations Global Compact. Consistent with the latter, companies could not remain indifferent to all this evolution of the environment and, in 2019, the American Business Roundtable, following several positions over the years, crystallized them in a document ("Statement on the Purpose of a Corporation") in which its members undertake to direct their companies for the benefit of all constituents ("stakeholders"): customers, employees, suppliers, communities and shareholders. This commitment resonated worldwide with several national versions of it, among which the Portuguese, created in 2021, of which Altri is a founding member.

This evolution reflected not only a progress in the way of thinking, as in the accumulated knowledge (for example, about climate change), but also brought up incidents that undermined the credibility of business practices.

Naturally, all this evolution was also reflected on the institutional level, with the multiplication, namely since 2015 (Paris Agreement; Formalization of the Sustainable Development Goals), of varied legislation and regulation and a distinct regulatory impulse. At the same time, with the announced purpose of rendering this dynamic more intelligible, the initials emerged (ESG – Environment, Social Responsibility, Governance) and, as often happens, were quickly appropriated by some who did not hesitate to use them as marketing slogan, discrediting them. In fact, there are three clear ways to be in this context: Contesting, engaging with resignation, or committing yourself.

2. Our purposes and our values

At Altri, our publicly assumed purpose is to contribute to a more renewable world. Coherently, "integrity, courage, simplicity and excellence" are our values, based over time in a culture and practice shared by our internal and external constituents. Well before being fashionable or imposed by customs and usages, we chose to commit ourselves, aware that the journey would be long, proud of the long way that has already been taken, but aware that there is still much to go. We assume a green attitude, and indeed, from the beginning. Although we have achieved results that make us a world reference, we don't fall into self- complacency or lose focus. We challenge ourselves, setting ambitious, courageous goals that can be assessed objectively whenever possible. Excellence motivates us. We communicate goals and results. We recognize when we fall short of our goals and

try to understand why. Transparency is our motto. We do not seek excuses or subterfuges. Integrity and simplicity are our way of being. When humbly learn with our mistakes and are determined to correct them. We do not let ourselves down, we persist when we know we are on the right track and change it when needed.

3. Consistency

In the mandate that now ends, we changed our governance model, delegating the executive administration to independent professionals, reinforcing the number of non-executives, namely independent, submitting the administration and management to their scrutiny. In order to give it expression and organizational discipline, we formalized the constitution, at the level of the Board of Directors, of committees for the subjects of ethics and conduct, sustainability, and for strategic and operational monitoring. We reviewed or established their codes and regulations. We promoted the disclosure of the Code of Ethics and Conduct to the Altri community, internally and externally. We adopted a similar practice in view of the United Nations Sustainable Development Goals that we have shortened in a multitude of indicators, guidelines for policies and practices and results-oriented goals. Facing the inflationary context, and aware of its impacts, we awarded an extraordinary prize to our employees, at the end of 2022. This report details these, and other decisions that show that for Altri "ESG" is not just a flag, not even a compromise, but an actual obligation, an assumed and irreversible responsibility.

4. The courage to be Altri

The Covid-19, the inflationary pressures, aggravated by the war in Ukraine, the uncertainty that these events have sown, created a particularly challenging context. Supply chains have been drastically affected, transport, raw materials and energy prices have sometimes increased disproportionately in value and time. Important economies have recorded unexpected behaviours. It is when uncertainty prevails, that one sees the importance of leadership, of shared values among all, of the solidity of the organization and of the competence and determination of people, whether they be shareholders of reference, leaders, managers or employees. These times put us most to the test, checking our ability to honour our purpose, to express and fulfil our social responsibility. In times like these, our ability to maintain a strategic vision that goes beyond the foam of the days is under evaluation, surviving to the fashionable communication, or a more or less adverse economic conjuncture, but shaping it in a conduct that ensures sustainability and consistency with our values. We are aware that times remain challenging, but we are ready.

José Soares de Pina Chairman of the Executive Committee | CEO

Our Value is made of Fiber

Altri's business moves around Fiber.

Cellulosic fiber begins in forest management and is transformed in our industries using sustainable best practices, stimulating the circular economy through its incorporation into a multitude of different products. But our process is also based on the fiber we are made of, which represents our energy, the ability to make decisions, and to take firm positions. To this, we add value: what we generate through our products, and what we cultivate daily among the more than 800 employees that make up our Altri Group.

This aspiration was leading us to face 2022. A year of continuous challenges, both at the operational level, as well as in our ambition to do more and better. Throughout the year we faced constant cost pressure on all our inputs, especially raw materials, energy, and chemicals, as well as significant changes in our markets, with inflationary pressures resulting from a turbulent economic cycle. The organization was able to find the best way to face and overcome all these challenges, reaching historical highs in Altri's operational and financial performance.

The year 2022 marked Altri Group as a year of strong growth, with significant progress in terms of sustainability and record results, with a strong increase in revenues (+34.4%) exceeding for the first time the 1,000 million euro turnover mark. Despite the difficult context described, 2022 reinforced the operating results, with 301.4 million euros in EBITDA (+32.4%), as well as a net income (continued operations) that amounted to 152 million euros.

During the year 2022, Altri Group distributed to its shareholders a cash dividend of € 0.24 per share and also a dividend in kind of 52,523,229 shares of Greenvolt (corresponding to € 1.74 per Altri share). This operation was extremely well received by the market and the shareholders. Since 2015, Altri Group has distributed more than 81% of its stock in dividends. In parallel, we invested around 45.3 million euros, including maintenance, environmental and growth projects, more than doubling the value of the investment made in 2021. Despite this strong investment, Altri Group has a solid financial position, reducing our already low net debt level (1.1x EBITDA), which allows us to maintain the financial flexibility to seize the future opportunities of the bioeconomy.

2022 was a year of growth for the organization. We have launched new investment projects, strengthened our commitment to sustainability, and moved forward in our governance model. We defined our purpose and consolidated the values that govern us and that we intend to solidify in 2023: Integrity and ethics in conducting our business; Simplicity in how we act and relate; Courage in the way we face the future and a changing world; Excellence in everything we do, starting with our orientation to continuous improvement.

+ People

People define who we are.

For those who came to the Group companies every day, we kept the focus on their safety – with the Zero Accidents goal. To do this, we have moved forward with the Safety Lab program, which focuses on people as part of the solution. We also laid the foundations of the Management by Objectives (MBO) model, with numerous transversal engagement initiatives at all levels of the organization.

Throughout the year we also paid particular attention to the needs of our people and have rewarded their contributions in an exceptional way.

For the communities that host the Altri industrial units, we are proud of the close relationship we maintain, working together for local development.

For our wood suppliers, we organized the 1st Meeting of Forest Owners, in an action to recognize the important role they play in sustainable management, promotion, conservation, and protection of the forest.

For customers, we have committed to transparent environmental communication, for an informed value chain and more sustainable products.

+ Forest

Natural capital is our greatest asset. A sustainable forest is also a shared future and the starting point for a more resilient bioeconomy.

Altri Group manages approximately 90 thousand hectares of certified forest, with more than 10% of conservation areas. That is why we seek to evaluate our ecosystems far beyond their productive potential. We look at their ability to regulate – air quality, water cycle, pest and disease control, habitat for species, soil erosion protection, fire protection, etc. – and also for the ecosystem services it provides – environmental education and scientific knowledge, recreational activities, aesthetic values etc. It is because we are aware of these values, that we continue to invest to protect the forest and that we signed the BCSD Portugal Manifesto "For an agreement for Nature at COP15", whose main objective is the adoption of a Global Strategy for Biodiversity, to halt the global loss of biodiversity by 2030 and promote the recovery of natural ecosystems.

+ Excellence and Innovation

Innovation, excellence, and continuous improvement are pillars of our success. Innovation is indispensable to achieving excellence since it is through innovation that we can test new solutions that allow us to be at the forefront.

As a result of this alignment, Altri Group was distinguished by Kaizen Institute with 1st place among the major companies in Portugal in the category of "Excellence in the Continuous Improvement System", and one of the four selected internationally for the 11th edition of Kaizen Awards. This award, which represents the most important mention of the maturity level of a company, recognizes the work, dedication, and motivation of a large multidisciplinary and transversal team of Altri Group.

+ Sustainability

The importance of Sustainability for Altri is clearly assumed in the 2030 Commitment, which is progressing at a good pace and according to expectations so that, in 2030, it will be a mission accomplished, basing our entire strategy on the pillars of social, environmental, and economic sustainability.

We have maintained the Leadership (A-) classification for the climate in the CDP-Carbon Disclosure Project ranking - which puts us among the leading companies in the industry.

We also participated in CDP Forests and CDP Water Security in which we obtained the Management (B) classification. The level obtained, while it ranks us above average, represents an opportunity to do more and better in the future.

We have also moved forward with the Caima Go Green project, announced at the end of 202, to make the Caima factory free of fossil fuels by the end of 2023; As well as the start of the production project of acetic acid and furfural, green products of high added value and highly valued in international markets.

+ Future

We remain fully committed to the evaluation of a new industrial unit for the production of sustainable textile fibers in Galicia, which includes the study of environmental impact, economic viability, engineering project, financing structure and access to European Union funds. This is a structuring project for the industry both in terms of bioeconomy and circularity, and in terms of energy management, using state-of-the-art technology. We intend, as we have already said, to be able to announce the final investment decision during the current year.

Anticipating 2023, we face the future with a great focus on our operational discipline, and value creation, making us more resilient, and unequivocally relying on our purpose of building a more renewable world.

1.3 This is Altri

Altri ("Altri Group" or "Group") is a European group, established in February 2005, a leader in the production of cellulosic fibers, and sustainable forest management.

Altri's value comes from fiber: It produces cellulosic fibers for various applications, from printing and writing paper, to domestic papers and the textile sector. It is also a reference player in the forest-based renewable energy sector, since its forestry strategy is based on the full use of all components made available by the forest.

Altri aims to be the most efficient producer on a global scale in the delivery of cellulosic fibers to its customers. For this purpose, Altri's development strategy is clearly based on enhancing operational efficiency and, at the same time, diversifying revenue sources to higher added value segments and enabling an evolution in the value chain. The purpose of Altri Group is, therefore, to build a more renewable world, while creating value for its stakeholders, recovering the forest, betting on excellence and technological innovation, having sustainability as a driving factor of competitiveness. These are the four strategic vectors of development that sustain Altri's activity and future investments.

Altri's World

Altri works in different areas that converge in the development of more sustainable processes, solutions and products throughout its value chain.

Value Chain

In the scope of cellulosic fiber production, Altri currently holds 100% of its subsidiaries Biotek, Caima and Celbi's share, with a production capacity of more than 1 million tons. Specifically, the main activity of Biotek and Celbi is the production of cellulosic fibers BEKP, mainly used for the production of paper for domestic use, printing and writing. In Caima, although the main activity is similar, the production is intended for dissolving cellulosic fibers DWP that are used, mostly, in the production of textiles.

In the dimension of sustainable forest management, Altri emphasizes the the importance of certified wood for the development of its operations. Altri has under its management more than 90 thousand hectares of certified forests in Portugal and about 10 thousand hectares of conservation area.

Below is the functional organic structure of the Altri Group. All shares representing their share capital are admitted to trading on a regulated market, on Euronext Lisbon, integrating its main benchmark index, the PSI.

At the national level, Altri is located in 163 municipalities where it manages forest areas. In three of these municipalities are installed the three industrial units:

• Biotek, located in Vila Velha de Ródão
• Caima, located in Constância
• Celbi, located in Figueira da Foz

At international level, Altri's products reach more than 20 countries on 3 different continents, with European countries being the main market for bleached cellulosic fibers (BEKP) and China being the main market for dissolving cellulosic fibers (DWP).

2.1 Create Value

Altri's business model has the main objective of creating long-term value for all its stakeholders, aiming to maximize the positive impact on the various dimensions of sustainability. To demonstrate the evolution of the value creation process, from the resources to the results achieved by the Altri Group, it is essential to have an integrated overview of the company's activity. The following figure illustrates the value creation model of 2022, based on the methodology of the Framework Integrated Reporting.

2030 COMMITMENT

Altri recognizes the importance of the United Nations Sustainable Development Goals (SDGs) as part of a joint, global-ambition agreement that aims to end poverty, protect the planet, and improve the lives and prospects of all the world's citizens. Altri's contribution to the SDGs is reflected in its 2030 Commitment.

Altri supports all seventeen SDGs, with a focus on targets 5.5, 6.3, 6.4, 7.2, 8.8, 12.5 and 15.9 identified as more relevant to its agenda and more significantly impacted by its operations and products. The 2030 commitment arises both from the positive impacts of Altri that contribute to the SDGs, and from the awareness of the negative impacts that the company has the responsibility to mitigate.

2030 Commitment	2018 base year	2022	Degree of compliance* (2022)	2030 Goal
Reduce the specific use of water (m3 /ADT) in Altri's industrial units by 50%	20	20	90%	10
Reduce the organic load (COD, kg O2/ADT) in Altri's industrial effluents by 60%	11	11	82%	4
100% of the primary energy consumed in the industrial units of Altri is of renewable origin	83%	93%	101%	100%
Double the number of women in leadership positions	19	29	103%	38
100% of process waste recovered or reused **	77%	64%	110%	100%
Reduce specific emissions of GHG from scope 1 and 2 by 51% (kgCO2/ ADT) ***	163 (2020)	109	111%	65
Reduce scope emissions 3 by 25% (kgCO2/ADT) ***	268 (2020)	288	89%	201
Increase the percentage of wood consumption with forest management certification by 40%	57%	70%	100%	80%
Double the area under natural conservation management (ha)	7980	10167	97%	16000
Develop 13 biodiversity stations and biospots	2	7	117%	15
Walk toward achieving zero accidents with lost days****	n.d.	34	0%	0

*Degree of achievement of the goal in relation to the goals set for the year 2021

**The indicator of Waste Recovery (ODS12) was revised for 2022, no longer considering the waste of Greenvolt plants

***SBT Base Year - 2020

****More than 3 days lost

Altri's 2030 Commitment has been updated during 2022 due to the following events:

• Distribution of dividends in kind of Greenvolt shares, date from which Altri Group lost control over the Greenvolt Group;
• Approval of the Science Based Target, with base year 2020, led to some reformulations in the initial targets for GHG Emissions and inclusion of new scope 3 categories, which did not affect significantly the previously established targets.

2.2 Risks and Opportunities

To ensure the long-term development of Altri, it is crucial to conduct a comprehensible reflection and action. This reflection should include the identification and monitoring of risks and opportunities that may impact Altri's activities in order to integrate this information into the decision-making process.

Understanding the current global context, taking into account the urgency of climate change and the potential impacts they may have on the business, enables Altri to take a proactive risk management approach. Through this approach, Altri identifies and proposes to mitigate risks in time, as well as accepts the challenge of converting them into opportunities.

For Altri, a substantive change with financial impact can be described as the one that can affect the company directly or its value chain: Financially, relevant changes in main financial KPI (e.g. revenue), or strategically (e.g. changes that make it impossible to pursue Altri's strategic objectives).

Altri's risk management is carried out in a value-creation perspective, with a clear identification of threat situations that may affect business objectives. The Group's management, based on sustainability criteria, is becoming increasingly crucial within the organization, and risk management is monitored in a holistic manner (including environmental and social components), with increasing acuteness.

Within the Quality, Environment, Energy and Safety Management System, Altri applies a multidisciplinary integrated system in its processes of identification, evaluation, prioritization, management and risk monitoring. Altri initiated in 2022 a project to align the risk management process with the COSO ERM 2017 and ISO 31000:2018 standards.

The review of the different risk and business opportunities analyses is done twice a year, which in turn leads to the annual review of mitigation and management actions of risks and opportunities. During these analyses, Altri performs a cross-assessment between the magnitude of the impact and the probability of the occurrence, based on material topics, whose resulting relevance matrix allows the prioritization of the identified risks.

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• (Note: The Risks and Opportunities identified in the year 2022 are very similar or identical to the risks of last year, with the exception of the risk of new pandemics. Based on the experience of recent years, with the pandemic colloquially referred to as "COVID-19", it is known that this will be a risk to consider in the future. However, it was not considered relevant for this reporting year.)

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2.3 Share Value

2-29

In addition to sharing value with its stakeholders through its business model, Altri recognizes the vital importance of its involvement in achieving long-term success. Altri's involvement is maintained through a constant dialogue, fundamental to identify its concerns, global trends and market expectations.

Stakeholder groups were identified, as well as the main mechanisms of dialogue with each group.

Group of Stakeholders	Mechanisms of dialogue
Shareholders / investors	→ Results releases → Conference calls → Reports (Report and Accounts → AltriNews → Website
Customers	→ Visits → Customer surveys → Evaluation of the external perception of customers → Strategic partnerships → AltriNews → Reports (Report and Accounts) → Website
employees	→ Daily and weekly meetings → Intranet → Training actions → Meetings (of Managers and Executives, with Trade Union Committees) → Committee on Environment, Health and Safety at Work → Linkedin → AltriNews
Academic Community	→ Protocols for collaboration with universities; → Curricular and Professional internships → Visits to the industrial units → AltriNews → Website
Official Entities	→ Regular release of statistics and reports → AltriNews → Integrated Report → Website
Communities/ Non governmental organizations	→ Financial donations → Collaboration in support to Social Solidarity Institutions; → Voluntary actions → Joint organization of simulacra with fire-fighting corporations → Lending of the training ground for fire-fighters brigades → Assignment of computer equipment → Support for various School initiatives → Program: Summer Academy → AltriNews → Integrated Report → Website
Media	→ Press releases → AltriNews → Website → Integrated Report

OUR VALUE IS MADE OF FIBER | 2022 ANNUAL REPORT 25

Policy makers

→ Biond, CEPI, Fit for 55, AEM (Portuguese Issuers Association); → Meetings → Written communication and proposal for revision, in a regulatory framework, at national and European Union level → Integrated Report → AltriNews → Website

Partners, Suppliers and Other Creditors

→ Qualification and evaluation of suppliers of services and raw materials; → Training actions and information sessions to service providers and managers of these companies → Partnerships with Biond → Participation in the actions of safety technicians from external companies → Paper Industry Safety Card (CSIP) → Responsible behaviors program → Training in the Forest working front → AltriNews → Integrated Report → Website

2.3.1 Suppliers

204-1

Aware of the importance of balancing financial performance and its contribution to sustainable development, Altri has been working along its value chain to drive innovation and find new solutions to some of the world's sustainability challenges.

Suppliers are a key part of the value chain, as Altri's activity is intrinsically linked to the responsiveness of suppliers, both in the provision of services and delivery of materials, and in compliance with legal, tax requirements, environmental and sustainability policies. All these considerations are particularly relevant to maintaining a trust relationship with suppliers.

In the selection of its suppliers, Altri prioritizes the choice of national suppliers to promote the local and national economy, and in 2022, 81% of the total expenses were spent with national suppliers.

In order to maintain a close relationship and facilitate verification of those requirements required by Altri, suppliers are requested to register with the External Services Qualification Portal ("PQSE" or "Portal") and provide the required documentation, that is validated and regularly checked by Altri's teams.

Supplier-related costs

The information registered on the Portal also allows Altri to have greater knowledge about the management policies and practices of the suppliers. Currently, of the more than 400 suppliers registered and approved to maintain contractual relations with Altri, there is already a significant percentage with relevant sustainability certifications. Through the portal, we can verify that only 18% of suppliers do not have any certification.

The existence of PQSE allows the evaluation of suppliers to take place in a simple way, since this is also done through the Portal. The evaluation criteria relate not only to technical implementation, but also to extremely important points, such as environmental and health and safety at work. Suppliers are notified of the detailed result of the assessment upon completion of the assessment. Where necessary corrective measures are implemented, but there is a preference for preventive measures that are presented throughout the contractual relationship. We believe that this proximity improves the relationship with the supplier, making it possible to act in a preventive manner and consequently to continuously improve the contractual relationship.

In order to strengthen the commitment and alignment of the goals of the Altri Group with those of its suppliers, it is foreseen the publication of the Supplier Code of Conduct, which aims to achieve greater commitment, among other matters, with regard to the protection of the environment, of Human Rights and Labor Relations, with a view to achieving more sustainable policies of action.

For the Group's most significant supplier group, the Code of Conduct for Forest Service Providers, implemented since 2019, establishes that all those covered by the Code must guide their conduct in accordance with the Altri Code of Ethics and Conduct. The Code applies to the employees, partners, suppliers and subcontractors of the Forest Service Providers, covering a significant part of the value chain and expanding the sphere of action.

Altri's Purchasing and Procurement Directorate is taking the first steps toward setting sustainability goals, being a step in the right direction, which is expected to be mandatory in the future. But moving from goals to results is a big challenge. Aligning internal stakeholders and external suppliers to the same goal is complicated and can quickly fall down if there is no traceability and due diligence to determine its compliance.

An action plan is under development to ensures the successful integration of Sustainable Procurement Policies. On the agenda for the plan, we have included the definition of incentives for sustainable purchases, the creation of metrics and tools to qualify suppliers' performance and to define strategies to collaborate with suppliers to increase compliance in terms of sustainability, and their position for the future.

2.3.2 Altri's tax approach and tax policy

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In line with our values, Altri has a commitment to the stakeholders of complete transparency in the process of creating economic value.

• The taxes paid are the natural reflection of a good financial performance
• Committed to continuously improve economic and social performance
• Altri believes that its business plays a leading role in contributing to the development of society through the taxes that we paid

As a responsible and prudent contributor, Altri is committed to ensuring compliance with tax laws, rules and regulations in all territories where business is developed, promoting conscious taxation, by encouraging fraud prevention and the fight against fraud, and by seeking to ensure that fiscal strategy is consistent with economic activity and trading and business strategies at the various locations.

Altri's fiscal strategy reflects the company's commitment to follow good fiscal practices through the principles of accountability and transparency. In order to ensure that this objective is achieved, supported by internal guidelines and strict compliance with local laws, international guidelines are adopted in the field of transfer pricing policies, thus enabling fiscal policy to be aligned with the best market practices. In view of the increasingly high reporting and communication standards, we further commit ourselves to following and implementing proactively a transparent fiscal policy and responsible fiscal action, fulfilling the contribution to the Society in the territories where we operate through the payment of taxes.

As with any other expenditure intrinsic to the process of creating economic value, tax expenditures are necessarily considered as a financial responsibility of Altri to its stakeholders. Tax is just one of the many factors that are taken into account in the decision-making process. Based on reasonable and justified reasons, in our decision-making process in reply to business activity, we consider the possible effects of tax incentives and other benefits or exemptions granted by the Government.

At Altri, we do not have any investments in operations in jurisdictions defined by the Council of the European Union as non-cooperating jurisdictions for tax purposes or in any jurisdictions of similar secrecy. According to our tax strategy our company locations are motivated by commercial and rational business reasons.

Fiscal Compliance and Governance

To ensure proper fiscal risk management and compliance with fiscal regulation, adequate and sufficiently qualified human resources are assigned. In this way, tax issues are managed by the tax team, which is complemented by the support of tax advisors, whose services are intended to assist in complying with local tax practices.

Given the dispersion of the teams that naturally arise with the presence in various jurisdictions, strong communication and ongoing dialogue between the central fiscal team and the fiscal teams present in each geography is promoted. In situations where there are uncertainties or questions about any subject, teams in each geography seek to expose the situation to the central team, and a strategy of action is defined together, a strategy that may require the involvement of tax advisors. Therefore, decisions are centralized in more complex situations.

Altri's fiscal policy is supported by comparative analyses of market best practices and related internal controls, with the objective of identifying and managing possible associated fiscal risks, ensuring compliance with local tax claims and requirements, as well as other existing requirements.

The Executive Committee is always informed of the main tax implications of the most relevant transactions which are subject to its approval.

Altri Way

• Based on the principles set out in the Group's Code of Conduct, Altri's fiscal policy describes the main principles and guidelines of taxation at Altri
• Taxes are paid in accordance with applicable tax laws and regulations

2.4 Topics with Value

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In 2020, the stakeholder consultation process took place with the aim of obtaining different perspectives and identifying the most relevant sustainability topics (material topics) for Altri.

This materiality exercise was also an opportunity for Altri to monitor and review its processes. This challenged Altri to redefining goals, developing action plans and allocating the necessary resources in order to meet global sustainability challenges, acting locally.

During the materiality assessment, more than 100 stakeholders were consulted, who spoke about Altri's expectations, vision and sustainability performance, as well as alignment with the Sustainable Development Goals, among other dimensions.

The process of stakeholder auscultation resulted in 9 material topics, which will be addressed throughout the report:

• Ethics, anti-corruption practices and anti-competitive behaviour
• Human Rights
• Health, Safety and Well-being of Employees
• Forest Management and Biodiversity Protection
• Economic Performance
• Climate Change and Greenhouse Gas Emissions
• Energy Efficiency
• Waste Management
• Water Management

3.1 Governance Structure

By making a commitment to be a more responsible, ethical and human company, Altri aims to have a positive impact on the world and contribute to sustainable development, which consequently influences the way its teams work, how they are structured and their relationships with stakeholders.

The governance structure and good governance practices are the foundation for the development of organizations. The governance structure of Altri consists of the following bodies, responsible for the strategic and holistic management of the organization:

The Board of Directors is supported by four committees: The Executive Committee, the Operating Strategy and Monitoring Committee, the Ethics Committee and the Sustainability Committee. Each commission is responsible for:

Executive Committee	Strategic and Operational Monitoring Committee	Ethics Committee	Sustainability Committee
• Current Management of Altri • Provide information regarding the management of the Company • Ensure the implementation of decisions and policies decided by the Board of Directors.	• Support the Board of Directors in the monitoring and performance of the Executive Board • Assist the Board of Directors in the evaluation process of the members of the Executive Board • Support the Board of Directors and Executive Board in matters of assessment and evaluation of the corporate government	• Support the Board of Directors in the monitoring and performance of the Company's Executive Board • Assist the Board of Directors in the evaluation process of the members of the Executive Board • Support the Board of Directors and Executive Board in matters of assessment and evaluation of the corporate government	• Propose to the Board of Directors new objectives and sustainability goals • Monitor the performance of the defined objectives • Review and monitor the investments necessary for its continuation

Sustainability at Altri takes into account environmental, social and governance aspects in all operations. To this end, the Board of Directors delegates to the Executive Board the responsibility to ensure the management of sustainability and climate change, with the support of the Sustainability Committee and the Sustainability Directorate.

The Sustainability Committee, established in 2022, is the highest hierarchical body in the Group's sustainability management, its main objective is to support the Board of Directors in defining and monitoring the sustainability strategy, in line with the 'Commitment 2030', integrating the theme of climate change. This committee meets on a quarterly basis and informs the Board of Directors of the issues approached.

"Our concern and effort are clear - to contribute to sustainable development and to base the strategic priorities on objectives of continuous improvement, innovation and sustainability."

Maria do Carmo Oliveira President of the Sustainability Committee, Altri's Non-Executive Director

In 2022, Altri created the Sustainability Working Group (SWG), whose mission is to raise and fill the needs identified, at the corporate level, from all directorates in terms of strategy and operationalization of sustainability-related topics.

In this way, the Sustainability Committee has the support of the Sustainability Working Group, and a Director who leads the area of sustainability and coordinates the management of daily and operational work, in alignment with other relevant areas of the Group with direct responsibility in the implementation and daily management of the topics of sustainability and climate change.

This concern with the impacts of Altri is rooted not only in its Board of Directors and Sustainability Committee, but also in the remaining Committees, teams and employees of Altri.

3.2 Ethics

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MATERIAL TOPIC

It is clear that, in Altri's view, this basic principle includes not only disseminating rules and practices that promote principles of ethics and transparency, but also preventing unethical and corruption behaviors, as well as anti-trust practices.

Altri considers that, for a true interdependence and transparency between its activity and the communities in which it operates, a decision-making process based on ethical principles and social responsibility criteria is an essential factor for the continuous improvement of its performance and sustainability.

"Altri takes ethics as the basic principle of its conduct, as a way of creating truly sustainable value."

Laurentina da Silva Martins President of the Ethics Committee, Altri's Non-Executive Director

As such, and considering the increasingly complex global challenges, it is necessary to strengthen robust instruments and practices to ensure compliance with this basic principle. Consequently, Altri highlights the role of its Ethics Committee. The year 2022 corresponds to the first full year of activity of this committee.

This committee is an integral part of the Board of Directors and is responsible for monitoring all issues related to the Group's Code of Ethics. The observance of this Code, in effect for several years, promotes Altri's culture of loyalty and transparency.

This Code provides general rules and guidelines on the conduct to be adopted in situations of corruption and bribery. Corruption behaviour or practices shall mean those which include the offer or receipt of bribes or undue advantages to a person or to third parties through lawful act practices, unlawful or omission contrary to the law or the duties provided for in its functions and which represents a breach of confidence.

To reinforce the prevention of these types of behavior, Altri reviewed its Code of Ethics and clarified and reinforced several points, namely:

Anti-trust practices mean all those that may enter a collision course or limit the radius of action of any competitors, namely those of unfair competition. Attitudes such as pricing, coordination of bids, abuse of market position, or anti-trust mergers are considered bad practices.

In 2022, in addition to the revision of the Altri Code of Ethics, the following activities of the Ethics Committee stand out:

• Presentation of the 2023 Equality Plan for the Board of Directors, with consequent disclosure;
• Investigation and analysis of all complaints reported to the Ethics Committee, whose investigation processes concluded for non-violation of the principles of the Code of Ethics;
• Association, as a member, to the Ethics Forum of the Catholic University of Porto, a forum for debate with other business organizations.

In addition to these activities, Altri began the elaboration of several internal policies during 2022, namely:

Human Rights Policy 71		Prevention and Fight against Money Laundering and Terrorist Financing 71
Policy of participation in the Communities 1	=	Code of Conduct on Corruption Prevention and Related Offenses 7

VALUING PEOPLE

4.1 Human Rights

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MATERIAL TOPIC

Altri is continuously dedicated to respect and support for human rights, as enshrined in the United Nations Universal Declaration of Human Rights, in its business and value chain.

This dedication involves not only carrying out due diligence to avoid infringing on Human Rights, but also taking concrete steps to support these same Rights, with voluntary actions that positively contribute to their protection and compliance. It is an integral part of its Code of Ethics, revised in 2022, and guides Altri's performance in respect for the dignity of people and the environment.

In line with Article 23 of the Universal Declaration of Human Rights, Altri maintains an institutional dialogue with all organizations representative of employees and has consistently achieved labor agreements in recent years in all industrial enterprises, that are particularly important in the current context of economic and social uncertainty, thus guaranteeing stability in employment and the increase in the income of their employees.

Given the prior adherence to the "United Nation Global Compact", Altri published in May 2022 its Communication on Progress, where are disclosed its activities in favour of the 10 Fundamental Principles in the areas of human rights, labour practices, environmental protection and anti-corruption, sharing Altri's best practices and policies.

Promotion of Gender Diversity and Equality

In particular, Altri's efforts stand out in gender diversity and equality, to ensure the full and effective participation of women and equal opportunities for leadership at all levels of decision-making. This topic is particularly relevant for Altri, considering the typical predominance of men in industrial activities, and led to the definition and implementation of measures for greater gender parity.

Number of women in leadership roles

In line with its 2030 commitment, Altri continues to progress, with 29 women in leadership positions in 2022.

Altri People Equality

The Gender Equality Plan, which aims to contribute to effective equal opportunities for women and men, launched in 2021 and updated in 2022, integrates a set of measures to eliminate discrimination on the basis of sex and encourages a healthy balance between personal life, family and professional. This plan, which includes objectives, measures, performance indicators and targets to be achieved, focuses on the following areas:

This plan, in addition to materializing Altri's ongoing work in the field of gender diversity and equality, is aligned with the United Nations Global Compact accelerator program: Target Gender Equality.

Altri joins the Global Compact Network Portugal for the Ring the Bell for Gender Equality ceremony in March 2022. José Soares de Pina, CEO of the Altri Group, participated in the debate panel "Investment and Return in Gender Equality".

Following this plan, during 2022, Altri provided training and guidance to those responsible for recruitment and selection interviews to prevent bias based on gender stereotypes. A training module related to the theme of gender equality was also included, on the motto "'Citizenship in Organizations', within the company's training plan, which will be implemented next year.

4.2 Health, Safety and Well-being of Employees

The health and safety of Altri's employees is always present in the management of their activities. Altri aims to develop a culture within all Group companies where the health, safety and welfare of employees are not only seen as mandatory, but as something innate in the way they are being and acting. To this end, Altri continues the Altri People Lab, which aggregates all the programs whose main actions are promoting and valuing employees.

Altri Group has a Clinical Directorate, Occupational Health and Well-being, led by the Occupational Physician, which allows the Group to have a global and integrated vision for an effective promotion of

a culture of health and well-being. This Directorate is responsible for the definition, promotion and implementation of health and welfare policies and for the coordination of the occupational medicine services of the Group's companies, responding to the specific requirements of each company.

The management of this topic provides equipment selection, identification and signalling of risks, ensuring compliance with safety rules and procedures. To act properly and implement effective improvement actions, Altri monitors specific indicators of Health and Safety at Work.

Number of incidents with + 3 days lost *

* Note: Considers internal and external employees.

*Note: Only considers internal employees.

Evaluation of the Frequency Index (FI) according to the International Labor Organization (ILO): FI < 20 Good | 20 - 50 Acceptable | 50 - 80 Insufficient | > 80 Bad

*Note: Only considers internal employees.

Evaluation of the Severity Index (SI) according to the ILO: SI < 0,5 Good | 0,5 - 1 Acceptable | 1 - 2 Insufficient | > 2 Bad

To mitigate the causes of accidents at work and to achieve a zero-accident goal, Altri has continuously worked to raise awareness among its employees. The strengthening of the safety culture of Altri Group is only possible with the constant involvement and awareness of all the elements of its team, a decisive factor in maintaining a safe and accident-free workplace.

Employee Training and Awareness

In 2022, a total of 169 awareness-raising actions and 5081 hours of training were promoted to all companies in the group, in topics as varied as:

Throughout 2022, the following measures, training and projects stand out to promote greater safety for Altri Group employees:

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Safety Lab

At the end of 2021, the Safety Lab was created, based on a methodology that studies behaviors, and a bottom-up approach logic.

In march 2022, the Pilot Project was started in the Wood Parks of Biotek, Caima and Celbi, with the objective of testing this type of approach. On the 2nd and 3rd phase, more than 200 people worked together to highlight the main difficulties and potential solutions to improve the safety of all who work in the Altri Group.

In 2023, it is also planned to integrate the shop floor into the joint construction of the Altri safety culture.

In addition to ensuring the safety and physical health of the people who lead the activities fundamental to the existence of Altri, promoting health with a holistic vision, also covering the well-being of employees, is a way for Altri to value its people. This holistic vision, essential for a safer and healthier working environment, with emphasis on disease prevention, encompasses measures such as providing a fair health plan, with risk guarantees, protection of serious diseases, the largest network of health care providers and streamlining processes.

4.3 Skills Development

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The strategic vision of the Altri Group goes beyond the basic assumptions that any company has a duty to maintain, previously mentioned. In fact, people are Altri's most valuable asset, so one of Altri's main goals is to invest in its development, which is positive not only for people, but also for the company, which benefits from a more qualified workforce, with the ability to innovate and develop improved solutions that promote sustainability.

This valuation considers not only the development of skills, but also the improvement of performance management and the attraction and retention of qualified and motivated people.

During 2022, the pilot year of the Management by Objectives model took place: a program with methodology for measuring employees' performance, in order to align performance objectives and expectations, recognize talent and reward merit.

The immersion of the project team in the various teams, active participation of the first lines, interaction with dozens of people from different functional areas and multiple validation meetings with the respective leaders, allowed a learning and evolution necessary to the prototype model, to define the final model to be applied in 2023 that ensures the consistency of a management process by objectives at Altri.

Due to the continued excellence and performance achieved by the Altri Group, working as a whole, the company assigned to the majority of its employees a performance premium equivalent to 3 monthly wages. This award represented between 16.5% to 21% of the annual remuneration of each employee, representing something exceptional in the national panorama, and an unequivocal proof of the company's concern with its People and their families, reaffirming its priority of recognition of merit and excellence in performance, in a particularly difficult period.

Altri People Development

The commitment to developing the skills of its people is a responsibility assumed by the Altri Group. The effort and investment that Altri has made in training in recent years is an example of this. With more than 23 thousand hours of training in 2022, in technical and specific areas related to the manufacturing process of enormous complexity or in behavioral and management areas, the ambitious vision of the Altri Group in this area is to: have the best and well prepared professionals in this industry.

Due to the great diversity of profiles of employees and areas of activity, Altri seeks to diversify its training offer, which focuses on five main themes:

When internal programs are not sufficient, Altri encourages and supports the return to school or the continuation of the studies of its employees, bearing the travel expenses and tuition fees, whenever this is identified as a potential enabler of mapped talent.

4.4 Community

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Valuing People, the strategic axis that determines Altri's action focuses not only on the development of its employees, but also on all the people whose activity impacts directly, such as the resident communities of the places where it operates, or the suppliers with whom it works.

Altri Community Fellowship

Altri, within the framework of its social responsibility policy, develops and supports a set of initiatives and activities, which reflect the commitment made by the company to actively contribute to the creation of lasting and relevant relationships with the community of its industrial units and its forestry activity, in particular, through donations and logistical support.

Community Monitoring Committee

In 2022, the 4th meeting of the Monitoring Committee of the Communities of Figueira da Foz municipality took place.

The purpose of this informal committee is to ensure that around 50 public and private organizations are the first to be informed about events and changes that impact the lives of local communities and a means of listening to the concerns of local populations in an attitude of social responsibility.

In 2022, several initiatives were followed:

• No differences-E8G, an inclusive project,
• the "Tiles Mural" of the Residents' Association, a collaborative project, both in Figueira da Foz
• the Social Scholarships EPIS Empresários pela Inclusão Social
• the support to the Science Center in Constância
• the support to Santa Casa da Misericórdia in the municipality of Vila Velha de Ródão
• the support to the Recreational and Cultural Sports Center, in the municipality of Vila Velha de Ródão.

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In addition to maintaining its commitment to social projects initiated in previous years, in 2022 the Altri Group established new projects and partnerships aimed at developing work with and for its communities.

Academic Community

Funding of Forest Engineering Grants

The Altri Group and a group of other companies have created a public-private partnership to finance:

Creation of New Courses

The Altri Group and a group of other companies once again collaborated for the academic development of communities, with the collaborative creation of the following courses:

• Technical Course of Higher Education (CTeSP) in Forest Operations (lasting two years),
• Post-graduation in Fire Analysis (PNGIFR);
• Post-graduation in Innovation in Management of Forest Operations
• 12 Microcredential courses in Autonomous Training in Fire Analysis

Postgraduation in Economics and Industrial Management

Altri received another edition of the Post-Graduation in Economics and Industrial Management, an initiative of Coimbra Business School and Coimbra Engineering Academy. Assisted by several tutors of the Group, the students presented their work, with themes integrated in Altri's industrial universe.

Visits to Biodiversity Stations

The Biodiversity Stations (EBIO) are short walking routes (maximum 3 km), signalized on the ground through informative panels on the biological diversity to be observed by visitors. The panels act as a field guide and refer to iconic and easily observable species. Its main objective is to promote the participation of local communities (school population) and research institutions in the study and monitoring of biodiversity. It is thus intended to demonstrate to various groups of society the importance of sustainable forest management in the preservation of species of fauna and flora.

The EBIO managed by Altri Florestal in Ribeira da Foz (Chamusca) and Quinta do Furadouro (Óbidos) were visited by the school community of the municipalities of Constância and Óbidos, within the scope of the Project Mission 360 of BIOND. It had the presence of 180 students and teachers and allowed to disclose the work of Altri but mainly it was a moment of education and environmental awareness.

Delivery of autonomous breathing equipment

Within the scope of social responsibility, Biotek, S.A. has delivered to the Humanitarian Association of Volunteer Firefighters of Vila Velha de Ródão 8 autonomous breathing equipment (with breathing apparatus, supports and face masks) to thank the readiness and excellent collaboration, both in moments of emergency and in moments of support for training.

Donations to Ukraine

Altri quadrupled the amount of employees' donations, reaching the total of 50 thousand euros, in favour of the Portuguese Red Cross, which demonstrated the best practices in dealing with this international crisis.

Month of the Heart

Altri has been challenging its employees for several years to achieve the goals of the World Health Organization (WHO) for the practice of physical exercise in May. The activities registered in the app for this purpose corresponded to "Heart Coins" which were converted into donations in favor of institutions chosen by the Top 11 Altri Athletes.

This activity gathered 3,920 Euros distributed by the Santa Casa da Misericórdia – Constância, Centro de Apoio ao Sem Abrigo - Figueira da Foz and João Almiro Foundation (Campo de Besteiros).

Summer Academy

This tradition, that began in the 80's, welcomes the children of the Group employees in summer internships where they can learn the professions of their parents or discover other areas of interest. In 2022, 42 participants, aged between 17 and 23 years, from different areas of education and schooling, from secondary to undergraduate/master degrees in the areas of Biology, Languages or Engineering, among others, attended the Summer Academy.

Altri Holiday Camp

At the end of the summer of 2022 Altri opened the holiday camp for the children of all employees of the Altri Group aged between 7 and 16 years at Campo Aventura, in Óbidos, near Quinta do Furadouro.

Book Shared Forest

What do the 90,000 hectares of forest that Altri has under management have in common? People.

In the book "Shared Forest", which was launched at Quinta do Furadouro, in Óbidos, Leiria, the authors, technicians of Altri Florestal, stress the need for a well-managed forest, promoting the protection of biodiversity and ecosystems, but also a forest that generates value for all, especially for people.

"The work we do in Altri's forest would not be possible without the people who bring life every day, with their passion, effort and dedication. It is in them that our wealth and resilience lie," writes José Soares de Pina, CEO of Altri Group, in the foreword of this work.

DEVELOPING AND RECOVERING THE FOREST

5.1 Forest Management and Biodiversity Protection

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MATERIAL TOPIC

It all starts in the forest, which in addition to being one of the most important assets for Altri's value chain, is fundamental for life on the Planet and for the sustainable development of future generations, which is why its management, protection and appreciation are considered strategic.

Of the resources provided by the forest, such as wood and biomass, there is a wide range of applications that the cellulosic fiber industry has been exploring for decades, namely:

Through Altri Florestal, about 90 thousand hectares of forest are managed in national territory. This management is based on the optimization of productive capacity, through a long-term forestry model and sustainable management of this resource.

Certified wood

In 2022, Altri Florestal supplied the Group's industrial units with 70% of FSC® and PEFC™ certified wood. The certification process follows strict criteria to measure environmental preservation, respect for labor and human rights laws and ethical behavior, ensuring sustainable procurement practices.

This type of certification is a safety supplement and a guarantee that the Forest Management and Wood Supply policies are respected by all suppliers. This is the result of continuous work in encouraging good forest management of raw material suppliers and in the valuation of wood, achieved through price differentiation in certified wood.

Altri Florestal is also part of the two national associations representing FSC® and PEFC™, actively participating in the construction of forest management regulations.

Certified wood

Fire protection

Fires are one of the biggest threats to forests, particularly in the national context, where Altri develops its activity. Altri is aware of this reality and celebrates the 20th anniversary of the creation of AFOCELCA, a Forest Protection Company dedicated to the fight against rural fires. Today, AFOCELCA represents a solid cooperative project, capable of creating bridges between the public and the private, between the forest and civil protection, and between tradition and the vanguard.

In addition to fire protection, Altri also restores areas affected by the fires. For this, the Fénix Project stands out.

Fénix Project

This project represents the rebirth of the ashes and is created by Altri Florestal's will to recover areas plagued by fires that occurred in the interior of the country. This project takes place essentially in small rural properties, proceeding to its recovery after fire in eucalyptus areas, breaking its abandonment and promoting its production, making the exploitation profitable.

Project objectives:

• Benefit 500 hectares of eucalyptus stands, with:
  • Reduction of densities (thinning of stumps);
  • Elimination of invasive species and scrubs;
  • Cutting dead sticks resulting from fires.

Vila de Rei was the site chosen to start this pilot project, since it has been widely and recurrently affected by successive fires in recent decades. Much of the forest heritage of Vila de Rei is abandoned, despite its productive potential.

Most owners are skeptical from forest investment due to the successive losses. Thus, with the interventions carried out so far, the Fénix project was able to convey a sense of hope and joy to the owners by (re)seeing their areas managed in a new life cycle.

Pedrógão ReBorn Project

Through Biond – Forest Fibers from Portugal, of which Altri is part, the project "Pedrógão ReBorn" was developed to value the land giving rise to a new forest, together with small local owners.

In this synergistic partnership, to promote biodiversity, especially in forest areas, as a result of the joint work in creating an orderly, certified and valuable forest, the most diverse tools were made available to meet the proposed objectives. Tools are mainly focused on the preparation of the land, on the transfer of fertilizers and plants for planting, as well as on the creation of paths and firebreaks that will allow to effectively manage the implicit needs.

Accounting for more than 30 hectares intervened in 2022, the pilot project allowed to avoid the abandonment of forest land, contributing to its protection mainly in the fight against fires.

One of Altri's priorities is the conservation of biodiversity, especially in areas with a relevant ecological value. Forests have intrinsic value, act as a shelter for biodiversity, provide natural resources, boost carbon sequestration, contribute to mitigating the effects of climate change, besides other benefits. Recognizing critical links between humans and nature is the key to effective conservation.

Biodiversity as a priority is based on Altri's corporate strategy, defending values such as the conservation of biological diversity, the sustainable use of resources and the fair distribution of benefits derived from that use.

The Altri Diversity Program is one of the tools of the Altri Group, central to the strategy of conservation and promotion of biological diversity and landscape, which aims to conduct the company's action in the protection and recovery of natural spaces present in forest areas under Altri Florestal management. Under this program, the following projects were developed:

In 2021, Altri became a signatory of Act4nature Portugal, an initiative promoted by BCSD Portugal within the framework of Act4nature International, launched in France in 2018, with the aim of mobilizing companies to protect, promote and restore biodiversity. The membership of Act4nature Portugal is materialized by the subscription of 10 transversal commitments to all companies and individual commitments. The alignment of the commitments of the Act4Nature initiative with the 2030 Commitment of Altri, which in turn contribute to the United Nations Sustainable Development Goals is pointed out.

BIODIVERSITY CONFERENCE COP15

The Altri Group signed the BCSD Portugal Manifesto: "For an agreement for Nature at COP15". The COP15 Biodiversity Conference was held in December 2022 and aimed to adopt a global strategy for post-2020 Biodiversity, to halt the global loss of biodiversity by 2030, and promote the recovery of natural ecosystems. It highlights the action of all: public sector, private sector, universities, civil and individual society.

Conservation Areas

Altri continues to increase the conservation area under its management, through a strategy to raise new management areas, actively searching for areas with classified habitats, high conservation values or conservation potential.

Natural conservation area (ha)

In addition to increasing the conservation areas, Altri has maintained its efforts to extend the internal project to create biodiversity stations and biospots. Altri relies on the support of experts and scientific entities, to obtain a good representation of the natural values of the various regions where it is actively present, in order to rehabilitate and promote them.

In 2022, three new Biodiversity Stations (EBIO) were created:

• Living Science Centre Biospot in Constância
• Biotek Biodiversity Station
• Galisteu Center for Interpretation of Biodiversity.

Biodiversity Stations and Biospots (nr.)

Monitoring of Invertebrates in Biodiversity Stations

In the context of the creation of Biodiversity Stations in forests under Altri management, the monitoring of invertebrates, particularly the group of Butterflies and Dragonflies, assumes a special relevance in the characterization of habitats and in the research on their diversity.

The four biodiversity stations already installed to date (Ribeira da Foz, Furadouro, Cabeço Santo and Palmeiro), based on the monitoring efforts, showed in the results a high diversity of species associated with the degree of conservation of the habitats present in each EBIO (water course, riparian gallery, shrub and arboreal vegetation of the edges and forest).

The association between species and their habitats allows forest management to adapt or change practices that promote the preservation and improvement of habitats and consequently the number and diversity of species.

A total of 246 insect species were identified in the Biodiversity Stations.

Project To Evaluate Ecological Integrity and Study of Biological Communities of Ribeira de Alferreira

The Ribeira de Alferreira exhibits a high state of conservation of the riparian corridor, and in its basin there are no other relevant anthropogenic disturbances. This ecological corridor includes woods bordering the alder of Alnus glutinosa, Black Willow Salix atrocinera, Fraxinus angustifolia and White willow Salix salvifolia.

Medronho XXI Project

The strawberry tree (Arbutus unedo L.) is a woody species of shrub size and is spontaneously distributed in Mediterranean countries. In ecological terms, it is considered an extremely resilient species to abiotic and biotic stress. The interest and study of this species has been increasing in recent years, as an alternative to other forest species, or in the agricultural field with the objective of fruit production for the most diverse purposes such as traditional products, pharmaceuticals and cosmetics.

In this project, strawberry tree micropropagation protocols are being optimized, from in vitro establishment, multiplication, rooting and acclimatization. Micropropagation emerges as a fundamental element for the strategic evolution of the company, enabling the production of high quality strawberry tree plants, with the future objective of extrapolating the method to other species.

Training Action on Invasive Species

In a partnership between Altri Florestal and the Center for Functional Ecology of the University of Coimbra, a training action was carried out on invasive species, with special emphasis on coiled acacia, Acacia Longifolia.

The action consisted of presenting one of the approaches to combat the proliferation of this invasive species using a specific insect for this purpose, Trichilogaster acaciaelongifoliae. This insect, that uses the plant to lay its eggs, prevents the development of coiled acacia, increasing the viability of forests.

6.1 Climate Change and Greenhouse Gas Emissions

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MATERIAL TOPIC

Climate change represents one of the greatest challenges humanity faces today and requires a response that involves all sectors of activity and the cooperation of all individuals. Combating climate change should be considered as a long-term action, with a multilateral approach including reducing greenhouse gas emissions, increasing energy efficiency, investing in renewable energy, reducing food waste and resources, and promoting biodiversity protection. These are just some of the measures that must be implemented in a consistent, integrated and global manner to ensure a safe and sustainable future for the coming generations.

Ensuring the future of people and the planet has been a constant concern of Altri, transversal to the entire organization and essential in its model of performance and management. Altri has already been recognized for its efforts in this area.

Altri Group maintained The A- rating in the fight against climate change in 2022, one of the status of 'Leadership' in the CDP agency's ranking. This ranking is above the European regional average and is described as a reference for implementing best practices.

It should also be noted that in the framework of CDP classifications, Altri obtained the Management (B) classification in CDP Forests and CDP Water Security, a classification seen by Altri as a challenge to do more and better.

Altri's goals in combating climate change are described in the response to the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The increase in reporting quality, through alignment with TCFD recommendations, allows a better assessment of companies' exposure to climate risks in the short, medium and long term, leading to a more informed decision-making about where and when investors should allocate capital.

Reporting according to these TCFD recommendations, described throughout the report, relates to climate risks and opportunities in the following key areas:

For more information on this report, see the attached TCFD Table.

GHG Emissions

305-1 305-2 305-3 305-4 305-5

Given the growing international demands to promote decarbonization of the industry and achieve carbon neutrality, it is critical for industries to innovate and adopt technologically advanced low-carbon, high-energy-efficient equipment and processes.

In order to effectively achieve the objectives set out in its journey of reducing greenhouse gas (GHG) emissions, Altri's emissions are monitored, guiding the management and planning of the decarbonization strategy. Altri Group proceeds its journey using this information on a scientific basis, and setting sustainability as a competitiveness factor.

Science Based Targets

After determining the GHG emissions of its activity, setting science-based targets is the path Altri Group has taken to reduce emissions, at the appropriate pace and scale to combat climate change, while maintaining the sustainability of its business model in the long term. In this sense, the Science Based Targets stand out to provide a clear direction for the decarbonization of the company.

The Altri Group undertakes to reduce GHG emissions by 2030:

• scope 1 and 2 by 51%, resulting in a 43% reduction in absolute emissions.
• scope 3 by 25%, resulting in a 13% reduction in absolute emissions.

In 2022, Science Based Targets validated the Altri Group's commitments to reduce greenhouse gas emissions according to the trajectory of -1.5Cº. Both reductions are compared to the base year of 2020.

Scope and Methodology

All the business areas that currently belong to the Altri Group were covered, namely forest production, wood supply and residual forest biomass, and cellulosic fiber production (paper pulp and dissolving pulp).

A financial control approach was adopted, consolidating 100% of the emissions of the companies controlled directly or indirectly by Altri SGPS, S.A. owns, directly and indirectly, i.e. entities financially consolidated by the full consolidation method.Emissions from joint ventures and associates were accounted for under scope 3 (other indirect emissions) in proportion to the share capital held.

The greenhouse gas (GHG) emissions accounting was carried out according to the GHG Protocol, an initiative of the World Resources Institute and the World Business Council for Sustainable Development.

Scope 3 GHG emissions (kgCO2/ADt)

	tCO2e
	2020	2021*	2022
Scope 1 GHG emissions – Direct emissions
Direct emissions from operations	158 236	124061	95920
Scope 2 GHG emissions – Indirect emissions
Indirect emissions – emissions associated with the acquisition of electricity (market-based)	21 670	23392	28972
Indirect emissions – emissions associated with the acquisition of electricity (location-based)	23 923	22402	15113
GHG emissions from Scope 3 – Other emissions
C1. Purchases of goods and services	119 668	115181	137489
C3. Activities related to fuels and energy not included in Scope 1 and 2	16 130	23831	22673
C4. Upstream transportation (wood and chemicals)	54 917	80875	61615
C5. Treatment of waste generated from operations, including transport	2 014	2172	846
C9. Downstream transportation and distribution (product)	45 266	43650	46815
C10. Processing of sold products	57 438	58679	59557
Total – GHG emissions from Scope 3	295 433	324388	328995
Total – GHG emissions from Scope 1, 2 (market-based) and 3	475 339	471841	453887
Other - avoided emissions associated with the sale of electricity (market-based)	(154 961)	(15353)	(27100)
Other - Carbon reservoir in the forest	(8 044 739)	(8 176 442)	(8275658)
Other- Biogenic emissions from combustion of non-fossil fuels (tCO2 biogenic)*	2 750 172	1381374	1425049

*The calculation of GHG emissions was updated during the financial year 2022, due to the following events:

• the distribution of dividends in kind of Greenvolt shares, date from which Altri Group lost control over Greenvolt Group;
• approval of Altri's Science Based Target, with base year of 2020, which led to some reformulations in the initial objectives and inclusion of new scope 3 categories for GHG emissions, not having been materially affected the previously established goals.

Combating Climate Change

Altri aims to minimize its climate impact and contribute to climate change solutions by:

• replacement of materials of fossil origin
• sustainable forest management
• implementation of renewable solutions.

Altri Group's own activity generates positive impacts on the climate, with carbon sequestration due to the absorption of CO2 through the approximately 90,4 thousand hectares of forest managed. Thus, the climate benefit and economic valorization of planting forests are obtained while biodiversity is maintained and promoted in these locations.

Climate issues and associated risks have been considered and incorporated into business processes and decisions, resulting in several solutions that will allow to substantially reduce the environmental impact of Altri's activity, enhancing the decarbonization of the Group's activity. In each industrial unit, the following actions are highlighted, as crucial to reduce the environmental impact of Altri's activity and, consequently, reduce the associated emissions:

• "Caima Go Green" Project, construction of a forest biomass cogeneration plant, allowing the decarbonization of Caima (start of production in 2023)	• Various optimizations in the operation of the lime kiln	• Various optimizations in the operation of the lime kiln • Routine implementation of daily monitoring of fossil CO2 emissions; • Burning in the lime kiln of 100% methanol produced in the wood baking process with reduced natural gas consumption;

Reduction of natural gas consumption

Through the Kobtesu Kaizen Project, transversal to the Group's industrial units, there was a reduction of about 11% of specific consumption of natural gas

"Caima Go Green" Project

Caima, a biorefinery of the Altri Group, has invested 40 million euros for the construction of a new biomass boiler, which will allow the abandonment of fossil fuels in its production process, in order to guarantee full energy autonomy from exclusively renewable sources.

It thus becomes the first Iberian company in its industry to reach this historic milestone. This new plant will work by replacing the existing biomass boiler.

6.2 Energy Efficiency

MATERIAL TOPIC

Altri has been working to improve the energy efficiency of its production processes, through a continuous reduction of energy consumption and consequent associated costs.

The implementation of energy efficiency measures not only reduces energy consumption, but also the greenhouse gas emissions necessary for the generation of this energy.

Thus, maximizing energy efficiency contributes to climate change mitigation, as well as allowing a financial economy and improving people's quality of life.

The development of measures and improvements is supported by the processes deployed in the industrial units, all of which are certified by ISO 50001 - Energy Management System, which represents the guarantee of continuous improvement associated with the promotion of energy efficiency.

Improvement of Energy Efficiency

Given the link between increasing energy efficiency and reducing GHG emissions, it is not surprising that the actions already mentioned above are highlighted again in this material topic. In fact, Altri's current search on alternative fuels to replace natural gas, as well as the development of projects and investments aimed at reducing GHG emissions also aim to reduce energy consumption.

% of renewable energy

6.3 Water Management

Climate change, water pollution and degradation of natural resources are some of the factors that contribute to the scarcity of water reserves, and this is an environmental problem that particularly affects Portugal. Considering the high use of water by industries, companies such as Altri Group have an increased responsibility to manage this resource responsibly. The history of good practice of the Group's water management has been present for more than 50 years.

For the Group, the importance of water comes from its use in the production process. The responsible management of this resource is reflected not only in practices that aim to reduce its consumption but also in managing its discharge, carried out to ensure the environmental quality of the effluent and minimize possible impacts on the environment.

Thus, it is natural that the measures implemented by Altri for monitoring, improving efficiency and reducing organic load of effluents focus on its three industrial units.

Monitoring, improvement of efficiency and reduction of organic load of effluents

Several projects are under way to reduce water use and optimize process (KOBETSU and PDCA) that aim to identify gaps in the measurement and monitoring instrumentation to control water use and effluent quality.

The measures focus on the optimization of the process, through the Altri Operating System:

• i. Water recirculation in the production process, reducing the use of water
• ii. Treatment of evaporated particles resulting from filtration
• iii. Successful process replication, such as the modernization of the new WWTP at Celbi, after the success of the WWTP installed at Biotek.

Despite the measures implemented and internal awareness efforts for the responsible use of this resource, there was a slight increase in the value of specific water use compared to the results of the previous year. However, it should be noted that some of the measures implemented, in particular the installation of a new WWTP, will only take effect next year.

It should also be noted that the Group is currently a global benchmark in the specific use of water, with a value of 20 m³ /ADT, and the reference interval recommended in the BREF of the sector is between 25 and 50 m³ /ADT.

Specific use of water (m3/ADt)

Organic load in effluents - COD (kg O2/ADt)

Biotek collects water in the Tagus River for use in the pulp manufacturing process and also supplies treated water to other industrial facilities in the surrounding community.

Caima is responsible for the treatment of effluents from Constância Municipality, promoting the relationship with local communities.

In the pulp production process, several actions were implemented, namely closing circuits and improvements in the diffuse liquid emissions circuits that allowed, with the latest technology in Biotek WWTP, to achieve a high quality of the treated effluent.

This measure allowed Biotek, in 2022, to recycle 13% of the treated effluent to the water treatment plant, and thus capture less water and discharge less effluent to the Tagus River.

% of captured water returned to the environment % of captured water consumed in the product or evapor...

6.4 Waste Management

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The final destination of waste and its proper management are fundamental to avoiding the toxic effects of inorganic and biodegradable elements in the environment. Waste management should also be seen as a good opportunity to have a positive impact on biodiversity, natural resources and human life.

The first step toward proper waste management is to increase the efficiency of the production process, in order to generate less and less waste, thus reducing the need for treatment operations. This is the great bet of the Altri Group and its performance in this area is notorious, with a reduction of about 12,7% of the waste generated per ton of pulp produced, compared to 2021.

In addition to reducing waste production, Altri manages the waste resulting from its activity. Almost 100% of the waste produced as a result of Altri's activity is non-hazardous waste, which represents a virtually non-existent risk to public health or the environment. However, even though it represents a little significant part, Altri takes all the necessary measures to ensure the proper routing and treatment of waste, thus eliminating any risks of potential negative impacts of its activity.

Altri has also invested in the recovery of waste, having recovered 64% in 2022. This recovery can be done either through the reintegration of waste into the production process, or through its recovery in other industries, including the replacement of virgin raw materials by waste or by forwarding to recycling. This reuse and reintegration of waste by Altri promotes the creation of a closed cycle, representative of a circular economy.

Circular Economy

The Circular Economy Model argues that waste must be transformed into by-products or other materials that allow its reuse, recovery and recycling, to reduce the exploitation of natural resources (by reuse and recovery of waste/scrap, which become secondary raw materials).

In the three manufacturing units there are several projects that materialize the Circular Economy model:

• Development of a recovery project for acetic and furfural acid, both present in evaporation condensate, resulting in two renewable base products that will be consumed as raw material of various chemical industries, such as solvent production, paints and coatings, agrochemicals, textiles, pharmaceuticals, cosmetics.

• Development of a new recycled paper with incorporation of raw waste pulp from the bleached eucalyptus pulp industry. The recovery of this fibrous waste is expected to occur in the production of cardboard or carbonated products.

• Innovative system on a global scale that allows the reuse of fibrous material of fine particle size wasted in the production process, and the recovery of uncooked nodes that previously would have to be referred as waste, and that this process reincorporates into the pulp production process. Innovation lies in the simplicity of the concept and associated technology, the combination of which gave rise to a worldwide unique digester prototype.

• Forwarding of biological sludge from IWWTP to processing to be transformed into compost. They are reused as fertilizers, enriching soils with organic matter. Within this measure, a collaborative project is progressing with Agristarbio for the production of organomineral fertilizer, produced from the sludge, which will replace chemical synthesis fertilizers used in forests managed by Altri Florestal.

• Recovery of carbonate sludge through its reincorporation in the lime kilns of the pulp industry, as a substitute for raw material in the cement manufacturing process, as well as in the production of ceramic coating paste, and in clay batches for the production of ceramic coating.

The creation of partnerships and stimulation of technological innovation are the basis for Altri's work to achieve a true circular economy, with the recovery of its waste and the development of new ways of using by-products, replacing virgin raw materials.

FOCUS ON OPERATIONAL EXCELLENCE AND TECHNOLOGICAL INNOVATION

7.1 Innovation

Having an innovation strategy goes beyond the development of new technologies or products, as it must be rooted in the business model, organization processes and business culture. It is essential for the long-term progress of companies, with changes that amplify their performance, guide their investments and define new areas of research.

The Altri Group is positioned at the forefront of excellence innovation, and is a recognized partner of its stakeholders, offering focused, lean, and high added value solutions.

Caima, Celbi and Biotek companies were distinguished with the award INOVADORA COTEC Portugal in 2022

Our innovation projects focus on the creation of economic value and intellectual capital in four strategic axes, in areas adjacent to the current business, aiming at the creation of new products and, whenever possible based on the Circular Economy. The choice of strategic areas of development takes into account the potential applications of wood and biomass, explored for decades by the cellulosic fiber industry.

Forestry Research and Development

Altri bets on scientific research for forest development, this research being a critical success factor, focused on three areas:

• Genetic improvement: started in 1965, with the selection of Eucalyptus globulus for growth, basic density and wood cellulose content.
• Management of stands and nutrition: In collaboration with several research institutions, it works to improve the sustainability of eucalyptus plantations. In this area, projects on forestry techniques, study of pests and diseases, and adjustment of production models will be carried out.
• Forestry operations: This research area concerns the forestry techniques and systems.

Influence of Light on Eucalyptus Production

Plant production in a controlled environment can be benefited by the proper management of light intensity, photoperiod and spectral quality. In order to improve the clonal production system in the Viveiros do Furadouro, a subsidiary of Altri Group, in terms of yield of shoots and efficiency in rooting, in 2022 the effect of the exposure of Eucalyptus globulus mother feet to different light spectra for plant production was evaluated. This test was carried out on a pilot scale in the greenhouse of the production mother feet park of the nurseries of Furadouro.

7.2 Operational Excellence

Continuous improvement is a permanent commitment to the search for competitive advantage and to the continued strengthening of Altri's position throughout the value chain. This commitment is reflected in actions consistently implemented in the day-to-day operations.

The willingness to achieve operational excellence is rooted in Altri's business culture, which is reflected in the Altri Operating System.

This management and governance model ensures and enhances the synergies of the ongoing transformation process and intends to:

• Encourage sharing, communication, knowledge and experience among colleagues
• Break paradigms, including that of independent manufacturing units
• Stimulate the ability to identify problems, challenges and opportunities for improvement
• Collect insights from already tested actions
• Clarify issues and discuss (if possible, validate) in advance the effectiveness of countermeasures identified by the team.

KAIZEN

In order to ensure the alignment of priorities among the three industrial units of the Group, Altri has been implementing KAIZEN™ methodology since 2016, enhancing the communication in the organization, ensuring the implementation of strategic decisions and proper prioritization. All employees are involved, from the top to the point of impact, at which root causes are identified and resolved. The implementation uses the methodologies:

The accumulation of Altri's efforts to achieve operational excellence through the various methodologies has been recognized:

Altri Group was distinguished by Kaizen Institute with the 1st place among the large companies in Portugal in the category of "Excellence in the Continuous Improvement System". The award distinguishes the projects implemented with the adoption of Kaizen methodology, which stand out for efficiency, innovation and excellence, and recognizes the companies that have successfully incorporated these principles into their management model.

7.2.1 Certifications

We focus on continuous improvement through the structuring of processes and activities based on recognized national and international standards, reflected on external certification and recognition. Validation of our processes based on these benchmarks is a seal of confidence that our activity is managed and structured to improve continuously.

REFERENTIAL	ALTRI
ISO 9001 - Quality Management System	All Group companies
ISO 14001 - Environmental Management System	All industrial units
ISO 45001 - Safety and Occupational Health Management System	All industrial units
ISO/IEC 17025 - General requirements for the competence of testing and calibration laboratories	Laboratories to support the process of all industrial units
ISO 50001 - Energy Management System	All industrial units
EMAS - EU Eco-Management and Audit scheme	Celbi and Caima
FSC® – Forest Stewardship Council
PEFC™ – Programme for the Endorsement of Forest Certification	Altri Florestal and industrial units

AFFIRM SUSTAINABILITY AS A COMPETITIVENESS FACTOR

8.1 Framework

8.1.1 Macroeconomic Framework

2022 was a year marked by several challenges that impacted the global macroeconomic environment. First, there was the apparent end of the Covid-19 pandemic, as the restrictive measures and impact on everyday life were significantly reduced. This approaching of the end of the pandemic seemed to indicate a global economic recovery, in the sense that most of the world's economies had already returned to pre-pandemic levels of activity and, indeed, this happened in the first weeks of the year. However, on February 24, 2022, Russia began the military invasion of Ukraine, and this event put a brake on the cycle of growth that had been felt until then.

The beginning of the war caused a significant worsening of global economic conditions, with a sharp rise in prices as a result of serious constraints on supply chains, leading to inflation reaching levels above 10% in the Euro Area, the US and the United Kingdom. In an attempt to contain the upward trend of inflation, through the slowdown in consumption, central banks rose the reference interest rates, increasing costs sensitive to changes in interest rates, such as housing costs, and increasing the pressure on the available income of families. The European Central Bank (ECB) rose the reference rates for the first time in more than ten years on 21 July 2022, with four rate increases in 2022, totalling 250 basis points. At the labor market level, wage increases did not follow inflation, reducing the real incomes of households, even with the support of measures taken by governments to soften the impacts of rising prices.

The projections of annual GDP growth at constant prices (in %) of the world economy are mostly in the 2% to 3% for 2023: 1.7% of the World Bank, 2.5% of the European Community, 2.9% of the International Monetary Fund and 2.2% of the OECD, values that fall below the expected growth rates before the pandemic. As for inflation, the forecasts are pointing to a fall to values around 4% in Advanced Economies.

In relation to the Euro Area, in 2022, according to Eurostat data, there was a growth of 3.5%, which appears to be quite positive. However, it was estimated that growth was much stronger if war had not been triggered in Ukraine, as the economy was recovering after the pandemic. As for inflation, 2022

ended at 8.4% in the Euro Area, and forecasts are to drop to around 6% to 7% in 2023, as the more restrictive monetary policy produces effects and demand pressures decrease. There are signs that the peak has already been reached, with the favorable evolution of the prices of the energy complex that has been occurring. With regard to unemployment, the unemployment rate in the Euro Area is expected to rise slightly to 7.1% in 2023, compared to 6.8% in 2022.

In Portugal, inflation, which was already rising since the end of 2021, reached historical highs by levels above 10%. Average inflation in 2022 stood at 7.8%, the highest since 1992. This price increase contributed to a contraction in consumption, which was still recovering from the reduction felt in the years of the pandemic. According to Banco de Portugal, inflation is expected to slow to 5.8% and 2.4% in 2024 as prices stabilize. As for growth, according to the OECD, it is expected to reach 1.0% in 2023 and 1.2% in 2024.

As far as China is concerned, it is one of the largest pulp importers globally, its economic framework has significant impacts on global demand and pulp prices. After successive and prolonged periods of confinement as a result of new waves of the pandemic, China decreased restrictive measures during the last quarter of 2022. In this way, the Chinese economy slowed down in 2022, but, still, there was an expansion of 3%, far above what was observed in the major world economies. According to the IMF, the forecast for 2023 and 2024 is a recovery in GDP growth, estimated to grow by 5.2% and 4.5%, respectively. The impact of the war on Ukraine has been less felt in China, since none of the countries are China's main economic partners.

Source: IMF - Financial Markets Information, Macroeconomic Framework Report 2022 and Scenario for 2023, 27 February 2023

8.1.2 Pulp Market

Global demand for pulp during 2022 grew by 1.5% vs 2021, with demand for Hardwood pulp increasing at a faster rate reaching 2.9%, according to the PPPC (World Chemical Market Pulp Global 100 Report – December 2022).

In regional terms, and focusing essentially on the Hardwood pulp market, in which Altri Group has a predominant position, we positively highlight Japan (+10.9%), Latin America (+5.7%) and the rest of Asia/Africa (+4.5%). Larger markets like China (+2.1%) and Western Europe (+3.0%) recorded positive evolutions in the year, despite a general slowdown during the fourth quarter of 2022.

Global Demand of Pulp per region

000' Tons	2022	2021	Var.%
Bleached Hardwood Sulphate	37,723	36,647	2.9%
Bleached Softwood Sulphate	24,578	25,022	-1.8%
Unbleached Sulphite	3,082	2,767	11.4%
Sulphite	110	119	-6.9%
Pulp Global Demand	65,493	64,555	1.5%
Bleached Hardwood per region
North America	3,356	3,296	1.8%
Western Europe	8,491	8,247	3.0%
Eastern Europe	1,445	1,528	-5.4%
Latin America	2,814	2,662	5.7%
Japan	1,083	977	10.9%
China	14,458	14,160	2.1%
Other Asian Countries /Africa	5,842	5,588	4.5%
Oceania	234	189	23.9%
Total	37,723	36,647	2.9%

Source: PPPC (World Chemical Market Pulp Global 100 Report- December 2022).

One of the relevant factors to confirm the balance of demand and supply of pulp in the European market is the level of stocks in European ports. During the fourth quarter, this level of stocks has steadied around values near the averages of recent years.

Pulp stocks in European Ports

000' Tons	dec-22	nov-22	oct-22	3Q22	2Q22	1Q22	2021	2020	2019
Stocks (EU Ports)	1,331	1,330	1,313	1,099	1,079	1,124	1,198	1,542	1,912

Note: Monthly figures measured at end of period. Monthly average for annual and quarterly figures. Source: Europulp (Federation of the National Associations of Pulp Sellers in Europe).

During the fourth quarter, the list price of pulp (BHKP) in Europe maintained a stable level at US\$ 1,380/ton. Overall, the European market presented a year 2022 with a high level of demand for BHKP pulp, despite some slowdown felt towards the end of the year.

BHKP average pulp price evolution in Europe (2017 to 4Q22)

2022
US\$/ton	4Q22	3Q22	2Q22	1Q22	2021	2020	2019	2018	2017
Avg. Pulp Price (BHKP)	1,380	1,368	1,245	1,151	1,014	680	858	1,037	819

Source: FOEX.

Dissolving Pulp (DP) has registered a slight decrease in global demand of 0.2% during the year of 2022, according to Numera Analytics (Global DP Demand Report – December 2022). These demand

figures were seen after a slowdown in global demand in the textile industry during the second half of 2022. DP is targeted for textile use and used mainly in Asia, a region that absorbs more than 80% of demand. In geographical terms, China recorded a 0.2% decrease after positive figures during the first half of the year. In terms of DP prices, and in line with the demand, after a sharp rise until the first half of 2022, we have seen a correction during the second half of the year.

Global dissolving pulp demand

000' Tons	2022	2021	Var.%
North America	482	456	2.4%
Western Europe	606	644	-2.8%
Asia	5,564	5,546	0.3%
China	3,847	3,853	-0.2%
Japan	176	159	7.8%
Taiwan	52	64	-13.7%
Thailand	200	162	38.8%
Other Asia	1,289	1,307	-1.4%
Others	62	83	-31.1%
Total	6,713	6,729	-0.2%

Source: Numera Analytics (Global DP Demand Report – December 2022).

8.2 Operational Performance

In the year 2022, the total volume of pulp produced by Altri reached an all-time high by registering 1,142.6 thousand tons, 1.5% above the same period last year. In terms of pulp sales, it was recorded a decrease in comparison with the same period of the previous year of 4.0%, due to some slowdown in demand recorded in the last quarter, as commented above.

Operating indicators (2022)

000' tons	2022	2021	2022/2021
Production Pulp BHKP	1,046.8	1,029.0	1.7%
Production Pulp DWP	95.7	96.6	-0.9%
Total Production	1,142.6	1,125.7	1.5%
Pulp Sales BHKP	1,010.9	1,060.2	-4.7%
Pulp Sales DWP	96.7	93.0	4.0%
Total Sales	1,107.6	1,153.2	-4.0%

8.3 Financial Performance

MATERIAL TOPIC

During the year 2022, total revenues of the Altri Group amounted to € 1,066.2 M, a 34.4% increase vs 2021. This growth essentially results from the positive evolution in pulp prices. EBITDA reached €

301.4 M in 2022, an increase of 32.4% vs 2021 with an EBITDA margin of 28.3%, a decrease of 0.4 p.p. when compared to the same period of the previous year. Despite the high inflation felt in the various costs during 2022, Altri Group managed to maintain practically the same level of profitability at the EBITDA level and even an improvement at the operating profit level. The net profit of continued operations of the Altri Group reached € 152.1 M in 2022, an increase of 23.0% compared with 2021.

Income statement highlights of 2022

€ M	2022	2021	2022/2021
Pulp	883.8	661.6	33.6%
Other*	182.4	131.8	38.4%
Total Revenues	1,066.2	793.4	34.4%
EBITDA	301.4	227.7	32.4%
EBITDA mg	28.3%	28.7%	- 0.4 pp
EBIT	237.4	163.8	45.0%
EBIT mg	22.3%	20.6%	+ 1.6 pp
Net profit of cont. operations	152.1	123.7	23.0%

Note: Financial information in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) * Other : includes essentially i) sale of biomass and rendering of operations and maintenance services to Greenvolt's biomass plants in Portugal and ii) sale of electric energy (cogeneration) related to the cellulosic fiber production process.

Investment

The total net investment made by the Altri Group during the year 2022 reached € 45.3 M, which compares with the € 26.1 M in 2021. The total investment for the twelve month period of 2022 includes € 10.3 M related to the new biomass boiler for the Caima industrial unit.

€ M	2022	2021
Total net investment	45.3	26.1

Debt

The Altri Group's net debt was € 325.8 M at the end of 2022, a decrease vs € 344.0 M at the end of 2021. This reduction was achieved in a year in which the Altri Group recorded a substantial increase in the level of investment, a relevant level of dividend distribution and an increase in working capital needs. This level of debt is equivalent to a Net Debt/EBITDA LTM ratio of 1.1x. The Total net debt level, when adding lease liabilities, was around € 408.0 M at the end of 2022.

€ M	2022	2021
Net Debt	325.8	344.0

Taxonomy

During this 2022 financial year, all activities reported by Altri as eligible in the three Taxonomy indicators (Turnover, CapEx and OpEx) met the alignment criteria. In Annex K. Taxonomy we detail the process of alignment of the different activities with the mitigation objective and their compliance with the requirements of not significantly harming the other climate objectives, as well as compliance with the minimum social safeguards.

Turnover:

Percentage of turnover for eligible and aligned activities

2022

Business activities	Turnover (Euro)	Proportion of Turnover (% of total)	Proportion of aligned Turnover (% of total)
A. Eligible activities
4.8 - Electricity generation from bioenergy	8,626,973	1%	1%
4.20 - Cogeneration of heat/cool and power from bioenergy	60,566,130	6%	6%
Sub-total eligible activities (A)	69,193,103	7%	7%
B. Ineligible activities
Turnover of ineligible activities (B)	982,708,933	93%	93%
Total turnover of consolidated business (A+B)	1,051,902,036	100%	100%

Capital Expenditure (CapEx):

Percentage of capital expenditure for eligible and aligned activities 2022

Business activities	CapEx (Euro)	Proportion of CapEx (% of total)	Proportion of aligned CapEx (% of total)
A. Eligible activities
1.3. - Forest management	23,310,946	34%	34%
4.1 - Production of electricity from photovoltaic solar technology	2,647,307	4%	4%
4.8 - Electricity generation from bioenergy	11,962,220	17%	17%
4.20 - Cogeneration of heat/cool and power from bioenergy	1,593,620	2%	2%
5.1. Construction, extension and operation of water collection, treatment and supply systems	78,887	—%	—%
5.3. Construction, extension and operation of waste water collection and treatment	10,877,664	16%	16%
Sub-total eligible activities (A)	50,470,644	73%	73%
B. Ineligible activities
CapEx of ineligible activities (B)	18,776,326	27%	27%
Total consolidated CapEx (A+B)	69,246,970	100%	100%

Operating Expenses (OpEx):

Percentage of operational expenses for eligible and aligned activities

2022

Business activities	OpEx (Euro)	Proportion of OpEx (% of total)	Proportion of aligned OpEx (% of total)
A. Eligible activities
1.3. - Forest management	4,636,054	10%	10%
4.8 - Electricity generation from bioenergy	733,577	2%	2%
4.20 - Cogeneration of heat/cool and power from bioenergy	2,537,675	5%	5%
5.1. Construction, extension and operation of water collection, treatment and supply systems	175,700	—%	—%
5.3. Construction, extension and operation of waste water collection and treatment	702,383	1%	1%
Sub-total eligible activities (A)	8,785,389	18%	18%
B. Ineligible activities
OpEx of ineligible activities (B)	39,008,149	82%	82%
Total consolidated OpEx (A+B)	47,793,538	100%	100%

8.4 Stock Exchange Evolution

(Note: PSI was regarded as an index with an initial value identical to that of the security under analysis in order to enable a better comparison between share prices)

Altri's share price closed the year of 2022 at 5.005 Euro per share. Market capitalisation at the end of 2022 was about 1,027 million Euro.

During the year 2022, Altri's shares were traded at a maximum price of 6.845 Euro per share and at a minimum of 4.842 Euro per share. In total, approximately 284.9 million Altri shares were traded in that period, corresponding to 138.9% of the issued capital.

The main events that marked the evolution of the Group's shares in 2022 can be chronologically described as follows:

• As of 17 March 2022, the Group announced its financial performance for the year 2021, reaching a consolidated net profit of continued operations of 123.7 million Euro. Total revenue amounted to 793.4 million Euro. Consolidated EBITDA amounted to 227.7 million Euro. On that date, shares closed at 5.965 Euro per share;
• In the announcement made on 3 May 2022, under the conditions presented in the respective proposal, Altri informed the market that the dividends for the year 2021 would be paid from 25 May. On 25 May 2022 a cash dividend of 0.24 Euro per share was distributed and the financial investment in Greenvolt was also distributed to shareholders in the form of a dividend in kind. The delivery of shares to shareholders took place on the same date, and the Altri Group became the direct and indirect holder of 19.08% of Greenvolt. As a result of this distribution, Altri Group lost control over this subsidiary;
• Through the announcement made on 26 May 2022, the Group released the results for the first quarter of 2022. In that period, total consolidated revenue amounted to 249.2 million Euro, EBITDA reached 61.0 million Euro, while the consolidated net profit of continued operations reached 29.8 million Euro;
• On 10 June 2022, Altri Group made public the offer to sell subscription rights of Greenvolt shares, in the context of the capital increase announced by Greenvolt. The Altri Group decided not to participate in this capital increase, but considered that Altri's shareholders should be given the opportunity to do so directly. After the successful sale of the rights and after the capital increase operation that was concluded during July, Altri Group became the holder of a 16.64% participation in Greenvolt;
• As of 28 July 2022, Altri announced to the market its results for the first half of 2022, reaching total revenues of 521.7 million Euro, EBITDA of 130.8 million Euro and a consolidated net profit of continued operations of 69.6 million Euro;

• As of 24 November 2022, the results for the third quarter were released. During the first nine months of the year, the Group recorded total revenues of 805.9 million Euro, EBITDA reached 223.4 million Euro and the consolidated net profit of continued operations was 117.4 million Euro.

9. + Future

The global pulp market is currently in a normalisation process, after the last three more atypical years. Europe, showing a quite strong performance in 2022, showed some slowdown towards the end of the year and in early 2023, namely in the more cyclical end-use segments like Décor (construction) and P&W. We believe that the main reasons may be some economic slowdown and the destocking effect along the value chain of the pulp and paper industry with the normalization of global logistics. The demand in the Tissue segment, as end-use, maintains positive and solid levels of demand. China, after successive and prolonged periods of confinement, has eased restrictive measures during the last quarter of 2022. We believe that the reopening of the Chinese economy could have a relevant impact on global pulp demand starting in 2Q23. Hardwood pulp price (BHKP) in Europe maintained the level of US\$1,380 during January having corrected to levels close to US\$1,300/ton in early March 2023.

In terms of supply, and with further normalisation of global logistics, we believe that many of the global supply constraints of recent years, are overcome. As such, and following the decision of China's economic reopening towards the end of 2022, a positive reaction from the Chinese market can be expected, and may contribute to absorb much of the capacity of the new projects based in Latin America, whose production may start to reach the market during the second half of 2023.

After an extremely challenging 2022 trying to minimize the effect of a generalized inflation of variable costs, we started to see some price stabilization during 4Q22 and the beginning of 2023. The main drivers of this relevant increase in production cost per ton during 2022 were the evolution of natural gas and electricity prices, the price of chemicals and the cost of wood, the latter being partially related to the higher level of imports and evolution of the US\$. Additionally, in order to strengthen the energetic competitiveness of the Altri Group, we expect that the project initiated in 2022 for the installation of additional electricity generation capacity, through photovoltaic plants at the three pulp mills of Altri, will start operations in the coming months.

In what concerns the Gama Project, in Galicia, the Altri Group continues to work with the goal of announcing the final investment decision. The Group continues to make progress on the main pillars for the decision making, namely the environmental impact study, engineering design, economic feasibility, financing structure and access to funds of the European Union. It is to be reminded that the Gama project stems from a Memorandum of Understanding (MoU) signed with Impulsa, a publicprivate consortium from the Autonomous Community of Galicia, to study exclusively the construction

of a greenfield industrial plant from scratch, with an annual production capacity of 200,000 tons of soluble pulp and sustainable textile fibers.

In terms of stoppages for maintenance during 2023, the schedule is as follows:

• Celbi: March 2023
• Caima: September 2023
• Biotek: October 2023

We refer to the considerations disclosed in Note 46. Subsequent events in the notes to the Consolidated Financial Statements.

Proposal of the Board of Directors for the appropriation of Individual Net Profit

Altri, SGPS, S.A., as the Group's holding, recorded in its separate accounts, as of 31 December 2022, prepared in accordance with the principles of recognition and measurement of the International Financial Reporting Standards as adopted by the European Union, a net profit of 487,073,688 Euro. The Board of Directors proposes to the Shareholders' General Meeting, under the terms and legal applications, the following distribution:

Coverage of negative reserves	240,827,992 Euro
Dividends	51,282,918 Euro
Free reserves	194,962,778 Euro

The Board of Directors proposed to the General Meeting in its annual report the distribution, under conditions that the respective proposal will present, of a cash dividend corresponding to 25 cents per share. The same proposal will also include the distribution of a dividend in kind, consisting of a maximum number of 23,154,783 shares representing the share capital and voting rights of Greenvolt. If in this scenario of joint distribution, i.e. in cash and in kind (the latter, as referred to in Note 7 of the Notes to the consolidated financial statements) the amount to be distributed exceeds the amount of distributable funds, the portion of the dividend in cash will be reduced by the amount corresponding to the excess, rounded down (to a minimum of 0.01 Euros per share).

The Altri Group Integrated Report presents a comprehensive and integrated vision of its performance and impacts on the various economic, social and environmental aspects, its alignment with the United Nations Sustainable Development Goals and the Group's value creation strategy, being prepared in accordance with the applicable legal requirements. The report shall have an annual periodicity.

This Report, whose reporting period is between January 1, 2022 and December 31, 2022, represents a fair, balanced and clear assessment of the business model, strategy, and future perspectives on the materially relevant financial, economic, social, environmental and corporate governance matters.

• Reporting frameworks

This report has been prepared in accordance with the Global Reporting Initiative (GRI) version 2021 standards.

It follows the IFRS Foundation's Integrated Reporting Framework (IR) Integrated Reporting Framework, which demonstrates a value creation approach aligned with the six capitals: financial, human, social, industrial, intellectual and natural. It is the first year of reporting according to this framework, given that the Altri Group always aims to improve its reporting methodology, with a clear, concise and transparent representation of how the company creates and sustains long-term value.

Altri also follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

• External verification

The external verification of the information contained in this report was subject to external verification by PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficial de Contas, Lda (PwC SROC), which issued an independent, limited assurance report, which can be found in the attachment.

• Single Management Report

In compliance with the applicable legal and statutory provisions, Altri presents the Annual Report and Accounts for the year 2022, and, in accordance with paragraph 6 of art. 508 - C of the Portuguese Companies Act, has chosen to present a Single Management Report, which, in compliance with all

applicable legal requirements, will allow a complete practical and integrated analysis of the information provided therein. The Management Report is included in the Integrated Report.

• Non-financial information

As mandatory by Directive 2014/95/EU of the European Parliament and of the Council, transposed for national law by Decree-Law No. 89/2017 of 28 July, the Group must provide information on nonfinancial matters. Such information should be sufficient for an understanding of the evolution, performance, position and impact of their activities, referring, at least, to environmental, social and employee issues, equality between women and men, non-discrimination, respect for human rights, combating corruption and attempts of bribery.

The non-financial information provided for in Decree-Law No. 89/2017 referring to the period 2022 is included in this report, and is included in Annex E. Table of Correspondence with the requirements of Decree Law No. 89/2017.

• EU Taxonomy Regulation

This report is also prepared in accordance with the legal requirements set out in the EU Taxonomy Regulation, namely the dissemination of specific key performance indicators on the eligibility and alignment of environmental activities.

Closing remarks

Altri concludes this report thanking the various stakeholders of the Group for the trust in the organization, and stating that it counts on them daily to renew its commitment to excellence. Altri also expresses a grateful thanking to all its employees for the enormous dedication and commitment that build the Group every day.

Annexes to the Integrated Report

A. Legal Matters	99
B. Activity developed by the Non-Executive members of the Board of Directors	101
C. Statement pursuant to paragraph 1 (c) of article 29 G of the Portuguese Securities Code	102
D. Statement of Responsibility	102
E. Disclosure of Non-Financial Information (DNFI): Correspondence Table	103
F. Methodological Notes - Carbon Footprint 2022	107
G. Task Force on Climate-Related Financial Disclosure (TCFD)	109
H. Following Act4Nature	117
I. GRI Table	120
J. Transactions of Directors	147
K. Taxonomy	171
L. Glossary	183
M. Independent Limited Reliability Assurance Report	187

A. Legal Matters

Treasury shares

Under the terms and for the purposes of the provisions of Article 66, paragraph 5, d) of the Portuguese Companies Act, it is reported that as of 31 December 2022, Altri did not hold any of its own shares, nor did it acquire or sell any of its own shares during the year.

Shares held by Altri's governing bodies

Pursuant and for the purposes of Article 447 of the Portuguese Companies Act, we hereby inform that, on 31 December 2022, Altri's directors held the following shares:

Ana Rebelo de Carvalho Menéres de Mendonça (a)	38,295,053
João Manuel Matos Borges de Oliveira (b)	31,000,000
Paulo Jorge dos Santos Fernandes (c)	26,346,874
Domingos José Vieira de Matos (d)	26,669,010
José Armindo Farinha Soares de Pina (e)	84,631
Paula Simões de Figueiredo Pimentel Freixo	4,500

(a) The 38,295,053 shares correspond to the total of Altri, SGPS, S.A. shares held by the company PROMENDO INVESTIMENTOS, S.A., of which director Ana Rebelo de Carvalho Menéres de Mendonça is director and majority shareholder.

(b) The 31,000,000 shares correspond to the total of Altri, SGPS, S.A. shares held by the company CADERNO AZUL, S.A., of which director João Manuel Matos Borges de Oliveira is director and majority shareholder.

(c) The 26,346,874 shares correspond to the total of Altri, SGPS, S.A. shares held by the company ACTIUM CAPITAL, S.A., of which the director Paulo Jorge dos Santos Fernandes is director and majority shareholder.

(d) The 26,669,010 shares correspond to the total of Altri, SGPS, S.A. shares held by the company LIVREFLUXO, S.A., of which director Domingos José Vieira de Matos is director and majority shareholder.

(e) The 84,631 shares correspond to the total shares in Altri, SGPS, S.A. attributable to José Armindo Farinha Soares de Pina by virtue of his matrimonial regime.

On 31 December 2022, the Statutory Auditor, the members of the Statutory Audit Board and the Board of the Shareholders' General Meeting did not hold shares representing the share capital of Altri.

Qualifying Holdings

On 31 December 2022 and according to the notifications received by the Company, under the terms and for the purposes of Articles 16, 20 and 29-R of the Portuguese Securities Code, it is reported that the companies and/or individuals who have a qualified social participation exceeding 5%, 10%, 15%, 20%, 25%, 33%, 50%, 66% and 90% of the voting rights, are as follows:

1 Thing, Investments, S.A.	No. of shares held on 31-Dec-2022	% Share capital with voting rights
Directly (a)	20,541,284	10.01%
Total attributable	20,541,284	10.01%

(a) The 20,541,284 shares represent Altri, SGPS, S.A. total shares held directly by 1 Thing, Investments, S.A., whose board of directors includes Altri's director Pedro Miguel Matos Borges de Oliveira

Paulo Jorge dos Santos Fernandes	No. of shares held on 31-Dec-2022	% Share capital with voting rights
Through Actium Capital, S.A. (of which he is dominant shareholder and director)	26,346,874	12.84%
Total attributable	26,346,874	12.84%

Domingos José Vieira de Matos	No. of shares held on 31-Dec-2022	% Share capital with voting rights
Through Livrefluxo, S.A. (of which he is dominant shareholder and director)	26,669,010	13.00%
Total attributable	26,669,010	13.00%

João Manuel Matos Borges de Oliveira	No. of shares held on 31-Dec-2022	% Share capital with voting rights
Through Caderno Azul, S.A. (of which he is dominant shareholder and director)	31,000,000	15.11%
Total attributable	31,000,000	15.11%

Promendo Investimentos, S.A.	No. of shares held on 31-Dec-2022	% Share capital with voting rights
Directly (a)	38,295,053	18.67%
Through its director José Manuel de Almeida Archer	11,500	0.01%
Total attributable	38,306,553	18.68%

(a) The 38,295,053 shares represent Altri, SGPS, S.A. total shares held by Promendo Investimentos, S.A. that are considered equally attributable to Ana Rebelo de Carvalho Menéres de Mendonça, director and dominant shareholder of Promendo Investimentos, S.A. and director of Altri, SGPS, S.A.

Altri was not informed of any holdings exceeding 20% of the voting rights.

B. Activity developed by the Non-Executive members of the Board of Directors

In 2022, all non-executive directors regularly and effectively performed their duties of monitoring and following-up on the activity carried out by the executive members.

This monitoring took place not only through their regular and assiduous participation in the meetings of the Board of Directors, but also through the participation of some of these non-executive members in the specialized committees existing within the Board, such as the Strategic and Operational Monitoring Committee, the Ethics Committee and the Sustainability Committee, committees which regularly report their activities to the Board of Directors.

Where necessary, the non-executive directors maintained close and direct contact with the Group's operational and financial managers, in a perfect articulation that promotes an enlightened and informed environment.

In the 2022 financial year, and within the scope of the meetings of the Board of Directors, the executive directors always reported on the development of their activity and provided all the information that was requested by the other members of the Board of Directors.

C. Statement pursuant to paragraph 1 (c) of article 29 G of the Portuguese Securities Code

The signatories individually declare that, to the best of their knowledge, the Integrated Report, the Separate and Consolidated Financial Statements and other accounting documents required by law or regulation were prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS-EU"), presenting a true and fair view of the assets and liabilities, the financial position and the consolidated and separate results of Altri, SGPS, S.A. and of the companies included in the consolidation perimeter and that the Integrated Report faithfully describes the business evolution, performance and financial position of Altri, SGPS, S.A. and of its subsidiaries included in the consolidation perimeter, contains a description of the major risks and uncertainties that they face.

D. Statement of Responsibility

The members of the Board of Directors of Altri, SGPS, S.A. declare that they take responsibility for this information and ensure that the information contained therein is true and that there are no omissions known to them.

Pursuant to Article 210 of the Social Security Welfare Contributions Code (approved by Law no. 110/2009, of 16 September), we inform you that there are no overdue debts to the State, namely to Social Security.

E. Disclosure of Non-Financial Information (DNFI): Correspondence Table

This table allows the correspondence between the elements required in the report model for the disclosure of non-financial information, recommended by CMVM (Securities Market Commission), and the contents of Altri Group Integrated Report 2022 (RI22). This model, applicable to companies issuing securities admitted to trading on a regulated market, results from the convocation of the applicable legal regime.

Chapters	Subchapters	Content correspondence
PART I – INFORMATION ON THE POLICIES ADOPTED
A.Introduction	1. Description of the general policy of the Company on the issues of sustainability, with the indication of any changes in relation to the previously approved.	RI22 > 3. + Leadership > 3.1 Governance Structure
	2. Description of the methodology and the reasons for its adoption in the reporting of non-financial information, as well as any changes that have occurred in relation to previous years, and the reasons that motivated them.	RI22 > 11. About the report
B. Business model	1. Overview of the business model and organizational structure of the Company/Group, indicating main business areas and markets in which it operates (if possible, using organizational charts, graphs or functional tables).	RI22 > 1. 1.3 This is Altri
C. Main risk factors	1. Identification of the main risks associated with the reporting matters, and arising from the activities, products, services, or business relations of the Company, including, where appropriate and where possible, supply chains and subcontracting.	RI22 > 2. 2.2 Risks and Opportunities RI22 > 3. + Leadership > 3.1 Governance Structure
	2. Indication of how these risks are identified and managed by the Company.
	3. Explanation of the internal functional division of competencies, including the governing bodies, commissions, committees, or departments responsible for identifying and managing/monitoring risks.	RI22 > Attachments to the Integrated Report > G. Task Force on Climate-Related Financial Disclosure (TCFD)
	4. Explicit indication of the new risks identified by the Company against the reported in previous years, as well as the risks that ceased to be as such.
	5. Indication and a brief description of the main opportunities that are identified by the Company in the context of the reporting matters.
D. Implemented policies

Chapters	Subchapters	Content correspondence
	1. Description of the strategic objectives of the Company and the main actions to be undertaken to achieve them.	RI22 > 2. + Value > 2.1 Create Value (2030 Commitment) RI22 > 5. + Forest
	2. Description of the main defined performance indicators.	RI22 > 6. + Environment RI22 > 2. + Value > 2.1 Create Value (2030 Commitment) GRI 301, 302, 303, 304, 305 and 306
	3. Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to:
I.Environmental policies	i. Sustainable use of resources	RI22 > 5. 5.1 Forest management and biodiversity protection RI22 > 6. + Environment > 6.2 Energy efficiency
		RI22 > 6. + Environment > 6.3 Water management RI22 > Annexes to the Integrated Report > I. Table GRI > 302 and 303
		RI22 > 6. 6.1 Climate change and greenhouse gas emissions
	II. Pollution and climate change	RI22 > Annexes to the Integrated Report > I. GRI table > 305 RI22 > Annexes to the Integrated Report > G. Task Force on Climate-Related Financial Disclosure (TCFD)
	iii. Circular economy and waste management	RI22 > 6. + Environment > 6.4 Waste Management RI22 > Annexes to the Integrated Report > I. GRI table > 306
	iv. Protection of biodiversity	RI22 > 5. + Forest > 5.1 Forest management and biodiversity protection RI22 > Annexes to the Integrated Report > I. GRI table > 304
	1. Description of the strategic objectives of the Company and of the main actions to be taken to achieve them.	RI22 > 2. + Value > 2.1 Create Value (2030 Commitment) RI22 > 4. + People
	2. Description of the main defined performance indicators.	RI22 > 2. + Value > 2.1 Create Value (2030 Commitment)
		GRI 204, 401, 402, 403, 404, 405, 406, 407, 408, 409 and 413 3. Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to:
II. Social and Fiscal Policies	i. Company commitment to the community	RI22 > 2. + Value > 2.3 Share Value RI22 > 4. + People > 4.4 Community RI22 > Annexes to the Integrated Report > I. GRI table > 413 Participation in the Communities Policy
	ii. Subcontracting and suppliers	RI22 > 2. + Value > 2.3 Share Value > 2.3.1 suppliers RI22 > Annexes to the Integrated Report > I. GRI table > 204 Code of Conduct for Forest Service Providers
	iii. Consumers	RI22 > 2. + Value > 2.3 Share Value
	iv. Responsible investment	Not applicable
	v. Stakeholders vi. Tax information	RI22 > 2. + Value > 2.3 Share Value RI22 > 2. + Value > 2.3 Share Value > 2.3.2 Tax Strategy
		RI22 > Annexes to the Integrated Report > I. GRI table > 207

Chapters	Subchapters	Content correspondence
	1. Description of the strategic objectives of the Company and the main actions to be undertaken to	RI22 > 2. + Value > 2.1 Create Value (2030 Commitment)
	achieve them 2. Description of the main defined performance indicators	RI22 > 4. + People RI22 > 2. + Value > 2.1 Create Value (2030 Commitment)
		GRI 2-7, 2-8, 401, 402, 403, 404, 405, 406 and 407
	i. Employment	3. Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to: RI22 > Annexes to the Integrated Report > I. Table GRI > 2-7,
III. employees and gender equality, and non-discrimination	ii. Organization of work	2-8, 2-19, 2-20, 405 RI22 > 4. + People
	iii. Health and Safety	RI22 > 4. + People > 4.2 Health, safety, and well-being of employees
		RI22 > Annexes to the Integrated Report > I. GRI table > 403
	iv. Social relations	RI22 > Annexes to the Integrated Report > I. GRI table > 2-30 RI22 > 4. + People > 4.3 Skills development
	v. Training
		RI22 > Annexes to the Integrated Report > I. GRI table > 404 RI22 > 4. + People > 4.1 Human Rights
	vi. Equality	RI22 > Annexes to the Integrated Report > I. GRI table > 405
	1. Description of the strategic objectives of the Company and of the main actions to be taken to	RI22 > 2. + Value > 2.1 Create Value (2030 Commitment) RI22 > 3. + Leadership
	achieve them.	RI22 > 4. + People > 4.1 Human Rights
	2. Description of the main defined performance	RI22 > 2. + Value > 2.1 Create Value (2030 Commitment)
iv. Human Rights	indicators.	GRI 2-7, 2-8, 401, 402, 403, 404, 405, 406 and 407
		3. Indication, in relation to the previous year, of the degree of achievement of those objectives, at least by reference to:
		RI22 > 2. + Value > 2.3 Share Value > 2.3.1 suppliers
	i. Due diligence procedures	RI22 > 3 Leadership > 3.2 Ethics
		RI22 > 4. + People > 4.1 Human Rights
		RI22 > Annexes to the Integrated Report > I. Table GRI > 405, 406, 407 and 408
	ii. Risk prevention measures
	iii. Legal proceedings	Human Rights Policy
v. Fighting corruption and bribery attempts	1. Prevention of corruption: Measures and instruments adopted for the prevention of corruption and bribery; Policies implemented to deter these practices from employees and suppliers; Information on the compliance system indicating the respective functional supervisors, if any; Indication of legal proceedings involving the Company, its administrators or employees related to corruption or bribery; Measures adopted in the public procurement, if relevant.	RI22 > 2. + Value > 2.3 Share Value > 2.3.1 Suppliers RI22 > 3 Leadership > 3.2 Ethics
	2. Prevention of money laundering (for issuers subject to this regime): Measures to combat money laundering; Indication of the number of cases reported annually.	RI22 > Annexes to the Integrated Report > I. GRI table > 205 Code of ethics
	3. Codes of ethics: Indication of possible code of ethics to which the Company has adhered or implemented; indication of the respective mechanisms of implementation and monitoring compliance with it, if applicable.	Prevention and Fight against Money Laundering and Terrorist Financing Code of Conduct on Corruption Prevention and Related Offenses
	4. Conflict of interest management: Measures to manage and monitor conflicts of interest, in particular the requirement to subscribe to declarations of interests, incompatibilities and impediments by managers and employees

Chapters	Subchapters	Content correspondence
	PART II - INFORMATION ON THE STANDARDS / GUIDELINES FOLLOWED
1. Identification of standards/ guidelines followed in reporting non financial information	Identification of the standards/guidelines followed in the preparation of non-financial information, including the respective options, as well as other principles considered in the performance of the Company, if applicable. In the event that the Company refers to the Sustainable Development Goals (SDGs) of the United Nations 2030 Agenda, it includes identification of those for whom the Company commits to contribute, with an indication of the measures taken, each year, In the sense of pursuing the purposes outlined in relation to each of these SDGs. That means, identify concrete actions, projects or investments aimed at the fulfillment of this SDGs.	RI22 > 2. + Value > 2.1 Create Value > Commitment 2030 RI22 > 11. About the report
2. Identification of the scope and methodology for calculating indicators	Description of the scope and methodology of calculation (including the calculation formula) of the indicators presented, as well as the limitations of such reporting.
3. Explanation in case of non application of policies	If the Company does not apply policies on one or more issues, the reporting of non-financial information provides an explanation for this.	Not applicable
4. Outras informações	Additional elements or information which are not found in the previous paragraphs, and are relevant to the understanding, framework and justification of the relevance of non-financial information disclosed, namely networks/consortia of entities related to sustainability and responsibility issues of the organizations it integrates/belongs to, whether at national or international level, and sustainability commitments that the Company voluntarily took on, locally or globally.	RI22 and Annexes

F. Methodologicas Notes - Carbon Footprint 2022

For the calculation of Altri's carbon footprint, we included the industrial units Celbi, Biotek, and Caima, ALTRI Florestal, ALTRI Abastecimento de Madeira, and ALTRI SGPS. In 2022, greenhouse gas (GHG) emissions accounting was carried out according to the GHG Protocol, an initiative of the World Resources Institute and the World Business Council for Sustainable Development. The GHG Protocol standards are currently the most widely used internationally for the accounting of greenhouse gas emissions by organizations from all sectors of activity, being adopted by more than 90% of Fortune 500 companies.

As the GHG Protocol is missing specific guidelines on quantification of biological carbon sequestration, the accounting of carbon removals and losses, including the calculation of the respective reservoir in forest areas managed by ALTRI Florestal, used a methodology adapted from the National Emission Inventory (National Inventory Report - NIR), published annually by the Portuguese Environment Agency, according to the IPCC Guidelines for National Greenhouse Gas Inventories (2006) - Volume 4 - Agriculture, Forestry and Other Land Use.

The 2022 carbon footprint reporting is aligned with the GHG Protocol, according to the three reporting scopes. Other emissions, such as forest carbon stock, emissions avoided by the sale of electricity, and biogenic emissions, are reported independently.

The following areas were considered:

Scope 1: Refers to direct greenhouse gas (GHG) emissions from operations by sources owned or controlled by Altri. It includes emissions in the field of fuels (own fleet), fuels (installations), fertilizer and corrective applications, fuels (machinery), EU-ETS emissions (combustion and process), fuels out of EU-ETS, biofuels (CH4 and N2O), f-gas leaks and internal waste treatment.

Scope 2: Relating to GHG emissions associated with the production of electricity acquired by Altri. These emissions were calculated according to market-based and location-based methodologies.

Scope 3: Refers to other indirect GHG emissions associated with the Altri value chain. The categories calculated in this scope are:

C1. Purchase of goods and services - including the purchase of chemicals, external biomass, fertilizers, and phytopharmaceuticals.

C3. Activities related to fuels and energy not included in scopes 1 and 2 – calculated on the basis of activity data present in scopes 1 and 2, such as emissions associated with extraction, refining and transport of fuels, and losses in the network;

C4. Upstream transportation - transportation of wood and chemicals

C5. Waste generated from operations (including transport) – includes waste generated in pulp mills;

C9. Upstream and downstream transportation - transportation of product; C10. Processing of the product sold.

.

Other emissions:

• Forest Carbon Reservoir: Under Altri Florestal, carbon stock in the forest under its management was calculated.
• Avoided emissions: The methodology for calculating avoided emissions has been revised. For this purpose, electrical energy injected into the network by pulp mills was considered (only surplus plants in electrical power were considered in this calculation).
• Biogenic emissions: The biogenic emissions associated with the consumption of non-fossil fuels in pulp mills have been calculated. The main non-fossil fuels are black liquor and biomass.

Exclusions: Other categories of scope 3 were considered not relevant or not applicable to Altri's activity.

G. Task Force on Climate-Related Financial Disclosure (TCFD)

According to the World Economic Forum, climate change represents the highest risk (severity) globally over the next 10 years. As Earth's temperature increases, extreme weather events are increasingly common, disrupting natural ecosystems and human health, causing economic losses to businesses, threatening their assets and infrastructure.

In this context, and in line with various international initiatives (ODS, Paris Agreement, European Green Deal, among others), there is a growing need for the investor community to analyze business resilience against climate risks and opportunities, requiring clear financial information markets, comprehensive and accurate on the impacts of climate change on business performance. In this sense, and in order to promote the dissemination of comparable and quality information, the Financial Stability Board (FSB) created the Task Force on Climate-related Financial Disclosure (TCFD) to improve and increase the disclosure of climate-related financial information. TCFD, in its working context, has published a set of recommendations for reporting financial information, related to climate risks and opportunities, centered on four key areas: Governance; Strategy; Risk Management; and Metrics and Goals.

The increase in reporting quality, through alignment with TCFD recommendations, allows a better assessment of companies' exposure to climate risks in the short, medium and long term, leading to a more informed decision-making about where and when investors should allocate capital.

ALTRI'S JOURNEY

Given the current context, and with climate change and GHG emissions being one of our material themes, we have the concern and ambition to align the report with the recommendations of TCFD. In this sense, we identified opportunities for improvement on an ongoing basis to provide the best possible response to the expectations of the capital market and the different stakeholders. This is a logical step for us, continuing the Group's effort and ambition to contribute to climate change mitigation, in line with 2030 Commitment.

Taking into account the best management and reporting practices, and in view of the genesis and culture of the Group, Altri regularly monitors climate risks and opportunities, reporting relevant information in accordance with TCFD recommendations in CDP - Climate change, having obtained the result 'Leadership (A-)' in 2022. In addition, this report also aims to respond to the recommendations of the TCFD, presenting information related to the four key areas mentioned. Some relevant points are the governance model for climate change, the impacts associated with climate risks and opportunities, how climate risks and opportunities are identified, evaluated and managed, and various relevant metrics and targets to assess and manage climate risks and opportunities. A table of correspondence between the recommendations of TCFD and the communication channel where we report the most detailed information for this purpose is also attached.

The evaluation and reporting exercise is dynamic and is continually reviewed to ensure that our management and reporting practices are aligned with the needs of the capital market and appropriate to the business context in which the Group fits.

GOVERNANCE

Sustainability at Altri takes into account environmental, social and governance aspects in all operations. Our concern and effort are clear - to contribute to sustainable development and to base strategic priorities on objectives of continuous improvement, innovation and sustainability. To this end, the Board of Directors (BoD) delegates to the Executive Board (EB) the responsibility to ensure the management of sustainability and climate change, with the support of the Sustainability Committee and the Sustainability Management.

In 2021, Altri created the Sustainability Committee (SC), whose main objective is to support the BoD in defining and monitoring the sustainability strategy, in line with the '2030 Commitment', integrating the climate change theme (e.g. assessing and managing risks and opportunities of climate change; Propose greenhouse gas emission reduction (GHG) targets and initiatives; Review strategies, targets and budgets; And monitor performance; among others). SC meets at least every three months and reports directly to the BoD.

The Sustainability Committee has the support of the Sustainability Directorate and the Sustainability Working Group, which leads the daily and operational work, in alignment with other relevant areas of the Group, with direct responsibility in the implementation and daily management of the themes of sustainability and climate change (e.g. Operational, Legal, Human Resources, Procurement and Logistics, Forest and Wood Supply, Financial, Investor and Commercial Relations). In addition, the Sustainability Directorate, by the figure of the Director for Sustainability-related issues, reports directly and weekly to the Executive Committee.

STRATEGY

In line with the vision and strategy, Altri aims to be a reference company in the production of eucalyptus cellulosic fibers, based on sustainable forest management. In order to achieve this ambition, Altri has defined as objectives the implementation of processes for continuous improvement of environmental performance, namely, the reduction of the ecological footprint, the increase in operational efficiency in industrial units, the increase in productivity and the promotion of a sustainable forest management. Based on this vision, and with climate change being a material theme, the Altri Group monitors the risks and opportunities associated with climate change, identifying transient risks (e.g. political/legal, reputational, among others), physical risks (e.g. acute) and climate opportunities (e.g. new products and services, resource efficiency, among others).

Type of risk	Description and impact of the risk	Altri Reply
Transition – Political and Legal Existing and emerging regulation/price increase of GHG emissions	Altri's plants (Biotek, Caima and Celbi) are covered by the European Emissions Trading System (CELE, EU-ETS). With the transition from Stage III to Stage IV of the EU-ETS (2021-2030), the allocation of free licenses will be reduced, so it may be necessary to acquire CO2 allowances if the plants do not follow the energy transition and defined European objectives. This may have a relevant financial impact, mainly with the increase in the price of CO2e.	. Within the framework of the '2030 Commitment', we have established several GHG reduction targets, namely: Consume 100% of primary renewable energy and reduce specific GHG emissions of scope 1 and 2 by 51%, both contributing to the approved Science Based Target (SBT) to reduce scope 1 and 2 emissions by 51% and scope 3 by 25%. . Annual implementation of various energy efficiency and GHG emission reduction initiatives. . ISO 50001 certification of the industrial units Biotek, Caima and Celbi. . Caima Go Green Project: Future investment of €40m in Caima to make carbon neutral operations (biomass versus fossil fuels). The boiler project was approved in 2021 and is expected to be operational by the end of 2023. . Installation of 3 units of photovoltaic solar panels in the roofs of warehouses in industrial units.
Transition – Reputational Stigmatization of the industry/changes in consumer preferences	The issue of climate change has been of great importance in recent years and, above all, since the European Parliament declared the climate and environmental emergency and promoted several relevant commitments (e.g. Commitment 1.5oC, Fit for 55, Green deal, EU Taxonomy). In this sense, most stakeholders are more attentive to climate-related issues, requiring new low carbon solutions and products.	Future investment in an industrial unit (Spain), with annual production capacity of 200 thousand tons of dissolving pulp and sustainable fibers, contributing to the strengthening of the circular economy and decarbonization of the textile sector. Development of the Fiber4Fiber project, which aims to develop dissolving pulps for the production of cellulosic-based fibers such as viscose and lyocell, allowing to distinguish products with renewable origin. Altri defines several criteria and procedures to minimize environmental impacts, for example the policy of supplying wood and conservation areas and biospots. The forests managed by Altri have more than 8,1 million tons of CO2 stock in live biomass.
Physical – Acute Increase in frequency and severity of extreme weather events	Increasing the frequency and intensity of extreme weather events (e.g. storms, floods, droughts, high temperatures and/or fires) can have a negative impact on the stability of the wood supply, which is the main raw material in the production process. The wood comes from Altri's own forests and the rest is acquired mainly from suppliers of the Iberian Peninsula and a small fraction of certified sources in South America. On the other hand, longer periods of drought and high temperatures increase the risk of forest fires, putting our forest assets in Portugal at risk, compromising the value of biological assets.	The implementation of an innovative wood cooking technology (fine grain material digester) improved the efficiency of raw material use, increasing production capacity (2,5%) and reducing the specific consumption of wood and waste. . Active member of AFOCELCA (group of companies for forest fire monitoring and fighting). 2,9 M€ invested in preventive forestry and 3,8 M€ in AFOCELCA forest fire detection and fire fighting devices. . Definition of a strategy for combating forest fires, based on four technical criteria: Arrival times; Initial mass attack (single blow); Material damage; Potential hazard. . Reforestation of 2.000 ha according to best practices and involvement of more than 300 people in preventing, monitoring, and fighting rural fires. . Investment in the Viveiros do Furadouro, with an annual production capacity of about 7 million plants for planting in the forests and/or selling to customers. . Membership of act4nature Portugal, publicly committing ourselves to protect, promote and restore biodiversity.

CLIMATE-RELATED RISKS

CLIMATE-RELATED OPPORTUNITIES

Opportunity Type	Description and impact of the opportunity	Altri Reply
Products and services Development and expansion of low carbon products/services	Our value chain is mainly based on the use of renewable resources, e.g. biomass products. European climate and energy regulations, the EU-ETS and the Renewable Energy Directive (RED), emphasize the production of renewable energy, including biomass. On the other hand, the European Commission's Bioeconomy Strategy (updated in 2018 in line with the SDGs and the Paris Agreement) also supports the development of biomass-based industries and the partial replacement of non-renewable products by more sustainable and biological-based alternatives. Bioeconomy is expected to play an important role in the low-carbon economy in the coming years. The establishment of favorable agreements within these schemes in relation to incentives for the use of renewable raw materials solutions, the use of biomass and the production of other carbon free energy can be competitive advantages for us and industry.	. Use of biomass, either through black liquor (by-product of the pulp production process and in turn renewable fuel) and/or through residual forest biomass in the electricity production process. The electricity produced by our industrial units is sufficient to meet the needs of the mills, and energy self sufficiency is guaranteed. . Future investment in an industrial unit in Spain, capable of producing 200 thousand tons of dissolving pulp and renewable fibers annually, contributing to the strengthening of the circular economy and decarbonization of the textile sector. . Development of the Fiber4Fiber project, which aims to optimize dissolving pulp for the production of cellulosic-based textile fibers, such as viscose and lyocell, allowing to distinguish products with renewable origin.
Source of Energy Participation in carbon markets	Since the EU-ETS phase 3, the number of licenses has been reduced, pushing different industries to accelerate the path of energy transition. In addition, in line with the decarbonization of the economy and the Paris Agreement, Phase 4 (2021-2030) is stricter in terms of allocation of allowances, reducing free allowances. The three Altri plants are covered by the EU-ETS, and two of them, Biotek (in Vila Velha de Ródao) and Celbi (in Leirosa) receive free CO2e allocation licenses. However, despite the reductions in licenses during EU-ETS phase 3, the emission reduction measures implemented have allowed Altri to have an excess of portfolio allowances, which can be marketed on a high market, considering that we will continue to invest in energy efficiency measures and programs, in investing in renewable energy, in reducing GHG emissions and in low-carbon products and services.	. ISO 50001 certification of the industrial units Biotek, Caima and Celbi. . Annual implementation of various energy efficiency and GHG emission reduction initiatives. . Caima Go Green Project: future investment of €40M in Caima to make carbon neutral operations (biomass instead of fossil fuels).
Source of Energy Use of low emission energy sources	The use of 100% renewable energy sources represents an opportunity: To reduce our energy dependence on fossil fuels; To achieve carbon neutrality more quickly, in line with the Portuguese and European commitment (2050), and our strategy and '2030 Commitment'; And reduce the costs associated with energy consumption and CO2 emissions.	. Caima Go Green Project: future investment of €40M in Caima to make carbon neutral operations (biomass instead of fossil fuels). . Use of biomass from black liquor (by-product of the pulp production process and in turn renewable fuel) and residual forest biomass in the electricity production process. The electrical energy produced used to meet the needs of the plants. . Installation of 3 photovoltaic plants in the roofs of the installations of the industrial units.

RISK MANAGEMENT

For Altri, a substantive change (financial impact) can be described as the one that can directly affect us or its value chain: Financially, relevant changes in key financial KPIs (e.g. revenues), or strategically, as is the case of changes that make it impossible to pursue the strategic objectives of the company.

Risk management is carried out in a value-creation perspective, with a clear identification of threat situations that may affect business objectives. The Group's management, based on sustainability

criteria, is becoming increasingly crucial within the organization, and risk management is monitored in a holistic manner (including environmental and social components), with increasing acuteness.

METRICS AND TARGETS

Investors and other stakeholders require a deep understanding of how an organization measures and monitors its risks and opportunities, including those related to climate change. Access to the metrics and goals used by the organization allows stakeholders to better evaluate the potential risk-return relationship of the organization, the ability to meet financial obligations, the general exposure to climate impacts and progress in management, mitigation and adaptation to them.

The way Altri manages sustainability considers several interrelated metrics, aligned with the decarbonization of the economy and several goals, within the scope of the 2030 Commitment.

METRICS	TARGETS
Energy and climate • Specific energy consumption (GJ/ADT); • Specific emissions of GHG from scope 1, 2 and 3 (kg CO2e/ADT); • Avoided emissions (t CO2e); • Steam consumption (t/ADT); • Primary energy consumption of renewable origin in Altri plants (GJ); • Carbon sequestration (t CO2e).	Energy and climate • SBT: Reduce specific emissions of GHG from scope 1+2 (kg CO2and/ADT) by 51% by 2030. • SBT: Reduce specific emissions of GHG from scope 3 (kg CO2and/ADT) by 25% by 2030. • 100% of the primary energy consumed in the industrial units of Altri is of renewable origin by 2030.
Circular Economy • Renewable origin of raw materials used (%); • Recovery of by-products and waste (%).	Circular Economy • 100% of process waste recovered or reused.
Biodiversity • Wood consumption with forest management certification (%); • Area under natural conservation management (ha); • Number of biodiversity stations and biospots (no.).	Biodiversity • Increase by 40% the percentage of wood consumption with forest management certification by 2030 (act4nature). • Double the area under natural conservation management (ha) (act4nature). • Develop 13 biodiversity stations and biospots (no.) (act4nature).
Water and effluents • Organic load (COD, kg O2/ADT) in industrial effluents from Altri; Specific water use (m3 • /ADT) • Mapping of water use in water stress areas (%).	Water and effluents Reduce the specific use of water (m3 • /ADT) in Altri's industrial units by 50% up to 2030 (act4nature). Reduce the organic load (COD, kg O2 • /ADT) in Altri's industrial effluents by 60% by 2030.

NEXT STEPS

Altri has the ambition to strengthen the incorporation of climate issues into the Group's risk-craving structure and to consider them in all business processes and decisions. However, the identification and quantification of the impacts of climate change is an ongoing process of development. There is a commitment to continue to refine the approach of risk management and climate opportunities, and the Group is committed to continuous improvement in activities, aiming to develop new management practices regarding climate change, as well as improving the alignment of reporting with TCFD recommendations and other related benchmarks.

CORRESPONDENCE TABLE

Recognizing the value of sustainability reporting benchmarks, the following correspondence table demonstrates the relationship between this sustainability report and TCFD recommendations (2022 update).

CATEGORIA	RECOMENDAÇÃO DE REPORTE	LOCAL DE REPORTE
GOVERNANCE	a) Describe the supervision of the Board of Directors on climate-related risks and opportunities.	RI22 > 3. + Leadership > 3.1 Governance Structure. CDP – Climate change 2021 (C1.1a; C1.1b).
	b) Describe the role of management in the assessment and management of climate-related risks and opportunities.	RI22 > 3. + Leadership > 3.1 Governance Structure. CDP – Climate change 2021 (C1.2, C1.2a).
STRATEGY	a) Describe the risks and opportunities related to the climate identified by the Organization for the short, medium and long term.	RI22 > 2. + Value > 2.1 Create Value RI22 2. + Value > 2.2 Risks and opportunities CDP – Climate change 2021 (C2.1; C2.3; C2.3a; C2.4; C2.4a).
	b) Describe the impact of climate-related risks and opportunities on the organization's business, strategy and financial planning.	RI22 > 2. + Value > 2.1 Create Value RI22 2. + Value > 2.2 Risks and opportunities CDP – Climate change 2021 (C2.1; C2.3a; C2.4a; C3.1; C; C3.2a; C3.2b; C3.3; C3.4).
	c) Describe the resilience of the organization's strategy, taking into account the different climate-related scenarios, including scenario 2c or below.	CDP – Climate change 2021 (C4.1; C4.1a; C4.1b; C4.2; C4.2a; C4.2b).
RISK MANAGEMENT	a) Describe the organization's process for identifying and assessing climate-related risks.	RI22 2. + Value > 2.2 Risks and opportunities CDP – Climate change 2021 (C2.1a; C2.2; C2.2a).
	b) Descrever o processo da Organização para gerir os riscos relacionados com o clima.	RI22 2. + Valor > 2.2 Riscos e oportunidades. CDP – Climate Change 2021 (C2.2).
	c) Descrever como os processos de identificação, avaliação e gestão dos riscos da Organização, relacionados com o clima, são integrados na gestão de risco global.	RI22 2. + Valor > 2.2 Riscos e oportunidades. CDP – Climate Change 2021 (C2.2).
METRICS AND TARGETS	a) Disseminate the metrics used by the organization to assess climate-related risks and opportunities, in line with the risk management strategy and process.	RI22 2. + Value > 2.1 Create Value. CDP – Climate change 2021 (C4.2; C4.2a; C4.2b; C9.1). Altri website (our commitment; Environment)
	b) Disseminate GHG emissions (scope 1, 2 and 3) and associated risks.	RI22 > 6. + Environment > 6.1 Climate change and greenhouse gas emissions CDP – Climate change 2021 (C6.1; C6.3; C6.5; C6.5a).
	c) Describe the objectives used by the organization to manage climate-related risks and opportunities and assess its performance against objectives.	RI22 > 2. + Value > 2.1 Create Value (2030 Commitment) CDP – Climate change 2021 (C4.1; C4.1a; C4.1b; C4.2; C4.2a; C4.2b). Altri website (our commitment)

H. Following Act4Nature

SMART individual commitments	Monitoring indicators	2021	2022
Double the conservation area in 10 years	Conservation area (ha/year)	9140	10200
In 2030, in areas under forest management (own or leased area), Altri intends to achieve a network of conservation areas of about 16,000 ha while maintaining the entire structure of the company committed to this goal.	Conservation area (ha/ year/ habitat)	163	251
Producing and planting 1 million native plants in the Viveiros do Furadouro, Altri, intends to produce for reforestation projects, own and partners, about at least 1 million native plants in 10 years.	Area (ha) planted/ha	105	190
Partnerships will be established through collaboration protocols between Altri and other entities with the aim of supporting reforestation initiatives and ensuring their viability and maintenance.	No. planted plants/year	62674	152334
Expand the network of biodiversity stations and biospots Install 13 new biodiversity stations and integrated	No. of biodiversity stations	4	7
biospots in the areas under forest management of Altri.	No. biospots/year	2	3

SMART individual commitments Monitoring indicators ^{2021 2022}

No. of projects implemented and their results

Conserve and/or restore high conservation value ecosystems Implement 10 projects of local relevance that contribute directly to the conservation and restoration of natural values, establishing appropriate partnerships whenever possible locally and privileging contact with the school community.

Conservation, restoration and promotion actions of environmental values, integrated with the regular activities of forest production in territories of size, importance and relevance at landscape level, contributing to regional and national policies for the conservation of biological diversity and with demonstrative impact.

Five projects implemented in 2021 that contribute directly to the conservation and restoration of natural values:

1 - Partnership with GEOTA - ReNature Monchique - continuation of planting and assembly work in conservation areas;

2 - Cabeço Santo - Partnership with Cabeço Santo Association for the restoration and eradication of woody invaders in the ecological corridor of Ribeira de Belazaima.

3 - Partnership with Montis (Costa Bacelo and Vieiro properties) implementation of the conservation management agreement for the restoration and renaturalization of habitats of riparian galleries and mountain habitats .

• Partnership with WWF - ANP in the project "Plantar Água", aiming at the recovery of habitats in the Cachopo stream in Serra do CaldeIrão.

5 - Altri Florestal is a co-sponsor and partner in the LIFE LX Aquila project led by SPEA (Portuguese Society for the Study of Birds) -

In 2021, the Altri Group installed a nesting platform dedicated to the promotion of the regional population of Eagle-de-Bonelli in an area under the management of Altri.

Six projects under way in 2022 directly contributing to the conservation and restoration of natural values:

1- Partnership with GEOTA - Renature Monchique - Completion of planting and densification of conservation areas - planting of 1200 oak trees (Quercus canariensis).

2 - Cabeço Santo - Renewal of the partnership with Cabeço Santo Association in the restoration and eradication of woody invaders in the ecological corridor of Ribeira de Belazaima.

3 - Partnership with Montis (Costa Bacelo and Vieiro properties) implementation of the conservation management agreement for the restoration and renaturalization of habitats of riparian galleries and mountain habitats .

4 - Renewal of the Partnership with WWF in the Project "Plantar Água", recovery of habitats in the Foupana stream and tributaries in the Serra do Caldeirão, at this stage integrating our property Legumes e

Tojo. 5 - Altri Florestal is a co-sponsor and partner in the LIFE LX Aquila project led by SPEA (Portuguese Society for the Study of Birds) -

6 - An integrated study on habitats and species of the ecological corridor of the Ribeira de Alferreira (Gavião/Nisa) with the Faculty of Sciences (UL) and the Polytechnic Institute of Santarém.

In 2022, the first protocol was signed to safeguard sites of nesting of Eagle-de-Bonnelli in properties of Altri Florestal and the possibility of acquisition of two properties in Mafra and Loures associated with two historical sites and proven nesting of the species is being evaluated.

SMART individual commitments	Monitoring indicators	2021	2022
Integrate other activities with forest management with value (economic, social and environmental) Promote 10 locally relevant projects and/or activities that generate economic, social and environmental value in areas under forest management. Promote projects focused on value added by the presence of forest production areas and their contribution to generate other direct economic values in other products (e.g. Honey, Arbutus berry, mushrooms)	No. of projects per year or other project-specific KPIs (Key Performance Indicators)	1 - Medronho XXI Project - Propagation of superior genetic material of Arbutus unedo that meets the specific needs of forest producers. 2 - Partnership with the company Buijinink Int. - Harvesting of Eucalyptus globulus branches for floral arrangements and production of essential eucalyptus oil. - Partnership with Honey producer in the municipality of Penamacor	1 - Medronho XXI Project - Propagation of superior quality genetic material of Arbutus unedo that meets the specific needs of forest producers In 2022 the project is in the production phase of cultivars in micropropagation and production in scale of strawberry trees at Viveiros do Furadouro. 2 - Partnership with the company Buijinink Int. - Harvesting of Eucalyptus globulus branches for floral arrangements and production of essential eucalyptus oil. 3 - Partnership with Honey producer in the municipality of Penamacor.
Promote good forest management practices and their certification Ensure that there is an increase in consumption in Altri's certified industrial timber plants from 57% (2018) to at least 80% in 2030.	Quantity of wood certified/total quantity of wood consumed	68%	70%
Reduce the specific use of water (m3 /ADT) in Altri's industrial units by 50% Reduce specific water use by 50% from the reference value of 2018, which was 20m3 /ADT	Specific water use	19.23	20
To publicize the implementation of the commitments made under act4nature	Annually within the framework of the Sustainability Report

I. GRI Table

Declaration of use	Altri reported according to GRI standards for the period from January 1 to December 31, 2022.
Report according to:	GRI 1: Fundamentals 2021
Applicable GRI Sectorial Standard(s):	N/A

Disclosures		Location/default	SDGs
	The organization and its reporting practices
2-1	Details of the organization	Legal name of the organization Altri, SGPS, S.A. Legal nature: Public limited company, listed on the Euronext Lisbon stock exchange Head office: Rua Manuel Pinto de Azevedo, 818, Porto, Portugal Countries in which it operates: Spain, Portugal and Switzerland
2-2	Entities included in the sustainability report of the organization	This report includes the activities of Altri and its subsidiaries, which are reported in the chapter Consolidated Financial Statements and Notes (see Consolidated Financial Statements and Notes > 4. Investments). In some of the GRI indicators are not included data from all the subsidiaries of the perimeter, due to the immateriality that they represent.
2-3	Reporting period, frequency and point of contact	11. About the report Any questions about the sustainability report should be directed to: sustentabilidade@altri.pt
2-4	Reformulation of information	There was a change in the methodology of accounting for CO2 emissions, with the incorporation of some categories of scope 3 that had not been previously accounted for. Altri presents the correction made for 2021 values, which may be included in the history of emissions and are different from those reported in the last report. In addition to the incorporation of scope 3 emissions, it is also considered that the Altri Group has now owned 16.64% of Greenvolt, due to the distribution of shares and public sales operations, described in greater detail in the Consolidated Financial Statements Report > 6. Changes occurred in the consolidation perimeter.
2-5	External check	11. About the report Annexes to the Integrated Report > M. Independent Limited Warranty Assurance Report
2-6	Activities, value chain and other business relationships	According to The Global Industry Classification Standard (GICS®), Altri's business sector is the materials sector (1510) paper & forest products (151050). 1.+ Altri > 1.3 This is Altri
2-7	Information about employees	4.+ People Indicator answered in table below.	8

	2020	2021	2022
Permanent contracts (n.°)	708	731	771
Male	609	624	638
Female	99	107	133
Fixed-term contracts (n.°)	57	43	45
Male	46	35	34
Female	11	8	11
Type of employment by gender
Full time (n°)	765	774	815
Male	655	659	671
Female	110	115	144
Part time (n°)	0	0	1
Male	0	0	1
Female	0	0	0
Total employees	765	774	816

Note: The region was considered to be Portugal.

	Disclosures	Location/default	SDGs
2-11	President of the highest governance body	The chairmanship of the highest hierarchically elevated governance body is exercised by a senior executive of the organization: The Chairman of the Board of Directors. Its powers are laid down in the Code of Commercial Companies, in particular: (i) The power to convene and direct the meetings of the BoD, (ii) Quality/Tie-off vote in the deliberations of the BoD, (iii) The power to make the call of alternates for the purpose of replacing Board members with a permanent or temporary absence, (iv) The right to information on the voting impediments of the other Board members and the power to decide on the existence of a conflict of interest in the computation of votes, (v) The power to represent the company in receipt of the statements of resignation of other Board members, as well as in receipt of notifications or other statements from Board members whose addressee is the company, (vi) The power to receive the instruments of representation for Board members to be represented by others in BoD meetings, and (vii) The power to exchange views with the statutory auditor on serious difficulties in pursuing the object of the company. Taking into account the personal profile, career and professional experience of the Chairman of the Board of Directors of Altri, it is considered that the appointment of this director is adequate in view of the nature and size of the Company, thus ensuring an effective monitoring, as well as a real supervision and surveillance of the activity developed by the executive members. Government and Company Report > Annex I
2-12	Role played by the highest governance body in the supervision of impact management	The Sustainability Committee, appointed by the Board of Directors, has as its primary mission to participate in the definition and monitoring of the Altri Group's sustainability policy and strategy. In addition to having non executive directors in its composition, it is also integrated by the leaders of the Group who are dedicated to areas that should assist the activity of this committee, namely the sustainability direction and the legal and compliance direction . In the performance of its tasks, the Sustainability Committee is responsible for monitoring and reporting to the Board of Directors the performance of sustainability indicators in line with the policies, commitments, objectives and targets established, As well as ensuring the alignment of sustainability objectives with the sustainable development objectives set out in the United Nations agenda, with the results of stakeholder consultation and good practices in the industry. 3. + Leadership > 3.1 Governance Structure
2-13	Delegation of responsibility for impact management	3. + Leadership > 3.1 Governance Structure
2-14	Role played by the highest governance body in sustainability reporting	The Board of Directors is responsible for the approval of the Sustainability Report, prepared and presented by the Sustainability Committee.

Disclosures		Location/default	SDGs
2-15	Conflicts of interest	At Altri there is a policy to prevent situations of conflict of interest, which is enshrined in the Rules of Transactions with Related Parties and Conflicts of Interest. In addition, there is a Code of Ethics, which is also cross-sectional applicated at all levels of the organization, including members of the governing bodies. Altri does not allow conflicts of interest between any employee or partner and the Company. When faced with a potential conflict of interest situation, employees or partners should: (i) Inform direct supervisors, in writing, of the conflict of interests in which they are or may be involved, before undertaking any operation or completing the business concerned; (ii) Refrain from intervening or influencing, directly or indirectly, decision making that may affect entities with which there may be conflict of interest, and participate in meetings where such decisions are discussed or assess confidential information affecting such conflict. The employee or partner must refrain from acting, at all times, on the basis of their own motivations, not giving priority to their own interests or to third parties, whenever this may jeopardize Altri's interests. Code of Ethics and Conduct Regulation of Transactions with Related Parties and Conflict of Interest
2-16	Communication of crucial concerns	The Sustainability Committee regularly reports to the Board of Directors its concerns in environmental and sustainability matters, including through duly convened meetings, where the Chairman of the Board of Directors and the Chairman of the Executive Board are usually present as guests. In addition, the Sustainability Committee includes three non-executive directors, ensuring that this committee is in permanent contact with the Board of Directors. During the reporting period, there was no reporting of critical concerns to the highest hierarchically high governance body.
2-17	Collective knowledge of the highest governance body	The Sustainability Committee is composed of 3 non-executive elements, belonging to the Board of Directors and 3 to 4 executive directors, thus promoting a collective knowledge, the acquisition of skills and experience of the higher hierarchically higher body. During the meetings of the Sustainability Committee experts are also invited to promote the knowledge of the members of that committee, in particular on issues related to sustainable development.
2-18	Evaluation of the performance of the highest governance body	It is the responsibility of the Sustainability Committee, in addition to proposing to the Board of Directors new sustainability objectives and targets and to monitor the performance of the defined objectives, to identify the investments necessary for its pursuit with a view to always creating long term value. On the other hand, the evaluation of the performance of the Board of Directors is submitted to the General Meeting under the law, with reference to compliance with the Company's strategic plan and budget, its risk management, internal functioning and its relations with the other organs of the Company. During 2022, the pilot year of the Management by Objectives (MBO) model took place: A program with methodology for measuring employees' performance. 4 + People > 4.3 Skills development

	Disclosures	Location/default	SDGs
2-19	Remuneration policies	The fixed overall remuneration of the Board of Directors, including the remuneration paid by the participating companies to the members of the Board of Directors, may not exceed € 3,500,000 per year. The remuneration of non-executive directors includes only one fixed component, corresponding to a fixed monthly remuneration, the amount of which is determined by the remuneration committee, reviewed, if necessary, on a periodic basis, taking into account the best practices and responsibilities of each non-executive administrator. The remuneration of executive directors includes two components: (i) a fixed component, corresponding to a monthly amount paid, and (ii) variable component, which includes a variable short-term premium (paid annually) and a variable medium-term premium (paid after a 3-year deferral). The variable component (short-term and medium-term) is determined according to the individual performance of each executive director, taking into account the respective annual individual assessment, according to the previously defined quantitative (financial and non-financial) and qualitative objectives. Individual qualitative objectives should reflect the achievement of environmental, social and corporate governance indicators. Non-executive directors can earn a differentiated remuneration as a result of the value they provide to the Company and also due to the assumption of responsibilities that may take place in business monitoring committees, which may exist within the Board of Directors. There is no provision for the allocation of variable remuneration in which shares or other system of incentives for recruitment takes place. In the event of an early termination of the term of office of the members of the Board of Directors, generally, there are no compensatory conditions additional to those legally established, except in the case of an administration contract which, in this regard, may include particular conditions. There are no mechanisms in the Company that provide for the possibility of requesting the restitution, from directors, of variable remuneration. Altri does not have supplementary pension or early retirement schemes for members of the management bodies. The pension earned is not more than a right acquired by the employment relationship established with that subsidiary and is independent of the performance of the administration functions at Altri, that is, even if the company ceases its functions and regardless of the reason for such termination, the right to receive such a pension shall always be assured. Company Governance Report > Part I - Information on shareholder structure, organization and governance of the company > D. Remunerations
2-20	Process for determining remuneration	The process for determining remuneration was supervised by independent members of the hierarchically higher governance body or by an independent remuneration committee. The views of interested parties (including shareholders) regarding remuneration were requested and taken into account. It follows in compliance with the provisions of article 26-B of the Securities Code, being submitted to the general meeting a Declaration on the Remuneration Policy of the Administration and Supervision Bodies. Company Governance Report > Part I - Information on shareholder structure, organization and governance of the company > D. Remunerations
2-21	Proportion of total annual remuneration	Confidential information – As the Altri Group is present in Portugal, Spain and Switzerland, there are Group employees who are in a mobility regime and thus earn adequate remuneration for their country of activity, so the annual remuneration ratio is conditioned by this variation between countries, not corresponding to the reality of the national context. Company Government Report > Part I - Information on shareholder structure, organization and government of society > D. Remuneration.
	Strategies, policies and practices
2-22	Declaration on sustainable development strategy	1.+ Altri > 1.2 Leadership Messages

	Disclosures	Location/default	SDGs
2-23	Policy commitments	ALTRI is a signatory to the United Nations Global Compact, which demonstrates its public commitment to integrating, in its policies and strategies, the fundamental principles of human rights, labor practices, environmental protection and anti-corruption and sustainable development objectives. The principles that guide ALTRI are based on universally accepted declarations, namely the Universal Declaration of Human Rights, the Declaration of the International Labour Organization on Fundamental Principles and Rights, and the Rio Declaration on Environment and Development. It is the Board of Directors that approves all policies related to ALTRI's social responsibility, which is the top body of the organization. Code of Ethics and Conduct Code of Conduct for Forest Service Providers
2-24	Incorporation of policy commitments	The responsibilities of incorporation of policy commitments are competences of the Ethics Committee and the Sustainability Committee, appointed by the Board of Directors, on a proposal from the Executive Committee. The Ethics Committee is a specialized committee within the Board of Directors, responsible for monitoring the disclosure and compliance with the Code of Ethics of the Altri Group, monitoring compliance and compliance with the rules contained therein, in the personal and professional conduct of all its employees in respect of common ethical principles, regardless of their position or role. In turn, the Sustainability Committee is responsible for assessing the alignment of the strategic plan with the sustainability commitments assumed, its purpose, values and corporate culture and ensuring the alignment of sustainability objectives with the sustainable development objectives set out in the United Nations agenda. The commitments made by the Altri Group are described throughout the report.
2-25	Processes to repair negative impacts	Altri is responsible to manage and develop its activity in a sustainable way and undertakes, through the follow-up of several principles to minimize its environmental impact, with prevention and safety mechanisms. In monitoring the risk management process, the Board of Directors, as the body responsible for Altri's strategy, undertakes, inter alia, to ensure that the Group has the ability to minimize the likelihood of occurrence and the impact of risks on the business. Altri's involvement with its stakeholders is through structured interactions, through customer and employee satisfaction surveys, listening to investors and through our complaints channels. Involvement with stakeholders in the media and social media is also important to understand opinions, concerns and trends, both locally, in the vicinity of our business units, but also at the Altri Group level, in a more global perspective. The Internal Reporting Channel is accessible to all individuals, natural or legal, who may be adversely affected by the Altri Group or who wish to claim, report, clarify or expose any situation, namely related to human and labor rights, and is accessible through Altri's website. The Supervisory Board is the main body to which any communications of irregularities should be directed by any employee, partner, client, supplier or any other stakeholder. The Supervisory Board will establish a perfect articulation with the Ethics Committee in relation to all matters that require the intervention and action of the latter. If any complaint is sent to the Ethics Committee of the Company, the Company shall forward it to the Supervisory Board if the respective matters, according to the law, must be dealt by this body. If any employee prefers to communicate on anonymity, the written comments may be sent, in as much detail as possible, through the whistle blower channel, if the irregular situations are adequate to be reported there.

Disclosures		Location/default	SDGs
2-26	Mechanisms for counseling and presentation of concerns	Maintaining dialogue with stakeholders is fundamental to the correct implementation of Altri's sustainable policies and practices. Advice to stakeholders is carried out through personalized meetings and also through complaint channels. Involvement with stakeholders in media and social media is also important to understand opinions, concerns and trends, both locally and globally. The Internal Reporting Channel is accessible to all individuals, natural or legal, who may be adversely affected by the Altri Group or who wish to claim, report, clarify or expose any situation, namely related to human and labor rights, and is accessible through Altri's website. The Supervisory Board is the main body to which any communications of irregularities should be directed by any employee, partner, client, supplier or any other stakeholder. If any employee prefers to communicate on anonymity, the written comments may be sent, in as much detail as possible, through the whistle blower channel, if the irregular situations are adequate to be reported there.
2-27	Compliance with laws and regulations	There were no cases of fines imposed on Altri during 2022. There were no significant cases of non-compliance with laws and regulations.
2-28	Participation in associations	Indicator answered in table below

Name of entity	Sees participation as strategic	Performs functions in the Governing Bodies	Participates in projects or commissions	Contributes substantial funding
Science Based Targets initiative	Yes	No	No	No
Business Council for Sustainable Development (BCSD Portugal)	Yes	No	Yes	Yes
United Nations Global Compact	Yes	No	Yes	No
World Wildlife Fund (WWF)	Yes	No	Yes	No
COTEC Portugal	Yes	No	No	No
Biond	Yes	Yes	Yes	Yes
Tecnicelpa	Yes	Yes	Yes	Yes
Confederation of European Paper Industries (CEPI)	Yes	No	Yes	No
Business & Biodiversity Initiative	Yes	No	Yes	No
Forest Stewardshio Council ( FSC Portugal)	Yes	Yes	Yes	No
AFOCELCA [TBD]	Yes	Yes	Yes	Yes
International Union of Forest Research Organizations (IUFRO)	Yes	No	No	No
Institut Européen de la Foret Cultivée (IEFC)	Yes	No	No	No
Centro Pinus	Yes	No	No	No
Associação Nacional de Empresas Florestais, Agrícolas e do Ambiente (ANEFA)	Yes	No	No	No
Associação Empresarial da Região de Santarém (NERSANT)	Yes	Yes	No	No
Associação Empresarial da Beira Baixa (AEBB)	Yes	No	No	No
Program for the Endorsement of Forest Certification (PEFC) Portugal	Yes	No	No	No
IberLinx	Yes	No	No	No
Associação Comercial e Industrial da Figueira da Foz (ACIFF)	Yes	No	No	No
CDP- Disclosure Insight Action	Yes	No	No	No
Association of companies issuing quoted values in the market (AEM)	Yes	No	Yes	No
EPIS Association - Entrepreneurs for Social Inclusion	Yes	No	Yes	Yes

Involvement of stakeholders
2-29	Stakeholder engagement approach	Altri recognizes the importance of our stakeholders and their involvement to our long-term success. Thus, maintaining the dialogue with your stakeholders is key to identifying your concerns, global trends and market expectations. 2.+ Value > 2.3 Share Value
2-30	Collective bargaining agreements	Indicator answered in table below.

	2020	2021	2022
Employees covered by collective bargaining agreements
Total unionized employees (no.)	765	774	816
Total unionized employees (n.°)	245	288	296
Male	240	282	287
Female	5	6	9
Percentage of unionized employees (%)	32%	37%	36%
Percentage of employees covered by collective bargaining agreements (%)	88%	88%	86%

Material Topics 2021
3-1	Process of definition of materiality	2 + Value > 2.4 Topics with Value
3-2	List of material topics	2 + Value > 2.4 Topics with Value
3-3	Management of material topics	Altri's material topics reflect both in its divided strategic approach, in 4 major axes, as well as in its 2030 commitment, which clarifies the commitments made by the Group. Each material topic presents, in its subchapters, information on its relevance to the Altri Group and its stakeholders, as well as the approach followed, presentation of the associated goals and indicators and projects, initiatives and programs developed in the management of each topic. All initiatives reflect the Altri Group's strategy to enhance its positive impacts and minimize negative impacts, creating long-term value.

Material topic	GRI indicators	Location
Ethics, anti-corruption practices and anti competitive behavior	205-1, 205-2, 205-3 and 206-1	3.+ Leadership > 3.2
Human Rights	405-1, 405-2, 406-1, 407-1, 408-1 and 409-1	4.+ People > 4.1
Health, safety and well-being of employees	403-1, 403-2, 403-3, 403-4, 403-5, 403-6, 403-7, 403-8, 403-9 and 403-10	4.+ People > 4.2
Forest management and biodiversity protection	304-1, 304-2, 304-3, 304-4	5.+ Forest > 5.1
Climate change and greenhouse gas emissions	305-1, 305-2, 305-3, 305-4, 305-5, 305-6 and 305-7	6.+ Environment > 6.1
Energy efficiency	302, 1, 302, 3 and 302	6.+ Environment > 6.2
Water management	303-1, 303-2, 303-3, 303-4 and 303-5	6.+ Environment > 6.3
Waste management	306-1, 306-2 and 306-3	6.+ Environment > 6.4
Economic performance	201-1	8.+ Competitiveness

	Disclosures	Location/default	SDGs
	GRI 200 - ECONOMIC DISCLOSURES
	GRI 201 - ECONOMIC PERFORMANCE
201-1	Direct economic value generated and distributed	Indicator answered in table below.	5 7 8 9

	2020	2021	2022
DIRECT ECONOMIC VALUE GENERATED (€)	575 043 972	793 418 101	1 066 240 824
Turnover (1)	575 043 972	793 418 101	1 066 240 824
DISTRIBUTED ECONOMY VALUE (€)	531 129 446	627 799 183	889 865 245
Operating costs (2)	441 148 588	525 964 372	715 206 929
Wages and benefits of employees (3)	39 011 970	43 248 488	50 271 139
Investor payments (4)	61 539 502	71 796 085	79 096 025
Payments to the State (5)	(10 664 671)	(13 337 061)	45 056 897
Donations and other investments in the community (6)	94 057	127 299	234 255
ACCUMULATED ECONOMIC VALUE (€)	43 914 526	165 618 918	176 375 579

(1) Sales + Provision of services + Other income (excluding intra-group transactions)

(2) Cost of sales + Supply of external services + Other expenses (excluding intra-group transactions)

(3) Personnel costs (excluding intra-group transactions)

(4) Dividends distributed by Altri SGPS

(5) Payments/(Collections) of collective Income Tax on continuing operations

(6) Donations

GRI 204 - BUYING PRACTICES
204-1	Proportion of expenses with local suppliers	2.+ Value > 2.3 Share Value > 2.3.1 Suppliers	12

	2020	2021	2022
Total spending on suppliers (€)	787 459 005	742 285 377	1140964965
Total spending on foreign suppliers (€)	66 692 979	120 377 335	218 844 126
Total spending on national suppliers (€)	720 766 026	621 908 042	922129446

GRI 205 - ANTI-CORRUPTION
205-1	Operations assessed for the risk of corruption	The risks of occurrences of acts of fraud, corruption, bribery, money laundering and related offenses were evaluated. It is concluded that the probability of occurrence of such acts is greatly reduced by the various mitigation measures implemented, such as internal audits, blockchain system in certified wood, frequent operational and accounting reports, among other mechanisms. The Altri Group has a Code of Ethics and Conduct that establishes anti-corruption rules that are rooted in the organization. In the course of the 2022 financial year, no consistent corruption practices were identified.	16

Corruption risk assessments	2022
Operations evaluated (no.)	5
Total Operations (No.)	5
Percentage of operations evaluated (%)	100%

205-2	Communication and training on anti corruption policies and procedures	Indicator answered in table below.	16

	2021	2022
Total of governance bodies to which anti-corruption policies and procedures have been communicated (no.)	9*	9*
Percentage of governance bodies to which anti-corruption policies and procedures (%) have been reported	100%	100%
Total of employees to whom anti-corruption policies and procedures have been communicated (no.)	774	816
Percentage of employees to whom anti-corruption policies and procedures were reported (%)	100%	100%
Training on anti-corruption policies and procedures		Training plan in development

* Governance bodies according to GRI 405-1

Confirmed corruption 205-3 incidents and actions taken	Indicator answered in table below.	16
-----------------------------------------------------------------	------------------------------------	----

	2020	2021	2022
Total confirmed corruption cases (No.)	0	0	0
Total cases resulting in dismissal of employees or disciplinary action (no.)	0	0	0
Total no. of cases of non-renewal of contracts with partners due to corruption cases (no.)	0	0	0
Total number of lawsuits against the organization or employees due to corruption cases (no.)	0	0	0

GRI 207 - TAXES
207-1	Fiscal approach	2.+ Value > 2.3 Share Value > 2.3.2 Tax Strategy
207-2	Government. Fiscal risk control and management	2.+ Value > 2.3 Share Value > 2.3.2 Tax Strategy
207-3	Stakeholders' involvement and management of tax concerns	2.+ Value > 2.3 Share Value

GRI 300 - ENVIRONMENTAL DISCLOSURES

GRI 301 - MATERIALS
301-1	Material consumption by	Indicator answered in table below. Scope: Industrial units of Altri (Celbi, Biotek, Caima)
	weight or volume
		2020	2021	2022

Total renewable materials (t)	3 450 114	3 444 886	3517684
Total non-renewable materials (t)	183 932	197 451	203 880
% renewable materials	95%	95%	95%
% non-renewable materials	5%	5%	5%

GRI 302 – ENERGY

302-1	Energy consumption within the organization	Indicator answered in table below. Scope: Industrial units of Altri (Celbi, Biotek, Caima) Note: This value does not include Altri Florestal	7 8 12 13

FUELS CONSUMED WITHIN THE ORGANIZATION EU ETS Fuels (GJ) 13 983 343 13 938 229 18338181 Natural Gas (GJ) 1 290 540 1 365 750 1238109 Fuel oil (GJ) 180 667 144 537 181 137 Diesel fuel (GJ) 160 603 129 Black liquor (GJ) 12 250 407 12 146 104 15249418 Non-condensable gases (GJ) 138 366 153 730 206 828 Methanol (GJ) 123 203 127 505 106 175 Biomass (GJ) 0 0 1111250 Biogas (GJ) 0 0 245135 Non-EU ETS fuels - Stationary 2 959 281 2 161 146 0 Equipment (GJ) Diesel fuel (GJ) 99 37 0 Natural Gas (GJ) 47 760 40 886 0 Black liquor (GJ) 1 612 025 1 564 157 0 Biomass (GJ) 1 299 397 482 663 0 Other- Biogas (GJ) 0 73 403 0 Non-EU ETS fuels - Mobile 14192 7 901 0 Equipment (GJ) Petrol (GJ) 0 1 0 Diesel fuel (GJ) 14192 7 900 0 Total Fuel consumption (GJ) 16 956 817 16 107 276 18338181 Fuel consumption of renewable 15 423 399 14 547 563 16918806 origin (GJ) Fuel consumption of non 1 533 418 1 559 714 1419375 renewable origin (GJ) ENERGY CONSUMED WITHIN THE ORGANIZATION Energy consumption (GJ) 16 717 015 16 289 069 16946797 Electric power (GJ) 2 195 099 2 203 961 2226863 Steam (GJ) 14 521 916 14 085 108 14 719 934 ENERGY SOLD (GJ)		2020	2021	2022
	Energy sold (GJ)	867 077	881 363	860 552

302-3 Energy intensity Indicator answered in table below.	7 8 12 13
-----------------------------------------------------------------	--------------------

	Celbi		Biotek Caima	2020	Celbi		Biotek Caima	2021	Celbi		Biotek Caima	2022
ENERGY INTENSITY
Energy intensity (GJ/ADT)	12,7	18,9	25	15,2	12,7	18,4	18	14,5	12,9	18,7	20,9	14,8

Note: For the ratio, only electrical power and steam are considered.

Reduction of energy 302-4 consumption	Indicator answered in table below.	7 8 12 13
---------------------------------------------	------------------------------------	--------------------	--

Quantification of achieved reductions (GJ/ADT)	Celbi *	Biotek	Caima
2020	'-0,33GJ/tSA'	1,98 GJ/tSA	2,08 GJ/tSA
2021	0,02 GJ/tSA	0,003 GJ/tSA	0,4 GJtSA
2022	(-0,01) GJ/tSA	0,05 GJ/tSA	0,09 GJ/tSA
Initiatives implemented to improve energy efficiency	Study of steam quality improvements produced; Improvement of steam networks for leak repair; Design of TG4 and/or TG6 replacement solutions by high pressure steam condensing turbine; Implementation of routine dashboard analysis of engine operation monitoring, in Kaizen; Daily context and in Feasibility Meeting 6.+Environment > 6.2 Energy Efficiency	Created control to stop cooling towers (bleaching) at area stops; Stop of the plant water booster pump; Repair of spirax bleaching pumps – loss of condensate; Pump load reduction Dilution of feed to Screening; DD1 filtrate pump compression pressure reduction (from 5 to 4.5 bar); Total steam cut from MP to primary air 6.+Environment > 6.2 Energy Efficiency	Control RIA water pumps Installation of vacuum pump for MC pump Progressive reduction of speed of the side fans of the drying rack Reduced consumption of CR VTI after resolution of air intakes in the gas circuit Cleaning of surface condensers in evaporation for capacity recovery Containment of air inlets in the CR gas circuit 6.+Environment > 6.2 Energy Efficiency

	GRI 303 - WATER AND EFFLUENTS
303-1	Interactions with water as a shared resource	Altri, within the framework of responsible water management as a natural resource, mapped its operations according to the risk associated with water use, through the Aqueduct Water Tool, developed by WRI. According to this mapping, 100% of Altri's operations are located in areas where water stress has a low to medium level. Celbi captures water on the Mondego River and in underground water holes for use in the pulp manufacturing process, along which there are several loop closures to reduce the maximum amount of fresh water collected. At the end of the process, the waters are treated and returned to the receiving medium in accordance with the criteria defined for the quality of the final effluent. Biotek takes water from the Tagus River for use in the pulp manufacturing process and also supplies WTS treated water to the Navigator and Paper Prime plants. In the process of pulp production, several actions were implemented, namely closure of circuits, recycling of treated effluent from the Biotek WWTP, given the high quality achieved, thus reducing water uptake. At the end of the process, the waters are treated and returned to the receiving medium in accordance with the criteria defined for the quality of the final effluent. Caima captures water on the Tagus River for use in the pulp manufacturing process, along which there are several loop closures to reduce the maximum amount of fresh water captured. At the end of the process, the waters are treated and returned to the receiving medium in accordance with the criteria defined for the quality of the final effluent. 6. + Environment > 6.3 Gestão da Água	6

Objective of reducing water use Celbi		Biotek	Caima
2020	16 m3 /ADT	22 m3 /ADT	40 m3ADT
15,5 m3 2021 /ADT		20 m3 /ADT	40 m3 /ADT
2022	15 m3 /ADT	19 m3 /ADT	35 m3 /ADT

303-2	Management of impacts related to water discharge	The point of discharge and the quality of the final effluent are defined in the permit for the rejection of waste water. As guidelines for effluent quality, the values identified in the BREF of this industry are also followed. Annual monitoring is carried out to the receiving medium according to the title of private use of the national maritime space and the definition of the ELVs below is according to the period under analysis (dry, wet, exceptional). 6. +Environment > 6.3 Water Management
303-3	Water capture	Indicator answered in table below. Scope: Industrial units of Altri (Celbi, Biotek, Caima)

	2020	2021	2022
WATER CAPTURE
Surface Captions (ML)	21 118	20 515	21 631
Underground Captions (ML)	3 478	3 676	4 284
Total water captured (ML)	24 596	24 191	25 915

Indicator answered in table below. 303-4 Effluents Scope: Industrial units of Altri (Celbi, Biotek, Caima)
---------------------------------------------------------------------------------------------------------------------	--

	2020	2021	2022
TOTAL EFFLUENT PER DESTINATION
TOTAL - Volume of discharged effluent (ML)	18 441	18 753	19 766
Surface water (ML)	9 069	8 544	8431
Groundwater (ML)	0	0	0
Sea water (ML)	9 372	10 209	11 335
Third Party Water (ML)	0	0	0
TOTAL EFFLUENT PER CATEGORY
Fresh water (ML)	9 069	8 544	8431
Other types of water (ML)	9 372	10 209	11 335

303-5	Water consumption	Indicator answered in table below. Scope: Industrial units of Altri (Celbi, Biotek, Caima)

	2020	2021	2022
WATER CONSUMPTION
Total water consumption of all areas (m3)	6 014 950	5 602 541	6 148253

GRI 304 - BIODIVERSITY

304-1	Operating facilities (own, leased or managed) in areas adjacent to protected areas and areas with high biodiversity value outside the protected areas	5.+Forest > 5.1 Forest management and biodiversity protection Indicator answered in table below.	6 14 15
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Protected area (ha)	2020	2021	2022
Tejo Internacional Natural Park	1 905	1 627	1 772
Serra de São Mamede Natural Park	1 075	1 236	1 346
Serra de Montejunto Protected Landscape	342	393	342
Serras de Aire and Candeeiros Natural Park	109	117	117
Serra da Estrela Natural Park	7	7	7
Serras do Porto Park	129	129	164
Serra da Gardunha	410	410	410
Serra do Socorro e Archeira	0	0	12
Total	3 977	3 919	4 170

304-2	Significant impacts of activities, products and services on biodiversity	In the Special Areas of Conservation (SAC), the necessary measures are applied to maintain or restore the favorable conservation status of natural habitats or species populations, contributing to ensuring biodiversity. Indicator answered in table below.	6 14 15

Special Areas of Conservation (ha)	2020	2021	2022
Alvão / Marão	11	18	11
Cabeção	59	59	59
Cabrela	284	118	766
Caldeirão	1	51	1
Carregal do Sal	105	158	115
Complexo do Açor		5	0
Estuary of Sado	8	96	8
Tagus Estuary	28	27	27
Malcata	284	450	284
Monchique	2093	1597	2097
Nisa / Lage da Prata	794	1190	805
Rio Lima		10	0
Rio Paiva	210	270	234
São Mamede	1901	2382	2562
Serra da Estrela	7	7	7
Serra da Gardunha	223	363	223
Serra da Lousã	267	578	275
Serra de Montejunto	343	478	344
Serra de Montemuro	87	91	86
Serras da Freita e Arada	243	284	251
Serras de Aire e Candeeiros	136	183	145
Sicó / Alvaiázere	130	244	167
Valongo	106	144	141
Total	7 084	8 803	8 608
Special Protection Area (ha)	2020	2021	2022
Caldeirão	0	0	1
Tagus Estuary	0	0	27
Monchique	0	0	2097
Paul da Madriz	0	0	2
Tejo Internacional, Erges e P	0	0	2 024
Total	0	0	4 151

Note: The Special Conservation Areas correspond to the former designation of sites of Community importance.

304-3	Protected or recovered habitats	Altri was involved in the protection and recovery of habitats, with a total of 3,761 ha in 2022, with 4 external entities involved, namely: Association Cabeço Santo, MONTIS, SPEA and GEOTA.	6 14 15
		Indicator answered in table below.

Habitat	Name	Protected area (ha)
3120	Oligotrophic waters with low mineralization in generally sandy soils of the western Mediterranean with Isoetes spp.	60
3170	Mediterranean temporary ponds	2
4020	Temperate Atlantic wet heaths of Erica ciliaris and Erica tetralix	3
4030	European dry heaths	554
5210	Arborescent brushwoods of Juniperus spp.	83
5230	Arborescent brushwoods of Laurus nobilis	4
5330	Thermo-mediteranean pre-desert scrubs	887
6310	Perenial leaf Quercus spp. woodlands	1 693
6420	Mediterranean wet grasslands Molinio meadows - Holoschoenion	2
8220	Siliceous rocky slopes with chasmophytic vegetation	25
91B0	Thermophilic woods of Fraxinus angustifolia	5
91	Alluvial forests of Alnus glutinosa and Fraxinus excelsior (Alno-Padion, Alnion incanae, Salicion alcae)	95
91F0	Mixed forests of Quercus robur, Ulmus laevis, Ulmus minor, Fraxinus excelsior or Fraxion angustifolia on the banks of large rivers (Ulmenion minoris)	1
9230	Galician and Portuguese oak woods of Quercus robur and Quercus pyrenaica	22
9240	Iberian oak woods of Quercus faginea and Quercus canariensis	4
9260	Forests of Castanea sativa	8
92A0	Salix alba and Populus alba gallery forests	101
92B0	Gallery forests along the intermittent Mediterranean water courses with Rhododendron ponticum , Salix and other species	1
92D0	Southern riparian galleries and thickets (Nerio-Tamaricetea and Securinimion tinctoriae)	19
9330	Forests of Quercus suber	101
9340	Forests of Quercus ilex and Quercus rotundifolia	90

304-4	Species included in the International Union for Conservation of Nature (IUCN) Red List and lists of national conservation species, whose habitats are in areas affected by the company's operations	Indicator answered in table below.		6 14 15
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IUCN Categories

Vulnerable (VU): Considered to be at high risk of extinction in nature.

In danger (EN): Considered to be at very high risk of extinction in nature.

Critical Hazard (CR): Considered to be at extremely high risk of extinction in nature.

GRI 305 - EMISSIONS
305-1	Direct greenhouse gas emissions - GHG (Scope 1)	6 + Environment > 6.1 Climate change and greenhouse gas emissions Scope: Industrial units of Altri (Celbi, Biotek, Caima), Altri Florestal, Altri Abastecimento de Madeira, Altri SGPS	3 12 13 14 15
305-2	Other indirect GHG emissions (Scope 2)	6 + Environment > 6.1 Climate change and greenhouse gas emissions Scope: Industrial units of Altri (Celbi, Biotek, Caima), Altri Florestal, Altri Abastecimento de Madeira, Altri SGPS	3 12 13 14 15
305-3	Other indirect GHG emissions (Scope 3)	6 + Environment > 6.1 Climate change and greenhouse gas emissions Scope: Industrial units of Altri (Celbi, Biotek, Caima), Altri Florestal, Altri Abastecimento de Madeira, Altri SGPS	3 12 13 14 15
305-4	Intensity of GHG emissions	6 + Environment > 6.1 Climate change and greenhouse gas emissions Scope: Industrial units of Altri (Celbi, Biotek, Caima), Altri Florestal, Altri Abastecimento de Madeira, Altri SGPS	13 14 15

	2020	2021	2022
Intensity of GHG emissions from pulp mills (kgCO2e/ ADT) for scope 1 and 2	163	131	109
Intensity of GHG emissions from pulp mills (kgCO2e/ ADT) for scope 3	268	256	288

	305-5	Reduction of GHG emissions	Indicator answered in table below.
--	-------	-------------------------------	------------------------------------	--	--

	2020	2021	2022
Emission reduction over 2019 (tCO2e) in scope 1, 2 and 3	(15)%	(8)%	+4%
Avoided emissions associated with the sale of electricity (tCO2e)	(154 961)1	(15 353)	27100
1

Reported value in 2020 includes Greenvolt.

305-6	Emissions of ozone depleting substances	Note: Reported values are fluorinated gases, however the ozone depleting substances value is 0.	3 12 13

Nitrogen oxides (NOx), sulfur oxides (SOx) and 305-7 other significant emissions			3
	Indicator answered in table below.	12
		14
		15

Nitrogen oxides (NOx), sulfur oxides (SOx) and other significant emissions	2020	2021	2022
NOx (kg)	1141287,0	1101317,0	1120759,0
SO2 (kg)	67969,0	84780,0	85619,0
Particles (kg)	98418,0	140597,0	157382,0
TRS (kg)	19246,0	11698,0	9974,0
NOx emissions (kg/ADT)	1,0	1,0	1,0
SO2 emissions (kg/ADT)	0,1	0,1	0,1
Particulate Emissions (kg/ADT)	0,1	0,1	0.2
TRS emissions (kg/ADT)	0,0	0,0	0,0

GRI 306 - WASTE 306-1	Generation of waste and significant impacts related to waste	Primary sludges, secondary sludges and tailings from the screening are generated in the pulp production process. In the industrial units of Altri, the sludge resulting from the effluent treatment of the plant is energy-recovered in the biomass boilers installed in the industrial complex. Secondary sludge resulting from the effluent treatment of Celbi is energy recovered at the recovery boiler. In Celbi, the tailings from the screening were recovered in the biomass boilers and, recently, an investment was made in a digester that allows the recovery of the tailings from the screening and sawdust for pulp production. In Biotek, secondary sludge resulting from the removal of the organic raw material in the plant's sector effluents is mainly directed to composting. In Caima, secondary sludge resulting from effluent treatment is energy recovered at the biomass plant and is also sent to composting.	3 6 12 14
306-2	Management of significant impacts associated with waste	+6. Environment > 6.4 Waste Management In Celbi, within the framework of the Sawdust Digester Project, the tailings from the screening that result from the pulp production process and the sawmill that results from the wood processing are sent to the digester that allows the recovery of the cellulose fibers for pulp production. In Biotek, the routing of part of the lime sludges produced in the chemical recovery process, as a by-product to another company in the Group, allowed lime to be recovered to the manufacturing process, to the detriment of its route to treatment as waste. 6 + Environment > 6.4 Waste Management	3 6 12 14
306-3	Waste Generated	Indicator answered in table below. Scope: Industrial units of Altri (Celbi, Biotek, Caima)	3 6 12 14

WASTE PRODUCTION	2020	2021	2022
Total weight of waste generated (t)	111 799	106 570	94 431
Hazardous waste (t)	282	251	201
Recovery (t)	72	102	77
Disposal (t)	111 516	149	123
Non-hazardous Waste	111 517	106 318	94 231
Recovery (t)	57 099	61 350	60 457
Disposal (t)	54 418	44 968	33 773

GRI 400 - SOCIAL DISCLOSURES

GRI 401 - EMPLOYMENT
----------------------

401-1	New employee hires and employee turnover		Indicator answered in table below.
		2020	2021	2022
Total employees		765	774	816
Age range (no.)
< 30 years		111	117	107
From 30 to 50 years		430	438	484
> 50 years		224	219	225
Gender (n°)
Male		655	659	672
Female		110	115	144
New hires		25	43	80
Age range (no.)
< 30 years		9	27	26
From 30 to 50 years		15	14	46
> 50 years		1	2	8
Gender (n°)
Male		16	33	42
Female		9	10	38
New hire rate		3.27%	5.56%	9.80%
Age range (no.)
< 30 years		1.18%	3.49%	3.19%
From 30 to 50 years		1.96%	1.81%	5.64%
> 50 years		.,13%	0.26%	0.98%
Gender (no,)
Male		2.09%	4.26%	5.15%
Female		1.18%	1.29%	4.66%
Employees who left		33	35	38
Age range (no.)
< 30 years		9	5	6
From 30 to 50 years		6	14	15
> 50 years		18	16	17
Gender (no.)
Male		20	30	29
Female		13	5	9
Turnover rate		4,31%	4,52%	4,66%
Age range (no.)
< 30 years		1.18%	0.65%	0.74%
From 30 to 50 years		0.78%	1.81%	1.84%
> 50 years		2.35%	2.07%	2.08%
Gender (no.)
Male		2.61%	3.88%	3.55%
Female		1.70%	0.65%	1.10%

401-2	Benefits granted to full time employees that are not granted to temporary or part-time employees	Indicator answered in table below.
		Note: The benefits of the Pension Fund, Health Insurance and life Insurance are applicable only to permanent employees.	8

	Celbi	Biotek	Caima	Altri Florestal	Viveiros
BENEFITS
Health insurance	X	X	X	X	X
Life insurance	X	X	X	X
Pension Fund	X	X	X	X
Payment of the first 3 days of cash transfer not covered by Social Security.	X	X		X
Supplement to the leave allowance up to 90 days in order to maintain net remuneration.	X	X	X	X
Birth allowance		X

401-3 Parental License Indicator answered in table below. 8

	2020	2021	2022
Total employees	765	774	816
Gender (no.)
Male	655	659	672
Female	110	115	144
employees who started parental leave	59	56	65
Gender (no.)
Male	54	47	54
Female	3	6	4
employees who returned to work after parental leave	59	56	65
Gender (no.)
Male	54	47	54
Female	3	6	4
employees who returned to work and remain in the company after 12 months	0	43	28
Gender (no.)
Male		33	22
Female		3	6
Return to work rate	100%	100%	100%
Gender (no.)
Male	100%	100%	100%
Female	100%	100%	100%
Retention rate	0	100	97%
Gender (no.)
Male		61%	47%
Female		60%	67%

GRI 402-1 PRIOR NOTICE PERIODS REGARDING OPERATIONAL CHANGES
	Minimum number of weeks given to employees and their representatives prior to the implementation of relevant operational changes that may affect them.	There is no minimum time limit, and the minimum time limits established by applicable law are complied with. Whenever there are relevant operational changes, these will be communicated to the employees' representatives and to the employees in a timely manner.
402-1	If the organisation has a collective bargaining agreement, indicate whether the notification period and the provisions for consultation and negotiation are specified therein.	The collective bargaining agreement, as regards the relevant operational changes refers to the applicable general law.

GRI 403 - OCCUPATIONAL HEALTH AND SAFETY

403-1	Health and safety management system at work	Altri has implemented a Health and Safety Management System (see 7.+ Excellence > 7.2 Operational Excellence > 7.2.1 Certifications) that covers all workplaces, internal employees and service providers employees. In Altri Florestal, Viveiros do Furadouro, Altri SL and Altri SL have implemented the normative references PEFC and FSC®, which cover internal and external employees who carry out activities in the local area.	3 8
		Within the scope of the SST Management System certification, the organization has internal procedures for risk assessment of the various activities, from the design phase of the equipment, through its assembly and modification, and operation and maintenance interventions. All activities in both operational areas and support areas are evaluated through a Hazard Identification and Risk Assessment Matrix that receives the contribution of employees and is periodically analyzed at the level of the CASST (Committee on Environment and Safety and Health at Work), integrating elected representatives of employees. In this Risk Assessment Matrix, the risk mitigation measures (EPC, PPE and others) are listed.
403-2	Hazard identification, risk assessment and incident investigation	In order to ensure the quality of processes for hazard identification, risk assessment and accident investigation, certification audits and internal audits are carried out, including audits on forest work and wood and biomass deposits, training is promoted and information on the H&S standards and risks in the workplace, analysis of incidents and near accidents, training and exercises are promoted for the Emergency Intervention Teams, inspections to workplaces and simulations are carried out for training the teams for first intervention and accidents in forest work, and there is a fire brigade for emergency response (see 4. + People > 4.2 Health, Safety and Welfare of Employees).	3 8
		For the investigation of labor incidents there are procedures in place that determine how to investigate, discuss and implement the measures necessary to minimize the occurrence of work incidents. The 5 Whys methodology is used, reported incidents and disseminated throughout the organization.
		The evaluation and improvement of the H&S Management System is ensured through the periodic review of the system itself, the establishment of objectives and improvement plans in H&S, and the updating of the risk assessment matrix.
403-3	Health services at work	Altri Group has an Occupational Health Directorate since 2021, in order to organize and ensure the proper functioning of Occupational Health/Safety and Occupational Health (OH/H&S) services for all employees of the Altri Group. Its main objectives are: (i) the promotion and maintenance of high levels of health and physical, mental and social well-being of all employees; (ii) the prevention of adverse effects on employees' health by implementing continuous health surveillance through periodic medical examinations for evaluation (iii) the protection of employees from occupational exposures that may compromise their health, preventing occupational diseases; (iv) the integration and maintenance of employees in a working environment adjusted to their physical and mental needs (adaptation of work to man). In the pursuit of these objectives, Occupational Medicine: (i) collaborates closely with the Safety of Work in particular with regard to the distribution, control of operation and conservation of safety material; (ii) carry out inspections of job safety conditions; (iii) draw up reports and statistical findings on accidents and iv) collaborate in the information and training processes of employees and other stakeholders in the workplace in the areas of prevention and safety, a process through which the quality of service is ensured. In addition, Altri has Safety technicians who perform, guide and coordinate the activities of the security service, particularly with regard to the distribution, operation control and maintenance of the safety material. They also carry out inspections of the safety conditions of the facilities or the work of the staff and prepare statistical reports and findings on accidents and collaborate in the processes of information and training of employees and other actors in the workplace in the areas of prevention and safety, the process through which the quality of the service is ensured.	3 8

403-4	Participation of employees, consultation and communication to employees concerning health and safety at work	Management System meetings are promoted by the Committee on Environment and Health, where employees' representatives, senior managers of Altri and the occupational doctor are present, Employees are also consulted on the use of PPE and on the preparation of RIPARS. Additionally, for employee involvement, weekly Safety minutes are held at KAIZEN, Safety Clicks meetings and the Safe Behaviors Methodology - Next Steps is followed.	3 8
403-5	Training of employees in Health and Safety at work	4.+ People > 4.2 Health, safety, and well-being of employees	3 8
403-6	Promotion of the health of the employee	Altri promotes the health of its employees through medical and nursing services at the medical office, consultations and prescription of medicines, health promotion campaigns and healthy lifestyles. In particular, with several health promotion initiatives and campaigns (tobacco, overweight, sedentary lifestyle, oncological surveys), such as the "month of May, month of heart" and "Movember". It also provides curative medicine consultations, Orthopedics Consultation, nursing consultations and musculoskeletal rehabilitation treatments at medical offices. Altri Group offers employees and their families a health insurance that provides several services with participation in health costs (outpatient, hospitalization, surgery, dental medicine and oncology) and a support line, with teleconsultation, psychological monitoring programs, smoking cessation, healthy lifestyles. It should be noted that Altri Group offers its employees the flu vaccine in the flu season, of voluntary adherence, and with a main focus on individuals at clinical risk. The canteen offers a daily meat dish, fish and vegetarian option and diet.	3 8
403-7	Prevention and mitigation of health and safety impacts of work directly linked to business relationships	Altri distributes information leaflets, availability of Safety Documentation (RIPAR, procedures, standards, forest practices notebook with AR), dissemination of OHS videos on internal TV circuits, display of Safety signs and Disclosure of Incident and near Incident Communications (Flash incidents and Flash near accident) and performs the weekly Safety minutes at Kaizen meetings.	3 8
403-8	Employees covered by a health and safety management system	In the case of Altri's industrial units, all employees (internal and external), who perform functions on the site, are covered by the H&S system which is audited internally and externally. In the case of Altri Florestal and Altri SL, in which PEFC and FSC® normative references are implemented, whose review covers the analysis of H&S performance, and the definition of improvement plans at the level of H&S, 100% of internal employees are covered by the system.	3 8
403-9	Accidents at work	The main work-related hazards that may cause serious injury include falls at the same level and in height, lifting loads, moving on sloping ground, felling and transporting wood, chemicals, contact with moving machinery organs and work equipment (risk of crushing, pinching, cutting), and exposure to adverse weather conditions, thermal burns, electrical current. To identify hazards related to serious work accident hazards or to eliminate/mitigate them Altri has safety plans, procedures and standards, hazard identification and risk assessment records, safety signs, RIPARs, Safety Data Sheet, Monitoring of exposure to physical and chemical agents, H&S inspections, implementation of collective protection measures, infrastructure and equipment improvement. To eliminate or minimize hazard risks, Altri reviews and updates all hazard identification mechanisms, makes CPE, infrastructure and equipment improvements; evaluates and selects PPE more suited to tasks and provides training and sensitization to its employees (see 4. + People > 4.2 Health, safety, and well-being of employees). Indicator answered in table below. Scope: Industrial units of Altri (Celbi, Biotek and Caima) and Altri Florestal Note: Data on external employees do not include information on Altri Florestal in 2021, since the number of hours worked could not be calculated. Note 1: There was an update regarding the number of deaths resulting from occupational accidents reported in 2020, since one death was reported that occurred in that year after the publication of the Report.	3 8

	2020	2021	2022
ABSOLUTE VALUES FOR EMPLOYEES
Deaths resulting from accidents at work	1	0	0
Serious accidents at work (excluding deaths)	1	0	0
Mandatory communication work accidents	43	30	36
Number of hours worked	1 341 710	1 320 055	1 347 369
RATIOS FOR EMPLOYEES
Deaths resulting from accidents at work	0,7	0,0	0,0
Serious accidents at work (excluding deaths)	0,7	0,0	0,0
Mandatory communication work accidents	32.0	22.7	26.7
ABSOLUTE VALUES FOR EXTERNAL EMPLOYEES
Deaths resulting from accidents at work	2	1	0
Serious accidents at work (excluding deaths)	4	0	2
Mandatory communication work accidents	75	57	48
Number of hours worked	—	979 064	1 149 613
RATIOS FOR EXTERNAL EMPLOYEES
Deaths resulting from accidents at work	—	1.0	0,0
Serious accidents at work (excluding deaths)	—	0.0	1.7
Mandatory communication work accidents	—	58.2	41.8

Note: Hours worked normalization factor: 1000000..

403-10	Occupational diseases	In 2022, no occupational diseases or deaths resulting from occupational diseases were recorded. In order to mitigate or eliminate risks and hazards, Altri monitors workplace exposure risks (noise, chemical, ergonomic) by safety technicians and accompanied by the occupational physician.
--------	-----------------------	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	--

3
8

	GRI 404 - TRAINING AND EDUCATION
		4 + People > 4.3 Skills development
		Indicator answered in table below.
		2022
		Total of employees by category and functional	Male	Female	Total
		Senior staff and technicians (no.	94	29	123
		Medium Staff and Direct Managers (no.)	92	13	105
		Other employees (no.)	486	102	588
Average training 404-1 hours per year and employee	Total (no.)	672	144	816
		Total hours of training (h)	Male	Female	Total
		Senior staff and technicians (no.)	1 620	1120	2740
		Medium Staff and Direct Managers (no.)	1 357	642	1 999
		Other employees (no.)	16 046	2 806	18 852
		Total (no.)	19023	4 568	23591
		Average hours of training per category (h/employee)	Male	Female	Total
		Senior staff and technicians (no.)	17	39	22
		Medium Staff and Direct Managers (no.)	15	49	19
		Other employees (no.)	33	28	32
	Total (no.)	28	32	29

404-2	Programs to improve the skills of employees and the transition	4 + People > 4.3 Skills development Altri does not yet have a career transition assistance program. About the training program, see table below.	8
-------	-------------------------------------------------------------------------	--------------------------------------------------------------------------------------------------------------------------------------------------------	---

8

	Total Actions (No.)	Number of hours (h)
Process	66	8 221
Management and behavioral	68	1 471
Maintenance	45	2 350
Security	169	5 081
Others	118	6 468
Total	466	23 591

Percentage of employees receiving regular 404-3 performance and career development reviews	The subsidiaries of Altri Group do not have a formal system of performance evaluation or career development. In 2022 a Management System by Objectives was being tested and will be effectively implemented in 2023. In this way it will be possible to give feedback on the performance of employees with regard to the established goals. 4. + People > 4.3 Skills Development
--------------------------------------------------------------------------------------------------------------	-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

GRI 405 - DIVERSITY AND EQUAL OPPORTUNITIES
405-1	Diversity of governance bodies and employees	4.+ People > 4.1 Human Rights > Promotion of Diversity and Gender Equality Indicator answered in table below.	5 8

2022	Age range	Male	Female	Total
	< 30 years	4	1	5
Upper Staff and technicians (no.)	From 30 to 50 years	56	23	79
	> 50 years	34	5	39
	TOTAL	94	29	123
	< 30 years	3%	1%	4%
	From 30 to 50 years	46%	19%	64%
Senior staff and technicians (%)	> 50 years	28%	4%	32%
	TOTAL	76%	24%	100%
	< 30 years	1	4	5
	From 30 to 50 years	47	6	53
Medium staff and Direct Managers (no.)	> 50 years	44	3	47
	TOTAL	92	13	105
	< 30 years	1%	4%	5%
	From 30 to 50 years	45%	6%	50%
Medium staff and Direct Managers (%)	> 50 years	42%	3%	45%
	TOTAL	88%	12%	100%
	< 30 years	70	27	97
	From 30 to 50 years	300	52	352
Other employees (no.)	> 50 years	116	23	139
	TOTAL	486	102	588
Other employees (%)	< 30 years	12%	5%	16%
	From 30 to 50 years	51%	9%	60%
	> 50 years	20%	4%	24%
	TOTAL	83%	17%	100%
Total (no.)		672	144	816

Employees with university degree	Male	Female	Total
No. of employees with higher education (no.)		199	106	305
Rate of employees with higher education (%)		30%	74%	37%
Governance bodies by functional category age group and gender
	Age range	Male	Female	Total
	< 30 years	0	0	0
	From 30 to 50 years	0	0	0
Governance bodies (no.)	> 50 years	5	4	9
	TOTAL	5	4	9
Governance bodies (%)	< 30 years	0,0	0,0	0,0
	From 30 to 50 years	0,0	0,0	0,0
	> 50 years	56	44	100
	TOTAL	66,7	33,3	100

405-2	Ratio between the basic salary and the remuneration of women and men	Indicator answered in table below. Note: The data presented do not include the employees of Altri Sales. Base remuneration by functional category and gender (€) Senior staff and technicians Medium staff and direct managers Other employees Total Total remuneration per functional category and gender (€) Senior staff and technicians Medium staff and direct managers Other employees Total	F/M ratio 0,92 0,64 0,76 0,82 F/M ratio 0,93 0,66 0,76 0,84	5 8 10
	GRI 406 - NON-DISCRIMINATION
406-1	Cases of discrimination and measures taken	There was no record during the financial year 2022 of any reporting of discriminatory situations that required concrete measures to combat such situations
		GRI 407- TRADE UNION FREEDOM AND COLLECTIVE BARGAINING		16
407-1	Operations and suppliers where freedom of association and collective bargaining may be at risk	No cases were detected where freedom of association and collective bargaining could be at risk
GRI 408 - CHILD LABOR
408-1	Operations and suppliers where there is a significant risk of child labor incidents	No incidents were detected where there was a risk of child labor.
	GRI 409 - FORCED OR SLAVE LABOR
409-1	Operations and suppliers in If there is a significant risk of slave or forced labor incidents	No incidents were detected where there was a risk of slave or forced labor.
	GRI 413 - LOCAL COMMUNITIES
413-1	Operations with local community involvement, impact assessment and program development	Altri presents 100% of its five operations with community engagement programs, impact assessment and/or local development. 4.+ People > 4.4 Communities

413-2	Operations with significant current and potential negative impacts on local communities	Altri identifies operations with significant negative impacts – real and potential – in the local communities of the sites where it operates, namely in Leirosa (Figueira da Foz), Vila Velha de Rodao (Castelo Branco) and Constância (Santarém). The negative impacts come from facilities using chemicals that can affect the environment and human health in general. Altri's cellulosic fiber industrial units fall as a dangerous substances upper-tier establishment under Directive 2012/18/EU, of the European Parliament and of the Council of 4 July 2012 (Seveso III Directive) transposed by Decree-Law no. 150/2015 of 5 August. The industrial units of Altri Group implement methodologies and procedures to ensure the identification of hazards, risk assessment and impact analysis of these risks on the environment. These methodologies and procedures are evaluated and validated by the Portuguese Environment Agency for this purpose. 4.+ People > 4.4 Communities	1 2
GRI 415 - PUBLIC POLICIES
415-1	Political contributions	No political, monetary or other contributions were made to organizations during 2022.	12 16
GRI 417 - MARKETING AND LABELING
417-1	Information and labeling requirements for products and services	Altri complies with Regulation (EU) No 53/2010 of 20 May 2010, and a safety data sheet describing the main characteristics, applications and rules of use and recycling is available for all products. Pulps for use in stationery products are approved by the Nordic Ecolabelling of Paper Products and European Ecolabel, and can be used in products you wish to use this environmental label.	12 16

Legend:

SDGs – Sustainable Development Goals

J. Transactions of Directors

Article 447 of the Portuguese Companies Act and Article 19 of the Regulation (EU) no. 596/2014 of the European Parliament and of the Council, of 16 April

Disclosure of shares and other securities held by members of the Board of Directors and Managers, as well as by persons closely related thereto, pursuant to Article 29-R of the Portuguese Securities Code, and transactions involving these, carried out during the financial year under analysis:

Members of the Board of Directors	Shares held on 31-Dec-2021	Acquisitions	Disposals	Shares held on 31-Dec-2022
Ana Rebelo Carvalho Menéres de Mendonça (attributable through PROMENDO INVESTIMENTOS, S.A.)	38,295,053	—	—	38,295,053
João Manuel Matos Borges de Oliveira (attributable through CADERNO AZUL, S.A.)	31,000,000	—	—	31,000,000
Paulo Jorge dos Santos Fernandes (attributable through ACTIUM CAPITAL, S.A.)	27,146,874	300,000	1,100,000	26,346,874
Domingos José Vieira de Matos (attributable through LIVREFLUXO, S.A.)	26,669,010	—	—	26,669,010
Pedro Miguel Matos Borges de Oliveira (attributable through 1 THING INVESTMENTS, S.A.)	20,541,284	—	—	20,541,284
Paula Simões de Figueiredo Pimentel Freixo Matos Chaves	4,500	—	—	4,500
José Armindo Farinha Soares de Pina (attributable by virtue of his matrimonial regime)	—	84,631	—	84,631

Paulo Jorge dos Santos Fernandes (attributable through ACTIUM CAPITAL, S.A.)

Date	Type	Volume	Price (€)	Place	No. of shares
31-Dec-21	-	-	-	-	27,146,874
28-Mar-22	Acquisition	2,000	6.030000	Euronext Lisbon	27,148,874
28-Mar-22	Acquisition	585	6.020000	Euronext Lisbon	27,149,459
28-Mar-22	Acquisition	415	6.020000	Euronext Lisbon	27,149,874
28-Mar-22	Acquisition	2,000	6.030000	Euronext Lisbon	27,151,874
28-Mar-22	Acquisition	2,900	6.040000	Euronext Lisbon	27,154,774
28-Mar-22	Acquisition	300	6.040000	Euronext Lisbon	27,155,074
28-Mar-22	Acquisition	698	6.045000	Euronext Lisbon	27,155,772
28-Mar-22	Acquisition	2,302	6.045000	Euronext Lisbon	27,158,074
28-Mar-22	Acquisition	2,000	6.040000	Euronext Lisbon	27,160,074
28-Mar-22	Acquisition	419	6.050000	Euronext Lisbon	27,160,493
28-Mar-22	Acquisition	2,081	6.050000	Euronext Lisbon	27,162,574
28-Mar-22	Acquisition	403	6.050000	Euronext Lisbon	27,162,977
28-Mar-22	Acquisition	2,097	6.050000	Euronext Lisbon	27,165,074
28-Mar-22	Acquisition	238	6.065000	Euronext Lisbon	27,165,312
28-Mar-22	Acquisition	1,762	6.065000	Euronext Lisbon	27,167,074
28-Mar-22	Acquisition	54	6.050000	Euronext Lisbon	27,167,128
28-Mar-22	Acquisition	2,446	6.050000	Euronext Lisbon	27,169,574
28-Mar-22	Acquisition	1,100	6.050000	Euronext Lisbon	27,170,674
28-Mar-22	Acquisition	1,100	6.050000	Euronext Lisbon	27,171,774
28-Mar-22	Acquisition	300	6.050000	Euronext Lisbon	27,172,074
28-Mar-22	Acquisition	241	6.060000	Euronext Lisbon	27,172,315
28-Mar-22	Acquisition	460	6.065000	Euronext Lisbon	27,172,775
28-Mar-22	Acquisition	750	6.070000	Euronext Lisbon	27,173,525
28-Mar-22	Acquisition	2,005	6.070000	Euronext Lisbon	27,175,530
28-Mar-22	Acquisition	587	6.070000	Euronext Lisbon	27,176,117
28-Mar-22	Acquisition	2,500	6.045000	Euronext Lisbon	27,178,617

28-Mar-22	Acquisition	1,000	6.045000	Euronext Lisbon	27,179,617
28-Mar-22	Acquisition	1,100	6.045000	Euronext Lisbon	27,180,717
28-Mar-22	Acquisition	400	6.045000	Euronext Lisbon	27,181,117
28-Mar-22	Acquisition	146	6.060000	Euronext Lisbon	27,181,263
28-Mar-22	Acquisition	495	6.060000	Euronext Lisbon	27,181,758
28-Mar-22	Acquisition	1,859	6.060000	Euronext Lisbon	27,183,617
28-Mar-22	Acquisition	479	6.060000	Euronext Lisbon	27,184,096
28-Mar-22	Acquisition	2,021	6.060000	Euronext Lisbon	27,186,117
28-Mar-22	Acquisition	5,000	6.070000	Euronext Lisbon	27,191,117
28-Mar-22	Acquisition	750	6.070000	Euronext Lisbon	27,191,867
28-Mar-22	Acquisition	1,000	6.075000	Euronext Lisbon	27,192,867
28-Mar-22	Acquisition	952	6.075000	Euronext Lisbon	27,193,819
28-Mar-22	Acquisition	451	6.075000	Euronext Lisbon	27,194,270
28-Mar-22	Acquisition	750	6.080000	Euronext Lisbon	27,195,020
28-Mar-22	Acquisition	5,074	6.080000	Euronext Lisbon	27,200,094
28-Mar-22	Acquisition	1,023	6.080000	Euronext Lisbon	27,201,117
28-Mar-22	Acquisition	2,000	6.060000	Euronext Lisbon	27,203,117
28-Mar-22	Acquisition	1,046	6.045000	Euronext Lisbon	27,204,163
28-Mar-22	Acquisition	1,454	6.045000	Euronext Lisbon	27,205,617
28-Mar-22	Acquisition	1,200	6.045000	Euronext Lisbon	27,206,817
28-Mar-22	Acquisition	1,300	6.045000	Euronext Lisbon	27,208,117
28-Mar-22	Acquisition	2,500	6.045000	Euronext Lisbon	27,210,617
28-Mar-22	Acquisition	2,500	6.045000	Euronext Lisbon	27,213,117
28-Mar-22	Acquisition	2,000	6.035000	Euronext Lisbon	27,215,117
28-Mar-22	Acquisition	2,607	6.025000	Euronext Lisbon	27,217,724
28-Mar-22	Acquisition	393	6.025000	Euronext Lisbon	27,218,117
28-Mar-22	Acquisition	1,389	6.025000	Euronext Lisbon	27,219,506
28-Mar-22	Acquisition	611	6.025000	Euronext Lisbon	27,220,117
28-Mar-22	Acquisition	2,000	6.035000	Euronext Lisbon	27,222,117
28-Mar-22	Acquisition	750	6.045000	Euronext Lisbon	27,222,867
28-Mar-22	Acquisition	561	6.045000	Euronext Lisbon	27,223,428
28-Mar-22	Acquisition	1,689	6.050000	Euronext Lisbon	27,225,117
28-Mar-22	Acquisition	1,757	6.050000	Euronext Lisbon	27,226,874
29-Mar-22	Acquisition	2,500	6.075000	Euronext Lisbon	27,229,374
29-Mar-22	Acquisition	2,500	6.075000	Euronext Lisbon	27,231,874
29-Mar-22	Acquisition	2,500	6.075000	Euronext Lisbon	27,234,374
29-Mar-22	Acquisition	1,000	6.075000	Euronext Lisbon	27,235,374
29-Mar-22	Acquisition	1,500	6.075000	Euronext Lisbon	27,236,874
29-Mar-22	Acquisition	5,000	6.085000	Euronext Lisbon	27,241,874
29-Mar-22	Acquisition	300	6.100000	Euronext Lisbon	27,242,174
29-Mar-22	Acquisition	9,409	6.100000	Euronext Lisbon	27,251,583
29-Mar-22	Acquisition	291	6.100000	Euronext Lisbon	27,251,874
29-Mar-22	Acquisition	750	6.105000	Euronext Lisbon	27,252,624
29-Mar-22	Acquisition	522	6.105000	Euronext Lisbon	27,253,146
29-Mar-22	Acquisition	317	6.105000	Euronext Lisbon	27,253,463
29-Mar-22	Acquisition	911	6.105000	Euronext Lisbon	27,254,374
29-Mar-22	Acquisition	276	6.090000	Euronext Lisbon	27,254,650
29-Mar-22	Acquisition	3,224	6.090000	Euronext Lisbon	27,257,874
29-Mar-22	Acquisition	2,200	6.090000	Euronext Lisbon	27,260,074
29-Mar-22	Acquisition	1,100	6.090000	Euronext Lisbon	27,261,174
29-Mar-22	Acquisition	68	6.090000	Euronext Lisbon	27,261,242
29-Mar-22	Acquisition	132	6.090000	Euronext Lisbon	27,261,374
29-Mar-22	Acquisition	968	6.090000	Euronext Lisbon	27,262,342
29-Mar-22	Acquisition	2,032	6.090000	Euronext Lisbon	27,264,374
29-Mar-22	Acquisition	204	6.085000	Euronext Lisbon	27,264,578
29-Mar-22	Acquisition	358	6.085000	Euronext Lisbon	27,264,936
29-Mar-22	Acquisition	4,438	6.085000	Euronext Lisbon	27,269,374
29-Mar-22	Acquisition	218	6.075000	Euronext Lisbon	27,269,592
29-Mar-22	Acquisition	1,282	6.075000	Euronext Lisbon	27,270,874

29-Mar-22	Acquisition	1,500	6.075000	Euronext Lisbon	27,272,374
29-Mar-22	Acquisition	282	6.075000	Euronext Lisbon	27,272,656
29-Mar-22	Acquisition	744	6.075000	Euronext Lisbon	27,273,400
29-Mar-22	Acquisition	756	6.075000	Euronext Lisbon	27,274,156
29-Mar-22	Acquisition	218	6.075000	Euronext Lisbon	27,274,374
29-Mar-22	Acquisition	750	6.075000	Euronext Lisbon	27,275,124
29-Mar-22	Acquisition	190	6.075000	Euronext Lisbon	27,275,314
29-Mar-22	Acquisition	3,638	6.075000	Euronext Lisbon	27,278,952
29-Mar-22	Acquisition	422	6.075000	Euronext Lisbon	27,279,374
29-Mar-22	Acquisition	2,000	6.075000	Euronext Lisbon	27,281,374
29-Mar-22	Acquisition	2,000	6.075000	Euronext Lisbon	27,283,374
29-Mar-22	Acquisition	1,000	6.075000	Euronext Lisbon	27,284,374
29-Mar-22	Acquisition	1,126	6.060000	Euronext Lisbon	27,285,500
29-Mar-22	Acquisition	3,500	6.100000	Euronext Lisbon	27,289,000
29-Mar-22	Acquisition	3,500	6.100000	Euronext Lisbon	27,292,500
29-Mar-22	Acquisition	2,255	6.100000	Euronext Lisbon	27,294,755
29-Mar-22	Acquisition	745	6.100000	Euronext Lisbon	27,295,500
29-Mar-22	Acquisition	866	6.090000	Euronext Lisbon	27,296,366
29-Mar-22	Acquisition	2,134	6.090000	Euronext Lisbon	27,298,500
29-Mar-22	Acquisition	2,000	6.090000	Euronext Lisbon	27,300,500
29-Mar-22	Acquisition	750	6.115000	Euronext Lisbon	27,301,250
29-Mar-22	Acquisition	874	6.115000	Euronext Lisbon	27,302,124
29-Mar-22	Acquisition	874	6.115000	Euronext Lisbon	27,302,998
29-Mar-22	Acquisition	216	6.115000	Euronext Lisbon	27,303,214
29-Mar-22	Acquisition	910	6.115000	Euronext Lisbon	27,304,124
29-Mar-22	Acquisition	250	6.115000	Euronext Lisbon	27,304,374
29-Mar-22	Acquisition	583	6.130000	Euronext Lisbon	27,304,957
29-Mar-22	Acquisition	500	6.130000	Euronext Lisbon	27,305,457
29-Mar-22	Acquisition	1,982	6.130000	Euronext Lisbon	27,307,439
29-Mar-22 29-Mar-22	Acquisition Acquisition	632 1,303	6.130000 6.120000	Euronext Lisbon Euronext Lisbon	27,308,071 27,309,374
29-Mar-22	Acquisition	201	6.130000	Euronext Lisbon	27,309,575
29-Mar-22	Acquisition	1,587	6.130000	Euronext Lisbon	27,311,162
29-Mar-22	Acquisition	363	6.130000	Euronext Lisbon	27,311,525
29-Mar-22	Acquisition	2,849	6.130000	Euronext Lisbon	27,314,374
29-Mar-22	Acquisition	1,435	6.115000	Euronext Lisbon	27,315,809
29-Mar-22	Acquisition	1,438	6.115000	Euronext Lisbon	27,317,247
29-Mar-22	Acquisition	627	6.115000	Euronext Lisbon	27,317,874
29-Mar-22	Acquisition	2,500	6.115000	Euronext Lisbon	27,320,374
29-Mar-22	Acquisition	1,100	6.115000	Euronext Lisbon	27,321,474
29-Mar-22	Acquisition	400	6.115000	Euronext Lisbon	27,321,874
29-Mar-22	Acquisition	329	6.115000	Euronext Lisbon	27,322,203
29-Mar-22	Acquisition	2,171	6.115000	Euronext Lisbon	27,324,374
29-Mar-22	Acquisition	3,027	6.110000	Euronext Lisbon	27,327,401
29-Mar-22	Acquisition	1,973	6.110000	Euronext Lisbon	27,329,374
29-Mar-22	Acquisition	1,665	6.105000	Euronext Lisbon	27,331,039
29-Mar-22	Acquisition	835	6.105000	Euronext Lisbon	27,331,874
29-Mar-22	Acquisition	5,000	6.070000	Euronext Lisbon	27,336,874
29-Mar-22	Acquisition	2,181	6.000000	Euronext Lisbon	27,339,055
29-Mar-22	Acquisition	169	6.050000	Euronext Lisbon	27,339,224
29-Mar-22	Acquisition	2,650	6.050000	Euronext Lisbon	27,341,874
29-Mar-22	Acquisition	138	6.040000	Euronext Lisbon	27,342,012
29-Mar-22	Acquisition	430	6.040000	Euronext Lisbon	27,342,442
29-Mar-22	Acquisition	4,432	6.040000	Euronext Lisbon	27,346,874
30-Mar-22	Acquisition	50	6.035000	Euronext Lisbon	27,346,924
30-Mar-22	Acquisition	2,450	6.035000	Euronext Lisbon	27,349,374
30-Mar-22	Acquisition	1,150	6.035000	Euronext Lisbon	27,350,524
30-Mar-22	Acquisition	1,850	6.035000	Euronext Lisbon	27,352,374
30-Mar-22	Acquisition	1,038	6.030000	Euronext Lisbon	27,353,412

30-Mar-22	Acquisition	1,462	6.030000	Euronext Lisbon	27,354,874
30-Mar-22	Acquisition	2,000	6.020000	Euronext Lisbon	27,356,874
30-Mar-22	Acquisition	3,000	6.020000	Euronext Lisbon	27,359,874
30-Mar-22	Acquisition	259	6.010000	Euronext Lisbon	27,360,133
30-Mar-22	Acquisition	480	6.010000	Euronext Lisbon	27,360,613
30-Mar-22	Acquisition	13	6.010000	Euronext Lisbon	27,360,626
30-Mar-22	Acquisition	4,442	6.030000	Euronext Lisbon	27,365,068
30-Mar-22	Acquisition	73	6.030000	Euronext Lisbon	27,365,141
30-Mar-22	Acquisition	485	6.030000	Euronext Lisbon	27,365,626
30-Mar-22	Acquisition	248	6.020000	Euronext Lisbon	27,365,874
30-Mar-22	Acquisition	132	6.040000	Euronext Lisbon	27,366,006
30-Mar-22	Acquisition	4,868	6.040000	Euronext Lisbon	27,370,874
30-Mar-22	Acquisition	400	6.055000	Euronext Lisbon	27,371,274
30-Mar-22	Acquisition	510	6.055000	Euronext Lisbon	27,371,784
30-Mar-22	Acquisition	4,090	6.055000	Euronext Lisbon	27,375,874
30-Mar-22	Acquisition	53	6.070000	Euronext Lisbon	27,375,927
30-Mar-22	Acquisition	20	6.070000	Euronext Lisbon	27,375,947
30-Mar-22	Acquisition	71	6.070000	Euronext Lisbon	27,376,018
30-Mar-22	Acquisition	2,356	6.070000	Euronext Lisbon	27,378,374
30-Mar-22	Acquisition	1,000	6.070000	Euronext Lisbon	27,379,374
30-Mar-22	Acquisition	623	6.095000	Euronext Lisbon	27,379,997
30-Mar-22	Acquisition	252	6.095000	Euronext Lisbon	27,380,249
30-Mar-22	Acquisition	4,125	6.095000	Euronext Lisbon	27,384,374
30-Mar-22	Acquisition	2,500	6.080000	Euronext Lisbon	27,386,874
30-Mar-22	Acquisition	2,500	6.080000	Euronext Lisbon	27,389,374
30-Mar-22	Acquisition	1,500	6.070000	Euronext Lisbon	27,390,874
30-Mar-22	Acquisition	678	6.080000	Euronext Lisbon	27,391,552
30-Mar-22	Acquisition	1,822	6.080000	Euronext Lisbon	27,393,374
30-Mar-22	Acquisition	1,822	6.080000	Euronext Lisbon	27,395,196
30-Mar-22	Acquisition	49	6.080000	Euronext Lisbon	27,395,245
30-Mar-22 30-Mar-22	Acquisition Acquisition	629 900	6.080000 6.070000	Euronext Lisbon Euronext Lisbon	27,395,874 27,396,774
30-Mar-22	Acquisition	1,600	6.070000	Euronext Lisbon	27,398,374
30-Mar-22	Acquisition	2,500	6.070000	Euronext Lisbon	27,400,874
30-Mar-22	Acquisition	2,500	6.060000	Euronext Lisbon	27,403,374
30-Mar-22	Acquisition	2,500	6.060000	Euronext Lisbon	27,405,874
30-Mar-22	Acquisition	1,000	6.050000	Euronext Lisbon	27,406,874
30-Mar-22	Acquisition	1	6.050000	Euronext Lisbon	27,406,875
30-Mar-22	Acquisition	853	6.050000	Euronext Lisbon	27,407,728
30-Mar-22	Acquisition	646	6.050000	Euronext Lisbon	27,408,374
30-Mar-22	Acquisition	2,500	6.050000	Euronext Lisbon	27,410,874
30-Mar-22	Acquisition	3,500	6.070000	Euronext Lisbon	27,414,374
30-Mar-22	Acquisition	768	6.080000	Euronext Lisbon	27,415,142
30-Mar-22 30-Mar-22	Acquisition Acquisition	1,732 2,000	6.080000 6.070000	Euronext Lisbon Euronext Lisbon	27,416,874 27,418,874
30-Mar-22 30-Mar-22	Acquisition Acquisition	3,500 2,500	6.060000 6.080000	Euronext Lisbon Euronext Lisbon	27,422,374 27,424,874
30-Mar-22	Acquisition	3,500	6.070000	Euronext Lisbon	27,428,374
30-Mar-22	Acquisition	3,500	6.060000	Euronext Lisbon	27,431,874
30-Mar-22	Acquisition	5,000	6.055000	Euronext Lisbon	27,436,874
30-Mar-22	Acquisition	50	6.050000	Euronext Lisbon	27,436,924
30-Mar-22	Acquisition	2,450	6.050000	Euronext Lisbon	27,439,374
30-Mar-22	Acquisition	293	6.065000	Euronext Lisbon	27,439,667
30-Mar-22	Acquisition	88	6.065000	Euronext Lisbon	27,439,755
30-Mar-22	Acquisition	17	6.065000	Euronext Lisbon	27,439,772
30-Mar-22	Acquisition	656	6.065000	Euronext Lisbon	27,440,428
30-Mar-22	Acquisition	2,500	6.065000	Euronext Lisbon	27,442,928
30-Mar-22	Acquisition	1,446	6.065000	Euronext Lisbon	27,444,374
30-Mar-22	Acquisition	579	6.065000	Euronext Lisbon	27,444,953

30-Mar-22	Acquisition	148	6.065000	Euronext Lisbon	27,445,101
30-Mar-22	Acquisition	1,773	6.065000	Euronext Lisbon	27,446,874
21-Jun-22	Disposal	206	6.675000	Euronext Lisbon	27,446,668
21-Jun-22	Disposal	750	6.665000	Euronext Lisbon	27,445,918
21-Jun-22	Disposal	230	6.660000	Euronext Lisbon	27,445,688
21-Jun-22	Disposal	1,316	6.660000	Euronext Lisbon	27,444,372
21-Jun-22	Disposal	439	6.660000	Euronext Lisbon	27,443,933
21-Jun-22	Disposal	387	6.660000	Euronext Lisbon	27,443,546
21-Jun-22	Disposal	1,200	6.660000	Euronext Lisbon	27,442,346
21-Jun-22	Disposal	1,200	6.660000	Euronext Lisbon	27,441,146
21-Jun-22	Disposal	1,200	6.660000	Euronext Lisbon	27,439,946
21-Jun-22	Disposal	1,200	6.660000	Euronext Lisbon	27,438,746
21-Jun-22	Disposal	1,200	6.660000	Euronext Lisbon	27,437,546
21-Jun-22	Disposal	100	6.660000	Euronext Lisbon	27,437,446
21-Jun-22	Disposal	361	6.660000	Euronext Lisbon	27,437,085
21-Jun-22	Disposal	417	6.660000	Euronext Lisbon	27,436,668
21-Jun-22	Disposal	214	6.675000	Euronext Lisbon	27,436,454
21-Jun-22	Disposal	172	6.675000	Euronext Lisbon	27,436,282
21-Jun-22	Disposal	227	6.675000	Euronext Lisbon	27,436,055
21-Jun-22	Disposal	1,181	6.675000	Euronext Lisbon	27,434,874
21-Jun-22	Disposal	2,000	6.675000	Euronext Lisbon	27,432,874
21-Jun-22	Disposal	1,000	6.675000	Euronext Lisbon	27,431,874
21-Jun-22	Disposal	568	6.675000	Euronext Lisbon	27,431,306
21-Jun-22	Disposal	1,800	6.655000	Euronext Lisbon	27,429,506
21-Jun-22	Disposal	435	6.655000	Euronext Lisbon	27,429,071
21-Jun-22	Disposal	370	6.655000	Euronext Lisbon	27,428,701
21-Jun-22	Disposal	750	6.650000	Euronext Lisbon	27,427,951
21-Jun-22	Disposal	555	6.650000	Euronext Lisbon	27,427,396
21-Jun-22	Disposal	76	6.650000	Euronext Lisbon	27,427,320
21-Jun-22	Disposal	510	6.650000	Euronext Lisbon	27,426,810
21-Jun-22	Disposal	1,519	6.650000	Euronext Lisbon	27,425,291
21-Jun-22	Disposal	1,822	6.650000	Euronext Lisbon	27,423,469
21-Jun-22	Disposal	1,279	6.650000	Euronext Lisbon	27,422,190
21-Jun-22	Disposal	1,194	6.650000	Euronext Lisbon	27,420,996
21-Jun-22	Disposal	750	6.650000	Euronext Lisbon	27,420,246
21-Jun-22	Disposal	1,464	6.650000	Euronext Lisbon	27,418,782
21-Jun-22	Disposal	7,476	6.650000	Euronext Lisbon	27,411,306
21-Jun-22	Disposal	750	6.650000	Euronext Lisbon	27,410,556
21-Jun-22	Disposal	527	6.650000	Euronext Lisbon	27,410,029
21-Jun-22	Disposal	393	6.650000	Euronext Lisbon	27,409,636
21-Jun-22	Disposal	432	6.650000	Euronext Lisbon	27,409,204
21-Jun-22	Disposal	2,000	6.650000	Euronext Lisbon	27,407,204
21-Jun-22	Disposal	94	6.650000	Euronext Lisbon	27,407,110
21-Jun-22	Disposal	2,000	6.650000	Euronext Lisbon	27,405,110
21-Jun-22	Disposal	89	6.650000	Euronext Lisbon	27,405,021
21-Jun-22	Disposal	265	6.630000	Euronext Lisbon	27,404,756
21-Jun-22	Disposal	336	6.630000	Euronext Lisbon	27,404,420
21-Jun-22	Disposal	750	6.625000	Euronext Lisbon	27,403,670
21-Jun-22	Disposal	1,000	6.625000	Euronext Lisbon	27,402,670
21-Jun-22	Disposal	796	6.625000	Euronext Lisbon	27,401,874
21-Jun-22	Disposal	500	6.625000	Euronext Lisbon	27,401,374
21-Jun-22	Disposal	1,000	6.625000	Euronext Lisbon	27,400,374
21-Jun-22	Disposal	555	6.625000	Euronext Lisbon	27,399,819
21-Jun-22	Disposal	1,000	6.620000	Euronext Lisbon	27,398,819
21-Jun-22	Disposal	926	6.620000	Euronext Lisbon	27,397,893
21-Jun-22	Disposal	76	6.620000	Euronext Lisbon	27,397,817
21-Jun-22	Disposal	1,415	6.620000	Euronext Lisbon	27,396,402
21-Jun-22	Disposal	946	6.620000	Euronext Lisbon	27,395,456
21-Jun-22	Disposal	439	6.620000	Euronext Lisbon	27,395,017

21-Jun-22	Disposal	5,000	6.620000	Euronext Lisbon	27,390,017
21-Jun-22	Disposal	5,000	6.620000	Euronext Lisbon	27,385,017
21-Jun-22	Disposal	3,143	6.620000	Euronext Lisbon	27,381,874
21-Jun-22	Disposal	267	6.630000	Euronext Lisbon	27,381,607
21-Jun-22	Disposal	733	6.630000	Euronext Lisbon	27,380,874
21-Jun-22	Disposal	1,000	6.630000	Euronext Lisbon	27,379,874
21-Jun-22	Disposal	1,000	6.630000	Euronext Lisbon	27,378,874
21-Jun-22	Disposal	950	6.630000	Euronext Lisbon	27,377,924
21-Jun-22	Disposal	50	6.630000	Euronext Lisbon	27,377,874
21-Jun-22	Disposal	9,346	6.630000	Euronext Lisbon	27,368,528
21-Jun-22	Disposal	1,000	6.630000	Euronext Lisbon	27,367,528
21-Jun-22	Disposal	654	6.630000	Euronext Lisbon	27,366,874
21-Jun-22	Disposal	750	6.640000	Euronext Lisbon	27,366,124
21-Jun-22	Disposal	365	6.640000	Euronext Lisbon	27,365,759
21-Jun-22	Disposal	594	6.640000	Euronext Lisbon	27,365,165
21-Jun-22	Disposal	1,331	6.640000	Euronext Lisbon	27,363,834
21-Jun-22	Disposal	1,500	6.640000	Euronext Lisbon	27,362,334
21-Jun-22	Disposal	1,500	6.640000	Euronext Lisbon	27,360,834
21-Jun-22	Disposal	3,000	6.640000	Euronext Lisbon	27,357,834
21-Jun-22	Disposal	1,500	6.640000	Euronext Lisbon	27,356,334
21-Jun-22	Disposal	1,169	6.640000	Euronext Lisbon	27,355,165
21-Jun-22	Disposal	950	6.640000	Euronext Lisbon	27,354,215
21-Jun-22	Disposal	1,169	6.640000	Euronext Lisbon	27,353,046
21-Jun-22	Disposal	219	6.640000	Euronext Lisbon	27,352,827
21-Jun-22	Disposal	1,104	6.640000	Euronext Lisbon	27,351,723
21-Jun-22	Disposal	738	6.640000	Euronext Lisbon	27,350,985
21-Jun-22	Disposal	4,111	6.640000	Euronext Lisbon	27,346,874
21-Jun-22	Disposal	1,200	6.640000	Euronext Lisbon	27,345,674
21-Jun-22	Disposal	359	6.640000	Euronext Lisbon	27,345,315
21-Jun-22	Disposal	370	6.640000	Euronext Lisbon	27,344,945
21-Jun-22 21-Jun-22	Disposal Disposal	571 2,500	6.640000 6.640000	Euronext Lisbon Euronext Lisbon	27,344,374 27,341,874
21-Jun-22	Disposal	259	6.640000	Euronext Lisbon	27,341,615
21-Jun-22	Disposal	114	6.640000	Euronext Lisbon	27,341,501
21-Jun-22	Disposal	5	6.640000	Euronext Lisbon	27,341,496
21-Jun-22	Disposal	181	6.630000	Euronext Lisbon	27,341,315
21-Jun-22	Disposal	960	6.625000	Euronext Lisbon	27,340,355
21-Jun-22	Disposal	474	6.625000	Euronext Lisbon	27,339,881
21-Jun-22	Disposal	151	6.625000	Euronext Lisbon	27,339,730
21-Jun-22	Disposal	535	6.625000	Euronext Lisbon	27,339,195
21-Jun-22	Disposal	370	6.625000	Euronext Lisbon	27,338,825
21-Jun-22	Disposal	950	6.620000	Euronext Lisbon	27,337,875
21-Jun-22	Disposal	451	6.620000	Euronext Lisbon	27,337,424
21-Jun-22 21-Jun-22	Disposal Disposal	1,468 599	6.620000 6.620000	Euronext Lisbon Euronext Lisbon	27,335,956 27,335,357
21-Jun-22	Disposal	271	6.620000	Euronext Lisbon	27,335,086
21-Jun-22	Disposal	620	6.620000	Euronext Lisbon	27,334,466
21-Jun-22	Disposal	1,231	6.620000	Euronext Lisbon	27,333,235
21-Jun-22	Disposal	891	6.620000	Euronext Lisbon	27,332,344
21-Jun-22	Disposal	2,122	6.620000	Euronext Lisbon	27,330,222
21-Jun-22	Disposal	378	6.620000	Euronext Lisbon	27,329,844
21-Jun-22	Disposal	830	6.620000	Euronext Lisbon	27,329,014
21-Jun-22	Disposal	1,432	6.620000	Euronext Lisbon	27,327,582
21-Jun-22	Disposal	708	6.620000	Euronext Lisbon	27,326,874
21-Jun-22	Disposal	1,000	6.610000	Euronext Lisbon	27,325,874
21-Jun-22	Disposal	407	6.610000	Euronext Lisbon	27,325,467
21-Jun-22	Disposal	402	6.610000	Euronext Lisbon	27,325,065
21-Jun-22	Disposal	1,000	6.605000	Euronext Lisbon	27,324,065
21-Jun-22	Disposal	1,000	6.605000	Euronext Lisbon	27,323,065

21-Jun-22	Disposal	700	6.605000	Euronext Lisbon	27,322,365
21-Jun-22	Disposal	422	6.605000	Euronext Lisbon	27,321,943
21-Jun-22	Disposal	1,165	6.605000	Euronext Lisbon	27,320,778
21-Jun-22	Disposal	950	6.600000	Euronext Lisbon	27,319,828
21-Jun-22	Disposal	900	6.600000	Euronext Lisbon	27,318,928
21-Jun-22	Disposal	290	6.600000	Euronext Lisbon	27,318,638
21-Jun-22	Disposal	1,000	6.600000	Euronext Lisbon	27,317,638
21-Jun-22	Disposal	3,500	6.600000	Euronext Lisbon	27,314,138
21-Jun-22	Disposal	500	6.600000	Euronext Lisbon	27,313,638
21-Jun-22	Disposal	10,000	6.600000	Euronext Lisbon	27,303,638
21-Jun-22	Disposal	200	6.600000	Euronext Lisbon	27,303,438
21-Jun-22	Disposal	736	6.600000	Euronext Lisbon	27,302,702
21-Jun-22	Disposal	637	6.600000	Euronext Lisbon	27,302,065
21-Jun-22	Disposal	5,000	6.600000	Euronext Lisbon	27,297,065
21-Jun-22	Disposal	523	6.600000	Euronext Lisbon	27,296,542
21-Jun-22	Disposal	4,477	6.600000	Euronext Lisbon	27,292,065
21-Jun-22	Disposal	191	6.600000	Euronext Lisbon	27,291,874
21-Jun-22	Disposal	552	6.620000	Euronext Lisbon	27,291,322
21-Jun-22	Disposal	274	6.610000	Euronext Lisbon	27,291,048
21-Jun-22	Disposal	444	6.610000	Euronext Lisbon	27,290,604
21-Jun-22	Disposal	1,987	6.610000	Euronext Lisbon	27,288,617
21-Jun-22	Disposal	469	6.610000	Euronext Lisbon	27,288,148
21-Jun-22	Disposal	920	6.600000	Euronext Lisbon	27,287,228
21-Jun-22	Disposal	414	6.600000	Euronext Lisbon	27,286,814
21-Jun-22	Disposal	1,317	6.600000	Euronext Lisbon	27,285,497
21-Jun-22	Disposal	679	6.600000	Euronext Lisbon	27,284,818
21-Jun-22	Disposal	1,822	6.600000	Euronext Lisbon	27,282,996
21-Jun-22	Disposal	1,165	6.600000	Euronext Lisbon	27,281,831
21-Jun-22	Disposal	2,335	6.600000	Euronext Lisbon	27,279,496
21-Jun-22	Disposal	711	6.600000	Euronext Lisbon	27,278,785
21-Jun-22	Disposal	1,537	6.600000	Euronext Lisbon	27,277,248
21-Jun-22	Disposal	1,963	6.600000	Euronext Lisbon	27,275,285
21-Jun-22	Disposal	1,537	6.600000	Euronext Lisbon	27,273,748
21-Jun-22	Disposal	454	6.600000	Euronext Lisbon	27,273,294
21-Jun-22	Disposal	1,023	6.600000	Euronext Lisbon	27,272,271
21-Jun-22	Disposal	2,023	6.600000	Euronext Lisbon	27,270,248
21-Jun-22	Disposal	3,500	6.600000	Euronext Lisbon	27,266,748
21-Jun-22	Disposal	426	6.600000	Euronext Lisbon	27,266,322
21-Jun-22	Disposal	3,448	6.620000	Euronext Lisbon	27,262,874
21-Jun-22	Disposal	2,992	6.620000	Euronext Lisbon	27,259,882
21-Jun-22	Disposal	1,008	6.620000	Euronext Lisbon	27,258,874
21-Jun-22	Disposal	382	6.605000	Euronext Lisbon	27,258,492
21-Jun-22	Disposal	407	6.605000	Euronext Lisbon	27,258,085
21-Jun-22	Disposal	392	6.605000	Euronext Lisbon	27,257,693
21-Jun-22	Disposal	363	6.605000	Euronext Lisbon	27,257,330
21-Jun-22	Disposal	750	6.600000	Euronext Lisbon	27,256,580
21-Jun-22	Disposal	1,370	6.600000	Euronext Lisbon	27,255,210
21-Jun-22	Disposal	1,145	6.600000	Euronext Lisbon	27,254,065
21-Jun-22	Disposal	2,039	6.600000	Euronext Lisbon	27,252,026
21-Jun-22	Disposal	1,300	6.600000	Euronext Lisbon	27,250,726
21-Jun-22	Disposal	661	6.600000	Euronext Lisbon	27,250,065
21-Jun-22	Disposal	839	6.600000	Euronext Lisbon	27,249,226
21-Jun-22	Disposal	1,500	6.600000	Euronext Lisbon	27,247,726
21-Jun-22	Disposal	852	6.600000	Euronext Lisbon	27,246,874
21-Jun-22	Disposal	2,500	6.620000	Euronext Lisbon	27,244,374
21-Jun-22	Disposal	3,000	6.610000	Euronext Lisbon	27,241,374
21-Jun-22	Disposal	1,951	6.610000	Euronext Lisbon	27,239,423
21-Jun-22	Disposal	370	6.610000	Euronext Lisbon	27,239,053
21-Jun-22	Disposal	679	6.610000	Euronext Lisbon	27,238,374

21-Jun-22	Disposal	3	6.610000	Euronext Lisbon	27,238,371
21-Jun-22	Disposal	200	6.570000	Euronext Lisbon	27,238,171
21-Jun-22	Disposal	2,712	6.570000	Euronext Lisbon	27,235,459
21-Jun-22	Disposal	1,000	6.570000	Euronext Lisbon	27,234,459
21-Jun-22	Disposal	443	6.570000	Euronext Lisbon	27,234,016
21-Jun-22	Disposal	1,500	6.570000	Euronext Lisbon	27,232,516
21-Jun-22	Disposal	1,497	6.570000	Euronext Lisbon	27,231,019
21-Jun-22	Disposal	813	6.570000	Euronext Lisbon	27,230,206
21-Jun-22	Disposal	270	6.570000	Euronext Lisbon	27,229,936
21-Jun-22	Disposal	1,917	6.570000	Euronext Lisbon	27,228,019
21-Jun-22	Disposal	1,098	6.570000	Euronext Lisbon	27,226,921
21-Jun-22	Disposal	1,902	6.570000	Euronext Lisbon	27,225,019
21-Jun-22	Disposal	207	6.570000	Euronext Lisbon	27,224,812
21-Jun-22	Disposal	438	6.570000	Euronext Lisbon	27,224,374
21-Jun-22	Disposal	287	6.595000	Euronext Lisbon	27,224,087
21-Jun-22	Disposal	1,297	6.595000	Euronext Lisbon	27,222,790
21-Jun-22	Disposal	160	6.595000	Euronext Lisbon	27,222,630
21-Jun-22	Disposal	756	6.595000	Euronext Lisbon	27,221,874
21-Jun-22	Disposal	1,500	6.605000	Euronext Lisbon	27,220,374
21-Jun-22	Disposal	1,000	6.605000	Euronext Lisbon	27,219,374
21-Jun-22	Disposal	266	6.605000	Euronext Lisbon	27,219,108
21-Jun-22	Disposal	750	6.585000	Euronext Lisbon	27,218,358
21-Jun-22	Disposal	138	6.585000	Euronext Lisbon	27,218,220
21-Jun-22	Disposal	445	6.585000	Euronext Lisbon	27,217,775
21-Jun-22	Disposal	459	6.585000	Euronext Lisbon	27,217,316
21-Jun-22	Disposal	393	6.585000	Euronext Lisbon	27,216,923
21-Jun-22	Disposal	253	6.585000	Euronext Lisbon	27,216,670
21-Jun-22	Disposal	750	6.565000	Euronext Lisbon	27,215,920
21-Jun-22	Disposal	279	6.565000	Euronext Lisbon	27,215,641
21-Jun-22	Disposal	653	6.565000	Euronext Lisbon	27,214,988
21-Jun-22	Disposal	571	6.565000	Euronext Lisbon	27,214,417
21-Jun-22	Disposal	1,663	6.565000	Euronext Lisbon	27,212,754
21-Jun-22	Disposal	571	6.565000	Euronext Lisbon	27,212,183
21-Jun-22	Disposal	929	6.565000	Euronext Lisbon	27,211,254
21-Jun-22	Disposal	734	6.565000	Euronext Lisbon	27,210,520
21-Jun-22	Disposal	7	6.565000	Euronext Lisbon	27,210,513
21-Jun-22	Disposal	1,759	6.565000	Euronext Lisbon	27,208,754
21-Jun-22	Disposal	2,500	6.565000	Euronext Lisbon	27,206,254
21-Jun-22	Disposal	1,077	6.565000	Euronext Lisbon	27,205,177
21-Jun-22	Disposal	843	6.565000	Euronext Lisbon	27,204,334
21-Jun-22	Disposal	407	6.560000	Euronext Lisbon	27,203,927
21-Jun-22	Disposal	1,236	6.560000	Euronext Lisbon	27,202,691
21-Jun-22	Disposal	76	6.560000	Euronext Lisbon	27,202,615
21-Jun-22	Disposal	500	6.560000	Euronext Lisbon	27,202,115
21-Jun-22	Disposal	1,500	6.560000	Euronext Lisbon	27,200,615
21-Jun-22	Disposal	4	6.560000	Euronext Lisbon	27,200,611
21-Jun-22	Disposal	153	6.560000	Euronext Lisbon	27,200,458
21-Jun-22	Disposal	1,572	6.560000	Euronext Lisbon	27,198,886
21-Jun-22 21-Jun-22	Disposal Disposal	928 49	6.560000 6.560000	Euronext Lisbon Euronext Lisbon	27,197,958 27,197,909
21-Jun-22	Disposal	2,372	6.560000	Euronext Lisbon	27,195,537
21-Jun-22	Disposal	79	6.560000	Euronext Lisbon	27,195,458
21-Jun-22	Disposal	3,584	6.560000	Euronext Lisbon	27,191,874
21-Jun-22	Disposal	306	6.560000	Euronext Lisbon	27,191,568
21-Jun-22	Disposal	365	6.560000	Euronext Lisbon	27,191,203
21-Jun-22	Disposal	467	6.560000	Euronext Lisbon	27,190,736
21-Jun-22	Disposal	370	6.560000	Euronext Lisbon	27,190,366
21-Jun-22	Disposal	358	6.560000	Euronext Lisbon	27,190,008
21-Jun-22	Disposal	845	6.555000	Euronext Lisbon	27,189,163

21-Jun-22	Disposal	1,461	6.555000	Euronext Lisbon	27,187,702
21-Jun-22	Disposal	382	6.555000	Euronext Lisbon	27,187,320
21-Jun-22	Disposal	676	6.550000	Euronext Lisbon	27,186,644
21-Jun-22	Disposal	559	6.550000	Euronext Lisbon	27,186,085
21-Jun-22	Disposal	1,822	6.550000	Euronext Lisbon	27,184,263
21-Jun-22	Disposal	697	6.550000	Euronext Lisbon	27,183,566
21-Jun-22	Disposal	1,750	6.550000	Euronext Lisbon	27,181,816
21-Jun-22	Disposal	718	6.550000	Euronext Lisbon	27,181,098
21-Jun-22	Disposal	1,032	6.550000	Euronext Lisbon	27,180,066
21-Jun-22	Disposal	718	6.550000	Euronext Lisbon	27,179,348
21-Jun-22	Disposal	1,750	6.550000	Euronext Lisbon	27,177,598
21-Jun-22	Disposal	750	6.550000	Euronext Lisbon	27,176,848
21-Jun-22	Disposal	1,000	6.550000	Euronext Lisbon	27,175,848
21-Jun-22	Disposal	32	6.550000	Euronext Lisbon	27,175,816
21-Jun-22	Disposal	750	6.550000	Euronext Lisbon	27,175,066
21-Jun-22	Disposal	750	6.550000	Euronext Lisbon	27,174,316
21-Jun-22	Disposal	239	6.550000	Euronext Lisbon	27,174,077
21-Jun-22	Disposal	11	6.550000	Euronext Lisbon	27,174,066
21-Jun-22	Disposal	1,750	6.550000	Euronext Lisbon	27,172,316
21-Jun-22	Disposal	442	6.550000	Euronext Lisbon	27,171,874
21-Jun-22	Disposal	1,100	6.550000	Euronext Lisbon	27,170,774
21-Jun-22	Disposal	407	6.550000	Euronext Lisbon	27,170,367
21-Jun-22	Disposal	1,314	6.550000	Euronext Lisbon	27,169,053
21-Jun-22	Disposal	370	6.550000	Euronext Lisbon	27,168,683
21-Jun-22	Disposal	540	6.550000	Euronext Lisbon	27,168,143
21-Jun-22	Disposal	555	6.550000	Euronext Lisbon	27,167,588
21-Jun-22	Disposal	783	6.550000	Euronext Lisbon	27,166,805
21-Jun-22	Disposal	370	6.550000	Euronext Lisbon	27,166,435
21-Jun-22	Disposal	104	6.550000	Euronext Lisbon	27,166,331
21-Jun-22	Disposal	763	6.550000	Euronext Lisbon	27,165,568
21-Jun-22	Disposal	9	6.550000	Euronext Lisbon	27,165,559
21-Jun-22	Disposal	2,000	6.540000	Euronext Lisbon	27,163,559
21-Jun-22	Disposal	408	6.540000	Euronext Lisbon	27,163,151
21-Jun-22	Disposal	325	6.540000	Euronext Lisbon	27,162,826
21-Jun-22	Disposal	1,829	6.540000	Euronext Lisbon	27,160,997
21-Jun-22	Disposal	2,254	6.540000	Euronext Lisbon	27,158,743
21-Jun-22	Disposal	1,500	6.540000	Euronext Lisbon	27,157,243
21-Jun-22	Disposal	754	6.540000	Euronext Lisbon	27,156,489
21-Jun-22	Disposal	1,043	6.540000	Euronext Lisbon	27,155,446
21-Jun-22	Disposal	203	6.540000	Euronext Lisbon	27,155,243
21-Jun-22	Disposal	1,626	6.540000	Euronext Lisbon	27,153,617
21-Jun-22	Disposal	572	6.540000	Euronext Lisbon	27,153,045
21-Jun-22	Disposal	2,928	6.540000	Euronext Lisbon	27,150,117
21-Jun-22	Disposal	572	6.540000	Euronext Lisbon	27,149,545
21-Jun-22	Disposal	2,056	6.540000	Euronext Lisbon	27,147,489
21-Jun-22	Disposal	615	6.530000	Euronext Lisbon	27,146,874
22-Jun-22	Disposal	1,268	6.375000	CEUX	27,145,606
22-Jun-22	Disposal	1,312	6.365000	Euronext Lisbon	27,144,294
22-Jun-22	Disposal	659	6.365000	Euronext Lisbon	27,143,635
22-Jun-22	Disposal	497	6.350000	AQEU	27,143,138
22-Jun-22	Disposal	750	6.350000	CEUX	27,142,388
22-Jun-22	Disposal	150	6.350000	Euronext Lisbon	27,142,238
22-Jun-22	Disposal	1,000	6.350000	Euronext Lisbon	27,141,238
22-Jun-22	Disposal	500	6.350000	Euronext Lisbon	27,140,738
22-Jun-22	Disposal	438	6.350000	Euronext Lisbon	27,140,300
22-Jun-22	Disposal	417	6.345000	Euronext Lisbon	27,139,883
22-Jun-22	Disposal	1,787	6.330000	Euronext Lisbon	27,138,096
22-Jun-22	Disposal	244	6.335000	Euronext Lisbon	27,137,852
22-Jun-22	Disposal	1,846	6.335000	Euronext Lisbon	27,136,006

22-Jun-22	Disposal	1,000	6.340000	Euronext Lisbon	27,135,006
22-Jun-22	Disposal	1,962	6.330000	Euronext Lisbon	27,133,044
22-Jun-22	Disposal	339	6.310000	CEUX	27,132,705
22-Jun-22	Disposal	750	6.305000	Euronext Lisbon	27,131,955
22-Jun-22	Disposal	500	6.300000	Euronext Lisbon	27,131,455
22-Jun-22	Disposal	2,590	6.300000	Euronext Lisbon	27,128,865
22-Jun-22	Disposal	1,329	6.305000	AQEU	27,127,536
22-Jun-22	Disposal	500	6.310000	CEUX	27,127,036
22-Jun-22	Disposal	1,058	6.310000	Euronext Lisbon	27,125,978
22-Jun-22	Disposal	154	6.310000	Euronext Lisbon	27,125,824
22-Jun-22	Disposal	1,291	6.317500	CEUX	27,124,533
22-Jun-22	Disposal	1,337	6.320000	TQEX	27,123,196
22-Jun-22	Disposal	1,773	6.317500	TQEX	27,121,423
22-Jun-22	Disposal	740	6.320000	Euronext Lisbon	27,120,683
22-Jun-22	Disposal	479	6.320000	Euronext Lisbon	27,120,204
22-Jun-22	Disposal	496	6.320000	Euronext Lisbon	27,119,708
22-Jun-22	Disposal	345	6.310000	Euronext Lisbon	27,119,363
22-Jun-22	Disposal	1,555	6.310000	Euronext Lisbon	27,117,808
22-Jun-22	Disposal	1,114	6.310000	Euronext Lisbon	27,116,694
22-Jun-22	Disposal	750	6.305000	Euronext Lisbon	27,115,944
22-Jun-22	Disposal	500	6.305000	Euronext Lisbon	27,115,444
22-Jun-22	Disposal	460	6.305000	Euronext Lisbon	27,114,984
22-Jun-22	Disposal	1,250	6.300000	AQEU	27,113,734
22-Jun-22	Disposal	747	6.300000	Euronext Lisbon	27,112,987
22-Jun-22	Disposal	1,250	6.310000	AQEU	27,111,737
22-Jun-22	Disposal	1,992	6.315000	Euronext Lisbon	27,109,745
22-Jun-22	Disposal	1,250	6.310000	AQEU	27,108,495
22-Jun-22	Disposal	1,130	6.305000	AQEU	27,107,365
22-Jun-22	Disposal	1,435	6.330000	Euronext Lisbon	27,105,930
22-Jun-22	Disposal	506	6.330000	Euronext Lisbon	27,105,424
22-Jun-22	Disposal	196	6.315000	AQEU	27,105,228
22-Jun-22	Disposal	3	6.300000	Euronext Lisbon	27,105,225
22-Jun-22	Disposal	5,000	6.300000	Euronext Lisbon	27,100,225
22-Jun-22	Disposal	141	6.300000	Euronext Lisbon	27,100,084
22-Jun-22	Disposal	4,360	6.300000	Euronext Lisbon	27,095,724
22-Jun-22	Disposal	1,229	6.250000	AQEU	27,094,495
22-Jun-22	Disposal	195	6.245000	Euronext Lisbon	27,094,300
22-Jun-22	Disposal	250	6.240000	Euronext Lisbon	27,094,050
22-Jun-22	Disposal	1,500	6.240000	Euronext Lisbon	27,092,550
22-Jun-22	Disposal	1,250	6.235000	AQEU	27,091,300
22-Jun-22	Disposal	490	6.235000	CEUX	27,090,810
22-Jun-22	Disposal	420	6.240000	CEUX	27,090,390
22-Jun-22	Disposal	1,758	6.250000	CEUX	27,088,632
22-Jun-22	Disposal	2,174	6.250000	AQEU	27,086,458
22-Jun-22	Disposal	1,251	6.265000	AQEU	27,085,207
22-Jun-22	Disposal	730	6.255000	CEUX	27,084,477
22-Jun-22	Disposal	1,080	6.255000	CEUX	27,083,397
22-Jun-22	Disposal	500	6.245000	Euronext Lisbon	27,082,897
22-Jun-22	Disposal	1,008	6.245000	Euronext Lisbon	27,081,889
22-Jun-22	Disposal	1,734	6.245000	CEUX	27,080,155
22-Jun-22	Disposal	475	6.245000	CEUX	27,079,680
22-Jun-22	Disposal	193	6.250000	CEUX	27,079,487
22-Jun-22	Disposal	1,250	6.245000	AQEU	27,078,237
22-Jun-22	Disposal	505	6.245000	CEUX	27,077,732
22-Jun-22	Disposal	505	6.245000	AQEU	27,077,227
22-Jun-22	Disposal	307	6.245000	CEUX	27,076,920
22-Jun-22	Disposal	690	6.245000	Euronext Lisbon	27,076,230
22-Jun-22	Disposal	60	6.245000	Euronext Lisbon	27,076,170
22-Jun-22	Disposal	431	6.245000	Euronext Lisbon	27,075,739

22-Jun-22	Disposal	970	6.255000	Euronext Lisbon	27,074,769
22-Jun-22	Disposal	460	6.255000	Euronext Lisbon	27,074,309
22-Jun-22	Disposal	1,250	6.250000	AQEU	27,073,059
22-Jun-22	Disposal	2,168	6.255000	AQEU	27,070,891
22-Jun-22	Disposal	1,170	6.255000	AQEU	27,069,721
22-Jun-22	Disposal	1,240	6.250000	CEUX	27,068,481
22-Jun-22	Disposal	1,878	6.257500	CEUX	27,066,603
22-Jun-22	Disposal	248	6.257500	CEUX	27,066,355
22-Jun-22	Disposal	1,308	6.245000	CEUX	27,065,047
22-Jun-22	Disposal	100	6.245000	Euronext Lisbon	27,064,947
22-Jun-22	Disposal	368	6.245000	Euronext Lisbon	27,064,579
22-Jun-22	Disposal	111	6.245000	Euronext Lisbon	27,064,468
22-Jun-22	Disposal	120	6.255000	Euronext Lisbon	27,064,348
22-Jun-22	Disposal	1,000	6.250000	Euronext Lisbon	27,063,348
22-Jun-22	Disposal	541	6.250000	Euronext Lisbon	27,062,807
22-Jun-22	Disposal	148	6.250000	CEUX	27,062,659
22-Jun-22	Disposal	460	6.255000	TQEX	27,062,199
22-Jun-22	Disposal	909	6.255000	Euronext Lisbon	27,061,290
22-Jun-22	Disposal	750	6.250000	Euronext Lisbon	27,060,540
22-Jun-22	Disposal	1,552	6.250000	Euronext Lisbon	27,058,988
22-Jun-22	Disposal	1,314	6.250000	AQEU	27,057,674
22-Jun-22	Disposal	66	6.250000	Euronext Lisbon	27,057,608
22-Jun-22	Disposal	700	6.250000	Euronext Lisbon	27,056,908
22-Jun-22	Disposal	2,060	6.252500	CEUX	27,054,848
22-Jun-22	Disposal	1,611	6.252500	CEUX	27,053,237
22-Jun-22 22-Jun-22	Disposal Disposal	505 399	6.240000 6.240000	AQEU CEUX	27,052,732 27,052,333
22-Jun-22	Disposal	772	6.240000	CEUX	27,051,561
22-Jun-22 22-Jun-22	Disposal Disposal	600 220	6.240000 6.240000	Euronext Lisbon Euronext Lisbon	27,050,961 27,050,741
22-Jun-22	Disposal	1,010	6.235000	CEUX	27,049,731
22-Jun-22 22-Jun-22	Disposal Disposal	1,327 192	6.240000 6.240000	CEUX Euronext Lisbon	27,048,404 27,048,212
22-Jun-22	Disposal	16	6.240000	Euronext Lisbon	27,048,196
22-Jun-22	Disposal	16	6.240000	Euronext Lisbon	27,048,180
22-Jun-22	Disposal	316	6.240000	Euronext Lisbon	27,047,864
22-Jun-22	Disposal	434	6.240000	Euronext Lisbon	27,047,430
22-Jun-22	Disposal	732	6.240000	Euronext Lisbon	27,046,698
22-Jun-22	Disposal	772	6.240000	CEUX	27,045,926
22-Jun-22	Disposal	195	6.240000	Euronext Lisbon	27,045,731
22-Jun-22	Disposal	597	6.240000	Euronext Lisbon	27,045,134
22-Jun-22	Disposal	457	6.240000	Euronext Lisbon	27,044,677
22-Jun-22	Disposal	2,000	6.235000	Euronext Lisbon	27,042,677
22-Jun-22	Disposal	451	6.235000	Euronext Lisbon	27,042,226
22-Jun-22	Disposal	367	6.235000	CEUX	27,041,859
22-Jun-22	Disposal	12	6.235000	AQEU	27,041,847
22-Jun-22	Disposal	1	6.235000	AQEU	27,041,846
22-Jun-22	Disposal	849	6.235000	Euronext Lisbon	27,040,997
22-Jun-22	Disposal	519	6.235000	Euronext Lisbon	27,040,478
22-Jun-22	Disposal	500	6.225000	Euronext Lisbon	27,039,978
22-Jun-22 22-Jun-22	Disposal Disposal	1,628 1,372	6.225000 6.225000	Euronext Lisbon Euronext Lisbon	27,038,350 27,036,978
22-Jun-22	Disposal	362	6.225000	CEUX	27,036,616
22-Jun-22	Disposal	1,250	6.235000	AQEU	27,035,366
22-Jun-22	Disposal	550	6.232500	CEUX	27,034,816
22-Jun-22	Disposal	1,440	6.225000	CEUX	27,033,376
22-Jun-22	Disposal	2,049	6.220000	Euronext Lisbon	27,031,327
22-Jun-22	Disposal	1,928	6.230000	CEUX	27,029,399
22-Jun-22	Disposal	1,691	6.225000	CEUX	27,027,708

22-Jun-22	Disposal	532	6.225000	CEUX	27,027,176
22-Jun-22	Disposal	201	6.220000	Euronext Lisbon	27,026,975
22-Jun-22	Disposal	500	6.220000	Euronext Lisbon	27,026,475
22-Jun-22	Disposal	3,200	6.220000	Euronext Lisbon	27,023,275
22-Jun-22	Disposal	1,781	6.205000	Euronext Lisbon	27,021,494
22-Jun-22	Disposal	2,053	6.200000	UBSI	27,019,441
22-Jun-22	Disposal	3,278	6.200000	Euronext Lisbon	27,016,163
22-Jun-22	Disposal	1,472	6.200000	Euronext Lisbon	27,014,691
22-Jun-22	Disposal	2,343	6.200000	Euronext Lisbon	27,012,348
22-Jun-22	Disposal	727	6.185000	Euronext Lisbon	27,011,621
22-Jun-22	Disposal	1,000	6.180000	Euronext Lisbon	27,010,621
22-Jun-22	Disposal	937	6.180000	Euronext Lisbon	27,009,684
22-Jun-22	Disposal	350	6.175000	Euronext Lisbon	27,009,334
22-Jun-22	Disposal	10,167	6.175000	Euronext Lisbon	26,999,167
22-Jun-22	Disposal	746	6.175000	Euronext Lisbon	26,998,421
22-Jun-22	Disposal	750	6.170000	Euronext Lisbon	26,997,671
22-Jun-22	Disposal	1,605	6.170000	Euronext Lisbon	26,996,066
22-Jun-22	Disposal	750	6.165000	Euronext Lisbon	26,995,316
22-Jun-22	Disposal	512	6.165000	AQEU	26,994,804
22-Jun-22	Disposal	512	6.165000	CEUX	26,994,292
22-Jun-22	Disposal	750	6.165000	Euronext Lisbon	26,993,542
22-Jun-22	Disposal	2,206	6.165000	Euronext Lisbon	26,991,336
22-Jun-22	Disposal	1,000	6.160000	Euronext Lisbon	26,990,336
22-Jun-22	Disposal	200	6.160000	Euronext Lisbon	26,990,136
22-Jun-22	Disposal	17,077	6.160000	Euronext Lisbon	26,973,059
22-Jun-22	Disposal	1,840	6.172500	CEUX	26,971,219
22-Jun-22	Disposal	154	6.165000	CEUX	26,971,065
22-Jun-22	Disposal	97	6.165000	CEUX	26,970,968
22-Jun-22	Disposal	1,297	6.170000	AQEU	26,969,671
22-Jun-22	Disposal	338	6.170000	CEUX	26,969,333
22-Jun-22	Disposal	380	6.170000	Euronext Lisbon	26,968,953
22-Jun-22	Disposal	1,950	6.175000	CEUX	26,967,003
22-Jun-22	Disposal	1,842	6.190000	CEUX	26,965,161
22-Jun-22	Disposal	111	6.185000	AQEU	26,965,050
22-Jun-22	Disposal	750	6.180000	Euronext Lisbon	26,964,300
22-Jun-22	Disposal	500	6.180000	AQEU	26,963,800
22-Jun-22	Disposal	1,215	6.180000	Euronext Lisbon	26,962,585
22-Jun-22	Disposal	537	6.175000	CEUX	26,962,048
22-Jun-22	Disposal	1,224	6.175000	CEUX	26,960,824
22-Jun-22	Disposal	304	6.175000	CEUX	26,960,520
22-Jun-22	Disposal	1,000	6.180000	Euronext Lisbon	26,959,520
22-Jun-22	Disposal	1,000	6.180000	Euronext Lisbon	26,958,520
22-Jun-22	Disposal	7	6.180000	Euronext Lisbon	26,958,513
22-Jun-22	Disposal	368	6.175000	CEUX	26,958,145
22-Jun-22	Disposal	184	6.175000	CEUX	26,957,961
22-Jun-22	Disposal	2,640	6.170000	Euronext Lisbon	26,955,321
22-Jun-22	Disposal	442	6.170000	AQEU	26,954,879
22-Jun-22	Disposal	195	6.170000	Euronext Lisbon	26,954,684
22-Jun-22	Disposal	750	6.165000	Euronext Lisbon	26,953,934
22-Jun-22	Disposal	772	6.165000	CEUX	26,953,162
22-Jun-22	Disposal	195	6.170000	Euronext Lisbon	26,952,967
22-Jun-22	Disposal	750	6.165000	Euronext Lisbon	26,952,217
22-Jun-22	Disposal	1,719	6.172500	CEUX	26,950,498
22-Jun-22	Disposal	143	6.172500	CEUX	26,950,355
22-Jun-22	Disposal	772	6.165000	CEUX	26,949,583
22-Jun-22	Disposal	535	6.165000	AQEU	26,949,048
22-Jun-22	Disposal	461	6.165000	Euronext Lisbon	26,948,587
22-Jun-22 22-Jun-22	Disposal Disposal	194 1,447	6.165000 6.175000	Euronext Lisbon AQEU	26,948,393 26,946,946

22-Jun-22	Disposal	72	6.175000	UBSI	26,946,874
22-Jun-22	Disposal	500	6.220000	Euronext Lisbon	26,946,374
22-Jun-22	Disposal	274	6.220000	Euronext Lisbon	26,946,100
22-Jun-22	Disposal	2,640	6.220000	Euronext Lisbon	26,943,460
22-Jun-22	Disposal	480	6.220000	AQEU	26,942,980
22-Jun-22	Disposal	1,313	6.220000	CEUX	26,941,667
22-Jun-22	Disposal	60	6.220000	Euronext Lisbon	26,941,607
22-Jun-22	Disposal	345	6.220000	Euronext Lisbon	26,941,262
22-Jun-22	Disposal	1,770	6.227500	CEUX	26,939,492
22-Jun-22	Disposal	658	6.227500	CEUX	26,938,834
22-Jun-22	Disposal	521	6.220000	CEUX	26,938,313
22-Jun-22	Disposal	1,250	6.220000	AQEU	26,937,063
22-Jun-22	Disposal	1,719	6.222500	CEUX	26,935,344
22-Jun-22	Disposal	1,500	6.235000	Euronext Lisbon	26,933,844
22-Jun-22	Disposal	366	6.235000	Euronext Lisbon	26,933,478
22-Jun-22	Disposal	1,863	6.235000	CEUX	26,931,615
22-Jun-22	Disposal	1,823	6.225000	CEUX	26,929,792
22-Jun-22	Disposal	1,250	6.210000	AQEU	26,928,542
22-Jun-22	Disposal	500	6.210000	Euronext Lisbon	26,928,042
22-Jun-22	Disposal	177	6.210000	Euronext Lisbon	26,927,865
22-Jun-22	Disposal	1,300	6.200000	Euronext Lisbon	26,926,565
22-Jun-22	Disposal	3,182	6.200000	Euronext Lisbon	26,923,383
22-Jun-22	Disposal	500	6.195000	Euronext Lisbon	26,922,883
22-Jun-22	Disposal	568	6.195000	Euronext Lisbon	26,922,315
22-Jun-22	Disposal	510	6.195000	AQEU	26,921,805
22-Jun-22	Disposal	381	6.195000	CEUX	26,921,424
22-Jun-22	Disposal	750	6.195000	Euronext Lisbon	26,920,674
22-Jun-22	Disposal	453	6.195000	Euronext Lisbon	26,920,221
22-Jun-22	Disposal	1,833	6.207500	CEUX	26,918,388
22-Jun-22	Disposal	886	6.205000	AQEU	26,917,502
22-Jun-22	Disposal	1,245	6.205000	AQEU	26,916,257
22-Jun-22	Disposal	622	6.210000	Euronext Lisbon	26,915,635
22-Jun-22	Disposal	509	6.205000	AQEU	26,915,126
22-Jun-22	Disposal	1,460	6.210000	Euronext Lisbon	26,913,666
22-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,912,916
22-Jun-22	Disposal	588	6.205000	Euronext Lisbon	26,912,328
22-Jun-22	Disposal	13	6.205000	Euronext Lisbon	26,912,315
22-Jun-22	Disposal	16	6.205000	Euronext Lisbon	26,912,299
22-Jun-22	Disposal	624	6.205000	Euronext Lisbon	26,911,675
22-Jun-22	Disposal	240	6.205000	Euronext Lisbon	26,911,435
22-Jun-22	Disposal	480	6.205000	Euronext Lisbon	26,910,955
22-Jun-22	Disposal	1,500	6.200000	Euronext Lisbon	26,909,455
22-Jun-22	Disposal	500	6.200000	Euronext Lisbon	26,908,955
22-Jun-22	Disposal	1,784	6.200000	Euronext Lisbon	26,907,171
22-Jun-22	Disposal	1,915	6.215000	CEUX	26,905,256
22-Jun-22	Disposal	31	6.215000	CEUX	26,905,225
22-Jun-22	Disposal	1,801	6.215000	CEUX	26,903,424
22-Jun-22	Disposal	508	6.205000	AQEU	26,902,916
22-Jun-22	Disposal	763	6.205000	CEUX	26,902,153
22-Jun-22	Disposal	303	6.205000	AQEU	26,901,850
22-Jun-22	Disposal	21	6.205000	Euronext Lisbon	26,901,829
22-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,901,079
22-Jun-22	Disposal	912	6.205000	Euronext Lisbon	26,900,167
22-Jun-22	Disposal	508	6.205000	Euronext Lisbon	26,899,659
22-Jun-22	Disposal	16	6.200000	Euronext Lisbon	26,899,643
22-Jun-22	Disposal	2,096	6.200000	Euronext Lisbon	26,897,547
22-Jun-22	Disposal	1,895	6.205000	Euronext Lisbon	26,895,652
22-Jun-22	Disposal	1,886	6.207500	CEUX	26,893,766
22-Jun-22	Disposal	1,250	6.215000	AQEU	26,892,516

22-Jun-22	Disposal	508	6.215000	AQEU	26,892,008
22-Jun-22	Disposal	1,400	6.215000	Euronext Lisbon	26,890,608
22-Jun-22	Disposal	1,422	6.210000	AQEU	26,889,186
22-Jun-22	Disposal	1,372	6.210000	CEUX	26,887,814
22-Jun-22	Disposal	383	6.210000	CEUX	26,887,431
22-Jun-22	Disposal	222	6.210000	TQEX	26,887,209
22-Jun-22	Disposal	320	6.210000	Euronext Lisbon	26,886,889
22-Jun-22	Disposal	2,065	6.210000	Euronext Lisbon	26,884,824
22-Jun-22	Disposal	1,867	6.215000	CEUX	26,882,957
22-Jun-22	Disposal	507	6.230000	AQEU	26,882,450
22-Jun-22	Disposal	1,200	6.230000	Euronext Lisbon	26,881,250
22-Jun-22	Disposal	1,855	6.240000	TQEX	26,879,395
22-Jun-22	Disposal	2,000	6.230000	Euronext Lisbon	26,877,395
22-Jun-22	Disposal	500	6.230000	Euronext Lisbon	26,876,895
22-Jun-22	Disposal	394	6.230000	Euronext Lisbon	26,876,501
22-Jun-22	Disposal	3,269	6.230000	Euronext Lisbon	26,873,232
22-Jun-22	Disposal	22	6.225000	AQEU	26,873,210
22-Jun-22	Disposal	1,088	6.220000	CEUX	26,872,122
22-Jun-22	Disposal	730	6.220000	CEUX	26,871,392
22-Jun-22	Disposal	750	6.220000	Euronext Lisbon	26,870,642
22-Jun-22	Disposal	160	6.220000	Euronext Lisbon	26,870,482
22-Jun-22	Disposal	421	6.220000	Euronext Lisbon	26,870,061
22-Jun-22	Disposal	1,850	6.215000	UBSI	26,868,211
22-Jun-22	Disposal	429	6.240000	AQEU	26,867,782
22-Jun-22	Disposal	207	6.240000	CEUX	26,867,575
22-Jun-22	Disposal	1,088	6.235000	CEUX	26,866,487
22-Jun-22	Disposal	715	6.235000	CEUX	26,865,772
22-Jun-22	Disposal	1,914	6.240000	UBSI	26,863,858
22-Jun-22	Disposal	1,289	6.245000	Euronext Lisbon	26,862,569
22-Jun-22	Disposal	841	6.245000	Euronext Lisbon	26,861,728
22-Jun-22	Disposal	750	6.240000	Euronext Lisbon	26,860,978
22-Jun-22	Disposal	30	6.240000	Euronext Lisbon	26,860,948
22-Jun-22	Disposal	500	6.240000	Euronext Lisbon	26,860,448
22-Jun-22	Disposal	592	6.240000	AQEU	26,859,856
22-Jun-22	Disposal	506	6.235000	AQEU	26,859,350
22-Jun-22	Disposal	816	6.235000	CEUX	26,858,534
22-Jun-22	Disposal	150	6.230000	Euronext Lisbon	26,858,384
22-Jun-22	Disposal	1,970	6.230000	Euronext Lisbon	26,856,414
22-Jun-22	Disposal	750	6.220000	Euronext Lisbon	26,855,664
22-Jun-22	Disposal	900	6.220000	Euronext Lisbon	26,854,764
22-Jun-22	Disposal	837	6.220000	Euronext Lisbon	26,853,927
22-Jun-22	Disposal	163	6.220000	Euronext Lisbon	26,853,764
22-Jun-22	Disposal	2,000	6.220000	Euronext Lisbon	26,851,764
22-Jun-22	Disposal	342	6.220000	Euronext Lisbon	26,851,422
22-Jun-22	Disposal	507	6.220000	AQEU	26,850,915
22-Jun-22	Disposal	1,088	6.220000	CEUX	26,849,827
22-Jun-22	Disposal	761	6.220000	CEUX	26,849,066
22-Jun-22	Disposal	366	6.220000	Euronext Lisbon	26,848,700
22-Jun-22	Disposal	811	6.220000	Euronext Lisbon	26,847,889
22-Jun-22	Disposal	360	6.220000	Euronext Lisbon	26,847,529
22-Jun-22	Disposal	655	6.220000	Euronext Lisbon	26,846,874
22-Jun-22	Disposal	506	6.240000	AQEU	26,846,368
22-Jun-22	Disposal	759	6.240000	CEUX	26,845,609
22-Jun-22	Disposal	750	6.235000	Euronext Lisbon	26,844,859
22-Jun-22	Disposal	214	6.235000	Euronext Lisbon	26,844,645
22-Jun-22	Disposal	1,250	6.230000	AQEU	26,843,395
22-Jun-22	Disposal	270	6.235000	Euronext Lisbon	26,843,125
22-Jun-22	Disposal	460	6.235000	Euronext Lisbon	26,842,665
22-Jun-22	Disposal	1,088	6.235000	CEUX	26,841,577

22-Jun-22	Disposal	506	6.235000	AQEU	26,841,071
22-Jun-22	Disposal	43	6.235000	Euronext Lisbon	26,841,028
22-Jun-22	Disposal	347	6.235000	Euronext Lisbon	26,840,681
22-Jun-22	Disposal	111	6.235000	Euronext Lisbon	26,840,570
22-Jun-22	Disposal	1,304	6.240000	CEUX	26,839,266
22-Jun-22	Disposal	1,088	6.240000	CEUX	26,838,178
22-Jun-22	Disposal	330	6.240000	CEUX	26,837,848
22-Jun-22	Disposal	472	6.240000	AQEU	26,837,376
22-Jun-22	Disposal	760	6.240000	Euronext Lisbon	26,836,616
22-Jun-22	Disposal	596	6.240000	Euronext Lisbon	26,836,020
22-Jun-22	Disposal	1,250	6.235000	AQEU	26,834,770
22-Jun-22	Disposal	816	6.235000	CEUX	26,833,954
22-Jun-22	Disposal	759	6.235000	CEUX	26,833,195
22-Jun-22	Disposal	506	6.235000	AQEU	26,832,689
22-Jun-22	Disposal	271	6.235000	CEUX	26,832,418
22-Jun-22	Disposal	445	6.235000	TQEX	26,831,973
22-Jun-22	Disposal	750	6.235000	Euronext Lisbon	26,831,223
22-Jun-22	Disposal	436	6.235000	Euronext Lisbon	26,830,787
22-Jun-22	Disposal	558	6.235000	Euronext Lisbon	26,830,229
22-Jun-22	Disposal	10	6.230000	AQEU	26,830,219
22-Jun-22	Disposal	397	6.230000	CEUX	26,829,822
22-Jun-22	Disposal	1,500	6.230000	Euronext Lisbon	26,828,322
22-Jun-22	Disposal	1,000	6.230000	Euronext Lisbon	26,827,322
22-Jun-22	Disposal	750	6.230000	Euronext Lisbon	26,826,572
22-Jun-22	Disposal	350	6.230000	Euronext Lisbon	26,826,222
22-Jun-22	Disposal	1,899	6.245000	CEUX	26,824,323
22-Jun-22	Disposal	287	6.240000	CEUX	26,824,036
22-Jun-22	Disposal	8	6.235000	CEUX	26,824,028
22-Jun-22	Disposal	590	6.235000	CEUX	26,823,438
22-Jun-22	Disposal	7	6.235000	CEUX	26,823,431
22-Jun-22	Disposal	1,000	6.230000	Euronext Lisbon	26,822,431
22-Jun-22	Disposal	1,269	6.230000	Euronext Lisbon	26,821,162
22-Jun-22	Disposal	455	6.230000	AQEU	26,820,707
22-Jun-22	Disposal	750	6.225000	Euronext Lisbon	26,819,957
22-Jun-22	Disposal	3,000	6.225000	Euronext Lisbon	26,816,957
22-Jun-22	Disposal	534	6.225000	Euronext Lisbon	26,816,423
22-Jun-22	Disposal	811	6.220000	Euronext Lisbon	26,815,612
22-Jun-22	Disposal	936	6.220000	Euronext Lisbon	26,814,676
22-Jun-22	Disposal	750	6.225000	Euronext Lisbon	26,813,926
22-Jun-22	Disposal	349	6.220000	Euronext Lisbon	26,813,577
22-Jun-22	Disposal	1,352	6.220000	Euronext Lisbon	26,812,225
22-Jun-22	Disposal	1,648	6.220000	Euronext Lisbon	26,810,577
22-Jun-22	Disposal	2,326	6.220000	Euronext Lisbon	26,808,251
22-Jun-22	Disposal	1,250	6.220000	AQEU	26,807,001
22-Jun-22	Disposal	750	6.220000	Euronext Lisbon	26,806,251
22-Jun-22	Disposal	8	6.220000	CEUX	26,806,243
22-Jun-22	Disposal	578	6.220000	Euronext Lisbon	26,805,665
22-Jun-22	Disposal	1,111	6.215000	Euronext Lisbon	26,804,554
22-Jun-22	Disposal	320	6.217500	CEUX	26,804,234
22-Jun-22	Disposal	864	6.217500	CEUX	26,803,370
22-Jun-22	Disposal	883	6.220000	CEUX	26,802,487
22-Jun-22	Disposal	330	6.220000	Euronext Lisbon	26,802,157
22-Jun-22	Disposal	646	6.220000	Euronext Lisbon	26,801,511
22-Jun-22	Disposal	1,250	6.220000	AQEU	26,800,261
22-Jun-22	Disposal	298	6.220000	Euronext Lisbon	26,799,963
22-Jun-22	Disposal	98	6.220000	Euronext Lisbon	26,799,865
22-Jun-22	Disposal	213	6.220000	Euronext Lisbon	26,799,652
22-Jun-22	Disposal	1,834	6.230000	Euronext Lisbon	26,797,818
22-Jun-22	Disposal	1,727	6.225000	CEUX	26,796,091

22-Jun-22	Disposal	1,268	6.225000	AQEU	26,794,823
22-Jun-22	Disposal	11,905	6.225000	Euronext Lisbon	26,782,918
22-Jun-22	Disposal	2,055	6.225000	Euronext Lisbon	26,780,863
22-Jun-22	Disposal	507	6.220000	AQEU	26,780,356
22-Jun-22	Disposal	761	6.220000	CEUX	26,779,595
22-Jun-22	Disposal	2,071	6.227500	CEUX	26,777,524
22-Jun-22	Disposal	370	6.227500	CEUX	26,777,154
22-Jun-22	Disposal	750	6.220000	Euronext Lisbon	26,776,404
22-Jun-22	Disposal	1,334	6.220000	AQEU	26,775,070
22-Jun-22	Disposal	507	6.220000	AQEU	26,774,563
22-Jun-22	Disposal	19	6.220000	CEUX	26,774,544
22-Jun-22	Disposal	2,670	6.215000	Euronext Lisbon	26,771,874
23-Jun-22	Disposal	2,000	6.160000	Euronext Lisbon	26,769,874
23-Jun-22	Disposal	1,619	6.160000	Euronext Lisbon	26,768,255
23-Jun-22	Disposal	381	6.160000	Euronext Lisbon	26,767,874
23-Jun-22	Disposal	1,603	6.160000	Euronext Lisbon	26,766,271
23-Jun-22	Disposal	381	6.160000	Euronext Lisbon	26,765,890
23-Jun-22	Disposal	1,619	6.160000	Euronext Lisbon	26,764,271
23-Jun-22	Disposal	365	6.160000	Euronext Lisbon	26,763,906
23-Jun-22	Disposal	381	6.160000	Euronext Lisbon	26,763,525
23-Jun-22	Disposal	381	6.160000	Euronext Lisbon	26,763,144
23-Jun-22	Disposal	1,000	6.160000	Euronext Lisbon	26,762,144
23-Jun-22	Disposal	238	6.160000	Euronext Lisbon	26,761,906
23-Jun-22	Disposal	32	6.160000	Euronext Lisbon	26,761,874
23-Jun-22	Disposal	620	6.180000	Euronext Lisbon	26,761,254
23-Jun-22	Disposal	1,380	6.180000	Euronext Lisbon	26,759,874
23-Jun-22	Disposal	1,984	6.180000	Euronext Lisbon	26,757,890
23-Jun-22	Disposal	16	6.180000	Euronext Lisbon	26,757,874
23-Jun-22	Disposal	1,222	6.180000	Euronext Lisbon	26,756,652
23-Jun-22	Disposal	778	6.180000	Euronext Lisbon	26,755,874
23-Jun-22 23-Jun-22	Disposal Disposal	960 1,040	6.180000 6.180000	Euronext Lisbon Euronext Lisbon	26,754,914 26,753,874
23-Jun-22	Disposal	1,040	6.180000	Euronext Lisbon	26,752,834
23-Jun-22	Disposal	960	6.180000	Euronext Lisbon	26,751,874
23-Jun-22	Disposal	2,000	6.200000	Euronext Lisbon	26,749,874
23-Jun-22	Disposal	2,000	6.200000	Euronext Lisbon	26,747,874
23-Jun-22	Disposal	2,000	6.200000	Euronext Lisbon	26,745,874
23-Jun-22	Disposal	2,000	6.200000	Euronext Lisbon	26,743,874
23-Jun-22	Disposal	2,000	6.200000	Euronext Lisbon	26,741,874
23-Jun-22	Disposal	2,000	6.190000	Euronext Lisbon	26,739,874
23-Jun-22	Disposal	1,413	6.190000	Euronext Lisbon	26,738,461
23-Jun-22	Disposal	587	6.190000	Euronext Lisbon	26,737,874
23-Jun-22	Disposal	2,417	6.190000	Euronext Lisbon	26,735,457
23-Jun-22	Disposal	2,000	6.190000	Euronext Lisbon	26,733,457
23-Jun-22	Disposal	1,583	6.190000	Euronext Lisbon	26,731,874
23-Jun-22	Disposal	2,000	6.190000	Euronext Lisbon	26,729,874
23-Jun-22	Disposal	314	6.190000	Euronext Lisbon	26,729,560
23-Jun-22	Disposal	1,999	6.190000	Euronext Lisbon	26,727,561
23-Jun-22	Disposal	1	6.190000	Euronext Lisbon	26,727,560
23-Jun-22	Disposal	5,686	6.190000	Euronext Lisbon	26,721,874
23-Jun-22	Disposal	2,000	6.200000	Euronext Lisbon	26,719,874
23-Jun-22	Disposal	475	6.200000	Euronext Lisbon	26,719,399
23-Jun-22	Disposal	832	6.200000	Euronext Lisbon	26,718,567
23-Jun-22	Disposal	124	6.200000	Euronext Lisbon	26,718,443
23-Jun-22	Disposal	1,044	6.200000	Euronext Lisbon	26,717,399
23-Jun-22	Disposal	131	6.200000	Euronext Lisbon	26,717,268
23-Jun-22	Disposal	1,168	6.200000	Euronext Lisbon	26,716,100
23-Jun-22	Disposal	832	6.200000	Euronext Lisbon	26,715,268
23-Jun-22	Disposal	343	6.200000	Euronext Lisbon	26,714,925

23-Jun-22	Disposal	1,175	6.200000	Euronext Lisbon	26,713,750
23-Jun-22	Disposal	825	6.200000	Euronext Lisbon	26,712,925
23-Jun-22	Disposal	923	6.200000	Euronext Lisbon	26,712,002
23-Jun-22	Disposal	128	6.200000	Euronext Lisbon	26,711,874
23-Jun-22	Disposal	1,250	6.220000	Euronext Lisbon	26,710,624
23-Jun-22	Disposal	1,020	6.220000	Euronext Lisbon	26,709,604
23-Jun-22	Disposal	1,250	6.220000	Euronext Lisbon	26,708,354
23-Jun-22	Disposal	2,903	6.200000	Euronext Lisbon	26,705,451
23-Jun-22	Disposal	97	6.200000	Euronext Lisbon	26,705,354
23-Jun-22	Disposal	400	6.210000	Euronext Lisbon	26,704,954
23-Jun-22	Disposal	214	6.210000	Euronext Lisbon	26,704,740
23-Jun-22	Disposal	2,386	6.210000	Euronext Lisbon	26,702,354
23-Jun-22	Disposal	1,250	6.220000	Euronext Lisbon	26,701,104
23-Jun-22	Disposal	816	6.220000	Euronext Lisbon	26,700,288
23-Jun-22	Disposal	434	6.220000	Euronext Lisbon	26,699,854
23-Jun-22	Disposal	600	6.220000	Euronext Lisbon	26,699,254
23-Jun-22	Disposal	650	6.220000	Euronext Lisbon	26,698,604
23-Jun-22	Disposal	600	6.220000	Euronext Lisbon	26,698,004
23-Jun-22	Disposal	1,250	6.220000	Euronext Lisbon	26,696,754
23-Jun-22	Disposal	1,250	6.220000	Euronext Lisbon	26,695,504
23-Jun-22	Disposal	1,483	6.220000	Euronext Lisbon	26,694,021
23-Jun-22	Disposal	1,250	6.220000	Euronext Lisbon	26,692,771
23-Jun-22	Disposal	75	6.220000	Euronext Lisbon	26,692,696
23-Jun-22	Disposal	1,250	6.220000	Euronext Lisbon	26,691,446
23-Jun-22	Disposal	572	6.220000	Euronext Lisbon	26,690,874
23-Jun-22	Disposal	2,972	6.230000	Euronext Lisbon	26,687,902
23-Jun-22	Disposal	28	6.230000	Euronext Lisbon	26,687,874
23-Jun-22	Disposal	28	6.230000	Euronext Lisbon	26,687,846
23-Jun-22	Disposal	1,000	6.230000	Euronext Lisbon	26,686,846
23-Jun-22	Disposal	224	6.230000	Euronext Lisbon	26,686,622
23-Jun-22 23-Jun-22	Disposal Disposal	1,748 944	6.230000 6.230000	Euronext Lisbon Euronext Lisbon	26,684,874 26,683,930
23-Jun-22	Disposal	203	6.230000	Euronext Lisbon	26,683,727
23-Jun-22	Disposal	860	6.230000	Euronext Lisbon	26,682,867
23-Jun-22	Disposal	133	6.230000	Euronext Lisbon	26,682,734
23-Jun-22	Disposal	750	6.230000	Euronext Lisbon	26,681,984
23-Jun-22	Disposal	110	6.230000	Euronext Lisbon	26,681,874
23-Jun-22	Disposal	2,240	6.230000	Euronext Lisbon	26,679,634
23-Jun-22	Disposal	3,000	6.230000	Euronext Lisbon	26,676,634
23-Jun-22	Disposal	110	6.230000	Euronext Lisbon	26,676,524
23-Jun-22	Disposal	650	6.230000	Euronext Lisbon	26,675,874
23-Jun-22	Disposal	483	6.225000	Euronext Lisbon	26,675,391
23-Jun-22	Disposal	369	6.225000	Euronext Lisbon	26,675,022
23-Jun-22	Disposal	983	6.225000	Euronext Lisbon	26,674,039
23-Jun-22	Disposal	1,165	6.225000	Euronext Lisbon	26,672,874
23-Jun-22	Disposal	1,000	6.225000	Euronext Lisbon	26,671,874
23-Jun-22	Disposal	10,000	6.220000	Euronext Lisbon	26,661,874
23-Jun-22	Disposal	428	6.220000	Euronext Lisbon	26,661,446
23-Jun-22	Disposal	653	6.220000	Euronext Lisbon	26,660,793
23-Jun-22	Disposal	226	6.220000	Euronext Lisbon	26,660,567
23-Jun-22	Disposal	369	6.210000	Euronext Lisbon	26,660,198
23-Jun-22	Disposal	310	6.210000	Euronext Lisbon	26,659,888
23-Jun-22	Disposal	731	6.205000	Euronext Lisbon	26,659,157
23-Jun-22	Disposal	979	6.205000	Euronext Lisbon	26,658,178
23-Jun-22 23-Jun-22	Disposal Disposal	1,100 750	6.205000 6.200000	Euronext Lisbon Euronext Lisbon	26,657,078 26,656,328
23-Jun-22	Disposal	1,411	6.200000	Euronext Lisbon	26,654,917
23-Jun-22	Disposal	748	6.200000	Euronext Lisbon	26,654,169
23-Jun-22	Disposal	2,295	6.200000	Euronext Lisbon	26,651,874

23-Jun-22	Disposal	4,955	6.200000	Euronext Lisbon	26,646,919
23-Jun-22	Disposal	312	6.200000	Euronext Lisbon	26,646,607
23-Jun-22	Disposal	1,400	6.200000	Euronext Lisbon	26,645,207
23-Jun-22	Disposal	1,400	6.200000	Euronext Lisbon	26,643,807
23-Jun-22	Disposal	1,400	6.200000	Euronext Lisbon	26,642,407
23-Jun-22	Disposal	533	6.200000	Euronext Lisbon	26,641,874
23-Jun-22	Disposal	351	6.210000	Euronext Lisbon	26,641,523
23-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,640,773
23-Jun-22	Disposal	3,000	6.205000	Euronext Lisbon	26,637,773
23-Jun-22	Disposal	3,000	6.205000	Euronext Lisbon	26,634,773
23-Jun-22	Disposal	1,200	6.205000	Euronext Lisbon	26,633,573
23-Jun-22	Disposal	289	6.205000	Euronext Lisbon	26,633,284
23-Jun-22	Disposal	1,410	6.200000	Euronext Lisbon	26,631,874
23-Jun-22	Disposal	493	6.190000	Euronext Lisbon	26,631,381
23-Jun-22	Disposal	609	6.190000	Euronext Lisbon	26,630,772
23-Jun-22	Disposal	434	6.190000	Euronext Lisbon	26,630,338
23-Jun-22	Disposal	2,500	6.180000	Euronext Lisbon	26,627,838
23-Jun-22	Disposal	208	6.180000	Euronext Lisbon	26,627,630
23-Jun-22	Disposal	214	6.180000	Euronext Lisbon	26,627,416
23-Jun-22 23-Jun-22	Disposal Disposal	214 207	6.180000 6.180000	Euronext Lisbon Euronext Lisbon	26,627,202 26,626,995
23-Jun-22	Disposal	1,329	6.180000	Euronext Lisbon	26,625,666
23-Jun-22	Disposal	687	6.180000	Euronext Lisbon	26,624,979
23-Jun-22	Disposal	263	6.180000	Euronext Lisbon	26,624,716
23-Jun-22	Disposal	214	6.180000	Euronext Lisbon	26,624,502
23-Jun-22	Disposal	1,273	6.180000	Euronext Lisbon	26,623,229
23-Jun-22	Disposal	1,317	6.180000	Euronext Lisbon	26,621,912
23-Jun-22	Disposal	38	6.180000	Euronext Lisbon	26,621,874
23-Jun-22	Disposal	471	6.200000	Euronext Lisbon	26,621,403
23-Jun-22	Disposal	750	6.170000	Euronext Lisbon	26,620,653
23-Jun-22	Disposal	750	6.165000	Euronext Lisbon	26,619,903
23-Jun-22	Disposal	332	6.165000	Euronext Lisbon	26,619,571
23-Jun-22	Disposal	787	6.165000	Euronext Lisbon	26,618,784
23-Jun-22	Disposal	1,577	6.165000	Euronext Lisbon	26,617,207
23-Jun-22	Disposal	475	6.165000	Euronext Lisbon	26,616,732
23-Jun-22	Disposal	1,000	6.160000	Euronext Lisbon	26,615,732
23-Jun-22	Disposal	300	6.160000	Euronext Lisbon	26,615,432
23-Jun-22	Disposal	376	6.160000	Euronext Lisbon	26,615,056
23-Jun-22	Disposal	1,576	6.160000	Euronext Lisbon	26,613,480
23-Jun-22	Disposal	825	6.160000	Euronext Lisbon	26,612,655
23-Jun-22	Disposal	267	6.160000	Euronext Lisbon	26,612,388
23-Jun-22	Disposal	603	6.160000	Euronext Lisbon	26,611,785
23-Jun-22	Disposal	641	6.160000	Euronext Lisbon	26,611,144
23-Jun-22	Disposal	868	6.160000	Euronext Lisbon	26,610,276
23-Jun-22	Disposal	1,229	6.160000	Euronext Lisbon	26,609,047
23-Jun-22	Disposal	879	6.160000	Euronext Lisbon	26,608,168
23-Jun-22	Disposal	821	6.160000	Euronext Lisbon	26,607,347
23-Jun-22	Disposal	408	6.160000	Euronext Lisbon	26,606,939
23-Jun-22	Disposal	1,229	6.160000	Euronext Lisbon	26,605,710
23-Jun-22	Disposal	471	6.160000	Euronext Lisbon	26,605,239
23-Jun-22	Disposal	1,229	6.160000	Euronext Lisbon	26,604,010
23-Jun-22	Disposal	471	6.160000	Euronext Lisbon	26,603,539
23-Jun-22	Disposal	1,229	6.160000	Euronext Lisbon	26,602,310
23-Jun-22	Disposal	436	6.160000	Euronext Lisbon	26,601,874
24-Jun-22	Disposal	1,000	6.160000	Euronext Lisbon	26,600,874
24-Jun-22	Disposal	200	6.160000	Euronext Lisbon	26,600,674
24-Jun-22	Disposal	1,500	6.160000	Euronext Lisbon	26,599,174
24-Jun-22	Disposal	20	6.160000	Euronext Lisbon	26,599,154
24-Jun-22	Disposal	471	6.160000	Euronext Lisbon	26,598,683

24-Jun-22	Disposal	1,000	6.160000	Euronext Lisbon	26,597,683
24-Jun-22	Disposal	1,200	6.160000	Euronext Lisbon	26,596,483
24-Jun-22	Disposal	1,200	6.160000	Euronext Lisbon	26,595,283
24-Jun-22	Disposal	1,200	6.160000	Euronext Lisbon	26,594,083
24-Jun-22	Disposal	1,153	6.160000	Euronext Lisbon	26,592,930
24-Jun-22	Disposal	47	6.160000	Euronext Lisbon	26,592,883
24-Jun-22	Disposal	1,153	6.160000	Euronext Lisbon	26,591,730
24-Jun-22	Disposal	396	6.160000	Euronext Lisbon	26,591,334
24-Jun-22	Disposal	408	6.160000	Euronext Lisbon	26,590,926
24-Jun-22	Disposal	396	6.160000	Euronext Lisbon	26,590,530
24-Jun-22	Disposal	220	6.160000	Euronext Lisbon	26,590,310
24-Jun-22	Disposal	980	6.160000	Euronext Lisbon	26,589,330
24-Jun-22	Disposal	220	6.160000	Euronext Lisbon	26,589,110
24-Jun-22	Disposal	1,200	6.160000	Euronext Lisbon	26,587,910
24-Jun-22	Disposal	1,036	6.160000	Euronext Lisbon	26,586,874
24-Jun-22	Disposal	200	6.175000	Euronext Lisbon	26,586,674
24-Jun-22	Disposal	200	6.175000	Euronext Lisbon	26,586,474
24-Jun-22	Disposal	282	6.175000	Euronext Lisbon	26,586,192
24-Jun-22	Disposal	1,116	6.175000	Euronext Lisbon	26,585,076
24-Jun-22	Disposal	200	6.170000	Euronext Lisbon	26,584,876
24-Jun-22	Disposal	1,351	6.170000	Euronext Lisbon	26,583,525
24-Jun-22	Disposal	682	6.170000	Euronext Lisbon	26,582,843
24-Jun-22	Disposal	457	6.170000	Euronext Lisbon	26,582,386
24-Jun-22	Disposal	288	6.170000	Euronext Lisbon	26,582,098
24-Jun-22	Disposal	200	6.165000	Euronext Lisbon	26,581,898
24-Jun-22	Disposal	695	6.165000	Euronext Lisbon	26,581,203
24-Jun-22	Disposal	1,346	6.165000	Euronext Lisbon	26,579,857
24-Jun-22	Disposal	256	6.165000	Euronext Lisbon	26,579,601
24-Jun-22	Disposal	2,500	6.165000	Euronext Lisbon	26,577,101
24-Jun-22	Disposal	2,500	6.165000	Euronext Lisbon	26,574,601
24-Jun-22	Disposal	1,952	6.165000	Euronext Lisbon	26,572,649
24-Jun-22	Disposal	681	6.165000	Euronext Lisbon	26,571,968
24-Jun-22	Disposal	731	6.165000	Euronext Lisbon	26,571,237
24-Jun-22	Disposal	2,500	6.165000	Euronext Lisbon	26,568,737
24-Jun-22	Disposal	2,500	6.165000	Euronext Lisbon	26,566,237
24-Jun-22	Disposal	967	6.165000	Euronext Lisbon	26,565,270
24-Jun-22	Disposal	529	6.165000	Euronext Lisbon	26,564,741
24-Jun-22	Disposal	1,004	6.165000	Euronext Lisbon	26,563,737
24-Jun-22	Disposal	1,496	6.165000	Euronext Lisbon	26,562,241
24-Jun-22	Disposal	2,500	6.165000	Euronext Lisbon	26,559,741
24-Jun-22	Disposal	1,685	6.165000	Euronext Lisbon	26,558,056
24-Jun-22	Disposal	815	6.165000	Euronext Lisbon	26,557,241
24-Jun-22	Disposal	367	6.165000	Euronext Lisbon	26,556,874
24-Jun-22	Disposal	1,200	6.200000	Euronext Lisbon	26,555,674
24-Jun-22	Disposal	1,200	6.200000	Euronext Lisbon	26,554,474
24-Jun-22	Disposal	214	6.200000	Euronext Lisbon	26,554,260
24-Jun-22	Disposal	1,000	6.200000	Euronext Lisbon	26,553,260
24-Jun-22	Disposal	200	6.200000	Euronext Lisbon	26,553,060
24-Jun-22	Disposal	984	6.200000	Euronext Lisbon	26,552,076
24-Jun-22	Disposal	200	6.200000	Euronext Lisbon	26,551,876
24-Jun-22	Disposal	1,000	6.200000	Euronext Lisbon	26,550,876
24-Jun-22	Disposal	184	6.200000	Euronext Lisbon	26,550,692
24-Jun-22	Disposal	1,184	6.200000	Euronext Lisbon	26,549,508
24-Jun-22	Disposal	16	6.200000	Euronext Lisbon	26,549,492
24-Jun-22	Disposal	1,200	6.200000	Euronext Lisbon	26,548,292
24-Jun-22	Disposal	879	6.200000	Euronext Lisbon	26,547,413
24-Jun-22	Disposal	539	6.200000	Euronext Lisbon	26,546,874
24-Jun-22	Disposal	1,511	6.205000	Euronext Lisbon	26,545,363
24-Jun-22	Disposal	28	6.205000	Euronext Lisbon	26,545,335

24-Jun-22	Disposal	1,700	6.205000	Euronext Lisbon	26,543,635
24-Jun-22	Disposal	1,700	6.205000	Euronext Lisbon	26,541,935
24-Jun-22	Disposal	28	6.205000	Euronext Lisbon	26,541,907
24-Jun-22	Disposal	1,672	6.205000	Euronext Lisbon	26,540,235
24-Jun-22	Disposal	307	6.205000	Euronext Lisbon	26,539,928
24-Jun-22	Disposal	1,393	6.205000	Euronext Lisbon	26,538,535
24-Jun-22	Disposal	1,393	6.205000	Euronext Lisbon	26,537,142
24-Jun-22	Disposal	307	6.205000	Euronext Lisbon	26,536,835
24-Jun-22	Disposal	693	6.205000	Euronext Lisbon	26,536,142
24-Jun-22	Disposal	1,393	6.205000	Euronext Lisbon	26,534,749
24-Jun-22	Disposal	307	6.205000	Euronext Lisbon	26,534,442
24-Jun-22	Disposal	2,428	6.205000	Euronext Lisbon	26,532,014
24-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,531,264
24-Jun-22	Disposal	413	6.205000	Euronext Lisbon	26,530,851
24-Jun-22	Disposal	537	6.205000	Euronext Lisbon	26,530,314
24-Jun-22	Disposal	413	6.205000	Euronext Lisbon	26,529,901
24-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,529,151
24-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,528,401
24-Jun-22	Disposal	200	6.205000	Euronext Lisbon	26,528,201
24-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,527,451
24-Jun-22	Disposal	950	6.205000	Euronext Lisbon	26,526,501
24-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,525,751
24-Jun-22	Disposal	950	6.205000	Euronext Lisbon	26,524,801
24-Jun-22	Disposal	1,700	6.205000	Euronext Lisbon	26,523,101
24-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,522,351
24-Jun-22	Disposal	950	6.205000	Euronext Lisbon	26,521,401
24-Jun-22	Disposal	166	6.205000	Euronext Lisbon	26,521,235
24-Jun-22	Disposal	537	6.205000	Euronext Lisbon	26,520,698
24-Jun-22	Disposal	750	6.205000	Euronext Lisbon	26,519,948
24-Jun-22	Disposal	247	6.205000	Euronext Lisbon	26,519,701
24-Jun-22	Disposal	2,827	6.205000	Euronext Lisbon	26,516,874
24-Jun-22	Disposal	280	6.235000	Euronext Lisbon	26,516,594
24-Jun-22 24-Jun-22	Disposal Disposal	2,220 2,500	6.235000 6.235000	Euronext Lisbon Euronext Lisbon	26,514,374 26,511,874
24-Jun-22	Disposal	516	6.235000	Euronext Lisbon	26,511,358
24-Jun-22	Disposal	2,500	6.235000	Euronext Lisbon	26,508,858
24-Jun-22	Disposal	1,035	6.235000	Euronext Lisbon	26,507,823
24-Jun-22	Disposal	1,465	6.235000	Euronext Lisbon	26,506,358
24-Jun-22	Disposal	135	6.235000	Euronext Lisbon	26,506,223
24-Jun-22	Disposal	1,465	6.235000	Euronext Lisbon	26,504,758
24-Jun-22	Disposal	1,035	6.235000	Euronext Lisbon	26,503,723
24-Jun-22	Disposal	2,605	6.235000	Euronext Lisbon	26,501,118
24-Jun-22	Disposal	50	6.235000	Euronext Lisbon	26,501,068
24-Jun-22	Disposal	537	6.225000	Euronext Lisbon	26,500,531
24-Jun-22	Disposal	279	6.225000	Euronext Lisbon	26,500,252
24-Jun-22 24-Jun-22	Disposal Disposal	2,000 551	6.220000 6.220000	Euronext Lisbon Euronext Lisbon	26,498,252 26,497,701
24-Jun-22 24-Jun-22	Disposal Disposal	355 113	6.220000 6.220000	Euronext Lisbon Euronext Lisbon	26,497,346 26,497,233
24-Jun-22	Disposal	359	6.220000	Euronext Lisbon	26,496,874
24-Jun-22	Disposal	751	6.200000	Euronext Lisbon	26,496,123
24-Jun-22	Disposal	760	6.200000	Euronext Lisbon	26,495,363
24-Jun-22	Disposal	783	6.200000	Euronext Lisbon	26,494,580
24-Jun-22	Disposal	1,000	6.200000	Euronext Lisbon	26,493,580
24-Jun-22	Disposal	483	6.200000	Euronext Lisbon	26,493,097
24-Jun-22	Disposal	1,388	6.200000	Euronext Lisbon	26,491,709
24-Jun-22	Disposal	112	6.200000	Euronext Lisbon	26,491,597
24-Jun-22	Disposal	638	6.200000	Euronext Lisbon	26,490,959
24-Jun-22	Disposal	1,500	6.200000	Euronext Lisbon	26,489,459

24-Jun-22	Disposal	66	6.200000	Euronext Lisbon	26,489,393
24-Jun-22	Disposal	1,500	6.200000	Euronext Lisbon	26,487,893
24-Jun-22	Disposal	1,500	6.200000	Euronext Lisbon	26,486,393
24-Jun-22	Disposal	1,500	6.200000	Euronext Lisbon	26,484,893
24-Jun-22	Disposal	300	6.200000	Euronext Lisbon	26,484,593
24-Jun-22	Disposal	1,200	6.200000	Euronext Lisbon	26,483,393
24-Jun-22	Disposal	657	6.200000	Euronext Lisbon	26,482,736
24-Jun-22	Disposal	750	6.200000	Euronext Lisbon	26,481,986
24-Jun-22	Disposal	750	6.200000	Euronext Lisbon	26,481,236
24-Jun-22	Disposal	1,732	6.200000	Euronext Lisbon	26,479,504
24-Jun-22	Disposal	1,484	6.200000	Euronext Lisbon	26,478,020
24-Jun-22	Disposal	16	6.200000	Euronext Lisbon	26,478,004
24-Jun-22	Disposal	1,130	6.200000	Euronext Lisbon	26,476,874
24-Jun-22	Disposal	750	6.255000	Euronext Lisbon	26,476,124
24-Jun-22	Disposal	1,000	6.255000	Euronext Lisbon	26,475,124
24-Jun-22	Disposal	750	6.250000	Euronext Lisbon	26,474,374
24-Jun-22	Disposal	1,203	6.250000	Euronext Lisbon	26,473,171
24-Jun-22	Disposal	751	6.250000	Euronext Lisbon	26,472,420
24-Jun-22	Disposal	758	6.250000	Euronext Lisbon	26,471,662
24-Jun-22	Disposal	461	6.250000	Euronext Lisbon	26,471,201
24-Jun-22	Disposal	1,501	6.250000	Euronext Lisbon	26,469,700
24-Jun-22	Disposal	548	6.250000	Euronext Lisbon	26,469,152
24-Jun-22	Disposal	1,022	6.250000	Euronext Lisbon	26,468,130
24-Jun-22	Disposal	1,300	6.250000	Euronext Lisbon	26,466,830
24-Jun-22	Disposal	1,300	6.250000	Euronext Lisbon	26,465,530
24-Jun-22	Disposal	558	6.250000	Euronext Lisbon	26,464,972
24-Jun-22	Disposal	438	6.240000	Euronext Lisbon	26,464,534
24-Jun-22	Disposal	769	6.240000	Euronext Lisbon	26,463,765
24-Jun-22	Disposal	505	6.240000	Euronext Lisbon	26,463,260
24-Jun-22	Disposal	14	6.240000	Euronext Lisbon	26,463,246
24-Jun-22	Disposal	481	6.240000	Euronext Lisbon	26,462,765
24-Jun-22	Disposal	300	6.240000	Euronext Lisbon	26,462,465
24-Jun-22	Disposal	481	6.240000	Euronext Lisbon	26,461,984
24-Jun-22	Disposal	110	6.240000	Euronext Lisbon	26,461,874
24-Jun-22	Disposal	13	6.240000	Euronext Lisbon	26,461,861
24-Jun-22	Disposal	1,400	6.240000	Euronext Lisbon	26,460,461
24-Jun-22	Disposal	187	6.240000	Euronext Lisbon	26,460,274
24-Jun-22	Disposal	294	6.240000	Euronext Lisbon	26,459,980
24-Jun-22	Disposal	750	6.220000	Euronext Lisbon	26,459,230
24-Jun-22	Disposal	365	6.220000	Euronext Lisbon	26,458,865
24-Jun-22	Disposal	396	6.220000	Euronext Lisbon	26,458,469
24-Jun-22	Disposal	1,100	6.215000	Euronext Lisbon	26,457,369
24-Jun-22	Disposal	1,100	6.215000	Euronext Lisbon	26,456,269
24-Jun-22	Disposal	307	6.215000	Euronext Lisbon	26,455,962
24-Jun-22	Disposal	625	6.215000	Euronext Lisbon	26,455,337
24-Jun-22	Disposal	1,309	6.215000	Euronext Lisbon	26,454,028
24-Jun-22	Disposal	709	6.215000	Euronext Lisbon	26,453,319
24-Jun-22	Disposal	574	6.215000	Euronext Lisbon	26,452,745
24-Jun-22	Disposal	439	6.215000	Euronext Lisbon	26,452,306
24-Jun-22	Disposal	905	6.215000	Euronext Lisbon	26,451,401
24-Jun-22	Disposal	695	6.215000	Euronext Lisbon	26,450,706
24-Jun-22	Disposal	55	6.215000	Euronext Lisbon	26,450,651
24-Jun-22	Disposal	1,600	6.215000	Euronext Lisbon	26,449,051
24-Jun-22	Disposal	1,600	6.215000	Euronext Lisbon	26,447,451
24-Jun-22	Disposal	42	6.215000	Euronext Lisbon	26,447,409
24-Jun-22	Disposal	535	6.215000	Euronext Lisbon	26,446,874
24-Jun-22	Disposal	8	6.225000	Euronext Lisbon	26,446,866
24-Jun-22	Disposal	370	6.225000	Euronext Lisbon	26,446,496
24-Jun-22	Disposal	822	6.225000	Euronext Lisbon	26,445,674

24-Jun-22	Disposal	1,153	6.225000	Euronext Lisbon	26,444,521
24-Jun-22	Disposal	300	6.225000	Euronext Lisbon	26,444,221
24-Jun-22	Disposal	7	6.225000	Euronext Lisbon	26,444,214
24-Jun-22	Disposal	893	6.225000	Euronext Lisbon	26,443,321
24-Jun-22	Disposal	1,200	6.225000	Euronext Lisbon	26,442,121
24-Jun-22	Disposal	1,200	6.225000	Euronext Lisbon	26,440,921
24-Jun-22	Disposal	1,000	6.225000	Euronext Lisbon	26,439,921
24-Jun-22	Disposal	200	6.225000	Euronext Lisbon	26,439,721
24-Jun-22	Disposal	1,200	6.225000	Euronext Lisbon	26,438,521
24-Jun-22	Disposal	1,200	6.225000	Euronext Lisbon	26,437,321
24-Jun-22	Disposal	447	6.225000	Euronext Lisbon	26,436,874
24-Jun-22	Disposal	1,237	6.235000	Euronext Lisbon	26,435,637
24-Jun-22	Disposal	1,360	6.235000	Euronext Lisbon	26,434,277
24-Jun-22	Disposal	1,475	6.235000	Euronext Lisbon	26,432,802
24-Jun-22	Disposal	1,750	6.235000	Euronext Lisbon	26,431,052
24-Jun-22	Disposal	750	6.235000	Euronext Lisbon	26,430,302
24-Jun-22	Disposal	1,000	6.235000	Euronext Lisbon	26,429,302
24-Jun-22	Disposal	375	6.235000	Euronext Lisbon	26,428,927
24-Jun-22	Disposal	1,750	6.235000	Euronext Lisbon	26,427,177
24-Jun-22	Disposal	303	6.235000	Euronext Lisbon	26,426,874
24-Jun-22	Disposal	761	6.240000	Euronext Lisbon	26,426,113
24-Jun-22	Disposal	1,259	6.240000	Euronext Lisbon	26,424,854
24-Jun-22	Disposal	1,258	6.240000	Euronext Lisbon	26,423,596
24-Jun-22	Disposal	874	6.240000	Euronext Lisbon	26,422,722
24-Jun-22	Disposal	1,298	6.240000	Euronext Lisbon	26,421,424
24-Jun-22	Disposal	1,233	6.240000	Euronext Lisbon	26,420,191
24-Jun-22	Disposal	24	6.240000	Euronext Lisbon	26,420,167
24-Jun-22	Disposal	3,293	6.240000	Euronext Lisbon	26,416,874
24-Jun-22	Disposal	1,150	6.250000	Euronext Lisbon	26,415,724
24-Jun-22	Disposal	308	6.240000	Euronext Lisbon	26,415,416
24-Jun-22 24-Jun-22	Disposal Disposal	641 250	6.240000 6.240000	Euronext Lisbon Euronext Lisbon	26,414,775 26,414,525
24-Jun-22	Disposal	1,932	6.240000	Euronext Lisbon	26,412,593
24-Jun-22	Disposal	28	6.240000	Euronext Lisbon	26,412,565
24-Jun-22	Disposal	370	6.240000	Euronext Lisbon	26,412,195
24-Jun-22	Disposal	750	6.230000	Euronext Lisbon	26,411,445
24-Jun-22	Disposal	321	6.230000	Euronext Lisbon	26,411,124
24-Jun-22	Disposal	758	6.225000	Euronext Lisbon	26,410,366
24-Jun-22	Disposal	1,490	6.225000	Euronext Lisbon	26,408,876
24-Jun-22	Disposal	1,238	6.225000	Euronext Lisbon	26,407,638
24-Jun-22	Disposal	483	6.225000	Euronext Lisbon	26,407,155
24-Jun-22	Disposal	385	6.225000	Euronext Lisbon	26,406,770
24-Jun-22	Disposal	1,046	6.225000	Euronext Lisbon	26,405,724
24-Jun-22	Disposal	750	6.230000	Euronext Lisbon	26,404,974
24-Jun-22	Disposal	630	6.230000	Euronext Lisbon	26,404,344
24-Jun-22	Disposal	282	6.230000	Euronext Lisbon	26,404,062
24-Jun-22	Disposal	350	6.230000	Euronext Lisbon	26,403,712
24-Jun-22	Disposal	88	6.230000	Euronext Lisbon	26,403,624
24-Jun-22	Disposal	350	6.230000	Euronext Lisbon	26,403,274
24-Jun-22	Disposal	502	6.230000	Euronext Lisbon	26,402,772
24-Jun-22	Disposal	648	6.230000	Euronext Lisbon	26,402,124
24-Jun-22	Disposal	1,350	6.230000	Euronext Lisbon	26,400,774
24-Jun-22	Disposal	1,000	6.230000	Euronext Lisbon	26,399,774
24-Jun-22	Disposal	500	6.230000	Euronext Lisbon	26,399,274
24-Jun-22	Disposal	648	6.230000	Euronext Lisbon	26,398,626
24-Jun-22	Disposal	60	6.230000	Euronext Lisbon	26,398,566
24-Jun-22	Disposal	54	6.230000	Euronext Lisbon	26,398,512
24-Jun-22	Disposal	482	6.230000	Euronext Lisbon	26,398,030
24-Jun-22	Disposal	256	6.230000	Euronext Lisbon	26,397,774

24-Jun-22	Disposal	482	6.230000	Euronext Lisbon	26,397,292
24-Jun-22	Disposal	418	6.230000	Euronext Lisbon	26,396,874
24-Jun-22	Disposal	366	6.220000	Euronext Lisbon	26,396,508
24-Jun-22	Disposal	695	6.220000	Euronext Lisbon	26,395,813
24-Jun-22	Disposal	382	6.220000	Euronext Lisbon	26,395,431
24-Jun-22	Disposal	811	6.220000	Euronext Lisbon	26,394,620
24-Jun-22	Disposal	518	6.220000	Euronext Lisbon	26,394,102
24-Jun-22	Disposal	7,228	6.220000	Euronext Lisbon	26,386,874
24-Jun-22	Disposal	23	6.240000	Euronext Lisbon	26,386,851
24-Jun-22	Disposal	40	6.240000	Euronext Lisbon	26,386,811
24-Jun-22	Disposal	1,257	6.240000	Euronext Lisbon	26,385,554
24-Jun-22	Disposal	1,615	6.240000	Euronext Lisbon	26,383,939
24-Jun-22	Disposal	2,000	6.240000	Euronext Lisbon	26,381,939
24-Jun-22	Disposal	1,513	6.240000	Euronext Lisbon	26,380,426
24-Jun-22	Disposal	487	6.240000	Euronext Lisbon	26,379,939
24-Jun-22	Disposal	2,409	6.240000	Euronext Lisbon	26,377,530
24-Jun-22	Disposal	1,000	6.240000	Euronext Lisbon	26,376,530
24-Jun-22	Disposal	370	6.240000	Euronext Lisbon	26,376,160
24-Jun-22	Disposal	630	6.240000	Euronext Lisbon	26,375,530
24-Jun-22	Disposal	1,000	6.240000	Euronext Lisbon	26,374,530
24-Jun-22	Disposal	1,000	6.240000	Euronext Lisbon	26,373,530
24-Jun-22	Disposal	957	6.240000	Euronext Lisbon	26,372,573
24-Jun-22	Disposal	699	6.240000	Euronext Lisbon	26,371,874
24-Jun-22	Disposal	4,000	6.250000	Euronext Lisbon	26,367,874
24-Jun-22	Disposal	1,000	6.250000	Euronext Lisbon	26,366,874
24-Jun-22	Disposal	1,000	6.250000	Euronext Lisbon	26,365,874
24-Jun-22	Disposal	2,014	6.250000	Euronext Lisbon	26,363,860
24-Jun-22	Disposal	1,986	6.250000	Euronext Lisbon	26,361,874
24-Jun-22	Disposal	1,000	6.250000	Euronext Lisbon	26,360,874
24-Jun-22	Disposal	2,896	6.250000	Euronext Lisbon	26,357,978
24-Jun-22	Disposal	750	6.250000	Euronext Lisbon	26,357,228
24-Jun-22	Disposal	354	6.250000	Euronext Lisbon	26,356,874
24-Jun-22	Disposal	750	6.265000	Euronext Lisbon	26,356,124
24-Jun-22	Disposal	2,250	6.265000	Euronext Lisbon	26,353,874
24-Jun-22	Disposal	89	6.265000	Euronext Lisbon	26,353,785
24-Jun-22	Disposal	89	6.265000	Euronext Lisbon	26,353,696
24-Jun-22	Disposal	85	6.265000	Euronext Lisbon	26,353,611
24-Jun-22	Disposal	82	6.265000	Euronext Lisbon	26,353,529
24-Jun-22	Disposal	2,008	6.265000	Euronext Lisbon	26,351,521
24-Jun-22	Disposal	647	6.265000	Euronext Lisbon	26,350,874
24-Jun-22	Disposal	2,008	6.265000	Euronext Lisbon	26,348,866
24-Jun-22	Disposal	1,992	6.265000	Euronext Lisbon	26,346,874
31-Dec-22	-	-	-	-	26,346,874

José Armindo Farinha Soares de Pina (attributable by virtue of his matrimonial regime)

Date	Type	Volume	Price (€)	Place	No. of shares
31-Dec-21	-	-	-	-	-
1-Jun-22	Acquisition	840	6.135000	CEUX	840
1-Jun-22	Acquisition	3,287	6.135000	CEUX	4,127
1-Jun-22	Acquisition	379	6.135000	TQEX	4,506
1-Jun-22	Acquisition	4,722	6.135000	Euronext Lisbon	9,228
1-Jun-22	Acquisition	500	6.135000	Euronext Lisbon	9,728
1-Jun-22	Acquisition	840	6.140000	CEUX	10,568
1-Jun-22	Acquisition	165	6.140000	CEUX	10,733
1-Jun-22	Acquisition	382	6.140000	CEUX	11,115
1-Jun-22	Acquisition	3,367	6.145000	CEUX	14,482
1-Jun-22	Acquisition	355	6.145000	CEUX	14,837
1-Jun-22	Acquisition	529	6.145000	CEUX	15,366

1-Jun-22	Acquisition	415	6.145000	TQEX	15,781
1-Jun-22	Acquisition	278	6.145000	TQEX	16,059
1-Jun-22	Acquisition	750	6.145000	Euronext Lisbon	16,809
1-Jun-22	Acquisition	4,601	6.145000	Euronext Lisbon	21,410
1-Jun-22	Acquisition	300	6.145000	Euronext Lisbon	21,710
1-Jun-22	Acquisition	1,709	6.145000	Euronext Lisbon	23,419
1-Jun-22	Acquisition	2,250	6.145000	Euronext Lisbon	25,669
1-Jun-22	Acquisition	378	6.145000	Euronext Lisbon	26,047
1-Jun-22	Acquisition	1,239	6.145000	Euronext Lisbon	27,286
1-Jun-22	Acquisition	780	6.145000	Euronext Lisbon	28,066
1-Jun-22	Acquisition	3,843	6.145000	CEUX	31,909
1-Jun-22	Acquisition	630	6.150000	CEUX	32,539
1-Jun-22	Acquisition	529	6.150000	CEUX	33,068
1-Jun-22	Acquisition	529	6.150000	TQEX	33,597
1-Jun-22	Acquisition	2,931	6.150000	Euronext Lisbon	36,528
1-Jun-22	Acquisition	33	6.150000	Euronext Lisbon	36,561
1-Jun-22	Acquisition	1,000	6.150000	CEUX	37,561
1-Jun-22	Acquisition	380	6.150000	TQEX	37,941
1-Jun-22	Acquisition	2,522	6.150000	Euronext Lisbon	40,463
1-Jun-22	Acquisition	1,100	6.150000	CEUX	41,563
1-Jun-22	Acquisition	400	6.150000	TQEX	41,963
1-Jun-22	Acquisition	750	6.155000	Euronext Lisbon	42,713
1-Jun-22	Acquisition	227	6.155000	Euronext Lisbon	42,940
1-Jun-22	Acquisition	665	6.155000	Euronext Lisbon	43,605
1-Jun-22	Acquisition	761	6.155000	Euronext Lisbon	44,366
1-Jun-22	Acquisition	1,381	6.155000	Euronext Lisbon	45,747
1-Jun-22	Acquisition	1,340	6.165000	Euronext Lisbon	47,087
1-Jun-22	Acquisition	2,913	6.170000	Euronext Lisbon	50,000
29-Jul-22	Acquisition	1,786	5.705000	Euronext Lisbon	51,786
29-Jul-22	Acquisition	25	5.705000	Euronext Lisbon	51,811
29-Jul-22	Acquisition	396	5.705000	Euronext Lisbon	52,207
29-Jul-22	Acquisition	268	5.705000	Euronext Lisbon	52,475
29-Jul-22	Acquisition	245	5.705000	Euronext Lisbon	52,720
29-Jul-22	Acquisition	750	5.710000	Euronext Lisbon	53,470
29-Jul-22	Acquisition	264	5.710000	Euronext Lisbon	53,734
29-Jul-22	Acquisition	760	5.710000	Euronext Lisbon	54,494
29-Jul-22	Acquisition	426	5.710000	Euronext Lisbon	54,920
29-Jul-22	Acquisition	957	5.710000	Euronext Lisbon	55,877
29-Jul-22	Acquisition	512	5.710000	Euronext Lisbon	56,389
29-Jul-22	Acquisition	725	5.710000	Euronext Lisbon	57,114
29-Jul-22	Acquisition	1,106	5.710000	Euronext Lisbon	58,220
29-Jul-22	Acquisition	858	5.715000	Euronext Lisbon	59,078
29-Jul-22	Acquisition	750	5.720000	Euronext Lisbon	59,828
29-Jul-22	Acquisition	265	5.720000	Euronext Lisbon	60,093
29-Jul-22	Acquisition	813	5.720000	Euronext Lisbon	60,906
29-Jul-22	Acquisition	321	5.710000	Euronext Lisbon	61,227
29-Jul-22	Acquisition	577	5.710000	Euronext Lisbon	61,804
29-Jul-22	Acquisition	750	5.720000	Euronext Lisbon	62,554
29-Jul-22	Acquisition	2,846	5.720000	Euronext Lisbon	65,400
3-Aug-22	Acquisition	19,231	5.200000	Euronext Lisbon	84,631
31-Dec-22	-	-	-	-	84,631

K. Taxonomy

EU taxonomy to meet the requirements of the Regulation (EU) 2020/852

The European Union has been working to address the major global environmental challenges and to guide society toward sustainable development.

Given the nature of global environmental challenges, a systemic and forward-looking approach to environmental sustainability needs to be followed, which runs counter to rising negative trends, such as climate change, biodiversity loss, excessive resource consumption, food shortages, ocean acidification, the deterioration of freshwater reserves and the alteration of the soil use system, as well as the emergence of new threats, such as hazardous chemicals and their combined effects.

The pursuit of these objectives requires the allocation of a substantial capital value to sustainable projects, and the aim should be to promote them and eliminate obstacles to their financing. In addition, there is a growing need for transparency and the inclusion of environmental and social risks in corporate governance models and how they respond to them.

The European Union has made efforts to harmonize the criteria which define whether an economic activity is qualified as environmentally sustainable. In this sense, EU Regulation 2020/852 (EU Taxonomy) promotes cross-border harmonization and financing of businesses and activities, with the aim of facilitating the raising of funding for environmentally sustainable projects. This Regulation establishes uniform criteria for the selection of the assets underlying these investments.

The regulation of the European Union taxonomy published in the Official Journal of the European Union on 18 June 2020 establishes the framework to support the classification of economically sustainable activities from an environmental point of view for investment purposes, and it is a key instrument for achieving the path of carbon neutrality proposed by the European Commission and adopted in 2019 with the European Green Pact.

In order to comply with this regulation, two delegated acts were published in the Official Journal of the European Union in 2021, followed by one additional delegated act in 2022;

• a. on December 9, 2021, the delegated act on climate, with application as of January 1, 2022. This regulates the assessment criteria to assess whether an activity is environmentally sustainable by contributing to the objectives of climate change mitigation and adaptation, and to establish whether this economic activity does not significantly affect the fulfillment of any of the other environmental objectives set in the regulation of the European Union taxonomy, and is carried out in accordance with minimum social safeguards;
• b. on December 10, 2021, the delegated act concerning article 8, with effect from January 1, 2022. This regulates the reporting of environmental financial information to companies covered by the Non-Financial Information Reporting Directive (which will be replaced by the Corporate Sustainability Reporting Directive), namely the proportion of revenue (turnover), Capital expenditure (CapEx) and operating expenditure (OpEx) that are associated with environmentally sustainable economic activities; and
• c. on 15 July 2022, the European Commission published in the European Union's official newspaper the EU 2022/1214 supplementary delegated act which, under strict restrictions, includes gas and nuclear activities as eligible and amends EU Delegated Regulation

2021/2178 as regards public disclosures specific to these economic activities. This delegated act shall apply from 1 January 2023.

It is expected that during the next exercises the European Commission will adopt several additional delegated acts in order to finalize the Taxonomy Regulation. Altri has been following major regulatory developments on taxonomy and other ESG reports and disclosures.

Relevant settings

For the purposes of EU taxonomy, an eligible economic activity means an economic activity described in the delegated acts that complement the Taxonomy Regulation, regardless of whether this economic activity meets any or all of the technical criteria set out in those delegated acts.

An ineligible economic activity means any economic activity that is not described in delegated acts that complement the Taxonomy Regulation. Finally, an aligned economic activity means an economic activity that meets all of the following requirements:

• a. Economic activity contributes substantially to one or more of the environmental objectives;
• b. Does not significantly affect any of the environmental objectives;
• c. It is carried out respecting minimum social safeguards; and
• d. It meets the technical criteria provided for in the delegated acts that complement the Taxonomy Regulation.

Since its establishment, Altri has been carrying out its activities in an ethical, complete and transparent way, providing results that are the result of its vision of management, the efficiency of its processes, the continuous innovation, the professionalism and competence of its team, the competitiveness of its supply and its reputation in the market. In this sense, Altri intends to continue to develop the necessary actions to position it as a reference, ensuring alignment with international macroobjectives and maintaining its economic competitiveness in the long term.

In accordance with Directive 2013/34/EU of the European Parliament and of the European Council, Altri is obliged to publish non-financial statements, Regulation (EU) 2020/852 of the European Parliament and of the European Council of 18 June 2020 – Definition of a Framework to facilitate sustainable investment. Thus, Altri implemented in 2022 a process of structuring internal practices that allow compliance with the requirements of EU Taxonomy and thus align with good practices of sustainability and reporting of information. The EU Taxonomy is an important transparency tool that allows reporting of the alignment of activities (current and future) with sustainable development from an environmental point of view.

Having disclosed, with reference to 31 December 2021, for the first time, information on the so-called EU Taxonomy regarding the eligibility of its economic activities in relation to climate objectives, Altri releases, with reference to 31 December 2022, for the first time in this report, information on the alignment of these economic activities with regard to climate objectives, materialized by the size of their weight in income (turnover), operating expenses (OpEx) and capital expenditures (CapEx).

Thus, with reference to 31 December 2022, according to the content of the European Commission Delegated Act (EU) 2021/2178, Altri releases the percentage of revenue (turnover), Capital expenditure (CapEx) and operational expenses (OpEx) related to eligible activities and aligned according to the taxonomy, assessing, for the purposes of alignment with climate objectives, the

compliance with the technical criteria for evaluating these activities, determining the percentage of the three indicators that are associated with sustainable economic activities from an environmental point of view.

Specification of key performance indicators (KPI)

• a. Turnover: The proportion of turnover is calculated as the share of the net turnover resulting from products or services, associated with eligible economic activities and aligned according to the taxonomy (numerator) divided by the net turnover corresponding to the revenue recognized according to IFRS (denominator) in the sales and service provision headings (Note 41 of the Annex to the consolidated financial statements);
• b. Capital expenditure (CapEx): The denominator covers the additions of tangible and intangible fixed assets during the exercise, excluding the effects resulting from depreciations, amortizations and any remeasures, notably resulting from revaluations, fair values and impairments. The denominator also covers the additions of property, plant and equipment, and intangible assets resulting from concentrations of business activities (perimeter entries at historical cost). The numerator corresponds to the part of the capital expenditure included in the denominator which:
  • i. is related to assets or processes associated with eligible economic activities eligible and aligned by taxonomy;
  • ii. is part of a plan to expand economic activities eligible and aligned with taxonomy, or to allow economic activities eligible for taxonomy to become aligned with taxonomy;
  • iii. it is related to the acquisition of the production of eligible economic activities aligned with taxonomy and to individual measures that enable the transformation of the activities concerned into low-carbon activities or allow reductions in greenhouse gas emissions and provided that such measures are applied and operational within 18 months.
• c. Operating expenses (OpEx): The denominator should cover the uncapitalized direct costs related to research and development, building renovation measures, short-term leasing, maintenance and repair, as well as any other direct expenses related to the daily maintenance of property, plant and equipment, By the company or third parties to whom activities are outsourced, which are necessary to ensure the continued and effective functioning of these assets. The numerator corresponds to the part of the capital expenditure included in the denominator which:
  • a. is related to assets or processes associated with eligible and taxonomy-aligned economic activities, including training needs and other human resource adaptation needs, and non-capitalized direct costs representing research and development; or
  • b. be part of the CapEx plan to expand eligible economic activities aligned with taxonomy or to allow economic activities eligible for taxonomy to become aligned with taxonomy in a predefined calendar;
  • c. is related to the acquisition of the production of eligible economic activities aligned with taxonomy and to individual measures that enable the transformation of the activities concerned into low-carbon activities or allow reductions in greenhouse gas

emissions, as well as individual building renovation measures and provided that such measures are applied and operational within 18 months.

Turnover:

Figure 1: Percentage of turnover for eligible and aligned activities

2022

Turnover (Euro)	Proportion of Turnover (% of total)	Proportion of aligned Turnover (% of total)
8,626,973	1%	1%
60,566,130	6%	6%
69,193,103	7%	7%
982,708,933	93%	93%
1,051,902,036	100%	100%
	Turnover (Euro)	Ratio eligible of Turnover (% of total)

A. Eligible activities
4.8 - Electricity generation from bioenergy	6,097,653	1%
4.20 - Cogeneration of heat/cool and power from bioenergy	45,153,261	6%
Sub-total eligible activities (A)	51,250,914	7%
B. Ineligible activities
Turnover of ineligible activities (B)	733,966,411	93%
Total turnover of consolidated business (A+B)	785,217,325	100%

Since Altri's core business is the production and sale of paper pulp, an activity not eligible under the Climate Delegated Act (Commission Delegated Regulation (EU) 2021/2139), Altri's turnover for eligible and aligned activities is essentially associated with the activities of: (i) production of electricity from bioenergy, and (ii) heat/cold cogeneration and electricity from bioenergy, these activities being included in the taxonomy of Annexes I and II of the delegated Climate Act (Commission Regulation (EC) 2021/2139), contributing these activities to the objective of climate change mitigation.

Capital expenditure (CapEx):

Figure 2: Percentage of capital expenditure for eligible and aligned activities

2022

Business activities	CapEx (Euro)	Proportion of CapEx (% of total)	Proportion of aligned CapEx (% of total)
A. Eligible activities
1.3. - Forest management	23,310,946	34%	34%
4.1 - Production of electricity from photovoltaic solar technology	2,647,307	4%	4%
4.8 - Electricity generation from bioenergy	11,962,220	17%	17%
4.20 - Cogeneration of heat/cool and power from bioenergy	1,593,620	2%	2%
5.1. Construction, extension and operation of water collection, treatment and supply systems	78,887	—%	—%
5.3. Construction, extension and operation of waste water collection and treatment	10,877,664	16%	16%
Sub-total eligible activities (A)	50,470,644	73%	73%
B. Ineligible activities
CapEx of ineligible activities (B)	18,776,326	27%	27%
Total consolidated CapEx (A+B)	69,246,970	100%	100%

2021

Business activities	CapEx (Euro)	Proportion of CapEx (% of total)
A. Eligible activities
1.3. - Forest management	15,740,283	40%
4.8 - Electricity generation from bioenergy	3,505,076	9%
4.20 - Cogeneration of heat/cool and power from bioenergy	1,007,704	3%
5.1. Construction, extension and operation of water collection, treatment and supply systems	45,420	—%
5.3. Construction, extension and operation of waste water collection and treatment	1,101,953	3%
Sub-total eligible activities (A)	21,400,435	54%
B. Ineligible activities
CapEx of ineligible activities (B)	18,089,572	46%
Total consolidated CapEx (A+B)	39,490,007	100%

The total amount of capital expenditure included in the indicator's denominator represents the total amount of additions that occurred in the financial years ended December 31, 2022 and 2021 in the items of tangible fixed assets, intangible assets, rights of use and biological assets related to new plantations and replantations (at cost) (Notes 9, 10, 12 and 13 respectively of the Annex to the consolidated financial statements).

The capital expenditure incurred in the financial year ended December 31, 2022 by Altri for eligible and aligned activity is essentially associated with the activities of: (i) forest management, (ii) electricity production from photovoltaic solar technology, (iii) heat/cold cogeneration and electricity from bioenergy, (iv) construction, expansion and operation of water capture, treatment and supply systems and (v) construction, Expansion and exploitation of waste water collection and treatment systems, these activities being included in the taxonomy of Annexes I and II of the Delegated Climate Act

(Commission Delegated Regulation (EU) 2021/2139), contributing these activities to the objective of climate change mitigation.

With regard to CapEx additions associated with eligible and aligned activities, they were essentially made in order to bring Altri closer to the objectives set out in the framework of the 2030 and SMART commitments and which present the following detail:

• a. Expand the network of biodiversity stations and biospots. In the financial year ended December 31, 2022, Altri installed 3 new integrated biodiversity stations in the areas under Altri forest management;
• b. Conserve and/or restore ecosystems of high conservation value. In 2022, Altri implemented 6 projects of local relevance that contributed directly to the conservation and restoration of natural values, establishing appropriate partnerships whenever possible locally and privileging contact with the school community;
• c. To develop conservation, restoration and promotion actions of environmental values, integrated with the regular activities of forest production in territories of size, importance and relevance at landscape level, contributing to regional and national policies for the conservation of biological diversity and with demonstrative impact. In 2022, Altri promoted 3 partnerships with external entities in order to integrate other valuable activities (economic, social and environmental) with forest management;
• d. Reduce the specific use of water (m³ /ADT) in the industrial units of Altri by 50%. For this purpose, in 2022, Altri invested in repairing the various water and wastewater systems, created conditions for recycling the white water returned by the paper mills, improved condensate segregation from evaporation for reuse in the manufacturing process and installed speed variators to improve level control of sealing water pots to prevent overflow;
• e. Reduce the organic load (COD, kg O2/ADT) in Altri's industrial effluents by 60%. For this purpose, in 2022, Altri invested in the renewal of Celbi's IWWTP, in the optimization of dilution factors in pulp washing equipment, in the optimization of the alkaline circuit closures of bleaching and stabilization of the procedural conditions of bleaching to improve its performance and consequently the reduction of organic load in the effluents generated;
• f. 100% of the primary energy consumed in the industrial units of Altri is of renewable origin. In this context, in 2022, Altri started using Green Hydrogen in the lime kilns of Celbi and Biotek, and the new biomass plant of Caima began to be built. Additionally, projects of 3 photovoltaic power plants were initiated, one in each industrial unit.

Operating expenses (OpEx):

Figure 3: Percentage of operational expenses for eligible and aligned activities

2022

Business activities	OpEx (Euro)	Proportion of OpEx (% of total)	Proportion of aligned OpEx (% of total)
A. Eligible activities
1.3. - Forest management	4,636,054	10%	10%
4.8 - Electricity generation from bioenergy	733,577	2%	2%
4.20 - Cogeneration of heat/cool and power from bioenergy	2,537,675	5%	5%
5.1. Construction, extension and operation of water collection, treatment and supply systems	175,700	—%	—%
5.3. Construction, extension and operation of waste water collection and treatment	702,383	1%	1%
Sub-total eligible activities (A)	8,785,389	18%	18%
B. Ineligible activities
OpEx of ineligible activities (B)	39,008,149	82%	82%
Total consolidated OpEx (A+B)	47,793,538	100%	100%
2021
Business activities		OpEx (Euro)	Proportion of OpEx (% of total)
A. Eligible activities
1.3. - Forest management		3,787,605	8%
4.8 - Electricity generation from bioenergy	630,695	1%
4.20 - Cogeneration of heat/cool and power from bioenergy	3,258,327	7%
5.1. Construction, extension and operation of water collection, treatment and supply systems	148,861	—%
5.3. Construction, extension and operation of waste water collection and treatment	987,351	2%
Sub-total eligible activities (A)
B. Ineligible activities
OpEx of ineligible activities (B)		37,306,946	79%

The total amount of operational expenses included in the indicator denominator represents the total amount of operational expenses recognized in the financial years ended December 31, 2022 and 2021 in the cost lines for forestry activities, Conservation and repair and rents and rentals under the heading

Total consolidated OpEx (A+B) 47,145,270 100%

of external supplies and services (Note 43 of the Annex to the consolidated financial statements).

Altri's operational expenses for eligible and aligned activity are essentially associated with the activity of: (i) forest management, (ii) electricity production from bioenergy, (iii) heat/cold cogeneration and electricity from bioenergy, (iv) construction, expansion and operation of water catchment, treatment and supply systems and (v) construction, expansion and exploitation of waste water collection and treatment systems, these activities being included in the taxonomy of Annexes I and II of the

Delegated Climate Act (Commission Delegated Regulation (EU) 2021/2139), thus contributing to the objective of climate change mitigation.

EU taxonomy - eligibility and alignment

During this 2022 exercise, all activities reported by Altri as eligible in the three Taxonomy indicators (Turnover, Capex and Opex) met the alignment criteria. Compared to the financial year 2021, the following numerator amounts for Capex were revised in the amount of approximately EUR 502,000 and for OpEx in the amount of approximately EUR 1,025,000. In the section "Detail Compliance Criteria Alignment of Taxonomy - KPIs in accordance with Article 8 of the EU Taxonomy" of this Annex, detailed is the process of aligning the different activities with the aim of mitigation and their compliance with the requirements of not significantly harming the other climate objectives, as well as compliance with minimum social safeguards.

Altri Process of verification of Minimum Social Safeguards Requirements ("MSS")

Minimum Social Safeguards consist of procedures applied by Altri, with the aim of ensuring alignment with the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights, Including the principles and rights established in the eight fundamental conventions identified in the Declaration of the International Labour Organization on Fundamental Principles and Rights at Work and the International Charter of Human Rights.

Altri has been implementing and developing several actions and procedures that allow to manage the minimum MS requirements and ensure that there are no risk situations, with regard to:

• a. Human rights, including the rights of employees and customers
• b. Corruption/bribery, bribery request and extortion
• c. Taxation
• d. Fair competition

Altri's main policies in these matters are aligned with the OECD and United Nations guidelines and principles on human rights as well as corruption, taxation and fair competition and are defined at Altri level, covering all business units. The policies defined by Altri on Human Rights, Community Participation and Prevention and Combating Money Laundering are available at https://altri.pt/pt/ investidores/governance.

Human Rights Compliance with MS, including the rights of employees and customers

Altri, through the Human Rights Policy, has publicly committed itself to respecting and avoiding adverse impacts on all internationally recognized human rights in all its activities, in particular, as regards freedom of association and the right to collective bargaining and the right not to subjection to forced labor, child labor or discrimination in relation to employment and occupation, reinforcing its position through the accession to the Global Compact. This commitment includes ensuring responsible performance throughout the value chain, expressed through the Supplier Code of Conduct.

As regards the governance of these matters, it is currently assured at the level of the Executive Committee and the Ethics Committee, which includes among its responsibilities to enforce the Code of Ethics and Conduct, this also describes how Altri commits to ensuring respect for human rights.

Altri has continued to develop all mechanisms that allow it to identify, prevent, mitigate, track and account for real and potential adverse impacts on human rights in its own operations, value chains and other commercial relations, namely through the following:

• a. Carrying out a corporate risk assessment exercise, including human rights topics. The risks are prioritized according to a relevant matrix, proceeding to the identification of risk factors that can affect operations and activities, through processes and control mechanisms by the operational managers of the various directorates;
• b. As a result of the identified risks, a set of opportunities is identified in order to address them and, after the implementation of risk response actions, a monitoring of relevant mitigation actions and constant monitoring of the level of exposure to critical factors is carried out;
• c. Altri has available a whistle blower reporting channel, which applies to all issues addressed in the Code of Ethics and Conduct, particularly with regard to human rights issues.

In this report, throughout the various sections, Altri includes information on its human rights management diligence measures, including employee and customer rights, throughout its value chain.

Aware that the mechanisms currently implemented need to be strengthened, particularly in terms of the allocation of responsibilities for the current monitoring of these matters, the procedures for identifying risks and listening to stakeholders and the systems for tracking and monitoring the actions taken, Altri affirms its commitment to develop all the steps that allow for continuous improvement in all these processes.

Compliance with MS at the level of Corruption / Bribery, Bribery Request and Extortion

Altri, in compliance with the General Corruption Prevention Scheme, is in the phase of adoption and implementation of its regulatory compliance program, which aims to prevent, detect and sanction acts of corruption and related violations and which integrates: (i) the Code of Conduct on Corruption Prevention and Related Offenses; (ii) the plan for the prevention of corruption risks and related offenses; (iii) a training program; and (iv) a reporting channel.

Altri has also been developing different measures and procedures to enable it to combat and prevent corruption and bribery, including:

• a. Monitoring and approval of transactions with related parties and evaluation of conflicts of interest, defined through the Rules of Transactions with Related Parties and Conflict of Interest;
• b. Involvement of the Ethics Committee to ensure compliance with the Code of Ethics and Conduct;
• c. Processes for receiving and investigating ethical complaints;
• d. Communication to employees for awareness in these matters.

Compliance with MS at the level of taxation

Altri ensures compliance with the applicable tax regulations, presenting a commitment to total transparency in the process of creating economic value and striving to ensure compliance with tax

laws, rules and regulations, in all the territories in which it operates. Altri reports in this report its tax policy and approach, as well as fiscal governance and stakeholder engagement.

Compliance with MS at the level of fair competition

Altri follows the applicable fair competition rules, ensuring compliance in all markets in which it operates.

Through its Code of Ethics and Conduct, as well as the Policy for the Prevention and Fight against Money Laundering and Terrorism Financing, Altri prioritizes trust and fair competition relations with all its stakeholders, promoting an honest and respectful relationship with all of them. In this sense, it is fundamental for Altri to promote integrity in its business practices, through good practices of healthy competition, and thus establishes in the Code of Ethics and Conduct the guidelines of action and the situations that should be avoided, to ensure that anti-trust practices do not occur.

Altri, through the release of the Code of Ethics and Conduct, sensitizes and trains its employees in matters of fair competition.

Detail Compliance Criteria Alignment of Taxonomy - KPIs in accordance with Article 8 of the EU Taxonomy

This section includes information on Altri's compliance with taxonomy requirements:

• a. The substantial contribution to meeting climate objectives;
• b. Confirmation that eligible activities do not significantly harm (DNSH) other climate objectives;
• c. Compliance with Minimum Social Safeguards;
• d. The turnover, CapEx and OpEx associated with eligible activities, aligned activities, and noneligible activities.

			Objectives - Substantial Contribution (8)							NP5 (b)
Turnover	(2)	nover (1)	Ratio Turnover	c ha nize climate of ct	p te clima Col	0 œ 0 pro	co no m Jar circ B 9 0 ra	0 pollut of rol 8 8 B 0	ms SH biod of restoration on	mitigation cha Climate		e rine ma a no nater of on protect 8 C staina	8 0 circ B 9 0 Tra	ion pollut of rol cont and 0	ms Ste P P rsity biod of ration sto E 0 0 이 ct 0		N Activiti pl Align 0 Rat	Activities Aligned Ratio
Business activities (1)	Co	(Euro)	(୨୧)	(ac)	(جي)	S (୨୧)	(ac)	0 (୨୧)	0 (96)	S/N	S/N	Sc S/N	S/N	S/N	C S/N	S/N	(୨୧)	(୨୧)
A. Eligible activities
A.1. Environmental sustainable activities (aligned activities) (8)
Production of electricity from bioenergy	4.8	8,626,973	196	1 કર	એસ	OSS	૦ન્નર	૦ન્નર	056	S	ટ	ട	ഗ	ട	S	ഗ		1% N/A (11)
Cogeneration of heat/cold and electricity from bioenergy	4.20	60,566,130	દર્ભ	દિક્લ	ાજરી	056	૦તેર	Odes	ેન્કર	S	ട	S	ഗ	ટ	S	ഗ		696 N/A (11)
Turnover of sustainable activities from an environmental point of view (aligned activities)(A.1.)		69,193,103	7%	7%	૦૧૮૮	0%	એક	0%	0%	S	ട	ട	ഗ	ട	ട	ഗ		7% N/A (11)
A.2. Activities eligible but not sustainable from an environmental point of view (non-aligned activities) 0)
Turnover of activities eligible but not sustainable from an environmental point
of view (non-aligned activities)(A.2.)		-	0%
Turnover Eligible Activities (A.1. A.2.)		69,193,103	7%
B. Activities not eligible
Turnover Non-Eligible Activities (10)		982,708,933	93%

(1) An activity corresponding to the description of an eligible activity in accordance with the EU Taxonomy Regulation and the technical criteria set out in the Delegated Act.

(2) The code assigned to each of the economic activities is as set out in Annex I to Delegated Act (EU) 2021/2178.

(3) Turnover: The percentage will be calculated as the weight of the turnover value of the activity over the consolidated turnover.

(4) Percentage according to the contribution to each of the environmental objectives. In the case of Altri, only the goal of climate change mitigation was considered.

(5) Substantial contribution: Refers to the share of the turnover of each individual economic activity (indicated in the turnover column) which contributes to each of the climate objectives.

(6) Do not significantly harm (DNSH): The environmental objectives that meet the DNSH criteria are specific to each activity.

(7) Minimum social safeguards: Indicates whether minimum social safeguards are respected for each individual activity.

(8) This section of the table includes the amount of turnover of aligned activities (in accordance with technical criteria, DNSH principles, and minimum social safeguards).

(9) This section of the table includes the amount of turnover of activities that are eligible (present in the taxonomy) but are not aligned (do not meet the technical criteria and/or DNSH principles).

(10) Difference between consolidated turnover and the sum of turnover of aligned activities and eligible non-aligned activities.

						Objectives - Substantial Contribution (6)				NP5 66)
CAPEX	(a 8 Co	(s) 8 Ca	Ratio pe S	zation 0 CII	B 0 e climat to on ptati	ri ma of on Ct C 15	0 9	on polluti of control a nd 0 6	8 bi of ration resto Pr	igation 1 E cha Climate	0 clima to 0	P 0	no my eco circular C 9 on ira	8 of O	0 of ion orat on Pro		N p Align 1 Act pe Ca 0 ng	Aligned Cape x Ratio
Business activities (1)		(Euro)	(୨୧)	(୨୧)	(96)	(કર)	(୨୧)	(56)	(୨୧)	S/N	S/N	S/N	S/N	S/N	S/N	S/N	(୨୧)	(કર
A. Eligible activities
A.1. Environmental sustainable activities (aligned activities) (8)
Forest Management	1.3	21,956,829	33%	33%	0%	0%	0%	0%	0%	S	S	S	S	S	S	S		33% N/A (11)
Production of electricity from solar photovoltaic technology	4.1	2,647,307	વન્કર	4%	૦ન્નર	0%	0%	0%	0%	S	S	S	S	S	ട	S		496 N/A (11)
Production of electricity from bioenergy	4.8	11,962,220	18%	18%	096	056	0%	0%	૦ન્દર	ટ	S	റ	ટ	S	ટ	S		18% N/A (11)
Cogeneration of heat/cold and electricity from bioenergy	4.20	1,593,620	2%	2%	૦ન્નર	056	096	Ose	Oaks	S	5	5	S	S	ട	S		2% N/A (11)
Construction, expansion and operation of systems of capture, treatment and water supply	5.1	78,887	0%	0%	0%	0%	0%	0%	0%	S	S	S	S	S	S	S		0% N/A (11)
Construction, expansion and operation of waste water collection and treatment systems	5.3	10,877,664	16%	16%	0%	0%	0%	0%	0%	S	S	S	S	S	S	ટ		16% N/A (11)
Environmental sustainable activities Capex (aligned activities)(A.1.)		49,116,527	73%	73%	0%	056	0%	0%	0%	S	റ	ഗ	ട	ഗ	S	ട		73% N/A (11)
A.2. Activities eligible but not sustainable from an environmental point of view
(non-aligned activities) (9)
Capex of eligible but non-sustainable activities from an environmental point of
view (non-aligned activities)(A.2.)			0%
Capex Eligible Activities (A.1. A.2.)		49,116,527	73%
B. Activities not eligible
Capex Uneligible Activities (10)		18,250,521	27%

(1) An activity corresponding to the description of an eligible activity in accordance with the EU Taxonomy Regulation and the technical criteria set out in the Delegated Act.

(2) The code assigned to each of the economic activities is as set out in Annex I to Delegated Act (EU) 2021/2178.

(3) CapEx: The percentage will be calculated as the weight of the turnover value of the activity over the consolidated turnover.

(4) Percentage according to the contribution to each of the environmental objectives. In the case of Altri, only the goal of climate change mitigation

was considered.

(5) Substantial contribution: Refers to the CapEx portion of each individual economic activity (indicated in the turnover column) that contributes to each of the climate objectives.

(6) Do not significantly harm (DNSH): The environmental objectives that meet the DNSH criteria are specific to each activity.

(7) Minimum social safeguards: Indicates whether minimum social safeguards are respected for each individual activity.

(8) This section of the table includes the amount of CapEx of aligned activities (in accordance with technical criteria, DNSH principles, and minimum social safeguards).

(9) This section of the table includes the amount of CapEx of activities that are eligible (present in the taxonomy) but are not aligned (do not meet the technical criteria and/or DNSH principles).

(10) Difference between Consolidated CapEx and CapEx sum of Aligned Activities and Eligible Non-Aligned Activities.

						Objectives - Substantial Contribution (6)				NP5 (6)
OPEX	(0 Code	0 O	Ratio O	mitigatio Cli	ge chang climate 01 on ptat Act	ma of tection on 8 al St	m econo 0 C 9 on nsit	0 11.58 8 of 9 3 0 0	0 C G of 0	ion igati mit chai Irrate 10	cha	0.02 0.13 a nd 01 on tect prot 8 E IS	0 9	pollut ್ರಿಂ p	a ma odive O of storation and on CKI 10	MI	N Activiti P Align 0 Rat O	N-1 Activities Year Aligned Ratio Ореж
Business activities (1)		(Euro)	(୨୧)	(ac)	(96)	(ac)	(୨୧)	(୨୧)	(୨୧)	S/N	S/N	S/N	S/N	S/N	S/N	S/N	(96)	(કેર્
A. Eligible activities
A.1. Environmental sustainable activities (aligned activities) (8)
Forest Management	1.3	4,636,054	10%	10%	096	096	096	0%	0%	S	S	ഗ	S	ട	S	S		10% N/A (11)
Production of electricity from bioenergy	4.8	733,577	2%	2%	Older	OS6	0%6	0%	046	S	S	ഗ	S	S	S	S		2% N/A (11)
Cogeneration of heat/cold and electricity from bioenergy	4.20	2,531,675	5%	5%	0%	0%	0%	0%	0%	S	S	S	S	S	ટ	S		5% N/A (11)
Construction, expansion and operation of systems of capture, treatment and water supply	5.1	175,700	0%	ાજક	056	056	0%	૦ન્દર	0%	S	S	S	S	S	S	S		0% N/A (11)
Construction, expansion and operation of waste water collection and treatment systems	5.3	702,383	196	196	0%	0%	0%	0%	0%	S	S	S	S	S	S	S		196 N/A (11)
Opex of sustainable activities from an environmental point of view (aligned
activities)(A.1.) A.2 Activities eligible but not sustainable from an environmental point of view		8,785,389	18%	18%	0%	0%	0%	0%	0%	S	S	റ	S	ഗ	ટ	S		18% N/A (11)
(non-aligned activities) (3)
Opex of eligible but non-sustainable activities from an environmental point of
view (non-aligned activities)(A.2.)			0%
Opex Eligible Activities [A.1. + A.2.]		8,785,389	18%
B. Activities not eligible
Opex Uneligible Activities (10)		39,008,149	82%
Total Opex (A + B)		47,793,538 100%

(1) An activity corresponding to the description of an eligible activity in accordance with the EU Taxonomy Regulation and the technical criteria set out in the Delegated Act.

(2) The code assigned to each of the economic activities is as set out in Annex I to Delegated Act (EU) 2021/2178.

(3) OpEx: The percentage will be calculated as the weight of the turnover value of the activity over the consolidated turnover.

(4) Percentage according to the contribution to each of the environmental objectives. In the case of Altri, only the goal of climate change mitigation was considered.

(5) Substantial contribution: Refers to the share of the OpEx of each individual economic activity (indicated in the turnover column) that contributes to each of the climate objectives.

(6) Do not significantly harm (DNSH): The environmental objectives that meet the DNSH criteria are specific to each activity.

(7) Minimum social safeguards: Indicates whether minimum social safeguards are respected for each individual activity.

(8) This section of the table includes the amount of OpEx of aligned activities (in compliance with technical criteria, DNSH principles, and minimum social safeguards).

(9) This section of the table includes the amount of OpEx of activities that are eligible (present in the taxonomy) but are not aligned (do not meet the technical criteria and/or DNSH principles).

(10) Difference between the consolidated OpEx and the sum of the OpEx of aligned activities and eligible non-aligned activities.

L. Glossary

AEM: Association of companies issuing quoted values in the market

• APCE: Portuguese Association of Business Communication
• ARICA: Self contained breathing apparatus
• ATEX: Explosive atmospheres
• BCSD: Business Council for Sustainable Development
• BEKP: Bleached Eucalyptus Kraft Pulp
• BFR: Residual Forest Biomass
• BHKP: Bleached Hardwood Kraft Pulp
• Biond: Association of forest-based bioindustries
• BSKP: Bleached Softwood Kraft Pulp
• CapEx: Capital Expenditure
• CASST: Committee on Environment, Health and Safety at Work
• CDP: Carbon Disclosure Project
• CE: Executive Board
• CELE: European Emissions Trading (EU ETS)
• CeNTI: Center for Nanotechnology and Technical, Functional and Intelligent Materials
• CEO: Chief Executive Officer
• CEPI: Confederation of European Paper Industries
• CFO: Chief Financial Officer
• CITEVE: Technological Center for Textile and Clothing Industries
• COO: Chief Operating Officer
• COD: Chemical Oxygen Demand
• CoP: Communication on Progress
• COP: Conference of the Parties
• CSIP: Paper Industry Safety Card
• CTeSP: Professional Higher Technical Course

DD: Due diligence

DFCI: Forest Defense against Fire

DWP: Dissolving Wood Pulp

EBIO: Biodiversity Stations

EBIT: Profit before income tax and CESE and Financial results of continued operations

EBIT margin: EBIT / Total Revenue

EBITDA: Profit before income tax and CESE, Financial results and Amortisation and depreciation of continued operations

EBITDA LTM: EBITDA reported in the last twelve months

EBITDA margin: EBITDA / Total Revenue

EPC: Collective Protection Equipment

EPIS: Entrepreneurs for Social Inclusion

ESAC: Escola Superior Agrária de Coimbra

ESG: Environmental, Social and Governance

EU: European Union

Financial results: Results related to investments, Financial expenses and Financial income

FSC: Forest Stewardship Council

GEOTA: Study Group on Spatial Planning and Environment

GHG: Greenhouse gases

GRI: Global Reporting Initiative

IPCC: Intergovernmental Panel on Climate Change

IPO: Portuguese Institute of Oncology

IR: Integrated Reporting

ISA: Instituto Superior de Agronomia

IWWTP: Industrial Waste Water Treatment Plant

Kobetsu: Focused or Targeted Improvement

KPI: Key Performance Indicators

MBO: Management by Objectives

MMCF: Man Made Cellulosic Fibers

MONTIS: Association for the Management and Conservation of Nature

Net Debt: Bank loans (nominal amounts) + Other loans (nominal amounts) - Cash and cash equivalents

NPE: Non processual elements

OCDE: Organisation for Economic Cooperation and Development

OpEx: Operating Expenses

OPP: Optimization Process Performance

PDCA: Plan, Do, Check, Act

PEFC: Programme for the Endorsement of Forest Certification

PNGIFR: National Plan for Integrated Management of Rural Fireworks

PPPC: Pulp and Paper Products Council

PPE: Personal Protective Equipment

PQSE: External Services Qualification Portal

PRR: Recovery and Resilience Plan

R&D: Research and Development

SBTi: Science Based Targets Initiative

SDGs: Sustainable Development Goals

SMART: Specific, Measurable, Achievable, Realistic, Timed

SPEA: Portuguese Society for the Study of Birds

SST: Health and Safety (H&S)

SWG: Sustainability Working Group

Tagis: Centre for the Conservation of the Butterflies of Portugal

TCFD: Task Force on Climate-Related Financial Disclosures

TIR: Taxa Interna de Retorno

Total Net Debt: Net Debt + Lease Liabilities

Total net investment: Payments in the period relating to acquisitions of property, plant and equipment

Total Revenue: Sales + Services rendered + Other income

• TSST: Health and Safety Technician at Work
• UN: United Nations
• UNGC: United Nations Global Compact
• UP: University of Porto
• UTAD: University of Trás-os-Montes
• WRI: Worlds Resources Institute
• WWF: World Wild Fund
• WWTP: Waste Water Treatment Plant

M. Independent Limited Reliability Assurance Report

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CORPORATE GOVERNANCE

Dear Shareholders, Stakeholders and Company in general,

Through this document, ALTRI, SGPS, S.A. ("ALTRI" or "Company") presents the Corporate Governance Report ("Report") that reflects the governance activity carried out in the 2022 financial year.

The Report template presented is the one contained in the Regulation of the Securities Market Commission (CMVM) number 4/2013, and the information contained therein complies with all applicable legal requirements, including, but not limited to, article 29-H of the same legal provision and is subject to compliance with the Corporate Governance Code of the Portuguese Institute of Corporate Governance (IPCG) 2018, revised in 2020 (IPCG Corporate Governance Code).

The growing demands of the society in which we live - increasingly diverse, complex, and constantly changing - require organizations to have the ability to adapt.

ALTRI believes that the governance model adopted by the organization is only effective if it promotes and enhances the dynamism and proactivity of the governing bodies and committees, if it allows a good articulation and interaction between them, so that they can create, develop and innovate, making the organization capable of responding to the increasing demands of the global world.

At ALTRI a culture of continuous improvement is promoted, in which teams and their members are challenged to go beyond what is strictly necessary and the established standards. An integrated vision of the organization, its requirements in the most diverse areas and the transversal fulfilment of the commitments assumed are promoted within the organization.

ALTRI is a company that creates value with fiber!

Part I - Information on shareholder structure, Organisation and corporate governance

A.SHAREHOLDER STRUCTURE

I. Capital structure

1. Capital structure

The share capital of ALTRI, SGPS, S.A. (hereinafter referred to as "Company" or "ALTRI") amounts to € 25,641,459.00, fully subscribed and paid up, consisting of 205,131,672 ordinary shares, meaning that they are all registered, book-entry shares with the same inherent rights and duties, each with a nominal value of 12.5 Euro cents.

The amount of capital and the corresponding voting rights of all the qualified shareholders are detailed in section II.7.

All the shares representing the company's share capital have been admitted to trading on the Euronext Lisbon regulated market, managed by Euronext Lisbon, integrating its main index, the PSI.

2. Restrictions on the transfer and ownership of shares

The Company's Articles of Association do not include any restrictions on the transfer of ownership of shares and there are no shareholders with special rights. Therefore, ALTRI's shares are freely transferable in accordance with the applicable legal regulations.

3. Treasury shares

The Company does not hold any treasury shares as of 31 December, 2022.

4. Important agreements to which the company is a party and that come into effect, amend or terminate in cases such as a change in the control of the company after a takeover bid, and their effects

There are no significant agreements concluded by ALTRI including clauses regarding change of control (including following a takeover bid), i.e., that enter into force, are amended, entail making payments or incurring costs, or terminate in such circumstances or if there is a change in the composition of the Board of Directors, and there are no specific conditions that limit the exercise of voting rights by the Company's shareholders, that may interfere with the success of Takeover Bids.

Some financing agreements concerning ALTRI's subsidiaries contain the standard clauses of early repayment in case of changes in the shareholder control of these subsidiaries.

5. Framework governing the renewal or withdrawal of defensive measures, in particular those that provide for the limitation of the number of votes that may be held or exercised by a single shareholder individually or together with other shareholders

ALTRI did not adopt any defensive measures.

6. Shareholders' agreements of which the company is aware and that may result in restrictions on the transfer of securities or voting rights

As far as we are aware, there are no shareholder agreements whose subject is the Company.

II. Shareholdings and Bonds held

7. Qualifying holdings

As of 31 December, 2022 and according to the notifications received by the Company, pursuant to and for the purposes of Articles 16, 20 and 29-R of the CVM, the Company informs that the companies and/or natural persons with qualifying holdings exceeding 5%, 10%, 15%, 20%, 25%, 33%, 50%, 66% and 90% of the voting rights are as follows:

1 Thing, Investments, S.A.	No. of shares held on 31-Dec-2022	% Share capital with voting rights
Directly (a)	20,541,284	10.01%
Total attributable	20,541,284	10.01%

(a) - The 20,541,284 shares represent Altri, SGPS, S.A. total shares held directly by 1 THING, INVESTMENTS, S.A., whose board of directors includes Altri's director Pedro Miguel Matos Borges de Oliveira

Paulo Jorge dos Santos Fernandes		No. of shares held on 31-Dec-2022	% Share capital with voting rights
Through Actium Capital, S.A. (of which he is dominant shareholder and director)		26,346,874	12.84%
	Total attributable	26,346,874	12.84%

Domingos José Vieira de Matos		No. of shares held on 31-Dec-2022	% Share capital with voting rights
Through Livrefluxo, S.A. (of which he is dominant shareholder and director)		26,669,010	13.00%
	Total attributable	26,669,010	13.00%

João Manuel Matos Borges de Oliveira		No. of shares held on 31-Dec-2022	% Share capital with voting rights
Through Caderno Azul, S.A. (of which he is dominant shareholder and director)		31,000,000	15.11%
	Total attributable	31,000,000	15.11%

Promendo Investimentos, S.A.	No. of shares held on 31-Dec-2022	% Share capital with voting rights
Directly (a)	38,295,053	18.67%
Through its director José Manuel de Almeida Archer	11,500	0.01%
Total attributable	38,306,553	18.68%

(a) - The 38,295,053 shares represent Altri, SGPS, S.A. total shares held by Promendo Investimentos, S.A. that are considered equally attributable to Ana Rebelo de Carvalho Menéres de Mendonça, director and dominant shareholder of Promendo Investimentos, S.A. and director of Altri, SGPS, S.A.

This matter is also addressed in the Integrated Report.

The up-to-date information on qualifying holdings is available at https://altri.pt/en/investors/ shareholder-information.

8. Number of shares and bonds held by members of the management and supervisory boards, pursuant to Article 447(5) of the Portuguese Companies Act (CSC)

The shares and bonds held by members of management and supervisory boards in the Company and in companies in a control or group relationship with the Company, directly or through related persons, are disclosed in the appendices to the Integrated Report as required by Article 447 of the CSC and

Article 19 of Regulation (EU) 596/2014 of the European Parliament and of the Council of 16 April 2014.

9. Special powers of the Board of Directors as regards resolutions on the capital increase

The Board of Directors does not have any special powers, it has the competences and powers conferred on it by the CSC and the Company's Articles of Association.

We should note that Article 4 of the Company's Articles of Association, as amended by resolution taken on April 30, 2021, gives the Board of Directors the possibility to resolve to increase the Company's share capital, one or more times, up to the limit of 35 million Euro, establishing in that resolution the conditions of subscription and the categories of shares to be issued, from among the existing ones.

This statutory provision, pursuant to the final part of the Article 456(2)(b) of the CSC, will be in force for a period of five years, expiring on April 30, 2026 and, if not renewed by a new resolution of the General Meeting, such competence will, from then on, reside exclusively in the General Meeting.

10. Significant commercial relationships between the holders of qualifying holdings and the Company

There are no significant commercial relationships established directly between qualifying shareholders and the Company that the Company has been made aware of.

Information on the deals between the Company and related parties can be found in note 33 of the Notes to the Consolidated Statements and note 21 of the Notes to the Separate Accounts concerning transactions with related parties.

B.GOVERNING BODIES AND COMMITTEES

I. GENERAL MEETING

a) Composition of the board of the general meeting

1. Details and position of the members of the Board of the General Meeting and their terms of office

In compliance with the provisions of Article 11 of the Company's Articles of Association and Article 374 of the CSC, the board of the General Meeting is composed of a chairman and a secretary elected by the Company's shareholders at the General Meeting for a three-year term of office coinciding with the mandate of the Board of Directors and the Statutory Audit Board.

As of 31 December, 2022, the Board of the General Meeting was composed of the following members, in their second consecutive term of office:

Chairman: Manuel Eugénio Pimentel Cavaleiro Brandão

Secretary: Maria Conceição Henriques Fernandes Cabaços

The current term of office started in 2020 and will end in 2022.

b) Exercising the voting right

12. Restrictions on voting rights

There are no statutory limitations on the exercise of voting rights at ALTRI.

The Company's share capital is fully represented by a single category of shares; each share corresponds to one vote and there are no statutory limitations on the number of votes that may be held or exercised by any shareholder.

The Company has not issued preferential shares without voting rights.

In order to participate in the General Meeting, shareholders are required to prove their status by reference to the "Registration Date" in compliance with the applicable legal provisions set forth in the Call Notice; the Company does not have requirements other than the ones established by law.

We should also note that, in line with the provisions of Article 23C(2) of the CVM, the exercise of participation and voting rights at the General Meeting is not impaired by the transfer of shares after the date of registration, nor does it require them to be blocked between that date and the date of the General Meeting.

Individual shareholders and legal persons may be represented by a person appointed for that purpose by means of a written document addressed to the Chairman of the Board of the General Meeting, by letter delivered at the

Company's headquarters by the end of the third business day prior to the General Meeting.

A shareholder may also, in accordance with the applicable legal provisions, appoint different persons to represent shares held in different securities accounts, without prejudice to the principle of unity of vote and the possibility of voting in different directions legally provided for shareholders acting in a professional capacity.

The Company's shareholders may vote by correspondence on all matters subject to consideration by the General Meeting, by means of a written statement, with the identification of the shareholder which, in the case of a natural person, consists of a certified copy of the corresponding citizen card, required in compliance with Article 5(2) of Law 7/2007, of 5 February, as amended by Law no. 61/2021, of 19 August, and, in the case of a legal person, consists of a duly recognised signature, in accordance with the applicable legal provisions.

Pursuant to the Company's Articles of Association:

• Without prejudice to the proof of quality of shareholder in compliance with the terms and deadlines provided by law, only postal votes sent by registered mail to the Company's registered office, addressed to the Chairman of the Board of the General Meeting and received by the latter by the end of the third business day prior to the date of the General Meeting, will be admitted;
• The voting statement must be signed by the holder of the shares or by the person legally representing him/her, and the shareholder, if a natural person, must accompany the voting statement with a certified copy of his/her identification document and, if a legal entity, its signature must be recognized as such and its powers for the act;
• Voting statements must (i) indicate the item or items on the agenda to which they refer, (ii) indicate the specific proposal to which they refer, indicating the proponents, as well as (iii) contain a precise and unconditional indication of the voting direction for each proposal;
• Postal votes count for the verification of the constitutive quorum of the General Meeting, being the result of the vote by correspondence in relation to each item of the agenda disclosed in the item to which it refers;
• The postal vote is considered revoked in the case of the presence in the General Meeting of the shareholder who issued it or of the representative designated by him/her;

• If the vote declarations omit the vote in relation to proposals presented prior to the date on which the same votes were issued, the shareholder will be considered to have abstained in relation to those proposals;
• Postal votes count as negative votes in relation to deliberative proposals presented subsequent to the date on which those votes were issued.

The Chairman of the Board of the General Meeting is responsible for checking whether the statements of vote by correspondence are compliant; votes corresponding to statements not accepted as valid will be deemed not issued.

Without prejudice to constantly monitoring the adequacy of its model and to respond immediately to any request addressed to it in a different direction, ALTRI has been encouraging the physical participation of its shareholders, either directly or through representatives, in its general meetings, considering that they are the ideal moment for Shareholders to come into contact with the management team, taking advantage of the presence of the members of the other governing bodies, namely the Statutory Audit Board and the Statutory Auditor, as well as the members of the Remuneration Committee. This interaction has been beneficial for the Company.

In this context, the Company has not implemented the mechanisms required to allow exercising the right to vote by electronic means, or the possibility of attending the meeting by telematic means. These forms of voting and participation were never requested by any of the Company's Shareholders, so it is considered that the absence of such forms of voting and participation does not entail any constraint or restriction on the exercise of the right to vote and participate in General Meetings.

We should also note that the Company discloses, within the applicable legal deadlines and in all places required by law, the calls to General Meetings, which contain information on how shareholders can qualify to participate and exercise their voting rights, as well as on procedures to be adopted to allow exercising the right to vote by correspondence or to appoint a representative.

The Company also discloses, in accordance with applicable legal provisions, the deliberation proposals, the preparatory information required by law, representation letter drafts and ballot papers for exercising the right to vote by correspondence, in order to guarantee, promote and encourage the participation of the shareholders or their appointed representatives in the General Meetings.

In this context, the Company believes that the current model promotes and encourages, in the terms broadly described in this Report, the participation of the Shareholders in the General Meetings.

1. Maximum percentage of voting rights that may be exercised by a single shareholder or by shareholders that are in any of the relationships referred to in Article 20(1) of the Securities Code

There are no limitations on the number of votes that may be held or exercised by a single shareholder or Group of shareholders.

1. Shareholders' resolutions that, by statutory requirement, may only be taken with a qualified majority

In accordance with the Company's Articles of Association, corporate resolutions are taken by a majority of the votes cast, regardless of the percentage of share capital represented at the meeting, unless a different majority is required by law.

In a second call, the General Meeting may deliberate regardless of the number of shareholders present and the share capital they represent.

The deliberative quorum of the General Meeting is required at ALTRI in accordance with the provisions of the CSC.

II. MANAGEMENT AND SUPERVISION

a) Composition

1. Identification of the corporate governance model in place

ALTRI adopts the so-called reinforced one-tier governance model, which includes a Board of Directors and a Statutory Audit Board, as provided for in Article 278(1)(a) of the CSC, and a Statutory Auditor, in compliance with the provisions of Article 413(2)(a) of the CSC, by reference to the aforementioned Article 278(3).

The Board of Directors is, therefore, the body responsible for managing the Company's business in pursuit of its corporate purpose, determining its strategic orientation, without prejudice to the monitoring and assessment of management by the Statutory Audit Board, within the scope of its powers.

The Company continuously monitors the adequacy of the model in place, which has proved to be perfectly suitable and crucial for the Group's good performance, ensuring an adequate flow of information between the various company bodies.

ALTRI Group has incorporated a policy of diversity in the composition of its governing bodies, with emphasis on gender diversity.

Considering that the activities carried out by the Group's companies are industrial and forestry management activities where there is a historical predominance of the male gender, the Company has, from early on, encouraged women to take on senior positions. It is essential to note that, as far back as 2014, one third of ALTRI's management body was made up of women, at a time when the issue of gender diversity was not so urgently on the political and social agendas.

Today, one third of the Company's governing body is made up of women.

In this regard, it should also be noted that in its Code of Ethics, which also applies to the members of the corporate bodies, ALTRI values people and recognizes their merit for their excellent performance, promoting equal opportunities and non-discrimination.

The members of the Board of Directors who are currently in office have already shown that they have the individual characteristics (namely competence, independence, integrity, availability and experience) to fully perform their duties in line with the interests of the Company and its Shareholders, thanks to their seniority and experience.

The company, through its management and supervisory bodies, continuously evaluates the adequacy of the model in force to the size of the company and the complexity of the risks inherent to its activity, promoting the continuous improvement of its procedures and internal regulations.

16. Statutory rules on procedural and material requirements for the appointment and replacement of members of the Board of Directors, where applicable

The members of the Company's Board of Directors are elected by the Shareholders, by resolution taken at the General Meeting. The members of the Board of Directors are elected for a period of three years and can be re-elected one or more times.The Board of Directors is composed of an even or odd number of members, with a minimum of three and a maximum of fifteen, elected by the General Meeting.

The Group's market positioning and the results disclosed to the public, especially in 2022, show that the Company's management team has been performing its duties with a high level of expertise, precision and competence.

Also with regard to the election of the members of the Board of Directors, it is important to mention the statutory rule set forth in Article 15 of the Articles of Association, according to which, at the electoral General Meeting, one director may be elected among the candidates proposed on the lists endorsed by Groups of shareholders, depending on whether the total number is three or four, five or six, seven or more than seven, provided that none of said Groups holds shares representing more than twenty percent and less than ten per cent of the Company's share capital. If there are proposals to that effect, the election will be held separately before the election of the other directors. Each of the aforementioned lists shall propose at least two candidates eligible for each of the available positions. No shareholder may subscribe to more than one of the aforementioned lists, and if, in a single election, lists are submitted by more than one group, the voting will be based on all of these lists. These rules will only apply if, under any circumstances, the Company is considered to be a public company, a State concessionary or an entity equivalent to it.

17. Composition of the Board of Directors

The Board of Directors, currently composed of twelve members, is the body responsible for managing the Company's business in the pursuit of its corporate purpose, as well as for determining ALTRI's strategic orientation; therefore, in carrying out its duties, the Board of Directors always acts in the manner it deems more suitable to defend the Company's interests, focused on permanently creating value for its shareholders and other stakeholders.

On December 31, 2022, this body was composed of the following members:

• Alberto João Coraceiro de Castro Chairman
• Paulo Jorge dos Santos Fernandes Vice-President
• João Manuel Matos Borges de Oliveira Vice-President

• José Armindo Farinha Soares de Pina Member
• Carlos Alberto Sousa Van Zeller e Silva Member
• Vítor Miguel Martins Jorge da Silva Martins Member
• Domingos José Vieira de Matos Member
• Pedro Miguel Matos Borges de Oliveira Member
• Ana Rebelo de Carvalho Menéres de Mendonça Member
• Laurentina da Silva Martins Member
• Maria do Carmo Guedes Antunes de Oliveira Member
• Paula Simões de Figueiredo Pimentel Freixo Matos Chaves Member

All the members of the Board of Directors were elected at the General Meeting held on April 30, 2020 for the 2020/2022 triennial, except for Mr. Vítor Miguel Martins Jorge da Silva who was co-opted by the Board of Directors on April 7, 2022 and ratified at the General Meeting held on April 29, 2022, following the resignation submitted by Mr. José António Nogueira dos Santos, for reasons of retirement..

Name	First Nomination	End of mandate
Paulo Jorge dos Santos Fernandes	March 2005	31 December 2022
João Manuel Matos Borges de Oliveira	March 2005	31 December 2022
Domingos José Vieira de Matos	March 2005	31 December 2022
Laurentina da Silva Martins	March 2009	31 December 2022
Pedro Miguel Matos Borges de Oliveira	April 2014	31 December 2022
Ana Rebelo de Carvalho Menéres de Mendonça	April 2014	31 December 2022
Alberto João Coraceiro de Castro	April 2020	31 December 2022
Maria do Carmo Guedes Antunes de Oliveira	April 2020	31 December 2022
Paula Simões de Figueiredo Pimentel Freixo Matos Chaves	April 2020	31 December 2022
José Armindo Farinha Soares de Pina	April 2020	31 December 2022
Carlos Alberto Sousa Van Zeller e Silva	April 2020	31 December 2022
Vítor Miguel Martins Jorge da Silva	April 2022	31 December 2022

1. Distinction to be drawn between executive and non-executive members of the Board of Directors and, as regards non-executive members, identification of the members that may be considered independent

As of 31 December, 2022, the Board of Directors, made up of twelve members, included three executive members: José Armindo Farinha Soares de Pina (chairman), Carlos Alberto Sousa Van Zeller e Silva (vice-chairman) and Vítor Miguel Martins Jorge da Silva (member).

The Board of Directors also included three independent members: Alberto João Coraceiro de Castro, Maria do Carmo Guedes Antunes de Oliveira and Paula Simões de Figueiredo Pimentel Freixo Matos Chaves.

ALTRI considers that the independence criteria set forth in section 18.1 of the Annex to CMVM Regulation 4/2013, which classifies the directors as independent directors, and the independence criteria set forth in recommendation III.4 of the IPCG's Corporate Governance Code have been met with regard to these three directors.

The other directors, Paulo Jorge dos Santos Fernandes, João Manuel Matos Borges de Oliveira, Domingos José Vieira de Matos, Pedro Miguel Matos Borges de Oliveira, Ana Rebelo Carvalho Menéres de Mendonça and Laurentina da Silva Martins are non-executive directors, not independent.

In 2022, three members of the Board of Directors performed executive duties and were part of the Company's Executive Committee, designated by the Board of Directors, a body that prepared and approved the Regulations for the Operation of the Executive Committee with the consequent delegation of powers.

The number of executive directors, throughout the year 2022, corresponded to 25% of the members of the Board of Directors, and this number, when compared to the total number of members of the body, is appropriate and balanced in view of the nature and size of the Company.

This conclusion results, in particular, from the consideration of the experience, background, profile and knowledge of the executive directors, as well as the powers that have been delegated by the Board of Directors, including the specific skills of each of the executive directors, considering that this number of members, in light of the risks and requirements inherent to their activity, is sufficient to ensure an effective, efficient and prudent management of the Company.

The activity of the executive directors is carried out in articulation with the work of the other members of ALTRI's Board of Directors (i.e., the non-executive directors), which, also considering their personal profile, career and professional experience, are sufficient in number, appropriate and balanced to the nature and size of the Company.

In fact, ALTRI considers that the number of non-executive directors allows for an effective monitoring, as well as a true supervision and inspection, of the activity carried out by the executives, especially considering that the Company has developed mechanisms to allow the non-executive directors to make independent and informed decisions, namely through:

• Ensuring that the executive directors are available to provide non-executive directors with all the additional information deemed relevant or necessary, as well as to carry out further studies and analyses concerning all matters that are deliberated upon, or otherwise analysed, by the Company;

• Sending the calls for meetings to all the members of the Board of Directors in advance and in a timely manner, including the corresponding meeting agenda, even if provisional, together with all the other relevant information and documentation;

• Ensuring that all the records of the Company and its subsidiaries, namely minutes books, share registration books, contracts and other documents supporting the operations carried out by the Company or its subsidiaries are available for examination, and that a direct channel for obtaining information is created and promoted among the directors and the operational and financial officers of the various companies that are part of the Group, without the need for executive directors to take part in that process.

In this matter, as in others, the Company ensures an ongoing assessment of the model in place, having concluded that it has proved to be adequate and efficient.

The integrated report includes, in the appendices, the "Activity carried out by the non-executive members of the Board of Directors", a description of the activity carried out by the non-executive directors in FY 2022.

1. Professional qualifications of the members of the Board of Directors

The curricula of the members of the Board of Directors are presented in Appendix I of the Governance Report.

1. Regular and significant family, professional or commercial relationships between the members of the Board of Directors and shareholders to whom a qualified shareholding with voting rights exceeding 2% can be ascribed

On December 31, 2022:

The Vice-President of the Board of Directors Paulo Jorge dos Santos Fernandes is a director and majority shareholder of ACTIUM CAPITAL, S.A., a company holding 12.84% of ALTRI's share capital.

The Vice-President of the Board of Directors João Manuel Matos Borges de Oliveira is a director and majority shareholder of CADERNO AZUL, S.A., a company holding 15.11% of ALTRI's share capital, and is brother of the director Pedro Miguel Matos Borges de Oliveira.

The director Pedro Miguel Matos Borges de Oliveira is the President of the Board of Directors of the company 1 THING, INVESTMENTS, S.A., a company holding 10.01% of ALTRI's share capital and is João Manuel Matos Borges de Oliveira's brother.

The director Domingos José Vieira de Matos is a director and majority shareholder of LIVREFLUXO, S.A., a company holding 13.00% of ALTRI's share capital.

The director Ana Rebelo de Carvalho Menéres de Mendonça is a director and majority shareholder of PROMENDO INVESTIMENTOS, S.A., a company holding 18.67% of ALTRI's share capital.

ALTRI has a policy of preventing situations of conflict of interest, which is foreseen in the Regulation on Related Parties Transactions and Conflicts of Interest, initially approved by the Board of Directors on 19 November 2020 and revised on November 24, 2022, having obtained the respective favourable prior opinions of the Company's Statutory Audit Board. Additionally, there is a Code of Ethics, which is also transversally applicable to all levels of the organization, including members of the corporate bodies. According to the Code of Ethics, one of ALTRI's values is integrity. Integrity implies total correctness in the relationship with others and with the company, assuming loyalty and transparency in behavior. ALTRI trusts in the integrity of all its employees and, therefore, demands loyalty and transparency from all.

Therefore, it does not allow any conflict of interest situations between any Employee or Partner and ALTRI.

A conflict of interest exists when (i) the Employee's or Partner's private interest interferes, or appears to interfere in any way, with the interests of the company as a whole and/or (ii) an Employee or

Partner, or close family members or friends, receive an improper personal benefit as a result of that Employee's or Partner's position in the company.

When faced with a potential conflict of interest situation, Employees or Partners should:

• a. inform their direct supervisors, in writing, of the conflict of interest in which they are or may be involved, before undertaking any transaction or completing the business in question;
• b. refrain from (i) intervening in or influencing, directly or indirectly, the making of decisions that may affect entities with which there may be a conflict of interest, and (ii) participating in meetings where such decisions are discussed or confidential information affecting such conflict is evaluated.

At all times, the Employee or Partner must refrain from acting on their own motivations, not giving priority to their own interests or those of third parties, whenever this could jeopardize ALTRI's interests.

1. Organisational charts or flowcharts concerning the allocation of powers to the various governing bodies, committees and/or departments, including information on delegations of powers, particularly with regard to the delegation of the company's day-to-day management

In accordance with ALTRI's current governance structure, the Board of Directors is the body responsible for managing the Company's business in pursuit of its corporate purpose, as well as for determining the Group's strategic orientation, always acting in the manner it deems more suitable to defend the Company's interests, focused on permanently creating value for the company, its shareholders and other stakeholders. The Board of Directors is currently composed of twelve members elected at a General Meeting, one of whom is the chairman, two vice-president and nine members, nine of whom are non-executive members.

As part of the performance of its duties, the Board of Directors is constantly interacting with the Statutory Audit Board and the Statutory Auditor, thus cooperating with the supervisory body in a

regular, transparent and precise manner, in compliance with the corresponding operating regulations and the best corporate governance practices.

There is no limitation to the maximum number of positions that may be accumulated by directors on the management bodies of other companies. Therefore, the members of the Company's Executive Committee are in most cases members of the management bodies of the Group's subsidiaries, ensuring close and permanent monitoring of their respective activities.

ALTRI's Board of Directors encourages all operational divisions and areas to create multidisciplinary teams with a view to developing relevant projects for the Group; this multidisciplinary allows ensuring that all issues are identified and that the ways of solving these issues are analysed from different perspectives, providing a more cross-cutting insight into the topics under analysis. ALTRI believes that establishing agile and effective communication channels between the Company's divisions, and between these and the operational areas, and between all of these and the boards of directors of the various subsidiaries and of the Company itself is the best way to implement projects, to identify the risks associated with these, to develop the mechanisms necessary to mitigate these risks, from a truly comprehensive perspective analysed from different points of view.

ALTRI believes that an effective flow of information within the organisation is the only way to ensure an equally adequate flow of information between the multidisciplinary teams and the governing bodies and, consequently, between these and the shareholders, investors, other stakeholders, financial analysts and the market in general.

In compliance with this Group policy, which is perfectly in line with recommendation I.1.1. of the Corporate Governance Code of the IPCG, and in compliance with the applicable legal regulations, ALTRI has been ensuring the accurate and timely disclosure of information to the market, through the CMVM's

Information Disclosure System (CMVM's IDS), guaranteeing that this information is made available to its shareholders, other stakeholders and the market in general at the same time and with the same level of detail.

In line with the above, ALTRI lists the Company's Committees and/or departments and their powers and attributions:

Executive Commitee

The Executive Committee is responsible for the day-to-day management of the Company, under the terms set forth in the respective delegation of powers, which observes the limits set forth in article 407(4) of the Portuguese Companies Code.

The Executive Commitee manage its activity in accordance with the purposes of the Company and with the values, principles e strategies set forth by the Board of Directors.

The Executive Committee shall provide, in an adequate and timely manner, whenever requested by the Company's corporate bodies, information concerning the management of the Company and its subsidiaries.

Strategic and Operational Monitoring Committee

The mission of the Strategic and Operational Monitoring Committee is to support the Board of Directors in monitoring the performance of the Company's Executive Committee, to assist the Board of Directors in evaluating the members of the Executive Committee, and to support the Board of Directors and the Executive Committee in matters such as corporate governance evaluation and assessment.

Ethics Committee

The Ethics Committee is a specialized committee within the Board of Directors, responsible for accompanying the disclosure and compliance with the Group's Code of Ethics, monitoring compliance with and observance of the rules contained therein, in the personal and professional conduct of all its employees with respect for common ethical principles, regardless of their position or function. The mission of this committee includes ensuring the regular operation of mechanisms for reporting irregularities that constitute ethical or legal violations, assessing such reports and forwarding them, as applicable, to the body responsible for the matter in question. This Committee also monitors the implementation of the measures included in the Group's current Equality Plan. The Ethics Committee works in perfect articulation with the Board of Directors, to which it periodically reports on the performance of its activities.

In addition to having non-executive directors in its composition, it is also integrated by the heads of the Group's departments who are dedicated to areas that support the activities of this committee, namely the people and talent department, the legal and compliance department, and the sustainability department.

Sustainability Committee

The Sustainability Committee is also a specialized committee within the Board of Directors, whose primary mission is to participate in defining and monitoring the Group's sustainability policy and strategy. In addition to having non-executive directors in its composition, it is also made up of the heads of the group's departments who are dedicated to areas that assist the activities of this committee, namely the sustainability department and the legal & compliance department.

Remuneration Committee

Unlike the other committees,the Remuneration Committee is elected by the General Meeting, in compliance with the provisions of Article 399(1) of the Portuguese Companies Code and the Bylaws of the Company. It is the committee responsible for evaluating performance and approving the remuneration of the members of the Board of Directors and the other corporate bodies. It is up to this committee, in compliance with the provisions of Article 26-A and following of the Portuguese Securities Code, and recommendation V.2.2. of the IPCG's Corporate Governance Code, to prepare the Statement on the Remuneration and Compensation Policy of the Corporate Bodies, as well as the proposal for approval of this policy, and submit it to the scrutiny of the deliberative body for this matter, which is the General Meeting.

If the Remuneration and Compensation Policy of the Corporate Bodies is approved by the General Meeting, it is the responsibility of this committee to fight for its application, monitoring its permanent adequacy to the situation of the Company.

In terms of corporate management, ALTRI highlights the following areas:

Corporate Areas

The Corporate areas report directly to the Chief Executive Officer (CEO), and are as follows:

• Investor Relations and M&A (Mergers and Acquisitions);
• Legal, General Secretary and Representative for Market Relations;
• Compliance;
• Internal Audit.

Operational Area

The Operational areas that report to the Chief Operational Officer (COO), are as follows:

• Manufacturing of all the Group's industrial units;
• Industrial Operational Developments;
• I&D (Innovation and Development);
• Digital Transformation Technologies & Energy;
• Project Management;
• Quality, Environment and Safety.

Financial Area & Shared Services

The areas that compose the Financial and Shared Services Area report to the Chief Financial Officer (CFO) are as follows:

• Financial Operations and Accounting;
• Consolidation, Financial and Tax Reporting;
• IT (Information Technology);
• Purchasing and Procurement.

Forestry Area

.

The Forestry Area are under the responsibility of the director of the area that is part of the Extended Executive Committee and are as follows:

• Forest Department;
• Supply, Procurement and Supplier Development;
• Forestry Strategy and Development.

Commercial Area

The Commercial Area are under the responsibility of the director of the area that is part of the Extended Executive Committee and are as follows:

• Logistics & Back Office;
• Commercial.

Sustainability, Risk, Communication, People and Talent

The areas of Sustainability, Risk, Communication and People & Talent are under the responsibility of the director of the portfolio that integrates the Extended Executive Committee and are as follows:

• Sustainability
• Risk
• Communication;
• People & Talent
• Occupational Health.

Resolutions on structuring matters of the Group's activity are taken by the Board of Directors as a collegial body composed of all its members, executive and non-executive, in the normal performance of their duties. The ALTRI Executive Committee, composed of three directors (CEO, COO and CFO),

together with the three directors of the subsidiaries, with whom they constitute the Extended Executive Committee (and who are the directors responsible for the Commercial, Forestry and Sustainability, Risk, Communication, People & Talent areas) focus their activity essentially on the daily management of the business and implementation of the Board of Directors' resolutions.

The members of the Extended Executive Committee (which are six members - CEO, COO, CFO, the director responsible for the forestry area, the director responsible for the commercial area and the director responsible for the sustainability, risk, communication, people & talent areas, for a total of six persons) compose the Board of Directors of the Group's subsidiaries, thus ensuring in-depth knowledge of the business, close to the operations and people, which means that the decisions taken at the level of the Group's holding company, ALTRI, are even more conscious and informed.

ALTRI believes that the deeper the knowledge of the Company's directors about the specifics and subtleties of the business, the better their decisions on strategic lines and, consequently, the more successful the decisions taken by the top management.

Accordingly, and considering the activities developed by the members of the Board of Directors, both at ALTRI and at its subsidiaries, the Company's functional organisation chart as of 31 December 2022 was as follows:

Composition of Board of Directors	Altri and Subsidiaries
Alberto Castro Paulo Fernandes João Borges Oliveira José Soares de Pina Carlos Van Zeller e Silva Vitor Miguel da Silva Domingos Vieira de Matos Laurentina da Silva Martins Pedro Borges de Oliveira Ana Mendonça Maria do Carmo Oliveira Paula Pimentel Chaves	altri
José Soares de Pina Carlos Van Zeller e Silva Miguel Silveira João Pereira Vitor Miguel da Silva Sofia Jorge	celbi altriflorestal altribiomassa altrimadeiras Florestsul greenfiber, sl
José Soares de Pina Carlos Van Zeller e Silva Miguel Silveira João Pereira Vítor Miguel da Silva	biotek caimaY biogama
Miguel Silveira Vitor Miguel da Silva	viveiros ) ( dofuradouro inflora captaraíz
João Pereira Miguel Silveira Vitor Miguel da Silva	altri, sl

b) Functioning

1. Availability and location of the regulations governing the functioning of the Board of Directors

The regulations governing the functioning of the Board of Directors are available on the Company's Internet webpage at (www.altri.pt) ("Investors" tab, "Governance" section).

23. Number of meetings held by the Board of Directors and attendance record of its members

Article 17 of the Company's Articles of Association establishes that the Board of Directors shall meet ordinarily, at least once a quarter, and extraordinarily, whenever convened, verbally or in writing, by its Chairman or at the request of any two directors.

The quorum for any meeting of the Board of Directors requires that the majority of its members be present or duly represented.

In 2022, the Board of Directors held six meetings with all directors present or represented.

The meetings of the Board of Directors are scheduled in the last meeting of each year for the following year, and prepared in advance, and all the documentation supporting the proposals included in the agenda is made available, ensuring that the conditions are in place for directors to fully exercise their duties and take fully informed decisions.

Similarly, call notices and, subsequently, meeting minutes are made available to the chairman of the Statutory Audit Board, creating a regular flow of information that fosters an active and permanent supervision.

1. Details regarding the governing bodies responsible for assessing the performance of executive directors

In line with what is stated in section 21 above, the Remuneration Committee is the body responsible for assessing the performance and approving the remuneration of the members of the Board of Directors and other governing bodies. This committee is responsible, in compliance with the provisions of Articles 26-A and following of the CVM, and of recommendation V.2.3. of the Corporate Governance Code of the IPCG, for preparing the Declaration on the Governing Body Remuneration and Compensation Policy, as well as for preparing a proposal for the approval of said Policy and for submitting it to the General Meeting, which is the deliberating body responsible for deciding on these matters.

Once the Governing Body Remuneration and Compensation Policy reflected in said Declaration is approved by the Shareholders at a General Meeting, this committee is responsible for enforcing its application, while ensuring that it is in line with the Company's reality.

Additionally, this committee must also take into account the assessment made by the Strategic and Operational Monitoring Committee, in accordance with its powers, to the conduct and performance of the Company's Executive Committee, in accordance with the criteria previously approved by the Remuneration Committee.

At least one member of the Remuneration Committee must attend the Annual General Meetings at when the Declaration on Governing Body Remuneration and Compensation Policy is on the Agenda, in order to ensure that any doubts regarding said Declaration that may arise therein are clarified. The committee was represented by Pedro Pessanha at the Annual General Meeting held in 2022.

25. Pre-established criteria for assessing the performance of executive directors

The assessment of the performance of executive directors is based on pre- established criteria, based on performance indicators objectively set for each term of office, which are in line with the Company's medium-/long-term performance and business growth strategy.

The remuneration of the executive members of the Board of Directors contains a variable component, which includes a short-term variable premium (paid annually), and a medium-term variable premium (paid after a 3-year deferral).

The criteria for setting the variable remuneration (short-term variable premium and medium-term variable premium) aim to reward executive Directors for the fulfilment of pre-established objectives, whether related to the Company, or related to the individual performance of the director and also related to the teams that are under the responsibility of each one.

The short-term variable premium cannot be higher than the annual fixed remuneration and is paid in the first half of the year following the year to which it relates, after the clearance of the accounts for the financial year.

The mid-term variable premium cannot exceed the sum of annual remuneration plus the short-term variable premium, and is designed to more sharply align the interests of executive directors with those of shareholders, with a view to raising awareness of the importance of the respective performance for the overall success of the Company, being calculated by reference to the period corresponding to a term of office, based on (i) the total return to the shareholder (share appreciation plus distributed dividend), (ii) the sum of the consolidated net results for the 3 years (2020 to 2022) and (iii) the evolution of the Company's business.

The variable component (short and medium term) is determined according to the individual performance of each executive director, taking into account the respective annual individual assessment, in accordance with previously defined quantitative (financial and non-financial) and qualitative objectives. Quantitative and qualitative objectives are long-term in nature and therefore have a timeframe that may extend over one or more years.

Individual quantitative objectives should reflect the Company's financial performance, namely its growth and the return generated for shareholders, and the achievement of environmental, social and corporate governance indicators. The financial indicators shall take into account the strategic objectives of the Company, in particular the evolution of the Company's turnover and results and the financial and capital strength of the Company.

The individual performance assessment process for each executive director is annual and must be supported by concrete evidence, made available to the ALTRI Remuneration Committee.

1. Availability of each of the members of the Board of Directors and details of the positions held at the same time in other companies within and outside the group, and other relevant activities carried out by members of these boards throughout the financial year

ALTRI's directors, in particular the executive directors, are fully committed to their demanding duties. Therefore, the Group's senior managers are very present, being close to their people and their business.

Their professional activities, the names of other companies where they perform management duties and details of other relevant activities carried out by them are presented in Appendix I of the Governance Report.

c) Committees within the management or supervisory body and managing directors

1. Identification of the committees created within the Board of Directors and the location where the regulations governing their functioning are available

In 2021, the ALTRI Group Ethics Committee was appointed by the ALTRI Board of Directors, at the proposal of the Executive Committee, as well as the Sustainability Committee and that continued to provide their contribution and support to the Board of Directors during the 2022 financial year.

The operating regulations of these committees are available for consultation on the Company's website (www.altri.pt) ("Investors" tab, "Governance" section).

1. Composition, if applicable, of the executive committee and/or identification of the managing director(s)

In a resolution of the Board of Directors dated May 28, 2020, an Executive Committee was appointed, made up of the following Directors: Eng. José Armindo Farinha Soares de Pina (President); Dr. José António Nogueira dos Santos (Member) and Eng. Carlos Alberto Sousa Van Zeller e Silva (Member). Subsequently, on March 18, 2021, the Board of Directors decided to promote Carlos Alberto Sousa Van Zeller e Silva to Vice-Chairman of the Executive Committee, and the operating regulations of this Committee were adapted accordingly. On April 7, 2022, Mr. Vítor Miguel Martins Jorge da Silva was co-opted by the Board of Directors, and this co-opting was ratified at the Company's General Meeting held on April 29, 2022, following the resignation of Mr. José António Nogueira dos Santos for reasons of retirement.

In this way, of the twelve members that make up the Board of Directors, three make up the Executive Committee, which has the powers of day-to-day management of the Company, under the terms and for the purposes established in the respective delegation of powers and with the limits provided for in article 407, no. 4, of the Commercial Companies Code.

The Executive Committee develops its activity in accordance with the interests of the Company and bearing in mind the values, principles and strategies defined by the Board of Directors.

The Executive Committee must provide, in an appropriate and timely manner, whenever requested to do so by the corporate bodies of the Company, information on the management of the Company and its its dominated societies.

Additionally, the Executive Committee is responsible for ensuring the following:

• prior and timely delivery, to all members of the Board of Directors, notices of meetings of that body, including agenda, even if provisional meeting, accompanied by other relevant information and documentation;

• availability for the supply, to the non-executive directors, of all the additional information they deem relevant or necessary, as well as to proceed with the more in-depth studies and analyses in relation to all matters that are the subject of deliberation or that, if not, are under analysis, in any way, in the Company, and yet,

• availability of the registration books of the Company and subsidiaries, such as minutes books, share registration books, documents supporting the operations carried out in the Company or subsidiaries, for the purposes of control and verification, as well as the availability and promotion of a direct channel for obtaining information from administrators and operational and financial managers of the Group's subsidiaries, without the need for any intervention by the executive directors in this process.

1. Description of the powers of each of the committees and summary of the activities carried out in the exercise of the corresponding powers

The Executive Committee, during the year 2022, was responsible, namely for monitoring management of the Company's activity, as established in the respective delegation of powers, and by ensure the execution of the decisions and policies deliberated by the Board of Directors.

The Executive Committee informed the Board of Directors and corporate bodies about the activity developed during the year 2022, providing information on the decisions taken and the most relevant actions that have been taken to materialize the decisions and policies deliberated by the Board of Directors.

During the year 2022, the Executive Committee met forty-three times, with such meetings having an attendance rate corresponding to 100%. The minutes of these meetings are recorded in the minute book of the Executive Committee, in accordance with the applicable legal terms.

The Strategic and Operational Monitoring Committee provided support to the Board of Directors in monitoring the performance of the Company's Executive Committee, assisted the Board of Directors in the process of evaluating the members of the Executive Committee, and supported the Board of Directors and the Executive Committee in matters such as corporate governance assessment and evaluation, having met ten times, with all its members present or represented.

The Ethics Committee was appointed by the Board of Directors, based on a proposal from the Executive Committee, in the year 2021, and is responsible for promoting and disclosing the principles and rules that guide the internal and external relationships established between all companies of the Altri Group with its stakeholders, with the primary objective of guiding the personal and professional conduct of all employees in respect of common ethical principles, regardless of their position or function.

In accordance with the Regulations of the Ethics Committee, the same is composed of:

(a) two to four independent non-executive Directors of the Company;

(b) one member of the Statutory Audit Board;

(c) two to four Directors of the Company who report directly to executive Directors.

At 31 December 2022, the Ethics Committee was composed of the following members:

• Laurentina Martins (Chairman)
• Paula Pimentel (Vice-Chairman)
• Pedro Pessanha
• Raquel Rocha Carvalho
• Sofia Reis Jorge

In the performance of its duties, the Ethics Committee is responsible for:

a) proposing the approval of amendments to the Code of Ethics and Conduct, whenever necessary or convenient;

b) monitoring the disclosure of and compliance with the Code of Ethics and Conduct;

c) ensuring the regular operation of the mechanisms for communicating irregularities that constitute legal or ethical violations;

d) assessing the communications of irregularities, by any employee, partner, supplier or any other stakeholder and, when applicable, forward them to the competent ALTRI bodies;

e) clarifying the issues that are submitted to its appreciation and that fall under its competence;

f) issuing appraisals, recommendations and clarifications on the Code of Ethics and Conduct, as well as on any codes of ethics and good conduct, whenever necessary or convenient;

g) proposing instruments, policies and objectives on ethics, good conduct and equality;

h) informing the Board of Directors on the activity it carries out;

i) promoting the implementation of actions to disseminate the Code of Ethics and Conduct.

Over the course of 2022, the Ethics Committee met four times, with attendance at these meetings corresponding to 100%. The minutes of these meetings are recorded in the Ethics Committee minute book, as required by law.

The Sustainability Committee operates as an internal committee of the Board of Directors, was appointed in 2021 at the proposal of the Executive Committee and is responsible for supporting the latter in defining and monitoring the sustainability policy and strategy.

In accordance with the Regulations of the Sustainability Committee, the same is composed of:

(a) three non-executive Directors of ALTRI;

(b) two to four ALTRI Directors, namely with experience in ESG (Environmental, Social and Governance) and sustainability matters.

At 31 December 2022, the composition of the Sustainability Committee consisted of the following members:

• • Maria do Carmo Oliveira (Chairman)
• Ana Mendonça (Board Member)
• Paula Pimentel (Board Member)
• Raquel Rocha Carvalho
• Sofia Reis Jorge

In the performance of its duties, it is the Sustainability Committee's responsibility:

a) To propose to the Board of Directors the commitments, objectives and targets for sustainability;

b) To ensue that the necessary investments for the execution of the sustainability strategy are made available;

c) To evaluate the alignment of the strategic plan with the sustainability commitments undertaken, its purpose, values and corporate culture;

d) To analyze ALTRI's sustainability context as a support to its strategy and development with a view to creating long term value;

e) To monitor and report to the Board of Directors on the performance of sustainability indicators in line with the established policies, commitments, objectives and targets;

f) To ensure the alignment of sustainability objectives with the sustainable development objectives defined in the United Nations agenda, with the results of stakeholder consultations and with good practices in the sector;

g) To issue the opinions and recommendations it deems appropriate and identify and propose new challenges in these matters;

h) To propose to the Board of Directors the approval of the Sustainability Report.

Over the course of 2022, the Sustainability Committee met four times, with such meetings having an attendance rate corresponding to 100%. The minutes of these meetings are recorded in the minute book of the Sustainability Committee, under the applicable legal terms.

The Remuneration Committee is, unlike the other committees that are appointed by the Board of Directors, elected by the General Meeting, in compliance with Article 399(1) of the Portuguese Companies Code and the Bylaws of the Company. It is the committee responsible for performance evaluation and approval of the remuneration of the members of the Board of Directors and other corporate bodies. It is up to this committee, in compliance with the provisions of Article 26-A and following of the Portuguese Securities Code, and recommendation V.2.2. of the IPCG's Corporate Governance Code, to prepare the Statement on the Remuneration and Compensation Policy of the Governing Bodies, as well as the proposal for approval of this policy, and submit it to the scrutiny of the deliberative body for this matter, which is the General Meeting.

If the Remuneration and Compensation Policy for the Corporate Bodies is approved by the shareholders in the General Meeting, it is the responsibility of this committee to fight for its application, monitoring its permanent adequacy to the situation of the Company.

As the Corporate Bodies' Remuneration and Compensation Policy was approved by the shareholders in the General Meeting, it was the responsibility of this committee to fight for its application, monitoring its permanent adequacy to the reality of the Company.

During the year 2022, the Remuneration Committee met once, with an attendance rate corresponding to 100%. The minutes of the aforementioned meeting are recorded in the Remuneration Committee minutes book, as required by law.

Company Secretary

The Company Secretary exercises the powers attributed to him/her by law, namely the provisions of article 446-B of the Portuguese Companies Code and which are, among others, the following: a) Act as secretary for the meetings of the corporate bodies; b) Draw up the minutes and sign them jointly with the members of the respective corporate bodies and the chairman of the board of the general meeting, when this is the case; c) Keep and maintain in order the books and sheets of minutes, the attendance lists, the share registration book, as well as the related expedient; d) Issue the legal notices of meetings for all company bodies; e) Recognise the signatures of the members of the company bodies on the company's documents; f) Certify that all copies or transcriptions extracted from the company's books or filed documents are true, complete and up-to-date g) Satisfy, within the scope of his/her powers, any requests made by shareholders exercising their right to information and provide the information requested of the members of the corporate bodies performing supervisory functions regarding resolutions of the board of directors or the executive committee h) Certify the content, total or partial, of the articles of association in force, as well as the identity of the members of the various company bodies and the powers they hold; i) Certify the updated copies of the articles of association, of the resolutions of the shareholders and of the administration and of the entries in force in the company's books, as well as ensure that they are delivered or sent to the holders of shares who have requested them and who have paid the respective cost. He/she is also responsible for supporting the flow of information between the Board of Directors and the Supervisory Body and ensuring the timely registration of corporate resolutions with the Commercial Registry Office.

All corporate secretarial duties were accurately and regularly performed in 2022.

III. SUPERVISION

a) Composition

1. Identification of the supervisory body corresponding to the model in place

According to the governance model that has been adopted, the Statutory Audit Board and the Statutory Auditor are the Company's supervisory bodies.

1. Composition of the Statutory Audit Board, indicating the minimum and maximum number of members, the statutory term of office, the number of effective members, the date of first appointment and the date of expiration of each member's term of office

The members of the Statutory Audit Board are elected at a General Meeting for a period of three years and can be re-elected one or more times. It is composed of three members and one or two alternates, and it fully takes on the duties assigned to it by law, which include making a proposal for the appointment of the Statutory Auditor or Audit Firm, in compliance with the provisions of Article 413(1)(b) of the CSC, fulfilling a duty that it also assigned to it pursuant to Article 420(2)(b) of the CSC.

On December 31, 2022, this body was composed of the following members:

• Pedro Nuno Fernandes de Sá Pessanha da Costa Chairman
• António Luís Isidro de Pinho Member
• Ana Paula dos Santos Silva e Pinho Member
• André Seabra Ferreira Pinto Substitute

The members of the Statutory Audit Board, Pedro Pessanha and André Pinto, were elected, for the first time, in April 2014, for the term that started in 2014 and ended in 2016, having been reelected in April 2017 for the three-year period that began in 2017 and ended in 2019, in the exercise of a third term. Member António Pinho was elected for the first time in April 2017, for the three-year period that started in 2017 and ended in 2019, being in the second mandate. The member Ana Paula dos Santos Silva e Pinho was elected for the first time in April 2020, for the three-year period that started in 2020 and ends in 2022.

The Company considers that the number of members of the Statutory Audit Board is fully aligned with the nature, size, risks and activity of the Company and allows ensuring that its (the Statutory Audit Board members') duties are performed in accordance with the powers and competences assigned to it.

This analysis also took into account the structure of ALTRI and the articulation that exists between the members of this body and the other company bodies, in particular the Statutory Auditor (identified in item 39 below) and the External Auditor (identified in item 42 below).

1. Identification of the members of the Statutory Audit Board who are considered independent pursuant to Article 414(5) of the CSC

As a collective body, the Statutory Audit Board's independence depends on the independence of each of its members, which is assessed in accordance with the definition given under the terms of Article 414(5) of the CSC, and any incompatibilities are assessed in accordance with the definition of Article 414-A(1) of the CSC.

All the members of the Company's Statutory Audit Board thus comply with the independence rules identified above. Each of the members individually signs a declaration for this purpose which is submitted to the Company.

1. Professional qualifications of each of the members of the Statutory Audit Board and other relevant curricular information

All the members of ALTRI's Statutory Audit Board have the formation, competence and experience that allow them to fully exercise their duties, in line with the provisions of Article 414(4) of the CSC and Article 3(2) of Law 148/2015, of 9 September. The President is duly supported by the other members of the Statutory Audit Board.

The professional qualifications and other activities carried out by the Statutory Audit Board are presented in Appendix I of the Governance Report.

b) Functioning

1. Availability and location of the regulations governing the functioning of the Statutory Audit Board

The regulation governing the functioning of the Statutory Audit Board is available on the Company's website (www.altri.pt) ("Investors" tab, "Governance section").

1. Number of meetings held by the Statutory Audit Board and attendance record of its members

In 2022, the Statutory Audit Board held six meetings which were attended by all its members. The minutes of the aforementioned meetings are recorded in the Statutory Audit Board minutes book, in accordance with the applicable legal provisions.

1. Availability of each of the members of the Statutory Audit Board and details of the positions held at the same time in other companies within and outside the group, and other relevant activities

The members of Statutory Audit Board have undertaken a commitment to the Company, which they have been scrupulously fulfilling, showing an availability that is fully in line with ALTRI's interests. The information about the qualifications, professional experience and other positions held by the members of the Statutory Audit Board is detailed in Appendix I of the Governance Report.

c) Powers and duties

1. Description of the procedures and criteria applicable to the supervisory body for the purposes of hiring additional services from the external auditor

The Statutory Audit Board is responsible for giving prior approval to the provision of services other than audit services by the External Auditor.

As a preliminary remark, we should note that the Board of Directors, when considering the possibility of hiring the External Auditor or the Statutory Auditor to provide additional services, makes sure, before communicating its decision to the Statutory Audit Board, that the External Auditor or the Statutory Auditor or entities within their networks are not hired to provide services that, pursuant to Commission Recommendation C(2002) 1873 of 16 May, could compromise their independence.

Once the Board of Directors concludes that the conditions are in place and puts forward the subject to the Statutory Audit Board, the Statutory Audit Board carries out an in-depth analysis of the additional services to be provided by the External Auditor and the Statutory Auditor, taking a favourable decision if the analysis shows that: (i) hiring the additional services does not compromise the External Auditor's independence; (ii) there is a healthy balance between the regular audit services and the additional services whose provision is under analysis and that (iii) the provision of the additional services which are being proposed is not prohibited pursuant to Article 37(2) of Law no 140/2015, of 7 September. In this analysis, the Statutory Audit Board also ascertains whether (iv) the additional services will be provided in compliance with the quality standards in force in the Group, while ensuring that, should these services be provided, they do not compromise the independence required for the performance of audit duties.

In this regard, we should note that Ernst & Young Audit & Associados - SROC, S.A., prior to accepting the award of the services, also carries out, in compliance with its internal policies, a strict assessment to make sure that the services it proposes to provide do not compromise, under any circumstances, the independence criteria it undertook to meet upon accepting the election to perform its duties.

Therefore, the Company considers that a demanding degree of control is ensured in the verification of the commitment of the independence criteria when deciding to contract additional services from the External Auditor.

We should also note that the Statutory Audit Board receives, every year, the declaration of independence of the External Auditor and the Statutory Auditor, which describes the services that were provided by them and by other entities within their network, the fees that were paid, possible threats to their independence and safeguard measures to deal with them.

Any potential threats to the independence of the External Auditor, as well as the respective safeguard measures are assessed and discussed in an open and transparent manner between the Statutory Audit Board and the External Auditor.

38. Other duties of the supervisory body

The Statutory Audit Board is responsible for supervising the Company, fulfilling the duties provided for in Article 420 of the CSC and its Regulations (referred to in item 34 of this report and accessible on the Company's website at https://altri.pt/pt/investidores/governance), highlighting the following statutory and legally attributed competencies:.

• a. Supervises the Company's management;
• b. Supervises the process of preparation and disclosure of financial information, issuing opinions on the documents of accountability and respective management reports;
• c. Monitors and supervises the effectiveness of the risk management, internal control and internal audit system, making recommendations, whenever justified;
• d. Receives communications of alleged irregularities;
• e. Informs the Board of the verifications, inspections and diligences it has carried out and their results.

In addition, the Statutory Audit Board represents the Company before the External Auditor and the Statutory Auditor being responsible, in particular, for proposing the entity which should provide said services and its remuneration, while ensuring that the Group has the appropriate conditions in place to enable said services to be provided.

The Statutory Audit Board is the first recipient of the reports issued by the External Auditor and Statutory Auditor, as well as the Group's interface in its relationships with those entities, and it is also responsible for deciding on relevant projects and work plans and on the adequacy of the resources allocated to the implementation of these projects.

The Statutory Audit Board is therefore responsible for preparing, every year, a report on its supervisory activity and giving an opinion on the report, accounts and proposals presented by the management, as well as for supervising the effectiveness of the risk management and internal control system.

The Statutory Audit Board, in coordination with the Board of Directors, regularly analyses and supervises the preparation and disclosure of financial information, providing all the necessary support, based on the assumption, given the nature of the Company, that no data must be disclosed in any way that may lead to an unauthorised and untimely access to relevant information by third parties.

In addition, the supervisory body is called upon to intervene in order to issue an opinion whenever there is a transaction between ALTRI directors and the Company itself or between ALTRI and companies in a control or group relationship, where one of the parties is a director, pursuant to Article 397 of the CSC.

The Statutory Audit Board will be called upon to give its opinion regardless of the materiality of the operation in question.

On the other hand, as part of the Company's supervisory body and within the scope of the internal audit, the External Auditor analyses (i) the functioning of internal control mechanisms, reporting any weaknesses that may be identified; (ii) checks whether the main elements of the internal control and risk management systems implemented in the Company regarding the process of disclosure of financial information are presented and disclosed in the annual information on Corporate Governance and (iii) issues a legal certification of accounts and Audit Report, which certifies that the report on the corporate governance structure and practices includes the elements referred to in Article 66-B of the CSC in its current wording or, if that is not the case, ensuring that such information is included in another report that is also provided to the shareholders, that the provisions of Article 29-H of the CVM are complied with, that it conforms to the structure in CMVM Regulation number 4/2013, and that it includes a declaration of compliance with the Corporate Governance Code of the IPCG.

In FY 2022, the Statutory Auditor monitored the development of the Company's activities and carried out the examinations and checks deemed necessary for the legal review and certification of accounts, in interaction with the Statutory Audit Board and always relying on the cooperation of the Board of Directors, which provided all information that was requested as quickly as possible.

In line with the above, the Statutory Auditor gave its opinion on the activity carried out in 2022, and this information was included in its annual audit report, which will be submitted to the Shareholders for approval at the Annual General Meeting.

The supervisory body is responsible for monitoring ALTRI and its subsidiaries and ensuring that they comply with the legislation applicable to their areas of business, in order to carry out a precise and careful analysis of the levels of compliance within the Group. This analysis allowed concluding that the Group, in the course of its activity, has been achieving high levels of compliance, which are perfectly in line with the interests of the Company and its Shareholders.

IV. STATUTORY AUDITOR

1. Details of the statutory auditor and the partner who represents it

In 2022, ALTRI's Statutory Auditor was Ernst & Young Audit & Associados - SROC, S.A., represented by Rui Manuel da Cunha Vieira.

1. Number of consecutive years for which the statutory auditor has been providing services for the company and/or group

Ernst & Young Audit & Associados - SROC, S.A. has been responsible for auditing the accounts of the Company and the Group companies since 2017, having been elected for its first term, upon proposal of the Statutory Audit Board, at the General Meeting held on April 26, 2017 until 2019, for a second annual term in April 2020, for a third annual term in April 2021 and for a fourth annual term in April 2022.

1. Description of other services provided by the Statutory Auditor to the company

The statutory auditor is, simultaneously, the Company's External Auditor as detailed below.

V. EXTERNAL AUDITOR

1. Identification of the external auditor appointed for the purposes of Article 8 of the CVM and of the audit firm partner who represents it, as well as the corresponding CMVM registration number

The Company's External Auditor, appointed pursuant and for the purposes of Article 8 of the CVM, is Ernst & Young Audit & Associados - SROC, S.A., represented by Rui Manuel da Cunha Vieira, registered at the CMVM under no. 1154.

1. Number of consecutive years for which the external auditor and the partner who represents it have been providing services for the company and/ or group

The External Auditor was elected for for the first time in 2017 and served his fourth term in 2022 (one of three years and three of one year), as well as the partner who represents him.

1. Policy on the rotation of the external auditor and the partner who represents it in the performance of its duties

With regard to the rotation of the External Auditor, the Company had not established, until the date of entry into force of the new Statute of the Institute of Statutory Auditors, approved by Law no. 140/2015, of 7 September, a policy on the rotation of the External Auditor based on a predetermined number of terms, taking into account, in particular, the fact that such a rotation policy is not common or standard practice and that, as part of the continuous monitoring of the adequacy of the model in place, it never identified situations of loss of independence or any other situations that would make it advisable to adopt a formal policy requiring such rotation.

The entry into force of the new Statute of the Institute of Statutory Auditors on 1 January 2016 laid down a new scheme applicable to the rotation of statutory auditors for companies whose shares are admitted to trading on a regulated market, such as our Company. For this reason, in 2016, the Statutory Audit Board launched a selection process with the purpose of electing a new Statutory Auditor that, in compliance with all the legal requirements in terms of technical competence and independence, could be elected at an Annual General Meeting, an election that occurred at the Annual General Meeting held in 2017.

In this context, the Company does not have a formal internal policy providing for the rotation of the External Auditor, considering it unnecessary, since it fully complies with all legal requirements in this matter.

1. Details of the body responsible for assessing the external auditor and frequency with which this assessment is carried out

The Statutory Audit Board, in the exercise of its duties, monitors the performance of the External Auditor throughout the year and assesses its independence on an annual basis. In addition, the Statutory Audit Board promotes, where necessary or appropriate depending on the Company's activities or legal or market requirements, a reflection on the adequacy of the External Auditor to the level required for the performance of its duties.

1. Details of services, other than audit services, provided by the external auditor and internal procedures in place for approving the hiring of such services and the reasons justifying their approval

During the financial year 2022, the External Auditor provided services other than those of In particular, in the audit, reliability assurance services were provided, namely, to validation of indicators within the scope of the provisions of the incentive contract, the issuance of reports aimed at confirming i) funding capacity, ii) companies in difficulty, iii) incentive effect and the provision of services for the issuance of a Report on the Annual Value Tire Declarations. You said services were approved by the Statutory Audit Board, which evaluated and concluded that the performance of such services did not affect the independence of the External Auditor, an element that essential for considering the provision of these services. Safeguarding this first criterion, the Statutory Audit Board decided to authorize them because their performance corresponds to the interest of the Society, given the experience, specialization and quality of the provider in the matters under consideration, the recognized quality of services and knowledge of the different areas of the Company and its Group.

1. Details of the annual remuneration paid to the auditor and other natural or legal persons within its network, broken down by percentage for the following services:

	31/12/2022		31/12/2021
Company
Audit and statutory audit (€)	2,754	1.4%	2,700	1.9%
Group entities
Audit and statutory audit (€)	177,246	87.7%	143,250	96.5%
Other assurance services (€)	22,000	10.9%	2,500	1.7%
Total
Audit and statutory audit (€)	180,000	89.1%	145,950	98.3%
Other assurance services (€)	22,000	10.9%	2,500	1.7%
	202,000		148,450

C.INTERNAL ORGANISATION

I. Articles of Association

1. Rules governing amendments to the Articles of Association

Statutory amendments follow the applicable legal provisions, in particular of the Portuguese Companies Act, which require a majority of two-thirds of the issued votes for the adoption of such a resolution.

II. Reporting of Irregularities

1. Reporting means and policy on the reporting of irregularities in the company

The Statutory Audit Board is the body to which any reports of irregularities by any employee, partner, supplier or any other stakeholder should be addressed in compliance with the provisions of paragraph j) of number 1 of article 420 of the CSC.

The Statutory Audit Board will establish perfect articulation with the Ethics Commission in relation to all matters that require the latter's intervention and action.

This procedure is set out in ALTRI Code of Ethics, which also states that, if any complaint is sent to the Company's Ethics Committee, the latter shall forward it to the Statutory Audit Board if the matter in question is one that, by law, should be solved by this body.

The ALTRI Group has a specific mechanism for reporting irregular situations which, in accordance with the purposes of Recommendation number I.2.4 of the Corporate Governance Code of the IPCG, are ethical or legal violations with a significant impact on the areas of accounting, the fight against corruption and banking and financial crime (Whistleblowing), which protects the confidentiality of the information that is provided and the identity of the whistle-blower, where requested.

If the Board of Director receives a request for clarification or an expression of concern regarding the Whistleblowing system, it will be immediately forwarded to the Statutory Audit Board.

The report to the Statutory Audit Board of any irregularity or indication of irregularity should be made through the whistleblowing channel that is available via email, which can be sent to the following address: denuncias.conselhofiscal@altri.pt.

If anyone is aware of any situation which may constitute a violation or suspected violation of the principles established by the Code of Ethics or any regulation which complements it, they should immediately report this situation using the reporting channel available at www.altri.pt (denuncias.conselhofiscal@altri.pt).

We should note that no irregular situations were reported to the Company's Statutory Audit Board in 2022.

III. Internal control and risk management

1. Individuals, boards or committees responsible for the internal audit and/or implementation of the internal control systems

Risk management is something that is part of the daily management of the organization, and the risk management process has become increasingly important.

Risk management, as the cornerstone of the principles of good corporate governance, is an area regarded as crucial by ALTRI, which promotes the permanent awareness of all its employees across all the levels of the organisation, instilling such responsibility across all decision-making processes.

Risk management is carried out based on a rationale of value creation, with a clear identification of the situations that may threaten the company's business goals.

ALTRI has an integrated multidisciplinary system for the processes of identification, assessment, prioritisation, management and monitoring of risks, as part of the Quality, Environment, Energy and Safety Management System, which includes risks related to ESG issues (e.g. climate-related risks). Twice a year the different analyses of risks and business opportunities are reviewed and once a year the actions to mitigate and manage the risks and opportunities are evaluated.

The risks are prioritized according to a relevance matrix, resulting from the evaluation of the magnitude of the impact and probability of occurrence.

The objective of the Risk Management Area is to support the organization in carrying out its activities, ensuring consistent and transversal practices in the operationalization of the risk policy, approved by the Board of Directors.

Risk management is based on the following methodology, which includes several steps:

• The first stage is the identification and prioritisation of internal and external risks that may have a material impact on the pursuit of the Group's strategic goals;
• Risk factors and events that may affect ALTRI's operations and activities are identified, as well as possible control processes and mechanisms by the operational heads of the various departments;
• In addition, the impact and likelihood of occurrence of each risk factor are weighted and, depending on the level of exposure, the need to respond to the risk is assessed;
• Risk mitigation actions are implemented and monitored; and
• The level of exposure to critical factors is constantly monitored.

The Board of Directors is responsible for deciding the level of exposure assumed by the Group in its different activities at each moment and, without prejudice to any delegation of duties and responsibilities, for setting overall risk levels and making sure that risk management policies and procedures are being followed.

In monitoring the risk management process, the Board of Directors with the support of the Risk Management Area, as the body responsible for ALTRI's strategy, has the following set of objectives and responsibilities:

• Knowing the most significant risks that affect the Group;
• Ensuring that the Group has an appropriate knowledge of the risks that affect its operations and how to manage them;
• Ensuring that the risk management strategy is disseminated across all hierarchical levels;
• Ensuring that the Group can minimise the probability of occurrence and the impact of the risks on the business;
• Ensuring that the risk management process is appropriate and that the risks with a higher probability of occurring and with a greater impact on the Group's operations are strictly monitored;
• Ensuring permanent communication with the Statutory Audit Board, informing it of the level of exposure of the risk that was taken and requesting, where necessary, the opinions of this body that it deems necessary for making thoughtful and informed decisions, ensuring that the identified risks and outlined policies are analysed under the multidisciplinary perspectives that guide the group's performance.

Subsidiaries manage risks within the criteria and powers that have been established.

The Statutory Audit Board is permanently monitoring and supervising the group's performance in this matter.

Based on this methodology, ALTRI has come to the conclusion that it has managed to ensure greater awareness and thoughtfulness in decision making across all levels of the organisation, given the inherent responsibility of each internal player, which contributes to people feeling empowered and truly involved as active participants in the Company's performance.

ALTRI, as it has been repeatedly mentioned throughout this report, is constantly monitoring the adequacy of its model also as part of the area of risk management, and has concluded that, to date, it has proved perfectly suitable to its organisational structure.

It should also be noted that, in 2022, the ALTRI Group's Internal Audit Department was created. This department supports Altri to achieve its objectives through a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, internal controls and governance processes.

The Internal Audit of the ALTRI Group has as main objectives (i) to evaluate the exposure to risks of business processes and information systems, (ii) to propose improvements to internal controls, aiming at a more effective management of risks and (iii) to stimulate the implementation of actions that bring the risk level closer to those intended by the Management.

At the beginning of 2023, the Compliance department was also created with the mission of assuming the responsibilities provided for in the legislation and regulations in force, in order to ensure that the management and executive bodies, as well as all employees, are aware of the applicable legal and regulatory rules, including codes, standards and policies, internal and external, relevant to the various areas of activity of the ALTRI Group, with a view to mitigating financial, economic, legal and reputational risks.

1. Details of hierarchical and/or functional dependency relationships with other governing bodies or committees

The Risk Management Department reports hierarchically to the Extended Executive Committee of ALTRI Group, namely to the Director of Sustainability, Risk, Communication, People and Talent, articulating its activity, in particular, with the Internal Audit Department and the Compliance Department.

The Statutory Audit Board is responsible for assessing the risk management mechanisms, and the control procedures deemed suitable for mitigation are reported to this body. It is therefore the responsibility of this body to supervise the measures taken by the Company regarding these matters and to periodically check whether the risks effectively incurred by the Company are consistent with what has been outlined by the Board of Directors.

The External Auditor, in the exercise of its duties, checks the adequacy of the mechanisms and procedures in question, reporting its findings to the Board of Directors.

The Board of Directors is responsible for monitoring said mechanisms and procedures.

The Internal Audit department reports hierarchically to the Executive Committee of ALTRI Group, namely to the Chief Executive Officer and reports functionally to the Statutory Audit Board. The scope and responsibilities of Internal Audit are reviewed and approved by the Statutory Audit Board as a supervisory body, which also liaises with the Board of Directors on certain matters, namely those relating to Internal Audit. The Statutory Audit Board monitors the Internal Audit activity through periodic reports, proposing any adjustments it considers necessary.

52. Other functional areas responsible for risk control

ALTRI has a Risk Management Department which aims to support the organization in the execution of its activities, ensuring consistent and transversal practices in the operationalization of the risk policy, approved by the Board of Directors.

The mission of the Risk Management Department is to ensure the maintenance of the Group's transversal risk management system, executing the processes defined to identify, analise, evaluate,

mitigate and monitor the Group's main risks, whether financial, operational, strategic or compliance risks. It will also be the point of contact with the business units, supporting them and monitoring the activities related to risk management.

At the same time, it should be noted that all departments and operational units are particularly attentive to risk issues.

1. Identification and description of the major economic, financial and legal risks to which the company is exposed as part of its business activity

The Board of Directors considers that the Group is exposed to the normal risks arising from its activity, namely at the level of its operating units. We highlight the following risk factors:

1. Credit Risk

1.1 interest rate risk;

• 1.2 exchange rate risk;
• 1.3 risk of variability in commodity prices;
• 1.4 risks related to forest management and eucalyptus production;

1.5 risk related to sustainability, ESG ("Environmental, Social and Governance") and climate change;

• 1. Liquidity risk;
• 1. Credit risk;
• 1. Capital risk.

In addition to the financial risks identified above, it is important to bear in mind that the Group is also exposed to legal, tax and regulatory risks.

In relation to these specific risks, ALTRI, as well as its business, has permanent legal, tax and regulatory advice, which works in conjunction with the business areas, ensuring, in a preventive manner, the protection of the Group's interests in the scrupulous fulfilment of its obligations, legal provisions applicable to the Company's business areas.

This consultancy is also supported at national and international level by external service providers that ALTRI hires from firms of recognized reputation and in accordance with high criteria of competence, rigor and professionalism.

However, ALTRI and its subsidiaries may be affected, like any other entities, by legislative changes that have occurred both in Portugal, in the European Union or in other countries where it develops its commercial activity. ALTRI does not, of course, control such changes which, if they occur, could have an adverse impact on the Group's business and could, consequently, impair or impede the achievement of strategic objectives. ALTRI's policy in this area is guided by delegating to the Legal Department the permanent monitoring of legislative changes and new legal acts, being informed on this matter and able to permanently respond to the challenges that the materialization of legal, fiscal and regulatory measures can cause.

54. Description of the procedure for identifying, assessing, monitoring, controlling and managing risks

As described in section 52, the Board of Directors is the body responsible for outlining the Group's general strategic policies, including the risk management policy, being duly supported by the Extended

Executive Committee, which ensures, not only a constant monitoring, but also that any situations that are detected are reported to the Board of Directors, in order to guarantee a permanent and effective risk control.

The process of identification and assessment, monitoring, control and risk management at ALTRI, which is ensured by the Risk Management Area works as follows:

The risks faced by the Group in the normal performance of its activity are identified. There is an assessment of all the material risks with an impact on the Group's financial performance and value. Then there is a study to compare the value at risk with the costs of the hedging instruments, if any, and, consequently, the evolution of the risks that are identified and the hedging instruments is monitored according to the following methodology:

• The first stage is the identification and prioritisation of internal and external risks that may have a material impact on the pursuit of the Group's strategic goals;
• Risk factors and events that may affect ALTRI's operations and activities are identified, as well as possible control processes and mechanisms by the operational heads of the various departments;
• In addition, the impact and likelihood of occurrence of each risk factor are weighted and, depending on the level of exposure, the need to respond to the risk is assessed;
• Risk mitigation measures are implemented and monitored; and
• The level of exposure to critical factors is constantly monitored.

The Company has been implementing additional risk management strategies essentially aimed at ensuring that the control systems and procedures, as well as the policies that are adopted allow meeting the management bodies', the shareholders' and other stakeholders' expectations.

We highlight the following strategies:

• The control systems and procedures and policies in place are in accordance with all the applicable laws and regulations and are effectively enforced;
• All financial and operational information is comprehensive, reliable, safe and

disclosed periodically and in a timely manner;

• ALTRI's resources are used in an efficient and rational manner; and

Value for shareholders is maximised and the Company's operational management takes the necessary measures to correct any problems that may be reported.

At the end of this process, the Board of Directors, as an executive body, is responsible for taking the necessary decisions, always acting in the manner it deems more suitable to defend the Company's and its Shareholders' interests.

1. Core details on the internal control and risk management systems implemented in the company regarding the procedure for disclosing financial information

There are very few ALTRI employees involved in the process of disclosing financial information.

All those involved in the financial analysis of the Company are considered to have access to privileged information and are formally notified of the content of their obligations, as well as of the sanctions arising from the misuse of such information.

The internal rules applicable to the disclosure of financial information are aimed at ensuring its timely disclosure and preventing asymmetric access to information by the market.

The internal control system in the areas of accounting and preparation and disclosure of financial information is based on the following key principles:

• The use of accounting principles which are detailed in the notes to the financial

statements is one of the pillars of the control system;

• The plans, procedures and records of the Company and its subsidiaries provide reasonable assurance that only duly authorised transactions are recorded
• and that such transactions are recorded in accordance with widely accepted accounting principles;
• Financial information is systematically and regularly analysed by the management of the operational units, ensuring a continuous monitoring and budget control;
• The process of preparing and reviewing financial information includes establishing a timetable for closing the accounts, which is shared with all the areas involved, and all documents are subject to an in-depth review;
• The accounting records and the separate financial statements of the various Group companies are prepared by the administrative and accounting departments. The financial statements are prepared by chartered accountants and reviewed by each subsidiary's financial division. Once they are approved, the documents are sent to the External Auditor, who issues his Legal Certification of Accounts;
• The consolidated financial statements are prepared every three months by the consolidation team. This process is an additional element aimed at controlling the reliability of the financial information, in particular by ensuring the uniform application of accounting principles and cut-off procedures, by checking balances and transactions between Group companies;
• The consolidated financial statements are prepared under the supervision of the financial division. The documents comprised in the annual report are sent to the Board of Directors for review and approval. Once they are approved, the documents are sent to the External Auditor, who issues his Legal Certification of Accounts and the Audit Report; and
• The preparation of the individual and consolidated financial information and the Management Report is coordinated by the Executive Committee, being presented to the Board of Directors and supervised by the Statutory Audit Board. These bodies review the Company's consolidated financial statements on a quarterly basis.

Regarding risk factors that may have a material impact on accounting and financial reporting, we highlight the use of accounting estimates based on the best information available when the financial statements are being prepared, as well as on the knowledge and experience obtained in past and/or present events. We also highlight balances and transactions with related parties: in the ALTRI Group, balances and transactions with related entities refer essentially to the operating activities currently developed by the Group companies, as well as to borrowing and lending operations remunerated at market rates.

The Executive Committee, in the first place, and the Board of Directors, in the second place, regularly analyze and supervise the preparation and disclosure of financial information, in articulation with the Statutory Audit Board, in order to prevent undue and untimely access by third parties to relevant information.

IV. Investor Assistance

1. Department responsible for investor assistance, composition, functions, the information made available by said department and contact details

In compliance with the applicable legal provisions, as well as with the regulations of the CMVM on this matter, ALTRI ensures that all the information related to the business of the group's companies that fits into the concept of privileged information is disclosed to its shareholders and to the market in general at first hand. Therefore, ALTRI has been ensuring that information is provided to the shareholders and the market in general in a continuous and timely manner, precisely when its privileged nature becomes clear.

The Company has an Investor Support Office with a Representative for Market Relations and a person responsible for Investor Relations.

Investors can send their requests for information to the following addresses:

Rua Manuel Pinto de Azevedo, 818 4100-320 Porto

Tel: + 351 22 834 65 02

Fax: + 351 22 834 65 03

Email: investor.relations@altri.pt

ALTRI provides financial information about its separate and consolidated activity, as well as about its subsidiaries on its Internet webpage (www.altri.pt). This website is also used by the company to publish press releases that had previously been disclosed via the CMVM's Information Disclosure System and possibly made available to the press at a later stage, indicating any relevant facts occurring as part of the company's activities. The Group's financial statements for the most recent financial years are also available on this page. Most of the information is made available by the Company in Portuguese and English.

57. Market Liaison Officer

The functions of Group's market liaison are performed by Raquel Rocha Carvalho, appointed in May 2022, and the investors relations functions are performed by Rui Cesário Pereira.

1. Information on the extent and deadline for replying to the requests for information received throughout the year or pending from preceding years

Whenever necessary, the market liaison officer is responsible for providing all the relevant information about key events and facts deemed materially relevant, for the disclosure of quarterly results and for replying to requests for clarification from investors or the general public regarding the financial information that has been made publicly available. All the requests for information sent by investors are analysed and replied within five business days.

V. Website

59. Address(es)

ALTRI has an Internet webpage with information about the Company and the Group. The address is www.altri.pt.

1. Location where information on the firm, public company status, headquarters and other details referred to in Article 171 of the Commercial Companies Code is available

www.altri.pt \ about Altri \ our world

1. Location where the Articles of Association and the regulations on the functioning of bodies and/or committees are available

www.altri.pt \ investors \ governance

1. Location where the information about the identity of the members of the governing bodies, the representative for market relations, the Investor Support Office or equivalent structure, their duties and means of access is available

www.altri.pt \ about Altri

www.altri.pt \ investors \ investor assistance

1. Location where the reports and accounts are available for at least five years, together with a sixmonth calendar of corporate events, disclosed at the beginning of each semester, including, among others, dates of general meetings, disclosure of annual accounts, half-yearly accounts and, where applicable, quarterly accounts

www.altri.pt \ investors \ reports and presentations

www.altri.pt \ investors \ financial calendar

1. Location where the call for the general meeting and all the preparatory

and subsequent information is available

www.altri.pt \ investors \ general meetings

1. Location where the historical archive with the resolutions passed at the company's general meetings, the share capital that was represented and the voting results pertaining to the 3 preceding years is available

www.altri.pt \ investors \ general meetings

D. REMUNERATION REPORT

The Board of Directors presents below a clear and understandable report that provides a comprehensive overview of the remuneration, including all benefits in whatever form, awarded or due during the last financial year to each member of the management and supervisory bodies, in accordance with the remuneration policy referred to in Article 26-A of the Portuguese Securities Code, including newly appointed and former members.

The information contained in this report complies with all applicable legal requirements, namely, but not limited to, Article 26-G of the Portuguese Securities Code.

The processing by the Company of the personal data included in this remuneration report aims to increase its level of transparency regarding the remuneration of the respective members of the management and supervisory bodies, in order to strengthen the level of accountability of the latter and the ability of shareholders to supervise the remuneration of the members of the Company's management and supervisory bodies.

This remuneration report is submitted for consideration at the annual general meeting following the financial year to which it relates and explains how the assessment made at the previous general meeting was taken into account.

After the general meeting, the remuneration report is published on www.altri.pt and remains available for at least 10 years.

I. Powers

1. Details of the powers for establishing the remuneration of governing bodies

The Remuneration Committee is the body responsible for approving the remuneration of the members of the Board of Directors and other governing bodies on behalf of the shareholders, in accordance with the statement on the remuneration policy approved by the shareholders at the General Meeting.

II. Remuneration committee

1. Composition of the remuneration committee, including the identification of natural or legal persons hired to provide support and declaration on the independence of each of its member and advisers

Currently, ALTRI has a Remuneration Committee elected at a general shareholder meeting for a threeyear term of office, starting in 2020 and ending in 2022, which is composed as follows:

• João da Silva Natária Chairman
• André Seabra Ferreira Pinto Member
• Pedro Nuno Fernandes de Sá Pessanha da Costa Member

All the members of the Remuneration Committee are independent from the members of the Board of Directors and from any other interest groups.

With regard to the identification of natural or legal persons hired to provide support to this Committee, we should note that their responsibilities include the autonomy to, using the Company's budget and in compliance with criteria of reasonableness in this matter, hire external service providers which can independently carry out assessments, studies and prepare reports which may help that committee to fully perform its duties, as better explained in section 68 below.

This committee should rely on benchmarking studies on remuneration policies, ensuring that the Declaration on the Governing Body Remuneration and Compensation Policy is in line with the best practices in use in companies of similar relevance and size.

In 2022, this committee did not consider it necessary to hire any persons or entities to support its decision-making.

1. Knowledge and experience of the members of the Remuneration Committee in remuneration policy issues

The experience and professional qualifications of the members of the Remuneration Committee are reflected in the curricula available on the Company's website at www.altri.pt, "Investors" tab, "Investors / General meeting /2020/ Annex: Résumés", which were provided as part of their election at the 2020 Annual General Meeting and remain available in accordance with the applicable legal provisions.

ALTRI considers that the professional experience and career of the members of the Remuneration Committee are fully suited to the duties that have been assigned to them, enabling them to perform them with the required precision and efficiency. Without prejudice to the qualifications of the other members, we should point out João da Silva Natária, due to his extensive experience and specific knowledge in the area of remuneration assessment and policy.

Furthermore, and in addition to what has already been mentioned in section 67 above, where necessary, the committee turns to specialised internal or external resources to support its decisions.

In these situations, the Remuneration Committee freely decides to hire, on behalf of ALTRI, the consultancy services deemed necessary or convenient, making sure that the services are provided independently and that the providers in question are not hired to provide any other services to ALTRI or its subsidiaries without the express authorisation of the Remuneration Committee.

III. Remuneration structure

1. Description of the management and supervisory body remuneration policy referred to in Article 26-A of the Portuguese Securities Code

As provided for in Article 26-B of the Portuguese Securities Code, a Declaration on the Management and Supervisory Body Remuneration Policy is submitted to the general meeting for examination.

According to Law No. 50/2020 of August 25 and the Recommendations of the Corporate Governance Code of the Portuguese Corporate Governance Institute 2018 (and revised in 2020), the annual approval of the Remuneration Policy for the Management and Supervisory bodies is no longer mandatory, and will only take place during the term of office if the Issuer so wishes or if it intends to propose for the shareholders' consideration any changes to the policy in force.

Nevertheless, the Remuneration Committee conducts an annual analysis of the adequacy of the policy in force in order to propose to the General Meeting any adjustments or changes that may be deemed necessary.

After the evaluation of the remuneration and compensation policy of the corporate bodies in force and the basic principles of this policy, approved by the Remuneration Committee in April 2021 and, subsequently, approved by the Annual General Meeting held also in 2021, remaining perfectly current and adequate and with no need to propose any changes, this Committee decided that the statement on the remuneration and compensation policy of the corporate bodies of Altri, SGPS, S.A. would remain in force until the end of the current mandate.

The Remuneration and Compensation Policy applicable to ALTRI's governing bodies, approved at the General Meeting held on April 30, 2021, in force during the year 2022, is in line with the following principles:

1. PRINCIPLES OF ALTRI'S CORPORATE BODIES POLICY

ALTRI's Corporate Bodies Remuneration Policy is based on the assumption that competence, dedication, availability and performance are the determining elements of good performance, and that only with good performance is it possible to ensure the necessary alignment with the company's interests and its shareholders.

In view of the Company's interest, culture and long-term strategy, ALTRI's Corporate Bodies Remuneration Policy aims, as established in article 26-C(1) of the CVM, to "contribute to the company's corporate strategy, its long-term interests and its sustainability".

In particular, the Remuneration Policy aims to:

• Attract and retain the best professionals for the functions to be performed, providing the necessary conditions of stability in the exercise of functions;
• Reward performance, by means of remuneration appropriate to the mechanisms for defending the interests of Shareholders, discouraging excessive risk-taking, by providing for mechanisms for deferring variable remuneration;
• Reward the focus on continuous improvement, productivity and the creation of long-term value for shareholders;
• Reward environmental sustainability and energy efficiency of relevant activities of the Society.

This Policy is based on criteria aimed at the sustainability of the Company, is aligned with comparable benchmarking and, complying with legal requirements, is based on the following vectors:

Responsibility inherent to the functions performed

The functions performed and the responsibilities assumed by each member are, necessarily, taken into account in the definition of remuneration. Not all members are in the same position, which imposes a carefully case-by-case definition. In assessing the level of responsibility, the time of dedication, the requirement imposed by the areas under their supervision and the functions performed in the subsidiaries must be considered.

Company's economic situation

The definition of remuneration must be compatible with the size and economic capacity of the Company, while ensuring adequate and fair remuneration.

Market standards

The observance of market rules, through a comparative exercise ("benchmark"), is essential to pay adequately and competitively, taking into account the practice of the reference market (nationally and internationally), the activity developed and the results obtained.

Alignment of management interests with the strategic objectives of the Company

The definition of compensation should be based on performance evaluation criteria and objectives of financial and non-financial nature, aligned with the Company's business strategy and that ensure the effective long-term sustainability of the Company.

ESG Commitment

The objectives associated with setting remuneration should be linked to the Company's performance on environmental, social and corporate governance (ESG) indicators, reflecting the Company's commitment to sustainable development, particularly in the area of environmental sustainability, as well as ongoing compliance with the Company's values and ethical principles, which are a cornerstone of the way it structures itself and relates to all stakeholders.

Conditions of employment and remuneration of employees

The defined remuneration must take into consideration the employment and remuneration conditions of the Company's employees, which is achieved through a benchmarking exercise with the reference market (at national and international level), with reference to equivalent functions, in order to ensure internal equity and a high competitive level.

ALTRI Remuneration Committee believes that these principles are in line with the legislative and recommendatory framework in force, and also reflect the Company's vision on this matter.

Additionally, ALTRI Remuneration Committee has taken into consideration the following facts:

• at a meeting of ALTRI Board of Directors held on May 28, 2020, an Executive Committee was formed for the current term of office (three-year period 2020/2022), consisting of the Directors José Soares de Pina (Chairman), José António Nogueira dos Santos (Member) and Carlos Alberto Sousa Van Zeller e Silva (Member); subsequently, on March 18, 2021, the Board of Directors promoted Carlos Alberto Sousa Van Zeller e Silva to Vice-Chairman of the Executive Committee;
• At the General Meeting held on April 29, 2022, the cooption made by the Board of Directors, at a meeting held on April 7, 2022, of Mr. Vítor Miguel Martins Jorge da Silva to join the Board of Directors and the Executive Committee was ratified, following the resignation submitted by Mr. José António Nogueira dos Santos, for reasons of retirement.
• at a meeting of ALTRI Board of Directors held on May 28, 2020, a Strategic and Operational Monitoring Committee was set up for the current term of office (three-year period 2020/2022), comprising the Directors Paulo Jorge dos Santos Fernandes, João Manuel Matos Borges de Oliveira and José Soares de Pina;
• the participation of non-executive directors in internal committees within the Board of Directors.

2. BOARD OF DIRECTORS:

ALTRI Remuneration Committee, in line with the Company's organizational model and the principles described above, has taken the following measures into consideration:

• a. strengthening the need to maintain a process of objective setting and performance evaluation;
• b. ensuring consistency between quantitative and qualitative objectives;
• c. ensuring that the quantitative objectives of the Executive Directors are aligned with the quantitative objectives of the Company's senior management;
• d. the overall fixed remuneration of the Board of Directors, including remuneration paid by subsidiaries to members of the Board of Directors, may not exceed 3,500,000 euros per year;
• e. the remuneration of non-executive directors comprises only a fixed component, corresponding to a fixed monthly remuneration, the amount of which is determined by the remuneration

Committee and revised, if necessary, on a periodic basis, taking into account the best practices and the responsibilities of each non-executive director;

• f. in line with market practices, the remuneration of non-executive directors may be differentiated (i) by the special representative functions of the Company that each one may be assigned; (ii) by the experience and know-how in executive functions previously exercised in the Company, as well as (iii) by the business knowledge and know-how in the sector of activity in which the company operates;
• g. the non-executive directors, depending on the experience acquired over the years in executive functions and the deep knowledge and know-how of the Company's business that they are recognized for, may also earn a differentiated remuneration as a result of the value they contribute to the company under the terms referred to in the previous paragraph and also as a result of taking on responsibilities that may take place in business monitoring committees, which may exist within the Board of Directors;
• h. the remuneration of executive directors comprises two components:
• fixed component, corresponding to an amount paid monthly;
• variable component, which includes a short term variable bonus (paid annually), and a medium term variable bonus (paid after a 3 year deferral).
• i. the short-term variable bonus cannot be higher than the fixed annual remuneration and is paid in the first half of the year following the year to which it relates, after the year-end accounts have been closed;
• j. the medium term variable bonus cannot exceed the sum of the annual remuneration plus the short term variable bonus, and is designed to align the interests of the executive directors more closely with those of the shareholders, with a view to increasing awareness of the importance of their performance to the overall success of the Company, being calculated with reference to the period corresponding to a term, based on (i) total shareholder return (share valuation plus distributed dividends), (ii) the sum of the consolidated net results for the 3 years (2020 to 2022) and (iii) the evolution of the Company's business;
• k. the variable component (short and medium term) is determined according to the individual performance of each executive director, taking into account the respective annual individual assessment, in accordance with previously defined quantitative (of a financial and nonfinancial nature) and qualitative objectives;
• l. quantitative and qualitative objectives are long-term in nature and therefore have a timeframe that may extend over one or more years;
• m. individual quantitative objectives should reflect the Company's financial performance, namely its growth and the return generated for shareholders. Financial indicators should take into account the strategic objectives of the company, in particular the evolution of the company's turnover and results and the financial and capital strength of the company;
• n. individual qualitative objectives should reflect the achievement of environmental, social and corporate governance indicators;
• o. the individual performance assessment process for each executive director is annual and must be supported by concrete evidence, made available to ALTRI Remuneration Committee.

In view of the different business areas covered by the Company, it is considered appropriate that the payment of the fixed and/or variable component of the remuneration of executive directors may be

divided between the Company and subsidiary companies whose management bodies comprise them, in accordance with the terms to be defined by the ALTRI Remuneration Committee.

Thus, and based on the measures listed above, it is ALTRI Remuneration Committee's understanding that the remuneration of executive directors (and also of non-executive directors) is adequate and, as established in Article 26-C(1) of the CVM, "contributes to the company's business strategy, to its longterm interests and to its sustainability".

It is also the understanding of ALTRI Remuneration Committee that the total remuneration of the directors complies with the adopted remuneration policy, being duly explained "how it contributes to the long-term performance of the company and how the performance criteria were applied", as imposed by Article 26-G(2)(b) of the CVM.

Finally, there are no mechanisms in the Company that establish the possibility of departing from the procedure for applying the ALTRI Remuneration Policy, and no derogations have been applied or any exceptional circumstances provided for in Article 26-G(2)(g) of the CVM have been verified.

3. STATUTORY AUDIT BOARD

The remuneration of the members of the Statutory Audit Board shall be based on fixed annual amounts considered appropriate for the function.

4. GENERAL SHAREHOLDERS' MEETING

The remuneration of the members of the Board of the Shareholders' General Meeting shall be exclusively fixed and shall respect market practices.

5. STATUTORY AUDITOR

The Statutory Auditor shall receive a fixed remuneration that is appropriate for the function benchmarked against the market, under the supervision of the Statutory Audit Board.

6. NUMBER OF ACTIONS AND OPTIONS GRANTED

No form of remuneration in which shares or options are allocated is in force, thus complying with the provisions of Article 26-G(2)(e) of the Portuguese Securities Code.

7. SEVERANCE GRANT IN THE EVENT OF A TERMINATION OF DUTIES PRIOR TO OR UPON THE EXPIRY OF THE RESPECTIVE MANDATES

The remuneration policy maintains the principle according to which severance grants for Directors or members of other governing bodies in the event of an early termination of their duties or upon the expiry of their respective mandates are not contemplated, without prejudice to the Company's compliance with the legal provisions in force concerning such matters.

There are no mechanisms in the Company that provide for the possibility of requesting reimbursement, to the administrators with variable remuneration, thus complying with the provisions of Article 26-G(2)(f) of the Portuguese Securities Code.

No compensation was paid in 2022 to former members of the Board of Directors, or members of other governing bodies, for termination of their duties.

8. SCOPE OF THE PRINCIPLES

The principles underlying the remuneration and allowance policies referred to in the present declaration do not only cover the total remuneration paid out by ALTRI, SGPS, S.A., but also include

the remuneration paid to the members of its Board of Directors by other companies that ALTRI, SGPS, S.A. controls, whether directly or indirectly.

1. Information on how the remuneration is structured in order to align the interests of the members of the management body with the long-term interests of the company, as well as on how it is based on performance assessment and discourages excessive risk-taking

The remuneration policy for executive directors aims at ensuring an appropriate and precise consideration for the performance and contribution of each of the directors to the organisation's success, aligning the interests of the executive directors with those of the shareholders and the Company. In addition, the remuneration policy provides for a medium-term variable component, indexed to the Company's performance, intended to better align the interests of the executive directors with those of the Shareholders and with the long-term interests of the Company.

Proposals for the remuneration of executive directors are prepared taking into account: (i) the duties performed in ALTRI and in its subsidiaries; (ii) the responsibility and added value of the individual's performance; (iii) the knowledge and experience acquired in the position held; (iv) the Company's economic situation; (v) the remuneration earned in companies operating in the same sector and in other companies listed in Euronext Lisbon. Regarding the latter, the Remuneration Committee considers, within the limits of the available information, all the Portuguese companies with a similar size, namely the ones listed in Euronext Lisbon, and companies operating in international markets whose characteristics are similar to ALTRI's.

In compliance with Article 26-G(2)(c) of the Portuguese Securities Code, the annual variation in the remuneration of the directors, the Company's performance and the average remuneration of full-time equivalent employees of the Company, excluding members of the board of directors and supervisory body, during the last five fiscal years, is presented as follows:

Annual Variation	2018 vs. 2017	2019 vs. 2018	2020 vs. 2019	2021 vs. 2020	2022 vs. 2021
Remuneration of Executive Directors
José Armindo Farinha Soares de Pina	N/A	N/A	N/A	N/A	8.75%
José António Nogueira dos Santos	N/A	N/A	N/A	N/A	N/A
Carlos Alberto Sousa Van Zeller e Silva	N/A	N/A	N/A	N/A	40.00%
Vítor Miguel Martins Jorge da Silva	N/A	N/A	N/A	N/A	N/A
Remuneration of Non-Executive Directors
Paulo Jorge dos Santos Fernandes	25.00%	—%	—%	10.59%	(9.58)%
João Manuel Matos Borges de Oliveira	25.00%	—%	—%	10.59%	(9.58)%
Domingos José Vieira de Matos	25.00%	—%	—%	8.27%	(7.64)%
Pedro Miguel Matos Borges de Oliveira	25.00%	—%	—%	8.27%	(7.64)%
Ana Rebelo de Carvalho Menéres de Mendonça	30.83%	(0.36)%	0.37%	21.27%	(17.54)%
Laurentina da Silva Martins	—%	84.03%	(45.21)%	—%	—%
Alberto João Coraceiro de Castro	N/A	N/A	N/A	N/A	—%
Maria do Carmo Guedes Antunes de Oliveira	N/A	N/A	N/A	N/A	—%
Paula Simões de Figueiredo Pimentel Freixo Matos Chaves	N/A	N/A	N/A	N/A	—%
José Manuel de Almeida Archer	—%	—%	(50.04)%	N/A	N/A
Company Performance
EBITDA	53.16%	(20.34)%	(58.02)%	132.67%	32.35%
Revenues (1)	17.88%	(3.99)%	(23.69)%	37.98%	34.39%
Net Profit	102.46%	(48.16)%	(65.32)%	286.72%	12.48%
Average Remuneration of Employees in Full-Time Equivalent Terms
Group Employees	(9.02)%	0.34%	10.24%	0.15%	7.35%

(1) Revenues = Sales + Services Rendered + Other income

1. Reference to the existence of a variable remuneration component and information about the possible impact of this component on the performance assessment

The remuneration policy, as detailed in section 69 above, was approved at the General Meeting held on April 30, 2021 and includes a performance-based variable component.

There are no mechanisms to prevent executive directors from entering into contracts that call into question the rationale underlying the variable remuneration. However, the Remuneration Committee takes these factors into account in the criteria for calculating the variable remuneration.

The Company has not entered into any contracts with members of the Board of Directors that mitigate the risk inherent in the variability of the remuneration, nor is it aware of the existence of similar contracts entered with third parties.

1. The deferred payment of the remuneration's variable component and specify the relevant deferral period

The information on the deferral of the payment of the variable component of remuneration, mentioning the deferral period, is detailed in item 69 of this Report.

73. Criteria for the assignment of share-based variable remunerations

There is no provision for the award of variable remuneration in which shares or other share-based incentive systems are awarded, thus complying with the provisions of article 26-G(2)(e) of the Portuguese Securities Code.

74. Criteria for the assignment of option-based variable remunerations

There is no provision for the award of variable remuneration in which option rights are awarded, thus complying with the provisions of article 26-G(2)(e) of the Portuguese Securities Code.

1. Main parameters and grounds for annual bonus schemes and any non- financial benefits

ALTRI has no annual bonus schemes or non-financial benefits other than the variable remuneration describe above.

1. Main characteristics of the complementary pension or early retirement schemes for directors and dates on which they were individually approved at a general meeting

ALTRI has no complementary pension or early retirement schemes for members of management and supervisory bodies.

In this regard, we should note that the director Laurentina Martins receives a pension assigned to her when she left her position in the subsidiary Caima – Indústria de Celulose, S.A. in the standard terms in force in that Company's Pension Plan. She left the company on September 30, 2012.

So, we should clarify that the pension she receives is no more than a right acquired as a result of the employment relationship established with said subsidiary and it is not related to the managerial duties she performs at ALTRI; i.e., should she terminate her service at ALTRI, whatever the reason for such termination, the right to receive said pension would always be ensured.

In this regard, we should note that, in 2022, the director in question, in compliance with the rules inherent to the plan, made no contributions to the aforementioned fund; however, she received an amount of 39,323 Euros relating to her retirement pension.

For more detailed information about the Pension Plan referred herein, please read note 32 of the notes to the consolidated statements on December 31, 2022.

IV. Disclosure of remunerations

1. Details of the amount of annual remuneration paid, collectively and individually, to the members of the company's management bodies by the company, including their fixed and variable remuneration and, with regard to the latter, a reference to the different components involved in its calculation

In compliance with the provisions of Article 26-G(2)(a) of the Portuguese Securities Code, it should be clarified that only non-executive directors receive remuneration at ALTRI. The executive directors are remunerated by the subsidiary CELBI.

With regard to remuneration paid directly by the Company during the 2022 financial year to the abovementioned non-executive directors, it amounted to 1,919,520.00 Euros, divided as follows: Paulo Fernandes - 490,310 Euros; João Borges de Oliveira - 490,310 Euros; Domingos Matos - 282,500 Euros; Pedro Borges de Oliveira - 282,500 Euros; Ana Mendonça - 109,900 Euros; Alberto Castro - 84,000 Euros; Laurentina Martins - 60,000 Euros; Maria do Carmo Oliveira - 60,000 Euros; Paula Pimentel - 60,000 Euros.

To the extent that the Company remunerates only non-executive directors, no variable remuneration is applicable, and therefore, as far as these are concerned, the reference to the proportion between fixed and variable remuneration as required by Article 26-G(2)(a) is not applicable.

1. Amounts paid by other companies in a control or group relationship or subject to a common control

In compliance with the provisions of Article 26-G(2)(d) of the Portuguese Securities Code, it should be clarified that the following remuneration was paid through the Group's subsidiaries to the following directors of the Company:

The overall amount paid by the subsidiary CELBI amounted to 2,051,500 Euros, as described:

• The executive directors of ALTRI are remunerated by the subsidiary CELBI, and the remuneration earned was as follows: José Pina - 870,000 Euros (of which 51.72% corresponds to fixed remuneration and 48.28% to variable remuneration); Carlos Van Zeller e Silva - 665,000 Euros (of which 50.38% corresponds to fixed remuneration and 49.62% to variable remuneration), José Nogueira dos Santos - 52,500 Euros (corresponding in full to fixed remuneration) and Vítor Miguel Martins Jorge da Silva - 416,000 Euros (of which 50.24% corresponds to fixed remuneration and 49.76% to variable remuneration).
• 1. Remuneration paid in the form of profit-sharing and/or payment of bonuses and the reasons for which such bonuses and/or profit-sharing were granted

No remunerations in the form of profit-sharing or bonuses were paid in the financial year under analysis.

1. Compensation paid or payable to former executive directors upon termination of service during the year

No compensations were paid or are payable to former executive directors upon termination of service during the financial year under analysis.

1. Annual amount of the remuneration earned, collectively and individually, by the members of the company's supervisory bodies

In compliance with the provisions of Article 26-G(2)(a) of the Portuguese Securities Code, the remuneration of the members of the Statutory Audit Board is composed of a fixed annual amount based on ALTRI's and on market practices used by companies with a similar relevance and size. In the year ended on December 31, 2022, the remuneration of the current members of the Statutory Audit Board amounted to 31,620 Euro, distributed as follows: Pedro Pessanha - 15,000 Euro; António Pinho – 8,310 Euro; Ana Paula Pinho - 8,310 Euro.

The remuneration earned by the statutory auditor is described in section 47 above.

In compliance with Article 26-G(2)(c) of the Portuguese Securities Code, the annual variation in the remuneration of the Statutory Audit Board, the Company's performance and the average remuneration of full-time equivalent employees of the Company, excluding members of the board of directors and supervisory body, during the last five fiscal years, is presented as follows:

Annual Variation	2018 vs. 2017	2019 vs. 2018	2020 vs. 2019	2021 vs. 2020	2022 vs. 2021
	Remuneration of Statutory Audit Board Members
Pedro Nuno Fernandes de Sá Pessanha da Costa	—%	—%	—%	—%	—%
António Luís Isidro de Pinho	N/A	—%	—%	—%	—%
Ana Paula dos Santos Silva e Pinho	N/A	N/A	N/A	N/A	—%
Guilherme Paulo Aires da Mota Correia Monteiro	N/A	—%	N/A	N/A	N/A
André Seabra Ferreira Pinto	N/A	N/A	N/A	N/A	N/A
José Guilherme Barros Silva	N/A	N/A	N/A	N/A	N/A
Company Performance
EBITDA	53.16%	(20.34)%	(58.02)%	132.67%	32.35%
Revenues (1)	17.88%	(3.99)%	(23.69)%	37.98%	34.39%
Net Profit	102.46%	(48.16)%	(65.32)%	286.72%	12.48%
Average Remuneration of Employees in Full-Time Equivalent Terms
Group Employees	(9.02)%	0.34%	10.24%	0.15%	7.35%

(1) Revenues = Sales + Services Rendered + Other income

82. Remuneration of the chairman of the board of the general meeting in the year under analysis

The remuneration of the chairman of the board of the general meeting in the year ended on December 31, 2022 amounted to 3,500.00 Euro and the remuneration of the secretary amounted to 1,500.00 Euro.

V. Agreements with remuneration implications

1. Contractual limitations provided for the compensation paid upon dismissal of a director without just cause and its relation to the variable component of the remuneration

The remuneration policy maintains the principle of not paying compensation to directors or members of other governing bodies associated with the early termination or at the end of their term of office, without prejudice to compliance by the Company with the legal provisions in force in this area.

1. Reference to the existence and description, with indication of the amounts involved, of agreements between the company and the members of the management body and senior managers, within the meaning of Article 29-R(1) of the Portuguese Securities Code, providing for compensation in the event of resignation, dismissal without just cause or termination of the employment relationship following a change in the control of the company

There are no agreements between the Company and the members of the management body or other senior managers, within the meaning of Article 29-R(1) of the CVM, providing for compensation in the event of resignation, dismissal without just cause or termination of the employment relationship following a change in the control of the Company. There are also no agreements with the directors aimed at ensuring the payment of compensations if their terms of office are not renewed.

VI. Plans for assigning shares or stock options

1. Identification of the plan and its intended recipients

ALTRI does not have a plan to assign shares or stock options to members of governing bodies or employees, thus complying with the provisions of Article 26-G(2)(e) of the Portuguese Securities Code.

1. Characterisation of the plan

ALTRI does not have a plan to assign shares or stock options.

1. Stock options assigned to the company's employees

No stock options have been assigned to the Company's employees, thus complying with the provisions of Article 26-G(2)(e) of the Portuguese Securities Code.

1. Control mechanisms for employee share-ownership schemes considering that voting rights are not directly exercised by the employees

Not applicable as explained above.

E. TRANSACTIONS WITH RELATED PARTIES

I. Control mechanisms and procedures

1. Mechanisms implemented by the Company for the purpose of controlling transactions with related parties

The Company approved, by resolution of the Board of Directors on November 24, 2022, following a favourable prior opinion from the Statutory Audit Board on November 21, 2022, a revision of the Regulation on Related-Party Transactions and Conflicts of Interest, which is available on the Company's website (http://www.altri.pt/pt/investidores/governance).

Any transactions with related parties, particularly those which are materially relevant, comply with all the legal requirements, namely regarding obtaining a prior favourable opinion from the Company's supervisory body.

The Company's supervisory body has access to the terms of the potential transaction, with very comprehensive information, and may request any further information and clarifications that it deems appropriate or necessary.

Its opinion is, obviously, binding.

On the other hand, the Company operates in all areas, and particularly in this one, guided by criteria of precision and transparency.

It should also be noted that the Board of Directors provides, at least quarterly, to the Statutory Audit Board all the information it requests, including reporting on transactions with related parties, never having been involved in the execution of any transaction that could calling into question the rigor and transparency that guides the Company's activities, without having been observing the procedure for requesting a prior opinion to the Statutory Audit Board.

90. Details of transactions that were subject to control in the year under analysis

In the 2022 financial year, the Statutory Audit Board was asked to issue an opinion on the following matters:

• in the context of the separation of the businesses of ALTRI and its subsidiary Greenvolt - Energias Renováveis, S.A., which is a process that has been taking place in different stages, and since the terms and timing of the transaction are still under analysis by the operational teams, it was proposed to the Statutory Audit Board to issue an opinion regarding the proposed sale, by the subsidiary Celbi, S.A. to ALTRI, of its stake in Greenvolt - Energias Renováveis, S.A.;

• proposal for a lease agreement between ALTRI, as landlord, and Livrefluxo, S.A., as tenant, the latter holding a qualified stake corresponding to 13% of the company's share capital and voting rights.

Both matters were, after the issue of a favourable opinion by the Statutory Audit Board, approved at a meeting of the Board of Directors, in accordance with article 397(2) of the CSC.

In addition, we should also note that there were no deals or transactions with members of the Statutory Audit Board.

None of the transactions with companies that are in a control or group relationship with ALTRI were deemed materially relevant, they were carried out under normal market conditions and all of them fit into the Company's regular activity and, therefore, there is no need to disclose them separately.

91. Description of the procedures and criteria applicable to the intervention of the supervisory body for the purpose of the prior assessment of deals between the company and qualified shareholders or entities related with them

Transactions with ALTRI directors or with companies that are in a control or group relationship with ALTRI and which involve a director, regardless of their amount, are always subject to the prior authorisation of the Board of Directors, provided that the supervisory body has issued a favourable opinion, in accordance with the provisions of Article 397 of the CSC and in accordance with the Company's Regulations on Related-Party Transactions and Conflicts of Interest prepared under the terms and for the purposes of article 29-S (1) of the Securities Code.

Therefore, any transactions with related parties, particularly those which are materially relevant, comply with all the legal requirements, namely regarding obtaining a prior favourable opinion from the Company's supervisory body, therefore, the procedures foreseen in the referred Regulation must be followed, such as:

• The Board of Directors and the Statutory Audit Board are informed every six months of resolutions on transactions with related parties in which they have not participated;
• It is the obligation of ALTRI's managers involved in related party transactions to ensure, where provided for in these Regulations, that such transactions are submitted in advance to the resolutions provided for in these Regulations;
• ALTRI Executive Committee shall monitor the process of formalization and execution of the resolutions on related party transactions.

II. Information on business deals

1. Details of the place where the financial statements, including information on business deals with related parties, are available

The information on deals with related parties is provided in note 33 of the Notes to the Consolidated Statements and note 21 of the Notes to the Separate Accounts.

Part II - Corporate Governance Assessment

1. Identification of the corporate governance code adopted

This corporate governance report presents a description of the corporate governance structure in force at ALTRI, as well the policies and practices whose adoption under this model is necessary and appropriate to ensure governance in line with the best practices in this area.

The assessment performed complies with the legal requirements of Article 29-H of the Portuguese Securities Code and also discloses, in light of the comply or explain principle, the degree of compliance with the IPCG Recommendations included in the Corporate Governance Code of IPCG, as this is the Corporate Governance Code adopted by the Company.

The information obligations required by Law 50/2020 of 25 August, as well as by Articles 447 and 448 of the Portuguese Companies Act, by CMVM Regulation no. 5/2008 of 2 October 2008 and by the Regulation (EU) no. 596/2014, of the European Parliament and of the Council of 16 April, are fully complied with.

All the legal provisions mentioned in this Report and the Recommendations contained in the 2019 Corporate Governance Code may be consulted at www.cmvm.pt and https://cam.cgov.pt/images/ ficheiros/2020/revisao_codigo_pt_2018_ebook-05.11.2020.pdf, respectively.

This Report shall be read as an integral part of the Annual Management Report and Separate and Consolidated Financial Statements for the 2021 financial year, as well as with the Sustainability Report that complies with the provisions of Article 66(B) of the Companies Act, as amended by Decree-Law 89/2017 of 28 July.

2. Analysis of compliance with the Corporate Governance Code adopted

ALTRI has been encouraging and promoting all actions aimed at the adoption of the best Corporate Governance practices, basing its policy of high ethical standards of social and environmental responsibility and with decisions increasingly based on sustainability criteria.

ALTRI' Board of Directors is committed to the integrated and effective management of the Group. The Group's performance, by encouraging transparency in relations with investors and the market, has been guided by the constant search for the creation of value and the promotion of the legitimate interests of shareholders, the Company's employees and other stakeholders.

For the purposes of compliance with the provisions of Article 29-H(1)(m) of the Portuguese Securities Code, the following are the Recommendations contained in the Corporate Governance Code of IPCG which the Company proposes to comply with.

Recommendations	Compliance	Remarks
Chapter I · GENERAL PROVISIONS
General Principle Corporate Governance should promote and enhance the performance of companies, as well as of the capital markets, and strengthen the trust of investors, employees and the general public in the quality and transparency of management and supervision, as well as in the sustained development of the companies.
I.1. Company's relationship with investors and disclosure
Principle: Companies, in particular its directors, should treat shareholders and other investors equitably, namely by ensuring mechanisms and procedures are in place for the suitable management and disclosure of information
Recommendation
I.1.1. The Company should establish mechanisms to ensure the timely disclosure of information to its governing bodies, shareholders, investors and other stakeholders, financial analysts, and to the markets in generall	Adopted	Part 1, item 21, 38, 56 to 65
I.2. Diversity in the composition and functioning of the company's governing bodies
Principles:
I.2.A Companies ensure diversity in the composition of its governing bodies, and the adoption of requirements based on individual merit, in the appointment procedures that are exclusively within the powers of the shareholders
I.2.B Companies should be provided with clear and transparent decision structures and ensure a maximum effectiveness of the functioning of their governing bodies and commissions
I.2.C Companies ensure that the functioning of their bodies and commissions is duly recorded, in particular in minutes, which make it possible to know not only the meaning of the decisions taken, but also their reasons and the opinions expressed by their members.
Recommendations:
I.2.1. Companies should establish standards and requirements regarding the profile of new members of their governing bodies, which are suitable according to the roles to be carried out. Besides individual attributes (such as competence, independence, integrity, availability, and experience), these profiles should take into consideration general diversity requirements, with particular attention to gender diversity, which may contribute to a better performance of the governing body and to the balance of its composition	Adopted	Part 1, item 15, 16, 17, 19, 26, 31, 33 and 36
I.2.2. The company's managing and supervisory boards, as well as their committees, should have internal regulations — namely regulating the performance of their duties, their Chairmanship, periodicity of meetings, their functioning and the duties of their members —, disclosed in full on the company's website. Minutes of the meetings of each of these bodies should be drawn out.	Adopted	Part 1, item 22, 27, 29, 34 and 61
I.2.3. The composition and the number of annual meetings of the managing and supervisory bodies, as well as of their committees, should be disclosed on the company's website.	Adopted	Part 1, item 17, 23, 28, 29, 31 and 35

I.2.4. A policy for the communication of irregularities (whistleblowing) should be adopted that guarantees the suitable means of communication and treatment of those irregularities, with the safeguarding of the confidentiality of the information transmitted and the identity of its provider, whenever such confidentiality is requested.	Adopted	Part 1, item 38 and 49
I.3. Relationships between the company bodies
Principle: Members of the company's boards, especially directors, should create, considering the duties of each of the boards, the appropriate conditions to ensure balanced and efficient measures to allow for the different governing bodies of the company to act in a harmonious and coordinated way, in possession of the suitable amount of information in order to carry out their respective duties.
Recommendations:
I.3.1. The bylaws, or other equivalent means adopted by the company, should establish mechanisms that, within the limits of applicable laws, permanently ensure the members of the managing and supervisory boards are provided with access to all the information and company's collaborators, in order to appraise the performance, current situation and perspectives for further developments of the company, namely including minutes, documents supporting decisions that have been taken, calls for meetings, and the archive of the meetings of the managing board, without impairing the access to any other documents or people that may be requested for information	Adopted	Part 1, item 18, 28, 38 and 59 to 65
I.3.2. Each of the company's boards and committees should ensure the timely and suitable flow of information, especially regarding the respective calls for meetings and minutes, necessary for the exercise of the competences, determined by law and the bylaws, of each of the remaining boards and	Adopted	Part 1, item 18, 23, 28, 38
I.4. I.4. Conflicts of interest
Principle: The existence of current or potential conflicts of interest, between members of the company's boards or committees and the company, should be prevented. The non-interference of the conflicted member in the decision process should be guaranteed. Recommendations: I.4.1. The members of the managing and supervisory boards and the internal committees are bounded, by internal regulation or equivalent, to inform the respective board or committee whenever there are facts that may constitute or give rise to a	Adopted	Part 1, item 20
conflict between their interests and the company's interest.
I.4.2. Procedures should be adopted to guarantee that the member in conflict does not interfere in the decision-making process, without prejudice to the duty to provide information and other clarifications that the board, the committee or their respective members may request.	Adopted	Part 1, item 20
I.5. Related party transactions
Principle: Due to the potential risks that they may hold, transactions with related parties should be justified by the interest of the company and carried out under market conditions, subject to principles of transparency and adequate supervision.

Recommendations:
I.5.1. The managing body should disclose in the corporate governance report or by other means publicly available the internal procedure for verifying transactions with related parties.	Adopted	Part 1, item 89
I.5.2. The managing body should report to the supervisory body the results of the internal procedure for verifying transactions with related parties, including the transactions under analysis, at least every six months.	Adopted	Part 1, item 89
Chapter II · SHAREHOLDERS AND GENERAL MEETINGS
Principles:
II.A As an instrument for the efficient functioning of the company and the fulfilment of the corporate purpose of the company, the suitable involvement of the shareholders in matters of corporate governance is a positive factor for the company's governance
II.B The company should stimulate the personal participation of shareholders in general meetings, which is a space for communication by the shareholders with the company's boards and committees, and for reflection about the company itself.
II.C The company should implement adequate means for the participation and remote voting by shareholders in meetings.
Recommendations:
II.1. The company should not set an excessively high number of shares to confer voting rights, and it should make its choice clear in the corporate governance report every time its choice entails a diversion from the general rule: that each share has a corresponding vote.	Adopted	Part 1, item 12
II.2. The company should not adopt mechanisms that make decision making by its shareholders (resolutions) more difficult, specifically, by setting a quorum higher than that established by law.	Adopted	Part 1, item 14
II.3. The company should implement adequate means for the remote participation by shareholders in the general meeting, which should be proportionate to its size.	Partially adopted	Part 1, item 12 Clarification on recommendations partially adopted below
II.4. The company should also implement adequate means for the exercise of remote voting, including by correspondence and electronic means.	Partially adopted	Part 1, item 12 Clarification on recommendations partially adopted below
II.5.The bylaws, which specify the limitation of the number of votes that can be held or exercised by a sole shareholder, individually or in coordination with other shareholders, should equally provide that, at least every 5 years, the amendment or maintenance of this rule will be subject to a shareholder resolution — without increased quorum in comparison to the legally established — and in that resolution, all votes cast will be counted without observation of the imposed limits.	Recommendati on not applicable	Clarification on recommendations not applicable below

II.6. company should not adopt mechanisms that imply payments or assumption of fees in the case of the transfer of control or the change in the composition of the managing body, and which are likely to harm the free transferability of shares and a shareholder assessment of the performance of the members of the managing body	Adopted	Part 1, item 4 and 84 Clarification on recommendations not applicable below
Chapter III · NON - EXECUTIVE MANAGEMENT, MONITORING AND SUPERVISION
Principles:
III.A The members of governing bodies who possess non-executive management duties or monitoring and supervisory duties should, in an effective and judicious manner, carry out monitoring duties and incentivise executive management for the full accomplishment of the corporate purpose, and such performance should be complemented by committees for areas that are central to corporate governance III.B The composition of the supervisory body and the non-executive directors should provide the company with a balanced and suitable diversity of skills, knowledge, and professional experience.
III.C. The supervisory body should carry out a permanent oversight of the company's managing body, also in a preventive perspective, following the company's activity and, in particular, the decisions of fundamental importance.
Recommendations:
III.1. Without prejudice to the legal powers of the chair of the managing body, if he or she is not independent, the independent directors should appoint a coordinator from amongst them, namely, to: (i) act, when necessary, as an interlocutor near the chair of the board of directors and other directors, (ii) make sure there are the necessary conditions and means to carry out their functions; and (iii) coordinate the independent directors in the assessment of the performance of the managing body, as established in recommendation V.1.1.	Recommendati on not applicable	Clarification on recommendations not applicable below
III.2. The number of non-executive members in the managing body, as well as the number of members of the supervisory body and the number of the members of the committee for financial matters should be suitable for the size of the company and the complexity of the risks intrinsic to its activity, but sufficient to ensure, with efficiency, the duties which they have been attributed. The formation of such suitability judgment should be included in the corporate governance report.	Adopted	Part 1, item 18
III.3. In any case, the number of non-executive directors should be higher than the number of executive directors.	Adopted	Part 1, item 18

III.4. Each company should include a number of non-executive directors that corresponds to no less than one third, but always plural, who satisfy the legal requirements of independence. For the purposes of this recommendation, an independent person is one who is not associated with any specific group of interest of the company, nor under any circumstance likely to affect his/ her impartiality of analysis or decision, namely due to: i. having carried out functions in any of the company's bodies for more than twelve years, either on a consecutive or non- consecutive basis; ii. having been a prior staff member of the company or of a company which is considered to be in a controlling or group relationship with the company in the last three years; iii. having, in the last three years, provided services or established a significant business relationship with the company or a company which is considered to be in a controlling or group relationship, either directly or as a shareholder, director, manager or officer of the legal person; iv. having been a beneficiary of remuneration paid by the company or by a company which is considered to be in a controlling or group relationship other than the remuneration resulting from the exercise of a director's duties; v. having lived in a non-marital partnership or having been the spouse, relative or any first degree next of kin up to and including the third degree of collateral affinity of company directors or of natural persons who are direct or indirect holders of qualifying holdings, or vi. having been a qualified holder or representative of a shareholder of qualifying holding.	Adopted	Part 1, item 18
III.5. The provisions of paragraph (i) of recommendation III.4 does not inhibit the qualification of a new director as independent if, between the termination of his/her functions in any of the company's bodies and the new appointment, a period of 3 years has elapsed (cooling-off period).	Recommendati on not applicable	Clarification on recommendations not applicable below
III.6.The supervisory body, in observance of the powers conferred to it by law, should assess and give its opinion on the strategic lines and the risk policy prior to its final approval by the management body.	Adopted	Part 1, item 15 and 38
III.7. Companies should have specialised committees, separately or cumulatively, on matters related to corporate governance, appointments, and performance assessment. In the event that the remuneration committee provided for in article 399 of the Commercial Companies Code has been created and should this not be prohibited by law, this recommendation may be fulfilled by conferring competence on such committee in the aforementioned matters. Chapter IV · EXECUTIVE MANAGEMENT	Adopted	Part 1, item 27 and 29
Principles:

IV.A As way of increasing the efficiency and the quality of the managing body's performance and the suitable flow of information in the board, the daily management of the company should be carried out by directors with qualifications, powers and experience suitable for the role. The executive board is responsible for the management of the company, pursuing the company's objectives and aiming to contribute towards the company's sustainable development

IV.B In determining the number of executive directors, it should be taken into account, besides the costs and the desirable agility in the functioning of the executive board, the size of the company, the complexity of its activity, and its geographical spread

Adopted	Clarification on recommendations not adopted below
Adopted	Part 1, item 21 and 28
Adopted	Part 1, item 21, 50 and 54
internal regulation or equivalent, the rules regarding the action of the executive directors applicable to their performance of executive IV.2. The managing body should ensure that the company acts consistently with its objects and does not delegate powers, namely, in what regards: i) the definition of the strategy and main policies of the company; ii) the organisation and coordination of the business structure; iii) matters that should be considered strategic in virtue of the amounts involved, the IV.3. In the annual report, the managing body explains in what terms the strategy and the main policies defined seek to ensure the long-term success of the company and which are the main contributions resulting therein for the community at

Chapter V · EVALUATION OF PERFORMANCE, REMUNERATION AND APPOINTMENT

V.1 Annual evaluation of performance

Principle:

The company should promote the assessment of performance of the executive board and of its members individually, and also the assessment of the overall performance of the managing body and its specialized committees

Recommendation:

V.1.1. The managing body should annually evaluate its	Adopted	Part 1, item 15, 21 and
performance as well as the performance of its committees and		29
executive directors, taking into account the accomplishment of		Clarification on
the company's strategic plans and budget plans, the risk		recommendations not
management, the internal functioning and the contribution of		adopted below
each member of the body to these objectives, as well as the
relationship with the company's other bodies and committees

V.2 Remuneration

Principles:

V.2.A The remuneration policy of the members of the managing and supervisory boards should allow the company to attract qualified professionals at an economically justifiable cost in relation to its financial situation, induce the alignment of the member's interests with those of the company's shareholders — taking into account the wealth effectively created by the company, its financial situation and the market's — and constitute a factor of development of a culture of professionalization, sustainability, promotion of merit and transparency within the company

V.2.B Directors should receive compensation: i) that suitably remunerates the responsibility taken, the availability and the expertise placed at the disposal of the company; ii) that guarantees a performance aligned with the long-term interests of the shareholders and promotes the sustainable performance of the company; and iii) that rewards performance. Recommendations
V.2.1. The company should create a remuneration committee,	Adopted	Part 1, item 66, 67 and
the composition of which should ensure its independence from the management, which may be the remuneration committee appointed under the terms of article 399 of the Commercial Companies Code.		68
V.2.2. The remuneration should be set by the remuneration committee or the general meeting, on a proposal from that committee.	Adopted	Part 1, item 66, 67 and 68
V.2.3. For each term of office, the remuneration committee or the general meeting, on a proposal from that committee, should also approve the maximum amount of all compensations payable to any member of a board or committee of the company due to the respective termination of office. The said situation as well as the amounts should be disclosed in the corporate governance report or in the remuneration report.	Recommendati on not applicable	Clarification on recommendations not applicable below
V.2.4 In order to provide information or clarifications to shareholders, the chair or, in case of his/her impediment, another member of the remuneration committee should be present at the annual general meeting, as well as at any other, whenever the respective agenda includes a matter linked with the remuneration of the members of the company's boards and committees or, if such presence has been requested by the shareholders	Adopted	Part 1, item 24
V.2.5. Within the company's budgetary limitations, the remuneration committee should be able to decide, freely, on the hiring, by the company, of necessary or convenient consulting services to carry out the committee's duties	Adopted	Part 1, item 67
V.2.6. The remuneration committee should ensure that those services are provided independently and that the respective providers do not provide other services to the company, or to others in controlling or group relationship, without the express authorization of the committee.	Adopted	Part 1, item 67 and 68
V.2.7. Taking into account the alignment of interests between the company and the executive directors, a part of their remuneration should be of a variable nature, reflecting the sustained performance of the company, and not stimulating the assumption of excessive risks.	Adopted	Part 1, item 69 to 76
V.2.8. A significant part of the variable component should be partially deferred in time, for a period of no less than three years, being necessarily connected to the confirmation of the sustainability of the performance, in the terms defined by a company's internal regulation	Adopted	Part 1, item 69

V.2.9. When variable remuneration includes the allocation of	Recommendati	Clarification on
options or other instruments directly or indirectly dependent on	on not	recommendations not
the value of shares, the start of the exercise period should be	applicable	applicable below
deferred in time for a period of no less than three years.
V.2.10. The remuneration of non-executive directors should not	Adopted	Part 1, item 69
include components dependent on the performance of the
company or on its value.
V.3 Appointments
Principle:
Regardless of the manner of appointment, the profile, the knowledge, and the curriculum of the members of the company's governing bodies, and of the executive staff, should be suited to the functions carried out.
Recommendations:
V.3.1. The company should, in terms that it considers suitable,	Adopted	Part 1, item 16, 19,
but in a demonstrable form, promote that proposals for the		22, 29, 31 and 33
appointment of the members of the company's governing
bodies are accompanied by a justification in regard to the
suitability of the profile, the skills and the curriculum vitae to the
duties to be carried out
V.3.2. The overview and support to the appointment of	Recommendati	Clarification on
members of senior management should be attributed to a	on not	recommendations not
nomination committee unless this is not justified by the	applicable	applicable below
company's size.
V.3.3. This nomination committee includes a majority of non	Recommendati	Clarification on
executive, independent members.	on not	recommendations not
	applicable	applicable below
V.3.4. The nomination committee should make its terms of	Recommendati	Clarification on
reference available, and should foster, to the extent of its	on not	recommendations not
powers, transparent selection processes that include effective	applicable	applicable below
mechanisms of identification of potential candidates, and that
those chosen for proposal are those who present a higher
degree of merit, who are best suited to the demands of the
functions to be carried out, and who will best promote, within
the organisation, a suitable diversity, including gender diversity.
Chapter VI · INTERNAL CONTROL
Principle:
Based on its mid and long-term strategies, the company should establish a system of risk management and
control, and of internal audit, which allow for the anticipation and minimization of risks inherent to the
company's activity.
Recommendations:
VI.1. The managing body should debate and approve the	Adopted	Part 1, item 21, 50
company's strategic plan and risk policy, which should include		to 54
the establishment of limits on risk-taking
VI.2. The supervisory board should be internally organised,	Adopted	Part 1, item 51
implementing mechanisms and procedures of periodic control
that seek to guarantee that risks which are effectively incurred
by the company are consistent with the company's objectives,
as set by the managing body
VI.3. The internal control systems, comprising the functions of	Adopted	Part 1, item 27, 29, 38 e
risk management, compliance, and internal audit should be		50 to 55
structured in terms adequate to the size of the company and
the complexity of the inherent risks of the company's activity.
The supervisory body should evaluate them and, within its
competence to supervise the effectiveness of this system,
propose adjustments where they are deemed to be necessary.

VI.4. The supervisory body should provide its view on the work plans and resources allocated to the services of the internal control system, including the risk management, compliance and internal audit functions, and may propose the adjustments deemed to be necessary.	Adopted	Part 1, item 37, 38 to 50
VI.5. The supervisory body should be the recipient of the reports prepared by the internal control services, including the risk management functions, compliance and internal audit, at least regarding matters related to the approval of accounts, the identification and resolution of conflicts of interest, and the detection of potential irregularities	Adopted	Part 1, item 37, 38, 49 and 50
VI.6. Based on its risk policy, the company should establish a risk management function, identifying (i) the main risks it is subject to in carrying out its activity; (ii) the probability of occurrence of those risks and their respective impact; (iii) the devices and measures to adopt towards their mitigation; and (iv) the monitoring procedures, aiming at their accompaniment.	Adopted	Part 1, item 50 to 55
VI.7. The company should establish procedures for the supervision, periodic evaluation, and adjustment of the internal control system, including an annual evaluation of the level of internal compliance and the performance of that system, as well as the perspectives for amendments of the risk structure previously defined	Adopted	Part 1, item 38 and 50 to 55
Chapter VII · FINANCIAL INFORMATION
VII.1 Financial information
Principles: VII.A. The supervisory body should, with independence and in a diligent manner, ensure that the managing body complies with its duties when choosing appropriate accounting policies and standards for the company, and when establishing suitable systems of financial reporting, risk management, internal control, and internal audit
VII.B. The supervisory body should promote an adequate coordination between the internal audit and the statutory audit of accounts
Recommendation:
VII.1.1. The supervisory body's internal regulation should impose the obligation to supervise the suitability of the preparation process and the disclosure of financial information by the managing body, including suitable accounting policies, estimates, judgments, relevant disclosure and its consistent application between financial years, in a duly documented and communicated form	Adopted	Part 1, item 34 and 38
VII.2 Statutory audit of accounts and supervision
Principle:
The supervisory body should establish and monitor clear and transparent formal procedures on the relationship of the company with the statutory auditor and on the supervision of compliance, by the auditor, with rules regarding independence imposed by law and professional regulations.
Recommendations:
VII.2.1. By internal regulations, the supervisory body should define, according to the applicable legal regime, the monitoring procedures aimed at ensuring the independence of the statutory audit.	Adopted	Part 1, item 34, 37, 38 and 42 to 47

VII.2.2. The supervisory body should be the main interlocutor of the statutory auditor in the company and the first recipient of the respective reports, having the powers, namely, to propose the respective remuneration and to ensure that adequate conditions for the provision of services are ensured within the company.	Adopted	Part 1, item 37 and 38
VII.2.3. The supervisory body should annually assess the services provided by the statutory auditor, their independence and their suitability in carrying out their functions, and propose their dismissal or the termination of their service contract by the competent body when this is justified for due cause.	Adopted	Part 1, item 37, 38 and 45

Ø Recommendation II.3. The company should implement adequate means for the exercise of voting rights through postal votes, including by electronic means.

As stated in section 12 of Part 1 of this Report, the Company has implemented the necessary means to ensure the right to vote by correspondence.

With regard to electronic voting, the Company has not implemented the mechanisms necessary for its implementation (i) because this form of voting has never been requested by any of the shareholders and (ii) because it considers that this circumstance does not entail any constraint or restriction on the shareholders' ability to exercise their right to vote, which is promoted and encouraged by the Company.

ALTRI has been encouraging the physical participation of its shareholders, either directly or through representatives, in its General Meetings, considering that they are the ideal moment for Shareholders to come into contact with the management team, taking advantage of the presence of the members of the other governing bodies, namely the Statutory Audit Board and the Statutory Auditor, as well as the members of the Remuneration Committee. This interaction has been beneficial for the Company.

Ø Recommendation II.4. The company should implement adequate means in order for its shareholders to be able to digitally participate in general meetings.

As stated in section 12 of Part 1 of this Report, the Company has implemented the necessary means to ensure the right to vote by correspondence, by post or electronically (sent by email).

With regard to the possibility of holding General Meetings by telematic means, the Company has not triggered the mechanisms necessary for its implementation because (i) this method has never been requested by any of the shareholders, (ii) the costs of implementing telematic means are high and (iii) this circumstance does not entail any constraint or restriction on the shareholders' ability to exercise their right to vote, which is promoted and encouraged by the Company.

In view of the preceding paragraph and emphasising what is mentioned above, ALTRI has been encouraging the physical participation of its shareholders, either directly or through representatives, in its general meetings, considering that they are the ideal moment for Shareholders to come into contact with the management team, taking advantage of the presence of the members of the other governing bodies, namely the Statutory Audit Board and the Statutory Auditor, as well as the members of the Remuneration Committee. This interaction has been beneficial for the Company.

Therefore, it is understood that all necessary and adequate means to ensure participation in General Meetings are already in place.

Ø Recommendation II.5. The bylaws, which specify the limitation of the number of votes that can be held or exercised by a sole shareholder, individually or in coordination with other shareholders, should equally provide that, at least every 5 years, the amendment or maintenance of this rule will be subject to a shareholder resolution — without increased quorum in comparison to the legally established — and in that resolution, all votes cast will be counted without observation of the imposed limits.

The Company's Articles of Association do not establish any limitation on the number of votes that may be held or exercised by a single shareholder individually or together with other shareholders.

Ø Recommendation II.6. Measures should not be adopted that determine payments or the assumption of costs by the company in the event of a change of control or change in the composition of the management body and that are likely to harm the economic interest in the transfer of shares and the free assessment by shareholders of the performance of directors

ALTRI has not adopted - does not exist - any measures which determine payments or the assumption of costs by the company in the event of a change of control or change in the composition of the management body and which are likely to harm the economic interest in the transfer of shares and the free assessment by shareholders of the performance of directors.

Ø Recomendação III.1. Notwithstanding the legal duties of the Chairman of the Board of Directors, if the latter is not independent, the independent directors should appoint a coordinator among themselves to, inter alia, (i) act, whenever necessary, as an interlocutor with the Chairman of the Board of Directors and with the other directors, (ii) ensure that they have all the conditions and means necessary for the performance of their duties; and (iii) coordinate them in the performance evaluation by the management body as provided for in Recommendation V.1.1.

The Chairman of the ALTRI Board of Directors meets all the criteria of independence, and is therefore independent. To that extent, this recommendation should be considered not applicable.

Ø Recommendation III.5. The provisions of (i) of recommendation III.4 does not inhibit the qualification of a new director as independent if, between the termination of his/her functions in any of the company's bodies and the new appointment, a period of 3 years has elapsed (cooling-off period).

None of the Company's directors are in the aforementioned situation.

Ø Recommendation III.6. In compliance with the powers conferred on it by law, the supervisory body assesses and pronounces on the strategic guidelines and risk policy, prior to their final approval by the management body.

ALTRI's Statutory Audit Board assessed and pronounced on the strategic guidelines and risk policy (which is available for consultation on the Company's website) prior to its final approval by the Company's Board of Directors, which also unanimously approved it.

Ø Recommendation III.7. Companies should have specialized committees in matters of corporate governance, appointments and performance assessment, separately or cumulatively. If the remuneration committee provided for in article 399 of the Companies Code

has been created, and if this is not prohibited by law, this recommendation can be complied with by assigning this committee competence in the said matters

At ALTRI, it is a duty of the Strategic and Operational Monitoring Committee to reflect on corporate governance practices, as well as on the governance model in force in the Group and on its suitability.

The Strategic and Operational Monitoring Committee monitored and assessed, having concluded that ALTRI's Governance model in force in the current 2020/2022 term of office is a model which, since the beginning of the term of office, reflects ALTRI's growing path towards strengthening its structure, and which was designed to reflect the commitment of the corporate bodies to a structure developed in line with the Group's image and size.

The Strategic and Operational Monitoring Committee stressed in its analysis that its assessment is very positive regarding the subsequent steps that the governing bodies have taken, in a permanent concern to further strengthen and increase the creation of specialized committees, as well as the adoption of important regulations and policies. The Committee highlighted, in particular, the review process, which was carried out by the Ethics Committee, of the Code of Ethics, which has become a reference document in the organization, sufficiently clear and detailed and to which all are subject. Also worthy of note was the deepening of the Group's commitments to the issue of equality (as reflected in the Plan for Equality adopted by the Group).

Regarding sustainability, which is the primary concern that underlies any decision making in Altri Group, the Strategic and Operational Monitoring Committee highlighted the important contribution of the Sustainability Committee in monitoring the implementation measures of the 2030 commitment assumed by ALTRI.

The Strategic and Operational Monitoring Committee thus concluded that the ALTRI's Governance model in force in the current 2020/2022 mandate has proven to be perfectly suited to the challenges of the business and the organization.

Ø Recommendation IV.1. The managing body should approve, by internal regulation or equivalent, the rules regarding the action of the executive directors and how these are to carry out their executive functions in entities outside of the group.

The Board of Directors delegated in the Executive Committee a day-to-day management of the Company.

The Regulation on transactions between related parties and conflict of interest set forth the rules regarding conflicts of interest.

Ø Recommendation V.1.1. The managing body should annually evaluate its performance as well as the performance of its committees and delegated directors, taking into account the accomplishment of the company's strategic plans and budget plans, the risk management, the internal functioning and the contribution of each member of the body to these objectives, as well as the relationship with the company's other bodies and committees

ALTRI's Board of Directors also assessed its performance, as well as the performance of its committees and of the executive directors, taking into account compliance with the Company's Strategic Plan and Budget, risk management, its internal functioning and the contribution of each member to that end, and the relationship between the Company's bodies and committees.

The evaluation was carried out by completing a very comprehensive and exhaustive questionnaire given to the directors at the meeting of the Board of Directors held on November 24, 2022.

The results of the evaluation were worked on and aggregated by the Legal Department and were presented at the meeting of the Board of Directors held on March 23, 2023, which analyzed and discussed them, congratulating itself the results achieved, but always with a focus on identifying and implementing the measures necessary for continuous improvement.

Ø Recommendation V.2.3. For each term of office, the remuneration committee or the general meeting, on a proposal from that committee, should also approve the maximum amount of all compensations payable to any member of a board or committee of the company due to the respective termination of office. The said situation as well as the amounts should be disclosed in the corporate governance report or in the remuneration report

ALTRI's Remuneration Committee, in its proposed Remuneration and Compensation Policy for Corporate Bodies, proposes the maximum annual amount of all compensations payable to the member of any corporate body or committee of the Company.

Regarding the maximum annual amounts payable to members of any body or committee of the Company for the termination of their duties, Altri Group's Policy does not provide for a system of compensation payments.

Ø Recommendation V.2.9. When variable remuneration includes the allocation of options or other instruments directly or indirectly dependent on the value of shares, the start of the exercise period should be deferred in time for a period of no less than three years

The variable component of the remuneration does not include options or other instruments directly or indirectly dependent on the value of the shares.

Ø Recommendation V.2.10. The remuneration of non-executive directors should not include components dependent on the performance of the company or on its value

The remuneration policy approved by the General Meeting upon proposal of the Remuneration Committee establishes that the individual remuneration of non-executive directors has an exclusively fixed nature.

Ø Recommendation V.3.2. The overview and support to the appointment of members of senior management should be attributed to a nomination committee unless this is not justified by the company's size

The Company does not have an appointment committee for the reasons listed in sections 27, 29 and 67 of Part I of this Report.

Ø Recommendation V.3.3. This nomination committee includes a majority of nonexecutive, independent members

The Company does not have an appointment committee for the reasons listed in sections 27, 29 and 67 of Part I of this Report

Ø Recommendation V.3.4. The nomination committee should make its terms of reference available, and should foster, to the extent of its powers, transparent selection processes that include effective mechanisms of identification of potential candidates, and that those chosen for proposal are those who present a higher degree of merit, who are best suited to the demands of the functions to be carried out, and who will best promote, within the organisation, a suitable diversity, including gender diversity

The Company does not have an appointment committee for the reasons listed in sections 27, 29 and 67 of Part I of this Report.

3. Other Information

In line with the above, a ALTRI would like to point out that, given its significant compliance with the majority of the recommendations, the Company's has almost fully adopted the recommendations of the IPCG Corporate Governance Code, which can be seen in its diligent and careful management, absolutely focused on the creation of value for the Company and, consequently, for the shareholders.

APPENDIX I

1. Board of Directors

Qualifications, experience and positions held in other companies by the members of the Board of Directors:

Alberto João Coraceiro de Castro

He holds a degree in Economics from the Faculty of Economics of Porto and a PhD from the University of South Carolina. His areas of specialization are industrial economics, labor economics, business strategy and internationalization and in which he has several academic and dissemination publications.

Currently, he is Invited Full Professor at the Faculdade de Economia e Gestão of UCP, of which he was the first Director.

In the field of applied research, he coordinated or participated in the preparation of successive strategic plans for the footwear industry, since 1990, in the strategic plan for the cork industry and in the strategic plan for the foundry industry.

He was designated Director and President in April 2020.

In addition to the Companies where he currently exercises management functions, his professional experience includes:

VALUE! #VALUE!

• Chairman of the Board of Directors of the Financial Development Institution.

Throughout his career and currently, he works in several associations:

• Chairman of the Statutory Audit Board of the Associação Empresarial de Portugal (AEP), Fundação AEP and the Matosinhos Jazz Orchestra;

• Vice-President of the Direction of the Association for the Museums of Transport and Communications (Alfândega Porto);

• Porto de Leixões Customer Provider;

• Vice-President of the Economic and Social Council between 2017 and 2020;

-Writes fortnightly in the economic supplement Dinheiro Vivo;

• Member of the Investment Committee of the Portuguese Venture Capital Initiative.

On December 31, 2022, the other companies where he performs management functions are:

• Non-executive director of Mystic Invest, S.A. (a)

As of December 31, 2022, the other companies where he performs inspection duties are:

• Chairman of the Statutory Audit Board of the Super Bock Group, S.G.P.S., S.A. (a)

Paulo Jorge dos Santos Fernandes

Graduated from Porto University with a degree in Electronic Engineering, also has an MBA from the University of Lisbon.

He is one of the founders of RAMADA INVESTIMENTOS E INDÚSTRIA, the current holding company of the Ramada group, a group that was acquired in the 90s, of which he has been a shareholder and director since then. Ramada Investimentos' activity includes, within the industrial area, which is its core area of activity, steel, machining and manufacturing of structures for molds and wire drawing. It also develops a strong activity in the Real Estate area, focused on the management of real estate assets, especially forestry, and on the management of financial investment.

He is also one of the founders of COFINA, a group of which he is a shareholder and director, having been directly involved, always with executive functions (Chairman and CEO), in the construction and management of the group since its creation, which is a reference in the media sector in Portugal.

He is also one of the founders of ALTRI, which resulted from a process of spin-off of Cofina, being also a shareholder and director (Vice-President), assuming executive functions in the construction of the group since its foundation, a group that has registered a remarkable growth through the realization of large and complex M&A transactions. Its industrial units are today a world benchmark for technology and innovation and operate in the cellulosic fiber production sector and in the forest-based renewable energy sector, namely industrial cogeneration through black liquor and biomass.

More recently, and also as one of the founders, he promoted the Initial Public Offering (IPO) of the ALTRI subsidiary, GREENVOLT, through an extraordinarily successful operation with unique contours in the Portuguese capital market. He is also a shareholder and director. This group is dedicated to the production of renewable energy from biomass, sun, wind and decentralized.

In addition to the Companies which currently holds functions of director, his professional experience includes:

1982/1994	Began his professional activity at CORTAL, becoming President in 1994
1995	Director of CRISAL – CRISTAIS DE ALCOBAÇA, S.A.
1997	Director of the Group Vista Alegre, S.A.
1997	Director of the Board of ATLANTIS - Cristais de Alcobaça, S.A.
2000/2001	Director of SIC

Throughout his career, also played roles in several associations:

1989/1994	President of FEMB (Fédération Européene de Mobilier de Bureau) for Portugal
1989/1990	President of the General Assembly Assoc. Industr. Águeda
1991/1993	Member of the Advisory Board Assoc. Ind. Portuense
Since 2005	Board Member of the Association of Former Students of MBA
2013/2016	Chairman of the Statutory Audit Board of BCSD
Since 2006	Advisory Board Member for Engineering and Management IST
2016/2020	Board Member of CELPA - Paper Industry Association

On December 31, 2022, the other companies where he carries out management functions are as follows:

– Actium Capital, S.A. (a)

• Articulado Actividades Imobiliárias, S.A. (a)
• Cofihold, S.A. (a)
• Cofina, S.G.P.S, S.A. (a)
• Cofina Media, S.A. (a)
• Elege Valor, Lda. (a)
• F. Ramada II Imobiliária, S.A. (a)
• Greenvolt Energias Renováveis, S.A. (a)
• Préstimo Prestígio Imobiliário, S.A. (a)
• Ramada Aços, S.A. (a)
• Ramada Investimentos e Indústria, S.A. (a)
• Santos Fernandes & Vieira Matos, Lda. (a)

On December 31, 2022, the other companies where he carries out supervision functions are as follows:

– Fisio Share - Gestão De Clínicas, S.A. (a)

João Manuel Matos Borges de Oliveira

Graduated from the Porto University with a degree in Chemical Engineering, holds an MBA from INSEAD.

He is one of the founders of RAMADA INVESTIMENTOS E INDÚSTRIA, the current holding company of the Ramada group, a group that was acquired in the 1990s, of which he has been a shareholder and executive director (Chairman and CEO) since then. Ramada Investimentos' activity includes, within the industrial area, which is its core area of activity, steel, machining and manufacturing of structures for molds and wire drawing. It also develops a strong activity in the Real Estate area, focused on the management of real estate assets, especially forestry, and on the management of financial investment

He is also one of the founders of COFINA, a group of which he is a shareholder and director, having been directly involved in the construction and management of the group since its creation, which is a reference in the media sector in Portugal.

He is also one of the founders of ALTRI, which resulted from a process of spin-off of Cofina, being also a shareholder and director (Vice-President), assuming executive functions in the construction of the group since its foundation, a group that has registered a remarkable growth through the realization of large and complex M&A transactions. Its industrial units are today a world benchmark for technology and innovation and operate in the cellulosic fiber production sector and in the forest-based renewable energy sector, namely industrial cogeneration through black liquor and biomass.

More recently, and also as one of the founders, he promoted the Initial Public Offering (IPO) of the ALTRI subsidiary, GREENVOLT, through an extraordinarily successful operation with unique contours in the Portuguese capital market. He is also a shareholder and director. This group is dedicated to the production of renewable energy from biomass, sun, wind and decentralized.

In addition to the Companies which currently holds functions of director, his professional experience includes:

1982/1983	Assistant Director of Production of Cortal
1984/1985	Production Director of Cortal
1987/1989	Marketing Director of Cortal
1989/1994	General Director of Cortal
1989/1995	Vice President of the Board of Cortal
1989/1994	Director of Seldex
1992/1994	Vice-President of the General Assembly of the Industrial Association of
1995/2004	Chairman of the Statutory Audit Board of the Industrial Association of the
1996/2000	Non-executive Director of Atlantis, S.A.
1997/2000	Non-executive Director of Vista Alegre, S.A.
1998/1999	Director of Efacec Capital, S.G.P.S., S.A.
2008/2015	Chairman of the Supervisory Council of Porto Business School
2008/2011	Non-executive director of Zon Multimédia, S.G.P.S., S.A.
2011/2013	Member of University Library CFO Advisory Forum
Since 2019	Member of the Remuneration Committee of the Serralves Foundation

On December 31, 2022, the other companies where he carries out management functions are as follows:

– Caderno Azul, S.A. (a)

• Cofina, S.G.P.S., S.A. (a)
• Cofina Media, S.A. (a)
• Cofihold, S.A. (a)
• Elege Valor, Lda. (a)
• F. Ramada II Imobiliária, S.A. (a)
• Greenvolt Energias Renováveis, S.A. (a)
• Indaz, S.A. (a)
• Préstimo Prestígio Imobiliário, S.A. (a)
• Ramada Aços, S.A. (a)
• Ramada Investimentos e Indústria, S.A. (a)
• Universal Afir, S.A. (a)

a) companies, on December 31, 2022, that cannot be considered as part of Altri, S.G.P.S., S.A. Group

Domingos José Vieira de Matos

Holds a degree in Economics from the Faculty of Economy of the University of Porto. Initiated his carrier in management in 1978.

He is one of the founders of RAMADA INVESTIMENTOS E INDÚSTRIA, the current holding company of the Ramada group, a group that was acquired in the 90s, of which he has been a shareholder and director since then. The activity of Ramada Investimentos e Indústria includes, within the industrial area, which is its core area of activity, steel, machining and fabrication of structures for molds and wire drawing. It also develops a strong activity in the Real Estate area, focused on the management of real estate assets, especially forestry, and on the management of financial investment

He is also one of the founders of COFINA, a group of which he is a shareholder and director, having been directly involved in the construction and management of the group since its foundation, which is a reference in the media sector in Portugal.

He is also one of the founders of ALTRI, which resulted from a process of spin-off of Cofina, being also a shareholder and director, and having participated in the construction of the group since its foundation, a group that has registered a remarkable growth through the completion of large and complex operations. of M&A. Its industrial units are today a world benchmark for technology and innovation and operate in the cellulosic fiber production sector and in the forest-based renewable energy sector, namely industrial cogeneration through black liquor and biomass.

More recently, and also as one of the founders, he promoted the Initial Public Offering (IPO) of the ALTRI subsidiary, GREENVOLT, through an extraordinarily successful operation with unique contours in the Portuguese capital market. He is also a shareholder and director. This group is dedicated to the production of renewable energy from biomass, sun, wind and decentralized.

In addition to the Companies which currently holds functions of director, his professional experience includes:

1978/1994	Director of CORTAL, S.A.
1983	Founding Partner of PROMEDE – Produtos Médicos, S.A.
1998/2000	Director of ELECTRO CERÂMICA, S.A.

On December 31, 2022, the other companies where he carries out management functions are as follows:

• Cofina, S.G.P.S., S.A. (a)
• Cofihold, S.A. (a)
• Elege Valor, Lda. (a)
• F. Ramada II Imobiliária, S.A. (a)
• Greenvolt Energias Renováveis, S.A. (a)
• Livrefluxo, S.A. (a)
• Préstimo Prestígio Imobiliário, S.A. (a)
• Ramada Aços, S.A. (a)
• Ramada Investimentos e Indústria, S.A. (a)
• Santos Fernandes & Vieira Matos, Lda. (a)
• Sociedade Imobiliária Porto Seguro Investimentos Imobiliários, S.A.
• Universal Afir, S.A. (a)

Laurentina da Silva Martins

With formation in Finance and Administration from Instituto Superior do Porto and is connected with Altri Group since its incorporation. She was designated Director in May 2009.

Her professional experience includes:

1965/1990	Finance Director Assessor of Companhia de Celulose do Caima, S.A.
1990/2011	Finance Director of Companhia de Celulose do Caima, S.A.
2001/2012	Director of Cofina Media, S.G.P.S., S.A.
2001/2011	Director of Caima Energia – Empresa de Gestão e Exploração de Energia, S.A.
2004/2012	Director of Grafedisport – Impressão e Artes Gráficas, S.A.
2005/2011	Director of Silvicaima – Sociedade Silvícola do Caima, S.A. (currently Altri Florestal, S.A.)
2006/2020	Director of EDP – Produção Bioeléctrica, S.A. / Bioelétrica da Foz, S.A.

On December 31, 2022, the other companies where she carries out management functions are as follows:

– Cofina, S.G.P.S., S.A. (a)

– Ramada Investimentos e Indústria, S.A. (a)

Pedro Miguel Matos Borges de Oliveira

Holds a degree in Financial Management by the Institute of Administration and Management of Porto. In 2000 completed the Executive MBA in the Enterprise Institute Porto in partnership with ESADE Business School, Barcelona, currently Catholic Porto Business School. In 2009 completed the Business Valuation Course in EGE-Business Management School.

He is a shareholder and director of RAMADA INVESTIMENTOS E INDÚSTRIA, the current holding company of the Ramada group, a group that was acquired in the 90s. The activity of Ramada Investimentos e Indústria includes, within the industrial area, which is its core area of activity, steel, machining and fabrication of structures for molds and wire drawing. It also develops a strong activity in the Real Estate area, focused on the management of real estate assets, especially forestry, and on the management of financial investment. He is also a shareholder and director of COFINA, a group that is a reference in the media sector in Portugal.

He is also a shareholder and director of ALTRI, which resulted from a spin-off process from Cofina, a group that has recorded remarkable growth through the completion of large and complex M&A operations. Its industrial units are today a world benchmark for technology and innovation and operate in the cellulosic fiber production sector and in the forest-based renewable energy sector, namely industrial cogeneration through black liquor and biomass.

More recently, and as one of the founders, he promoted the Initial Public Offering (IPO) of the ALTRI subsidiary, GREENVOLT, through an extraordinarily successful operation with unique contours in the Portuguese capital market. He is also a shareholder and director. This group is dedicated to the production of renewable energy from biomass, sun, wind and decentralized.

In addition to the Companies which currently exercise functions of administration, his professional experience includes:

• 1986/2000 Management advisor of FERÁGUEDA, Lda.
• 1992 Manager of Bemel, Lda.
• 1997/1999 Director´s assistant of GALAN, Lda.
• 1999/2000 Director´s assistant of the the Department of Saws and Tools of F.RAMADA, AÇOS E INDÚSTRIAS, S.A.
• 2000 Director of the Department of Saws and Tools of F.RAMADA, AÇOS E INDÚSTRIAS, S.A.
• 2006 Board member of UNIVERSAL AFIR, AÇOS ESPECIAIS E FERRAMENTAS, S.A.
• 2009 Board member of F. Ramada Investimentos, S.G.P.S., S.A.

On December 31, 2022, the other companies where he carries out management functions are as follows:

• Cofihold, S.A. (a)
• Cofina, S.G.P.S., S.A. (a)
• F. Ramada II Imobiliária, S.A. (a)
• Greenvolt Energias Renováveis, S.A. (a)
• Préstimo Prestígio Imobiliário, S.A. (a)
• Ramada Aços, S.A. (a)
• Ramada Investimentos e Indústria, S.A. (a)
• Universal Afir, S.A. (a)
• Valor Autêntico, S.A. (a)
• Título Singular, S.A. (a)
• 1 Thing, Investments, S.A. (a)

Ana Rebelo de Carvalho Menéres de Mendonça

Holds a degree in Economics by the Universidade Católica Portuguesa of Lisbon.

She is a shareholder and manager of RAMADA INVESTIMENTOS E INDÚSTRIA, the current holding of the Ramada group, a group that was acquired in the 90s. The activity of Ramada Investimentos e Indústria includes, within the industrial area, which is its core area of activity, steel, machining and fabrication of structures for molds and wire drawing. It also develops a strong activity in the Real Estate area, focused on the management of real estate assets, especially forestry, and on the management of financial investment

She is also a shareholder and director of COFINA, a group that is a reference in the media sector in Portugal.

She is as well a shareholder and director of ALTRI, which resulted from a spin-off process from Cofina, a group that has registered remarkable growth through the completion of large and complex M&A operations. Its industrial units are today a world benchmark for technology and innovation and operate in the cellulosic fiber production sector and in the forest-based renewable energy sector, namely industrial cogeneration through black liquor and biomass.

More recently, and as one of the founders, she promoted the Initial Public Offering (IPO) of the ALTRI subsidiary, GREENVOLT, through an extraordinarily successful operation with unique contours in the Portuguese capital market. She is also a shareholder and administrator. This group is dedicated to the production of renewable energy from biomass, sun, wind and decentralized.

In addition to the Companies which currently holds functions of director, her professional experience includes:

1995	Journalist in the economic newspaper SEMANÁRIO ECONOMICO
1996	Commercial Department of CITIBANK
1996	Board member of PROMENDO, S.A.
2009	Board member of PROMENDO, S.G.P.S., S.A.

On December 31, 2022, the other companies where she carries out management functions are as follows:

• Cofina, S.G.P.S., S.A. (a)
• Cofihold, S.A. (a)
• F. Ramada II Imobiliária, S.A. (a)
• Greenvolt Energias Renováveis, S.A. (a)
• Promendo Investimentos, S.A. (a)
• Préstimo Prestígio Imobiliário, S.A. (a)
• Ramada Aços, S.A. (a)
• Ramada Investimentos e Indústria, S.A. (a)

Maria do Carmo Guedes Antunes de Oliveira

She has a degree in Economics from the Faculdade de Economia of Porto, having also completed an MBA at the Nova School of Business and Economics. She was designated Director in April 2020.

In addition to the companies where she currently exercises management functions, her professional experience includes:

1981	Economic Consultant of the Porto Merchants Association;
1983 – 1985	Project Analyst at SPI - Sociedade Portuguesa de Investimentos;
1983 – 1990	BPI's Project Coordinator with responsibilities in the area of companies, namely in terms of credit, consultancy, capital markets, company valuation, etc;
1990 and 1987	Common Representative of Bondholders in the issuance of the following bonds: Sogrape 87, Sogrape 90 and Amorim Lage 87;
1990 – 2000	Responsible for the Evaluation and Consulting Area of the Northern Business Department of BPI - Mergers and Acquisitions Area;
1993	Chairman of the Statutory Audit Board of Macem Confeções, S.A.;
1995	Chairman of the Joint Committee who assessed the calculation of the amount of compensation to be attributed to the holders of shares in the Nationalized Company Siderurgia Nacional;
1996 – 1999	Member of the Board of Directors of BPI Participações;
1996 – 2000	Central Director of Banco Português de Investimento - Corporate Finance Area;
1999 – 2002	Chairman of the Statutory Audit Board of Brisa - Auto-Estradas de Portugal;
2000 – 2007	Director of Banco Português de Investimento;
2006 – 2007	Member of the Board of Directors of VAA - Vista Alegre Atlantis, SGPS, S.A.;
2005 – 2016	Member of the Board of Directors of ETAF - Empresa de Transportes Álvaro Figueiredo, S.A.;
2015 – 2017	Chairman of the Statutory Audit Board of APOR - Agency for the Modernization of Porto, S.A.;
2007 - 2017	Responsible for the Direction of Large Northern Companies, the North Special Operations Unit and the Office for Supporting Corporate Centers.
2007 - 2020	General Director of Banco BPI with responsibilities in the Corporate Banking Area and, since 2017, responsible for BPI's Corporate & Investment Banking Department;
2021	Chairman of the Investment Technical Committee of the Capitalization and Resilience Fund;
2021	Chairman of the Technical Investment Committee of the Capitalization Fund of Companies in the Azores.

Her experience also includes the teaching aspect, namely:

1980 – 1981	Assistant in the subject of Economic Analysis II at Universidade Livre do Porto;
1981 – 1982	Assistant in the Macroeconomics chair at the Faculty of Economics of Porto and Assistant in the chairs of Economic Analysis III, Economic Analysis IV and Fluctuations and Economic Development at the Universidade Livre do Porto;
1983 – 1988	Assistant and invited assistant in the Market Analysis course at the Faculty of Economics of Porto;
1989 – 1990	Responsible for the Business Evaluation course in the Postgraduate Course in Financial Analysis at the Faculty of Economics of Porto;
1990 – 1991	Invited Assistant in the Financial Management course in the Economics course at the Faculty of Economics of Porto;
1992 – 1993	Invited assistant responsible for the Financial Operations course in the Management course at the Faculty of Economics of Porto.

On December 31, 2022, the other companies where she carries out management functions are as follows:

Since 2016	Member of the Porto Municipal Council of Economics / Casa dos 24 (a);
Since 2017	Member of the Statutory Audit Board of the League of Friends of Hospital Santo António in Porto (a)
Since 2021	Non-executive director of Ibersol, S.G.P.S., S.A. (a)

Paula Simões de Figueiredo Pimentel Freixo Matos Chaves

She has a degree in Business Administration and Management from the Catholic University of Lisbon.

She was an assistant in the Mathematics Department at Universidade Católica Portuguesa between 1979 and 1980.

Prepared several Market Studies with the cooperation of Professor Manuel Violante (Mackensy / CEO Partner).

Since 2015, he has been a holder of the Advanced Management Program KELLOGG SCHOLL of MANAGEMENT- Northwestern University (Chicago).

Organizer of the Management and Leadership Program, at Universidade Católica Portuguesa, with the participation of 25 Beiersdorf Managers (4-year program), integrating the Development Center with the Faculty of the University.

2016-Finance for Strategic Decision Making; Innovation and Change Management (Executive Training Univ.Catolica de Lisboa.

2017-Digital Transformation in Business -In processes, culture and Business Development ( Executive Training Univ Católica).

2018/2019-Design Thinking -Energizing People for Innovation.

Member of the Board of Directors of CENTROMARCA-Associação Portuguesa de Empresas de Produtos de Marca.(2017-2022)

She was designated Director in April 2020.

In addition to the companies where he currently exercises management functions, his professional experience includes:

1981	Internship in STREICHENBERGER - France (Lyon and Paris);
1982 – 1988	Brand Manager /Group Brand Manager (Marketing) at BEIERSDORF PORTUGAL;
1988 – 1992	Marketing Manager at BEIERSDORF PORTUGAL;
1992 – 2004	Director of Sales and Marketing (Distribution Area Large Consumption) at BEIERSDORF PORTUGAL;
2004 – 2009	Director of sales and marketing (large retail and pharmacy channel) at BEIERSDORF PORTUGAL;
2011 – 2014	S&CM (Shopper & Customer Marketing) Director for Southern Europe (Portugal, Spain, Italy and Greece) at BEIERSDORF SOE;
2009 – 2022	General Director of BEIERSDORF PORTUGAL.

On December 31, 2022, the other companies where she carries out management functions are as follows:

2009-2022:	General Director of BEIERSDORF PORTUGUESA, LDA. (a)
2017-2022:	Member of the Board of Directors of CENTROMARCA-Portuguese Association
	of Branded Products Companies (a)

José Armindo Farinha Soares de Pina

He has a degree in Civil Engineering from the New Jersey Institute of Technology, USA, and also attended a master's degree in Construction Management at the Instituto Superior Técnico. Subsequently, he completed advanced Business Management programs at Indiana University, USA, and INSEAD, France.

He was designated Director in April 2020 and he is currently CEO.

Early in his career, he led renovation and architectural conservation projects in several regions, performing the role of Operations Director for several organizations. In 1995, he joined the American multinational Dow, one of the world's largest groups of industrial chemicals, polymers and for agriculture, where he performed various commercial, operational and global business management functions, with service commissions in several countries in Europe, in the USA and China:

1995/2005	Several commercial and marketing management positions for Europe, Middle East and Africa, in the Construction Materials and Polymers divisions, based in Portugal, Germany and Switzerland
2005/2007	ADC Global General Manager (including the unit of non-woven elastic materials), Germany
2005/2008	Global Director of the Polymers for Health and Hygiene Unit, USA
2008/2010	Global Director of Strategy and Business Development, Specialized Chemical Materials Unit, Switzerland
2010/2014	President and Global Chief Executive Officer of AgroFresh Inc., USA
2014/2017	President of the Division of Agricultural Sciences and Biotechnology for Asia, China
2017/2020	Corporate Strategy and Business Development Director for Asia Pacific, China

Throughout his career, he also held management positions in other organizations:

2014/2017	Vice-Chairman of the Board of Directors of CropLife Asia
1996/2010	Member of the Board of Directors of the World Monuments Fund for Portugal

On December 31, 2022, the other companies where he carries out management functions are as follows:

• Altri Abastecimento de Madeira, S.A.
• Altri Florestal, S.A.
• Biogama, S.A.
• Biotek, S.A.
• Caima, S.A.
• Celbi, S.A.
• Florestsul, S.A.
• Greenfiber, S.L.
• Greenvolt Energias Renováveis, S.A. (a)

Carlos Alberto Sousa Van Zeller e Silva

Holds a degree in Chemical Engineering from Faculdade de Engenharia of University of Coimbra and is in Celulose Beira Industrial (CELBI) staff from more than 20 years. He leads ALTRI's Industrial area, having postgraduate degrees and long-term programs for executives in Management, from the Universidade Católica and from Kellogg School of Management.

He was designated Director in Abril 2020 and he is currently Deputy-CEO since March 2021.

In addition to the companies where he currently exercises management functions, his professional experience includes:

• Sonae Indústria production of pellets
• Celbi different operational leadership positions, namely project production and implementation
• StoraEnso activities in the scope of operational and product development

On December 31, 2022, the other companies where he carries out management functions are as follows:

• Altri Abastecimento de Madeira, S.A.
• Altri Florestal, S.A.
• Biogama, S.A.
• Biotek, S.A.
• Caima, S.A.
• Celbi, S.A.
• Florestsul, S.A.
• Greenfiber, S.L.

Other positions:

• Celpa - 1st Secretary of the General Meeting, on behalf of Celbi, S.A. (a)

Vítor Miguel Martins Jorge da Silva

Has a degree in Business Organization and Management from ISTEC, a postgraduate degree in Management and Performance Control from Overgest ISCTE and attended a Business Senior Management program (PADE) by AESE/IESE.

He was designated Director in April 2022.

In addition to the Companies which currently holds functions of director, his professional experience includes:

1995 to 2002	Various functions in the Financial Area in companies of the Cimpor Group
2003 to 2004	CFO Cementos Andalucia (Cimpor Group)
2005 to 2006	Director Control Management and IT Corporacion Noroeste (Cimpor Group)
2007 to 2009	CFO Asment Temara (Morocco) and Ciments Jbel Oust (Tunisia), both Grupo Cimpor
2010 to 2012	Corporate Director Control Management and member of the Management Committee of Cimpor
2013	Corporate Director Control Management InterCement
2014	Corporate Director Control Management Nuvi Group (Angola and Portugal)
2015 to 2021	CFO Nuvi Group (Angola and Portugal)

As of 31st of December 2022, the other companies where he carried and carries out management functions are as follows:

• Altri Abastecimento de Madeira, S.A.
• Altri Participaciones Y Trading, S.L.
• Altri Florestal, S.A.
• Biogama, S.A.
• Biotek, S.A.
• Caima, S.A.
• Captaraíz Unipessoal, Lda.
• Celbi, S.A.
• Florestsul, S.A.
• Inflora Sociedade de Investimentos Florestais, S.A.
• Greenfiber, S.L.
• Pulpchem Logistics, A.C.E. (a)
• Viveiros do Furadouro, Unipessoal, Lda.

2. Statutory Audit Board

Qualifications, experience and positions held in other companies by the members of the Statutory Audit Board:

Pedro Nuno Fernandes de Sá Pessanha da Costa

Qualifications:	Degree in Law from the Faculty of Law of the University of Coimbra in 1981
	Complementary training in Company Management and Economic and Financial Analysis at the School of Law of the Portuguese Catholic University, Porto, 1982 and 1983
Professional Experience:	Member of the Bar Association since 1983
	Chairman of the Statutory Audit Board of a public company from 1996 to 2010
	Chairman of the Statutory Audit Board of Banco Português de Investimento S.A. since 2016 and BPI Private Equity - Sociedade de Capital de Risco, S.A. from 2018 to August 2019, the date on which both companies were extinguished by merger into Banco BPI, S.A. Chairman of the board of the general meeting of several listed and unlisted companies Continuous law practice since 1983, with a special focus on commercial law and corporate law, mergers and acquisitions, foreign investment and international contracts Co-author of the chapter on Portugal in "Handbuch der Europäischen Aktien-gesellschaft – Societas Europaea" by Jannot / Frodermann,

Other companies where he carries out functions:

Cofina, S.G.P.S., S.A. (Member of the Statutory Audit Board) (a) Ramada Investimentos e Indústria, S.A. (President of the Statutory Audit Board) (a) Cofina, S.G.P.S., S.A. (Member of the Remuneration Committee) (a) Ramada Investimentos e Indústria, S.A. (Member of the Remuneration Committee) (a) SOGRAPE S.G.P.S., S.A. (Chairman of the Shareholders' General Meeting) (a) SOGRAPE Vinhos, S.A. (Chairman of the Shareholders' General Meeting) (a) SOGRAPE Distribuição S.A. (Chairman of the Shareholders' General Meeting) (a) Sandeman & CA, S.A. (Chairman of the Shareholders' General Meeting) (a) SOGRAPE S.G.P.S., S.A. (Member of the Remuneration Committee) (a) Adriano Ramos Pinto, S.A. (Chairman of the Shareholders' General Meeting) (a) Aquitex – Acabamentos Químicos Têxteis, S.A. (Chairman of the Shareholders' General Meeting) (a)

Honorary Consul of Belgium in Porto (a)

Partner at Abreu Advogados – Sociedade de Advogados, SP, RL. (a)

António Luís Isidro de Pinho

Qualifications:

Degree in Economics, from Instituto Superior de Ciências do Trabalho e da Empresa (I.S.C.T.E.), (1973 – 1978) Degree in Corporate Organization and Business Administration, from Instituto Superior de Ciências do Trabalho e da Empresa (I.S.C.T.E.), (1986 – 1989) Statutory Auditor, since 1987 Member of the Order of Economists, the Order of Technical Officials Accounts and the Portuguese Association of Tax Consultants.

Professional Experience:

Extensive professional experience essentially in external audit, but also in the financial direction of several companies and in management consulting. Beginning of professional activity in 1976 at Lacticoop, as an intern. Joined Gremetal in January 1979 as a member of the company's financial department, having participated in the construction of the Sines Refinery. From January 1982 until December 1986, he joined Arthur Andersen & Co as an Audit Manager. From 1987 to 1991, he was part of the SOPORCEL group, having performed the functions of Internal Auditor of Soporcel, Financial Director of Emporsil (the group's forestry company) and responsible for the Land Acquisition Department. From 1991 to 1996 he was a member of the Executive Board of SOCTIP, a leading company in its market segment and was in charge of the financial area of the company. Since 1996, he is a full-time Statutory Auditor. Between October 1997 and November 2008, joined the staff of Moore Stephens, as a partner at A. Gonçalves Monteiro & Associados, SROC, a company that was later transformed into Kreston & Associados - SROC, Lda. He currently has the functions of a Statutory Auditor, member of the Statutory Audit Board or External Auditor, in several companies of significant size and from different sectors of economic activity, being, as Managing Partner of Kreston responsible for the statutory audit of accounts various industrial, commercial and service companies In addition to the technical functions of Auditor, he also holds the position of responsible for the Quality Control of the firm and controller-rapporteur of the Quality Control Commission of the Order of Statutory Auditors.

Other companies where he carries out management functions:

Cofina, S.G.P.S., S.A. (President of the Statutory Audit Board) (a)

Ramada Investimentos e Indústria, S.A. (Member of the Statutory Audit Board) (a)

Ana Paula dos Santos Silva e Pinho

Qualifications: Degree in Economics – Faculdade de Economia do Porto

Statutory Auditor (ROC nr. 1.374)

Post Graduate in Finance and Tax – Porto Business School

Post Graduate in Tax Law – Faculdade de Direito da Universidade do Porto

Professional Experience: Between September 2001 and September 2010 Auditor at Deloitte & Associados, SROC, S.A. (initially as staff member and later as Manager)

Between October 2010 and October 2019 Manager at the Corporate Centre of the Altri Group with responsibility for financial reporting, consolidation of accounts and tax

Between November 2019 and February 2023 Head of accounting at MC Sonae's shared services center

Since February 2023 Senior Head of financial accounting & controllership at Farfetch

Other companies where dhe carries out management functions:

Cofina, S.G.P.S., S.A. (Member of the Statutory Audit Board) (a)

Ramada Investimentos e Indústria, S.A. (Member of the Statutory Audit Board) (a)

André Seabra Ferreira Pinto

Qualifications:

Degree in Economics at University Portucalense Chartered Accountant (ROC no. 1,243) Executive MBA - Management School of Porto - University of Porto Business School

Professional Experience:

Between September 1999 and May 2008, worked in the Audit Department of Deloitte & Associados, SROC, S.A. (initially as a member of staff and since September 2004 as Manager). Between June 2008 and December 2010, Senior Manager of Corporate Finance department - Transaction Services at Deloitte Consultores. Between January 2011 and March 2013, financial director of the WireCoWorldGroup companies in Portugal (a) Between April 2013 and February 2022, director (CFO) of the Mecwide Group Since March 2022, became CEO of Mecwide Group (a) Director of MWIDE, SGPS, S.A., as well as of the other companies comprising the Mecwide Group (a)

Other companies where he carries out surpervisory functions:

Cofina, S.G.P.S., S.A. (Member of the Remuneration Committee) (a) Ramada Investimentos e Indústria, S.A. (Member of the Remuneration Committee) (a)

Cofina, S.G.P.S., S.A. (Substitute Member of the Statutory Audit Board) (a)

Ramada Investimentos e Indústria, S.A. (Substitute Member of the Statutory Audit Board) (a)

3. Remuneration Committee

Qualifications, experience and positions held in other companies by the members of the Remuneration Committee

João da Silva Natária

Qualifications Degree in Law from the University of Lisbon

Profissional Experience:

1979	Managing Director of the Luanda/Viana branch of F. Ramada, by joint nomination of the Board and the Ministry of Industry in Angola
1983	Director of the Polyester and Buttons Department at F. Ramada, Aços e Indústrias, S.A.
1984/2000	Human Resources Director at F. Ramada, Aços e Indústrias, S.A.
1993/1995	Board Member of Universal – Aços, Máquinas e Ferramentas, S.A.
2000/2018	Lawyer with an independent practice, specialised in labour law and family law
	Retired

Other positions:

President of the Statutory Audit Board of Celbi, S.A. President of the Remuneration Commission of Cofina, SGPS, S.A. (a) President of the Remuneration Commission of Ramada Investimentos e Indústria, S.A. (a)

Pedro Nuno Fernandes de Sá Pessanha da Costa

Qualifications: Degree in Law from the Faculty of Law of the University of Coimbra in 1981 Complementary training in Company Management and Economic and Financial Analysis at the School of Law of the Portuguese Catholic University, Porto, 1982 and 1983

Profissional Experience: Member of the Bar Association since 1983

Chairman of the Statutory Audit Board of a public company from 1996 to 2010

Chairman of the Statutory Audit Board of Banco Português de Investimento SA since 2016 and BPI Private Equity - Sociedade de Capital de Risco, S.A. from 2018 to August 2019, the date on which both companies were extinguished by merger into Banco BPI, S.A.

Chairman of the board of the general meeting of several listed and unlisted companies

Continuous law practice since 1983, with a special focus on commercial law and corporate law, mergers and acquisitions, foreign investment and international contracts

Co-author of the chapter on Portugal in "Handbuch der Europäischen

Other companies where he carries out functions:

Cofina, S.G.P.S., S.A. (Member of the Supervisory board) (a) Ramada Investimentos e Indústria, S.A. (President of the Supervisory Board) (a) Cofina, S.G.P.S., S.A. (Member of the Remuneration Committee) (a) Ramada Investimentos e Indústria, S.A. (Member of the Remuneration Committee) (a) SOGRAPE S.G.P.S., S.A. (Chairman of the Shareholders' General Meeting) (a) SOGRAPE Vinhos, S.A. (Chairman of the Shareholders' General Meeting) (a) SOGRAPE Distribuição S.A. (Chairman of the Shareholders' General Meeting) (a) Sandeman & CA, S.A. (Chairman of the Shareholders' General Meeting) (a) SOGRAPE S.G.P.S., S.A. (Member of the Remuneration Committee) (a) Adriano Ramos Pinto, S.A. (Chairman of the Shareholders' General Meeting) (a) Aquitex – Acabamentos Químicos Têxteis, S.A. (Chairman of the Shareholders' General Meeting) (a)

Honorary Consul of Belgium in Porto (a)

Partner at Abreu Advogados – Sociedade de Advogados, SP, RL. (a)

André Seabra Ferreira Pinto

Qualifications:

Degree in Economics at University Portucalense Chartered Accountant (ROC no. 1,243) Executive MBA - Management School of Porto - University of Porto Business School

Professional Experience:

Between September 1999 and May 2008, worked in the Audit Department of Deloitte & Associados, SROC, S.A. (initially as a member of staff and since September 2004 as Manager). Between June 2008 and December 2010, Senior Manager of Corporate Finance department - Transaction Services at Deloitte Consultores. Between January 2011 and March 2013, financial director of the WireCoWorldGroup companies in Portugal (a) Between April 2013 and February 2022, director (CFO) of the Mecwide Group Since March 2022, became CEO of Mecwide Group (a) Director of MWIDE, SGPS, S.A., as well as of the other companies comprising the Mecwide Group (a)

Other companies where he carries out surpervisory functions:

Cofina, S.G.P.S., S.A. (Member of the Remuneration Committee) (a) Ramada Investimentos e Indústria, S.A. (Member of the Remuneration Committee) (a)

Cofina, S.G.P.S., S.A. (Substitute Member of the Statutory Audit Board) (a)

Ramada Investimentos e Indústria, S.A. (Substitute Member of the Statutory Audit Board) (a)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 47)

(Amounts expressed in Euros)

ASSETS	Notes	31.12.2022	31.12.2021 (Note 5)
NON-CURRENT ASSETS:
Biological assets	13	109,128,392	105,583,652
Property, plant and equipment	9	336,625,954	341,794,191
Right-of-use assets	10.1	68,634,565	63,961,630
Investment properties		24,169	24,169
Goodwill	11	265,630,973	265,630,973
Intangible assets	12	409,552	367,268
Investments in joint ventures and associates	4.2	1,719,146	758,652
Other investments		361,019	317,046
Other non-current assets	20	1,770,595	3,210,260
Derivative financial instruments	30	6,477,587	163,618
Deferred tax assets	14	12,950,816	16,813,768
Total non-current assets		803,732,768	798,625,227
CURRENT ASSETS: Inventories	13	112,906,298	82,821,010
Trade receivables	15	134,579,669	100,495,090
Other receivables	16	13,596,845	17,364,991
Income tax	17	3,147,399	3,361,653
Other current assets	18	7,016,587	7,716,549
Derivative financial instruments	30	9,169,496	1,130,725
Cash and cash equivalents	19	233,607,053	238,937,382
Total current assets		514,023,347	451,827,400
Group of assets classified as held for distribution to shareholders	7	180,607,307	1,042,536,224
Total assets		1,498,363,422	2,292,988,851
EQUITY AND LIABILITIES		31.12.2022	31.12.2021
EQUITY:			(Note 5)
Share capital	22	25,641,459	25,641,459
Legal reserve	22	5,128,292	5,128,292
Hedging reserve	22	8,201,686	(2,364,102)
Other reserves	22	117,245,225	393,895,052
Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders	7	23,617,878	(7,835,311)
Consolidated net profit for the year attributable to Equity holders of the parent		427,852,393	127,642,943
Total equity attributable to Equity holders of the parent		607,686,933	542,108,333
Non-controlling interests	21	2,185,099	181,077,173
Total equity		609,872,032	723,185,506
LIABILITIES:
NON-CURRENT LIABILITIES:
Bank loans	23	25,000,000	—
Other loans	23	433,812,843	458,218,797
Reimbursable government grants	23	1,634,593	2,288,430
Lease liabilities	10.2	64,901,619	62,858,948
Other non-current liabilities	25	3,392,957	6,724,855
Deferred tax liabilities	14	38,932,184	32,150,741
Pension liabilities	32	793,018	3,271,159
Provisions	24	4,731,433	4,082,239
Derivative financial instruments	30	—	540,350
Total non-current liabilities		573,198,647	570,135,519
CURRENT LIABILITIES:	23	19,132,535	27,584,583
Bank loans	23	82,483,367	97,854,330
Other loans Reimbursable government grants	23	653,837	653,837
Lease liabilities	10.2	17,382,431	17,055,487
Trade payables	26	108,741,684	127,941,407
Liabilities associated with contracts with customers	28	9,092,199	5,347,173
Other payables	27	25,567,482	16,626,218
Income tax	17	23,017,898	21,049,389
Other current liabilities	29	24,556,110	30,050,829
Derivative financial instruments	30	4,665,200	3,099,150
Total current liabilities		315,292,743	347,262,403
Liabilities directly associated with the group of assets classified as held for distribution to shareholders	7	—	652,405,423
Total liabilities and equity		1,498,363,422	2,292,988,851

The accompanying notes are an integral part of the consolidated financial statements.

CONSOLIDATED INCOME STATEMENTS FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 47)

(Amounts expressed in Euros)

	Notes	31.12.2022	31.12.2021 (Note 5)
Sales	41	1,044,951,462	775,710,375
Services rendered	41	6,950,574	9,506,950
Other income	35	14,338,788	8,200,776
Cost of sales	13	(439,371,992)	(321,425,367)
External supplies and services	43	(254,665,856)	(201,247,844)
Payroll expenses	42	(50,271,139)	(43,248,488)
Amortisation and depreciation	39	(64,065,896)	(63,991,936)
Fair value changes in biological assets	13	3,594,740	(37,547)
Provisions and impairment losses	24	(2,931,658)	3,575,100
Other expenses	36	(21,169,081)	(3,291,162)
Results related to investments	38	3,070,616	3,069
Financial expenses	37	(45,548,766)	(22,075,872)
Financial income	37	12,165,013	8,612,984
Earnings before taxes and CESE from continuing operations		207,046,805	150,291,038
Income tax	14	(54,869,394)	(26,516,279)
Energy sector extraordinary contribution (CESE)	17	(74,464)	(97,227)
Consolidated net profit from continuing operations		152,102,947	123,677,532
Profit after tax from discontinued operations	7	284,077,332	10,995,761
Consolidated net profit for the year		436,180,279	134,673,293
Attributable to:
Equity holders of the parent
Continued Operations	40	152,534,849	123,677,532
Discontinued Operations	40	275,317,544	3,965,411
Non-controlling interests
Continued Operations	21	(431,902)	—
Discontinued Operations	21	8,759,788	7,030,350
		436,180,279	134,673,293
Earnings per share
From continuing operations
Basic	40	0.74	0.60
Diluted	40	0.74	0.60
From discontinued operations
Basic	40	1.34	0.02
Diluted	40	1.34	0.02

The accompanying notes are an integral part of the consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021 (Translation of financial statements originally issued in Portuguese - Note 47) (Amounts expressed in Euros)

	Notes	31.12.2022	31.12.2021 (Note 5)
Consolidated net profit for the year		436,180,279	134,673,293
Other comprehensive income from continued operations:
Items that will not be reclassified to profit or loss
Changes in pension liabilities - gross amount	32	1,325,374	515,568
Changes in pension liabilities - tax effect	14	(295,305)	(115,449)
		1,030,069	400,119
Items that may be reclassified to profit or loss in the future
Changes in fair value of cash flow hedging derivatives - gross amount	30	14,206,752	(7,945,382)
Changes in fair value of cash flow hedging derivatives - tax effect	14	(3,640,964)	2,065,896
Change in exchange rate reserve		18,120	19,482
Others		—	—
		10,583,908	(5,860,004)
Other comprehensive income from discontinued operations:
Items that will not be reclassified to profit or loss
Changes in the value of financial assets at fair value	7	23,617,878	—
		23,617,878	—
Items that may be reclassified to profit or loss in the future
Changes in fair value of cash flow hedging derivatives - gross amount		(13,489,313)	(35,939,991)
Changes in fair value of cash flow hedging derivatives - tax effect		3,372,328	8,984,998
Change in exchange rate reserve		(1,655,754)	1,159,446
Changes in comprehensive income of joint ventures and associates, net of deferred taxes		(183,301)	—
		(11,956,040)	(25,795,547)
Items of other comprehensive income that have been reclassified to the income statement
Fair value reserves of cash flow hedging derivatives		37,071,978	—
Exchange rate reserves		496,308	—
Comprehensive income of joint ventures and associates, net of deferred taxes		183,301	—
		37,751,587	—
Other comprehensive income for the year		61,027,402	(31,255,432)
Total consolidated comprehensive income for the year		497,207,681	103,417,861
Attributable to:
Equity holders of the parent
Continued operations		164,148,825	118,217,647
Discontinued operations		306,770,734	(3,869,903)
Non-controlling interests
Continued operations		(431,902)	—
Discontinued operations		26,720,024	(10,929,883)
		497,207,681	103,417,861

The accompanying notes are an integral part of the consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021 (Translation of financial statements originally issued in Portuguese - Note 47)

(Amounts expressed in Euros)

					Attributable to Equity holders of the parent
	Notes	Share capital	Legal reserve	Hedging reserves	Other reserves	Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders	Net profit for the year	Total	Non controlling interest	Total equity
Balance as at 1 January 2021	22	25,641,459	5,128,292	3,515,384	376,043,942	—	34,977,248	445,306,325	14,584	445,320,909
Appropriation of the consolidated result from 2020	45	—	—	—	34,977,248	—	(34,977,248)	—	—	—
Distribution of dividends	45	—	—	—	(71,796,085)	—	—	(71,796,085)	—	(71,796,085)
Liquidation of companies		—	—	—	—	—	—	—	(704)	(704)
Acquisition of subsidiaries	6	—	—	—	—	—	—	—	7,193,310	7,193,310
Capital contributions by non-controlling interests	6	—	—	—	—	—	—	—	41,177,606	41,177,606
Change in holding percentage in subsidiaries	4.1	—	—	—	54,244,752	—	—	54,244,752		143,627,857 197,872,609
Held for distribution to shareholders	7	—	—	8,072,375	(238,529)	(7,833,846)	—	—	—	—
Others		—	—	—	5,597	—	—	5,597	(5,597)	—
Total consolidated comprehensive income for the year	5	—	—	(13,951,861)	658,127	(1,465)	127,642,943	114,347,744		(10,929,883) 103,417,861
Balance on 31 December 2021	5 and 22	25,641,459	5,128,292		(2,364,102) 393,895,052	(7,835,311)	127,642,943		542,108,333 181,077,173 723,185,506
Balance as at 1 January 2022	5 and 22	25,641,459	5,128,292		(2,364,102) 393,895,052	(7,835,311)	127,642,943		542,108,333 181,077,173 723,185,506
Appropriation of the consolidated result from 2021	45	—	—	—	127,642,943	—	(127,642,943)	—	—	—
Dividends distribution	45	—	—	—	(79,096,025)	—	—	(79,096,025)	—	(79,096,025)
Acquisition of subsidiaries	21	—	—	—	—	—	—	—	781,420	781,420
Capital contributions by non-controlling interests	21	—	—	—	—	—	—	—	2,678,634	2,678,634
Others		—	—	—	(1,870)	—	—	(1,870)	2,253	383
Total consolidated comprehensive income for the year		—	—	10,565,788	1,048,189	31,453,189	427,852,393	470,919,559	26,288,122	497,207,681
Distribution of group of assets classified as held for distribution to shareholders and effect of loss of control of Greenvolt and its subsidiaries	6 and 21	—	—	—	(326,243,064)	—	—	(326,243,064)	(208,642,503)	(534,885,567)
Balance on 31 December 2022	22	25,641,459	5,128,292	8,201,686	117,245,225	23,617,878	427,852,393	607,686,933	2,185,099	609,872,032

The accompanying notes are an integral part of the consolidated financial statements.

ALTRI, SGPS, S.A. CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 47)

(Amounts expressed in Euros)

	Notes	2021		2020
Operating activities:
Receipts from customers		1,076,721,334		938,180,999
Payments to suppliers		(805,001,771)		(647,922,282)
Payments to personnel		(37,042,759)		(37,150,654)
Other receipts/payments relating to operating activities		(12,805,851)		(1,444,530)
Income Tax (paid)/received		(45,056,897)	176,814,056	9,434,333	261,097,866
Cash flows generated by operating activities (1)			176,814,056		261,097,866
Investment activities:
Receipts arising from:
Investments		—		—
Other financial assets	38	3,010,122		—
Property, plant and equipment		856,132		760,245
Investment grants		2,020,285		1,045,515
Interest and similar income		582,138		81,030
Dividends		—	6,468,677	—	1,886,790
Payments relating to:
Investments in subsidiaries net of cash and cash equivalents acquired	19	—		(176,376,463)
Investments in joint ventures		(900,000)		(571,650)
Loans conceded		—		(19,367,235)
Property, plant and equipment		(45,322,476)		(41,002,471)
Intangible assets		—		(24,108,406)
Investment grants		—	(46,222,476)	—	(261,426,225)
Cash flows generated by investment activities (2)			(39,753,799)		(259,539,435)
Financing activities:
Receipts arising from:
Loans obtained	23	275,000,000		921,293,555
Shareholders Loans		—		39,974,360
Capital contributions by non-controlling interests		2,617,001		41,177,606
Change in holding percentage in subsidiaries	21	—		141,905,245
Other financing transactions		—	277,617,001	6,034,904	1,150,385,670
Payments relating to:
Interest and similar expenses		(10,185,440)		(23,037,860)
Distributed dividends		(79,096,025)		(71,796,085)
Loans obtained	23	(317,500,000)		(778,119,093)
Shareholders Loans		—		(1,421,363)
Reimbursable government grants	23	(653,837)		(2,847,178)
Lease liabilities	10.2	(14,729,285)		(13,934,674)
Other financing transactions		(16,892,513)	(439,057,100)	(16,782,515)	(907,938,768)
Cash flows generated by financing activities (3)			(161,440,099)		242,446,902
Cash and cash equivalents at the beginning of the year	19		497,694,395		252,572,629
Acquisition of subsidiaries	6		—		1,020,787
Effect of distribution of Group of assets classified as held for distribution to shareholders	7		(258,757,013)		—
Changes in currency exchange rate			88,951		95,646
Cash and bank variation: (1)+(2)+(3)			(24,379,842)		244,005,333
Cash and cash equivalents at the end of the year	19		214,646,491		497,694,395

The accompanying notes are an integral part of the consolidated financial statements.

1. INTRODUCTORY NOTE

ALTRI, SGPS, S.A. ('Altri" or 'Company') is a public company incorporated on 1 February 2005, in Portugal, as part of the restructuring of Cofina, SGPS, S.A., whose headquarters are located at Rua Manuel Pinto de Azevedo, 818, in Porto, Portugal, and its main activity involves managing shareholdings, while its shares are listed at Euronext Lisbon.

Altri is dedicated to managing shareholdings primarily in the industrial sector, as the parent company of the group of companies shown under Note 4 and referred to as the Altri Group. There is no other company above it that includes these consolidated financial statements. The current activity of the Altri Group focuses on the production of cellulosic fibers through three production units.

In July 2021, the subsidiary Greenvolt was listed on the stock exchange as a result of the Initial Public Offering (IPO). As a result of this operation, Altri Group now owns 58.72% of Greenvolt - Energias Renováveis, S.A.. The Altri Group carried out as well a study regarding the optimization of its shareholding in its subsidiary Greenvolt - Energias Renováveis, S.A., which concluded that such separation would be feasible as it would provide an adequate response to the optimized evolution of the companies concerned, adjusted to the underlying reality of their businesses and their growth perspectives. Consequently, Greenvolt and its subsidiaries began to be presented as a Group of assets classified as held for distribution to shareholders (Notes 6 and 7).

Accordingly, it was decided that the financial investment in Greenvolt would be distributed to shareholders in the form of a dividend in kind. The delivery of shares to shareholders took place on 25 May 2022 (Notes 6 and 45), and on that date, the Altri Group became the holder of 19.08% of Greenvolt. As a result of this distribution, Altri Group lost control over this subsidiary. Therefore, on this date, Greenvolt and its subsidiaries ceased to be consolidated by the full consolidation method and the remaining retained interest in Greenvolt was recognized at fair value through other comprehensive income since that date.

In July 2022, an operation of public offering for subscription of shares representing the capital of Greenvolt occurred, to be issued as part of a capital increase in the amount of approximately 100 million Euro. Considering that the Altri Group decided not to participate in this capital increase, it now holds 16.64% of Greenvolt, with a total of 23,154,783 shares (Note 38).

Faced with this reality, the Board of Directors considers, with reference to December 31, 2022, that there is only one business segment, namely the production and commercialization of cellulosic fibers (Note 41).

The Altri Group's consolidated financial statements are presented in Euro, in amounts rounded off to the nearest Euro. This is the currency used by the Group in its transactions and, as such, is deemed to be the functional currency. The operations of foreign companies whose functional currency is not the Euro are included in the consolidated financial statements in accordance with the policy set forth under Note 2.2.d).

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2023. Its final approval is still subject to the agreement from the Shareholders' General Meeting. The Group and the Board of Directors expect the same to be approved with no significant changes.

2. MAIN ACCOUNTING POLICIES

The main accounting policies adopted in preparing the attached consolidated financial statements are described below. These policies were consistently applied during the periods being compared.

In addition, there were no significant changes to the main estimates used by the Group in preparing the consolidated financial statements.

2.1 BASIS FOR PRESENTATION

The attached financial statements were prepared in accordance with the International Financial Reporting Standards, as adopted by the European Union ("IFRS-EU") in force for the fiscal year beginning on 1 January 2022. These correspond to the International Financial Reporting Standards, as issued by the International Accounting Standards Board ('IASB') and interpretations issued by the IFRS Interpretations Committee ('IFRS - IC') or by the former Standing Interpretations Committee ('SIC'), which have been adopted by the European Union on the account publication date.

The Board of Directors assessed the capacity of the Company, its subsidiaries, joint ventures and associates, to operate on a going concern basis, based on the entire relevant information, facts and circumstances, of a financial, commercial or other nature, including events subsequent to the financial statements' reference date, as available regarding the future. As a result of this assessment, the Board of Directors concluded that it has adequate resources to maintain its operations, which it does not intend to cease in the short term. Therefore, the use of the going concern basis in the preparation of the financial statements was deemed appropriate.

The attached consolidated financial statements were prepared from the accounting books and records of the company, its subsidiaries, joint ventures and associates, adjusted in the consolidation process, in the assumption of going concern basis. When preparing the consolidated financial statements, the Group used historic cost as its basis, modified, where applicable, via fair-value measurement of i) biological assets measured at fair value, ii) certain financial instruments, (iii) financial and non-financial assets and liabilities measured at fair value within the scope of the business combination, which are recorded at their fair value.

The preparation of the consolidated financial statements in compliance with the IFRS-EU requires the use of estimates, assumptions, and critical judgements in the process of determining accounting policies to be adopted by the Group, with significant impact on the book value of assets and liabilities, as well as on income and expenses for the period. Although these estimates are based on the best experience of the Board of Directors and on its best expectations regarding current and future events and actions, current and future results may differ from these estimates. Areas involving a higher degree of judgement or complexity, or areas with significant assumptions and estimates are disclosed in Note 2.4.

In addition, for financial reporting purposes, fair-value measurement is categorized in three levels (Level 1, 2 and 3), taking into account, among others, whether the data used are observable in an active market, as well as their meaning in terms of valuing assets / liabilities or disclosing them.

Fair value is the amount for which an asset can be exchanged or a liability can be settled, between knowledgeable and willing parties, in a transaction not involving a relationship between them, regardless whether this price can be directly observable or estimated, using other valuation techniques. When estimating the fair value of an asset or liability, the Group considers the features that market participants would also take into account when valuing the asset or liability on the measurement date.

Assets measured at fair value following initial recognition are grouped into 3 levels according to the possibility of observing their fair value in the market:

Level 1: fair value is determined based on active market prices for identical assets/liabilities;

Level 2: fair value is determined based on evaluation techniques. The assessment models' main inputs are observable in the market; and

Level 3: fair value is determined based on assessment models, whose main inputs are not observable in the market.

(i) Adoption of new standards and interpretations, amendments, or reviews

Up to the date for approving these financial statements, the European Union endorsed the following accounting standards, interpretations, amendments, and revisions, mandatorily applied to the financial year beginning on 1 January 2022:

Standard / Interpretation	Applicable in the European Union in the financial years initiated in or after
Amendments to IFRS 3 - References to the Framework for Financial Reporting	1-Jan-22	This amendment updates the references to the Conceptual Framework in the text of IFRS 3, with no changes being made to the accounting requirements for business combinations. It also clarifies the accounting treatment to be adopted in respect of liabilities and contingent liabilities under IAS 37 and IFRIC 21, incurred separately versus those included in a business combination. The amendment is of prospective application.
Amendments to IAS 16 - Income Earned Before Start of Operation	1-Jan-22	Clarifies the accounting treatment given to the consideration obtained with the sale of products that result from the production in test phase of tangible fixed assets, prohibiting their deduction from the acquisition cost of the assets. The entity recognizes the income obtained from the sale of such products and the costs of their production in the income statement.
Amendments to IAS 37 - Onerous Contracts - costs of fulfilling a contract	1-Jan-22	This amendment specifies that in assessing whether or not a contract is onerous, only expenses directly related to the performance of the contract can be considered, such as incremental costs related to direct labor and materials and the allocation of other directly related expenses such as the allocation of depreciation expenses for tangible assets used to perform the contract. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly charged to the counterparty in accordance with the contract. This amendment should be applied to contracts that, at the beginning of the first annual reporting period to which the amendment is applied, still include unfulfilled contractual obligations, without restating the comparative.

Amendments to IFRS 1 - Subsidiary as a first-time adopter of IFRS (included in the annual improvements for the 2018-2020 cycle))	1-Jan-22	This improvement clarifies that when the subsidiary elects to measure its assets and liabilities at the amounts included in the parent company's consolidated financial statements (assuming no adjustment to the consolidation process has occurred), the measurement of the cumulative translation differences of all foreign operations can be made at the amounts that would be recorded in the consolidated financial statements based on the parent company's date of transition to IFRS.
Amendments to IFRS 9 - Derecognition of Financial Liabilities - Fees to be included in the '10 percent' change test (included in the annual improvements for the 2018-2020 cycle)	1-Jan-22	This improvement clarifies which fees an entity should include when assessing whether the terms of a financial liability are substantially different from the terms of the original financial liability. Thus, in the scope of derecognition tests performed on renegotiated liabilities, only fees paid or received between the debtor and the creditor should be included, including fees paid or received by the debtor or the creditor on behalf of the other.
Amendments to IAS 41 - Taxation and fair value measurement (included in the annual improvements for the 2018-2020 cycle)	1-Jan-22	This improvement eliminates the requirement in paragraph 22 of IAS 41 to exclude cash flows related to income taxes from the fair value measurement of biological assets, ensuring consistency with the principles of IFRS 13.

There were no significant effects on the Group's financial statements for the year ended 31 December 2022, from the adoption of the above standards, interpretations, amendments and revisions.

(ii) Standards, interpretations, amendments, and revisions that will have mandatory application in the future economic exercises.

On the approval date of these financial statements, the following accounting standards and interpretations, to be mandatorily applied in future financial years, were endorsed by the European Union:

Standard / Interpretation	Applicable in the European Union in the financial years initiated in or after
IFRS 17 - Insurance Contracts; includes amendments to IFRS 17	1-Jan-23	IFRS 17 applies to all insurance contracts (i.e. life, non-life, direct insurance and reinsurance), regardless of the type of entity that issues them, as well as some guarantees and some financial instruments with discretionary participation features. In general terms, IFRS 17 provides an accounting model for insurance contracts that is more useful and more consistent for issuers. In contrast to the requirements of IFRS 4, which are based on previously adopted local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects.
Amendments to IFRS 17 - Insurance Contracts - Initial application of IFRS 17 and IFRS 9 - Comparative Information	1-Jan-23	This amendment to IFRS 17 relates to the presentation of comparative information for financial assets in the initial application of IFRS 17. The amendment adds a transition option that allows an entity to apply an 'overlay' to the classification of a financial asset in the comparative period(s) presented in initially applying IFRS 17. The overlay allows all financial assets, including those held in relation to non-contractual activities within the scope of IFRS 17 to be classified, instrument by instrument, in the comparative period(s) in a manner aligned with how the entity expects those assets to be classified on initial application of IFRS 9.

Amendments to IAS 1 - Disclosure of Accounting Policies	1-Jan-23	These amendments aim to assist the entity in disclosing 'material' accounting policies, previously referred to as 'significant' policies. However, due to the absence of this concept in IFRS, it was decided to replace it by the concept "materiality", a concept already known to users of financial statements. In assessing the materiality of accounting policies, the entity has to consider not only the size of the transactions but also other events or conditions and the nature of these.
Amendments to IAS 8 - Defining Accounting Estimates	1-Jan-23	The amendment clarifies the distinction between change in accounting estimate, change in accounting policy and correction of errors. In addition, it clarifies how an entity uses measurement techniques and inputs to develop accounting estimates.
Amendments to IAS 12 - Deferred Taxes related to Assets and Liabilities arising from a Single Transaction	1-Jan-23	The amendments clarify that payments that settle a liability are tax deductible, however it is a matter of professional judgment whether such deductions are attributable to the liability that is recognized in the financial statements or the related asset. This is important in determining whether there are temporary differences in the initial recognition of the asset or liability. Thus, the initial recognition exception is not applicable to transactions that have given rise to equal taxable and deductible temporary differences. It only applies if the recognition of a leasing asset and a leasing liability gives rise to taxable and deductible temporary differences that are not equal.

These amendments, although endorsed by the European Union, were not adopted by the Group in 2022, because its application is not yet mandatory. It is not expected that the future adoption of these amendments will have significant impacts on the financial statements.

(iii) New, amended, or revised standards and interpretation not adopted by the European Union

The following accounting standards and interpretations were issued by IASB and are not yet endorsed by the European Union:

Standard / Interpretation	Applicable in the European Union in the financial years begun on or after
Amendments to IAS 1 Presentation of financial statements - Classification of liabilities as current and non-current	1-Jan-24	This amendment aims to clarify the classification of liabilities as current or non-current balances depending on the rights that an entity has to defer its payment, at the end of each reporting period. The classification of liabilities is not affected by the entity's expectations (the assessment should determine whether a right exists, but should not consider whether the entity will or will not exercise that right), or by events occurring after the reporting date, such as the breach of a covenant. However, if the right to defer settlement for at least twelve months is subject to certain conditions being met after the reporting date, those criteria do not affect the right to defer settlement for the purpose of classifying a liability as current or non-current. This amendment also includes a new definition of "settlement" of a liability and it is of retrospective application.

Amendments to IFRS 16 - Lease Liabilities in Sale and Leaseback Transactions	1-Jan-24	This amendment specifies the requirements regarding the subsequent measurement of lease liabilities related to sale and leaseback transactions that qualify as "sale" under the principles of IFRS 15, with a focus on variable lease payments that do not depend on an index or rate. On subsequent measurement, seller-lessees should determine "lease payments" and "revised lease payments" In subsequently measuring lease liabilities, seller-lessees shall determine "lease payments" and "revised lease payments" in a manner that does not recognize any gain or loss related to the retained right-of-use. The application of these requirements does not prevent the seller-lessee from recognizing, in the income statement, any gain or loss related to the partial or total "sale" as required by paragraph 46(a) of IFRS 16.
		This amendment is of retrospective application.

These standards are yet to be endorsed by the European Union. As such, they were not applied by the Group in the fiscal year ended 31 December 2022.

Regarding these standards and interpretations, as issued by the IASB but yet to be endorsed by the European Union, it is not believed that their future adoption will entail significant impacts on the attached financial statements.

2.2 CONSOLIDATION PRINCIPLES

The consolidation principles adopted by the Altri Group in preparing its consolidated financial statements include the following:

a) Subsidiaries included in consolidation

Investments in companies in which the Altri Group holds the power to control their financial and operating policies, such that it manages to influence, as a result of its involvement, return from activities of the entity held as well as the ability to affect said return (definition of control used by the Group) are included in the consolidated financial statements using the full consolidation method.

When the Group owns less than a majority of the voting rights of an investee, it has control over the investee when the voting rights are sufficient to decide unilaterally on the relevant activities of its investee. The Group considers all relevant facts and circumstances when assessing whether the voting rights over the investee are sufficient to give it control, including also considering the existence of call options exercisable or becoming exercisable to enable the Group to exercise its power. Control is reassessed by the Group whenever facts and circumstances indicate that there are changes in one or more of the control conditions mentioned above.

The equity and net profit of these companies corresponding to third-party shareholding therein are shown separately in the consolidated statement of financial position and in the consolidated income statement under line items 'Non-controlling interests.' The companies included in the financial statements using the full consolidation method are disclosed in Note 4.1.

The total comprehensive income is attributed to the owners of the parent company and of the interests they do not control, even if this results in a deficit balance in terms of the interests not controlled by them.

The results of the subsidiaries acquired or sold during the financial year are included in the income statements from the date when control was taken or until the date when control was loss.

Whenever necessary, adjustments are made to the financial statements of subsidiaries in order to adapt their accounting policies to those used by the Group. Transactions, balances, cash flows and dividends distributed among Group companies are eliminated on the consolidation process, as well as, unrealized gains on transactions between Group companies. Unrealized losses are also eliminated, when they do not indicate an impairment of the transferred asset.

b) Investments in subsidiaries, joint ventures and associates

Financial investments in joint ventures are investments in entities that are the object of a joint agreement by all or by part of their holders, and the parties that have joint control of the agreement have rights over the entity's net assets. Joint control is obtained by contractual provision and exists only when the associated decisions have to be taken unanimously by the parties that share control.

In situations where the investment or financial interest and the contract concluded between the parties allows the entity to have direct joint control over the rights to hold the asset or obligations inherent in the liabilities related to that agreement, it is considered that such joint agreement does not correspond to a joint venture, but to a jointly controlled operation.

Investments in associates are investments where the Group wields significant influence, but in which it does not hold control or joint control. Significant influence (presumed when voting rights are between 20% to 50%) is the power to participate in the entity's financial and operational policy decisions, without, however, exercising joint control or control of those policies.

Financial investments in joint ventures and associates are recorded using the equity method.

In accordance with the equity method, these financial investments are initially recorded at acquisition cost or at fair value in case the entities are acquired via business combinations processes. Financial investments are subsequently adjusted by the amount corresponding to the Group's participation in the comprehensive income (including net income for the year) of the joint ventures and the associates, against other comprehensive income of the Group or of the gains or losses for the year, as applicable. In addition, the dividends of these companies are recorded as a decrease in the value of the investment, and the proportionate share in changes in equity is recorded as a change in the Group's equity.

The differences between the acquisition price and the fair value of the identifiable assets and liabilities of the joint ventures and the associates on the acquisition date, if positive, are recognized as Goodwill and maintained in the value of the financial investment in joint ventures and associates. If these differences are negative, they are recorded as income for the year under the item "Results related to investments", after reconfirmation of the fair value attributed (Note 2.2.c)).

Investments in joint ventures and associates are evaluated when there is an indication that the asset might be impaired, as impairment losses are recorded as an expense when shown to exist. When impairment losses recognised in previous financial years no longer exist, are reversed.

When the Group's share in joint ventures and associates's accumulated losses exceeds the amount at which the investment is recorded, the investment is reported as nil value, except when the Group has shouldered commitments towards the joint venture and associate. In such cases, a provision is recorded in order to fulfil those obligations.

Unrealised gains in transactions with joint ventures and associates are proportionally eliminated from the Group interest in the associate against the investment in those entities. Unrealised losses are similarly eliminated, but only to the extent there is no evidence of impairment of the transferred asset.

The accounting policies of joint ventures and associates are changed, whenever necessary, in order to make sure they are consistently applied by every Group company.

Investments in joint ventures and associates are disclosed in Note 4.2.

c) Business combinations and Goodwill

In a business combination, the differences between the acquisition price of investments in subsidiaries, plus the value of non-controlling interests, and the amount attributed to fair value of identifiable assets and liabilities of those companies on their acquisition date, when positive, are recorded as 'Goodwill' and, when negative, following a revaluation of the determination, are recorded directly in the income statements.

The Group performs, in a transaction-by-transaction basis, the concentration test to assess whether it is dealing with a purchase of assets or a concentration of business activities. That is, determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.

When the concentration test is met, or the above mentioned criteria are not met, the Group considers acquisition of a group of assets, being recorded as non-financial asset the difference between the net assets acquired and the acquisition cost.

The differences between the acquisition cost of investments in subsidiaries based abroad and the fair value of the identifiable assets and liabilities of those subsidiaries at the date of acquisition are recorded in the reporting currency of those subsidiaries, and converted to the Group's reporting currency (Euro) at the exchange rate in force at the date of the consolidated statement of financial position. Exchange rate differences arising from this translation are recorded under the equity caption "Currency translation reserve" included in the equity caption "Other reserves". In addition, when applicable, if there are intra-group loans whose repayment is not required in the near future, the respective exchange differences are recognized in equity under "Currency translation reserve", to the extent that they are understood to be part of the net investment in the subsidiary that use a currency other than the Euro.

The differences between the acquisition price of financial investments in joint ventures and associates and the amount attributed to the fair value of the identifiable assets and liabilities of these companies at the date of their acquisition, when positive, are maintained under the heading "Investments in joint ventures and associates" and, when negative, after a reconfirmation of the fair value attributed, they are recorded directly in the income statement, under the caption "Results related to investments".

The Altri Group, on a transaction-by-transaction basis (for each business combination), chooses to measure any non-controlling interest in the acquired company either at fair value or in the proportional part of non-controlling interests in the acquired company's identifiable net assets.

The amount of future contingent payments is recognised as a liability when combination occurs according to its fair value and afterwards adjusted at fair value through profit and loss. Any change to the initially recognised amount is recorded against the amount of Goodwill, but only if this occurs within the measuring period (12 months after the acquisition date) and if this is related to facts and circumstances that existed on the acquisition date. Otherwise, it has to be recorded against the income statement, unless said contingent payment is categorised as equity, in which case it should not be remeasured, and only at the time of the settlement thereof will the impact on equity be recognised.

Subsequent transactions involving the purchase or sale of interests in entities already controlled, without this resulting in a loss of control, are treated as transactions between holders of capital affecting only the equity line items, without impacting the line item 'Goodwill' or the income statement.

When a business combination is achieved in stages, the fair value on the previous acquisition date of interests held is remeasured to fair value on the date when control is gained, against the results of the period when control is achieved, thus affecting the determining of Goodwill or purchase price allocation.

At the time when a sales transaction generates a loss of control, that entity's assets and liabilities have to be derecognised, and any interest withheld at the disposed entity shall be remeasured at fair value, and any loss or gain resulting is recorded in the income statement.

The Group annually tests for the existence of Goodwill impairment. The recoverable amounts of the cash flow-generating units are determined based on the calculation of values in use. These calculations call for the use of assumptions that are based on estimates of future circumstances whose occurrence could be different from the estimate. Goodwill impairment losses cannot be reversed.

d) Conversion of financial statements of subsidiaries expressed in foreign currency

The assets and liabilities in the financial statements of subsidiaries that use a currency other than the Euro included in the consolidation are converted to Euro using the exchange rates on the date of the statement of financial position and the expenses and revenues, and cash flows are converted to Euro using the weighted average exchange rate occurring in the financial year. The resulting currency exchange difference is recorded under the 'Currency translation reserves' is included in the equity item "Other reserves".

The Goodwill amount and fair-value adjustments resulting from the acquisition of entities that use a currency other than the Euro are treated as assets and liabilities of that entity and transposed to Euro according to the applicable exchange rate at the end of the financial year.

Whenever a subsidiary that uses a currency other than the Euro is disposed of, the accumulated currency exchange difference is recognised in the income statement as a gain or loss in the disposal, if there is a loss of control, or transferred to non-controlling interests, if there is no loss of control.

The exchange rate used in converting the subsidiary's accounts from subsidiaries that use a currency other than the Euro was as follows:

2.3 MAIN RECOGNITION AND MEASUREMENT CRITERIA

The main recognition and measurement criteria used by the Altri Group in preparing its consolidated financial statements are as follows:

a) Intangible assets

Intangible assets are recorded at acquisition cost, net of depreciation and accumulated impairment losses. Intangible assets are recognised only if they are likely to result in future economic benefits for the Group, if they can be controlled by the Group, and if their value can be reasonably measured.

When acquired individually, intangible assets are recognised at cost, comprising: i) the purchase price, including costs with intellectual rights and fees after any discounts are deducted; and ii) any cost directly attributable to preparing the asset for its intended use.

When acquired in a business combination, and recognised separately from goodwill, intangible assets are initially recognised at their fair value at the acquisition date (which is considered as cost), determined under the application of the acquisition method, as foreseen in the IFRS 3 Business Combinations. After initial recognition, intangible assets acquired in a business combination are recorded at their cost less accumulated amortisation and impairment losses, on the same basis as intangible assets acquired separately.

Development expenses for which the Group is shown as being able to complete its development and begin its sell and/or use and relative to which the created asset is likely to generate future economic benefits, are capitalised. Development expenses that do not meet these criteria are recorded as expense in the period in which they are incurred.

Internal costs associated with software maintenance and development are recorded as expenses in the income statement when incurred, except when said expenses are directly associated with projects for which future economic benefits are likely to be generated for the Group. In such situations, expenses are capitalised as intangible assets.

Amortizations are calculated, after the assets are available for use, using the straight-line method in accordance with the estimated useful life period (generally 3 to 5 years).

b) Property, plant and equipment

Property, plant and equipment are recorded at acquisition cost, net of the corresponding depreciation as well as accumulated impairment losses.

The acquisition cost includes the asset's purchase price, expenses directly attributable to its acquisition, and charges with preparing the asset so that it can be readied for proper use. Borrowing

costs that are directly attributable to the acquisition or construction of assets are capitalized as part of the cost of these assets.

After the date when the assets are available for use, depreciation is calculated using the straight-line method in accordance with the estimated useful life period for each group of assets.

Depreciation rates used correspond to the following estimated useful life periods:

	Years
Land and natural resources	20 to 50
Buildings and other edifications	10 to 50
Plant and machinery	2 to 15
Vehicles	2 to 10
Office equipment	2 to 10
Other tangible assets	3 to 10

In the case of projects in a development stage, expenses are capitalised only when it is probable that the project will be effectively built, and it is probable that future economic benefits will flow to the Group. If there are changes in the regulatory framework or other circumstances that modify the expected completion of the project, the assets are derecognised and the respective impacts on expenses for the year are recognised.

The cost of self-constructed assets includes the cost of materials and direct labor, as well as any other costs directly attributable to developing the asset until its condition for use or sale.

Costs related to prospecting and attracting new business are recorded as an expense in the period in which they occur.

The liability is subsequently treated at amortized cost, with changes in the value of such payments recognized against the value of the corresponding assets, except for the financial effect of the discount or changes in the applicable discount rate, which is recognized as interest expense, in analogy to the treatment prescribed by IFRIC 1.

Impairment losses detected in the realisation amount of property, plant and equipment are recorded in the year when they are estimated, against the line item 'Provisions and impairment losses' in the income statement.

Maintenance and repair expenses that do not increase the assets' useful life or result in significant upgrades or improvements to components of property, plant and equipment are recorded as an expense in the financial year when they are incurred.

Property, plant and equipment in progress represent fixed assets still under construction, and are recorded at acquisition cost net of any impairment losses. These fixed assets are depreciated from the moment when they are available for use and under the necessary operating conditions, as intended by management.

Internal costs associated with project development are recorded as expenses in the income statement when incurred, except where these costs are directly associated with projects for which the generation of future economic benefits for the Group is probable. In these cases the costs are capitalized as tangible fixed assets.

Considering the substance of the transaction, land perpetual surface rights acquired are considered to be land.

Gains or losses resulting from the sale or write-off of the tangible fixed asset are determined as the difference between the sales price and the net book value on the disposal or write-off date. They are recorded in the income statement under the line items 'Other income' or 'Other expenses'.

The Group assesses assets for impairment whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, and at least annually, with the impairment recognized in the income statement (when applicable).

c) Investment properties

The Altri Group's investment properties correspond to properties not assigned to the Group's operations, and are not intended for use in the production or supply of goods or services, or for administrative purposes or for sale during the normal course of business.

The investment properties are initially measured at cost (including transaction costs) and are subsequently kept at acquisition or production cost, net of any accumulated impairment losses.

After the date when the goods are available for use, depreciation is calculated using the straight-line method in accordance with the estimated useful life period for each asset.

d) Right of Use

At the start of every agreement, the Group assesses whether the agreement is, or contains, a lease. That is, whether the right of use of a specific asset or assets is being transferred for a certain period of time in exchange for a payment.

The Group as lessee

The Group applies the same recognition and measurement method to every lease, except for shortterm leases and leases associated with low-value assets. The Group recognises a liability relative to lease payments and an asset identified as a right of use of the underlying asset.

(i) Right-of-use assets

On the lease start date (that is, the date from which the asset is available for use), the Group recognises an asset relative to right of use. 'Right-of-use assets' are measured at cost, net of depreciation and accumulated impairment losses, adjusted by remeasuring lease liability. The cost comprises the initial value of the lease liability adjusted for any lease payments made on or prior to the start date, on top of any initial direct costs incurred, as well as a cost estimate for dismantling and removing the underlying asset (as applicable), net of any incentive granted (as applicable).

The right-of-use asset is depreciated in twelfths, using the straight-line depreciation method, based on the lease term.

If ownership of the asset is transferred to the Group at the end of the lease period, or the cost includes a purchase option, depreciation is calculated by taking into account the asset's estimated useful life.

Right-of-use assets are also subject to impairment losses.

(ii) Lease liabilities

On the lease start date, the Group recognises a liability measured at the present value of the lease payments to be made throughout the agreement. Lease payments included in measuring lease liability include fixed payments, net of any incentives already received (where applicable) and variable payments associated with an index or rate. Where applicable, payments also include the cost of exercising a purchase option, which shall be exercised by the Group with reasonable certainty, and payments of penalties for ending the agreement, if the lease terms reflect the Group's exercising option.

The lease liability is measured at amortised cost, using the effective interest method. It is remeasured when changes occur to future payments derived from a change to the index or rate, as well as possible modifications to the lease agreements.

Variable payments not associated with any indices or rates are recognised as an expense during the financial year, in the financial year when the event or condition leading to the payment occurs.

Since the interest rate implicit in the contract is not readily determinable, the Group, for the calculation of the present value of future lease payments, uses the incremental interest rate at the inception date of the lease. This rate is determined by observing market data from composite bond interest rate curves with reference to the lease commencement date for similar maturities to the lease term. Thereafter, the amount of the lease liability is increased by accrued interest and reduced by rent payments made. Additionally, the amount is remeasured if there is any change in the terms of the agreement, the amount of the lease payments (e.g., changes in future payments caused by a change in an index or rate used to determine those payments) or a change in the valuation of a call option associated with the underlying asset.

(iii) Short-term leases and low-valua leases

The Group applies the recognition exemption to its assets' short-term leases (i.e., leases lasting up to 12 months and not containing a purchase option). The Group also applies the recognition exemption to leases of assets deemed to be of low value. Payments of short-term and low-value leases are recognised as an expense in the financial year, throughout the lease period.

e) Government grants or from other public bodies

Grants attributed as part of personnel training programmes, or production support, are recorded under the line item 'Other income' in the consolidated income statement for the financial year when said programmes are conducted, regardless of the date when they are received, when all necessary conditions have been fulfilled for receiving them.

Government grants related to fixed assets are recorded in the consolidated statement of financial position as 'Other current liabilities' and 'Other non-current liabilities' regarding short-term and medium-/long-term instalments, respectively, and recognised in the income statement proportionally to the depreciation of subsidised property, plant and equipment.

Grants pertaining to biological assets valued at fair value are only recognised in the income statement when their allocation is unconditional, that is, when the allocation's terms and conditions are all met.

Financial incentives received for funding property, plant and equipment are recorded under the line item 'Reimbursable government grants' of current and non-current liabilities in accordance with the repayment plan outlined by the allocating bodies.

f) Impairment of non-current assets, except goodwill

The Group's asset impairment is assessed on the date of every consolidated statement of financial position and whenever there is an event or change in circumstances indicating that the amount for which the asset is recorded might not be recoverable.

Whenever the amount for which the asset is recorded is higher than its recoverable amount, an impairment loss is recognised and recorded in the income statement under the line item 'Provisions and impairment losses.'

The recoverable amount is either the net sales price or the value in use, whichever is higher. The net sales price is the amount that would be obtained from the asset's disposal, in a transaction between independent knowledgeable entities, net of the costs directly attributable to the disposal. The value in use is the present value of estimated future cash flows that are expected to arise from the continuous use of the asset and from its disposal at the end of its useful life. The recoverable amount is estimated for each asset individually or, if not possible, for the cash-generating unit to which the asset belongs.

The reversal of impairment losses recognised in previous financial years is recorded when it is concluded that previously recognised impairment losses no longer exist or has decreased. The reversal of impairment losses is recognised in the income statement under the line item 'Provisions and impairment losses' This reversal of the impairment loss is made up to the limit of the amount that would have been recognised (net of amortisation or depreciation) had no impairment loss been recognised for that asset in prior years.

g) Borrowing costs

Financial expenses related to loans are generally recognised as an expense in the income statement in accordance on an accrual basis.

Financial expenses on loans directly related to the acquisition, construction or production of property, plant and equipment are capitalised as part of the cost of the asset. The capitalisation of these expenses begins after the start of preparation of the construction or development activities of the asset and is interrupted when those assets are available for use or at the end of the construction of the asset or when the project in question is suspended.

h) Inventories

The goods and raw materials, subsidiaries and consumables are valued at acquisition cost, net of the amount of quantity discounts granted by suppliers, which is lower than the corresponding market value.

Finished and intermediate goods, sub-products and work in progress are stated at production cost, including the cost of raw materials, direct labour and production overheads, which is lower than the corresponding market value. From this standpoint, harvested wood owned by the Group is valued at production cost, including costs incurred with cutting, gathering and transport of harvested wood owned, as well as the accumulated cost of plantation, maintenance and administrative expenses in proportion to the harvested area.

The Group proceeds to record the corresponding impairment losses in order to reduce, where applicable, inventories at their net realisable value or market price.

i) Biological assets

Part of the Altri Group's activity comprises the cultivation of various forest species, especially eucalyptus, which are basically used as raw materials for producing cellulosic fibers. The Altri Group owns several forests geared to these operations, which are categorised under the line item 'Biological assets.' The forest land owned by the Group is stated according to the accounting policy referred to under Note 2.3.b) and are given under the line item 'Property, plant and equipment' of the consolidated statement of financial position. Forest land not owned by the Altri Group and that is leased is measured according to the accounting policy referred to under Note 2.3.d) right of use, and is given under the line item 'Right-of-use assets' in the consolidated statement of financial position.

Biological assets are measured at fair value, except for the initial investment amount in the first two years, when they are measured at cost. After said date, the assets are measured at fair-value. Determining this fair value entails using the discounted cash-flow method, whose present value was obtained via an independent assessment conducted by an external entity. Said assessment took into consideration assumptions regarding the productivity of the forests and the sales price of lumber, less the costs of forest exploitation (cutting, forwarding and transportation), maintenance costs, forest management costs and rents (of owned and leased land), to which the method of discounting future cash flows using an estimated discount rate is applied.

The discount rate corresponds to the market interest rate, without inflation, in a manner consistent with the projection structure, determined taking into account the profitability that the Group expects to obtain from forestry assets, which are essentially intended to be incorporated into the Group's cellulosic fiber production.

Changes in estimates are recognised as changes in fair value of biological assets in the income statement.

Biological assets are evaluated according to level 3 of the fair-value hierarchy.

The value of wood is transferred to production costs when the corresponding wood, after it is cut, is incorporated in the end product. Cutting own wood is stated at the specific cost of each forest (or grove) when transferred to the operating facilities comprising the inventory.

j) Provisions

Provisions are recognised when, and only when, the Group has a present (legal or implicit) obligation resulting from a past event, it is likely that, to resolve this obligation, an outflow of resources occurs and the obligation amount can be reasonably estimated. Provisions are reviewed on the date of each consolidated statement of financial position and adjusted to reflect the best estimate on that date.

Provisions for restructuring expenses are recognised by the Group whenever a formal and detailed restructuring plan exists and has been communicated to the parties involved.

k) Pension supplements

(i) Defined benefit plans

Some of the Group's subsidiaries have committed to granting their employees cash benefits as retirement pension or disability supplements, which fall under established benefit plans.

To cover these liabilities, corresponding autonomous pension funds are in place, whose annual charges, determined according to actuarial calculations, are recorded as expenses or income for the financial year, in compliance with IAS 19 – 'Employee benefits.'

The effect of measuring liabilities according to established benefit plans, including actuarial gains and losses, and income from the plan's assets (where applicable) net of interest is recognised under Other comprehensive income. Such measurement is not the subject of reclassification to income statement in subsequent financial years.

The net interest is recognised in the income statement. The cost of past services is also recognised in the income statement, in the financial years when the services were provided by the employees.

Any deficient hedging from the autonomous pension funds in view of liabilities for past services is recorded as a liability in the Group's financial statements, in the caption "Pension liabilities".

When the asset situation of the autonomous pension funds is greater than the liabilities for past services, the Altri Group records an asset in its financial statements, to the extent where the differential corresponds to lesser allocation needs for pension funds in the future.

Actuarial liabilities are calculated according to the Projected Unit Credit Method, using actuarial and financial assumptions deemed appropriate (Note 32).

(ii) Defined contribution plans

From May 2014, the Group's subsidiaries have been providing these retirement supplements through defined contribution plans. The Group attributes its employees with permanent subordinated employment contracts a defined contribution pension plan. In accordance with this plan, the Group attributes to each permanent employee a percentage of his pensionable salary based on his length of service. The contribution to the Pension Fund varies each year depending on the Altri Group's results, and the contributions made are recorded as an expense in the period, thus no longer having any liability for future benefits related to the Pension Fund. The defined benefit plans are not contributory for its participants.

l) Financial instruments

(i) Financial assets and liabilities

Financial assets and liabilities are recognised in the Group's consolidated statement of financial position when it becomes part of the instrument's contractual provisions.

Financial assets and liabilities are initially measured at their fair value. Transaction costs directly attributable to the acquisition or issue of financial assets and liabilities (which are not financial assets and liabilities measured at fair value through income statement) are added to or deducted from the fair value of the financial asset and liability, as appropriate, in the initial recognition.

Transaction costs directly attributable to the acquisition of financial assets or liabilities recognised at fair value through the income statement are recognised immediately in the consolidated income statement.

(ii) Financial assets

All purchases and sales of financial assets are recognised on the date of signature of the respective purchase and sale contracts, regardless of the date of their financial settlement. All recognised

financial assets are subsequently measured at amortised cost or at their fair value, depending on the business model adopted by the Group and the characteristics of its contractual cash flows.

Classification of financial assets

1. Debt instruments and receivables

Fixed income debt instruments and receivables that meet the following conditions are subsequently measured at amortised cost:

• the financial asset is held taking into account a business model whose objective is to preserve it in order to receive its contractual cash flows; and
• the contractual terms of the financial asset generate, on specific dates, cash flows that are solely payments of principal and interest on the amount of principal outstanding.

The effective interest rate method is a method of calculating the amortised cost of a financial instrument and of allocating the corresponding interest during its life.

For financial assets that are not acquired or originated with impairment (i.e. assets impaired on initial recognition), the effective interest rate is the one that accurately discounts estimated future cash flows (including fees and commissions paid or received that are an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the instrument in its gross carrying amount at the date of its initial recognition.

The amortised cost of a financial asset is the amount by which it is measured on initial recognition net of principal repayments plus the accumulated amortisation, using the effective interest rate method, of any difference between that initial amount and the amount of its repayment, adjusted for any impairment losses.

Interest-related revenue is recognised in the consolidated income statement under the line item 'Financial income', using the effective interest rate method, for financial assets subsequently recorded at amortised cost or at fair value through income statement. Interest revenue is calculated by applying the effective interest rate to the financial asset's gross carrying amount.

Debt instruments and receivables that meet the following conditions are subsequently measured at fair value through other comprehensive income:

• the financial asset is held by considering a business model whose objective provides for both receiving its contractual cash flows and its disposal; and
• the contractual terms of the financial asset generate, on specific dates, cash flows that are solely payments of principal and interest on the amount of principal outstanding.

2. Capital instruments designated at fair value through other comprehensive income

In the initial recognition, the Group can make an irrevocable choice (on a financial-instrument-byfinancial-instrument basis) to state certain investments under equity instruments (shares) at fair value through other comprehensive income when these fulfil the definition of capital provided for under IAS 32 Financial instruments: Presentation and are not held for trading. Classification is determined on an instrument-by- instrument basis.

The fair-value designation through other comprehensive income is not permitted if the investment is held for trading purposes or when resulting from a contingent consideration recognised as part of a business combination.

A capital instrument is held for trading if:

• it is acquired mainly for the purpose of short-term disposal;
• in the initial recognition, it is part of a portfolio of identified financial instruments that the Group jointly manages and which shows an actual recent pattern of obtaining short-term gains; or
• if it is a derivative financial instrument (except if attributed to a hedging transaction).

Investments in equity instruments recognised at fair value through other comprehensive income are initially measured at their fair value plus transaction expenses. Subsequently, they are measured at their fair value with gains and losses arising from their change, as recognised under other comprehensive income. At the time of its disposal, the accumulated gain or loss generated with these financial instruments is not reclassified to the consolidated income statement, but, rather, merely transferred to the line item 'Retained Earnings', included in the equity caption "Other reserves".

Dividends associated with investments in equity instruments recognised at fair value through other comprehensive income are recognised in the consolidated income statement when they are attributed / resolved on, unless the same clearly represent a recovery on the part of the investment cost. Dividends are recorded in the consolidated income statement under the line item 'Financial income.'

3. Financial assets at fair value through profit or loss

Financial assets that do not meet the criteria for being measured at amortised cost or at fair value through other comprehensive income are measured at fair value through the income statement. These financial assets include financial assets held for trading, financial assets designated at the time of initial recognition as measured at fair value through profit or loss, or financial assets that are mandatorily measured at fair value.

Financial assets recorded at fair value through the income statement are measured at fair value obtained at the end of each reporting period. The corresponding gains or losses are recognised in the consolidated income statement, except if they are part of a hedging relationship.

Financial asset impairment

The Group recognises expected impairment losses for debt instruments measured at amortised cost or at fair value through other comprehensive income, as well as for trade receivables, of other receivables, and for assets associated with contracts with customers. Impairment loss of these assets is recorded according to expected impairment losses (expected credit losses) of those financial assets. The loss amount is recognised in the income statement for the financial year when this situation occurs.

The expected impairment loss amount for the aforementioned financial assets is updated on every reporting date in order to reflect the credit risk changes occurred since the initial recognition of the corresponding financial assets.

Expected impairment losses for financial assets measured at amortized cost (trade receivables and other receivables and assets associated with contracts with customers) are estimated using the uncollectability matrix based on Group debtors' credit history in the last few years, as well as from estimated future macroeconomic conditions.

According to the expected simplified approach, the Group recognises expected impairment losses for the economic life of trade receivables and other receivables (lifetime). Expected losses on these

financial assets are estimated using an impairment matrix based on the Group's historical experience of impairment losses, affected by specific prospective factors related to debtors' expected credit risk, by the evolving general economic conditions and by an evaluation of current and projected circumstances on the financial reporting date.

Measuring and recognising expected credit losses

Measuring expected impairment losses reflects the estimated likelihood of default, the likelihood of loss due to said default (i.e., the magnitude of loss in the event of default) and the Group's actual general exposure to said default. The Group considers default to be 60 days after the due date.

Assessment of the likelihood of default and of loss due to said default is based on existing historical information, adjusted for future estimated information as described above.

For financial assets, exposure to default is shown as the assets' gross book value on each reporting date. For financial assets, expected impairment loss is estimated as the difference between every contractual cash flow owed to the Group, as agreed upon between the parties, and the cash flows the Group expects to receive, discounted at the original effective interest rate.

The Group recognises gains and losses regarding impairments in the income statement for every financial instrument, with the corresponding adjustments to their book value via the line item of accumulated impairment losses in the consolidated statement of financial position.

Considering the Group's business model and strict credit control policy, bad debts have been almost non-existent.

The Group evaluates expected impairment losses, in accordance with IFRS 9.

The model used for determining impairments of receivables consists of the following:

• Trade receivables stratification by type of associated revenue;
• Analysis of the history of irrecoverable amounts and default for stated subpopulations;
• Segregation of outstanding balances, considering the existence of credit insurance and letters of credit or other credit enhancements;
• For balances not covered by credit enhancement, determining the historical rate of amounts not recovered in the last two years;
• Adjusting the rates obtained above with a forward-looking component based on future market evolution projections;
• Applying the rates obtained to trade receivables outstanding balances on the reporting date.

Moreover, the Group maintains impairments recognised in previous financial years as a result of specific past events and based on specific balances examined on a case-by-case basis.

The amounts given in the consolidated statement of financial position are net of accumulated impairment losses for bad debts that were estimated by the Group; therefore, they are at their fair value.

For every other situation and nature of balances receivable, the Group applies the general impairment model approach. On every reporting date, it assesses whether there was a significant increase in credit risk from the asset's initial recognition date. If credit risk did not increase, the Group calculates an impairment corresponding to the amount equivalent to expected losses within a 12-month period. If credit risk did increase, the Group calculates an impairment corresponding to the amount equivalent to

expected losses for every contractual cash flow up to the asset's maturity. The credit risk is assessed in accordance with the loans disclosed in the credit risk management policies.

Derecognition of financial assets

The Group derecognises a financial asset only when the asset's contractual cash-flow rights expire, or when transferring the financial asset and substantially every risk and benefit associated with its ownership to another entity. When substantially every risk and benefit arising from ownership of an asset is neither transferred nor retained, or control over the asset is not transferred, the Group keeps on recognising the transferred asset to the extent of its continued involvement. In this case, the Group also recognises the corresponding liability, the transferred asset and corresponding liability are measured on a basis that reflects the rights and obligations retained by the Group. If the Group retains substantially every risk and benefit associated with ownership of a transferred financial asset, the Group keeps on recognising said asset; in addition, it recognises a loan for the amount received in the meantime.

In derecognising a financial asset measured at amortised cost, the difference between its carrying amount and the sum of the retribution received and to be received is recognised in the consolidated statement of results.

On the other hand, when derecognising a financial asset represented by a capital instrument recorded at fair value through other comprehensive income, the accumulated gain or loss in the revaluation reserve is reclassified to the consolidated income statement.

However, in derecognising a financial asset represented by a capital instrument irrevocably designated in the initial recognition as recorded at fair value through other comprehensive income, the accumulated gain or loss in the revaluation reserve is not reclassified to the consolidated profit-andloss statement, but, rather, transferred to the line item 'Retained Earnings.'

Financial liabilities and equity instruments

Classification as financial liability or as an equity instrument

Financial liabilities and equity instruments are classified as liability or as equity according to the transaction's contractual substance.

Equity

The Group considered equity instruments to be those where the transaction's contractual support shows that the Group holds a residual interest in a set of assets after deducting a set of liabilities.

The equity instruments issued by the Group are recognised at the amount received, net of costs directly attributable to their issue.

The repurchase of equity instruments issued by the Group (own shares) is accounted for at its acquisition cost as a deduction from equity. Gains or losses inherent to disposal of own shares are recorded under the line item 'Other reserves.'

Financial liabilities

After initial recognition, every financial liability is subsequently measured at amortised cost or at fair value through income statement.

Financial liabilities subsequently measured at fair value

Financial liabilities are recorded at fair value through income statement when:

• the financial liability results from a contingent consideration arising from a business combination;
• when the liability is held for trading; or
• when the liability is designated to be recorded at fair value through income statement.

A financial liability is classified as held for trading if:

• it is acquired mainly for the purpose of short-term disposal; or
• in the initial recognition, it is part of a portfolio of identified financial instruments that the Group jointly manages and which shows an actual recent pattern of obtaining short-term gains; or
• if it is a derivative financial instrument (except if attributed to a hedging transaction).

Financial liabilities recorded at fair value through consolidated income statement are measured at their fair value with the corresponding gains or losses arising from their variation, as recognised in the consolidated income statement, except if assigned to hedging transactions.

Financial liabilities subsequently measured at amortised cost

Financial liabilities not designated for recording at fair value through consolidated income statement are subsequently measured at amortised cost using the effective interest rate method.

The effective interest rate method is a method of calculating the amortised cost of a financial liability and of allocating the corresponding interest during its life.

The effective interest rate is the one that accurately discounts estimated future cash flows (including fees and commissions paid or received that are an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the instrument in its gross carrying amount at the date of its initial recognition.

Types of financial liabilities

Loans in the form of commercial paper issues are categorised as non-current liabilities when they are guaranteed to be placed for more than one year, and the Group's Board of Directors intends to use this source of funding also for more than one year.

The other financial liabilities basically refer to lease liabilities, which are initially recorded at their fair value. Following their initial recognition, these financial liabilities are measured at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group's obligations are settled, cancelled or have expired.

The difference between the derecognised financial liability's carrying amount and the consideration paid or payable is recognised in the consolidated income statement.

When the Group and a given creditor exchange a debt instrument for another containing substantially different terms, said exchange is accounted for as a cancellation of the original financial liability and the recognition of a new financial liability.

Likewise, the Group accounts for substantial modifications to the terms of an existing liability, or to a part thereof, as a cancellation of the original financial liability and the recognition of a new financial liability.

If the modification is not substantial, the difference between: (i) the liability's carrying amount prior to modification; and (ii) the present value of future cash flows after modification is recognised in the consolidated income statement as a modification gain or loss.

Confirming

The Group contract confirming transactions with financial institutions, which can be considered as reverse factoring agreements. The Group does not use these agreements as a way to manage its liquidity needs, since the payment of invoices remains in place on their due date. On that date, the Group pays the financial institutions the amounts advanced.

Subsequently, and considering that these agreements do not give rise to a financial expense for the Group, the amounts of the invoices advanced to suppliers that sign on to these agreements are maintained in liabilities under the line item 'Trade Payables – securities payable.'

The liability is derecognised only when the underlying obligations are terminated through payment, are cancelled or expire.

Offsetting financial instruments

Financial assets and financial liabilities are offset and the corresponding net amount is shown under the consolidated statement of financial position if there is a present right of mandatory fulfilment to offset the recognised amounts and with the intention of either settling on a net basis or realising the asset and simultaneously settling the liability.

Derivative instruments and hedging accounting

Altri Group uses derivative instruments in managing its financial risks as a way to ensure hedging against said risks. Derivative instruments are not used for trading purposes.

The derivatives used by the Group defined as cash flow hedging instruments are interest rate hedging instruments on borrowings, exchange rate hedging instruments, pulp price hedging instruments, inflation rate hedging instruments, as well as energy price hedging instruments.

The risk is hedged in its entirety, there is no hedging of risk components, and no target hedging value is defined for these risks.

The Group only designates the spot element of forward contracts as a hedging instrument. The forward element is recognized in Other comprehensive income and accumulated in a separate component of equity.

The Group designates only the spot element of forward agreements as a hedging instrument. The forward element is recognised under Other comprehensive income and accumulated in a separate equity component.

The derivative financial instruments used for economic risk hedging purposes can be classified in the accounts as hedging instruments, provided they cumulatively meet the following conditions:

• (i) On the transaction start date, the hedging ratio is identified and formally documented, including identification of the hedged item, the hedging instrument and assessment of hedging effectiveness;
• (ii) The hedging ratio is expected to be highly effective, on the transaction start date and over the course of its life;
• (iii) The hedging effectiveness can be reliably measured on the transaction start date and over the course of its life;
• (iv) For cash-flow hedging transactions, the likelihood of its occurrence has to be high.

Whenever expectations of evolving interest rates or currency exchange rates so justify, the Group seeks to put under contract transactions protecting against unfavourable operations, using derivative instruments, such as, among others, interest rate swaps (IRS), interest rate and currency exchange rate collars or exchange rate forwards.

Selecting hedging instruments to be used basically states their features in terms of economic risks they seek to hedge. Also considered are the implications of including each additional instrument in existing derivative portfolio, namely effects in terms of volatility of results.

In the case of variable interest rate hedging instruments, the conditions established for these cash flow hedge instruments are identical to those of the corresponding loans in terms of the amount, maturity dates of the interest and repayment schedules of the loans and for these reasons they qualify as perfect hedges.

In the case of hedging instruments for exchange rate exposure, the Group contracts to hedge highly probable transactions and for a small portion of the expected total, so it is also understood that hedging strategies are highly effective.

In the case of pulp price hedging instruments, the price indexes to which the futures contracts hedging the pulp price are indexed are those most frequently used by the Group's subsidiaries as a reference for the sale price of their pulp, which is why it is understood that they also provide perfect hedging for highly probable transactions that are expected to occur in quantities greater than those contracted.

In the case of inflation rate hedging instruments, the Group considers only specific transactions where the price variation is indexed to inflation. The hedging instrument is contracted based on the best estimate of the associated future transactions and in order to minimize the sources of inefficiency, arising from the fact that the cash flows do not occur at the same moment and the fact that the transaction values subject to inflation variation are variable. As with interest rate fixing instruments, the Group contracts an index similar to that used to update the price of the hedged transaction.

In the case of energy price hedging instruments, the Group contracts to hedge highly probable transactions and for a portion of the total expected produced energy sales transaction, so the hedging strategies are also understood to be highly effective.

Hedging instruments are recorded at their fair value.

The determination of the fair value of these financial instruments is made with recourse to third party entities and validated by computer systems for the valuation of derivative instruments, based, in the case of swaps, on the update of future cash flows of the fixed and variable leg of the derivative instrument to the date of the consolidated statement of financial position.

Hedge accounting for derivative instruments is discontinued when the instrument matures or is sold, or when the future transaction is no longer highly probable.

Whenever a derivative instrument can no longer be qualified as a hedging instrument, the fair value differences recorded in equity under the caption "Hedging reserve" are transferred to profit or loss of the period or to the carrying amount of the asset that resulted from the hedged forecast transaction, and subsequent revaluations are recorded directly under the headings of the consolidated income statement.

In the case of hedges of highly probable future transactions, the cumulative amount in Other comprehensive income must remain if the hedged future cash flows are still expected to occur. Otherwise, the cumulative amount is reclassified immediately to the consolidated income statement as a reclassification adjustment. After the interruption, once the hedged cash flows occur, any cumulative amount remaining in equity under "Hedging reserves" should be accounted for according to the nature of the underlying transaction.

When embedded derivatives exist in other financial instruments or other contracts, they are treated as separate derivatives in situations in which the risks and characteristics are not closely related to the host contracts and in situations in which the contracts are not presented at fair value with unrealized gains or losses recorded in the consolidated income statement.

In cases where derivative instruments, although contracted for the specific purpose of hedging financial risks, do not meet the above requirements for classification as hedging instruments, changes in fair value directly affect the consolidated income statement, under the headings "Financial income" and "Financial expenses".

m) Cash and cash equivalents

The amounts included under the line item 'Cash and cash equivalents' correspond to cash amounts, bank deposits, term deposits, and other treasury applications, maturing in less than three months, and are subject to insignificant risk of change in value.

In terms of statement of cash-flows, the line item 'Cash and cash equivalents' also comprises bank overdrafts included under the current liability line item 'Bank loans.'

n) Statement of cash-flows

The statement of cash-flows is prepared according to IAS 7, using the direct method.

The statement of cash flows is categorised under operating (which include receipts from customers, payments to suppliers, payments to personnel and others related to operating activities), financing (which include payments and receipts related to borrowings, lease liabilities and dividend payments) and investment activities (which include acquisitions and disposals of investments in subsidiaries and receipts and payments arising from the purchase and sale of property, plant and equipment).

o) Contingent assets and liabilities

Contingent assets are possible assets that arise from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not fully under the control of the Group.

Contingent assets are not recognised in the Group's financial statements being disclosed only when a future economic benefit is likely to occur.

Contingent liabilities are defined by the Group as: (i) possible obligations arising from past events, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not under full control of the Group, or (ii) present obligations arising from past events but that are not recognised because it is unlikely that a cash flow affecting economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

Contingent liabilities are not recognised in the Group's financial statements and are actually disclosed unless the possibility of a cash outflow affecting future economic benefits is remote, in which case they are not disclosed at all.

p) Income tax

Income tax for the financial year is calculated based on the taxable results of the companies included in the consolidation and considers deferred taxation, in accordance with the tax regulations in force.

As of 31 December 2022, the subsidiaries included in the Altri Group's scope of consolidation using the full consolidation method, and which are based in Portugal, were taxed under the special taxation regime for groups of companies ("RETGS"), pursuant to art. 69 of the Portuguese Corporate Income Tax Code ("Código do Imposto sobre o Rendimento de Pessoas Coletivas").

Each of the companies taxed under the RETGS, record the income tax in their individual accounts against the Group Companies account. When subsidiaries contribute with losses, the amount of tax corresponding to the losses that will be offset by the profits of the other companies covered by this regime is recorded in the individual financial statements. If deferred tax assets relating to tax losses generated are recorded, the amount is recorded in the subsidiary against an account payable to Group entities.

The Group recognises the gain with tax incentives to investment in the form of tax breaks in accordance with the criteria set forth under 'IAS 12 – Income tax' for recognising gains with tax credits. This way, the gain is recognised at the time when the right to its use is obtained, while recognising a deferred tax asset if all of those tax credits cannot be used in the financial year and if, in the future, the company is expected to manage sufficient results to allow for their use.

Deferred taxes are calculated using the financial position statement liability method and reflect the temporary differences between the amount of assets and liabilities for accounting reporting purposes and the respective amounts for tax purposes. Deferred tax assets and liabilities are calculated and annually assessed using the tax rates in force or substantially in force at the expected date of reversal of temporary differences.

The measurement of deferred tax assets and liabilities:

– It is conducted in accordance with the expected rates to be applied in the period the asset is realised or the liability settled, based on the tax rates approved on the date of the statement of financial position; and

– It reflects the tax consequences arising from the way the Group expects, on the date of the consolidated statement of financial position, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets are recognised only when there are reasonable expectations of sufficient future tax profits for their use, or in situations where there are taxable temporary differences that offset the temporary differences deductible in the period of their reversal. At the end of each period, a review is made of these deferred taxes, which are reduced whenever their future use is no longer likely.

Deferred tax liabilities are recognised for every taxable temporary difference.

Deferred taxes are not recognised in respect to temporary differences associated with investments in associates, since the following conditions are simultaneously considered to be met:

• The Group is able to control the timing of the temporary difference reversal; and
• It is likely that the temporary difference will not be reversed in the foreseeable future.

Deferred taxes are recorded as expenses or income for the financial year, except if they result from amounts recorded directly in equity, in which case the deferred tax is recorded under the same line item.

q) Energy sector extraordinary contribution (CESE)

Law no. 83-C/2013 of the 2014 State Budget ("State Budget Law 2014"), approved by the Portuguese Government on 31 December 2013, introduced an extraordinary contribution applicable to the energy sector (CESE), with the objective of financing mechanisms that promote the systemic sustainability of the energy sector, through the constitution of a fund that aims to contribute to the reduction of tariff debt and to finance social and environmental policies in the energy sector. This contribution is generally concentrated on economic operators that carry out the following activities: (i) generation, transport or distribution of electricity; (ii) transportation, distribution, storage or wholesale supply of natural gas; and (iii) refining, treatment, storage, transportation, distribution and wholesale supply of oil and oil products.

CESE is calculated based on the companies' net assets as at January 1 of each year, which comply, cumulatively, to: (i) property, plant and equipment; (ii) intangible assets, except industrial property elements; and (iii) financial assets assigned to concessions or licensed activities. In the case of regulated activities, CESE focuses on the value of regulated assets if it is higher than the value of those assets.

The CESE regime was successively extended and became valid for 2022 through Law no. 99/2021 of 31 December.

The general rate is 0.85%, which is applied to the value of the net assets allocated to the activity (of each power plant), with reference to January 1 of the respective year.

For the fiscal year ended 31 December 2022 and 2021, the biomass plants whose power is less than 20 MW are exempt from CESE payments, which is why no tax has been determined or recorded for the plants whose exemption is applicable.

The annual expense related to CESE is recognized as a liability and recorded as a cost in the income statement under the line item "Energy sector extraordinary contribution", as at January 1 in accordance with IFRIC 21 - Levies.

r) Revenue

Revenue is measured in accordance with the retribution specified in the agreements established with customers and excludes any third-party amount received. This way, the Group recognises revenue when it transfers control over a given asset or service to the customer.

The Group's sources of revenue can be detailed as follows:

• (i) Cellulosic fibers sales of cellulosic fibers produced by Altri's three industrial plants.
• (ii) Energy sale of electricity to the national public grid.

Nature, performance obligations, and the time of recognising revenue

(i) Cellulosic fibers - In this business area, the Group enters into several supply contracts with private entities for cellulosic fibers with certain characteristics (namely, bleaching level). These are unique performance obligations that are fully satisfied with the delivery of the final product under the agreed conditions (namely, the incoterms agreed with the customer).

(ii) Energy - In this business area, the Group injects electricity into the grid from its cogeneration plants, which is also treated as a one-time performance obligation and revenue is recognized when control is transferred to the customer.

The Group recognises revenue according to IFRS 15, which sets forth that an entity recognises revenue in order to reflect the transfer of goods and services contracted by customers, in the retribution amount to which the entity expects to be entitled to receive as consideration for delivery of said goods or services, based on the five step model below:

• 1. contract identification with a client;
• 1. performance obligation identification;
• 1. pricing of the transaction;
• 1. allocation of the transaction price to performance obligation; and
• 1. recognition of revenue when or as the entity meets a performance obligation.

The revenue is measured at fair value of the consideration received or receivable of the goods and services sold in line with the Group's aforementioned types of business, net of bonuses, discounts (example: commercial discounts and quantity discounts) and taxes.

Commercial agreements with customers basically refer to the sale of goods and, to a limited extent, to shipment inherent to said goods, where applicable, and in accordance with the reported segments. Revenue is recognised by the amount of the performance obligation fulfilled.

Agreements with the Group's customers do not consider variable remunerations nor include significant financing components. In addition, there is no history of amendments to agreements or the combination of agreements.

Current agreements do not comprise additional associated guarantees. Furthermore, the costs of garnering customers are internal, in most cases, since the agreements are garnered by the Group's internal sales team.

The transaction price is a fixed component, according to the quantities sold.

Transfer of control occurs to the same extent the associated risks and benefits are transferred, according to the set contractual conditions. Transfer of control of goods mostly occurs when they are delivered at the customer's premises.

The Group considers the facts and circumstances when analysing the terms of each contract with clients, applying the requirements that determine the recognition and measurement of revenue in a harmonised way, when dealing with contracts with similar characteristics and circumstances.

Revenue related to the provision of services is recognized in accordance with IFRS 15, taking into account that the customer simultaneously receives and consumes the benefits generated by the Group.

Assets associated with contracts with customers

A customer agreement asset is a right to receive a retribution in exchange for goods or services transferred to the customer.

If the Group delivers the goods or provides the services to a customer before the customer pays the retribution or prior to the retribution falling due, the contractual asset corresponds to the conditional retribution amount.

Trade receivables

A receivable represents the Group's unconditional right (that is, it only depends on the passage of time until the retribution falls due) to receive the retribution.

Liabilities associated with agreements with customers

A customer agreement liability is the obligation to transfer goods or services for which the Group has received (or is entitled to receive) a retribution from a customer. If the customer pays the retribution before the Group transfers the goods or services, a contractual liability is recorded when payment is made or when it falls due (whichever happens first). Contractual liabilities are recognised as revenue when the Group fulfils its contractual performance obligations.

s. Accrual accounting basis

The remaining income and expenses are recorded on an accrual basis, whereby they are recognised as they are generated regardless of when they are received or paid. The differences between the amounts received and paid and the corresponding income and expenses generated are recorded under the line items 'Other current assets', 'Other current liabilities', 'Other non-current assets', and 'Other non-current liabilities.'

t. Balances and transactions expressed in foreign currency

All assets and liabilities expressed in foreign currency were converted to Euro using official currency exchange rates in force on the date of the consolidated statement of financial position.

Favourable and unfavourable currency exchange differences originated by the differences between currency exchange rates applicable on the transaction date and those applicable on the collection date, payments or on the date of the consolidated statement of financial position are recorded as income and expenses in the consolidated income statement for the financial year, except those regarding non-monetary amounts whose change in fair value is recorded directly in Equity.

u. Subsequent events

The events occurring after the date of the consolidated statement of financial position providing additional evidence or information regarding conditions that existed on the date of the consolidated statement of financial position (adjusting events) are reflected in the Group's financial statement. Events after the date of the consolidated statement of financial position that are indicative of the conditions that arose after the date of the consolidated statement of financial position (non-adjusting events), when material, are disclosed in the Notes to the financial statements.

v. Information by segments

In each period, the Group identifies the most adequate segment division taking into consideration the business areas in which the Group is present. Operating segment is a group of assets and operations of the Group whose financial information is used in the decision-making process developed by Group management.

The operating segments are presented in these financial statements in the same way as they are presented internally in the analysis of the evolution of the Group's activity.

The report's accounting policies by segments are those consistently used within the Group. Intersegmental sales and service provisions are all shown at market prices, and all these are eliminated on the consolidation process.

w. Assets held for sale or distribution and discontinued operations

This category includes assets or groups of assets whose corresponding value is realisable via a sales transaction or distribution or, jointly, as a group in a single transaction, and liabilities directly associated with these assets that are transferred in the same transaction. Assets and liabilities in this situation are measured at either the corresponding book value or the fair value net of selling costs, whichever is lower.

In order for this situation to occur, the sale needs to be highly likely (expected to be completed within 12 months), and the asset needs to be available for immediate sale or distribution under current conditions; moreover, the Group needs to have committed to said sale or distribution.

Amortization of assets under these conditions ceases from the moment when they are categorised as held for sale or distribution and are shown as current in appropriate lines for assets, liabilities and equity. A discontinued operating facility is a component (operating facilities and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, of the rest of the entity) of an entity that either was disposed of or is categorised as held for sale or distribution, and:

• (i) represents a major business line or separate geographical area of operations;
• (ii) it is an integral part of a single coordinated plan for disposing a major business line or separate geographical area of operations; or
• (iii) it is a subsidiary acquired solely for resale purposes.

The results of discontinued operating facilities are given as a single amount in the income statement, comprising gains or losses after taxes of the discontinued operating facilities, plus gains or losses after taxes recognised in the fair-value measurement net of selling costs or in the disposal of assets or of one or more group for disposal that constitute the discontinued operating facility.

Balances between continuing operations and discontinued operations are eliminated in the consolidation process. Transactions between continuing operations and discontinued operations are eliminated to the extent that they represent transactions that will no longer be carried out by the Group.

Distribution of Group of assets classified as held for distribution to shareholders

When the Group resolves to distribute a dividend in kind and has an obligation to distribute the related assets and liabilities to its shareholders, it must recognize a liability for the dividend payable.

The liability relating to the liability to pay a dividend must be recognized when the dividend has been duly approved and is no longer subject to the Group's discretion, which corresponds to the date on which the dividend proposal is approved at the General Meeting.

The Group shall measure the liability related to the responsibility for distributing dividends in kind to shareholders at the fair value of the assets and liabilities to be distributed.

When the Group settles the dividend payable, it shall recognize in profit or loss any difference between the carrying amount of the assets and liabilities distributed and the carrying amount of the dividend payable. This difference is presented in the consolidated income statement under "Profit after tax from discontinued operations".

If the distribution of net assets results in loss of control, the Group derecognizes the group of assets and liabilities of the subsidiary, any Non-controlling Interests and other Amounts recognized in other comprehensive income and accumulated in equity related to the group of assets and liabilities. In the event that the Group retains any interest in the former subsidiary, such interest is measured at fair value at the date when control is lost.

x. Environmental matters

Under the Kyoto Protocol, the European Union undertook to lower greenhouse gas emissions. Within this context, an EU Directive was issued, already reviewed, calling for the marketing of so-called 'CO² emission licenses' - CELE, already transposed to Portuguese law and which, from 1 January 2005, has been applicable to the pulp and paper industry, among others. This mechanism already has four implementation phases, the last of which, corresponding to the period 2021-2030, an intermediate target, included in the EU's strategic plan for climate neutrality by 2050, to reduce emissions attributed to the sectors covered by the ETS by 43% by 2030.

Through the publication of the Decree-law no. 12/2020, of 6 April 2020, the Portuguese Government distributed the "CO2 emission licenses" to the various Portuguese companies affected. As such, Group companies were granted said licenses free of charge for the emission of 89,132 tons of CO2 for the year 2022. If actual emissions exceed the granted 'CO2 emission licenses', the group will have to acquire the missing licenses in the market.

The delivery of "CO2 emission licenses", corresponding to the actual emissions made in a fiscal year, is made according to the historical data of the facilities, and this value may be adjusted annually depending on the level of activity. The values presented by the companies regarding the actual emissions made are subject to verification by an independent entity, duly accredited, in accordance with the applicable requirements.

Considering that these licenses pertain to the year 2022, based on provisional CO2 emission data, no significant expenses are expected for the Group as a result of this legislation coming into force for the financial year ended 31 December 2022.

As at 31 December 2022 and 2021, the financial statements do not record any environmental liabilities, nor is any environmental contingency disclosed, as the Board of Directors is convinced that, on that date, there are no obligations or contingencies arising from past events resulting in materially relevant expenses for the Altri Group.

2.4 JUDGEMENTS AND ESTIMATES

In preparing the consolidated financial statements, in accordance with the accounting standards in force (Note 2.1), the Group's Board of Directors adopted certain assumptions and estimates affecting assets and liabilities, as well as income and expenses incurred in relation to the reported periods. All of the estimates and assumptions by the Board of Directors were carried out based on their existing best knowledge, on the date of approval of financial statements, events, and ongoing transactions.

The main judgements and most significant estimates conducted and used in preparing consolidated financial statements include:

a) Determining fair value of biological assets

As mentioned under Note 2.3. i), the fair value of biological assets was determined using an independent assessment carried out by an external entity, which the Group's Board of Directors recognises as being competent and objective. In determining the fair value of biological assets, the discounted cash-flow method was used, which considered assumptions corresponding to the nature of assets under evaluation (Note 13). Changes to these assumptions could entail valuations/devaluations of these assets.

b) Impairment tests on non-current assets

Impairment analyses require determining fair value and / or the use value of the assets in question (or of some cash-generating units). This process calls for a high number of relevant judgements, namely estimating future cash flows associated with assets or with the corresponding cash-generating units and determining an appropriate discount rate for obtaining the present value of the aforementioned cash flows. In this regard, the Group once again established the requirement calling for use of the maximum possible amount of observable market data. It further established calculation monitoring mechanisms based on the critical challenge of reasonability of assumptions used, their coherence and consistency (in similar situations) (Note 11).

c) Determining fair value of derivative financial instruments

In stating financial instruments not traded in active markets valuation techniques have been used that were based on discounted cash-flow methods or on market transaction multiples.

Fair value of derivative financial instruments is generally determined by the entities from which they were hired (counterparties), being subject to independent validation using Bloomberg valuation models. The Group's Board of Directors recognizes the competence and objectivity of the counterparties (Note 30).

d) Calculation of the incremental interest rate in the lease agreements

As mentioned in Note 2.3 d), the Group uses its interest rate incremental to the lease start date, since the interest rate implicit in the contract is not readily determinable. Changes in this assumption may imply valuations / devaluations of these assets and liabilities (Note 10).

e) Calculating liability associated with pension funds

Liabilities with retirement pensions are estimated based on actuarial assessments conducted by external experts certified by the Insurance and Pension Funds Supervisory Authority. Those assessments comprise a set of financial and actuarial assumptions, namely discount rate, as well as tables showing mortality, disability, growth of pensions and wages, among others. The assumptions adopted in determining pension liabilities correspond to the best estimate by the Group's Board of Directors regarding the future behaviour of the aforementioned variables (Note 32).

f) Determining impairment losses in receivables

Impairment losses in receivables are determined as shown under Note 2.3 l). This way, determining impairment through individual analysis amounts to the Group's judgement regarding the economic and financial situation of its customers and to its estimate on the value attributed to any existing guarantees, with the subsequent impact on expected future cash flows. On the other hand, expected impairment losses in credit granted are determined considering a set of historical information and assumptions, which might not be representative of the future uncollectability from the Group's debtors (Note 15).

g) Useful lives of property, plant and equipment, and intangible fixed assets

As mentioned in Notes 2.3. a) and b), the Group revises the estimated useful lives of its tangible and intangible assets on each reporting date. Assets' useful lives depend on several factors related both to their use and to the Group's strategic decisions, and even to the economic environment of the various companies included in the scope of consolidation.

Estimates and assumptions were determined based on the best available information on the date when consolidated financial statements are prepared and on the basis of the best knowledge and on experience with past and/or current events. However, there are situations that could occur in subsequent periods which, while not foreseeable on that date, were not considered in those estimates. For this reason and given the degree of uncertainty associated, the actual results of the transactions in question may differ from the corresponding estimates. Changes to those estimates, which occur subsequent to the date of the consolidated financial statements, will be corrected in the consolidated income statement on a prospective basis, as provided for under IAS 8 – Accounting Policies, Changes to Accounting Estimates and Errors.

2.5. CHANGES IN ACCOUNTING POLICY AND ERROR CORRECTION

Regarding new standards, interpretations, amendments and revisions to IFRS, see Note 2.1.

During the financial year, there were no voluntary changes in accounting policies. Likewise, no material errors were recognised in relation to previous financial years.

3. FINANCIAL RISK MANAGEMENT

The Altri Group is basically exposed to: (a) market risk; (b) liquidity risk; (c) credit risk; and (d) capital risk. The risk related to sustainability, ESG (Environmental, Social and Governance) and climate change is addressed in the Group's Integrated Report. The main objective of the Board of Directors consists of reducing these risks to a level deemed acceptable for carrying on the Group's business. The risk management policy's guiding principles are outlined by Altri's Board of Directors, which determines acceptable risk limits. The operational implementation of the risk management policy is carried out by the Board of Directors and by the Management at each participated company.

a) Market Risk

The current unfavourable macroeconomic environment, marked by widespread cost inflation, rising interest rates, geopolitical risks and uncertainties regarding its future evolution, as a result of the combination of several effects, namely the pandemic and the armed conflict between Ukraine and Russia, poses significant challenges to companies and their operations.

The Board of Directors is monitoring the impacts of the current macroeconomic environment on the Group's chain of operations, ensuring that mitigating measures are implemented to minimize, where possible, the negative effects and uncertainty that threaten global economic stability.

The increase in the price of natural gas, the increase in the price of chemicals and the increase in the cost of wood, largely related to the higher level of imports, have been the main factors contributing to a relevant increase in production costs. During the year, the Group sought to find solutions to mitigate these effects, and began implementing a number of measures, relating to the use of alternative energy sources to natural gas, investments in the efficiency of operations to reduce the specific consumption of wood and the installation of photovoltaic power generation capacity.

Additionally, when it deems necessary, the Group uses derivative instruments in managing its market risks to which it is exposed as a way of guaranteeing their hedging. Derivative instruments are not used for trading or speculation purposes.

For the Altri Group, as part of market risk management, particularly important risks are interest rate risk, currency exchange rate risk, the risk of commodity price variability and the risk related to forest management and to eucalyptus production.

i) Interest rate risk

The Group's exposure to the interest rate risk results essentially from Euribor-indexed long-term loans.

The Group uses derivative instruments or similar transactions for the purpose of hedging interest rate risks deemed significant. Three principles are used in selecting and determining interest rate hedging instruments:

• For every derivative or hedging instrument used for protecting against risk associated with a given financing, there was an overlap of the dates of interest flows paid in the hedged financing and the settlement dates under the hedging instruments;
• Perfect equivalence between the basic rates: the indexing used in the derivative or hedging instrument should be the same as that which applies to the financing/transaction being hedged; and

• Since the start of the transaction, the maximum indebtedness cost, resulting from the hedging operation performed, is known and limited, even in scenarios of extreme changes in market interest rates, so that the resulting interest rates are within the cost of the funds considered in the Group's business plan.

Since the Altri Group's major indebtedness is indexed at variable rates, interest rate swaps are used, when such is deemed necessary, as a way to protect against future cash flow changes associated with interest payments. The economic effect of the interest rate swaps put under contract consists of taking the corresponding loans associated with variable rates and converting them to fixed rates. Under these agreements, the Group agrees with third parties (Banks) on the exchange, in pre-set time periods, of the difference between the amount of interest calculated at the fixed rate under contract and at the variable rate of the reset time, in reference to the corresponding notional amounts agreed upon.

The hedging instrument counterparties are limited to credit institutions of high credit quality. It is the Group's policy to favour putting these instruments under contract with banking entities that are part of its financing operations. For the purpose of determining the counterparty in one-time operations, the Altri Group asks for propositions and indicative prices to be submitted to a representative number of banks so as to ensure adequate competitiveness for these operations.

In determining fair value of hedging operations, the Altri Group uses certain methods, such as option assessment models and future cash-flow updating models, while using certain assumptions based on the conditions of prevailing market interest rates on the date of the consolidated statement of financial position. Comparative quotes from financial institutions, for specific or similar instruments, are used as an assessment benchmark.

The Altri Group's Board of Directors approves the terms and conditions of financing deemed material for the Group. As such, it examines the debt structure, the inherent risks and the different existing options in the market, namely regarding the type of interest rate (fixed/variable).

The Group's goal is to limit cash-flow volatility and results, considering the profile of its operating business by using an appropriate combination of debt to fixed and variable rate. The Group's policy allows using interest rate derivatives in order to reduce exposure to changes in Euribor, not for speculation purposes.

Most derivative instruments used by the Group in managing interest rate risk are established as cashflow hedging instruments, as they provide perfect hedging. The index, calculation conventions, the interest rate hedging instruments, and interest rate hedging instrument repayment plans are altogether identical to the conditions set forth for contracted underlying loans. However, there are some derivative instruments which, despite having been put under contract for interest rate risk hedging purposes, do not fulfil the aforementioned requirements for categorising as hedging instruments.

In the financial years ended 31 December 2022 and 2021, the Group's sensitivity to changes in the interest rate benchmark of one percentage point more or less, measured as the change in the financial results, can be analysed as follows, without considering the effect of derivative financial instrument hedging and the fixed rate debt (Note 30):

	31.12.2022	31.12.2021
Interest expenses (Note 37)	10,480,598	9,553,573
A 1 p.p. decrease in the interest rate applied to the entire debt	(5,590,000)	(5,830,000)
A 1 p.p. increase in the interest rate applied to the entire debt	5,590,000	5,830,000

The sensitivity analysis above was calculated based on the exposure to the existing interest rate on the date ending each financial year. This analysis' basic assumption was that the financing structure (remunerated assets and liabilities) remained stable throughout the year and similar to that shown at the end of every financial year, with the rest remaining constant.

ii) Foreign exchange risk

The Group is exposed to foreign exchange risk in transactions regarding the sales of finished products in international markets in a currency other than the Euro.

As at 31 December 2022 and 2021, the balances in Euro expressed in a currency other than the Euro for continued activities are as follows:

	31.12.2022		31.12.2021
	(USD)	(SEK, GBP and CHF)	(USD)	(SEK, GBP and CHF)
Receivables	64,786,733	29,726	53,224,281	41,886
Payables	(10,584,372)	(72,586)	(3,998,115)	(45,573)
Bank deposits (Note 19)	21,753,767	253,447	10,184,554	493,139
	75,956,128	210,587	59,410,720	489,452

The Group's Board of Directors believes that any changes in foreign exchange rate will not have a significant effect on the consolidated financial statements, both given the dimension of the assets and liabilities expressed in foreign currency and given their short maturity.

Whenever the Board of Directors deems necessary, to reduce the volatility of its results to exchange rate variability, exposure is controlled through a term currency purchase and sell programme (forwards) or other foreign exchange derivative instruments (Note 30).

iii) Commodity price variability risk

Because it carries out its activity in a sector where commodities (cellulosic fibers) are traded, the Group is particularly exposed to price variations, with the corresponding impact on results. However, to manage this risk, paper pulp price variation hedging agreements were concluded, in the amounts and values deemed suited to the expected operations, thereby mitigating the volatility of their results.

The 5% increase/decrease in the price of pulp marketed by the Altri Group during the financial year ended 31 December 2022 would have entailed an increase/decrease in operating results¹ of around 44.2 million Euro (33.1 million Euro as at 31 December 2021), without considering the effect of pulp price derivatives (Note 30) and with everything else remaining constant.

iv) Risk related to forest management and growing eucalyptus

¹ Operating results = Profit before income tax and CESE, Financial results and related to investments

Altri, through its subsidiaries, has under its management in Portugal a forestry estate of about 90.4 thousand hectares, of which eucalyptus accounts for 80%. Most of this forest area is certified by the FSC ® (Forest Stewardship Council®² ) and by the PEFC (Programme for the Endorsement of Forest Certification), which set out principles and criteria for assessing the sustainability of forest management from the economic, environmental and social viewpoints.

In this context, all forestry activities are geared towards the optimisation of the available resources, safeguarding the environmental stability and the ecological values present in its assets and guaranteeing their development.

The risks associated with any forestry activity are also present in the management of the subsidiary Altri Florestal. Forest fires, as well as the pests and diseases which can occur in the different forests spread throughout the Portuguese territory are the greatest risks faced by the sector in which it operates. These threats, if they do occur, affect the normal operation of forest holdings and the efficiency of production according to their intensity.

In order to prevent and reduce the impact of forest fires, Altri Florestal is part of an economic interest group called Afocelca, in partnership with the Navigator Group, whose purpose is to provide, coordinate and manage the means available for fighting fires. On the other hand, it makes significant investments to clear forest areas in order to reduce the risks of fire propagation, as well as to reduce possible losses.

The occurrence of pests and diseases can significantly reduce the growth of forest stands, causing irreversible productivity damages. Integrated control procedures have been put in place to combat pests and diseases, either by releasing specific parasitoids from Australia or through the use of plant protection products to control harmful insect populations, and reduce the negative impact of their presence. On the other hand, in the most affected areas, the subsidiary Altri Florestal is using new plantations with more suitable genetic material that, due to their characteristics, are better able to resist against pests and illnesses.

The 5% increase/decrease in the wood buying price during the financial year ended 31 December 2022 would have entailed an increase/decrease in operating results of around 13.2 million Euro (10.7 million Euro as at 31 December 2021), with all the rest remaining constant.

b) Liquidity Risk

The main objective of the liquidity risk management policy is to ensure that the Group has, at all times, the necessary financial resources to meet its responsibilities and to pursue the strategies outlined in compliance with all its commitments to third parties, as they become due, by adequately managing the maturity of the corresponding loans.

Thus, the Group pursues an active refinancing policy guided by: (i) maintaining a high level of free and readily available resources to address short-term needs; and (ii) extending or maintaining debt maturity according to expected cash flows and the leveraging capability of its statement of financial position.

Liquidity analysis for financial instruments is shown in the note pertaining to each category of financial liabilities.

c) Credit Risk

2 FSC-C004615

The Group is exposed to credit risk as part of its current operating activity. This risk is controlled through a qualitative financial information-gathering system. Such information is provided by renowned entities providing risk information, thereby enabling an assessment of customer viability in fulfilling its obligations, with the aim of reducing loan-granting risk.

The credit risk assessment is carried out on a regular basis, taking into account the economic conditions at any given time and the specific credit position of each of the companies, adopting corrective procedures where appropriate.

Credit risk is limited by managing risk combination and careful selection of counterparties as well as by taking out credit insurance with specialised institutions and which cover a significant part of the credit granted as a result of the business carried on by the Group.

Nearly all the sales not covered by credit insurance are covered by other credit enhancements, namely, bank guarantees or documentary credits (Note 15).

d) Capital risk

The Altri Group's capital structure, determined by the proportion between equity and net debt, is managed so as to make sure its operating activities continue and it carries on its business, while maximising shareholder return and optimising financing expenses.

The Group periodically monitors its capital structure, by identifying risks, opportunities and measured adjustment needs aimed at achieving the aforementioned goals.

As at 31 December 2022 and 2021, the Altri Group presents an accounting gearing of 148% and 116%, respectively.

Gearing = total equity / net debt, where net debt is the algebraic sum of the following line items of the consolidated statement of financial position: other loans; bank loans; reimbursable government grants; lease liability and (-) Cash and cash equivalents. For the purposes of calculating this ratio, the items other loans; bank loans; lease liabilities and (-) cash and cash equivalents from discontinued activities were included.

Under the line item "Cash and Cash Equivalents", the Group shows a figure of around 74% of its current liabilities.

4. INVESTMENTS

4.1 SUBSIDIARIES INCLUDED IN CONSOLIDATION

The subsidiaries included in consolidation by the integral method, its respective registered offices, proportion of capital held and main activity as at 31 December 2022 and 2021 are as follows:

Company	Registered office	Effective held percentage	Effective held percentage	Main activity
		2022	2021
Parent company:
Altri, SGPS, S.A.	Portugal			Holding (company)
Subsidiaries:
Altri Abastecimento de Madeira, S.A.	Portugal	100.00%	100.00%	Timber commercialization
Altri, Participaciones Y Trading, S.L.	Spain	100.00%	100.00%	Commercialization of cellulosic fibers
Altri Sales, S.A.	Switzerland	100.00%	100.00%	Group management support services
Celbi, S.A. (a)	Portugal	100.00%	100.00%	Production and commercialization of cellulosic fibers
Altri Florestal, S.A.	Portugal	100.00%	100.00%	Forest management
Inflora – Sociedade de Investimentos Florestais, S.A.	Portugal	100.00%	100.00%	Forest management
Viveiros do Furadouro Unipessoal, Lda.	Portugal	100.00%	100.00%	Plant production in nurseries and services related with forest and landscapes
Florestsul, S.A.	Portugal	100.00%	100.00%	Forest management
Caima Energia – Empresa de Gestão e Exploração de Energia, S.A. (b)	Portugal	—%	100.00%	Generation of thermal energy and electricity
Caima, S.A. (c)	Portugal	100.00%	100.00%	Production and commercialization of cellulosic fibers
Captaraíz Unipessoal, Lda.	Portugal	100.00%	100.00%	Real estate
Biotek, S.A.	Portugal	100.00%	100.00%	Production and commercialization of cellulosic fibers
Sociedade Imobiliária Porto Seguro – Investimentos Imobiliários, S.A.	Portugal	100.00%	100.00%	Real estate
Biogama, S.A.	Portugal	100.00%	100.00%	Holding (company)
Greenfiber, S.L. (d)	Spain	75.00%	—%	Production and commercialization of cellulosic fibers
Greenvolt- Energias Renováveis, S.A. and its subsidiaries (e)	Portugal	(e)	58.72%	Electricity generation and holding company

(a) Formerly known as Celulose Beira Industrial (Celbi), S.A.

(b) Split-merger of Caima Energia into Celbi, S.A. and Caima, S.A.

(c) Formerly known as Caima - Indústria de Celulose, S.A.

(d) Company incorporated in the third quarter of 2022 (Note 6)

(e) Loss of control of Greenvolt and subsidiaries on 25 May 2022 (Note 6)

These companies were included in the Altri Group's consolidated financial statements using the full consolidation method, as disclosed in Note 2.2 a).

4.2 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

Joint ventures and associates, registered offices, proportion of capital held, main activity and value in the consolidated statement of financial position as at 31 December 2022 and 2021 are as follows:

Company	Registered office	Statement of financial position		Effective shareholding percentage		Main activity
		2022	2021	2022	2021
Pulpchem Logistics, A.C.E.	Lavos, Portugal	—	—	50.00 %	50.00 %	Purchases of materials, subsidiary materials and services used in pulp and paper production processes
Afocelca - Agrupamento complementar de empresas para protecção contra incêndios, ACE	Herdade da Caniceira, Portugal	—	—	35.20 %	35.20 %	Provision of forest fire prevention and fighting services
C.V. Scheepvaartonderneming Schouwenbank (a)	Delfzijl, Netherlands	882,022	—	23.08 %	— %	Management of freight vessels destined for ocean going shipping
Investments in joint ventures		882,022	—
Operfoz - Operadores do Porto da Figueira da Foz, Lda.	Figueira da Foz, Portugal	837,124	758,652	33.33 %	33.33 %	Port operations
Investments in associates		837,124	758,652
Total		1,719,146	758,652

(a) Company incorporated in the second quarter of 2022

In the joint ventures presented, resolutions at the General Meeting are taken unanimously, and at the Board of Directors the number of members is equal or the resolutions are taken unanimously, with the parties having joint control. Joint ventures and associates have been included in the consolidated financial statements using the equity method, as indicated in Note 2.2 b).

The movements in the balance of this line item in the financial years ended 31 December 2022 and 2021 are detailed as follows:

		Statement of Financial position		Statement of Financial position
	31.12.2022			31.12.2021
	Operfoz	Schouwen bank	Total	Operfoz	Perfecta Consumer Finance (a)	V-Ridium Group (b)	Total
Opening balance	758,652	—	758,652	755,583	—	—	755,583
Acquisition of subsidiaries (Note 6)	—	—	—	—	602,589	2,169,953	2,772,542
Additions	—	900,000	900,000	—	571,650	3,207	574,857
Changes in currency exchange rate	—	—	—	—	—	(35,649)	(35,649)
Equity method:
Effects on gains and losses pertaining to joint ventures and associates (Note 38)	78,472	(17,978)	60,494	3,069	16,498	(292,702)	(273,135)
Transfer to discontinued activities (Note 7)	—	—	—	—		(1,190,737) (1,844,809) (3,035,546)
Closing balance	837,124	882,022	1,719,146	758,652	—	—	758,652

(a) Investment in Perfecta Consumer Finance, S.L., is a joint venture acquired on the date of acquisition of Tresa Energia, S.L. (Perfecta Energia), and was 65% owned by this entity.

(b) Investments in the entities, Augusta Energy Sp. z o.o. Group, VRW 6 Żółkiewka Sp. z o.o., VRW 7 Kluczbork Sp. z o.o., CGE 25 Sp. z o.o. and CGE 36 Sp. z o.o., are joint ventures acquired via acquisition from V-Ridium Group on 14 July 2021, and were indirectly 50% owned by the subsidiary of Greenvolt, V-Ridium Power Group. And also investment in the entity Tarnawa Solar Park Sp. z o.o., which is a joint venture acquired after 14 July 2021 (the date of acquisition of V-Ridium Group), and was indirectly 51% owned by the subsidiary of Greenvolt, V-Ridium Power Group.

As at 31 December 2022 and 2021, the net book value of the Group's investments in joint ventures and associates is reconciled as follows:

		31.12.2022
	Operfoz	Schouwenbank	Operfoz
Equity	2,511,374	3,822,094	2,275,957
Percentage of share capital held	33.33%	23.08%	33.33%
The group's share quota in equity	837,124	882,022	758,652
Goodwill included in the net book value of the investment	—	—	—
	837,124	882,022	758,652

As of 31 December 2022 and 2021, the summary financial information of joint ventures and associates, excluding investments that have been transferred to discontinued activities, can be detailed as follows:

	31.12.2022		31.12.2021
	Associate	Joint ventures	Associate	Joint ventures
Non-current assets	5,612,511	6,450,920	4,072,877	1,984
Current assets	1,676,246	17,134,107	2,014,297	6,487,447
Non-current liabilities	3,044,839	3,018,500	2,197,833	—
Current liabilities	1,732,544	16,744,433	1,613,384	6,489,431
Equity	2,511,374	3,822,094	2,275,957	—
Turnover	6,048,603	81,138,017	5,369,121	37,000,334
Net profit for the year	235,417	(77,906)	9,205	—

The accounting policies of joint ventures and associates do not differ significantly from those of the Altri Group, for which reason there was no need for any harmonization of accounting policies.

5. CHANGES IN THE COMPARATIVE PERIOD

During 2022, the Group, as a result of having concluded the valuation processes that were pending concerning business combinations carried out by Greenvolt during the 2021 fiscal year, as required by IFRS-EU, reassessed the business combination processes. In this context, the main impacts of the changes made are detailed as follows:

i. Purchase Price Allocation (Tilbury Green Power Holdings - acquisition date 30 June 2021)

As mentioned in the consolidated financial statements for the year ended 31 December 2021, the Group proceeded with the process of allocating the price of Tilbury's acquisition price, being that, with reference to 31 December 2021, there were technical aspects under analysis, so the calculation of the Goodwill at that date was provisional (and may be changed depending on the conclusion of the valuation analysis).

During 2022, the Group completed the fair value analysis of the intangibles acquired in the aforementioned business combination, having recorded the process of allocation of the acquisition price of Tilbury in a definitive basis (the difference between the price paid and the fair value of assets acquired and liabilities and contingent liabilities assumed was allocated to Goodwill). The conclusion

of this process led to the following impacts on the consolidated statement of financial position as of 31 December 2021:

• a. an increase in the caption "Group of assets classified as held for distribution to shareholders" in the amount of 2,716,538 Euro (through a decrease in Goodwill from discontinued activities in the amount of 9,825,916 Euro and an increase in intangible assets from discontinued activities in the amount of 12,542,454 Euro); and
• b. an increase in the caption "Liabilities directly associated with the group of assets classified as held for distribution to shareholders" in the amount of 3,081,539 Euro (through an increase in deferred tax liabilities from discontinued activities in the amount of 3,081,539 Euro).

The revision of the consolidated financial statements was made with reference to 30 June 2021, the acquisition date of the entity, and therefore were also changed:

• a. the "Profit after tax from discontinued operations" as of 31 December 2021, which decreased by 360,109 Euro (through an increase in amortization for the year associated with revalued intangible assets from discontinued activities and a reduction in income tax for the period from discontinued activities, reflecting the tax impact of the increase in amortization);
• b. the caption "Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders" as of 31 December 2021, which decreased in the amount of 1,465 Euro in the component allocated to the shareholders of the Parent Company, related to the impact in currency translation reserves; and
• c. the caption "Non-controlling interests" as of 31 December 2021, which decreased by 255,692 Euro (of which 252,265 Euro are the impact that occurred under the caption "Profit after tax from discontinued operations" and 3,427 Euro are the impact on currency translation reserves).

ii. Allocation of the acquisition price (Perfecta Energía - acquisition date 25 October 2021)

The acquisition of Perfecta Energía took place on 25 October 2021, therefore the revision of the consolidated financial statements was made with reference to 31 December 2021. During 2022, the Group recorded the acquisition price allocation process in a definitive way, having allocated to Goodwill the difference between the price paid and the fair value of assets acquired and liabilities and contingent liabilities assumed. The conclusion of this acquisition price allocation process of Perfecta Energía resulted in the following impacts on the consolidated statement of financial position as of 31 December 2021:

• a. an increase in the item "Group of assets classified as held for distribution to shareholders" in the amount of 208,928 Euro, through the following changes in discontinued activities:
  • a.1) a decrease in Goodwill in the amount of 151,103 Euro;
  • a.2) through an internal valuation, the project portfolio existing at the acquisition date was valued by applying the expected margin to the backlog of contracts at the acquisition date, which resulted in the recognition of an intangible asset in the net amount of 226,011 Euro (it should be noted that this amount is already net of the amortisation value, recorded between the date of acquisition of Perfecta Energía and 31 December 2021);

• a.3) an increase in deferred tax assets associated with tax credits amounting to 116,827 Euro; and
• a.4) an increase in other asset items arising from corrections that were identified to the subsidiary's accounts amounting to 17,193 Euro.
• b. an increase in the item "Liabilities directly associated with the group of assets classified as held for distribution to shareholders" in the amount of 198,304 Euro, through the following changes in discontinued activities:
  • b.1) an increase in deferred tax liabilities in the amount of 56,503 Euro, related to the determination of the fair value of the assets (note that this amount is already net of the consumption value of deferred tax, recorded between the acquisition date of Perfecta Energía and 31 December 2021); and
  • b.2) an increase in other liabilities due to corrections that were identified to the subsidiary's accounts amounting to 141,801 Euro.
• c. an increase in the caption "Non-controlling interests", in the amount of 59,286 Euro, considering that such non-controlling interests were measured at the acquisition date by their share of the value of the net assets acquired.

The revision of the consolidated financial statements was made with reference to 25 October 2021, date of acquisition of the entity so it was equally changed:

a. the "Profit after tax from discontinued operations" as at 31 December 2021, which reduced by 196,422 Euro (through an increase in amortisation for the period associated with the revalued intangible assets of discontinued activities and a reduction in income tax for the period of discontinued activities, reflecting the tax impact of the increase in amortisation).

ASSETS	31.12.2021	(i) PPA Tilbury	(ii) PPA Perfecta	31.12.2021 (Revised)
NON-CURRENT ASSETS:
Biological assets	105,583,652	—	—	105,583,652
Property, plant and equipment	341,794,191	—	—	341,794,191
Right-of-use assets	63,961,630	—	—	63,961,630
Investment properties	24,169	—	—	24,169
Goodwill	265,630,973	—	—	265,630,973
Intangible assets	367,268	—	—	367,268
Investments in joint ventures and associates	758,652	—	—	758,652
Other investments	317,046	—	—	317,046
Other non-current assets	3,210,260	—	—	3,210,260
Derivative financial instruments	163,618	—	—	163,618
Deferred tax assets	16,813,768	—	—	16,813,768
Total non-current assets	798,625,227	—	—	798,625,227
CURRENT ASSETS:
Inventories	82,821,010	—	—	82,821,010
Trade receivables	100,495,090	—	—	100,495,090
Other receivables	17,364,991	—	—	17,364,991
Income tax	3,361,653	—	—	3,361,653
Other current assets	7,716,549	—	—	7,716,549
Derivative financial instruments	1,130,725	—	—	1,130,725
Cash and cash equivalents	238,937,382	—	—	238,937,382
Total current assets	451,827,400	—	—	451,827,400
Group of assets classified as held for distribution to shareholders	1,039,610,758	2,716,538	208,928	1,042,536,224
Total assets	2,290,063,385	2,716,538	208,928	2,292,988,851

The impacts of the changes on the consolidated statement of financial position as of 31 December 2021 are as follows:

EQUITY AND LIABILITIES	31.12.2021	(i) PPA Tilbury	(ii) PPA Perfecta	31.12.2021 (Revised)
EQUITY:
Share capital	25,641,459	—	—	25,641,459
Legal reserve	5,128,292	—	—	5,128,292
Hedging reserve	(2,364,102)	—	—	(2,364,102)
Other reserves	393,895,052	—	—	393,895,052
Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders	(7,833,846)	(1,465)	—	(7,835,311)
Consolidated net profit for the year attributable to Equity holders of the parent	127,799,449	(107,844)	(48,662)	127,642,943
Total equity attributable to Equity holders of the parent	542,266,304	(109,309)	(48,662)	542,108,333
Non-controlling interests	181,273,579	(255,692)	59,286	181,077,173
Total equity	723,539,883	(365,001)	10,624	723,185,506
LIABILITIES: NON-CURRENT LIABILITIES:
Bank loans Other loans	— 458,218,797	— —	— —	— 458,218,797
Reimbursable government grants	2,288,430	—	—	2,288,430
Lease liabilities	62,858,948	—	—	62,858,948
Other non-current liabilities	6,724,855	—	—	6,724,855
Deferred tax liabilities	32,150,741	—	—	32,150,741
Pension liabilities	3,271,159	—	—	3,271,159
Provisions	4,082,239	—	—	4,082,239
Derivative financial instruments	540,350	—	—	540,350
Total non-current liabilities	570,135,519	—	—	570,135,519
CURRENT LIABILITIES:
Bank loans	27,584,583	—	—	27,584,583
Other loans	97,854,330	—	—	97,854,330
Reimbursable government grants	653,837	—	—	653,837
Lease liabilities	17,055,487	—	—	17,055,487
Trade payables	127,941,407	—	—	127,941,407
Liabilities associated with contracts with customers	5,347,173	—	—	5,347,173
Other payables	16,626,218	—	—	16,626,218
Income tax	21,049,389	—	—	21,049,389
Other current liabilities	30,050,829	—	—	30,050,829
Derivative financial instruments	3,099,150	—	—	3,099,150
Total current liabilities	347,262,403	—	—	347,262,403
Liabilities directly associated with the group of assets classified as held for distribution to shareholders	649,125,580	3,081,539	198,304	652,405,423
Total liabilities and equity	2,290,063,385	2,716,538	208,928	2,292,988,851

In turn, the impacts of the changes on the consolidated income statement for the year ended 31 December 2021 are as follows:

	31.12.2021	(i) PPA Tilbury	(ii) PPA Perfecta	31.12.2021 (Revised)
Sales	775,710,375	—	—	775,710,375
Services rendered	9,506,950	—	—	9,506,950
Other income	8,200,776	—	—	8,200,776
Cost of sales	(321,425,367)	—	—	(321,425,367)
External supplies and services	(201,247,844)	—	—	(201,247,844)
Payroll expenses	(43,248,488)	—	—	(43,248,488)
Amortisation and depreciation	(63,991,936)	—	—	(63,991,936)
Fair value changes in biological assets	(37,547)	—	—	(37,547)
Provisions and impairment losses	3,575,100	—	—	3,575,100
Other expenses	(3,291,162)	—	—	(3,291,162)
Results related to investments	3,069	—	—	3,069
Financial expenses	(22,075,872)	—	—	(22,075,872)
Financial income	8,612,984	—	—	8,612,984
Earnings before taxes and CESE from continuing operations	150,291,038	—	—	150,291,038
Income tax	(26,516,279)	—	—	(26,516,279)
Energy sector extraordinary contribution (CESE)	(97,227)	—	—	(97,227)
Consolidated net profit from continuing operations	123,677,532	—	—	123,677,532
Profit after tax from discontinued operations	11,552,292	(360,109)	(196,422)	10,995,761
Consolidated net profit for the year	135,229,824	(360,109)	(196,422)	134,673,293
Attributable to:
Equity holders of the parent
Continued Operations	123,677,532	—	—	123,677,532
Discontinued Operations	4,121,917	(107,844)	(48,662)	3,965,411
Non-controlling interests
Continued Operations	—	—	—	—
Discontinued Operations	7,430,375	(252,265)	(147,760)	7,030,350
	135,229,824	(360,109)	(196,422)	134,673,293

Additionally, it should be noted that the referred changes had no impact on the consolidated cash flow statement.

6. CHANGES IN THE CONSOLIDATION PERIMETER

During the period ended 31 December 2021, Altri Group, through the subsidiary Greenvolt, started a growth strategy based not only in biomass, but also dedicated to the development of wind power and photovoltaic projects and distributed electricity generation, having the Group made the following investments:

• a. Acquisition of 51% of Tilbury Green Power Holdings Limited (owner of a biomass power plant in the United Kingdom) on 30 June 2021, in partnership with the Equitix fund;
• b. Acquisition of 100% of V-Ridium Power Group Sp. Z.o.o. (a solar and wind project development platform based in Warsaw), on 14 July 2021;
• c. Acquisition of 70% of the companies Track Profit Energy and Track Profit II Invest, which are engaged in the development of energy efficiency projects as well as installation of solar photovoltaic projects, on 24 August 2021;
• d. Acquisition of a 42.19% investment in the Spanish company Tresa Energía S.L. ("Perfecta Energia"), which holds a 65% investment in Perfecta Consumer Finance, on 25 October 2021.

Perfecta Energia operates in the renewable energy sector, in the sale, installation and maintenance of solar energy panels for self-consumption for residential clients.

During the period ended 31 December 2022, the following changes in the consolidation perimeter occurred:

i. Distribution of the investment in Greenvolt - Energias Renováveis, S.A. to the shareholders

In July 2021, the subsidiary Greenvolt was listed on the stock exchange as a result of the Initial Public Offering (IPO). Thus, the Altri Group now owns 58.72% of Greenvolt - Energias Renováveis, S.A.. Subsequently, Altri Group conducted a study on the optimization of its shareholding in its subsidiary Greenvolt - Energias Renováveis, S.A., which concluded that the separation was feasible as it was an adequate response to the optimized evolution of the companies concerned, adjusted to the underlying reality of their businesses and their evolution perspectives. Accordingly, on 31 December 2021 and from that date, Greenvolt and its subsidiaries began to be presented as a Group of assets classified as held for distribution to shareholders (Note 7).

On 7 April 2022, the Board of Directors proposed to the General Meeting, in its annual report, the distribution, under the conditions that the respective proposal presented, in addition to a cash dividend, of a dividend in kind, consisting of a maximum number of 52,523,229 shares representing the share capital and voting rights of Greenvolt, which was approved in the General Meeting held on 29 April 2022.

On 25 May 2022, and according to the previously announced conditions, 48,118,446 Greenvolt shares were distributed to Altri's shareholders (Note 45), and on that date Altri Group became the holder of 19.08% of Greenvolt. As a result of this distribution, Altri Group lost control over this subsidiary. Therefore, on that date, Greenvolt and its subsidiaries ceased to be consolidated by the full consolidation method and the remaining interest retained in Greenvolt was recognized at fair value through other comprehensive income since that date (Note 7). Subsequently, due to the capital increase operation of Greenvolt, in which Altri Group decided not to participate, Altri Group now holds 16.64% of Greenvolt (Note 38).

Amounts recognised in the financial statements

At 31 December 2022, the amount included in the caption "Profit after tax from discontinued operations" is detailed as follows:

	Profit after tax from discontinued operations until the date of distribution	12,497,749
	a) Profit from discontinued operations until the date of distribution	12,497,749
A.	Derecognition of the liability measured at fair value at the date of distribution	326,243,064
B.	Distribution of Assets and Liabilities associated with discontinued activities at book value on the date of distribution	(382,543,827)
C.	Derecognition of Non-controlling interests	182,617,424
D.	Derecognition of the Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders, attributable to Equity holders of the parent	(11,726,507)
E.	Recognition of the remaining financial investment in Greenvolt at fair value at the date of distribution	156,989,429
	b) Result of distribution of discontinued operations	271,579,583
	Profit after tax from discontinued operations	284,077,332

a) Profit from discontinued operations until the distribution date

In accordance with IFRS 5, all the operations of Greenvolt - Energias Renováveis, S.A. and its subsidiaries until the date of distribution were presented under "Profit after tax from discontinued operations" in the consolidated income statement.

Thus, the results from discontinued operations until the date of distribution were as follows:

	Until the date of distribution
Sales	37,437,002
Services rendered	5,786,663
Other income	386,026
Cost of sales	(5,504,820)
External supplies and services	(11,196,071)
Payroll expenses	(4,735,586)
Amortisation and depreciation	—
Provisions and impairment losses	(48,530)
Other expenses	(210,145)
Results related to investments	(168,851)
Financial expenses	(5,481,061)
Financial income	1,107,730
Earnings before taxes and CESE of discontinued operations	17,372,357
Income tax	(3,923,608)
Energy sector extraordinary contribution (CESE)	(951,000)
Earnings after taxes and CESE of discontinued operations until the date of distribution	12,497,749

Considering that it is the Group's expectation that transactions between continuing operations and discontinued operations, namely sales of biomass and operation and maintenance services, will continue after distribution, the income and expenses in the discontinued activities line have been eliminated. It is the Group's understanding that this disclosure best represents the activity of continuing operations after distribution. The amount of revenue from transactions between continuing and discontinued operations is approximately 13.0 million Euros until the date of distribution.

At the date of distribution, the main assets and liabilities of the discontinued activities present the following detail:

	At the date of distribution
Property, plant and equipment	385,317,660
Goodwill	116,763,956
Intangible assets	146,714,530
Cash and cash equivalents	238,075,005
Bank loans	(166,991,505)
Other loans	(247,744,443)
Other net liabilities	(82,964,516)
Total net assets	389,170,687
Group of assets classified as held for distribution to shareholders	1,102,911,482
Liabilities directly associated with the group of assets classified as held for distribution to shareholders	(713,740,795)

Total recognised in the statement of financial position	389,170,687
Hedging reserve	(11,026,505)
Comprehensive income of joint ventures and associates	(183,301)
Exchange rate reserve	(516,701)
Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders	(11,726,507)

Additionally, it should also be mentioned that the discontinued activities did not have any impact on the consolidated cash flow statement, since the transfer to discontinued activities occurred with reference to 31 December 2021.

b) Result of the distribution of the discontinued operations

The amount of 271.6 million Euro included in the caption "Profit after tax from discontinued operations" relates to the capital gain generated by the aforementioned distribution. The capital gain is explained by the following net effects:

• A. derecognition of the liability measured at fair value at the date of distribution, related to the responsibility towards shareholders to distribute the "Group of assets classified as held for distribution to shareholders" and the "Liabilities directly associated with the group of assets classified as held for distribution to shareholders" (+ 326.2 million Euro);
• B. derecognition of the "Group of assets classified as held for distribution to shareholders" and of the "Liabilities directly associated with the group of assets classified as held for distribution to shareholders" (including the effect of the recognition of intra-group receivables and payables with Greenvolt and its subsidiaries) at their book value for the settlement of the abovementioned liability (- 382.5 million Euro);
• C. derecognition of "Non-controlling interests" (+ 182.6 million Euro). The referred value includes other negative comprehensive income in the amount of 26.0 million Euro attributable to noncontrolling interests. Thus, the value of "Non-controlling interests" excluding the effect on other comprehensive income totals 208.6 million Euro;
• D. derecognition of the "Amounts recognised in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders", mainly related to the fair value of cash flow hedging derivatives and currency translation reserves (-11.7 million Euro);
• E. recognition of the remaining retained interest (23,154,783 shares) at fair value (+157.0 million Euro) at the date of distribution.

As a result of the operation to distribute the financial investment in Greenvolt, the net equity impact was negative 225.6 million Euro.

ii. Incorporation of Greenfiber, SL

In the third quarter of 2022, the subsidiary Greenfiber, SL was incorporated. At the incorporation date, Altri Group recognised the fair value of non-controlling interests in the subsidiary Greenfiber, SL in the

amount of 250,000 Euro. After this date, capital contributions were made by the minority shareholders in the amount of 2,367,001 Euro, which Altri followed in its share (75%) (Note 21).

7. DISCONTINUED ACTIVITIES

As mentioned in Note 6, on 31 December 2021 and from this date, Greenvolt and its subsidiaries were presented as Group of assets classified as held for distribution to shareholders.

During the first quarter of 2022, the subsidiary Greenvolt pursued its growth strategy, mainly through the following operations of the discontinued activities:

• a. Incorporation, on 4 January 2022, of Sustainable Energy One, in Spain, in which Greenvolt holds a 98.75% investment, for the development of small-scale solar projects, with a very fast time to market. Through this company, the Group signed a co-development agreement with Green Mind Ventures;
• b. Acquisition of 80% of Oak Creek Energy Systems ("OCES"), through the company created in the United States V-Ridium Oak Creek Renewables (part of the V-Ridium Group). OCES is dedicated to the promotion and development of renewable energy projects in the United States and Mexico. This operation was completed on 10 January 2022. The acquisition value on that date amounted to approximately 1.3 million US dollars, plus a contingent value of approximately 6.7 million US dollars (corresponding to the fair value of the maximum contingent price, with the present value of the estimated future payments taking into consideration management's best estimate of the payment term, as well as the probability of completion of the projects that are in progress at the acquisition date), which are expected to be paid in full until the end of the year ended 31 December 2030, depending on the future sale of the projects to be developed by the subsidiary;
• c. Co-development agreement for solar photovoltaic projects in Portugal established with Infraventus, a reference promoter in the Portuguese market, with a pipeline of 243 MW. This operation was concluded on 9 March 2022, through the acquisition of 50% of the share capital of six companies;
• d. Conclusion of the acquisition of a 35% investment in the German company MaxSolar BidCo GmbH (MaxSolar), a leading company in the development, implementation and management of solar photovoltaic and energy storage projects in the German and Austrian markets. The completion of this transaction occurred on 31 March 2022;
• e. Creation of Perfecta Industrial, a new business unit of distributed generation of renewable energy, focused on the commercial and industrial segment in the Spanish market.

During the second quarter of 2022, the financial participation of Altri Group in Greenvolt was distributed to Altri's shareholders, whereby on that date Altri Group became the holder of 19.08% of Greenvolt. As a result of this distribution, Altri Group lost control over this subsidiary (Note 6). Therefore, on this date, Greenvolt and its subsidiaries ceased to be consolidated by the full method and the remaining retained interest was recognized at fair value through other comprehensive income since that date. On the date of distribution the remaining retained interest in Greenvolt amounting to 156,989,429 Euro was recognized at fair value (Note 6).

In July 2022, as part of a capital increase of Greenvolt, Altri Group decided not to participate in the referred capital increase and now holds 16.64% of Greenvolt (Note 38).

Between the date of distribution and 31 December 2022, an increase of 23,617,878 Euro was recognized in the fair value through other comprehensive income of the financial investment that Altri Group holds in Greenvolt.

During the last quarter of 2022, the Board of Directors of Altri analysed the feasibility of distributing the remaining financial participation in Greenvolt. Therefore, it will propose, at the 2023 Annual General Meeting, under the conditions that the respective proposal will present, the distribution to the shareholders of Altri of a maximum number of 23,154,783 shares of Greenvolt, corresponding to the interest that the Altri Group holds in that company. It is the understanding of the Board of Directors of Altri that the aforementioned proposal will merit the approval of the Company's shareholders, and that they will welcome this decision by the Board of Directors to, on the one hand, complete the process of total separation of the pulp and renewable energy businesses and, on the other hand, to allow them to strengthen their shareholder position in a reference Group in the renewable energy sector. The delivery of the shares to the shareholders will take place, expectably, within no more than 30 days from the date of the resolution (i.e., in any event within 12 months after 31 December 2022). Accordingly, the financial investment in Greenvolt is presented in this consolidated financial information as a Group of assets classified as held for distribution to shareholders, with reference to 31 December 2022.

Considering that the remaining retained interest in Greenvolt has been recognized at fair value through other comprehensive income since the date of distribution and that the financial investment in Greenvolt is presented in this consolidated financial information as a Group of assets classified as held for distribution to shareholders, with reference to 31 December 2022, the fair value reserves resulting from the accumulated change in fair value of the financial investment in Greenvolt were reclassified to the caption "Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders".

Below we present the main recognition and measurement criteria used by Greenvolt and its subsidiaries in the preparation of its consolidated financial statements:

Intangible assets

Considering that the IFRS-EU does not specifically and consistently address the accounting treatment to be given to variable future payments associated with the acquisition of assets, in situations where there are variable future payments to be supported as a result of the acquisition of assets outside the scope of business combinations, or that have been treated as acquisition of assets, the Group recognises the expected value of such future payments at their discounted value, in relation to the fulfilment, by third parties, of relevant milestones in projects in the segment Development – Solar and Wind Energy. Such payments are recognised as a liability under "Other payables" against the book value of the corresponding assets.

In the case of an intangible asset associated with operating licenses of power plants belonging to Greenvolt - Energias Renováveis, S.A. and its subsidiaries, the useful life period amounts to the license period.

When the estimated useful life is indefinite, namely in case of connection licenses to the electric grid, the intangible assets are not depreciated but are subject to annual impairment tests.

Property, plant and equipment

In the case of property, plant and equipment belonging to Greenvolt - Energias Renováveis, S.A. and its subsidiaries, the useful life period used corresponds to the operating license period as follows:

Plant	End of concession
Mortágua	2024
Vila Velha de Ródão	2031
Constância	2034
Figueira da Foz	2034
Mondego (Figueira da Foz)	2044
Tilbury	2037

Energy Revenue

Revenue from energy sales is measured at the fair value of the consideration received or receivable, net of value added taxes, rebates and discounts. The sale of energy is treated as a single performance obligation, with revenue recognized when control is transferred to the customer. In relation to the transaction price, this is a fixed component in Portugal, while in the United Kingdom there are variable portions that are subject to estimation, according to the schedule established by the regulator. In this business area, the Group presents the following sources of revenue:

• 1. Biomass:
  2. a. Energy Sales injects electricity into the public grid from its cogeneration plants and is also treated as a single performance obligation, with fixed tariffs ("Feed-in-tariff") in the case of the Portuguese companies. In the case of the UK plant, revenues have a fixed component - Renewable Obligation Certificates (ROCs) - and a variable component that depends on the evolution of the electricity price ("Brown Power");
• 1. Development (solar and wind power):
  2. a. Provision of accounting, administrative and asset management services;
  3. b. Sale of solar and wind energy projects, essentially in the Ready to Build phase.
• 1. Distributed generation:
  2. a. Installation and maintenance of decentralized solar power generation units (B2B and B2C);
  3. b. Development and financing of projects to improve energy efficiency through solar energy.

Provisions for dismantling and decommissioning power plants

The Group comprises provisions for these purposes when there is a legal, contractual or constructive obligation at the end of the assets' useful life. Consequently, provisions of this nature have been included at power plants in order to address the corresponding liabilities regarding expenses with restoring sites and land to its original conditions. These provisions are calculated based on the present value of the corresponding future liabilities. They are recorded against an increase in the respective property, plant and equipment, being amortized on a straight-line basis for the average expected useful life of these assets.

On an annual basis, provisions are subject to review in accordance with the estimate of the corresponding future liabilities. The provision's financial update, in reference to the end of each period, is recognised under the income statement.

Environmental expenditures are recognised as expenses in the period in which they are incurred unless they meet the necessary criteria for being recognised as an asset.

The main judgments and most significant estimates conducted and used in the preparation of the consolidated financial statements by Greenvolt and its subsidiaries, until the date of distribution, included:

a) Valuation at fair value of assets, liabilities and contingent liabilities in business combination transactions

Under IFRS 3 in a business combination, the acquirer must recognize and measure in the consolidated financial statements the assets acquired and liabilities assumed at fair value at the acquisition date. The difference between the purchase price and the fair value of the assets and liabilities acquired leads to the recognition of goodwill or negative goodwill. The determination of the fair value of assets acquired and liabilities assumed is made internally or by independent external evaluators, to whom the Group's Board of Directors recognizes competence and objectivity, using the discounted cash flow method, using the replacement cost or other techniques for determining fair value, which rely on the use of assumptions that include macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, purchase and sale prices of energy, cost of raw materials, production estimates, useful life and business projections. Consequently, the determination of fair value and goodwill or negative goodwill is subject to numerous assumptions and judgments and therefore changes may result in different impacts on the profit and loss (Note 6).

b) Measurement of the fair value of contingent consideration (earn-outs)

Contingent consideration, arising from a business combination or from the sale of a financial investment, is measured at fair value at the transaction date. Contingent consideration is subsequently remeasured at fair value at each reporting date. Fair value is based on discounted cash flows. The main assumptions consider the probability of achieving each objective and the discount factor and correspond to the Management's best estimates at each reporting date. Changes in the assumptions used could have significant impacts on the values of contingent consideration assets and liabilities recognized in the financial statements (Note 6).

c) Entities included in the consolidation perimeter

In order to determine the entities to be included in the consolidation perimeter, the Group assesses the extent to which it is exposed, or has rights, to variability in the returns from its involvement with that entity and is able to take possession of those returns through the power it holds over that entity (factual control). This assessment requires the use of judgments and assumptions to determine the extent to which the Group is exposed to variability of returns and has the ability to appropriate those returns through control over the investee. Other assumptions and judgments could lead to the Group's consolidation perimeter being different, with a direct impact on the consolidated financial statements (Notes 2.2 a), b) and 4).

d) Provisions (including provisions for dismantling and decommissioning)

The Group believes there are legal, contractual or constructive obligations regarding the dismantling and decommissioning of property, plant and equipment assigned to generating energy. The Group constitutes provisions according to the corresponding existing obligations in order to address the present value of the respective estimated expenses with replacement of the corresponding sites and land where the power plants are located. For the purpose of calculating the aforementioned provisions, estimates are given for the present value of the corresponding future liabilities (Note 24).

Consideration of other assumptions in the aforementioned estimates and judgements could give rise to financial results that differ from those that were considered.

8. FINANCIAL INSTRUMENTS BY CLASS

In accordance with the accounting policies described under Note 2.3.l), financial instruments were classified as follows:

Financial assets recorded at amortised cost	Assets recorded at fair value through other comprehensive income	Total
—	6,477,587	6,477,587
—	6,477,587	6,477,587
134,579,669	—	134,579,669
1,603,966	—	1,603,966
3,029,917	—	3,029,917
—	9,169,496	9,169,496
233,607,053	—	233,607,053
372,820,605	9,169,496	381,990,101
—	180,607,307	180,607,307
372,820,605	196,254,390	569,074,995
Financial assets recorded at amortised cost	Assets recorded at fair value through other comprehensive income	Total
—	163,618	163,618
—	163,618	163,618
100,495,090	—	100,495,090
2,524,332	—	2,524,332
4,003,683	—	4,003,683
—	1,130,725	1,130,725
238,937,382	—	238,937,382
345,960,487	1,130,725	347,091,212
345,960,487	1,294,343	347,254,830

31 December 2022	Financial liabilities recorded at amortised cost	Liabilities recorded at fair value through other comprehensive income	Total
Non-current liabilities
Bank loans	25,000,000	—	25,000,000
Other loans	433,812,843	—	433,812,843
Reimbursable government grants	1,634,593	—	1,634,593
Lease liabilities	64,901,619	—	64,901,619
Derivative financial instruments	—	—	—
	525,349,055	—	525,349,055
Current liabilities
Bank loans	19,132,535	—	19,132,535
Other loans	82,483,367	—	82,483,367
Reimbursable government grants	653,837	—	653,837
Lease liabilities	17,382,431	—	17,382,431
Trade payables	108,741,684	—	108,741,684
Liabilities associated with contracts with customers	9,092,199	—	9,092,199
Other payables	15,311,646	—	15,311,646
Other current liabilities	19,218,790	—	19,218,790
Derivative financial instruments	—	4,665,200	4,665,200
	272,016,489	4,665,200	276,681,689
	797,365,544	4,665,200	802,030,744

31 December 2021	Financial liabilities recorded at amortised cost	Liabilities recorded at fair value through other comprehensive income	Total
Non-current liabilities
Bank loans	—	—	—
Other loans	458,218,797	—	458,218,797
Reimbursable government grants	2,288,430	—	2,288,430
Lease liabilities	62,858,948	—	62,858,948
Derivative financial instruments	—	540,350	540,350
	523,366,175	540,350	523,906,525
Current liabilities
Bank loans	27,584,583	—	27,584,583
Other loans	96,527,385	—	96,527,385
Reimbursable government grants	653,837	—	653,837
Lease liabilities	17,055,487	—	17,055,487
Trade payables	127,941,407	—	127,941,407
Liabilities associated with contracts with customers	5,347,173	—	5,347,173
Other payables	9,364,492	—	9,364,492
Other current liabilities	26,554,285	—	26,554,285
Derivative financial instruments	—	3,099,150	3,099,150
	311,028,649	3,099,150	314,127,799
	834,394,824	3,639,500	838,034,324

Financial instruments measured at fair value

The following table shows the financial instruments that are measured at fair value after initial recognition, grouped into three levels according to the possibility of observing its fair value in the market:

		31.12.2022			31.12.2021
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets measured at fair value:
Derivatives (Note 30)	—	15,647,083	—	—	1,294,343	—
Group of assets classified as held for distribution to shareholders (Note 7)	180,607,307	—	—	—	—	—
Financial liabilities measured at fair value:
Derivatives (Note 30)	—	4,665,200	—	—	3,639,500	—

As at 31 December 2022 and 2021, there are no financial assets whose terms have been renegotiated and which, if not, would fall due or impaired.

9. PROPERTY, PLANT AND EQUIPMENT

During the financial years ended 31 December 2022 and 2021, the movement occurred in the value of property, plant and equipment, as well as in the corresponding depreciation and accumulated impairment losses, was as follows:

					2022
	Asset gross value
	Land and natural resources	Building and other edifications	Plant and equipment	Vehicles	Office equipment	Other tangible assets	Property, plant and equipment in progress	Advanced payments on fixed assets	Total
Opening balance 40,054,339		104,682,393	1,162,556,770	4,418,024	11,289,957	11,875,672	18,890,944	482,831	1,354,250,930
Additions	5,824,534	510,549	1,285,319	331,094	131,397	23,939	39,872,083	600,973	48,579,888
Disposals and write-offs	(27,382)	—	(262,331)	(134,218)	(130,472)	(168,457)	(12,991)	—	(735,851)
Transfers	14,860	1,153,892	10,163,403	43,500	67,957	536,763	(12,235,504)	(14,554)	(269,683)
Closing balance	45,866,351	106,346,834	1,173,743,161	4,658,400	11,358,839	12,267,917	46,514,532	1,069,250	1,401,825,284

	Accumulated depreciation and impairment losses
	Land and natural resources	Building and other edifications	Plant and equipment	Vehicles	Office equipment	Other tangible assets			Total
Opening balance	9,244,170	87,858,446	890,320,408	3,426,279	10,591,204	11,016,232			1,012,456,739
Additions	249,980	1,380,185	50,730,295	278,806	511,625	266,178			53,417,069
Disposals and write-offs	—	—	(262,330)	(113,219)	(130,472)	(168,457)			(674,478)
Transfers	—	—	—	—	—	—			—
Closing balance	9,494,150	89,238,631	940,788,373	3,591,866	10,972,357	11,113,953			1,065,199,330
	36,372,201	17,108,203	232,954,788	1,066,534	386,482	1,153,964	46,514,532	1,069,250	336,625,954

					2021
	Asset gross value
	Land and natural resources	Building and other edifications	Plant and equipment	Vehicles	Office equipment	Other tangible assets	Property, plant and equipment in progress	Advanced payments on fixed assets	Total
Opening balance 36,528,911		104,206,092	1,418,377,695	4,368,429	11,128,116	14,685,013	18,192,695	652,315	1,608,139,266
Acquisition of subsidiaries (Note 6)	80,000	—	204,659,550	87,280	101,946	326,233	5,991,442	—	211,246,451
Additions	4,069,280	157,924	5,980,390	427,595	266,463	287,933	35,273,753	—	46,463,338
Disposals and write-offs	(5,895)	(280,851)	(5,515,449)	(179,887)	(192,509)	(1,039)	—	—	(6,175,630)
Transfers	199,999	877,159	23,986,489	500	164,760	114,162	(25,343,069)	—	—
Changes in currency exchange rate	—	—	4,359,312	(1,027)	(1,644)	(1,278)	(99,616)	—	4,255,747
Transfer to discontinued activities (Note 7)	(817,956)		(277,931) (489,291,217)	(284,866)	(177,175)	(3,535,352)	(15,124,261)		(169,484) (509,678,242)
Closing balance	40,054,339	104,682,393	1,162,556,770	4,418,024	11,289,957	11,875,672	18,890,944	482,831	1,354,250,930

	Accumulated depreciation and impairment losses
	Land and natural resources	Building and other edifications	Plant and equipment	Vehicles	Office equipment	Other tangible assets			Total
Opening balance	8,985,491	86,942,022	964,040,798	3,464,862	10,273,497	10,924,697			1,084,631,367
Additions	258,679	1,395,520	72,038,942	308,811	538,944	255,942			74,796,838
Disposals and write-offs	—	(279,725)	(5,255,716)	(175,958)	(192,509)	(1,039)			(5,904,947)
Transfers	—	—	—	—	—	—			—
Changes in currency exchange rate	—	—	79,929	(7)	(17)	(22)			79,883
Transfer to discontinued activities (Note 7)	—		(199,371) (140,583,545)	(171,429)	(28,711)	(163,346)			(141,146,402)
Closing balance	9,244,170	87,858,446	890,320,408	3,426,279	10,591,204	11,016,232			1,012,456,739
	30,810,169	16,823,947	272,236,362	991,745	698,753	859,440	18,890,944	482,831	341,794,191

During the years ended 31 December 2022 and 2021, depreciation for the year amounted to 53,417,069 Euro and 53,733,384 Euro, respectively, and was recorded in the income statement caption "Amortisation and depreciation" (Note 39). At 31 December 2021, the remaining amount between what was recorded in the income statement and the amount shown under the caption "Additions", relates to the impact of discontinued activities in the amount of approximately 21.1 million Euros (Note 7).

At 31 December 2022 and 2021 no financial charges were capitalized.

At 31 December 2022, acquisitions in the period were mainly made by the three cellulosic fiber production units of the Group (Celbi, Caima and Biotek) and by the subsidiary Altri Florestal, S.A.. At Celbi's mill, due to the current sustainable capacity of the production process, the remodelling of the wastewater treatment plant was initiated. At Caima, the installation of a new biomass boiler is underway, which will allow the energy recovery of lignocellulosic waste. Across the three production units of cellulosic fibers of the Altri Group, there is continued investment in reducing environmental impacts and in projects to improve the efficiency of the production process. In the subsidiary Altri Florestal, the investments in land and forestry properties are maintained.

At 31 December 2021, the acquisitions in the period were mainly made by the three cellulosic fiber production units of the Group (Celbi, Caima and Biotek) and by the subsidiary Altri Florestal, S.A.. In

the Celbi production unit, the increase was related to the investment in the sawdust digester, which will increase the efficiency of the production process, increase the production capacity and decrease the specific consumption of raw material. At Caima's production unit, the project to upgrade the washing and bleaching equipment was concluded. Throughout the three cellulosic fiber production units of the Altri Group, there was continued investment in reducing environmental impacts and in projects to improve the efficiency of the production process. In the subsidiary Altri Florestal, there were investments in land and properties of eucalyptus plantations.

The Disposals and write-offs of equipment in the year refer essentially to assets that were practically depreciated.

The caption "Tangible fixed assets in progress" at 31 December 2022 refers essentially to the installation of the new biomass boiler, the development of projects, the remodelling of the wastewater treatment plant and other factory optimization projects. At 31 December 2021, the caption "Tangible fixed assets in progress" also refers to the sawdust digester and the screens for solids removal.

10.RIGHT-OF-USE

10.1. RIGHT-OF-USE ASSETS

During the financial year ended 31 December 2022 and 2021, the movement that occurred in the amount of right-of-use assets, as well as the corresponding depreciation, was detailed as follows:

			2022
	Asset gross value
	Land and nature resources	Buildings and other edifications	Plant and machinery	Vehicles	Wood yards	Total
Opening balance	139,463,585	231,726	19,492,062	6,370,040	594,804	166,152,217
Additions	13,733,989	439,044	—	2,513,127	114,316	16,800,476
Write-offs and decreases	(4,697,195)	—	—	(440,009)	—	(5,137,204)
Transfers	—	(28,811)	—	28,811	—	—
Changes in currency exchange rate	—	4,090	—	889	—	4,979
Closing balance	148,500,379	646,049	19,492,062	8,472,858	709,120	177,820,468
	Accumulated depreciation
	Land and nature resources	Buildings and other edifications	Plant and machinery	Vehicles	Wood yards	Total
Opening balance	79,586,381	56,855	16,919,055	5,207,492	420,804	102,190,587
Additions	7,509,322	227,529	1,389,808	982,759	127,607	10,237,025
Write-offs and decreases	(2,817,273)	—	—	(426,797)	—	(3,244,070)
Transfers	—	(13,515)	—	13,515	—	—
Changes in currency exchange rate	—	2,046	—	315	—	2,361
Closing balance	84,278,430	272,915	18,308,863	5,777,284	548,411	109,185,903
	64,221,949	373,134	1,183,199	2,695,574	160,709	68,634,565

	2021
	Asset gross value
	Land and nature resources	Buildings and other edifications	Plant and machinery	Vehicles	Wood yards	Total
Opening balance	136,684,199	28,552	19,477,999	6,408,566	535,986	163,135,302
Acquisition of subsidiaries (Note 6)	57,291,299	640,579	—	363,583	—	58,295,461
Additions	9,094,252	248,601	11,070	564,172	58,818	9,976,913
Write-offs and decreases	(5,491,389)	—	—	(338,764)	—	(5,830,153)
Reclassifications	—	—	2,993	1,852	—	4,845
Changes in currency exchange rate	1,221,329	(6,327)	—	(3,448)	—	1,211,554
Transfer to discontinued activities (Note 7)	(59,336,105)	(679,679)	—	(625,921)	—	(60,641,705)
Closing balance	139,463,585	231,726	19,492,062	6,370,040	594,804	166,152,217
	Accumulated depreciation
	Land and nature resources	Buildings and other edifications	Plant and machinery	Vehicles	Wood yards	Total
Opening balance	77,349,982	20,220	15,530,484	4,470,249	301,709	97,672,644
Additions	8,253,505	94,698	1,388,571	1,104,095	119,095	10,959,964
Write-offs and decreases	(5,050,773)	—	—	(291,458)	—	(5,342,231)
Changes in currency exchange rate	11,972	(55)	—	(47)	—	11,870
Transfer to discontinued activities (Note 7)	(978,305)	(58,008)	—	(75,347)	—	(1,111,660)
Closing balance	79,586,381	56,855	16,919,055	5,207,492	420,804	102,190,587

During the years ended 31 December 2022 and 2021, depreciation for the year amounted to 10,237,025 Euro and 9,860,173 Euro, respectively, and was recorded in the income statement caption "Amortisation and depreciation" (Note 39). As of 31 December 2021, the remaining amount between what was recorded in the income statement and the amount shown under the caption "Additions", relates to the impact of discontinued activities in the amount of approximately 1.1 million Euros (Note 7).

59,877,204 174,871 2,573,007 1,162,548 174,000 63,961,630

The line item 'Land and natural resources' basically concerns lease agreements associated with forest land where the Group's Biological Assets are located. The lease contracts included in this item have an average duration of more than 10 years, and according to the term of each contract, an interval for the incremental interest rate of 1.0% to 5.1% was considered.

The item "Plant and machinery" essentially refers to asset lease contracts related to operational activity in the production of subsidiary materials used in the cellulosic fiber production process. The lease contracts included in this caption have an average duration of 3 years, and according to the term of each contract, an incremental interest rate of 2.3% was considered.

The item "Vehicles" refers to car rental contracts and vehicles with high tonnage handling. The lease contracts included in this item have an average duration of 4 years, and according to the term of each contract, an interval for the incremental interest rate of 1.3% to 2.3% was considered.

Write-offs and decreases in the years ended 31 December 2022 and 2021 relate primarily to contract terminations and other decreases that are reflected in the decrease and write-off of the respective lease liabilities (Note 10.2).

10.2. LEASE LIABILITIES

During the financial year ended as of 31 December 2022 and 2021, the movement in lease liabilities was as follows:

		31.12.2022	31.12.2021
Opening balance		79,914,435	81,836,302
Acquisition of subsidiaries (Note 6)		—	58,319,448
Additions		16,800,476	9,976,913
Write-offs and decreases		(2,073,214)	(735,383)
Accrued interest		2,461,131	3,759,050
Payments		(14,729,285)	(13,934,674)
Changes in currency exchange rate		2,749	1,205,330
Other effects		(92,242)	(78,075)
Transfer to discontinued activities (Note 7)		—	(60,434,476)
Closing balance		82,284,050	79,914,435
	Current	17,382,431	17,055,487
	Non-current	64,901,619	62,858,948

In addition, the following amounts were recognised in 2022 and 2021 as expenses related to right-ofuse assets:

	31.12.2022	31.12.2021
Depreciation of right-of-use assets (Note 39)	10,237,025	9,860,173
Interest expenses related to lease liabilities (Note 37)	2,461,131	2,491,768
Expenses related to short-term leases	1,088,940	649,771
Expenses related to leases associated with low-value assets	234,218	115,881
Variable lease payments	491,854	542,827
Total amount recognised in the income statement	14,513,168	13,660,420

The maturity of the lease liabilities is as follows:

		31.12.2022
	2023	2024	2025	2026	>2026	Total
Lease Liabilities	17,382,431	9,527,848	8,616,477	8,524,643	38,232,651	82,284,050
	17,382,431	9,527,848	8,616,477	8,524,643	38,232,651	82,284,050
				31.12.2021
	2022	2023	2024	2025	>2025	Total
Lease Liabilities	17,055,487	9,205,380	8,321,594	8,094,228	37,237,746	79,914,435
	17,055,487	9,205,380	8,321,594	8,094,228	37,237,746	79,914,435

11. GOODWILL

During the financial years ended 31 December 2022 and 2021, the movement that occurred in Goodwill was as follows:

	31.12.2022	31.12.2021
Opening balance	265,630,973	265,630,973
Acquisition of subsidiaries (Note 6)	—	123,795,772
Changes in currency exchange rate	—	104,633
Transfer to discontinued activities (Note 7)	—	(123,900,405)
Closing balance	265,630,973	265,630,973

As at 31 December 2022 and 2021, the line item 'Goodwill' was composed of the following:

	31.12.2022	31.12.2021
Celbi	253,391,251	253,391,251
Others	12,239,722	12,239,722
	265,630,973	265,630,973

Goodwill is entirely associated with the activity under cellulosic fiber production (Note 41). The division of Goodwill between Celbi and Others arises from the Group's history of acquisitions, and basically of acquisition transactions by subsidiaries Celbi (Goodwill shown as 'Celbi'), Biotek and Caima (Goodwill shown as 'Others').

The Goodwill is not depreciated, while impairment tests are performed annually and whenever an event or a change in circumstances is identified as showing that the amount at which the asset is recorded may not be recovered. Whenever the amount at which the asset is recorded is higher than its recoverable amount, an impairment loss is recognised. The recoverable amount is either the net sales price or the value in use, whichever is higher. During the financial years ended 31 December 2022 and 2021, no impairment losses pertaining to Goodwill were recorded.

In the 2022 financial year, in order to assess whether or not there was impairment for Goodwill resulting from the acquisition of Celbi, S.A. in the 2006 financial year, in the amount of EUR 253.391.251, the Group evaluated this subsidiary, and concluded that there was no impairment. The evaluation was conducted based on Celbi's historical performance and on an estimated discounted cash flows, on the basis of Celbi's five-year business plan and having considered a medium and longterm sales price of pulp, not influenced by short-term positive or negative fluctuations.

In relation to Goodwill presented in "Others", in order to assess the existence or not of impairment losses with reference to 31 December 2022, the Group also carried out the valuation of the subsidiaries Caima and Biotek, having concluded that there was no impairment at that Goodwill level. The valuations were carried out based on the historical performance of these entities and on an estimate of discounted cash flows based on Caima and Biotek's five-year business plans and considered a medium and long-term sale price of pulp, not influenced by short-term positive or negative fluctuations.

As mentioned under Note 2.4 b), the relevant assumption relates to determining the discount rate. The inflation rate and the growth rate in perpetuity result from the Group's understanding of future perspectives for changing prices and activity.

The main assumptions used in this calculation with reference to 31 December 2022 and 2021 were the following:

	2022	2021
Inflation rate	3.08%	1.28%
Discount rate	7.96%	6.09%
Growth rate in perpetuity	2.00%	2.00%

The discount rate net of tax (because the cash flows used in the financial projections are also net of tax) used in the financial year ended 31 December 2022 was 7.96% (6.09% in 2021), which was calculated based on the WACC (Weighted Average Cost of Capital) methodology, considering the following assumptions:

	2022	2021
Risk-free interest rate	3.10%	0.35%
Equity risk premium	5.94%	4.38%
Debt risk premium	2.50%	3.50%

From this analysis, the Group concluded that there is a comfortable margin relative to the point from which the Goodwill would be at risk of impairment.

12. INTANGIBLE ASSETS

During the financial years ended 31 December 2022 and 2021, the movements that occurred in the value of intangible assets, as well as in the corresponding depreciation and accumulated impairment losses, was as follows:

	2022
	Gross asset value
	Industrial property and other rights	Software	Licenses	Other intangible assets	Intangible assets in progress	Total
Opening balance	1,320	10,351,331	—	25,601	—	10,378,252
Additions	—	184,403	—	—	—	184,403
Disposals and write-offs	—		—	—	—	—
Transfers	—	269,683	—	—	—	269,683
Closing balance	1,320	10,805,417	—	25,601	—	10,832,338

	Accumulated amortisation
	Industrial property and other rights	Software	Licenses	Other intangible assets		Total
Opening balance	1,320	9,984,063	—	25,601		10,010,984
Additions	—	411,802	—	—		411,802
Disposals and write-offs	—	—	—	—		—
Closing balance	1,320	10,395,865	—	25,601		10,422,786
	—	409,552	—	—	—	409,552

	2021
	Gross asset value
	Industrial property and other rights	Software	Licenses	Other intangible assets	Intangible assets in progress	Total
Opening balance	1,320	10,071,399	57,164,811	25,600	263,518	67,526,648
Acquisition of subsidiaries (Note 6)	4,844	80,797	—	46,022,626	—	46,108,267
Additions	—	317,045	—	20,245,989	16,215,442	36,778,476
Disposals and write-offs	—	—	—	—	—	—
Transfers	—	26,694	—	—	(26,694)	—
Changes in currency exchange rate	—	—	—	1,238,265	(15,155)	1,223,110
Transfer to discontinued activities (Note 7)	(4,844)	(144,604)	(57,164,811)	(67,506,879)	(16,437,111)	(141,258,249)
Closing balance	1,320	10,351,331	—	25,601	—	10,378,252

Accumulated amortisation
Industrial property and other rights	Software	Licenses	Other intangible assets		Total
1,320	9,585,682	5,712,342	25,600		15,324,944
159	402,498	2,736,224	2,473,441		5,612,322
—	—	—	—		—
—	—	—	30,981		30,981
(159)	(4,117)	(8,448,566)	(2,504,421)		(10,957,263)
1,320	9,984,063	—	25,601		10,010,984
—	367,268	—	—	—	367,268

During the financial years ended 31 December 2022 and 2021, amortisation for the financial year came to 411,802 Euro and 398,379 Euro, respectively, and were recorded under the income statement line item 'Amortisation and depreciation' (Note 39). At 31 December 2022 and 2021, the remaining amount between what was recorded in the income statement and the amount shown under the caption "Additions", relates to the impact of discontinued activities in the amount of approximately 5.2 million Euros (Note 7).

13. INVENTORIES AND BIOLOGICAL ASSETS

As at 31 December 2022 and 2021, the amount recorded under the line item 'Biological assets' can be detailed as follows:

	31.12.2022	31.12.2021
Opening balance	105,332,596	105,370,143
Increases/reductions in fair value	3,594,740	(37,547)
Subtotal	108,927,336	105,332,596
Prepayments on account of purchases	201,056	251,056
Closing balance	109,128,392	105,583,652

The amount shown as at 31 December 2022 and 2021 by species is disclosed as follows:

	31.12.2022	31.12.2021
Eucalyptus	105,498,532	102,466,653
Pine	2,876,997	2,406,100
Cork oak	504,481	412,517
Others	47,326	47,326
Total	108,927,336	105,332,596

During the financial years ended 31 December 2022 and 2021, the movement concerning eucalyptus and other species was as follows:

	31.12.2022		31.12.2021
	Eucalyptus	Pine	Cork oak	Eucalyptus	Pine	Cork oak
Opening balance	102,466,653	2,406,100	412,517	103,135,407	1,841,015	346,395
Cuts made in the period	(20,294,510)	(20,541)	—	(23,247,060)	(3,070)	(133,860)
Growth	8,642,328	448,464	105,146	13,390,057	512,536	184,796
New plantings and replantings (at cost)	3,643,665	690	37,848	3,519,302	1,420	—
Changes in fair value:
Discount rate	(10,319,647)	(84,631)	(44,955)	5,668,947	54,199	15,186
Other changes	21,360,043	126,915	(6,075)	—	—	—
Closing balance	105,498,532	2,876,997	504,481	102,466,653	2,406,100	412,517

The conducted evaluation, calculated for each grove into which the properties are divided, was obtained, considering, in the case of the eucalyptus:

• the occupied area;
• the age of the stands;
• production of debarked wood based on the average annual increase;
• the time turnover occurs.

The discount rate used in the financial year ended 31 December 2022 was 5.84% (4.74% as at 31 December 2021).

As of 31 December 2022, the caption "Other changes" relates to fair value variations arising from changes in the sale price of wood and the costs of forest management, maintenance and exploration.

The Altri Group performed a sensitivity analysis of this evaluation of changes to key assumptions, and concluded that, had it considered a lower/higher discount rate by 1.5 p.p., the figure for biological assets would have risen/dropped by 16.8 million Euro and 13.2 million Euro, respectively.

As at 31 December 2022 and 2021, (i) there are no amounts of biological assets whose ownership was limited and/or pledged as security for liabilities, or irreversible commitments regarding the acquisition of biological assets, and (ii) there are no government grants related to biological assets recognised in the Group's consolidated financial statements.

As at 31 December 2022 and 2021, the total area under management by the Altri Group in Portugal amounted to approximately 90.4 thousand hectares. The area related to eucalyptus in Portugal presented the following distribution by age:

	31.12.2022	31.12.2021
0-5 years	33,479	32,795
6-10 years	25,826	24,634
> 10 years	13,101	13,513
	72,406	70,942

The remaining area under its management refers to other residual forest species of lesser relevance.

As at 31 December 2022 and 2021, the amount recorded under the line item 'Inventories' can be detailed as follows:

	31.12.2022	31.12.2021
Raw materials, subsidiaries and consumables	61,700,320	58,858,508
Goods	181,543	171,703
Products and works in progress	617,770	577,101
Finished products and intermediate goods	60,713,520	32,354,074
Prepayments on account of purchases	2,007,697	1,274,176
	125,220,850	93,235,562
Accumulated impairment losses (Note 24)	(12,314,552)	(10,414,552)
	112,906,298	82,821,010

The cost of sales for the financial year ended 31 December 2022 ascended to 439,371,992 Euro and was determined as follows:

	Raw materials, subsidiaries and consumables	Goods	Finished products and intermediate goods	Products and works in progress	Total
Opening balance	58,858,508	171,703	32,354,074	577,101	91,961,386
Purchases	470,602,456	9,840	—	—	470,612,296
Inventory adjustments	11,463	—	—	—	11,463
Final inventories	(61,700,320)	(181,543)	(60,713,520)	(617,770)	(123,213,153)
	467,772,107	—	(28,359,446)	(40,669)	439,371,992

The cost of sales for the financial year ended 31 December 2021 ascended to 321,425,367 Euro and was determined as follows:

	Raw materials, subsidiaries and consumables	Goods	Finished products and intermediate goods	Products and works in progress	Total
Opening balance	48,087,845	171,584	38,366,510	440,468	87,066,407
Acquisition of subsidiaries	—	291,100	—	—	291,100
Purchases	332,955,623	2,292,272	—	—	335,247,895
Inventory adjustments	—	—	—	22,555	22,555
Transfer to discontinued activities (Note 7)	(6,634,926)	(1,708,254)	—	(22,555)	(8,365,735)
Final inventories transferred to discontinued activities	(873,563)	(1,906)	—	—	(875,469)
Final inventories	(58,858,508)	(171,703)	(32,354,074)	(577,101)	(91,961,386)
	314,676,471	873,093	6,012,436	(136,633)	321,425,367

14. CURRENT AND DEFERRED TAXES

According to current legislation, tax returns are subject to review and correction by the tax authorities during a period of four years (five years for Social Security), except when there have been tax losses, tax benefits granted, or when inspections, complaints or challenges are in progress, in which cases, depending on the circumstances, the deadlines are extended or suspended. Thus, the Group's tax returns since 2019 may still be subject to review.

The Group's Board of Directors considers that any corrections resulting from reviews/inspections by the tax authorities to those tax returns will not have a material effect on the financial statements as at 31 December 2022 and 2021.

Deferred tax assets and liabilities as at 31 December 2022 and 2021, according to the temporary differences generating them, are detailed as follows:

	31.12.2022		31.12.2021
	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities
Provisions and impairment losses not accepted for tax purposes	3,772,388	—	2,961,996	—
Fair value of derivative instruments	1,218,666	4,082,509	1,109,637	332,516
Pension fund	176,086	—	728,246	—
Harmonization of accounting principles	950,497	—	1,603,198	—
Fixed-asset revaluation - DL 66/2016	3,079,521	—	6,222,824	—
Fair value of biological assets	878,050	—	1,375,505	—
Goodwill tax amortisation (Spain)	—	34,447,412	—	31,335,683
Right-of-use assets	1,955,797	—	2,146,865	—
Others	919,811	402,263	665,497	482,542
	12,950,816	38,932,184	16,813,768	32,150,741

The movement that occurred in deferred tax assets and liabilities in the financial years ended 31 December 2022 and 2021 was as follows:

	2022
	Deferred tax assets	Deferred tax liabilities
Balance as at 01.01.2022	16,813,768	32,150,741
Effects on income statement:
Increased/(Reduced) provisions and impairment losses	810,392	—
Harmonization of accounting principles	(652,701)	—
Fair value of biological assets	(497,455)	—
Fixed-asset revaluation - DL 66/2016	(3,143,303)	—
Goodwill tax amortisation (Spain)	—	3,111,728
Other effects	(193,609)	(80,278)
Total effects on income statement	(3,676,676)	3,031,450
Effects on equity:
Fair value of derivative instruments (Note 30)	109,029	3,749,993
Pension funds	(295,305)	—
Total effects on other comprehensive income	(186,276)	3,749,993
Balance as at 31.12.2022	12,950,816	38,932,184

	2021
	Deferred tax assets	Deferred tax liabilities
Balance as at 01.01.2021	27,757,056	48,071,097
Acquisition of subsidiaries (Note 6)	11,107,776	3,262,893
Allocation of fair value in acquisitions of subsidiaries (Note 6)	—	22,652,220
Effects on income statement:
Increased/(Reduced) provisions and impairment losses	11,653	—
Harmonization of accounting principles	(4,259,672)	(2,554,192)
Fair value of biological assets	(576,068)	—
Fixed-asset revaluation - DL 66/2016	(3,143,304)	—
Fair value adjustments in business combination processes	—	(1,478,838)
Goodwill tax amortisation (Spain)	—	3,111,728
Tax losses carried forward	(2,919,401)	—
Temporary differences in tangible assets	—	4,005,924
Other effects	73,541	(4,917)
Transfer to discontinued activities	1,626,350	(2,525,223)
Total effects on income statement	(9,186,901)	554,482
Effects on equity:
Fair value of derivative instruments (Note 30)	9,476,250	(1,574,644)
Pension funds	(115,449)	—
Changes in currency exchange rate	278,710	560,273
Total effects on other comprehensive income	9,639,511	(1,014,371)
Transfer to discontinued activities	(22,503,674)	(41,375,580)
Balance as at 31.12.2021	16,813,768	32,150,741

In 2016, the subsidiary Celbi, S.A. chose to apply the optional Property, plant and equipment revaluation and investment property regime, pursuant to Decree-Law no. 66/2016, of 3 November. Within this framework, the constituted revaluation reserve was subject to a 14% autonomous tax rate. It should be pointed out that this amount was paid in full in 2016, 2017, and 2018. In addition, the corresponding depreciation is deductible, for tax purposes, from the 2018 financial year, in order to determine the taxable income. Thus, in the financial years ended 31 December 2022 and 2021, the Group recorded a deferred tax asset in the amount of around 3,100,000 Euro and 6,200,000 Euro, respectively. The 2018 financial year was the first year when the subsidiary, for tax purposes, deducted the depreciation of the revaluation performed under said scheme. This revaluation, performed solely for tax purposes, did not impact the book value of fixed assets.

As of 31 December 2022, the tax rate to be used by companies in Portugal for calculating deferred tax assets relating to tax losses is 21%. In the case of positive or negative temporary differences originating in Portuguese companies, the rate to be used is 22.5%, plus the municipal surtax rate in the companies where payment is expected in the expected reversal periods of the associated deferred taxes. In accordance with the legislation in force in Portugal during the financial year ended 31 December 2022, the state surtax corresponded to the application of an additional rate of 3% on the taxable income between 1.5 and 7.5 million Euro, 5% on the taxable income between 7.5 and 35 million Euro and 9% on the taxable income above 35 million Euro.

Under the terms of article 88 of the Corporate Income Tax Code, the Company is subject to autonomous taxation on a set of charges at the rates provided for in the mentioned article.

For companies or branches located in other countries, the respective rates applicable in each jurisdiction were used. In particular, in relation to the subsidiary Altri, SL, headquartered in Spain, the rate used in the calculation of deferred tax assets and liabilities was 25% as it is the tax rate in force in that country.

Deferred taxes to be recognised resulting from tax losses are only recorded to the extent where taxable income is likely to occur in the future and which can be used for recovering tax losses or deductible tax differences.

As of 31 December 2021, the Group has used all the deferred tax assets related to tax losses, amounting to 681,523 Euro, recorded as of 31 December 2020. This amount corresponded to the tax losses, amounting to approximately 3.2 million Euro, with which the Group's subsidiaries contributed to the RETGS in 2020. As of 31 December 2022 and 2021, there are no deferred tax assets related to tax loss carryforwards recognized.

The Board of Directors of Altri Group believes that the remaining deferred tax assets recorded as of 31 December 2022 are fully recoverable.

The detail of the tax losses carried forward that did not generate deferred tax assets is detailed as follows:

		31.12.2022		31.12.2021
		Tax loss	Tax credit	Tax loss	Tax credit
Without limitation of use date
	Portugal	3,049,988	640,497	3,150,109	661,522
Without limitation of use date
	Spain	55,915,471	13,978,868	59,329,351	14,832,338
		58,965,459	14,619,365	62,479,460	15,493,860

As at 31 December 2016, the Group had deferred tax regarding tax losses from the subsidiary Altri SL, located in Spain. In view of changes to the Spanish income tax regarding Goodwill tax amortisation, that amount was fully cancelled in the financial year ended 31 December 2017, based on the recoverable tax loss amount within a 10-year timeframe and the Group's expectation to generate enough tax results in that subsidiary in order to recover said amount.

At 31 December 2021, Greenvolt and its subsidiaries recorded deferred tax assets related to tax losses amounting to 8.6 million Euro. This amount corresponds to tax losses amounting to, approximately, 33.2 million Euro (without limitation of use date) and 2.4 million Euro (with limitation of use date). It also presented tax losses that did not give rise to deferred tax assets amounting to 0.3 million Euro (with limitation of use date) and 2.2 million Euro (without limitation of use date). On December 31, 2021, these assets were transferred to the item "Group of assets classified as held for distribution to shareholders" (Note 7).

Income tax recognised in the income statement in the financial years ended 31 December 2022 and 2021 can been detailed as follows:

	31.12.2022	31.12.2021
Current tax	(48,161,268)	(16,774,896)
Deferred tax	(6,708,126)	(9,741,383)
	(54,869,394)	(26,516,279)

	31.12.2022	31.12.2021
Profit before income tax and CESE	207,046,805	150,291,038
Theoretical tax rate	21.00%	21.00%
	(43,479,829)	(31,561,118)
Tax benefits	—	8,789,576
Autonomous taxes	(434,047)	(271,736)
(Insufficiency)/excess Income tax estimates	3,092,236	1,056,364
Surtax	(12,262,254)	(7,259,028)
Other effects	(1,785,500)	2,729,663
Income tax	(54,869,394)	(26,516,279)

The reconciliation of the profit before income tax to the income tax for the financial year is as follows:

At 31 December 2022, the amount included under the caption "(Insufficiency)/excess Income tax estimates" relates essentially to the recognition of tax benefits (approximately 3.2 million Euro).

At 31 December 2021, the amount included under the caption "(Insufficiency)/excess Income tax estimates" relates essentially to the recognition of tax benefits (approximately 0.8 million Euro). At 31 December 2021, the amount included under the caption "Other effects" essentially relates to the recognition of the reversal of the provision as a result of the favourable outcome to the Group of tax proceedings (approximately, 4 million Euro) (Note 17).

15. TRADE RECEIVABLES

As at 31 December 2022 and 2021, this line item was composed of the following:

	31.12.2022	31.12.2021
Trade receivables, current account	134,733,601	100,649,022
Trade receivables, bad debt	39,051	44,977
	134,772,652	100,693,999
Accumulated impairment losses (Note 24)	(192,983)	(198,909)
	134,579,669	100,495,090

The Group's exposure to credit risk is attributable first and foremost to receivables from its operating activity. The amounts given in the statement of financial position are net of accumulated impairment losses that were estimated by the Group. The Board of Directors believes that the book values receivable are close to their fair value, since these accounts' receivable do not pay interests and the discount effect is deemed immaterial.

As at 31 December 2022 and 2021, the age of the net trade receivables balance amount can be analysed as follows:

	31.12.2022	31.12.2021
Not due	113,834,191	83,331,565
Due, with no impairment losses recorded
0 - 30 days	19,762,251	13,155,427
30 - 90 days	242,355	3,744,499
+ 90 days	740,872	263,599
	134,579,669	100,495,090

The Group contracted credit insurances and other credit enhancements in order to cover the risk of uncollectability on the part of these trade receivables, as follows:

	31.12.2022	31.12.2021
With credit insurance and other credit enhancements	103,196,343	81,062,665
With no credit insurance and other credit enhancements	31,383,326	19,432,425
	134,579,669	100,495,090

The Group does not charge any interest while set payment terms (60 days, on average) are being complied with. Upon expiry of said terms, contractually set interest is charged under legislation in force and as applicable to each situation. This will tend to occur only in extreme situations.

The Board of Directors understands that receivables not fallen due shall be realised in their entirety, considering the history of uncollectability and the characteristics of the counterparties. In addition, with the adoption of IFRS 9, the Group calculates expected impairment losses for its receivables in accordance with the criteria disclosed under Note 2.3. l).

16. OTHER RECEIVABLES

As at 31 December 2022 and 2021, this line item was composed of the following:

	31.12.2022	31.12.2021
Advance payments to suppliers	8,777	25,097
Receivables from the State and other public entities (Note 17)	11,984,102	14,815,562
Others	4,930,840	5,938,194
	16,923,719	20,778,853
Accumulated impairment losses (Note 24)	(3,326,874)	(3,413,862)
	13,596,845	17,364,991

As at 31 December 2022, the caption "Others" includes, essentially, receivables related to energy price derivative contracts and guarantees for lease contracts and others, for part of which impairment losses were recognized. At 31 December 2021, the caption "Others" also includes the achievement premium recognized for the achievement of the objectives associated with the QREN project, the referred amount having been fully received during 2022.

As at 31 December 2022 and 2021, the net balance amount under 'Other receivables' did not fall due. Receivables not fallen due show no sign of impairment, as the book value of net impairment assets is deemed to be close to their fair value, and the effect of their financial discount is immaterial.

The Board of Directors understands that receivables not fallen due shall be realised in their entirety, considering the history of uncollectability and the characteristics of the counterparties. In addition, the Group calculates expected impairment losses for its receivables in accordance with the criteria disclosed under Note 2.3. l).

17. STATE AND OTHER PUBLIC ENTITIES

Debit and credit balances with the State and Other Public Entities as at 31 December 2022 and 2021 are detailed as follows:

Debit balances:	31.12.2022	31.12.2021
Income tax	3,147,399	3,361,653
Total income tax	3,147,399	3,361,653
Value-added tax	11,636,902	14,214,013
Other taxes	347,200	601,549
Total other taxes (Note 16)	11,984,102	14,815,562
Credit balances:
Income tax	(22,312,344)	(20,343,835)
Others	(705,554)	(705,554)
Total income tax	(23,017,898)	(21,049,389)
Tax withholding	(3,399,298)	(2,758,089)
Social Security contributions	(722,532)	(645,409)
Value-added tax	(6,044,520)	(5,115,932)
Other taxes	(89,486)	(69,241)
Total other taxes (Note 27)	(10,255,836)	(8,588,671)

As at 31 December 2022 and 2021, the debit balance "Income tax" includes mainly payments on account made by the Group company based in Spain, less the respective income tax payable for the year. As at 31 December 2022 and 2021, the credit balance "Income tax" refers essentially to the tax payable by the Group companies based in Portugal, less the respective payments on account and additional payments on account.

The Extraordinary Contribution to the Energy Sector for the year ended 31 December 2022 amounted to 74,464 Euro (97,227 Euro at 31 December 2021).

18. OTHER CURRENT ASSETS

As at 31 December 2022 and 2021, the line item 'Other current assets' can be detailed as follows:

	31.12.2022	31.12.2021
Accrued income:
Interest receivable	65,193	28,499
Other gains to be invoiced	2,964,724	3,975,184
Deferred costs:
Prepaid rents and leases	406,844	414,352
Prepaid insurance	1,001,343	1,424,137
Other prepaid expenses	2,578,483	1,874,377
	7,016,587	7,716,549

On 31 December 2022 and 2021, the balance of the item "Other gains to be invoiced" includes essentially accruals of income related to shred sales, whose delivery of materials occurred at the end of the fiscal year and invoicing only occurred at the beginning of the following year.

19. CASH AND CASH EQUIVALENTS

As at 31 December 2022 and 2021, the detail of 'Cash and cash equivalents' was as follows:

	31.12.2022	31.12.2021
Cash	287,561	33,542
Bank deposits	233,319,492	238,903,840
Cash and bank balances on the statement of financial position	233,607,053	238,937,382
Bank overdrafts (Note 23)	(18,960,562)	—
Cash and bank balances attributable to discontinued activities (Note 7)	—	258,757,013
Cash and bank balances in the statement of cash flows	214,646,491	497,694,395

As shown under Note 3) a) ii), as at 31 December 2022 and 2021, the balances of cash and cash equivalents in a currency other than the Euro come to 22,007,214 Euro and 10,677,693 Euro, respectively.

During the years ended 31 December 2022 and 2021, payments related to financial investments are detailed as follows:

	31.12.2022	31.12.2021
Acquisitions in the year ended 31 December 2020
Golditábua	—	(2,257,502)
	—	(2,257,502)
Acquisitions in the year ended 31 December 2021 (Note 6)
Tilbury Green Power	—	(167,032,062)
Profit Energy	—	(1,819,984)
Perfecta Energia	—	(4,689,477)
Subsidiaries of V-Ridium Group	—	(577,438)
	—	(174,118,961)
	—	(176,376,463)

20. OTHER NON-CURRENT ASSETS

As at 31 December 2022 and 2021, the line item 'Other non-current assets' refers to an additional settlement paid to German tax authorities and which is entirely provisioned, as described under Note 24.

21. NON-CONTROLLING INTERESTS

On 14 July 2021, an increase in the subsidiary Greenvolt's share capital of 177,599,998.75 Euro was recorded, following which 41,788,235 new ordinary, registered and book-entry shares without nominal value were issued at a subscription price of 4.25 Euro per share, bringing the subsidiary's share capital to 247,599,998.75 Euro, represented by 116,788,235 ordinary, registered and book-entry shares with no par value. These shares were subscribed:

• By a group of professional investors, who subscribed 30,588,235 shares, amounting to 129,999,998.75 Euro;
• By the company V-Ridium Europe Sp. z.o.o., which subscribed 11,200,000 shares, in the amount of 47,600,000 Euro (with an issue premium in the amount of 8,400,000 Euro), by delivering 11,200,000 shares of V-Ridium Power Group, Sp. z.o.o., representing 100% of the share capital of that company, which is now wholly owned by the subsidiary Greenvolt.

On 26 July 2021, the Joint Global Coordinators, acting in the name and on behalf of the Managers, exercised the Greenshoe Option, resulting in the issue by Greenvolt of 4,588,235 additional shares, with a unit price of 4.25 Euro per share. Accordingly, Greenvolt resolved on the corresponding additional capital increase in the amount of 19,499,998.75 Euro, carried out through the issue of the new optional shares. As such, the share capital of the Issuer which was that of 247,599,998.75 Euro is now of 267,099,997.50 Euro, represented by 121,376,470 ordinary, book-entry, nominative shares without nominal value.

As a result of these operations, Altri Group began to hold 58.72% of Greenvolt - Energias Renováveis, S.A..

As of 31 December 2021, the recognized non-controlling interests are related to minority interests held by the subsidiary Greenvolt, amounting to approximately 40.3 million Euro (Note 6) and to minority interests generated as a result of the above mentioned operation, amounting to approximately 140.8 million Euro.

The movements in the balance of this item for the year ended 31 December 2022 is as follows:

	31.12.2022
	Greenvolt (a)	Greenfiber, S.L.	Total
Opening balance	181,077,173	—	181,077,173
Acquisition of subsidiaries (Note 6)	781,420	—	781,420
Capital contributions by non-controlling interests	61,633	2,617,001	2,678,634
Effects on results	8,759,788	(431,902)	8,327,886
Effects on other comprehensive income	17,960,236	—	17,960,236
Others	2,253	—	2,253
Distribution of group of assets classified as held for distribution to shareholders and effect of loss of control of Greenvolt and its subsidiaries (Note 6)	(208,642,503)	—	(208,642,503)
Closing balance	—	2,185,099	2,185,099

(a) Greenvolt- Energias Renováveis, S.A. and its subsidiaries

On 25 May 2022, 48,118,446 Greenvolt shares were distributed to Altri's shareholders (Note 45). As a result of this distribution, Altri Group lost control over this subsidiary. Therefore, on this date, Greenvolt and its subsidiaries are no longer fully consolidated. During this operation, the "Non-controlling interests" of Greenvolt and its subsidiaries were derecognized (Note 6).

On the 31 December 2022, upon the incorporation of the subsidiary Greenfiber, SL, the Altri Group recognized the fair value of the non-controlling interests in the amount of 250,000 Euros. After this date, capital contributions by minority shareholders were made in the amount of 2,367,001 Euro, which Altri followed in its share (75%).

22. SHARE CAPITAL AND RESERVES

Share capital

As at 31 December 2022 and 2021, the Group's share capital was fully subscribed and paid up and consisted of 205,131,672 nominative shares with a nominal value of 12.5 Euro-cents each.

As at 31 December 2022 and 2021, there were no legal entities with a subscribed capital interest of at least 20%.

Legal reserve

Portuguese commercial legislation establishes that at least 5% of the annual net profit must be allocated to the 'Legal reserve' until it represents at least 20% of the share capital.

As at 31 December 2022 and 2021, Altri, SGPS, S.A.'s financial statements showed the amount of 5,128,292 Euro related to legal reserve, which may not be distributed among shareholders, except in the event of closing up the Group, but can be used for absorbing losses after the other reserves have been exhausted, or incorporated in capital.

Hedging reserve

The line item 'Hedging reserve' relates to the fair value of derivative financial instruments classified as cash flow hedging instruments in the effective hedge component, net of respective deferred taxes (Notes 14 and 30).

Other reserves

	31.12.2022	31.12.2021
Pension funds	(1,020,179)	(2,345,553)
Reserve DL 66/2016	6,222,824	9,366,128
Currency translation reserves	66,516	48,392
Retained earnings	111,976,064	386,826,085
	117,245,225	393,895,052

Pursuant to Portuguese legislation, the distributable reserves amount is determined based on the separate financial statements of Altri SGPS, S.A., submitted in accordance with the International Financial Reporting Standards, as adopted by the European Union. As at 31 December 2022, the distributable reserves amount comes to 250,738,575 Euro.

23.BANK LOANS, OTHER LOANS AND REIMBURSABLE GOVERNMENT GRANTS

As at 31 December 2022 and 2021, the detail of 'Bank loans', 'Other loans', and 'Reimbursable Government Grants' was as follows:

	31.12.2022
	Nominal value		Book value (1)
	Current	Non-current	Total	Current	Non-current	Total
Bank loans	—	25,000,000	25,000,000	171,973	25,000,000	25,171,973
Bank overdrafts	18,960,562	—	18,960,562	18,960,562	—	18,960,562
Bank loans	18,960,562	25,000,000	43,960,562	19,132,535	25,000,000	44,132,535
Commercial paper	70,000,000	—	70,000,000	70,171,523	—	70,171,523
Bond loans	10,000,000	435,400,000	445,400,000	12,311,844	433,812,843	446,124,687
Other loans	80,000,000	435,400,000	515,400,000	82,483,367	433,812,843	516,296,210
Reimbursable government grants	653,837	1,634,593	2,288,430	653,837	1,634,593	2,288,430
	99,614,399	462,034,593	561,648,992	102,269,739	460,447,436	562,717,175

(1) - includes accruals from accrued interest and borrowing expenses

	31.12.2021
	Nominal value			Book value (1)
	Current	Non-current	Total	Current	Non-current	Total
Bank loans	27,500,000	—	27,500,000	27,584,583	—	27,584,583
Bank overdrafts	—	—	—	—	—	—
Bank loans	27,500,000	—	27,500,000	27,584,583	—	27,584,583
Commercial paper	70,000,000	40,000,000	110,000,000	70,099,494	40,000,000	110,099,494
Bond loans	25,000,000	420,400,000	445,400,000	27,754,836	418,218,797	445,973,633
Other loans	—	—	—	—	—	—
Other loans	95,000,000	460,400,000	555,400,000	97,854,330	458,218,797	556,073,127
Reimbursable government grants	653,837	2,288,430	2,942,267	653,837	2,288,430	2,942,267
	123,153,837	462,688,430	585,842,267	126,092,750	460,507,227	586,599,977

(1) - includes accruals from accrued interest and borrowing expenses

23.1. Bank loans

(i) Bank loans

During the financial year ended 31 December 2022, Celbi contracted a bank loan in the amount of 25,000,000 Euro, with interest at the Euribor six-month rate plus spread. This loan shall be settled in a single instalment at the end of the agreement (March 2026); therefore, the total loan amount is categorised as non-current debt.

During the financial year ended 31 December 2016, Celbi and Caima contracted bank loans in the amount of 15,000,000 Euro and 12,500,000 Euro, respectively, with interest at the Euribor twelvemonth rate plus spread. During 2022, these loans were settled in a single instalment at the end of the agreements (September 2022 and August 2022, respectively).

(ii) Pledged current accounts

As at 31 December 2022 and 2021, there are pledged current accounts subscribed to in the amount of 3 million Euro, which were not used.

(iii) Bank overdrafts

As of 31 December 2022, there were bank overdrafts in the amount of 35 million Euro, with a usage level of 18,960,562 Euro. As at 31 December 2021, there were bank overdrafts subscribed in the amount of 15 million Euro, which were not being used.

23.2. Other loans:

(i) Commercial paper

The Group has renewable commercial paper programmes in place, with placement guarantee in the amount of 160,000,000 Euro as at 31 December 2022 (160,000,000 Euro as at 31 December 2021), subscribed by several subsidiaries of the Altri Group, with interest at a Euribor rate corresponding issue period (from 7 to 364 days), plus spread. As at 31 December 2022, the total amount used comes to 70,000,000 Euro (70,000,000 Euro as at 31 December 2021).

As of 31 December 2021, those issues included a tranche in the amount of 40,000,000 Euro categorised as non-current debt, relative to programmes not allowing early termination by the counterparty, and the financial institution had underwritten the issues. In this regard, the Board of Directors classified this debt based on the duration of the issue of these commercial papers. As of 31 December 2022, these programmes, maturing during 2023, were recorded as current debt.

In addition, the Group has grouped placement agreements for commercial paper with no placement guarantee, in the maximum amount of 65,000,000 Euro, subscribed by several subsidiaries of the Altri Group, with interest at a rate set by indirect placement with investors and/or set by a proposed subscription put forth by the financial intermediary, with an issue period up to 90 days. As at 31 December 2022, these programmes were not being used (as at 31 December 2021, the total amount used comes to 40,000,000 Euro).

(ii) Bond loans

In April 2014, Celbi issued a bond loan in the amount of 50,000,000 Euro, with a term of 6 years. On 20 February 2015, Altri SGPS took over the contractual position held by its subsidiary Celbi, and the bond loan became 'ALTRI 2014/2020.' In July 2017, Altri SGPS made an early repayment of this loan, issuing, on the same date, a second one for the same amount, for a period of 8 years, called 'ALTRI 2017/2025.'

During the financial year ended 31 December 2016, Altri SGPS issued two bond loans: the first, on 18 April 2016, in the amount of 40,000,000 Euro, with an amortisation of 20,000,000 Euro in April 2022 (with early repayment in July 2019) and final repayment in April 2024; and another, issued on 28 November 2016, in the amount of 25,000,000 Euro, falling due on 28 March 2022, with interest at the 6-month Euribor rate, plus spread. During the year ended 31 December 2022, this bond loan was repaid.

In November 2016, Celbi issued a bond loan in the amount of 65,000,000 Euro maturing in February 2024, called 'Celbi 2016/2024.' In turn, as at 31 December 2022, Altri SGPS held 'Celbi 2016/2024'

bonds in the nominal amount of 8,500,000 Euro (8,500,000 Euro as at 31 December 2021); thus, as at 31 December 2022, the Group's liability relative thereto came to 56,500,000 Euro (56,500,000 Euro as at 31 December 2021).

In 2017, on March 6, Altri SGPS issued a bond loan amounting to 70,000,000 Euro, for a period of 7 years, under the name "ALTRI 2017/2024". In 2021, on April 19, Altri SGPS made an early repayment of this bond loan. At the same time, Celbi, S.A. issued a bond loan amounting to 70,000,000 Euro, for a period of 5 years, designated "CELBI 2021-2026". This bond loan has an amortization plan with repayment of 10,000,000 Euro on the fourth interest payment date (April 2023), 10,000,000 Euros on the sixth interest payment date (April 2024), 20,000,000 Euro on the eighth interest payment date (April 2025) and 30,000,000 Euro on the tenth interest payment date (April 2026).

During the financial year ended 31 December 2017 Celbi, S.A. issued two bond loans, both on 14 July 2017: one for 40,000,000 Euro with a term of 8 years and another for 40,000,000 Euro for a period of 10 years, earning interest at a rate equal to 6-month Euribor rate plus spread. In turn, as at 31 December 2022, Altri SGPS held 'Celbi 2017/2027' bonds in the nominal amount of 5,900,000 Euro (5,900,000 Euro as at 31 December 2021); thus, as at 31 December 2022, the Group's liability relative thereto came to 34,100,000 Euro (34,100,000 Euro as at 31 December 2021).

During the financial year ended 31 December 2018, Celulose Beira Industrial (Celbi), S.A. issued two bond loans: on 20 April 2018, a loan in the amount of 50,000,000 Euro, for a period of 8 years and a coupon rate of 2.98%; and another, on 28 May 2018, in the amount of 50,000,000 Euro, for a period of 10 years, with interest at the 6-month Euribor rate, plus spread. In turn, Altri SGPS, as at 31 December 2022, held 'Celbi 2018/2028' bonds in the nominal amount of 5,200,000 Euro (5,200,000 Euro as at 31 December 2021); thus, as at 31 December 2022, the Group's liability relative thereto came to 44,800,000 Euro (44,800,000 Euro as at 31 December 2021).

On 15 July 2019, Altri SGPS issued a loan bond, in the amount of 55,000,000 Euro, under the name 'ALTRI 2019/2024', with interest at the 6-month Euribor rate, plus spread.

On 29 April 2022, Altri SGPS issued a bond loan amounting to 25,000,000 Euro, with a term of 5 years and a coupon rate of 2.53%, called "ALTRI 2022-2027".

Expenses incurred with the issuance of loans were deducted from their nominal value and are recognised as interest expenses over the life of the loan (Note 37).

23.3. Reimbursable Government Grants:

In December 2016, Celbi signed a financial and fiscal incentive-granting agreement pursuant to article 5(1) of Decree-law no. 191/2014, of 31 December, with Agência para o Investimento e Comércio Externo de Portugal, E.P.E. (AICEP), as the competitiveness and internationalisation project was considered by the Portuguese Government to be relevant and of strategic interest to the domestic economy. The Investment Project began on 1 January 2016 and lasted until 31 December 2017. The contracted amount came to 40,040,000 Euro, and the Portuguese Government will grant a repayable financial incentive corresponding to 10% of eligible expenses. As at 31 December 2022, the amount to be settled relative to this subsidy came to 2,288,430 Euro (2,942,267 Euro as at 31 December 2021), of which the amount of 653,837 Euro is recorded as a current reimbursable government grant.

23.4. Change in indebtedness and maturities

As at 31 December 2022 and 2021, the reconciliation of the change in gross debt to cash flows is as follows:

31.12.2022	31.12.2021
586,599,977	736,712,716
—	110,134,322
(317,500,000)	(778,119,093)
275,000,000	921,293,555
(653,837)	(2,847,178)
18,960,562	(1,996,090)
310,473	(1,707,401)
—	2,667,456
—	(399,538,310)
(23,882,802)	(150,112,739)
562,717,175	586,599,977

The period for repaying bank loans, other loans and repayable incentives is as follows:

	31.12.2022
	2023	2024	2025	2026	>2026	Total (nominal value)
Bank overdrafts	18,960,562	—	—	—	—	18,960,562
Bank loans	—	—	—	25,000,000	—	25,000,000
Commercial paper	70,000,000	—	—	—	—	70,000,000
Bond loans	10,000,000	141,499,000	110,000,000	80,000,000	103,901,000	445,400,000
Other loans	—	—	—	—	—	—
Reimbursable government grants	653,837	653,837	653,837	326,919	—	2,288,430
	99,614,399	142,152,837	110,653,837	105,326,919	103,901,000	561,648,992

	31.12.2021
	2022	2023	2024	2025	>2025	Total (nominal value)
Bank overdrafts	—	—	—	—	—	—
Bank loans	27,500,000	—	—	—	—	27,500,000
Commercial paper	70,000,000	40,000,000	—	—	—	110,000,000
Bond loans	25,000,000	10,000,000	141,499,000	110,000,000	158,901,000	445,400,000
Other loans	—	—	—	—	—	—
Reimbursable government grants	653,837	653,837	653,837	653,837	326,919	2,942,267
	123,153,837	50,653,837	142,152,837	110,653,837	159,227,919	585,842,267

24.PROVISIONS AND IMPAIRMENT LOSSES

The movement occurring under provisions and impairment losses during the financial years ended 31 December 2022 and 2021 can be detailed as follows:

		31.12.2022
	Provisions	Impairment losses in receivables (Notes 15 and 16)	Impairment losses in inventories (Note 13)	Total
Opening balance	4,082,239	3,612,771	10,414,552	18,109,562
Increases	1,249,174	—	1,900,000	3,149,174
Transfers	—	—	—	—
Utilizations	(475,378)	—	—	(475,378)
Reversals	(124,602)	(92,914)	—	(217,516)
Closing balance	4,731,433	3,519,857	12,314,552	20,565,842
	31.12.2021
	Provisions	Impairment losses in receivables (Notes 15 and 16)	Impairment losses in inventories (Note 13)	Total
Opening balance	16,689,458	3,618,696	13,046,936	33,355,090
Acquisition of subsidiaries (Note 6)	4,081,872	64,824	—	4,146,696
Increases	426,982	146,887	—	573,869
Transfers	—	—	—	—
Utilizations	(12,204)	—	—	(12,204)
Reversals	(1,196,523)	(5,926)	(2,632,384)	(3,834,833)
Changes in currency exchange rate	83,488	(1,215)	—	82,273
Transfer to discontinued activities	(15,990,834)	(210,495)	—	(16,201,329)
Closing balance	4,082,239	3,612,771	10,414,552	18,109,562

As at 31 December 2022 and 2021, the amount of the increase and reversals shown in the profit-andloss statement is detailed as follows:

	31.12.2022	31.12.2021
Increases/(Reversals) of inventory impairment losses	1,900,000	(2,632,384)
Increases/(Reversals) of impairment losses of accounts receivable	(92,914)	(5,926)
Increases/(Reversals) in provisions for other risks and charges	1,124,572	(936,790)
	2,931,658	(3,575,100)

At 31 December 2021, the remaining amount between what was recorded in the income statement and the net amount presented under the captions "Increases" and "Reversals", relates to: i) the increases and reversals relating to dismantling provisions of Greenvolt - Energias Renováveis, S. A. and its subsidiaries, which are recorded against an increase/decrease in tangible fixed assets (amounting to, approximately, 163,000 Euro), and with ii) the impact of discontinued activities amounting to, approximately, 151,000 Euro (Note 7).

During the financial year ended 31 December 2013, the subsidiary Caima, S.A. paid an additional settlement of Value-Added Tax for previous years to German tax authorities, in the amount of 2,722,651 Euro, which was recorded under the line item 'Other non-current assets' due to not agreeing with the basics of said settlement. During the month of January 2014, it made an additional Value-Added Tax payment to the same entities, in the amount of around 700,000 Euro. To address the risk of those additional settlements becoming definitive, in 2013 the Altri Group recorded a liability under the line item 'Provisions.' At 31 December 2022, as a result of the favourable opinion obtained by the subsidiary by court decision regarding the year 2007, the amount of approximately 1,261,000 Euro was received, which includes the reversal of the provision occurred on 31 December 2021, in the amount of approximately 937,000 Euro, as well as the effect of compensatory interest in the amount of approximately 324,000 Euro (Note 37). The caption "Utilizations" includes the amount of, approximately, 463,000 Euro, the caption "Reversals" includes the amount of, approximately, 40,000 Euro and the account receivable (Note 20) decreased in the amount of, approximately, 1,440,000 Euro, as a result of these effects. Regarding the remaining amount recorded as provisions, given the maintenance of the graduation as probable for the open years, it is the Board of Directors' understanding that this amount corresponds to the best estimate as of 31 December 2022.

As at 31 December 2021, the opening balance of the caption 'Provisions' mainly referred to the provision for dismantling and decommissioning power plants operated by those entities. In accordance with the provisions under the corresponding environmental licenses for thermoelectric plants, when a plant is declared to cease operations, its deactivation phase begins; that is, the set of decommissioning, dismantling, demolition and environmental rehabilitation activities. In conformity with the accounting policies referred to under Note 2.3 j), these provisions are calculated based on the present value of future liabilities and recorded against an increase in the corresponding property, plant and equipment, and are depreciated for the remaining expected useful life of the respective assets. The effect of financially updating the financial year is recognised in the line item of financial expenses. On 31 December 2021, these liabilities were transferred to the caption "Liabilities directly associated with the group of assets classified as held for distribution to shareholders" (Note 7).

The remaining amount recorded under the line item 'Provisions' as at 31 December 2022 and 2021 is the best estimate from the Board of Directors in order to address the entirety of losses to be incurred with currently ongoing legal proceedings.

25.OTHER NON-CURRENT LIABILITIES

	31.12.2022		31.12.2021
	Total	Current (Note 29)	Non-current	Total	Current (Note 29)	Non-current
Biotek
SIME	224,522	47,543	176,979	271,997	47,544	224,453
PRR	33,097	33,097	—	—	—	—
	257,619	80,640	176,979	271,997	47,544	224,453
Celbi
PIN	5,451,904	2,776,205	2,675,699	8,238,287	2,786,717	5,451,570
PRR	110,994	110,994	—	—	—	—
Other subsidies	9,332	333	8,999	9,999	333	9,666
	5,572,230	2,887,532	2,684,698	8,248,286	2,787,050	5,461,236
Caima
QREN	1,036,527	506,822	529,705	1,648,511	611,983	1,036,528
PRR	1,746,781	1,746,781	—	—	—	—
	2,783,308	2,253,603	529,705	1,648,511	611,983	1,036,528
Altri Florestal
Proder	2,639	1,064	1,575	3,814	1,176	2,638
PRR	107,929	107,929	—	—	—	—
	110,568	108,993	1,575	3,814	1,176	2,638
Viveiros
Proder	—	—	—	48,791	48,791	—
PRR	6,552	6,552	—	—	—	—
	6,552	6,552	—	48,791	48,791	—
	8,730,277	5,337,320	3,392,957	10,221,399	3,496,544	6,724,855

As at 31 December 2022 and 2021, this line item fully concerns the tranches of non-refundable investment subsidies (Notes 23 and 29), which was detailed as follows:

In January 2007, Celbi and Altri signed an agreement granting financial and fiscal incentives under Decree-Law no. 203/2003, of 10 September, with Agência para o Investimento e Comércio Externo de Portugal, E.P.E. (AICEP), as the Portuguese Government considered this project to be of national interest (PNI), to expand Celbi's production capacity. In 2015, the competent authorities felt that the project's objectives and merits had been achieved, with an achievement premium attributed in the amount of 41,315,930 Euro. Celbi classified that amount under 'Other non-current liabilities' and 'Other current liabilities' (Note 29) net of the amount that has been recognised directly as income in the income statement (Note 35) in the proportion of the already depreciated part of the subsidised property, plant and equipment according to the accounting policy under Note 2.3 e).

In January 2014, Celbi signed a new agreement granting financial and fiscal incentives under Decree-Law no. 203/2003, of 10 September, with Agência para o Investimento e Comércio Externo de Portugal, E.P.E. (AICEP), as the project to modernise and expand the production plant was considered by the Portuguese Government to be relevant and of strategic interest to the domestic economy. If Celbi fulfilled the proposed objectives and measures at the end of the years 2016, 2017 and 2019, the Portuguese Government would also grant an Accomplishment Premium, which will correspond to non-refund up to 75% of the refundable incentive amount. In 2021, AICEP, following the Compete Steering Committee's decision, and given that the main objectives, merits, and constraints have been met, approved the closure of the project, awarding a global achievement award of 4,367,689 Euro. Celbi classified that amount under 'Other non-current liabilities' and 'Other current liabilities' net of the amount that has been recognised directly as profit in the income statement (Note 35) in the proportion of the already depreciated part of the subsidised property, plant and equipment according to the accounting policy under Note 2.3 e).

In the 2014 financial year, Caima signed a financial and fiscal incentive-granting agreement under Decree-Law no. 287/2007 with Agência para o Investimento e Comércio Externo de Portugal E.P.E. (AICEP) for an overall investment of 35,161,000 Euro. If Caima fulfilled the proposed objectives and measures at the end of the years 2016, 2017 and 2019, the Portuguese Government would also grant an Accomplishment Premium, which will correspond to non-refund up to 48% of the refundable incentive amount. Such objectives have been met by the subsidiary by the achievement of the objectives measured with reference to the year 2019, and by 31 December 2022, Caima has received the amount of 5,043,991 Euro pertaining to the Achievement Premium, which is recorded under noncurrent liability net of the amount that has been recognised directly as profit in the income statement (Note 35) in the proportion of the already depreciated part of the subsidised property, plant and equipment according to the accounting policy under Note 2.3 e).

In October 2022, a consortium contract was signed, consisting of fifty-seven entities, to carry out a mobilizing research and technological development project entitled "TransForm", under the Sistema de Incentivos à Investigação e Desenvolvimento Tecnológico (SI I&DT) - Programas Mobilizadores – Clusters de Competitividade and other collective dynamics, as part of the Agenda for the digital transformation of forestry value chains into a more resilient and low-carbon Portuguese economy, supported by the Recovery and Resilience Plan ("PRR"). In December 2022, following the application submitted to the Incentive System "Agendas para a Inovação Empresarial", Altri Florestal, as leader of the consortium, signed the respective Term of Acceptance. The global eligible investment is 129,259,946 Euro. The project should be completed and with results achieved by 31 December 2025. The Altri Group's eligible investment amounts to approximately 49 million Euro, corresponding to a potential non-refundable incentive of approximately 15 million Euro, of which 2 million Euro have already been received as an advance.

26.TRADE PAYABLES

		Payable
	31.12.2022	0-90 days	90-180 days	>180 days
Trade payables, current account	55,768,293	55,768,293	—	—
Trade payables, invoices pending	19,876,137	19,876,137	—	—
Trade payables - securities payable	33,097,254	33,097,254	—	—
	108,741,684	108,741,684	—	—
			Payable
	31.12.2021	0-90 days	90-180 days	>180 days
Trade payables, current account	44,000,018	43,998,886	154	978
Trade payables, invoices pending	22,138,053	22,138,053	—	—
Trade payables - securities payable	61,803,336	61,803,336	—	—

As at 31 December 2022 and 2021, this line item was composed of the following:

As at 31 December 2022 and 2021, the line item 'Trade payables' concerned amounts payable resulting from acquisitions related to the Group's normal course of business.

The Board of Directors understands that the book value of these debts is close to its fair value.

As at 31 December 2022 and 2021, the line item 'Trade payables – securities payable' refers to supplier balances transferred in confirming operations, as described under Note 2.3 l).

27.OTHER PAYABLES

As at 31 December 2022 and 2021, the line item 'Other payables' can be detailed as follows:

		Payable
	31.12.2022	0-90 days	90-180 days	>180 days
Suppliers of fixed assets	9,000,381	8,000,381	—	1,000,000
Payables to the State and other public entities (Note 17)	10,255,836	10,255,836	—	—
Other debts	6,311,265	6,266,909	—	44,356
	25,567,482	24,523,126	—	1,044,356
			Payable
	31.12.2021	0-90 days	90-180 days	>180 days
Suppliers of fixed assets	2,366,981	2,366,981	—	—
Payables to the State and other public entities (Note 17)	8,588,671	8,588,671	—	—
Other debts	5,670,566	5,626,210	—	44,356

28.LIABILITIES ASSOCIATED WITH AGREEMENTS WITH CUSTOMERS

As at 31 December 2022 and 2021, the line item 'Liabilities associated with agreements with customers' can be detailed as follows:

	31.12.2022	31.12.2021
Rappel and discounts to be settled	8,366,199	4,901,173
Commissions to be settled	726,000	446,000
	9,092,199	5,347,173

29.OTHER CURRENT LIABILITIES

On 31 December 2022 and 2021, the line item 'Other current assets' can be detailed as follows:

	31.12.2022	31.12.2021
Accrued expenses
Energy and gas expenses to be settled	3,938,918	11,420,548
Remunerations to be settled	5,724,325	4,469,003
Rents to be settled	43,510	63,424
Insurance to be settled	180,516	144,029
Water fees to be settled	1,235,633	1,273,321
Other charges to be settled	8,095,888	9,183,960
Deferred income
Government grants (Notes 23 and 25)	5,337,320	3,496,544
	24,556,110	30,050,829

As at 31 December 2022 and 2021, the line item 'Other charges to be settled' basically concerns expenses related to operating activities already incurred and yet to be invoiced.

The variation in the caption "Energy and gas expenses to be settled", at 31 December 2022, is essentially explained by the transition of the subsidiary Celbi to the self-consumption of electricity regime.

30.DERIVATIVE FINANCIAL INSTRUMENTS

At 31 December 2022 and 2021, Altri Group's subsidiaries had in force derivative financial instrument contracts associated with hedging interest rate changes, hedging the exchange rate changes and hedging the pulp price variation. During 2022, there were also signed derivative financial instruments contracts to hedge the energy price fluctuations. All these instruments are recorded according to their fair value.

Altri Group subsidiaries only use derivatives to hedge cash flows associated with operations generated by their activity.

As at 31 December 2022 and 2021, the fair value of derivative financial instruments is as follows:

	31.12.2022				31.12.2021
	Asset		Liability		Asset		Liability
	Current	Non current	Current	Non current	Current	Non current	Current	Non current
Interest rate derivatives	142,379	6,477,587	—	—	—	163,618	144,498	540,350
Exchange rate derivatives	6,559,932	—	2,287,150	—	1,130,725	—	2,273,978	—
Pulp price derivatives	—	—	2,378,050	—	—	—	680,674	—
Energy price derivatives	2,467,185	—	—	—	—	—	—	—
	9,169,496	6,477,587	4,665,200	—	1,130,725	163,618	3,099,150	540,350

(i) Interest rate derivatives

In order to reduce its exposure to interest rate volatility, the Group has issued debt indexed to fixedrate and entered into derivative financial instruments, namely, interest rate swaps. These contracts were valued at their fair value as at 31 December 2022 and 2021, and the corresponding amount was recognised under 'Derivative financial instruments.'

As at 31 December 2022 and 2021, the Altri Group had in force interest rate derivative contracts whose total amounts are as follows:

					Fair Value
Type	Amount	Maturity	Interest	Fixing	31.12.2022	31.12.2021
Interest rate swap	5,000,000	16/04/2025	Pays a fixed rate and receives 6M Euribor rate	0.820%	283,907	(167,940)
Interest rate swap	5,000,000	16/04/2025	Pays a fixed rate and receives 6M Euribor rate	0.806%	284,466	(170,078)
Interest rate swap	5,000,000	16/04/2025	Pays a fixed rate and receives 6M Euribor rate	0.818%	283,007	(167,705)
Interest rate swap	5,000,000	16/04/2025	Pays a fixed rate and receives 6M Euribor rate	0.805%	287,191	(170,377)
Interest rate swap	20,000,000	14/07/2027	Pays a fixed rate and receives 6M Euribor rate	0.027%	2,699,529	28,675
Interest rate swap	20,000,000	14/07/2027	Pays a fixed rate and receives 6M Euribor rate	(0.060)%	2,781,866	126,195
					6,619,966	(521,230)

In accordance with the accounting policies adopted, these derivatives comply with the requirements to be classified as interest rate hedging instruments (Note 2.3 l).

The fair value of the derivatives contracted by the Group was calculated by the respective counterparties (financial institutions with whom such contracts were entered into). These derivatives' assessment model, as used by the counterparties, is based on the discounted cash-flow method, i.e., using Swap Par Rates, which are listed on the interbank market and available on the Reuters and/or Bloomberg web pages, for relevant periods, while calculating the respective forward rates and discount factors that serve to discount fixed cash flows (fixed leg) and variable cash flows (variable leg). The sum of the two instalments results in the Net Present Value of the future cash flows or fair value of the derivatives.

Finally, it should be noted that on 31 December 2022, Altri Group had about 21% (22% as of 31 December 2021) of its gross nominal financial debt issued at a fixed rate, having, in addition, contracted interest rate swaps - in which the Euribor (6M) index is exchanged for a fixed rate - on a global notional of 60 million Euro, associated with the Bond "Altri 2017/2025" and with the Bond "Celbi 2017/2027". These interest rate swaps, entered into by Management's decision in June 2018 and November 2021, correspond to approximately 11% of the gross nominal financial debt issued. Therefore, with reference to 31 December 2022, only 69% of the Altri Group's gross financial debt was indexed to a variable rate (68% as of 31 December 2021).

(ii) Exchange rate derivatives

The Altri Group essentially uses exchange rate derivatives to hedge future cash flows.

Indeed, a significant part of the Group's sales (about half) are made in USD. Accordingly, changes in the EUR/USD exchange rate can significantly affect the Group's results.

In order to monitor and mitigate this risk, Altri Group permanently analyses its exposure to exchange rate fluctuations, assessing the evolution of the EUR/USD spot price, as well as its forward rates, defining and implementing strategies hedging whenever it deems convenient. These strategies are based on a policy of hedging foreign exchange risk previously defined by the Executive Committee and which consists of covering part of the cash flows resulting from its estimated sales.

In 2021, the Executive Committee defined a hedging mandate, for fiscal year 2022, of up to about 14% of the total estimated sales of BHKP pulp and up to about 92% of the total estimated sales for the DWP pulp. This mandate is based on the contracting of Asian-style put and call options on the United States dollar (average rate collars) on a monthly basis and with a 12-month time horizon (from January 2022 to December 2022). With regard to shorter time horizons (up to 90 days), the Group favours the use of foreign exchange forwards to mitigate the risk of unfavourable developments in the EUR/USD exchange rate.

Thus, during the 2022 and 2021 financial years, the Altri Group contracted exchange rate 'options' and 'forwards' in U.S. dollars, to manage the exchange rate risk to which it is exposed.

Notional USD /	Maturity	31.12.2022		Asian Collar range (average strikes)
month		Asset	Liability	Euro put / USD call	Euro call / USD put
16,000,000	1H2023	2,254,854	(747,318)	1.0333	1.0738
16,000,000	2H2023	3,237,016	(1,250,133)	1.0333	1.0738
Notional USD /		31.12.2022		Simple Forwards (sales USD)
month	Maturity	Asset	Liability	Forward (average)
6,000,000	Jan-23	817,215	—	0.9760
6,000,000	Feb-23	250,847	—	0.9840
Notional USD /		31.12.2022		Simple Forwards (purchases USD)
month	Maturity	Asset	Liability	Forward (average)
12,000,000	Jan-23	—	(160,723)	1.0530
9,000,000	Feb-23	—	(128,976)		1.0542
		6,559,932	(2,287,150)

As at 31 December 2022 and 2021, the Altri Group had in force the following exchange rate derivative agreements:

Notional USD /		31.12.2021		Asian Collar range (average strikes)
month	Maturity		Liability	Euro put / USD call	Euro call / USD put
17,000,000	1H2022	209,225	(829,287)	1.1342	1.1711
17,000,000	2H2022	840,095	(1,367,707)	1.1342	1.1711
				Simple Forwards (sales USD)
Notional USD / month	Maturity	Asset	Liability		Forward (average)
3,000,000	Jan-22	13,722	—	1.1319
6,000,000	Jan-22	—	(44,664)	1.1474
7,000,000	Feb-22	31,377	—	1.1319
8,000,000	Feb-22	—	(32,320)		1.1432
3,000,000	Mar-22	36,306	—	1.1233
		1,130,725	(2,273,978)

(iii) Pulp price derivatives

In order to reduce its exposure to the volatility of the pulp price, the Group contracted pulp price hedging derivatives, which were valued according to their fair value at 31 December 2022, and the corresponding amount was recognized in the caption "Derivative financial instruments".

On 31 December 2022 the following pulp price hedging derivative contracts were in place:

Covered quantity	Start date	Maturity	31.12.2022		31.12.2021
			Asset	Liability	Asset	Liability
2,000 ton/month	01/01/2023	31/12/2023	—	(2,378,050)	—	—
3,500 ton/month	01/01/2022	31/12/2022	—	—	—	(680,674)
			—	(2,378,050)	—	(680,674)

The calculation of the fair value of derivatives to hedge the pulp price contracted by the Group was made by the respective counterparts (financial institutions with whom such contracts were signed). The derivative evaluation model, used by the counterparts, is based on the Discounted Cash Flows Method, i.e., the difference between the estimated pulp price (PIX) and the price fixed for the relevant periods is calculated, which is subsequently updated to the evaluation date.

In accordance with the accounting policies adopted, these pulp derivatives meet the requirements to be considered as hedging instruments, so the change in their fair value was recorded in the equity caption "Hedging reserves".

(iv) Energy price derivatives

In order to mitigate exposure to the increasing volatility of energy prices, the Group contracted energy price hedging derivatives, which were valued according to their fair value on 31 December 2022, with the corresponding amount recognized in the caption "Derivative financial instruments".

On 31 December 2022 the following energy price hedging derivative contracts were in place:

	Start date	Maturity	31.12.2022		31.12.2021
Covered quantity			Asset	Liability	Asset	Liability
8,333 MWh/month	01/01/2023	31/12/2023	2,467,185	—	—	—
			2,467,185	—	—	—

The calculation of the fair value of energy price hedging derivatives, contracted by the Group, was performed by the respective counterparts (financial institutions with whom such contracts were signed). The derivative evaluation model, used by the counterparts, is based on the Discounted Cash Flows Method, i.e., the difference between the estimated energy price and the fixed price for the relevant periods is calculated, and then discounted to the evaluation date.

The movement in the fair value of financial instruments during the years ended 31 December 2022 and 2021 can be broken down as follows:

2022	Pulp price hedging derivatives	Interest rate derivatives	Exchange rate derivatives	Energy price hedging derivatives	Total
Opening balance	(680,674)	(521,230)	(1,143,253)	—	(2,345,157)
Change in fair value
Effects on equity	(1,697,376)	7,167,407	6,269,536	2,467,185	14,206,752
Effects on the income statement (Notes 35, 36 and 37)	(17,714,638)	(379,690)	(17,392,536)	2,491,851	(32,995,013)
Effects on the statement of financial position	17,714,638	353,479	16,539,035	(2,491,851)	32,115,301
Closing balance	(2,378,050)	6,619,966	4,272,782	2,467,185	10,981,883
2021	Pulp price hedging derivatives	Interest rate derivatives	Exchange rate derivatives	Inflation derivatives (RPI)	Total
Opening balance	—	(1,185,362)	7,083,185	—	5,897,823
Acquisition of subsidiaries (Note 6) Change in fair value	—	(8,145,161)	—	—	(8,145,161)
Effects on equity	(680,674)	1,792,311	(7,930,436)	(37,066,574)	(43,885,373)
Effects on the income statement (Note 37)	—	(845,064)	(2,245,281)	—	(3,090,345)
Effects on the statement of financial position	—	9,050,761	1,949,279	—	11,000,040
Changes in currency exchange rate	—	(46,827)	—	(503,584)	(550,411)
Transfer to discontinued activities (Note 7)	—	(1,141,888)	—	37,570,158	36,428,270
Closing balance	(680,674)	(521,230)	(1,143,253)	—	(2,345,157)

During the 2022 and 2021 financial years, the gains and losses associated with the change in the fair value of hedging instruments in the elapsed part, of the instruments which, though contracted for hedging purposes, did not meet the requirements for being classified as such, and the ineffective part of the hedging instruments were directly recorded in the income statement for financial years ended 31 December 2022 and 2021 (Note 37). At 31 December 2021, the remaining amount between what was recorded in the income statement and the amount shown under the caption "Effects on the income statement", relates to the impact of discontinued activities in the amount of approximately 576,000 Euro (Note 7).

In 2021, following the acquisition of the Tilbury power station by the subsidiary Greenvolt, an inflation derivative contract was entered into to hedge the uncertainty associated with the evolution of the Retail Price Index (RPI). On 31 December 2021, these assets and liabilities were transferred to the captions "Group of assets classified as held for distribution to shareholders" and "Liabilities directly associated with the group of assets classified as held for distribution to shareholders" (Note 7).

31.GUARANTEES AND OTHER COMMITMENTS

a) Guarantees

As at 31 December 2022 and 2021, the guarantees provided was detailed as follows:

	31.12.2022	31.12.2021
AICEP/API (Note 23)	367,195	2,178,013
Others	2,833,788	2,230,534
	3,200,983	4,408,547

b) Other commitments

As at 31 December 2022, the contractual obligation for the acquisitions of fixed assets assumed by the Altri Group companies reach around 51,900,000 Euro (33,400,000 Euro as at 31 December 2021).

Future commitments are essentially related to the acquisition of manufacturing equipment, namely, for the biomass boiler of the Caima industrial unit.

32. PENSION FUNDS

Some companies of the Altri Group comprise commitments related to expenses with retirement funds that were hedged in the amount of the autonomous pension funds. Net liabilities not hedged are recognised pursuant to IAS 19, and were broken down as follows.

The Caima and Altri Florestal Pension Fund, constituted by deed on 31 December 1987 and merged by 'BPI Pensões - Sociedade Gestora de Fundos de Pensões, S.A.', for the purpose of assuring workers (i) at the normal retirement date, or (ii) at the contractual termination of the employment agreement with the Company, that are at least 57 years old and with 10 years of continuous service; the right to a retirement supplement, from the normal retirement age, whose amount is based on average gross salaries of the last two years working for the company. By decision of the Management of Caima, the Caima and Altri Florestal Pension Fund was divided into two separate funds in December 1998, after authorisation from the Portuguese Insurance Institute. During the financial year ended 31 December 2010, Caima and Altri Florestal transferred the shares of the collective subscriptions held with BPI Pensões to the Tejo Pension Fund. This transfer was requested by the Portuguese Insurance Institute on 23 September 2010, which decided favourably on 3 March 2011. Thus, in April 2011, Altri Florestal and Caima pension fund assets were incorporated into the Tejo Pension Fund, bearing the name Pension Plan C.

The Tejo Pension Fund was constituted by Biotek on 28 February 2005, in order to finance, among others, the Pension Plan arising from Company Regulations and Agreements applicable to Associates. An agreement concluded with trade unions in 2007 created a new Pension Plan applicable to every worker hired after 1 September 2007, the date when the new agreement came into force, as well as to every worker hired prior to that date and who expressly choose the new Pension Plan. Thus, the Tejo Pension Fund started financing the benefits established under three Pension Plans provided for under

the Regulation published in a Service Order in 2002, as well as the benefits set forth in the new Pension Plan, which became known as Pension Plan B, as defined in the Company Agreement published in the BTE, no. 32, of 29/08/2007. From the 2009 financial year, Pension Plan B started applying to every employee in Biotek's assets, while the other Pension Plans started hedging the liabilities pertaining to every former employee whose contract termination has considered a right to a pension, according to the benefits established under every Pension Plans.

A new defined contribution Pension Plan was created on 1 May 2014, integrated in the Tejo Pension Fund under the name CD Pension Plan, and applicable to every employee in the asset of the three Associates: Biotek, Caima and Altri Florestal. Employee hired by 30 April 2014 were given the right to choose to subscribe to the new CD Pension Plan ,upon resignation by expressly and definitively the defined benefit Pension Plan, under the following conditions: (a) Biotek employees who were active on 30 April 2014 with an open-ended contract were given the option to choose whether or not to move to the defined contribution plan, (b) in the case of Caima and Altri Florestal, the right to choose was given only to employees who, on 30 April 2014, had an open-ended contract, a period of service of at least 10 years, and aged 57 or older. Thus, the Tejo Pension Fund started funding the liabilities of five Pension Plans, of which four were the defined benefit, and whose liabilities tend to expire, as well as a defined contribution Pension Plan, whose contributions vary annually according to the Altri Group's results and are granted to every employee in each Associate, according to the respective pensionable salaries and service time.

From 2014, Celbi grants its employees under a subordinate open-ended contract a defined contribution pension plan. Under this plan, Celbi grants every employee on the permanent staff a percentage of their pensionable salary according to their service time. The contribution to the Pension Fund varies annually according to the Altri Group's results. Contributions they make are accounted for as an expense in the financial year, and no longer entail liabilities for future benefits related to the Pension Fund.

The defined benefit plans are not contributory for those taking part therein.

With the new defined contribution plan scheme, the Group records as an expense, during the financial year, the contributions it makes, and no longer entail liabilities for future benefits related to the Pension Fund.

According to the actuarial valuations conducted by fund management companies in reference to 31 December 2022 and 2021, the present value of liabilities for past services for active employees and for retired employees, as well as the asset situation of pension funds, on those dates, were as follows:

	31.12.2022	31.12.2021
	Caima/Biotek/Altri Florestal	Caima/Biotek/Altri Florestal
Current liabilities for past services	9,520,943	12,535,895
Asset of pension funds	8,727,925	9,264,736

The movement occurred on the present value of liabilities for past services during the financial years ended 31 December 2022 and 2021 is as follows:

Plans
Ex - Directors (DA)	Plan A	Plan B	Plan C	Total
867,748	5,389,809	2,476,075	3,802,263	12,535,895
(68,028)	(444,369)	(129,982)	(310,299)	(952,678)
—	—	6,497	—	6,497
8,404	51,717	24,117	36,622	120,860
(180,851)	(966,189)	(563,205)		(701,174) (2,411,419)
27,245	157,758	(24,035)	60,820	221,788
—	—	(977)	977	—
654,518	4,188,726	1,788,490	2,889,209	9,520,943
		Plans
Ex - Directors (DA)	Plan A	Plan B	Plan C	Total
865,937	5,898,884	2,666,114	4,386,779	13,817,714
				(913,775)
				6,242
5,938	39,726	18,220	29,575	93,459
	(36,366) —	(453,191) —	(126,724) 6,242	(297,494) —

Resulting from experience adjustments 58,397 42,399 (3,016) (215,054) (117,274) Responsibilities in the end of the year 867,748 5,389,809 2,476,075 3,802,263 12,535,895

Resulting from changes in financial assumptions (26,158) (138,009) (84,761) (101,543) (350,471)

The movement occurred in the asset situation of pension funds during the financial years ended 31 December 2022 and 2021 is as follows:

31 December 2022			Plans
	Ex -Directors
	(DA)	Plan A	Plan B	Plan C	Total
Pension Funds value in the beginning of the year
	509,385	3,499,370	2,135,639	3,120,342	9,264,736
Allocations	131,762	664,258	75,746	320,275	1,192,041
Paid pensions	(68,028)	(444,369)	(129,982)	(310,299)	(952,678)
Fund Income/Return
Fund Income/Return	(51,536)	(320,506)	(187,884)	(271,968)	(831,894)
Income from Interests	4,819	32,813	20,658	29,793	88,083
Transfer between members / plans					—
Others	(1,779)	(12,224)	(7,460)	(10,900)	(32,363)
Pension Funds value at year end	524,623	3,419,342	1,906,717	2,877,243	8,727,925

31 December 2021			Plans
	Ex -Directors (DA)	Plan A	Plan B	Plan C	Total
Pension Funds value in the beginning of the year	477,131	3,667,296	1,755,927	2,737,156	8,637,510
Allocations	62,658	242,399	482,240	648,730	1,436,027
Paid pensions	(36,366)	(453,191)	(126,724)	(297,494)	(913,775)
Fund Income/Return
Fund Income/Return	3,265	22,323	14,558	17,108	57,254
Income from Interests	3,216	24,105	11,812	18,023	57,156
Transfer between members / plans	—	—	—	—	—
Others	(519)	(3,562)	(2,174)	(3,181)	(9,436)
Pension Funds value at year end	509,385	3,499,370	2,135,639	3,120,342	9,264,736

Considering the difference between the amount of the liabilities as at 31 December 2022 and 2021 and the amount of the pension funds as at the same date, the liabilities to 'Pension Liabilities' were decreased in the amount of 2,478,141 Euro and 1,909,045 Euro, respectively.

As at 31 December 2022 and 2021, the operations occurred under the line item 'Pension Liabilities' are detailed as follows:

31 December 2022			Plans
	Ex - Directors (DA)	Plan A	Plan B	Plan C	Total
Pension liabilities in the beginning of the year	358,363	1,890,439	340,436	681,921	3,271,159
Increase/(reversal) in other comprehensive income	(100,291)	(475,701)	(391,896)		(357,486) (1,325,374)
Increase/(reversal) in income statement	3,585	18,904	9,956	6,829	39,274
Settlements and Appropriations	(131,762)	(664,258)	(75,746)		(320,275) (1,192,041)
Reclassification	—	—	(977)	977	—
Pension liabilities at year end	129,895	769,384	(118,227)	11,966	793,018
31 December 2021			Plans
	Ex -Directors (DA)	Plan A	Plan B	Plan C	Total
Pension liabilities in the beginning of the year	388,806	2,231,588	910,187	1,649,623	5,180,204
Increase/(reversal) in other comprehensive income	29,493	(114,371)	(100,161)	(330,529)	(515,568)
Increase/(reversal) in income statement	2,722	15,621	12,650	11,557	42,550
Settlements and Appropriations	(62,658)	(242,399)	(482,240)	(648,730)	(1,436,027)
Reclassification	—	—	—		— —
Pension liabilities at year end	358,363	1,890,439	340,436	681,921	3,271,159

Regarding the aforementioned plans, risks can be divided into:

(i) Financial risks

The Fund is subject to the risk of variability of the income generated by the assets comprising the fund portfolio, namely interest rate risk, credit risk, price change risk, and exchange rate risk for the component expressed in currencies other than the euro.

• Interest rate risk results from the trade-off occurring between market interest rates and bond price. Thus, bond price rises as market interest rates drop, while bond price decreases when market interest rates increases;

• The credit risk of bonds consists of the investors' perceptions with regard to payment, interest and capital capacity, by issuing entities;
• The risk of varying share prices stems from the change in investors' expectations regarding the macroeconomic and sectoral conditions where the company operates and, above all, from the change in the specific conditions of each company's business.
• (ii) Actuarial risks

The actuarial risks comprise pension payment liabilities, presenting various risks that can have a negative impact on the value of the Fund's liabilities, namely pension growth rate, increased average life expectancy, and discount rate.

Relevant risks affecting the pension fund are managed by the Managing Company thereof, using the following mechanisms:

• The investment policy is mandatorily revised every three years. At the end of each year, an assessment is performed considering the fund's liabilities and, if there is a material change in the assumptions on which their preparation is based, materially, the Managing Company thereof proposes an amendment to the investment policy.
• The procedures used for adjusting between financial assets and liabilities are based on the distribution of liabilities by age groups, as this is associated with a risk profile.
• Share/Bond distribution by age group is based on the life cycle principle, which considers that risk tolerance decreases (reduced share weight) with a decrease in the investment horizon (approaching retirement age).
• The proposed allocation results from the weighting of these profiles, according to the weight of each echelon in the overall liability structure.
• In addition, and by deducting from the bond component, we consider a tranche of noncorrelated assets (hedge funds, real estate, private equity, commodities), whose weight can range from 5% to 10%, and which is aimed at increasing the level of diversification.
• The Investment Policy followed by the Tejo BD Pension Sub-Fund on 31 December 2022 and 2021, complies with regulations set forth under Regulatory Standard no. 9/2007-R.

Liabilities regarding the Pension Plan as at 31 December 2022 were determined based on the following assumptions:

• (i) 'Projected Unit Credit' calculation method";
• (ii) Mortality Tables TV 88/90;
• (iii) Yield/discount rate 3.8%;
• (iv) Growth rate of wages 1.0%;

The Tejo Pension Fund comprises the following features:

• (i) Portfolio composition:
  • a. 10.7% shares;
  • b. 70.5% fixed-rate bonds;
  • c. 8.3% variable-rate bonds;
  • d. 2.7% liquidity.

Alternative investments:

• a. 2.2% indirect Real estate;
• b. 5.6% Hedge Funds.
• (ii) Expected return of the plan's long-term assets is of 4.62%.

Liabilities regarding the Pension Plan as at 31 December 2021 were determined based on the following assumptions:

• (i) 'Projected Unit Credit' calculation method";
• (ii) Mortality Tables TV 88/90;
• (iii) Yield/discount rate 1.0%;
• (iv) Growth rate of wages 1.0%;

The Tejo Pension Fund comprised the following features:

• (i) Portfolio composition:
  • a. 12.0% shares;
  • b. 68.7% fixed-rate bonds;
  • c. 9.2% variable-rate bonds;
  • d. 2.8% liquidity.

Alternative investments:

• a. 2.0% indirect Real estate;
• b. 5.3% Hedge Funds Liquidity.
• (ii) Expected return of the plan's long-term assets was of 1.3%.

The discount rates used was selected in reference to the yield rate of a basket of high-quality corporate bonds. The maturity and ratings of the bonds selected were deemed appropriate, given the amount and the period when monetary flows associated with benefit payments to employees occur.

The Altri Group performed a sensitivity analysis of this valuation to significant assumption changes, having concluded that, had it considered a discount rate under 25 basis points, the liability amount would have increased by, approximately, 0.2 million Euro.

The amount recognised as an expense, regarding the benefits of a set contribution, in the financial statements of the financial years ended 31 December 2022 and 2021 came to around 566,000 Euro and 475,000 Euro, respectively.

33.RELATED PARTIES

Altri Group subsidiary companies have relationships with each other that qualify as transactions with related parties, which were carried out at market prices.

In the consolidation procedures, transactions between companies included in the consolidation using the full consolidation method are eliminated, since the consolidated financial statements show information on the holder and its subsidiaries as if it were a single company, and so they are not disclosed under this note.

33.1. Related parties of the continuing activities

Balances as at 31 December 2022 and 2021 and the transactions with related entities of the continuing activities during the financial years ended on those dates can be summarised as follows:

	Payables		Receivables
Balances	31.12.2022	31.12.2021	31.12.2022	31.12.2021
Associates and joint ventures (a)	5,413,541	3,128,339	7,037	1,419
Other related parties	386,934	107,124	8,424,923	900,658
	5,800,475	3,235,463	8,431,960	902,077

	Purchases and acquired services		Sales and services rendered		Other income
Transactions	31.12.2022	31.12.2021	31.12.2022	31.12.2021	31.12.2022	31.12.2021
Associates and joint ventures (a)	40,141,675	20,502,798	6,951	—	63,254	37,616
Other related parties	5,115,643	2,799,092	43,603,997	—	3,277,513	131,993
	45,257,318	23,301,890	43,610,948	—	3,340,767	169,609
		Payments of lease liabilities		Other expenses
Transactions		31.12.2022	31.12.2021	31.12.2022	31.12.2021
Associates and joint ventures (a)		—	—	—	—
Other related parties		6,869,381	6,814,587	73,812	—
		6,869,381	6,814,587	73,812	—

(a) Every entity included in the consolidation using the equity method as at 31 December 2022 and 2021 as detailed in Note 4.2.

"Other related parties" include subsidiaries of companies of Ramada Group, of Cofina Group, and of Greenvolt Group after the distribution date (Note 7), shareholders and other related entities.

33.2. Related parties of the discontinued activities

At the date of distribution (Notes 6 and 7), the balances of discontinued activities with related entities can be summarized as follows:

		At the date of distribution
	Payables	Receivables Loans granted
Balances
Associates and joint ventures	—	251,718	48,718,622	—
Other related parties	29,506	285,697	10,020,196	41,246,944
	29,506	537,415	58,738,818	41,246,944

Until the date of distribution (Notes 6 and 7), transactions from discontinued activities with related entities can be summarized as follows:

		Until the date of distribution
	Purchases and acquired services	Sales and services rendered	Payments of lease liabilities	Interest expense	Interest income
Transactions
Associates and joint ventures	—	389,826	—	—	353,835
Other related parties	21,525	139,428	25,500	707,860	—
	21,525	529,254	25,500	707,860	353,835

As of 31 December 2021, the balances and transactions of the discontinued activities with related entities are detailed as follows:

		31.12.2021
		Payables	Receivables	Loans granted	Shareholders Loans
Balances
Associates and joint ventures		—	164,085	20,329,191	—
Other related parties		16,501	135,045	20,140	40,826,529
		16,501	299,130	20,349,331	40,826,529
			31.12.2021
	Purchases and acquired services	Sales and services rendered	Payments of lease liabilities	Interest expense	Interest income
Transactions
Associates and joint ventures	—	618,391		—	— 246,804
Other related parties	70,832	166,908	66,000	1,421,363	—
	70,832	785,299	66,000	1,421,363	246,804

The caption "Shareholder Loans" includes a loan obtained from a shareholder of one of Greenvolt's subsidiaries, Lakeside Topco Limited. This loan bears interest at a rate of 7%, with a payment date of 31 March 2054. Thus, the entire face value of the loan was classified as non-current. The "Interest expense" item essentially includes the interest associated with the referred loan. As of 31 December 2021, these liabilities were transferred to the caption "Liabilities directly associated with the group of assets classified as held for distribution to shareholders" (Note 7).

The caption "Sales and services rendered" includes services rendered by V-Ridium Group entities to joint ventures. As of 31 December 2021, this income was transferred to the caption "Profit after tax from discontinued operations" (Note 7).

The caption "Loans granted" includes loans granted by V-Ridium Group entities to joint ventures. As of 31 December 2021, these assets were transferred to the caption "Group of assets classified as held for distribution to shareholders" (Note 7).

During the financial years ended 31 December 2022 and 2021, there were no transactions with the Board of Directors, nor were they granted loans.

34. COMPENSATIONS TO KEY MANAGEMENT

Compensations granted to key Management who, in view of the Group's governance model, are members of the Altri Group's Board of Directors, earned through all group's companies, during the financial years ended 31 December 2022 and 2021, were as follows:

		Board of Directors
	31.12.2022	31.12.2021
Fixed remunerations	2,966,020	3,088,533
Variable remunerations	957,000	855,000
	3,923,020	3,943,533

As at 31 December 2022 and 2021, there are no: (i) incentive plans or systems with regard to granting shares to members of the Board of Directors; (ii) supplementary early retirement schemes for directors; (iii) compensations paid or owed to former directors regarding the suspension of duties during the financial year; or (iv) non-monetary benefits considered remuneration.

Director Laurentina Martins benefits from a plan granted prior to her appointment to the Board of Directors, since she was an employee of the subsidiary Caima on the granting date. The main characteristics and informations on the aforementioned plan are detailed under Note 32. As at 31 December 2022, the current amount of payable pensions granted to this employee came to 289,809 Euro, with contributions to the referred fund (Plan C) amounting to 273,842 Euro in 2022 (Note 32). The amount earned directly via the pension fund in 2022 was 39,323 Euro. Additionally, during 2022, the Group made contributions to the Celbi pension fund (defined contribution) (Note 32) for some directors, in the amount of 19,953 Euro.

Altri, S.G.P.S., S.A. does not have a plan for granting shares or purchasing options for acquiring shares to members of its governing bodies or to its employees.

35. OTHER INCOME

The income statement line item 'Other income' in the financial years ended 31 December 2022 and 2021 was as follows:

	31.12.2022	31.12.2021
Investment and exploration subsidies	6,787,275	4,599,905
Gains on sales of assets	513,375	630,044
Gains in derivative instruments (Note 30)	2,491,851	—
Claim compensations	180,542	563,819
Others	4,365,745	2,407,008
	14,338,788	8,200,776

36. OTHER EXPENSES

The income statement line item 'Other expenses' in the financial years ended 31 December 2022 and 2021 was as follows:

	31.12.2022	31.12.2021
Fees and direct taxes	2,193,288	2,278,690
Losses in derivative instruments (Note 30)	17,714,638	—
Donations	234,255	127,299
Others	1,026,900	885,173
	21,169,081	3,291,162

37. FINANCIAL RESULTS

The financial expenses and income for the financial years ended 31 December 2022 and 2021 are as follows:

	31.12.2022	31.12.2021
Financial expenses:
Interest expenses (Note 23)	10,480,598	9,553,573
Interest expenses related to lease liabilities (Note 10.2)	2,461,131	2,491,768
Unfavourable currency exchange differences	13,262,136	1,940,595
Losses in derivative instruments (Note 30)	17,772,226	5,165,565
Other financial expenses and losses	1,572,675	2,924,371
	45,548,766	22,075,872
Financial income:
Interest income	505,199	154,286
Favourable currency exchange differences	11,659,780	5,807,748
Gains in derivative instruments (Note 30)	—	2,650,917
Other financial income and gains	34	33
	12,165,013	8,612,984

The line items 'Gains in derivative instruments' and 'Losses in derivative instruments' refer to gains and losses, respectively, resulting from the fair-value change in derivatives in force at the end of every financial year and losses in derivative instruments resulting from derivative instruments that matured or settlement of derivative instruments (Note 30).

The line item 'Other financial gains and losses' includes, among others, expenses incurred with loans, which are being recognised as an expense over the life of the respective loan (Note 23).

38. RESULTS RELATED TO INVESTMENTS

The results related to investments for years ended 31 December 2022 and 2021 can be detailed as follows:

	31.12.2022	31.12.2021
Sale of subscription rights of Greenvolt	3,010,122	—
Equity method (Note 4.2):
Operfoz	78,472	3,069
Schouwenbank	(17,978)	—
	3,070,616	3,069

On 9 June 2022, the prospectus was published relating to the public offering for subscription of shares representing the capital of Greenvolt, to be issued as part of a capital increase of Greenvolt in the amount of approximately 100 million Euro. The Altri Group decided not to participate in this capital increase, having understood, however, that Altri's shareholders should be given the opportunity to do so directly. Thus, Altri Group made public on 10 June 2022 the offer to sell subscription rights to Greenvolt's shares. The object of this Offer was the 23,154,783 Rights belonging to the Altri Group, arising from the participations it holds, directly and indirectly, in the share capital of Greenvolt. The Offer period started on 21 June and ended on 22 June 2022, with the physical and financial settlement of the Offer taking place on 30 June 2022.

As a result of this operation, Altri Group recognized a gain in the consolidated income statement under the caption "Results related to investments" in the amount of approximately 3 million Euro. Thus, after the capital increase operation that was completed during the month of July, Altri Group now holds a 16.64% investment in Greenvolt (Note 7).

39. AMORTISATION AND DEPRECIATION

The income statement line item 'Amortisation and depreciation' regarding financial years ended 31 December 2022 and 2021 is as follows:

	31.12.2022	31.12.2021
Property, plant and equipment (Note 9)	53,417,069	53,733,384
Right-of-use assets (Note 10.1)	10,237,025	9,860,173
Intangible assets (Note 12)	411,802	398,379
	64,065,896	63,991,936

40. EARNINGS PER SHARE

Earnings per share ended 31 December 2022 and 2021 were calculated based on the following amounts:

	31.12.2022	31.12.2021 (Note 5)
Number of shares for basic and diluted earning calculation	205,131,672	205,131,672
Earnings of continued operations for the purpose of calculating earnings per share	152,534,849	123,677,532
Earnings of discontinued operations for the purpose of calculating earnings per share	275,317,544	3,965,411
Earnings per share
From continued operations
Basic	0.74	0.60
Diluted	0.74	0.60
From discontinued operations
Basic	1.34	0.02
Diluted	1.34	0.02

As at 31 December 2022 and 2021, there are no dilution effects on the number of circulating shares.

41. INFORMATION BY SEGMENTS

As mentioned in Notes 6 and 7, the investment on Greenvolt was distributed to shareholders, in May 2022. Under the terms of the operations referred to above, the reorganization originated the separation of Altri's two autonomous business units corresponding to the exercise of the management of investments in the cellulosic fiber sector and in the electric energy production sector, respectively. This reorganization was part of a rationale of focus and transparency of Altri's business, aimed at giving each of the areas greater visibility and perception of value by the market, and allowed the Altri Group to concentrate its activity on its core business, the production of cellulosic fibers. Therefore, with reference to 31 December 2022, the Board of Directors considers that there is only one segment that can be reported, namely the production and commercialization of cellulosic fibers, and the management information is also prepared and analysed on this basis.

Geographically speaking, the distribution of the Group's sales and services rendered by market is as follows:

	31.12.2022	31.12.2021
Domestic market	285,449,606	203,059,732
Foreign market	766,452,430	582,157,593
	1,051,902,036	785,217,325

42. PAYROLL EXPENSES

During the financial years ended 31 December 2022 and 2021, the average number of staff employed in the companies included in the consolidation using the full consolidation method was 791 and 757, respectively.

As at 31 December 2022 and 2021, the line item 'Payroll Expenses' shows the following detail:

	31.12.2022	31.12.2021
Remunerations	39,424,876	33,911,593
Social security contributions	6,610,157	6,046,755
Indemnities	439,425	178,424
Insurance	1,028,089	940,898
Costs with pensions	566,443	458,879
Others	2,202,149	1,711,939
	50,271,139	43,248,488

43. EXTERNAL SUPPLIES AND SERVICES

As at 31 December 2022 and 2021, the line item 'External supplies and services' shows the following detail:

	31.12.2022	31.12.2021
Energy	59,472,735	53,569,643
Transport of goods	56,882,186	39,396,801
Specialised services	17,649,974	16,244,128
Fuels	46,643,695	18,227,447
Forestry activity costs	27,000,753	23,823,551
Maintenance and repair	18,886,113	21,148,243
Rents	1,906,672	2,173,476
Insurance	6,231,793	5,716,213
Subcontracts	5,027,027	5,153,586
Others	14,964,908	15,794,756
	254,665,856	201,247,844

At 31 December 2022, the variation in the captions "Transport of goods" and "Fuels" is essentially explained by the generalized inflation of prices, as a result of the war that started in Ukraine at the beginning of this year, having generated a significant increase in fuel prices mainly in the first half of the year.

At 31 December 2022, the variation in the caption "Forestry activity costs" is essentially related to the generalized inflation in prices that influenced the costs of forestry activities.

44. STATUTORY AUDITOR FEES

In 2022 and 2021, the total fees paid by Altri Group for services provided by companies in the EY Audit & Associados - SROC, S.A. universe, in both years, came to 202,000 Euro and 148,450 Euro, respectively. These fees pertain mainly to auditing and statutory audit services and include also 22,000 Euro in 2022 and 2,500 Euro in 2021, relating to Assurance services other than audits or reviews of historical financial Information and Agreed upon procedures.

45. ALLOCATION OF NET PROFIT

In relation to the year 2021, the Board of Directors proposed in its annual report that the individual net profit of Altri, SGPS, S.A. in the amount of 88,065,822 Euro, was allocated as follows:

Dividends	51,282,918 Euro
Free reserves	36,782,904 Euro

The Board of Directors proposed to the General Meeting in its annual report the distribution, under conditions that the respective proposal presented, which was approved in the General Meeting, which occurred on 29 April 2022, of a cash dividend corresponding to 0.25 Euro per share. The same proposal also included the distribution of a dividend in kind, consisting of a maximum number of 52,523,229 shares representing the share capital and voting rights of Greenvolt. If in this scenario of joint distribution, i.e. in cash and in kind (the latter, as referred to in Note 6) the amount to be distributed exceeded the distributable funds, in the amount of 112,748,942 Euro, the portion of the dividend in cash would be reduced by the amount corresponding to the excess, rounded down (to a minimum of 0.01 Euro per share).

On 25 May 2022 the amount of the cash dividend was reduced by the amount corresponding to the surplus, rounded down, in relation to that previously communicated, given that the distributable funds corresponding to the distribution in kind exceeded the amount of 112,748,942 Euro, as approved by the General Meeting.

Thus, a total cash dividend of 49,231,601 Euro (0.24 Euro per share) was distributed, 29,864,424 Euros of withholding tax relating to the dividend in kind was paid and 48,118,446 Greenvolt shares were distributed (Notes 6 and 7).

In relation to the year 2022, the Board of Directors proposed in its annual report that the individual net profit of Altri, SGPS, S.A. in the amount of 487,073,688 Euro, should be allocated as follows:

Coverage of negative reserves	240,827,992 Euro
Dividends	51,282,918 Euro
Free reserves	194,962,778 Euro

The Board of Directors proposed to the General Meeting in its annual report the distribution, under conditions that the respective proposal will present, of a cash dividend corresponding to 25 cents per share. The same proposal will also include the distribution of a dividend in kind, consisting of a maximum number of 23,154,783 shares representing the share capital and voting rights of GreenVolt. If in this scenario of joint distribution, i.e. in cash and in kind (the latter, as referred to in Note 7) the amount to be distributed exceeds the amount of distributable funds, the portion of the dividend in cash will be reduced by the amount corresponding to the excess, rounded down (to a minimum of 0.01 Euros per share).

46. SUBSEQUENT EVENTS

From 31 December 2022 to the date of issue of this report, there were no other relevant facts that could materially affect the financial position and future results of the Altri Group and its subsidiary, joint ventures and associates included in the consolidation.

47. TRANSLATION NOTE

These consolidated financial statements are a translation of financial statements originally issued in Portuguese in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU), some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

The Board of Directors

Alberto João Coraceiro de Castro

_______________________________________________

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Paulo Jorge dos Santos Fernandes

João Manuel Matos Borges de Oliveira

Domingos José Vieira de Matos

Laurentina da Silva Martins

Pedro Miguel Matos Borges de Oliveira

Ana Rebelo de Carvalho Menéres de Mendonça

Maria do Carmo Guedes Antunes de Oliveira

_______________________________________________ Paula Simões de Figueiredo Pimentel Freixo Matos Chaves

_______________________________________________

_______________________________________________

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José Armindo Farinha Soares de Pina

Carlos Alberto Sousa Van Zeller e Silva

Vítor Miguel Martins Jorge da Silva

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 25) (Amounts expressed in Euro)

ASSETS	Notes	31.12.2022	31.12.2021
NON-CURRENT ASSETS:
Property, plant and equipment	8	6,942,964	7,069,529
Right-of-use assets	9.1	436,382	276,565
Investments in subsidiaries and joint ventures	4	146,063,546	144,263,546
Derivative financial instruments	18	1,077,928	—
Deferred tax assets	6	210,047	171,602
Total non-current assets		154,730,867	151,781,242
CURRENT ASSETS:
Trade receivables	21	14,321,750	4,078,270
Other receivables	12 and 21	136,406,656	19,730,820
Income tax	6 and 11	—	—
Other current assets	13	6,192,897	2,606,452
Other financial assets	21	19,588,750	19,588,750
Derivative financial instruments	18	2,527,826	169,906
Cash and cash equivalents	10	106,193,087	121,869,849
Total current assets		285,230,966	168,044,047
Group of assets classified as held for distribution to shareholders	5	34,357,307	91,668,330
Total assets		474,319,140	411,493,619
EQUITY AND LIABILITIES		31.12.2022	31.12.2021
EQUITY:
Share capital	14	25,641,459	25,641,459
Legal reserve	14	5,128,292	5,128,292
Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders	5	4,492,879	—
Other reserves	14	(239,880,546)	75,966,038
Net profit for the year		487,073,688	88,065,822
Total equity		282,455,772	194,801,611
LIABILITIES: NON-CURRENT LIABILITIES:
Other loans	15	149,747,190	124,704,059
Lease liabilities	9.2	267,387	147,239
Deferred tax liabilities	6	274,769	—
Provisions		479,712	479,712
Derivative financial instruments	18	—	540,350
Total non-current liabilities		150,769,058	125,871,360
CURRENT LIABILITIES:
Other loans	15	622,324	65,401,445
Lease liabilities	9.2	171,691	132,271
Trade payables		41,576	558,303
Other payables	16 and 21	7,976,020	790,875
Income tax	6 and 11	22,312,345	20,343,835
Other current liabilities	17	7,592,304	2,611,277
Derivative financial instruments	18	2,378,050	982,642
Total current liabilities		41,094,310	90,820,648
Total liabilities		191,863,368	216,692,008
Total liabilities and equity		474,319,140	411,493,619

The accompanying notes are an integral part of the financial statements.

INCOME STATEMENTS FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 25) (Amounts expressed in Euro)

	Notes	31.12.2022	31.12.2021
Services rendered	21	24,335,000	10,425,000
Other income		—	362,803
External supplies and services		(1,392,942)	(2,458,984)
Payroll expenses	22	(5,462,899)	(4,737,641)
Amortisation and depreciation	8 and 9.1	(295,285)	(251,099)
Other expenses		(168,126)	(153,138)
Results related to investments	19	212,572,622	89,000,000
Financial expenses	20	(3,351,747)	(5,232,263)
Financial income	20 and 21	524,541	656,744
Profit before income tax		226,761,164	87,611,422
Income tax	6	(4,126,638)	454,400
Net profit for the year from continuing operations		222,634,526	88,065,822
Profit after tax from discontinued operations	5	264,439,162	—
Net profit for the year		487,073,688	88,065,822

The accompanying notes are an integral part of the financial statements.

STATEMENTS OF COMPREHENSIVE INCOME

FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 25)

(Amounts expressed in Euro)

	Notes	31.12.2022	31.12.2021
Net profit for the year		487,073,688	88,065,822
Other comprehensive income from continued operations: Items that may be reclassified to profit or loss in the future
Changes in fair value of cash flow hedging derivatives - gross amount	18	1,840,881	510,859
Changes in fair value of cash flow hedging derivatives - tax effect	6	(414,198)	(114,741)
		1,426,683	396,118
Other comprehensive income from discontinued operations:
Items that will not be reclassified to profit or loss
Changes in the value of financial assets at fair value	5	4,492,879	—
		4,492,879	—
Other comprehensive income for the year		5,919,562	396,118
Total comprehensive income for the year		492,993,250	88,461,940

The accompanying notes are an integral part of the financial statements.

STATEMENTS OF CHANGES IN EQUITY

FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 25)

(Amounts expressed in Euro)

Balance as at 1 January 2021 14 25,641,459 5,128,292 — 58,721,751 95,148,555 Appropriation of the result from 23 — — — 95,148,555 (95,148,555) 2020 Distribution of dividends 23 — — — (71,796,085) — Distribution of dividends in kind — — — (6,504,301) — Total comprehensive income for the — — — 396,118 88,065,822 year Balance on 31 December 2021 14 25,641,459 5,128,292 — 75,966,038 88,065,822 Balance as at 1 January 2022 14 25,641,459 5,128,292 — 75,966,038 88,065,822 Appropriation of the result from 23 — — — 88,065,822 (88,065,822) 2021 Distribution of dividends 23 — — — (79,096,025) — Distribution of group of assets 5 and classified as held for distribution to — — — (326,243,064) — 23 shareholders Total comprehensive income for the — — 4,492,879 1,426,683 487,073,688 year Balance on 31 December 2022 14 25,641,459 5,128,292 4,492,879 (239,880,546) 487,073,688	Notes	Share capital	Legal reserve	Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders	Other reserves	Net profit for the year	Total equity
							184,640,057
							—
							(71,796,085)
							(6,504,301)
							88,461,940
							194,801,611
							194,801,611
							—
							(79,096,025)
							(326,243,064)
							492,993,250
							282,455,772

The accompanying notes are an integral part of the financial statements.

STATEMENTS OF CASH FLOW

FOR THE PERIODS ENDED 31 DECEMBER 2022 AND 2021

(Translation of financial statements originally issued in Portuguese - Note 25)

(Amounts expressed in Euro)

	Notes	31.12.2022	31.12.2021
Operating activities:
Receipts from customers		20,598,770	18,086,023
Payments to suppliers		(5,432,348)	(3,159,766)
Payments to personnel		(3,725,676)	(4,776,673)
Other receipts/payments relating to operating activities		(3,347,689)	(2,223,033)
Income Tax (paid)/received		(15,180,827)	38,573,821
Cash flows generated by operating activities (1)		(7,087,770)	46,500,372
Investment activities:
Receipts arising from:
Dividends	12 and 19	114,000,000	89,000,000
Other financial assets	19	572,622	—
Interest and similar income		308,003	412,656
Payments relating to:
Investments	10	(1,800,000)	(61,448,000)
Cash flows generated by investment activities (2)		113,080,625	27,964,656
Financing activities:
Receipts arising from:
Loans obtained	15	100,000,000	95,000,000
Other financing transactions		1,998,911	2,196,360
Payments relating to:
Interest and similar expenses		(2,811,110)	(4,880,603)
Lease liabilities	9.2	(176,049)	(124,869)
Dividends	23	(79,096,025)	(71,796,085)
Loans obtained	15	(140,000,000)	(125,000,000)
Other financing transactions		(1,600,439)	(2,819,279)
Cash flows generated by financing activities (3)		(121,684,712)	(107,424,476)
Cash and cash equivalents at the beginning of the financial year	10	121,869,849	154,809,495
Changes in currency exchange rate		15,095	19,802
Cash and bank variation: (1)+(2)+(3)		(15,691,857)	(32,959,448)
Cash and cash equivalents at the end of the financial year	10	106,193,087	121,869,849

The accompanying notes are an integral part of the financial statements.

1. INTRODUCTORY NOTE

ALTRI, SGPS, S.A. ("Altri" or "the Company") is a public limited company incorporated on 1 February 2005, whose headquarters is located at Rua Manuel Pinto de Azevedo, 818, in Porto, and its main activity involves managing shareholdings (Note 4), with shares listed at Euronext Lisbon.

Altri is the parent company of the group of companies named Altri Group, and its main activity is the management of investments mainly in the industrial area. The current activity of Altri Group focuses on the production of cellulosic fibers through three production units.

The Altri Group's financial statements are shown in Euro, in amounts rounded off to the nearest Euro. This is the currency used by the Group in its transactions and, as such, is deemed to be the functional currency.

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2023. Its final approval is still subject to agreement from the Shareholders' General Meeting. The Company and the Board of Directors expect the same to be approved with no significant changes.

2. MAIN ACCOUNTING POLICIES

The main accounting policies adopted in preparing the attached financial statements are described below. These policies were consistently applied during the periods being compared.

In addition, there were no significant changes to the main estimates used by the Company in preparing the consolidated financial statements.

2.1. BASIS OF PRESENTATION

The attached financial statements were prepared in accordance with the International Financial Reporting Standards, as adopted by the European Union ("IFRS-EU") in force for the fiscal year beginning on 1 January 2022. These correspond to the International Financial Reporting Standards, as issued by the International Accounting Standards Board ('IASB') and interpretations issued by the IFRS Interpretations Committee ('IFRS - IC') or by the former Standing Interpretations Committee ('SIC'), which have been adopted by the European Union on the account publication date.

The Board of Directors assessed the capacity of the Company to operate on a going concern basis, based on the entire relevant information, facts and circumstances, of a financial, commercial or other nature, including events subsequent to the financial statements' reference date, as available regarding the future. As a result of the assessment conducted, the Board of Directors concluded that it has adequate resources to keep up its operations, which it does not intend to cease in the short term; therefore, it was considered appropriate to use the going concern basis in preparing the financial statements.

The attached financial statements were prepared from the accounting books and records of the Company, in the assumption of going concern basis. The attached financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which were measured at fair value at the end of each reporting period, as explained in the accounting policies below.

Preparation of financial statements in compliance with IFRS-EU calls for the use of estimates, assumptions and critical judgements in the process of determining the accounting policies to be adopted by the Company, with significant impact on the book value of assets and liabilities, as well as

on income and expenses for the period. Although these estimates are based on the best experience of the Board of Directors and on its best expectations regarding current and future events and actions, current and future results may differ from these estimates. Areas involving a higher degree of judgement or complexity, or areas with significant assumptions and estimates are presented in Note 2.3.

In addition, for financial reporting purposes, fair-value measurement is categorised in three levels (Level 1, 2 and 3), taking into account, among others, whether the data used are observable in an active market, as well as their meaning in terms of valuing assets / liabilities or disclosing them.

Fair value is the amount for which an asset can be exchanged or a liability can be settled, between knowledgeable and willing parties, in a transaction not involving a relationship between them, regardless whether this price can be directly observable or estimated, using other valuation techniques. When estimating the fair value of an asset or liability, the Company considers the features that market participants would also take into account when valuing the asset or liability on the measurement date.

Assets measured at fair value following initial recognition are grouped into 3 levels according to the possibility of observing their fair value in the market:

Level 1: fair value is determined based on active market prices for identical assets/liabilities;

Level 2: fair value is determined based on evaluation techniques. The assessment models' main inputs are observable in the market; and

Level 3: fair value is determined based on assessment models, whose main inputs are not observable in the market.

(i) Adoption of new standards and interpretations, amendments, or reviews

Up to the date for approving these financial statements, the European Union endorsed the following accounting standards, interpretations, amendments, and revisions, mandatorily applied to the financial year beginning on 1 January 2022:

Standard / Interpretation	Applicable in the European Union in the financial years initiated in or after
Amendments to IFRS 3 - References to the Framework for Financial Reporting	1-Jan-22	This amendment updates the references to the Conceptual Framework in the text of IFRS 3, with no changes being made to the accounting requirements for business combinations. It also clarifies the accounting treatment to be adopted in respect of liabilities and contingent liabilities under IAS 37 and IFRIC 21, incurred separately versus those included in a business combination. The amendment is of prospective application.
Amendments to IAS 16 - Income Earned Before Start of Operation	1-Jan-22	Clarifies the accounting treatment given to the consideration obtained with the sale of products that result from the production in test phase of tangible fixed assets, prohibiting their deduction from the acquisition cost of the assets. The entity recognizes the income obtained from the sale of such products and the costs of their production in the income statement.

Amendments to IAS 37 - Onerous Contracts - costs of fulfilling a contract	1-Jan-22	This amendment specifies that in assessing whether or not a contract is onerous, only expenses directly related to the performance of the contract can be considered, such as incremental costs related to direct labor and materials and the allocation of other directly related expenses such as the allocation of depreciation expenses for tangible assets used to perform the contract. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly charged to the counterparty in accordance with the contract. This amendment should be applied to contracts that, at the beginning of the first annual reporting period to which the amendment is applied, still include unfulfilled contractual obligations, without restating the comparative.
Amendments to IFRS 1 - Subsidiary as a first-time adopter of IFRS (included in the annual improvements for the 2018-2020 cycle))	1-Jan-22	This improvement clarifies that when the subsidiary elects to measure its assets and liabilities at the amounts included in the parent company's consolidated financial statements (assuming no adjustment to the consolidation process has occurred), the measurement of the cumulative translation differences of all foreign operations can be made at the amounts that would be recorded in the consolidated financial statements based on the parent company's date of transition to IFRS.
Amendments to IFRS 9 - Derecognition of Financial Liabilities - Fees to be included in the '10 percent' change test (included in the annual improvements for the 2018-2020 cycle)	1-Jan-22	This improvement clarifies which fees an entity should include when assessing whether the terms of a financial liability are substantially different from the terms of the original financial liability. Thus, in the scope of derecognition tests performed on renegotiated liabilities, only fees paid or received between the debtor and the creditor should be included, including fees paid or received by the debtor or the creditor on behalf of the other.
Amendments to IAS 41 - Taxation and fair value measurement (included in the annual improvements for the 2018-2020 cycle)	1-Jan-22	This improvement eliminates the requirement in paragraph 22 of IAS 41 to exclude cash flows related to income taxes from the fair value measurement of biological assets, ensuring consistency with the principles of IFRS 13.

There were no significant effects on the Company's financial statements for the year ended 31 December 2022, from the adoption of the above standards, interpretations, amendments and revisions.

(ii) Standards, interpretations, amendments and revisions that will have mandatory application in future economic exercises

On the approval date of these financial statements, the following accounting standards and interpretations, to be mandatorily applied in future financial years, were endorsed by the European Union:

Standard / Interpretation	Applicable in the European Union in the
	financial years initiated in or after

IFRS 17 - Insurance Contracts; includes amendments to IFRS 17	1-Jan-23	IFRS 17 applies to all insurance contracts (i.e. life, non-life, direct insurance and reinsurance), regardless of the type of entity that issues them, as well as some guarantees and some financial instruments with discretionary participation features. In general terms, IFRS 17 provides an accounting model for insurance contracts that is more useful and more consistent for issuers. In contrast to the requirements of IFRS 4, which are based on previously adopted local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects.
Amendments to IFRS 17 - Insurance Contracts - Initial application of IFRS 17 and IFRS 9 - Comparative Information	1-Jan-23	This amendment to IFRS 17 relates to the presentation of comparative information for financial assets in the initial application of IFRS 17. The amendment adds a transition option that allows an entity to apply an 'overlay' to the classification of a financial asset in the comparative period(s) presented in initially applying IFRS 17. The overlay allows all financial assets, including those held in relation to non-contractual activities within the scope of IFRS 17 to be classified, instrument by instrument, in the comparative period(s) in a manner aligned with how the entity expects those assets to be classified on initial application of IFRS 9.
Amendments to IAS 1 - Disclosure of Accounting Policies	1-Jan-23	These amendments aim to assist the entity in disclosing 'material' accounting policies, previously referred to as 'significant' policies. However, due to the absence of this concept in IFRS, it was decided to replace it by the concept "materiality", a concept already known to users of financial statements. In assessing the materiality of accounting policies, the entity has to consider not only the size of the transactions but also other events or conditions and the nature of these.
Amendments to IAS 8 - Defining Accounting Estimates	1-Jan-23	The amendment clarifies the distinction between change in accounting estimate, change in accounting policy and correction of errors. In addition, it clarifies how an entity uses measurement techniques and inputs to develop accounting estimates.
Amendments to IAS 12 - Deferred Taxes related to Assets and Liabilities arising from a Single Transaction	1-Jan-23	The amendments clarify that payments that settle a liability are tax deductible, however it is a matter of professional judgment whether such deductions are attributable to the liability that is recognized in the financial statements or the related asset. This is important in determining whether there are temporary differences in the initial recognition of the asset or liability. Thus, the initial recognition exception is not applicable to transactions that have given rise to equal taxable and deductible temporary differences. It only applies if the recognition of a leasing asset and a leasing liability gives rise to taxable and deductible temporary differences that are not equal.

These amendments, although endorsed by the European Union, were not adopted by the Company in 2022, because its application is not yet mandatory. It is not expected that the future adoption of these amendments will have significant impacts on the financial statements.

(iii) New, amended or revised standards and interpretation not adopted

The following accounting standards and interpretations were issued by IASB and are not yet endorsed by the European Union:

Standard / Interpretation	Applicable in the European Union in the financial years begun on or after
Amendments to IAS 1 Presentation of financial statements - Classification of liabilities as current and non-current	1-Jan-24	This amendment aims to clarify the classification of liabilities as current or non-current balances depending on the rights that an entity has to defer its payment, at the end of each reporting period. The classification of liabilities is not affected by the entity's expectations (the assessment should determine whether a right exists, but should not consider whether the entity will or will not exercise that right), or by events occurring after the reporting date, such as the breach of a covenant. However, if the right to defer settlement for at least twelve months is subject to certain conditions being met after the reporting date, those criteria do not affect the right to defer settlement for the purpose of classifying a liability as current or non-current. This amendment also includes a new definition of "settlement" of a liability and it is of retrospective application.
Amendments to IFRS 16 - Lease Liabilities in Sale and Leaseback Transactions	1-Jan-24	This amendment specifies the requirements regarding the subsequent measurement of lease liabilities related to sale and leaseback transactions that qualify as "sale" under the principles of IFRS 15, with a focus on variable lease payments that do not depend on an index or rate. On subsequent measurement, seller-lessees should determine "lease payments" and "revised lease payments" In subsequently measuring lease liabilities, seller-lessees shall determine "lease payments" and "revised lease payments" in a manner that does not recognize any gain or loss related to the retained right-of-use. The application of these requirements does not prevent the seller-lessee from recognizing, in the income statement, any gain or loss related to the partial or total "sale" as required by paragraph 46(a) of IFRS 16. This amendment is of retrospective application.

These standards are yet to be endorsed by the European Union. As such, they were not applied by the Company in the fiscal year ended 31 December 2022.

Regarding these standards and interpretations, as issued by the IASB but yet to be endorsed by the European Union, it is not believed that their future adoption will entail significant impacts on the attached financial statements.

2.2 MAIN RECOGNITION AND MEASUREMENT CRITERIA

The main recognition and measurement criteria used by the Company in preparing its consolidated financial statements are as follows:

a) Intangible assets

Intangible assets are recorded at acquisition cost, net of depreciation and accumulated impairment losses. Intangible assets are recognised only if they are likely to result in future economic benefits for

the Company, if they can be controlled by the Company, and if their value can be reasonably measured.

When acquired individually, intangible assets are recognized at cost, which comprises: i) the purchase price, including intellectual rights costs and fees after deducting any discounts; and ii) any cost directly attributable to preparing the asset for its intended use.

Research expenses incurred with new technical knowledge are acknowledged in the income statement when incurred. Development expenses for which the Company is shown as being able to complete its development and begin its sell and/or use and relative to which the created asset is likely to generate future economic benefits, are capitalised. Development expenses that do not meet these criteria are recorded as cost in the period in which they are incurred.

Internal expenses associated with software maintenance and development are recorded as costs in the income statement when incurred, except when said costs are directly associated with projects for which future economic benefits are likely to be generated for the Company. In such situations, costs are capitalised as intangible assets.

After the assets are available for use, amortisations are calculated using the straight-line method in accordance with the estimated useful life period (generally 3 to 5 years).

b) Property, Plant and Equipment

Property, Plant and Equipment that correspond, mainly, to the property acquired in 2018 to install the Company's head office and administrative equipment are recorded at acquisition cost, net of the corresponding depreciation as well as accumulated impairment losses.

The acquisition cost includes the purchase price of the asset, expenses directly attributable to its acquisition and costs incurred in preparing the asset to be ready for its intended use. Financial costs incurred on loans obtained for the construction of qualifying tangible assets are recognized as part of the construction cost of the asset.

After the date when the assets are available for use, depreciation is calculated using the straight-line method in accordance with the estimated useful life period for each group of assets.

Depreciation rates used correspond to the following estimated useful life periods:

	Years
Buildings and other edifications	50
Office equipment	3 to 10
Vehicles	4 to 8

Maintenance and repair expenses that do not increase the assets' useful life or result in significant upgrades or improvements to components of property, plant and equipment are recorded as an expense in the fiscal year when they are incurred.

Property, Plant and Equipment in progress represent fixed assets still under construction, and are recorded at acquisition cost net of any impairment losses. These fixed assets are depreciated from the moment the underlying assets are ready to be used.

Gains or losses resulting from the sale or write-off of the tangible fixed asset are determined as the difference between the sales price and the net book value on the disposal or write-off date. They are recorded in the income statement under the line items "Other income" or "Other expenses."

c) Rights of use

At the start of every agreement, the Company assesses whether the agreement is, or contains, a lease. That is, whether the right of use of a specific asset or assets is being transferred for a certain period of time in exchange for a payment.

The Company as lessee

The Company applies the same recognition and measurement method to every lease, except for short-term leases and leases associated with low-value assets. The Company recognises a liability relative to lease payments and an asset identified as a right of use of the underlying asset.

(i) Right-of-use assets

On the lease start date (that is, the date from which the asset is available for use), the Company recognises an asset relative to the right of use. 'Right-of-use assets' are measured at cost, net of depreciation and accumulated impairment losses, adjusted by remeasuring lease liability. The cost comprises the initial value of the lease liability adjusted for any lease payments made on or prior to the start date, on top of any initial direct costs incurred, as well as a cost estimate for dismantling and removing the underlying asset (as applicable), net of any incentive granted (as applicable).

The right-of-use asset is depreciated in twelfths, using the straight-line depreciation method, based on the lease term.

If ownership of the asset is transferred to the Company at the end of the lease period, or the cost includes a purchase option, depreciation are calculated by taking into account the asset's estimated useful life.

(ii) Lease liabilities

On the lease start date, the Company recognises a liability measured at the present value of the lease payments to be made throughout the agreement. Lease payments included in measuring lease liability include fixed payments, net of any incentives already received (where applicable) and variable payments associated with an index or rate. Where applicable, payments also include the cost of exercising a purchase option, which shall be exercised by the Company with reasonable certainty, and payments of penalties for ending the agreement, if the lease terms reflect the Company's exercising option.

The lease liability is measured at amortised cost, using the effective interest method. It is remeasured when changes occur to future payments derived from a change to the rate or index, as well as possible modifications to the lease agreements.

Variable payments not associated with any indices or rates are recognised as an expense during the financial year, in the financial year when the event or condition leading to the payment occurs.

To calculate the present value of future lease payments, the Company uses its incremental interest rate on the lease start date, since the interest rate implicit in the agreement cannot be readily determined. After that date, the lease liability amount is increased by adding interest and reduced by

lease payments made. In addition, the amount is remeasured in the event of a change in the terms of the agreement, the in lease amounts (e.g., changes in future payments caused by a change to an index or rate used in determining said payments) or a change in the assessment of a purchase option associated with the underlying asset.

(iii) Short-term leases and low-value leases

The Company applies the recognition exemption to its assets' short-term leases (i.e., leases lasting up to 12 months and not containing a purchase option). The Company also applies the recognition exemption to leases of assets deemed to be of low value. Payments of short-term and low-value leases are recognised as an expense in the financial year, throughout the lease period.

d) Impairment of non-current assets, except Goodwill

The Company's asset impairment is assessed on the date of every statement of financial position and whenever there is an event or change in circumstances indicating that the amount for which the asset is recorded might not be recoverable.

Whenever the amount for which the asset is recorded is higher than its recoverable amount, an impairment loss is recognised and recorded in the income statement under the line item 'Provisions and impairment losses.'

The recoverable amount is either the net sales price or the value in use, whichever is higher. The net sales price is the amount that would be obtained from the asset's disposal, in a transaction between independent knowledgeable entities, net of the costs directly attributable to the disposal. The use value is the present value of estimated future cash flows that are expected to arise from the continuous use of the asset and from its disposal at the end of its useful life. The recoverable amount is estimated for each asset individually or, if not possible, for the cash-generating unit to which the asset belongs.

The reversal of impairment losses recognised in previous financial years is recorded when it is concluded that previously recognised impairment losses no longer exist or has decreased. The reversal of impairment losses is recognised in the income statement under the line item 'Provisions and impairment losses'. This reversal of the impairment loss is made up to the limit of the amount that would have been recognised (net of amortisation or depreciation) had no impairment loss been recognised for that asset in prior years.

e) Borrowing costs

Financial expenses related to loans are generally recognised as an expense in the income statement in accordance with the accrual basis.

Financial expenses on loans directly related to the acquisition, construction or production of property, plant and equipment are capitalised as part of the cost of the asset. The capitalisation of these expenses begins after the start of preparation of the construction or development activities of the asset and is interrupted when those assets are available for use or at the end of the construction of the asset or when the project in question is suspended.

f) Provisions

Provisions are recognised when, and only when the Company: (i) has a present obligation (legal or constructive) resulting from a past event; (ii) it is probable that an outflow of funds will be required to

settle that obligation; and (iii) the amount of the obligation can be reasonably estimated. Provisions are reviewed at each balance sheet date and adjusted to reflect the best estimate of the Board of Directors at that date.

Provisions for restructuring costs are recognised whenever a formal and detailed restructuring plan exists and has been communicated to the parties involved.

When a provision is determined taking into consideration the cash flows required to settle such an obligation, it is recorded at its present value.

g) Investments in subsidiaries, joint ventures and associates

Investments in equity holdings in subsidiaries, joint ventures and associates are measured in accordance with 'IAS 27 - Separate Financial Statements', at acquisition cost net of any impairment losses.

Subsidiaries are all entities over which Altri has control, that is, it has the power to control its financial and operating policies, in such a way that they are able to influence, as a result of their involvement, the return on the activities of the detained entity and the ability to affect that return (definition of control used by the Company).

Joint ventures are investments in entities that are the object of a joint agreement by all or part of their holders, with the parties that have joint control of the agreement rights over the entity's net assets. Joint control is obtained by contractual provision and exists only when the associated decisions have to be taken unanimously by the parties that share control.

In situations where the investment or financial interest and the contract entered into by the parties allows the entity to have direct joint control over the rights to hold the asset or obligations inherent in the liabilities related to that agreement, it is considered that such a joint agreement does not corresponds to a joint venture, but to a jointly controlled operation.

Associates correspond to entities over which the Company has significant influence, that is, over which the Company has the power to participate in decisions on the investee's operational and financial policies, but this power does not correspond to control or joint control over them.

Altri conducts impairment tests to financial investments whenever events or changes in the circumstances indicating that the amount for which they are recorded in the separate financial statements might not be recoverable.

The impairment analysis is based on the evaluation of the financial investments, using the discounted cash-flow method, based on the financial projections of cash-flow at five years of each and the year of perpetuity starting from the fifth year, deducted from the fair value of the liabilities of the entities.

The Board of Directors believes that the methodology described above leads to reliable results on the existence of any impairment of the investments under analysis, as they take into consideration the best information available at the time of preparation of the financial statements.

Dividends received from these investments are recorded as investment income, when attributed. Dividends are recorded in the income statement under 'Results related to investments'.

h) Financial instruments

(i) Financial assets and liabilities

Financial assets and liabilities are recognised in Altri's balance sheet when it becomes part of the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at their fair value. Transaction costs directly attributable to the acquisition or issuance of financial assets and liabilities (other than financial assets or liabilities measured at fair value through income statement) are added to or deducted from the fair value of the financial asset or liability, as appropriate, on initial recognition.

Transaction costs directly attributable to the acquisition of financial assets or liabilities recognised at fair value through the income statement are recognised immediately in the income statement.

(ii) Financial assets

All purchases and sales of financial assets are recognised on the date of signature of the respective purchase and sale contracts, regardless of the date of their financial settlement. All recognised financial assets are subsequently measured at amortised cost or at their fair value, depending on the business model adopted by Altri and the characteristics of its contractual cash flows.

Classification of financial assets

1. Debt instruments and receivables

Fixed income debt instruments and receivables that meet the following conditions are subsequently measured at amortised cost:

• the financial asset is held taking into account a business model whose objective is to preserve it in order to receive its contractual cash flows; and
• the contractual terms of the financial asset generate, on specific dates, cash flows that are solely payments of principal and interest on the amount of principal outstanding.

The effective interest rate method is a method of calculating the amortised cost of a financial instrument and of allocating the corresponding interest during its life.

For financial assets that are not acquired or originated with impairment (i.e. assets impaired on initial recognition), the effective interest rate is the one that accurately discounts estimated future cash flows (including fees and commissions paid or received that are an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the instrument in its gross carrying amount at the date of its initial recognition.

The amortised cost of a financial asset is the amount by which it is measured on initial recognition net of principal repayments plus the accumulated amortisation, using the effective interest rate method, of any difference between that initial amount and the amount of its repayment, adjusted for any impairment losses.

Interest-related revenue is recognised in the income statement under the line item 'Financial income', using the effective interest rate method, for financial assets subsequently recorded at amortised cost or at fair value through the income statement. Interest revenue is calculated by applying the effective interest rate to the financial asset's gross carrying amount.

Debt instruments and receivables that meet the following conditions are subsequently measured at fair value through other comprehensive income:

• the financial asset is held by considering a business model whose objective provides for both receiving its contractual cash flows and its disposal; and
• the contractual terms of the financial asset generate, on specific dates, cash flows that are solely payments of principal and interest on the amount of principal outstanding.

2. Capital instruments designated at fair value through other comprehensive income

In the initial recognition, the Company can make an irrevocable choice (on a financial instrument by financial instrument basis) to state certain investments under equity instruments (shares) at fair value through other comprehensive income when these fulfil the definition of capital provided for under IAS 32 Financial Instruments: Presentation and not held for trading. Classification is determined on an instrument-by-instrument basis.

The fair-value designation through other comprehensive income is not permitted if the investment is held for trading purposes or when resulting from a contingent consideration recognised as part of a business combination.

A capital instrument is held for trading if:

• it is acquired chiefly for the purpose of short-term disposal;
• in the initial recognition, it is part of a portfolio of identified financial instruments that the Company jointly manages and which shows an actual recent pattern of obtaining short-term gains; or
• if it is a derivative financial instrument (except if attributed to a hedging transaction).

Investments in equity instruments recognised at fair value through other comprehensive income are initially measured at their fair value plus transaction expenses. Subsequently, they are measured at their fair value with gains and losses arising from their change, as recognised under other comprehensive income. At the time of its disposal, the accumulated gain or loss generated with these financial instruments is not reclassified to the income statement, but, rather, merely transferred to the line item "Retained Earnings."

3. Financial assets at fair value through profit or loss

Financial assets that do not meet the criteria for being measured at amortised cost or at fair value through other comprehensive income are measured at fair value through the income statement. These financial assets include financial assets held for trading, financial assets designated at the time of initial recognition as measured at fair value through profit or loss, or financial assets that are mandatorily measured at fair value.

Financial assets recorded at fair value through profit or loss are measured at fair value obtained at the end of each reporting period. The corresponding gains or losses are recognised in the income statement, except if they are part of a hedging relationship.

Financial asset impairment

Altri recognises expected impairment losses for debt instruments measured at amortised cost or at fair value through other comprehensive income, as well as for trade receivables and other receivables.

The expected impairment loss amount for the aforementioned financial assets is updated on every reporting date in order to reflect the credit risk changes occurred since the initial recognition of the corresponding financial assets.

Expected impairment losses for granted loans (trade receivables and other receivables parties) are estimated using the uncollectibility matrix based on Company debtors' credit history in the last few years, as well as from estimated future macroeconomic conditions.

Impairment loss of these assets is recorded according to expected impairment losses (expected credit losses) of those financial assets. The amount of expected loss is updated at each reporting date to reflect changes in credit risk since the initial recognition of the respective financial instrument. The loss amount is recognised in the income statement for the financial year when this situation occurs.

According to the expected simplified approach, Altri recognises expected impairment losses for the economic life of trade receivables and other receivables parties (lifetime). Expected losses on these financial assets are estimated using an impairment matrix based on the Altri's historical experience of impairment losses, affected by specific prospective factors related to debtors' expected credit risk, by the evolving general economic conditions and by an evaluation of current and projected circumstances on the financial reporting date.

Measuring and recognising expected credit losses

Measuring expected impairment losses reflects the estimated likelihood of default, the likelihood of loss due to said default (i.e., the magnitude of loss in the event of default) and the Altri's actual general exposure to said default. Altri considers default to be 60 days after the due date.

Assessment of the likelihood of default and of loss due to said default is based on existing historical information, adjusted for future estimated information as described above.

For financial assets, exposure to default is shown as the assets' gross book value on each reporting date. For financial assets, expected impairment loss is estimated as the difference between every contractual cash flow owed to the Company, as agreed upon between the parties, and the cash flows the Company expects to receive, discounted at the original effective interest rate.

Altri recognises gains and losses regarding impairments in the income statement for every financial instrument, with the corresponding adjustments to their book value via the line item of accumulated impairment losses in the statement of financial position.

As a result of Altri's stringent credit control policy, irrecoverable debts have been nearly non-existent.

Altri evaluates expected impairment losses, in accordance with IFRS 9.

The model used to determine the impairments of accounts receivable consists of:

• Trade receivables stratification by type of associated revenue;
• Analysis of the history of irrecoverable amounts and default for stated subpopulations;

• Segregation of outstanding balances, considering the existence of credit insurance and letters of credit;
• For balances not covered by credit insurance, determining the historical rate of amounts not recovered in the last two years;
• Adjusting the rates obtained above with a forward-looking component based on future market evolution projections;
• Applying the rates obtained to trade receivables outstanding balance on the reporting date.

The amounts given in the statement of financial position are net of accumulated impairment losses for bad debts that were estimated by Altri; therefore, they are at their fair value.

For every other situation and nature of balances receivable, the Altri applies the general impairment model approach. On every reporting date, it assesses whether there was a significant increase in credit risk from the asset's initial recognition date. If credit risk did not increase, the Altri calculates an impairment corresponding to the amount equivalent to expected losses within a 12-month period. If credit risk did increase, the Altri calculates an impairment corresponding to the amount equivalent to expected losses for every contractual cash flow up to the asset's maturity. The credit risk is assessed in accordance with the loans disclosed in the credit risk management policies.

Derecognition of financial assets

Altri derecognises a financial asset only when the asset's contractual cash-flow rights expire, or when transferring the financial asset and substantially every risk and benefit associated with its ownership to another entity. When substantially every risk and benefit arising from ownership of an asset is neither transferred nor retained, or control over the asset is not transferred, Altri keeps on recognising the transferred asset to the extent of its continued involvement. In this case, Altri also recognises the corresponding liability, the transferred asset and corresponding liability are measured on a basis that reflects the rights and obligations retained by Altri. If Altri retains substantially every risk and benefit associated with ownership of a transferred financial asset, Altri keeps on recognising said asset; in addition, it recognises a loan for the amount received in the meantime.

In derecognising a financial asset measured at amortised cost, the difference between its carrying amount and the sum of the retribution received and to be received is recognised in the income statement.

On the other hand, when derecognising a financial asset represented by a capital instrument recorded at fair value through other comprehensive income, the accumulated gain or loss in the revaluation reserve is reclassified to the profit and loss statement.

However, in derecognising a financial asset represented by a capital instrument irrevocably designated in the initial recognition as recorded at fair value through other comprehensive income, the accumulated gain or loss in the revaluation reserve is not reclassified to the income statement, but, rather, transferred to the line item "Retained Earnings."

iv) Financial liabilities and equity instruments

Classification as financial liability or as an equity instrument

Financial liabilities and equity instruments are classified as liability or as equity according to the transaction's contractual substance.

Equity

Altri considered equity instruments to be those where the transaction's contractual support shows that Altri holds a residual interest in a set of assets after deducting a set of liabilities.

The equity instruments issued by Altri are recognised at the amount received, net of costs directly attributable to their issue.

The repurchase of equity instruments issued by Altri (own shares) is accounted for at its acquisition cost as a deduction from equity. Gains or losses inherent to disposal of own shares are recorded under the line item 'Other reserves.'

Financial liabilities

After initial recognition, every financial liability is subsequently measured at amortised cost or at fair value through income statement.

Financial liabilities are recorded at fair value through income statement when:

• the financial liability results from a contingent consideration arising from a business combination;
• when the liability is held for trading; or
• when the liability is designated to be recorded at fair value through income statement.

A financial liability is classified as held for trading if:

• it is acquired chiefly for the purpose of short-term disposal; or
• in the initial recognition, it is part of a portfolio of identified financial instruments that the Company jointly manages and which shows an actual recent pattern of obtaining short-term gains; or
• if it is a derivative financial instrument (except if attributed to a hedging transaction).

Financial liabilities recorded at fair value through income statement are measured at their fair value with the corresponding gains or losses arising from their change, as recognised in the income statement, except if assigned to hedging transactions.

Financial liabilities subsequently measured at amortised cost

Financial liabilities not designated for recording at fair value through income statement are subsequently measured at amortised cost using the effective interest rate method.

The effective interest rate method is a method of calculating the amortised cost of a financial liability and of allocating the corresponding interest during its life.

The effective interest rate is the one that accurately discounts estimated future cash flows (including fees and commissions paid or received that are an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the instrument in its gross carrying amount at the date of its initial recognition.

Types of financial liabilities

Loans in the form of commercial paper issues are classified as non-current liabilities when they are guaranteed to be placed for more than one year, and the Company's Board of Directors intends to use this source of funding also for more than one year.

The other financial liabilities basically refer to factoring transactions and lease liabilities, which are initially recorded at their fair value. Following their initial recognition, these financial liabilities are measured at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are settled, cancelled or have expired.

The difference between the derecognised financial liability's carrying amount and the consideration paid or payable is recognised in the income statement.

When the Company and a given creditor exchange a debt instrument for another containing substantially different terms, said exchange is accounted for as a cancellation of the original financial liability and the recognition of a new financial liability.

Likewise, the Company accounts for substantial modifications to the terms of an existing liability, or to a part thereof, as a cancellation of the original financial liability and the recognition of a new financial liability.

If the modification is not substantial, the difference between: (i) the liability's carrying amount prior to modification; and (ii) the present value of future cash flows after modification is recognised in the income statement as a modification gain or loss.

Derivative instruments

Altri uses derivative instruments in managing its financial risks as a way to ensure hedging against said risks. Derivative instruments are not used for trading purposes.

The derivative instruments used by the Company defined as cash flow hedging instruments are related to the hedging of interest rates on loans obtained, exchange rates, hedging the price of pulp, as well as hedging the price of energy.

The risk is hedged in its entirety, with no hedging of risk components, and no target hedging value is defined for these risks.

The Company designates only the spot element of forward agreements as a hedging instrument. The forward element is recognised under Other comprehensive income and accumulated in a separate equity component.

The derivative financial instruments used for economic risk hedging purposes can be classified in the accounts as hedging instruments, provided they cumulatively meet the following conditions:

(i) On the transaction start date, the hedging ratio is identified and formally documented, including identification of the hedged item, the hedging instrument and assessment of hedging effectiveness;

• (ii) The hedging ratio is expected to be highly effective, on the transaction start date and over the course of its life;
• (iii) The hedging effectiveness can be reliably measured on the transaction start date and over the course of its life;
• (iv) For cash-flow hedging transactions, the likelihood of its occurrence has to be high.

Whenever expectations of evolving interest rates or currency exchange rates so justify, the Company seeks to put under contract transactions protecting against unfavourable operations, using derivative instruments, such as, among others, interest rate swaps (IRS), interest rate and currency exchange rate collars or exchange rate forwards.

Selecting hedging instruments to be used basically states their features in terms of economic risks they seek to hedge. Also considered are the implications of including each additional instrument in existing derivative portfolio, namely the effects in terms of volatility of results.

The conditions established for these cash flow hedge instruments are identical to those of the corresponding loans in terms of the amount, maturity dates of the interest and repayment schedules of the loans and for these reasons they qualify as perfect hedges.

In the case of hedging instruments for exchange rate exposure, these instruments are contracted to hedge highly probable transactions and for a small portion of the expected total.

In the case of instruments for hedging the price of pulp, the price indexes to which the futures contracts for hedging the price of pulp are indexed are those most frequently used by the Group's subsidiaries as a reference for the sale price of their pulp, which is why it is considered that they provide perfect cover for highly probable transactions which are expected to occur in much more significant amounts.

In the case of energy price hedging instruments, the Company contracts to hedge highly probable transactions and for a portion of the total expected energy sales transactions produced, so the hedging strategies are also understood to be highly effective.

Hedging instruments are recorded at their fair value.

Fair value of these financial instruments is determined with recourse to third party entities and validated using IT systems for stating derivative instruments, and is based, in the case of swaps, on the updated, for the date of the Statement of Financial Position, future cash flows of the derivative instrument's fixed leg and of the variable leg.

Accounting for the hedging of derivative instruments is discontinued when the instrument matures or is sold, or when the future transaction is no longer highly probable.

In situations where the derivative instrument is no longer qualified as a hedging instrument, fair-value differences accumulated up to that point, which are recorded in equity under the line item 'Hedging reserves', are transferred to profit and loss for the period, or added to the asset's book value to which the transactions subject to hedging gave rise, and subsequent revaluations are recorded directly under the line items of the income statement.

In the case of hedges of highly probable future transactions, the amount accumulated in Other comprehensive income should remain if the hedged future cash flows are still expected to occur. Otherwise, the cumulative amount is reclassified immediately to the income statement as a reclassification adjustment. After the interruption, once the hedged cash flows occur, any cumulative

amount remaining in equity under "Hedging reserves" should be accounted for according to the nature of the underlying transaction.

When there are derivatives embedded in other financial instruments or other agreements, they are treated as separate derivatives in situations where the risks and features are not closely related to host agreements and in situations where the agreements are not shown at their fair value with unrealized gains or losses recorded in the income statement.

In cases where the derivative instruments, despite being put under contract with the specific goal of hedging financial risks, do not fulfil the aforementioned requirements for categorising as hedging instruments, the changes in fair value directly affect the income statement, under the line items 'Financial income' and 'Financial expenses.'

Offsetting financial instruments

Financial assets and financial liabilities are offset and the corresponding net amount is shown under the balance sheet if there is a present right of mandatory fulfilment to offset the recognised amounts and with the intention of either settling on a net basis or realising the asset and simultaneously settling the liability.

i) Contingent assets and liabilities

Contingent liabilities are defined by the Company as (i) possible obligations arising from past events, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not under full control of the Company, or (ii) present obligations arising from past events but that are not recognised because it is unlikely that a cash flow affecting economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

Contingent liabilities are not recognised in the Company's financial statements and are actually disclosed unless the possibility of a cash outflow affecting future economic benefits is remote, in which case they are not disclosed at all.

Contingent assets are possible assets that arise from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not fully under the control of the Company.

Contingent assets are not recognised in the Company's financial statements, but are only disclosed when future economic benefits are likely.

j) Income tax

Income tax for the financial year is calculated based on the taxable earnings of the Company in accordance with the tax regulations in force and considers deferred taxation.

The Company is taxed under the special taxation regime for groups, according to article 69 of the Corporate Income Tax Code ("Código do Imposto sobre o Rendimento das Pessoas Coletivas"), with Altri SGPS, S.A. being the dominant company in the Tax Group.

Deferred taxes are calculated using the financial position statement liability method and reflect the temporary differences between the amount of assets and liabilities for accounting reporting purposes

and the respective amounts for tax purposes. Deferred tax assets and liabilities are calculated and annually assessed using the tax rates in force or substantially in force at the expected date of reversal of temporary differences.

The measurement of deferred tax assets and liabilities:

• It is conducted in accordance with the expected rates to be applied in the period the asset is realised or the liability settled, based on the tax rates approved at the balance sheet date; and
• It reflects the tax consequences arising from the way the Company expects, at the balance sheet date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets are recognised only when there are reasonable expectations of sufficient future tax profits for their use, or in situations where there are taxable temporary differences that offset the temporary differences deductible in the period of their reversal. At the end of each period a review is made of these deferred taxes, which are reduced whenever their future use is no longer likely.

Deferred taxes are not recognised in respect to temporary differences associated with investments in subsidiaries and associates, since the following conditions are simultaneously considered to be met:

• The Company is able to control the timing of the temporary difference reversal; and
• It is likely that the temporary difference will not be reversed in the foreseeable future.

Deferred taxes are recorded as expenses or income for the financial year, except if they result from amounts recorded directly in equity, in which case the deferred tax is also recorded under the same line item.

k) Revenue

Altri recognises revenue in accordance with IFRS 15, which sets forth that an entity recognises revenue in order to reflect the transfer of goods and services contracted by customers, in the retribution amount to which the entity expects to be entitled to receive as consideration for delivery of said goods or services, based on the five step model below:

• 1) contract identification with a client;
• 2) performance obligation identification;
• 3) pricing of the transaction;
• 4) allocation of the transaction price to performance obligation; and
• 5) recognition of revenue when or as the entity meets a performance obligation.

On 31 December 2022 and 2021, Altri's revenue refers entirely to corporate services rendered to the other subsidiaries. These services are billed quarterly and the invoice is issued at the end of the quarter for services rendered in that quarter.

Revenue is recognised net of bonuses, discounts and taxes (e.g.: commercial discounts), and refers to the consideration received or receivable for services sold in line with the type of business identified. Revenue is recognised by the amount of the performance obligation fulfilled. The transaction price is a fixed component.

The Company considers the facts and circumstances when analysing the terms of each contract with clients, applying the requirements that determine the recognition and measurement of revenue in a harmonised way, when dealing with contracts with similar characteristics and circumstances.

l) Accrual accounting basis

The remaining income and expenses are recorded on an accrual basis, whereby they are recognised as they are generated regardless of when they are received or paid. The differences between the amounts received and paid and the corresponding income and expenses generated are recorded under the line items 'Other current assets', 'Other current liabilities', 'Other non-current assets', and 'Other non-current liabilities.'

m) Subsequent events

The events occurring after the statement of financial position providing additional evidence or information regarding conditions that existed on the date of the statement of financial position (adjusting events) are reflected in the financial statement. Events after the date of the statement of financial position that are indicative of the conditions that arose after the date of the statement of financial position (non-adjusting events), when material, are disclosed in the Notes to the financial statements.

n) Cash and cash equivalents

The amounts included under the line item 'Cash and cash equivalents' correspond to cash amounts, bank deposits, term deposits, and other treasury applications, maturing in less than three months, and are subject to insignificant risk of change in value.

In terms of statement of cash-flows, the line item 'Cash and cash equivalents' also comprises bank overdrafts included under the current liability line item 'Bank loans.'

o) Statement of cash-flows

The statement of cash-flows is prepared according to IAS 7, using the direct method.

The statement of cash flows is categorised under operating activities (which include receipts from customers, payments to suppliers, payments to personnel and others related to operating activities), financing (which include payments and receipts related to borrowings, leasing contracts, and dividend payments), and investment (which include, acquisitions and disposals of investments in subsidiaries and receipts and payments arising from the purchase and sale of property, plant and equipment).

p) Assets held for sale or distribution and discontinued operations

This category includes assets or a group of assets whose value is realizable through a sale or distribution transaction, or jointly as a group in a single transaction, and liabilities directly associated with these assets that are transferred in the same transaction. Assets and liabilities in this situation are measured at the lowest value between their book value and fair value less costs to sell.

For this situation to occur, it is necessary that the sale is highly probable (and expected to occur within less than 12 months), and that the asset is available for immediate sale or distribution in its present condition, besides the Company having committed itself to its sale or distribution.

The amortization of assets under these conditions ceases from the moment they are classified as held for sale or distribution and are presented as current in their own asset, liability and equity lines. A discontinued operation is a component (operating units and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity) of an entity that has either been disposed of or is classified as held for sale or distribution, and:

(i) represents a separate major line of business or geographic area of operations;

(ii) is an integral part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or

(iii) is a subsidiary acquired exclusively with a goal to resale.

The income of discontinued operations are presented as a single amount in the income statement, comprising the after-tax profit or loss of the discontinued operations, plus the after-tax gain or loss recognized on the fair value measurement less costs to sell or on the disposal of assets or disposal group(s) that constitute the discontinued operation.

Balances between continuing operations and discontinued operations are eliminated in the consolidation process. Transactions between continuing operations and discontinued operations are eliminated to the extent that they represent transactions that will no longer be carried on by the Company.

Distribution of Group of assets classified as held for distribution to shareholders

When the Company resolves to distribute a dividend in kind and has an obligation to distribute said dividend to its shareholders, it must recognize a liability for the dividend payable.

The liability relating to the liability to pay a dividend must be recognized when the dividend has been duly approved and is no longer subject to the Company's discretion, which corresponds to the date on which the dividend proposal is approved at the General Meeting.

The Company shall measure the liability related to the responsibility for distributing dividends in kind to shareholders at the fair value to be distributed.

When the Company settles the dividend payable, it shall recognize in profit or loss any difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable. This difference is presented in the income statement under "Profit after tax from discontinued operations".

If the distribution of net assets results in loss of control, the Company derecognizes the group of assets of the subsidiary and other Amounts recognized in other comprehensive income and accumulated in equity related to the group of assets. In the event that the Company retains any interest in the former subsidiary, such interest is measured at fair value at the date when control is lost.

2.3 JUDGEMENTS AND ESTIMATES

When preparing the attached financial statements, value judgements and estimates were made and various assumptions were used that affected the reported amounts of assets and liabilities, as well as the reported amounts of income and expenses for the year.

The underlying estimates and assumptions were determined based on the best knowledge existing at the date of approval of the financial statements of current events and transactions, as well as on previous and/or current events experience. However, there are situations that could occur in subsequent periods which, while not foreseeable on that date, were not considered in those estimates. Changes in estimates that occur after the date of the financial statements will be prospectively amended. Therefore, and given the inherent degree of uncertainty, the actual results of the transactions in question may differ from the corresponding estimates.

The main value judgements and most significant estimates conducted and used in preparing consolidated financial statements include:

a) Impairment tests of financial investments

Impairment analyses require determining fair value and / or the use value of the assets in question (or of some cash-generating units). This process calls for a high number of relevant judgements, namely estimating future cash flows associated with assets or with the corresponding cash-generating units, and determining an appropriate discount rate for obtaining the present value of the aforementioned cash flows. In this regard, the Company once again established the requirement calling for use of the maximum possible amount of observable market data. It further established calculation monitoring mechanisms based on the critical challenge of reasonability of assumptions used, their coherence and consistency (in similar situations).

b) Determining fair value of derivative financial instruments

In stating financial instruments not traded in active markets valuation techniques have been used that were based on discounted cash-flow methods or on market transaction multiples. Fair value of derivative financial instruments is generally determined by the entities for which they were hired (counterparties). The Company's Board of Directors recognises the counterparties as being competent and objective.

The estimates and underlying assumptions were determined based on the best information available at the date of preparation of the financial statements and based on the best knowledge and experience of past and / or current events. However, situations may occur in subsequent periods that, not being predictable at the date, were not considered in these estimates. For this reason and given the degree of uncertainty associated, the actual results of the transactions in question may differ from the corresponding estimates. Changes to these estimates, which occur after the date of the financial statements, will be corrected prospectively in the income statement, as provided by IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.

2.4 CHANGES IN ACCOUNTING POLICY AND ERROR CORRECTION

Regarding new standards, interpretations, amendments and revisions to IFRS, see Note 2.1.

During the financial year ended 31 December 2022, there were no voluntary changes in accounting policies. Likewise, no material errors were recognised in relation to previous fiscal years.

3. FINANCIAL RISK MANAGEMENT

The Company is exposed to (a) market risk, (b) credit risk, and (c) liquidity risk. The main purpose of risk management is to reduce these risks to a level considered acceptable.

The general principles of risk management are approved by the Board of Directors, and their implementation and monitoring are overseen by the administrators and directors.

a) Market Risk

The current unfavourable macroeconomic environment, marked by widespread cost inflation, rising interest rates, geopolitical risks and uncertainties regarding its future evolution, as a result of the combination of several effects, including the pandemic and the armed conflict between Ukraine and Russia, poses significant challenges to the companies and their operations.

The Board of Directors is monitoring the impacts of the current macroeconomic environment in Altri's chain of operations, ensuring that mitigating measures are applied to minimize, where possible, the negative effects and uncertainty that threaten the global economic stability.

Additionally, Altri, when deemed necessary, uses derivative instruments in the management of their market risks to which it is exposed as a way to ensure their coverage, not being used derivative instruments with the objective of negotiation or speculation.

For Altri, in the management of market risk, the interest rate risk is of particular importance.

(i) Interest Rate Risk

The Company uses derivative instruments in managing its market risks to which it is exposed as a way of guaranteeing their hedging. Derivative instruments are not used for trading or speculation purposes.

The Company's exposure to the interest rate risk results essentially from Euribor-indexed long-term loans.

The Company's goal is to limit cash-flow volatility and results, considering the profile of its operating business by using an appropriate combination of debt to fixed and variable rate. The Company's policy allows using interest rate derivatives in order to reduce exposure to changes in Euribor, not for speculation purposes.

Most derivative instruments used by the Group in managing interest rate risk are established as cashflow hedging instruments, as they provide perfect hedging. The Index, calculation conventions, the interest rate hedging instruments, and interest rate hedging instrument repayment plans are altogether identical to the conditions set forth for contracted underlying loans. However, there are some derivative instruments which, despite having been put under contract for interest rate risk hedging purposes, do not fulfil the aforementioned requirements for categorising as hedging instruments.

In the financial years ended 31 December 2022 and 2021, the Company's sensitivity to changes in the interest rate benchmark of approximately one percentage point, measured as the change in financial results, can be analysed as follows, without considering the effect of derivative financial instrument hedging and the fixed rate debt (Note 20):

	31.12.2022	31.12.2021
Interest expenses (Note 20) A 1 p.p. increase in the interest rate applied to the entire debt	2,988,107 1,500,000	3,195,737 1,900,000
A 1 p.p. decrease in the interest rate applied to the entire debt	(1,500,000)	(1,900,000)

The sensitivity analysis above was calculated based on the exposure to the existing interest rate on the date ending each financial year. This analysis' basic assumption was that the financing structure (remunerated assets and liabilities) remained stable throughout the year and similar to that shown at the end of every financial year, with the rest remaining constant.

b) Credit Risk

Credit risk is defined as the probability of a financial loss occurring as a result of a counterparty defaulting on its payment contractual obligations.

Altri is a holding company, having no commercial activity beyond the normal activities of a portfolio manager of holdings and corporative services to its subsidiaries. As such, on a regular basis, the Company is only exposed to credit risk arising from financial instruments (investments and deposits with banks and other financial institutions or resulting from derivative financial instruments entered into in the normal course of its hedging operations), or from loans granted to subsidiaries (when applicable).

The outstanding amounts on loans granted are considered to have low credit risk and, consequently, the impairments for credit losses recognised during the period were limited to the estimated 12-month credit losses. These financial assets are considered to have 'low credit risk' when they have a reduced risk of default and the debtor has a high capacity to meet its short-term cash flow contractual responsibilities.

In order to reduce the probability of a counterparty defaulting on its payment contractual obligations, Altri follows the following principles:

• It only performs transactions (short-term investments and derivatives) with counterparties that have been selected in accordance with their prestige and recognition at national and international level, their ratings, and which take into consideration the nature, maturity and size of the transactions;
• No financial instruments shall be contracted unless they have been authorised in advance. The definition of eligible instruments for both excess availability and derivatives has been made on the basis of a conservative approach;
• Additionally, regarding cash surpluses: i) they shall preferably be used, whenever possible where it is most efficient, either to repay existing debt, or preferably invested in relationship banks, thereby reducing the net exposure to such institutions, and ii) they may only be applied in previously authorized instruments.

Given the above policies, Altri's Board of Directors does not foresee the possibility of any material breach of contractual payment obligations of its external counterparties.

In the case of loans to subsidiaries, there is no specific credit risk management policy, since the granting of loans to subsidiaries is part of the normal activity of the Company.

c) Liquidity Risk

The main objective of the liquidity risk management policy is to ensure that the Company has the capacity to liquidate or meet its responsibilities and to pursue the strategies outlined in compliance with all its commitments to third parties within the stipulated time frame.

The Company defines as an active policy (i) to maintain a sufficient level of free and immediately available resources to meet the necessary payments on maturity, (ii) to limit the probability of default on the repayment of all its investments and loans by negotiating the extent of the contractual clauses, and (iii) to minimise the opportunity cost of holding excess liquidity in the short term.

It also seeks to make the due dates of assets and liabilities compatible, through a streamlined management of their maturities.

4. INVESTMENTS IN SUBSIDIARIES AND JOINT VENTURES

On 31 December 2022 and 2021, 'Investments in subsidiaries and joint ventures' consisted of the following investments:

	Holding Percentage		Statement of financial position
Company	2022	2021	31.12.2022	31.12.2021
Altri, Participaciones Y Trading, S.L.	100.00%	100.00%	142,168,546	142,168,546
Altri Abastecimento de Madeira, S.A.	100.00%	100.00%	2,050,000	2,050,000
Pulpchem Logistics, A.C.E.	50.00%	50.00%	—	—
Biogama, S.A.	90.00%	90.00%	1,845,000	45,000
			146,063,546	144,263,546

In the Shareholders' Meeting of the subsidiary Biogama, it was unanimously approved that the shareholders would carry out a capital increase, in cash, in the total amount of 2,000,000 Euro. Altri carried out a share capital increase in Biogama in its proportion, which corresponded to 1,800,000 Euro.

In addition, Altri has prepared consolidated financial statements in accordance with the measurement and recognition principles of the International Financial Reporting Standards as adopted in the European Union, which present the following main financial data:

	31.12.2022	31.12.2021
Total consolidated net assets	1,498,363,422	2,292,988,851
Total consolidated equity	609,872,032	723,185,506
Consolidated profit for the year	436,180,279	134,673,293

The impairment tests conducted by Altri on its financial investments in the separate accounts allowed to determine the non-existence of impairment. Impairment tests were conducted on the basis of a diverse set of information on Altri SL's subsidiaries, namely, estimates of discounted cash flows. Those assessments were made based on historical performance and estimates of discounted cash flows

based on business plans. For the subsidiaries in the pulp sector, subsidiaries of Altri SL, the business plans were carried out for 5 years (since it is the Board of Directors' understanding that this is the most appropriate period given the cyclical nature of the Group's respective operations), and was considered to be a medium and long-term paper pulp sales price, not influenced by short-term positive or negative fluctuations.

The main assumptions used in the calculation of Altri SL subsidiaries with reference to 31 December 2022 and 2021 were as follows:

	31.12.2022	31.12.2021
Inflation rate	3.08%	1.28%
Discount rate	7.96%	6.09%
Growth rate in perpetuity	2.00%	2.00%

The discount rate net of tax (because the cash flows used in the financial projections are also net of tax) used in the financial year ended 31 December 2022 was 7.96%, which was calculated based on the WACC (Weighted Average Cost of Capital) methodology, considering the following assumptions:

	31.12.2022	31.12.2021
Risk-free interest rate	3.10%	0.35%
Equity risk premium	5.94%	4.38%
Debt risk premium	2.50%	3.50%

From the analysis carried out, the Company concluded that there was a comfortable margin in relation to the point at which investments would be at risk of impairment.

5. GROUP OF ASSETS CLASSIFIED AS HELD FOR DISTRIBUTION TO SHAREHOLDERS

In July 2021, the subsidiary Greenvolt was listed on the stock exchange as a result of the Initial Public Offering (IPO). Thus, Altri, SGPS, S.A. began to hold 43.27% of Greenvolt - Energias Renováveis, S.A.. Subsequently, Altri Group conducted a study regarding the optimization of the shareholder participation held by Altri in the share capital of its subsidiary Greenvolt - Energias Renováveis, S.A., a study that concluded that such separation was feasible as it was an adequate response to the optimized evolution of the companies concerned, adjusted to the reality underlying their businesses and their evolution perspectives. Accordingly, and in accordance with IFRS 5, the financial investment in Greenvolt in the amount of 91,668,330 Euro was presented as Group of assets classified as held for distribution to shareholders, with reference to 31 December 2021.

On 7 April 2022, the Board of Directors proposed to the General Meeting in its annual report the distribution, under the conditions that the respective proposal presented, in addition to a cash dividend, of a dividend in kind, consisting of a maximum number of 52,523,229 shares representing the share capital and voting rights of Greenvolt, which was approved at the General Meeting held on 29 April 2022.

On 25 May 2022, 48,118,446 Greenvolt shares were distributed to Altri's shareholders, with Altri holding on that date, directly, 3.63% of Greenvolt. As a result of this distribution, Altri Group lost control over this subsidiary. Thus, on this date, Greenvolt ceased to be a subsidiary of Altri and the remaining retained interest in Greenvolt was recognized at fair value through other comprehensive income since that date, in the amount of 22.2 million Euro, being presented in the caption "Group of assets classified as held for distribution to shareholders". Subsequently, as a result of Greenvolt's capital

increase operation, in which Altri Group decided not to participate, Altri now holds, directly, 3.17% of Greenvolt (Note 19).

Between the date of distribution and 31 December 2022, an increase of 4.5 million Euro in fair value through other comprehensive income of the financial investment that Altri holds, directly, in Greenvolt was recognized.

During the last quarter of 2022, the Board of Directors of Altri analysed the feasibility of distributing the remaining financial participation in Greenvolt. Therefore, it will propose, at the 2023 Annual General Meeting, under the conditions that the respective proposal will present, the distribution to the shareholders of Altri of a maximum number of 23,154,783 shares of Greenvolt, corresponding to the interest that the Altri Group holds in that company. It is the understanding of the Board of Directors of Altri that the aforementioned proposal will merit the approval of the Company's shareholders, and that they will welcome this decision by the Board of Directors to, on the one hand, complete the process of total separation of the pulp and renewable energy businesses and, on the other hand, to allow them to strengthen their shareholder position in a reference group in the renewable energy sector. The delivery of the shares to the shareholders will take place, expectably, within no more than 30 days from the date of the resolution (i.e., in any event within 12 months after 31 December 2022). Accordingly, the financial investment in Greenvolt is presented in this consolidated financial information as a Group of assets classified as held for distribution to shareholders, with reference to 31 December 2022.

Considering that the remaining retained interest in Greenvolt has been recognized at fair value through other comprehensive income since the date of distribution and that the financial investment in Greenvolt is presented in this financial information as a Group of assets classified as held for distribution to shareholders, with reference to 31 December 2022, the fair value reserves resulting from the accumulated change in fair value of the financial investment in Greenvolt were reclassified to the caption "Amounts recognized in other comprehensive income and accumulated in equity related to group of assets classified as held for distribution to shareholders".

6. CURRENT AND DEFERRED TAXES

According to current legislation, tax returns are subject to review and correction by the tax authorities during a period of four years (five years for Social Security), except when there have been tax losses, tax benefits granted, or when inspections, complaints or challenges are in progress, in which cases, depending on the circumstances, the deadlines are extended or suspended. Thus, the Company's tax returns since 2019 may still be subject to review.

The Company's Board of Directors considers that any corrections resulting from reviews/inspections by the tax authorities to those tax returns will not have a material effect on the financial statements as of 31 December 2022 and 2021.

The Company is subject to the special taxation regime for groups (RETGS). Altri is the dominant company of the Tax Group which, as of 31 December 2022, is comprised of the following entities:

• Altri Florestal, S.A.;
• Altri Abastecimento de Madeira, S.A.;
• Caima, S.A. (formerly known as Caima Indústria de Celulose, S.A.);
• Captaraíz Unipessoal, Lda.;
• Biotek, S.A.;
• Celbi, S.A. (formerly known as Celulose Beira Industrial (Celbi), S.A.);

• Inflora Sociedade de Investimentos Florestais, S.A.;
• Soc. Imobiliária Porto Seguro Investimentos Imobiliários, S.A.;
• Viveiros do Furadouro Unipessoal, Lda.;
• Florestsul, S.A.;
• Biogama, S.A..

Each of the companies taxed through RETGS records the income tax in its separate accounts under the line item 'Subsidiaries' (Notes 12 and 16). Where subsidiaries contribute with losses, the amount of tax corresponding to the losses that will be offset against the profits of the other companies covered by this regime is recorded in the separate financial statements (Note 21). If deferred tax assets are recorded for tax losses generated, the amount is recorded in the subsidiary against a payable account to the entities of the Group.

Deferred tax assets and liabilities recorded during the fiscal year are essentially related to the fair value of interest rate, exchange rate and pulp price hedging derivatives and as such were recorded under 'Other comprehensive income'.

In accordance with the legislation in force in Portugal, for the fiscal years ended 31 December 2022 and 2021 the base income tax rate in force was 21%. The Company is also subject to a municipal surtax at the rate of 1.5% on taxable income.

Additionally, in accordance with the legislation in force in Portugal during the financial year ended 31 December 2022, the state surtax corresponded to the application of an additional rate of 3% on the taxable income between 1.5 and 7.5 million Euro, 5% on the taxable income between 7.5 and 35 million and Euro 9% on the taxable income above 35 million Euro.

Under the terms of Article 88 of the Corporate Income Tax Code, the Company is subject to autonomous taxation on a number of fees at the rates set out in the aforementioned article.

The reconciliation of the profit before income tax to the income tax for the financial year is as follows:

	31.12.2022	31.12.2021
Profit before income tax	226,761,164	87,611,422
Tax rate	22.5% 22.5%
	51,021,262	19,712,570
Non-taxable dividends	(47,700,000)	(20,025,000)
Autonomous taxes	94,249	59,780
Surtax	603,613	25,957
Others	107,514	(227,707)
	4,126,638	(454,400)

As of 31 December 2021, the Company has used all the deferred tax assets related to tax losses in the amount of 681,522 Euro recorded as of 31 December 2020. This amount corresponded to the tax losses, amounting to approximately 3.2 million Euro, with which the Group's subsidiaries contributed to the RETGS in 2020. As of 31 December 2022 and 2021, there are no tax loss carryforwards in the individual level.

The deferred tax assets were recorded to the extent that it is the Board of Directors expectation that, as in recent years, the RETGS will generate future taxable income that allows its recovery.

The movement in deferred tax assets and liabilities as of 31 December 2022 and 2021 was as follows:

	31.12.2022		31.12.2021
	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities
Opening balance	171,602	—	936,409	—
Effects on income statement:
Others	177,874	—	31,456	—
Effects on equity:
Fair value of derivative instruments	(139,429)	(274,769)	(114,741)	—
Effect of RETGS tax losses	—	—	(681,522)	—
Closing balance	210,047	(274,769)	171,602	—

7. CLASSES OF FINANCIAL INSTRUMENTS

In accordance with the accounting policies described under Note 2.2.h), financial instruments were classified as follows:

Financial assets:

31 December 2022	Financial assets recorded at amortised cost	Financial instruments at fair value	Total
Non-Current assets
Derivative financial instruments	—	1,077,928	1,077,928
	—	1,077,928	1,077,928
Current assets
Trade receivables	14,321,750	—	14,321,750
Other receivables	136,402,814	—	136,402,814
Other current assets	5,634,550	—	5,634,550
Other financial assets	19,588,750	—	19,588,750
Derivative financial instruments	—	2,527,826	2,527,826
Cash and cash equivalents	106,193,087	—	106,193,087
	282,140,951	2,527,826	284,668,777
	282,140,951	3,605,754	285,746,705
Group of assets classified as held for distribution to shareholders	—	34,357,307	34,357,307
	—	34,357,307	34,357,307
31 December 2021	Financial assets recorded at amortised cost	Financial instruments at fair value	Total
Current assets
Trade receivables	4,078,270	—	4,078,270
Other receivables	19,726,978	—	19,726,978
Other current assets	2,060,503	—	2,060,503
Other financial assets	19,588,750	—	19,588,750
Derivative financial instruments	—	169,906	169,906
Cash and cash equivalents	121,869,849	—	121,869,849
	167,324,350	169,906	167,494,256

Financial liabilities:

31 December 2022	Financial liabilities recorded at amortised cost	Financial instruments at fair value	Total
Non-current liabilities
Other loans	149,747,190	—	149,747,190
Lease liabilities	267,387	—	267,387
Derivative financial instruments	—	—	—
	150,014,577	—	150,014,577
Current liabilities
Other loans	622,324	—	622,324
Lease liabilities	171,691	—	171,691
Trade payables	41,576	—	41,576
Other payables	5,310,158	—	5,310,158
Other current liabilities	7,592,304	—	7,592,304
Derivative financial instruments	—	2,378,050	2,378,050
	13,738,053	2,378,050	16,116,103
	163,752,630	2,378,050	166,130,680

31 December 2021	Financial liabilities recorded at amortised cost	Financial instruments at fair value	Total
Non-current liabilities
Other loans	124,704,059	—	124,704,059
Lease liabilities	147,239	—	147,239
Derivative financial instruments	—	540,350	540,350
	124,851,298	540,350	125,391,648
Current liabilities
Other loans	65,401,445	—	65,401,445
Lease liabilities	132,271	—	132,271
Trade payables	558,303	—	558,303
Other payables	337,020	—	337,020
Other current liabilities	2,611,277	—	2,611,277
Derivative financial instruments	—	982,642	982,642
	69,040,316	982,642	70,022,958
	193,891,614	1,522,992	195,414,606

Financial instruments measured at fair value

The following table shows the financial instruments that are measured at fair value after initial recognition, grouped into three levels according to the possibility of observing its fair value in the market:

	31.12.2022		31.12.2021
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets measured at fair value: Derivatives (Note 18)	—	3,605,754	—	—	169,906	—
Group of assets classified as held for distribution to shareholders (Note 5)	34,357,307	—	—	—	—	—
Financial liabilities measured at fair value: Derivatives (Note 18)	—	2,378,050	—	—	1,522,992	—

As at 31 December 2022 and 2021, there are no financial assets whose terms have been renegotiated and which, if not, would fall due or impaired.

8. PROPERTY, PLANT AND EQUIPMENT

During the financial years ended 31 December 2022 and 2021, the movement occurred in the value of property, plant and equipment, as well as in the corresponding depreciation and accumulated impairment losses, was as follows:

	31 December 2022
	Asset gross value
	Land and natural resources	Building and other edifications	Vehicles	Office equipment	Total
Opening balance	1,863,806	5,591,419	50,700	421,636	7,927,561
Additions	—	—	—	—	—
Disposals	—	—	—	—	—
Write-offs	—	—	—	—	—
Transfers	—	—	—	—	—
Closing balance	1,863,806	5,591,419	50,700	421,636	7,927,561

	Accumulated depreciation
	Land and natural resources	Building and other edifications	Vehicles	Office equipment	Total
Opening balance	—	447,313	50,700	360,019	858,032
Additions	—	111,828	—	14,737	126,565
Disposals	—	—	—	—	—
Write-offs	—	—	—	—	—
Transfers	—	—	—	—	—
Closing balance	—	559,141	50,700	374,756	984,597
	1,863,806	5,032,278	—	46,880	6,942,964

		31 December 2021
	Asset gross value
	Land and natural resources	Building and other edifications	Vehicles	Office equipment	Total
Opening balance	1,863,806	5,591,419	50,700	421,636	7,927,561
Additions	—	—	—	—	—
Disposals	—	—	—	—	—
Write-offs	—	—	—	—	—
Transfers	—	—	—	—	—
Closing balance	1,863,806	5,591,419	50,700	421,636	7,927,561

	Accumulated depreciation
	Land and natural resources	Building and other edifications	Vehicles	Office equipment	Total
Opening balance	—	335,484	50,700	340,881	727,065
Additions	—	111,829	—	19,138	130,967
Disposals	—	—	—	—	—
Write-offs	—	—	—	—	—
Transfers	—	—	—	—	—
Closing balance	—	447,313	50,700	360,019	858,032
	1,863,806	5,144,106	—	61,617	7,069,529

9. RIGHT-OF-USE

9.1. RIGHT-OF-USE ASSET

During the financial years ended 31 December 2022 and 2021, the movement that occurs in the amount of right-of-use assets, as well as the corresponding depreciation, was as follows:

	31 December 2022
	Asset gross value
	Buildings and other edifications	Vehicles	Total
Opening balance	203,075	383,791	586,866
Additions	587	331,202	331,789
Write-offs and decreases	—	(243,956)	(243,956)
Closing balance	203,662	471,037	674,699
		Accumulated depreciation
	Buildings and other edifications	Vehicles	Total
Opening balance	28,205	282,096	310,301
Additions	67,814	100,906	168,720
Write-offs and decreases	—	(240,704)	(240,704)
Closing balance	96,019	142,298	238,317

	31 December 2021
	Asset gross value
	Buildings and other edifications	Vehicles	Total
Opening balance	—	445,998	445,998
Additions	203,075	—	203,075
Write-offs and decreases	—	(62,207)	(62,207)
Closing balance	203,075	383,791	586,866
	Accumulated depreciation
	Buildings and other edifications	Vehicles	Total
Opening balance	—	227,957	227,957
Additions	28,205	91,927	120,132
Write-offs and decreases	—	(37,788)	(37,788)
Closing balance	28,205	282,096	310,301
	174,870	101,695	276,565

The line item 'Vehicles' refers to contracts for the lease of vehicles for periods of 4 years.

The item "Buildings and other edifications" relates to a new facility rental contract for a term of 3 years.

9.2. LEASE LIABILITIES

During the financial year ended 31 December 2022 and 2021, the movement in lease liabilities was as follows:

		31.12.2022	31.12.2021
Opening balance		279,510	221,631
Additions		331,789	203,075
Accrued interest		5,894	4,614
Payments		(176,049)	(124,869)
Other effects		(2,066)	(24,941)
Closing balance		439,078	279,510
	Current	171,691	132,271
	Non-current	267,387	147,239

In addition, the following amounts were recognised in 2022 and 2021 as expenses related to right-ofuse assets:

	31.12.2022	31.12.2021
Depreciation of right-of-use assets	168,720	120,132
Interest expenses related to lease liabilities	5,894	4,614
Expenses related to short-term leases	—	—
Total amount recognised in the income statement	174,614	124,746

The maturity of the lease liabilities is as follows:

	31.12.2022
	2023	2024	2025	2026	>2026	Total
Lease Liabilities	171,691	267,387	—	—	—	439,078
	171,691	267,387	—	—	—	439,078

			31.12.2021
	2022	2023	2024	2025	>2025	Total
Lease Liabilities	132,271	89,897	57,342	—	—	279,510
	132,271	89,897	57,342	—	—	279,510

10.CASH AND CASH EQUIVALENTS

As at 31 December 2022 and 2021, the detail of 'Cash and cash equivalents' was as follows:

	31.12.2022 31.12.2021
Cash	3	97
Bank deposits	106,193,084	121,869,752
	106,193,087	121,869,849

As of 31 December 2022, the payments related to financial investments refer to the payment related to the capital increase of Biogama in the amount of 1,800,000 Euro.

As a result of the transactions referred to in Note 5, during the year ended 31 December 2021, payments relating to financial investments refer to the acquisition of shares representing 30% of the capital of Greenvolt from Caima Energia in the amount of 23,903,000 Euro, the payment relating to the increase in the capital of Greenvolt in the amount of 37,500,000 Euro and the paid-up capital of Biogama in the amount of 45,000 Euro (Note 4).

11. STATE AND OTHER PUBLIC ENTITIES

On 31 December 2022 and 2021 these assets and liabilities were comprised as follows:

	31.12.2022	31.12.2021
Debit balances:
Income tax	—	—
Total income tax	—	—
Other taxes	3,842	3,842
Total other taxes (Note 12)	3,842	3,842
	31.12.2022	31.12.2021
Credit balances:
Income tax	22,312,345	20,343,835
Total income tax	22,312,345	20,343,835
Value-added tax	2,576,691	308,684
Personal income tax withholding	45,940	38,850
Tax withholding	—	70,000
Social Security contributions	43,231	36,321
Other taxes	—	—
Total other taxes (Note 16)	2,665,862	453,855

As of 31 December 2022 and 2021, the credit balance "Income tax" includes income tax for the year payable by the tax group over which the Company is dominant (Note 6) less the respective payments on account and additional payments on account.

12. OTHER RECEIVABLES

In the years ended 31 December 2022 and 2021 the line item 'Other receivables' was composed as follows:

	31.12.2022	31.12.2021
Subsidiaries (Note 21)
Special Taxation Regime for Groups	31,198,852	18,627,451
Others	105,202,134	1,099,527
Other debts	1,828	—
Receivables from the State and other public entities (Note 11)	3,842	3,842
	136,406,656	19,730,820

As of 31 December 2022, the balance under the caption "Others" from Subsidiaries is mainly related to dividends from subsidiaries, the amount of which has already been approved, but which have not yet been received, and to receivables from subsidiaries of the Altri Group related to derivative instruments. On 31 December 2021, the balance under the line item "Others" from Subsidiaries refers essentially to amounts receivable from subsidiaries of the Altri Group related to derivative instruments.

13. OTHER CURRENT ASSETS

On 31 December 2022 and 2021, the detail of 'Other current assets' is as follows:

	31.12.2022	31.12.2021
Accrued income:
Interest receivable	223,806	123,149
Other gains to be invoiced	5,410,744	1,937,354
Deferred costs:
Other prepaid expenses	558,347	545,949
	6,192,897	2,606,452

The line item 'Other expenses' includes at 31 December 2022 and 2021, the amount of 479,712 Euro referring to the payment of an additional corporate income tax settlement for the fiscal year ended December 31, 2003, which was made in 2008 by Celulose do Caima SGPS, S.A. (company merged into Altri in 2014). Celulose do Caima SGPS, S.A. paid that amount and recorded it under 'Other current assets', since it challenged this liquidation. The Board of Directors believes that this additional liquidation is undue. However, given the likelihood of success, this amount is fully provisioned.

As at 31 December 2022 and 2021, the line item 'Other gains to be invoiced' includes the accruals charged to the Altri Group manufacturing units, as provided for in the Wood Pulp Production Agreement. This amount has no impact on the Company's income statement, given that the Company operates as a billing agent on behalf of the other subsidiaries of the Group, which is why it recorded an accrued expense for the same amount (Notes 17 and 21).

14. SHARE CAPITAL AND RESERVES

Share capital

On 31 December 2022, the Company's share capital was fully subscribed and paid up and consisted of 205,131,672 nominative shares with a nominal value of 12.5 cents of an Euro each.

As of 31 December 2022 and 2021, there were no legal entities with a subscribed capital interest of at least 20%.

Legal reserve

Portuguese commercial legislation establishes that at least 5% of the annual net profit must be allocated to the 'legal reserve' until it represents at least 20% of the share capital. This reserve is not distributable, except in the event of liquidation of the Company, but may be used to absorb losses, after all other reserves have been exhausted, and for incorporation into capital.

Other reserves

On 31 December 2022 and 2021, the line item 'Other reserves' was composed as follows:

	31.12.2022	31.12.2021
Hedging reserves	947,446	(479,237)
Other reserves and retained earnings	(240,827,992)	76,445,275
	(239,880,546)	75,966,038

The line item 'Hedging reserves' relates to the fair value of derivative financial instruments classified as cash flow hedging instruments in the effective hedge component, net of accrued interest and respective deferred taxes (Notes 6 and 18).

The line item 'Other reserves and retained earnings' corresponds to retained earnings and free reserves, which in accordance with current legislation are distributable to the Company's

shareholders, after consideration of the net income for the year and advances on profits. As a result, as at 31 December 2022, distributable reserves amounted to 250,738,575 Euro.

15. OTHER LOANS

On 31 December 2022 and 2021, the detail of 'Other loans' was as follows:

		31.12.2022
		Nominal value		Book value
		Current Non-current		Current	Non-current
Other loans:
Bond loans		—	150,000,000	622,324	149,747,190
Commercial paper		—	—	—	—
	Total	—	150,000,000	622,324	149,747,190
		31.12.2021
		Nominal value		Book value
		Current	Non-current	Current	Non-current
Other loans:
Bond loans		25,000,000	125,000,000	25,412,227	124,704,059
Commercial paper		40,000,000	—	39,989,218	—
	Total	65,000,000	125,000,000	65,401,445	124,704,059

Expenses incurred with the issuance of loans were deducted from their nominal value and are recognised as interest expense over the life of the loans (Note 20).

Commercial paper

The Company has contracted renewable commercial paper programs with placement guarantee in the maximum amount of 40,000,000 Euro (40,000,000 Euro as of 31 December 2021), which as of 31 December 2022 and 2021 were not being used. These contracts bear interest at an interest rate corresponding to the Euribor of the respective issue term (between 7 and 364 days) plus spread.

Additionally, the Company has commercial paper programs without placement guarantee, in the maximum amount of 65,000,000 Euro, which bear interest at an interest rate defined by indirect placement with investors and/or defined by subscription proposal presented by the financial intermediary, with an issuance period of up to 90 days, being that, as of 31 December 2022 these commercial paper programs were not being used (as of 31 December 2021, the total amount used was 40,000,000 Euro).

Bond loans

In April 2014, Celbi, S.A. issued a bond loan in the amount of 50,000,000 Euro with a term of 6 years. On 20 February 2015, Altri SGPS took over the contractual position held by its subsidiary Celbi, and the bond loan became 'ALTRI 2014/2020.' In July 2017, Altri SGPS made an early repayment of this loan, issuing, on the same date, a second one for the same amount, for a period of 8 years, called 'ALTRI 2017/2025.'

During the financial year ended 31 December 2016, Altri SGPS issued two bond loans. The first one was issued on 18 April 2016, in the amount of 40,000,000 Euro, with an amortisation of 20,000,000 Euro in April 2022, and final repayment in April 2024. In July 2019, Altri SGPS made an early repayment of 20,000,000 Euro scheduled for April 2022, bringing the loan to a nominal value of

20,000,000 Euro maturing in April 2024. The second one was issued on 28 November 2016, in the amount of 25,000,000 Euro, maturing on 28 March 2022, bearing interest at a rate equal to Euribor 6M rate plus spread, which was settled during the year ended 31 December 2022.

In 2017, on 6 March, Altri SGPS issued a bond loan in the amount of 70,000,000 Euro, for a period of 7 years, under the title 'ALTRI 2017/2024'. In 2021, on April 19, Altri SGPS made an early repayment of this bond loan.

On 15 July 2019, Altri SGPS issued a bond loan in the amount of 55,000,000 Euro, for a period of 5 years, under the title 'ALTRI 2019/2024', bearing interest at a rate equal to Euribor 6M plus spread.

On 29 April 2022, Altri SGPS issued a bond loan amounting to 25,000,000 Euro, with a term of 5 years and a coupon rate of 2.53%, called "ALTRI 2022-2027".

As of 31 December 2022 and 2021, the reconciliation of the change in gross debt to cash flows is as follows:

	31.12.2022	31.12.2021
Balance as at 1 January	190,105,504	220,194,448
Payments of loans obtained	(140,000,000)	(125,000,000)
Receipts of loans obtained	100,000,000	95,000,000
Change in expenses incurred with the issuance of loans	264,010	(88,944)
Change in debt	(39,735,990)	(30,088,944)
Balance as at 31 December	150,369,514	190,105,504

The repayment term for the other non-current loans is as follows:

	31.12.2022
	2023	2024	2025	2026	>2026	Total (nominal value)
Bond loans	—	75,000,000	50,000,000	—	25,000,000	150,000,000
Commercial paper	—	—	—	—	—	—
	—	75,000,000	50,000,000	—	25,000,000	150,000,000
31.12.2021
	2022	2023	2024	2025	>2025	Total (nominal value)
Bond loans	25,000,000	—	75,000,000	50,000,000	—	150,000,000
Commercial paper	40,000,000	—	—	—	—	40,000,000
	65,000,000	—	75,000,000	50,000,000	—	190,000,000

16. OTHER PAYABLES

As of 31 December 2022 and 2021, the item "Other payables" can be detailed as follows:

	31.12.2022	31.12.2021
Subsidiaries (Note 21)
Special Taxation Regime for Groups	130,324	288,888
Others	3,377,385	197
Other payables	1,802,449	47,935
Payables to the State and other public entities (Note 11)	2,665,862	453,855
	7,976,020	790,875

As of 31 December 2022 and 2021, the balance under the caption "Others" essentially refers to amounts payable to subsidiaries of the Altri Group referring to derivative instruments (Note 21).

As of 31 December 2022, the variation in the item "Other payables" is related to amounts payable to third parties relating to derivative instruments.

17. OTHER CURRENT LIABILITIES

On 31 December 2022 and 2021, the line item 'Other current assets' can be detailed as follows:

	31.12.2022	31.12.2021
Accrued expenses
Remuneration to be settled	1,111,541	303,900
Other charges to be settled	6,480,763	2,307,377
	7,592,304	2,611,277

As of 31 December 2022 and 2021, the line item 'Other charges to be settled' includes the accrual for expenses charged to the Altri Group manufacturing units, as provided for in the Wood Pulp Production Agreement (Notes 13 and 21).

18. DERIVATIVE FINANCIAL INSTRUMENTS

On 31 December 2022 and 2021, the Company had in force derivative financial instrument contracts associated with hedging interest rate changes, derivative financial instrument contracts associated with hedging exchange rate changes and hedging of pulp price changes. On 31 December 2022, the Company also signed derivative financial instrument contracts to hedge changes in the energy price. All these instruments are recorded at fair value.

The Company only uses derivatives to hedge cash flows associated with operations generated by its activity and those of its subsidiaries.

On 31 December 2022 and 2021, the detail of derivative financial instruments was as follows:

	31.12.2022				31.12.2021
	Asset		Liability		Asset		Liability
	Current	Non current	Current	Non current	Current	Non current	Current	Non current
Interest rate derivatives	60,641	1,077,928	—	—	—	—	135,750	540,350
Exchange rate derivatives	—	—	—	—	169,906	—	166,218	—
Pulp price derivatives	—	—	2,378,050	—	—	—	680,674	—
Energy price derivatives	2,467,185	—	—	—	—	—	—	—
		2,527,826 1,077,928 2,378,050		—	169,906	—	982,642	540,350

(i) Interest rate derivatives

In order to reduce its exposure to interest rate volatility, the Company has entered into interest rate swaps. These contracts were valued at their fair value on 31 December 2022 and 2021, and the corresponding amount was recognised under 'Derivative financial instruments'.

On 31 December 2022 and 2021, the Company had in force interest rate derivative contracts whose total amounts are as follows:

					Fair value
Type	Amount	Maturity	Interest	Fixing	31.12.2022	31.12.2021
Interest rate swap	5,000,000	16/4/2025	Pays a fixed rate and receives 6M Euribor rate	0.820%	283,907	(167,940)
Interest rate swap	5,000,000	16/4/2025	Pays a fixed rate and receives 6M Euribor rate	0.806%	284,466	(170,078)
Interest rate swap	5,000,000	16/4/2025	Pays a fixed rate and receives 6M Euribor rate	0.818%	283,007	(167,705)
Interest rate swap	5,000,000	16/4/2025	Pays a fixed rate and receives 6M Euribor rate	0.805%	287,189	(170,377)
					1,138,569	(676,100)

In accordance with the accounting policies adopted, these derivatives comply with the requirements to be classified as interest rate hedging instruments (Note 2.2 h)).

The fair value of the derivatives contracted by the Company was calculated by the respective counterparties (financial institutions with whom such contracts were entered into). The valuation model of these derivatives, used by the counterparties, is based on the discounted Cash Flow method, i.e., using the Swap Par Rates, which are listed on the interbank market and available on the Reuters and/ or Bloomberg websites, for the relevant maturities, calculating the respective forwards rates and discount factors which can be used to discount fixed (fixed leg) and variable (variable leg) cash flows. The sum of the two instalments results in the Net Present Value of the future cash flows or fair value of the derivatives.

(ii) Exchange rate derivatives

During 2021, Altri contracted exchange rate 'options' on US dollars with financial institutions in order to transfer this position to its subsidiary Celbi in order to hedge future cash flows and manage the exchange rate risk to which it is exposed in its operations. The need for the Company to act as an intermediary, results from its greater weight and visibility before the financial markets. Therefore, on 31 December 2021, Celbi was transferred the position in the derivatives contracted amounting to 3,688 Euro. As of 31 December 2022, there were no exchange rate derivative contracts in effect.

On 31 December 2021, exchange rate derivatives contracts were entered into with financial institutions, the total amounts of which are as follows:

		31.12.2021		Asian Collar range (average strikes)
Notional USD / month	Maturity	Asset	Liability	Euro put / USD call	Euro call / USD put
2,000,000	1H2022	36,869	(46,657)	1.1148	1.1600
2,000,000	2H2022	133,037	(119,561)	1.1148	1.1600
		169,906	(166,218)

(iii) Pulp price hedging derivatives

In order to reduce its exposure to the volatility of the pulp price, Altri contracted derivatives to hedge the pulp price in order to transfer this position to its subsidiary Celbi, so that this company can hedge future cash flows and manage the risk associated with the price of pulp to which it is exposed in its operations.

As in the case of exchange rate derivatives, the need for the Company to act as an intermediary results from its greater weight and visibility in the financial markets. Thus, on 31 December 2022 and 2021 was made the transfer to Celbi of the credit position in derivatives contracted in the amount of 2,378,050 Euro and 680,674 Euro, respectively.

These contracts were valued according to their fair value at 31 December 2022 and 2021, and the corresponding amount was recognized in the caption "Derivative financial instruments".

At 31 December 2022 and 2021, the following pulp price hedging derivative contracts were in force:

	Start date	Maturity	31.12.2022		31.12.2021
Quantity covered			Asset	Liability	Asset	Liability
2,000 ton/month	01/01/2023	31/12/2023	—	(2,378,050)	—	—
3,500 ton/month	01/01/2022	31/12/2022	—	—	—	(680,674)
			—	(2,378,050)	—	(680,674)

The calculation of the fair value of derivatives to hedge the pulp price contracted by the Company was made by the respective counterparts (financial institutions with whom such contracts were signed). The derivative evaluation model, used by the counterparts, is based on the Discounted Cash Flows Method, i.e., the difference between the estimated pulp price (PIX) and the price fixed for the relevant periods is calculated, which is subsequently updated to the evaluation date.

(iv) Energy price hedging derivatives

In order to mitigate exposure to the increasing volatility of energy prices, Altri hired derivatives to hedge the price of energy, in order to transfer this position to its subsidiary Celbi, so that the company can hedge future cash flows and manage the risk associated with the price of energy that is exposed in its operations.

As in the case of exchange rate and pulp price hedging derivatives, the need for the Company to act as an intermediary results from its greater weight and visibility in the financial markets. Thus, on 31 December 2022, was made the transfer to Celbi of the debtor position in derivatives contracted in the amount of 2,467,185 Euro.

These contracts were evaluated according to their fair value on 31 December 2022, and the corresponding amount was recognized in the caption "Derivative financial instruments".

At 31 December 2022 and 2021, the following energy price hedging derivative contracts were in force:

Start date	Maturity			31.12.2021
		Asset	Liability	Asset	Liability
01/01/2023	31/12/2023	2,467,185	—	—	—
		2,467,185	—	—	—
				31.12.2022

The calculation of the fair value of energy price hedging derivatives, contracted by the Group, was performed by the respective counterparts (financial institutions with whom such contracts were signed). The derivative evaluation model, used by the counterparts, is based on the Discounted Cash Flows Method, i.e., the difference between the estimated energy price and the fixed price for the relevant periods is calculated, and then discounted to the evaluation date.

The movement in the fair value of financial instruments during the years ended 31 December 2022 and 2021 can be detailed as follows:

2022	Pulp price hedging derivatives	Interest rate derivatives	Exchange rate derivatives	Energy price hedging derivatives	Total
Opening balance	(680,674)	(676,100)	3,688	—	(1,353,086)
Change in fair value
Effects on equity	—	1,840,881		— —	1,840,881
Effects on the statement of financial position Effects on the income statement	(1,697,376) —	250,409 (276,621)	(3,688)	2,467,185 — —	1,016,530 (276,621)
Closing balance	(2,378,050)	1,138,569		— 2,467,185	1,227,704
2021		Pulp price hedging derivatives	Interest rate derivatives	Exchange rate derivatives	Total
Opening balance		—	(1,185,362)	4,351,135	3,165,773
Change in fair value
Effects on equity		—	510,859	—	510,859
Effects on the statement of financial position		(680,674)	267,771	(4,347,447)	(4,760,350)
Effects on the income statement		—	(269,368)	—	(269,368)
Closing balance		(680,674)	(676,100)	3,688	(1,353,085)

19. RESULTS RELATED TO INVESTMENTS

The income statement caption "Results related to investments" for the years ended 31 December 2022 and 2021 can be detailed as follows:

	31.12.2022	31.12.2021
Sale of subscription rights of Greenvolt	572,622	—
Dividends	212,000,000 89,000,000
	212,572,622	89,000,000

On 9 June 2022, the prospectus was published relating to the public offering for subscription of shares representing the capital of Greenvolt, to be issued as part of a capital increase of Greenvolt in the amount of approximately 100 million Euro. The Altri Group decided not to participate in this capital increase, having understood, however, that Altri's shareholders should be given the opportunity to do so directly. Thus, the Altri Group made public on 10 June 2022 the offer to sell subscription rights to Greenvolt's shares. The object of this Offer was the 23,154,783 Rights belonging to the Altri Group (of which 4,404,783 belong to Altri), arising from the participation it holds, directly and indirectly, in the share capital of Greenvolt. The Offer period started on 21 June and ended on 22 June 2022, with the physical and financial settlement of the Offer taking place on 30 June 2022. As a result of this operation, Altri recognized a gain in the income statement under the caption "Results related to investments" in the amount of 572,622 Euro. Thus, after the capital increase operation that was completed during the month of July, Altri now holds a 3.17% investment in Greenvolt (Note 5).

The remaining amount booked in the caption refers to dividends distributed by the subsidiary companies (Note 21).

20. FINANCIAL RESULTS

The financial results for the years ended 31 December 2022 and 2021 are as follows:

	31.12.2022	31.12.2021
Financial expenses:
Interest expenses	2,988,107	3,195,737
Other financial expenses and losses	363,640	2,036,526
	3,351,747	5,232,263
Financial income:
Interest income	20,243	124,035
Other financial income and gains	504,298	532,709
	524,541	656,744

On 31 December 2022 and 2021, 'Other financial expenses and losses' refers mainly to losses on derivative instruments, costs incurred with the issuance of commercial paper and commissions related to banking services (Notes 15 and 18).

During 2021, there was an early amortization of bonds, which resulted in an increase in commissions associated with these operations, which did not occurred in 2022, which justifies the decrease in the caption "Other financial expenses and losses".

21. RELATED PARTIES

Altri Group companies have relationships with each other that qualify as transactions with related parties. All these transactions are performed at market prices.

The main balances with related entities as of 31 December 2022 and 2021 are detailed as follows:

31 December 2022	Debt balances
	Trade receivables	Special taxation regime for groups (Note 12)	Other current financial assets	Other receivables (Note 12)	Other current assets (Note 13)
Caima	1,949,550	3,334,823	—	—	—
Biotek	3,185,700	9,378,708	—	—	5,410,744
Celbi		9,092,405 14,370,477 19,588,750		2,987,134	—
Altri Florestal	—	2,159,067	—	—	—
Inflora	15,375	298,057	—	—	—
Viveiros do Furadouro	60,270	—	—	—	—
Altri Abastecimento de Madeira	—	1,657,720	—	—	—
Florestsul	18,450	—	—	—	—
Altri SL	—	—		— 98,000,000	—
Greenfiber	—	—	—	4,215,000	—
				14,321,750 31,198,852 19,588,750 105,202,134	5,410,744

31 December 2022	Credit balances
	Trade payables	Special taxation regime for groups (Note 16)	Other payables (Note 16)	Other current liabilities (Note 17)
Caima	—	—	—	5,410,744
Celbi	—	—	2,467,185	—
Altri Florestal	—	—	15,375	—
Captaraíz	—	176	—	—
Viveiros do Furadouro	—	47,633	894,825	—
Sociedade Imobiliária Porto
Seguro	—	4,652	—	—
Florestsul	—	5,619	—	—
Biogama	—	72,244	—	—
Cofina Media, S.A.	11,699	—	—	—
	11,699	130,324	3,377,385	5,410,744

31 December 2021	Debt balances
	Trade receivables	Special taxation regime for groups (Note 12)	Other current financial assets	Other receivables (Note 12)	Other current assets (Note 13)
Caima	604,750	—		—	— —
Biotek	1,030,125	—		—	— 1,237,354
Celbi	2,152,500 15,965,851 19,588,750			1,099,527	—
Caima Energia	110,700	1,131,844		—	— —
Altri Florestal	64,575	1,037,617		—	— —
Inflora	15,375	299,093		—	— —
Viveiros do Furadouro	60,270	—		—	— —
Altri Abastecimento de Madeira	27,675	192,894		—	— —
Florestsul	12,300	—		—	— —
Ródão Power	—	152		—	— —
	4,078,270 18,627,451 19,588,750			1,099,527	1,237,354
31 December 2021	Credit balances
	Trade payables		Special taxation regime for groups (Note 16)	Other payables (Note 16)	Other current liabilities (Note 17)
Caima		—	48,179	—	1,237,354
Biotek		—	197,765	—	—
Captaraíz		—	53	—	—
Viveiros do Furadouro		—	30,184	—	—
Sociedade Imobiliária Porto
Seguro		—	1,421	197	—
Florestsul		—	11,286	—	—
Cofina Media, S.A.		11,445	—	—	—
		11,445	288,888	197	1,237,354

On 31 December 2022 and 2021, the current assets line item 'Other current financial assets' refers to Celbi's bonds acquired in the market by Altri SGPS that mature in February 2024 (amounting to 8,501,000 Euro), July 2027 (amounting to 5,892,250 Euro), and May 2028 (amounting to 5,195,500 Euro) whose book value is similar to its fair value.

On 31 December 2022 and 2021, the caption "Other receivables" includes a receivable amount from Celbi related to the transfer of the position in the exchange rate and pulp price hedging derivatives (Note 18).

	31.12.2022				31.12.2021
	Services rendered	External supplies and services	Payroll expenses	Payments of lease liabilities	Services rendered	External supplies and services	Payroll expenses	Payments of lease liabilities
Caima	2,650,000	—	—	—	1,180,000	—	—	—
Biotek	4,990,000	—	—	—	2,010,000	—	—	—
Celbi	16,590,000	9,344	2,148,756	—	7,000,000	7,911	2,051,806	—
Caima Energia	30,000	—	—	—	120,000	—	—	—
Altri Florestal	70,000	—	—	—	70,000	—	—	—
Viveiros do Furadouro	—	—	—	—	10,000	—	—	—
Altri Abastecimento de Madeira	—	—	—	—	30,000	—	—	—
Florestsul	5,000	—	—	—	5,000	—	—	—
Cofina Media, S.A.	—	77,943	—	69,496	—	50,649	—	28,905
	24,335,000	87,287	2,148,756	69,496	10,425,000	58,560	2,051,806	28,905

As at 31 December 2022 and 2021, the main transactions with related parties are as follows:

During 2022, the subsidiary Altri SL distributed reserves as dividends amounting to 212,000,000 Euro (89,000,000 Euro in 2021).

During 2022, Financial income was recognized with the subsidiary Celbi in the amount of 489,202 Euro (375,938 Euro in 2021).

On 31 December 2022 and 2021, the Company proceeded to the specialization of the amounts, as provided in the Pulp Production Agreement. This amount has no impact on the Company's income statement, since the Company acts as an agent invoicing on behalf of other Group subsidiaries, which is why it recorded an accrued income and accrued expense for the same amount (Notes 13 and 17).

22. PAYROLL EXPENSES

During the years ended 31 December 2022 and 2021 the average number of employees working for the Company was 7 and 9, respectively.

23. ALLOCATION OF NET PROFIT

In relation to the year 2021, the Board of Directors proposed in its annual report that the individual net profit of Altri, SGPS, S.A. in the amount of 88,065,822 Euro, was allocated as follows:

Dividends	51,282,918 Euro
Free reserves	36,782,904 Euro

The Board of Directors proposed to the General Meeting in its annual report the distribution, under conditions that the respective proposal presented, which was approved in the General Meeting, which occurred on 29 April 2022, of a cash dividend corresponding to 0.25 Euro per share. The same proposal also included the distribution of a dividend in kind, consisting of a maximum number of 52,523,229 shares representing the share capital and voting rights of Greenvolt. If in this scenario of joint distribution, i.e. in cash and in kind the amount to be distributed exceeded the distributable funds, in the amount of 112,748,942 Euro, the portion of the dividend in cash would be reduced by the amount corresponding to the excess, rounded down (to a minimum of 0.01 Euro per share).

On 25 May 2022 the amount of the cash dividend was reduced by the amount corresponding to the surplus, rounded down, in relation to that previously communicated, given that the distributable funds corresponding to the distribution in kind exceeded the amount of 112,748,942 Euro, as approved by the General Meeting.

Thus, a total cash dividend of 49,231,601 Euro (0.24 Euro per share) was distributed, 29,864,424 Euros of withholding tax relating to the dividend in kind was paid and 48,118,446 Greenvolt shares were distributed (Note 5).

In relation to the year 2022, the Board of Directors proposed in its annual report that the individual net profit of Altri, SGPS, S.A. in the amount of 487,073,688 Euro, should be allocated as follows:

Coverage of negative reserves	240,827,992 Euro
Dividends	51,282,918 Euro
Free reserves	194,962,778 Euro

The Board of Directors proposed to the General Meeting in its annual report the distribution, under conditions that the respective proposal will present, of a cash dividend corresponding to 25 cents per share. The same proposal will also include the distribution of a dividend in kind, consisting of a maximum number of 23,154,783 shares representing the share capital and voting rights of Greenvolt. If in this scenario of joint distribution, i.e. in cash and in kind (the latter, as referred to in Note 5) the amount to be distributed exceeds the amount of distributable funds, the portion of the dividend in cash will be reduced by the amount corresponding to the excess, rounded down (to a minimum of 0.01 Euros per share).

24. SUBSEQUENT EVENTS

Since 31 December 2022 to the date of issue of this report, there were no other relevant facts that could materially affect the Company's financial position and future results.

25. TRANSLATION NOTE

These financial statements are a translation of financial statements originally issued in Portuguese in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU), some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

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The Board of Directors

_________________________________________________ Alberto João Coraceiro de Castro

Paulo Jorge dos Santos Fernandes

João Manuel Matos Borges de Oliveira

Domingos José Vieira de Matos

_________________________________________________ Laurentina da Silva Martins

Pedro Miguel Matos Borges de Oliveira

_________________________________________________ Ana Rebelo de Carvalho Menéres de Mendonça

Maria do Carmo Guedes Antunes de Oliveira

_________________________________________________ Paula Simões de Figueiredo Pimentel Freixo Matos Chaves

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José Armindo Farinha Soares de Pina

Carlos Alberto Sousa Van Zeller e Silva

Vítor Miguel Martins Jorge da Silva

Description of the most significant assessed risks of material misstatement	Summary of our response to the most significant assessed risks of material misstatement
As at 31 December 2022, Goodwill amounts to 265,630,973 euros (2021: 265,630,973), representing 18% (2021: 12%) of the total assets of the Group. The risk of Goodwill impairment was considered a key audit matter due to the significance of the amount and due to the fact that the impairment assessment process is complex, including the use of estimates and assumptions, namely in what regards future economic forecasts, production capacity in the market, revenue and margin	Our audit approach included the following procedures: The examination of the cash flow projections used in the valuation models prepared by Management. We tested the basis of preparation taking into consideration the reliability of the previous projections and the historical information about the main assumptions; The assessment of the underlying assumptions used in the valuation models approved by Management, namely the cash flow projections, the discount rate, the inflation rate, the perpetuity
ocredade Antolina - Cupbal 1.140.000 era - Incription & 178 ta Crem dox Reviener Official de Corta - Instriglio Nº 2016 MB as Continue Mobililisher ontribuinte N.º 505 900 201 - C. R. Comercial de Liboa e ob o mesmo número - Sede: Av. da República, 90 - 6. 4 - 1600-206 Libroa

Description of the most significant assessed risks of material misstatement evolution. Due to the war in Ukraine, the	Summary of our response to the most significant assessed risks of material misstatement growth rate and the sensitivity analysis, supported by internal
uncertainty regarding these estimates has increased. statements.	specialists in business valuations; and We evaluated the clerical and arithmetic accuracy of the models used and assessed the impact that possible deviations in the key assumptions would have in the Goodwill impairment testing. We verified the compliance with the applicable disclosure requirements (IAS 36), included in Note 11 of the notes to the consolidated financial
2. Biological assets
Description of the most significant assessed risks of material misstatement	Summary of our response to the most significant assessed risks of material misstatement
As at 31 December 2022, non-current Biological assets total 109,128,392 euros (2021: 105,583,652 euros), representing 7% (2021: 5%) of the Group's total assets. Biological assets comprise essentially eucalyptus, which are scattered through a vast area in land which is property of the Group or rented. After being harvested, the wood is used as the main raw material for the pulp production. Biological assets are measured at fair value, as prescribed by IAS 41 and as disclosed in Note 2.3 I of the notes to the consolidated financial statements. The fair value was calculated by an external entity from the data base maintained by the Group, which contains a significant volume of information with several characteristics. Taking into account that an observable market amount does not exist, the fair value computation is based on significant and complex judgments used in the cash flow models. These models, in turn, are based on several assumptions, computations and allocations between the plant species of the estimated costs to be incurred until the forests are prepared for harvesting as well as the expected sale price, which explains why this matter was considered a key audit matter.	Our audit approach included the following procedures: Understanding of the key controls implemented by the Group to ensure the reliability of the information available regarding the forest area details; Analysis of the information included in the forest data base through an analysis of a sample of agreements with the owners of the land being explored by the Group and physical inspection of some of those properties; Substantive procedures performed on the capitalization of plantation expenses and rental costs and on the harvest of the period; Assessment of the credentials of the external party contracted to determine the fair value of the Biological assets; Analysis of the valuation report issued by the external entity, including the verification of the consistency of the financial and non- financial information used with the accounting records. In particular we analysed the main assumptions used in the computation of the fair value, including the discount rate, expected wood sale price and costs to incur until the plantations are ready for harvesting; Test of the calculations used in the model used by the external entity; Involvement of valuation internal specialists in order to assess the reasonableness of the discount rate used; and Assessment of the reasonableness of the wood selling price, taking into account the Group's historic data, and estimated expenses to incur until the assets are ready for use. We also assessed the split of the total estimated expenditures between the different species by comparison to those incurred in the current period. We also assessed the adequacy of the applicable disclosures (IAS 41 and IFRS 13), included in Notes 2.3 i) and 13 of the notes to the consolidated financial

Description of the most significant assessed risks	Summary of our response to the most significant assessed risks of material
of material misstatement	misstatement
s at 31 December 2021, assets classified as held	Our audit approach included the following procedures:
or distribution to shareholders amounted to	Reading the General Meeting minutes with the resolution on the
90,130,801 euros and were related to Greenvolt -	proposal, made by Management, for the distribution of dividends, in
nergias Renovaveis, S.A. and its subsidiaries	cash and in kind, and of the Supervisory Board meeting minutes with
Greenvolt Group).	the favorable opinion to the approval of the referred proposal by
s disclosed in Note 6 of the Notes to the	the General Meeting;
onsolidated financial statements, in the General	Assessment of the applicability of the criteria set out in "IFRIC 17 -
leeting held on 29 April 2022, a distribution of a	Distributions of Non-cash Assets to Owners" to the referred
ividend in kind, consisting of a maximum number	distribution;
f 52,523,229 shares representing the share capital	Analysis of the accounting impacts of the distribution in kind,
nd voting rights of Greenvolt - Energias	namely through the recalculation of the following: recognition of the
enovaveis, S.A., was approved. Subsequently, on	liability measured at fair value on the date of the General Meeting
5 May 2022, 48,118,446 Greenvolt shares were	approval; remeasurement of the liability at fair value at the
istributed to the shareholders of Altri, SGPS, S.A.,	distribution date; derecognition of the Group of assets classified as
hich resulted in a decrease of the interest held by	held for distribution to shareholders to settle the referred liability;
e Group to 19.08%, that was subsequently	reclassification of the Amounts recognized in other comprehensive
duced to 16.64%.	income and accumulated in equity related to group of assets
s a result, Altri, SGPS, S.A. lost control in the	classified as held for distribution to shareholders; derecognition of
reenvolt Group.	non-controlling interests; and the remeasurement of the retained
s at 31 December 2022, the classification of the etained interest in Greenvolt - Energias enovaveis, S.A. as a "Group of assets classified as eld for distribution to shareholders" (Note 7 of he Notes to the consolidated financial statements)	financial investment of 19.08% at fair value; Obtaining external confirmations regarding the number of shares of Greenvolt - Energias Renovaveis, S.A., held by Altri SGPS, S.A., at each reporting date, and confirmation that the variation in the

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Description of the most significant assessed risks of material misstatement	Summary of our response to the most significant assessed risks of material misstatement
As at 31 December 2022, "Investments in subsidiaries and joint ventures" amount to 146,063,546 euros (2021: 144,263,546 euros) representing 31% (2021: 35%) of the total assets of the Entity. The risk of impairment in "Investments" was considered a key audit matter due to the significance of the amount and due to the fact that the impairment assessment process is complex, including the use of estimates and assumptions, namely in what regards future economic forecasts, production capacity in the market, revenue and margin evolution. Due to the war in Ukraine, the	Our audit approach included the following procedures: Assessment of the existence of any impairment indicators in the measurement of investments in subsidiaries and joint ventures; Review of the underlying assumptions used in the valuation models approved by Management, namely the cash flow projections, the discount rate, the inflation rate and the perpetuity growth rate; Evaluation of the clerical and arithmetic accuracy of the models used; and
	coledak Andrima - Captul 5 340,000 eare - Intriplion & V 78 ta Cream dox Revisores - Instriple W 2 2015/400 na Continuito do Nerceded of Villages Mobilition

Description of the most significant assessed risks of material misstatement	Summary of our response to the most significant assessed risks of material misstatement
uncertainty regarding these estimates has Increased.	Sensitivity analysis, focused on possible changes in the most significant variables, such as the sales price, the discount rate and the perpetuity growth rate.
	We verified the compliance with the applicable disclosure requirements IAS 36), included in Note 4 of the notes to the financial statements.

Description of the most significant assessed risks	Summary of our response to the most significant assessed risks of material
of material misstatement	misstatement
is at 31 December 2021, "Group of assets	Our audit approach included the following procedures:
lassified as held for distribution to shareholders"	Reading the General Meeting minutes with the resolution on the
mounted to 91,668,330 euros and were related to	proposal, made by Management, for the distribution of dividends, in
he financial investment in Greenvolt - Energias	cash and in kind, and of the Supervisory Board meeting minutes with
lenovaveis, S.A. and its subsidiaries (Greenvolt	the favorable opinion to the approval of the referred proposal by
Group).	the General Meeting:
s disclosed in Note 5 of the Notes to the financial	Assessment of the applicability of the criteria set out in "IFRIC 17-
tatements, in the General Meeting held on 29	Dictributions of Non-rach Accate to Owners" to the referred.

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Report and Opinion of the Statutory Audit Board (Translation of a Report and Opinion originally issued in Portuguese. In case of discrepancy the Portuguese version prevails)

To the Shareholders of

ALTRI, SGPS, S.A.

In compliance with the applicable legislation and our mandate, we hereby submit our Report and Opinion of the Statutory Audit Board, which covers the Integrated Report and the others documents in the separate and consolidated annual report of ALTRI, SGPS, S.A. ("Company") for the year ended 31 December 2022, which are the responsibility of the Company's Board of Directors.

1. Report over the developed activity

During the year under analysis, in accordance with its legal competence and as established in the Regulation of the Statutory Audit Board, the Statutory Audit Board accompanied regularly the operations of the Company and its affiliates, analysed, to the extent advisable, the activity of the Board of Directors and respective committees, namely the evolution of the business, the quality of the process of preparation and disclosure of financial information, accounting policies and measurement criteria, and monitored the regularity of accounting records, the compliance with statutory and legal requirements and the effectiveness of the risk management and internal control systems, has held meetings, in person or by telematic means, with the periodicity and length considered appropriate, having met six times in 2022, in which, according to the nature of the matters to be dealt with, other members of the Company's bodies or directorates were present, such as members of the Board of Directors of the Company and internal audit, and having obtained, from Management and personnel of the Company and its affiliates, all the information and explanations required.

The Statutory Audit Board developed its powers and interrelations with the other governing bodies and services of the Company, in accordance with the principles and conduct recommended in the legal and recommended provisions, not having received from the Statutory External Auditor any report regarding irregularities or difficulties in the exercise of their respective functions. In particular, and within the scope of its powers, the Statutory Audit Board obtained from the Board of Directors the information necessary for the exercise of the respective supervisory activity and carried out the interactions necessary to fulfil the powers listed in the law and in the respective Regulations of the Statutory Audit Board.

In compliance with article 29º-S, paragraph 1 of the Portuguese Securities Code, in the version introduced by Law no. 99-A/2021, of 31 December, initially approved at its meeting of 18 November 2020 and revised on 21 November 2022, the Statutory Audit Board issued a binding prior opinion regarding the review of the internal transaction policy with related parties, a policy that has been initially approved by the Board of Directors in 19 November 2020 and revised on 24 November 2022. During the year, (i) no opinions were issued regarding transactions with related parties or qualified shareholders, as these were within the scope of the Company´s current activity, were carried out under market conditions, complying with the applicable legal and regulatory requirements, with no conflicts of interest identified, and (ii) a favourable opinion was issued under the terms and for the purposes set forth in paragraph 2 of article 397 of the Portuguese Companies Code.

In the exercise of its competences, the Statutory Audit Board held regularly meetings with Statutory External Auditor's representatives in order to monitor the audit work carried out and its conclusions, and also to assessing its independence. In this matter, the Statutory Audit Board also analysed the proposals that were presented to it for the provision of services other than auditing by the Statutory External Auditor, having approved them, since they respect the permitted services, do not affect the independence of the respective Statutory External Auditor and comply with other legal requirements.

As part of its duties, the Statutory Audit Board examined the Integrated Report (which includes the Management Report and the Non-Financial Information Report), the Corporate Governance Report (which includes the Remuneration Report) and the other separate and consolidated accounts, namely the Separate and Consolidated Financial Statements of the Financial Position, Income Statement, Comprehensive Income, Changes in Equity and Cash Flows for the year ended 31 December 2022 and the corresponding notes, prepared by the Board of Directors, considering that the information disclosed meets the applicable legal standards, is appropriate for understanding the financial position and results of the company and the consolidation perimeter, and also proceeded to the assessment of the respective Statutory and Auditor's Report, issued by the Statutory External Auditor, documents which were issued with an unmodified opinion and which deserve their agreement.

The Statutory Audit Board also appreciated the Corporate Governance Report and the Non-Financial Information Report (integrated in the Integrated Report), under the terms and for the purposes of article 420 (5) of the Portuguese Companies Act, having analysed that they contain the elements referred to in article 29º-H of the Portuguese Securities Code.

In the meeting held on April 6, 2023, the Company's Board of Directors approved the annual report for the year. The Statutory Audit Board had access to the entire documental or personal information that appeared to be adequate for the exercise of its supervisory action.

The Statutory Audit Board also analysed the Additional Report to the Statutory Audit Board and other documentation issued by the representative of Ernst & Young Audit & Associados – SROC, S.A., Statutory External Auditor of the Company.

2. Declaration of Responsibility

In accordance with the provisions of subparagraph c) of number 29-G of the Portuguese Securities Code, the Statutory Audit Board declares that, to its knowledge and conviction, the documents of the annual report above mentioned, were prepared in accordance with applicable accounting standards, giving a true and fair view of the assets and liabilities, financial position and the results of ALTRI, SGPS, S.A. and the companies included in the consolidation. And that the Integrated Report adequately describes the business, performance and financial position of the Group, containing an adequate description of the major risks and uncertainties it faces.

3. Opinion

Considering the above, in the opinion of the Statutory Audit Board, that all the necessary conditions are fulfilled in order for the Shareholders' General Meeting to approve:

• a) The Integrated Report;
• b) The Corporate Governance Report;
• c) The Separate and Consolidated Financial Statements and the corresponding notes, for the year ended 31 December 2022;
• d) The proposal of net profit appropriation presented by the Board of Directors.

We wish to express our appreciation to the Board of Directors and to the various services of the Company and of its affiliates for their collaboration.

Oporto, April 6, 2023

The Statutory Audit Board

Pedro Pessanha Statutory Audit Board President

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António Pinho Statutory Audit Board Member

Ana Paula dos Santos Silva e Pinho Statutory Audit Board Member