AI assistant
Altri SGPS — Interim / Quarterly Report 2020
Sep 30, 2020
1914_ir_2020-09-30_a4d4997b-177c-4f78-8805-fe2833b8f5fd.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer


30 June 2020

| INTRODUCTION 4 |
|
|---|---|
| STOCK EXCHANGE EVOLUTION6 | |
| GROUP'S ACTIVITY8 | |
| FINANCIAL REVIEW 11 |
|
| FUTURE PRESPECTIVES14 | |
| CORPORATE GOVERNANCE 15 |
|
| LEGAL MATTERS 16 |
|
| CLOSING REMARKS 18 |
|
| STATEMENT UNDER THE TERMS OF ARTICLE 246, PARAGRAPH 1, C) OF THE SECURITIES | |
| MARKET CODE 20 |
|
| STATEMENT OF RESPONSIBILITY20 |



RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO (This is a translation of a document originally issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails – Note 21)
To the Shareholders
Pursuant to the legal requirements, the Board of Directors of Altri, SGPS, S.A. ("Altri") hereby presents its Management Report for the first half of 2020.
INTRODUCTION
Altri was incorporated in March 2005 and quickly became known and recognised as a leading European producer of bleached eucalyptus pulp and, more recently, of dissolving pulp. The company is now also a relevant player in the renewable energy sector, particularly in industrial cogeneration using black liquor and biomass, as its forestry strategy is based on the full use of all the components provided by the forest: pulp, black liquor and forest wastes.
All the shares representing Altri's share capital are admitted to trading on a regulated market - Euronext Lisbon integrating its main reference index, PSI-20.
Altri's success is due to a variety of factors, most notably the high level of investment made, especially in the last ten years and until 31 December 2019, when Altri invested more than 454 million Euro in industrial units in Portugal, equipping them with the most advanced technology available on the global market, adapting them, right from the start, to the conditions of the New BREF (Best Available Techniques – Reference Document for the Production of Pulp, Paper and Board). Therefore, Altri's industrial units are now national and international references in terms of best practices and environmental compliance.
Altri has three pulp mills in Portugal - Celulose Beira Industrial (Celbi), S.A., in Figueira da Foz, Celtejo – Empresa de Celulose do Tejo, S.A., in Vila Velha de Ródão and Caima – Indústria de Celulose, S.A., in Constância, with an installed capacity of production of eucalyptus pulp of more than 1 million tonnes per year in the three units as a whole. Additionally, Bioelétrica da Foz materializes the presence of Altri in the renewable energy sector, being currently composed by five biomass power plants which generates energy through forest biomass.
The forest is a strategic asset for Altri. At the end of 2019, Altri, through its subsidiary, Altri Florestal, S.A., managed 83,500 hectares of forest in Portugal. Altri Florestal, S.A.'s management practices are certified by the main sustainable forest management certification systems, a guarantee that the Company will achieve its goals, now and in the future.
In these lands, eucalyptus stands out as the main crop of Altri's forest, ensuring a self-supply that complements the supply provided by the wood and biomass market. These lands are fully certified by the Forest Stewardship Council® (FSC®) and the Programme for the Endorsement of Forest Certification (PEFC), two of the most renowned certification bodies worldwide.
Although Altri's forests are scattered across the country, they are mostly concentrated in Tejo's valley, a fact that makes them even more relevant due to their proximity to Altri's manufacturing units. This proximity is extremely relevant from the strategic point of view, because it allows optimising transportation costs, while ensuring a greater efficiency in the mobilisation of wood when compared to the production of wood located at farther distances.
The pursuit of Altri's industrial strategy is based on integrated forest management in Portugal, which aims at optimising the forest, guaranteeing that all its components are fully used. Thus, eucalyptus is processed in Altri's mills, producing paper pulp and electricity (cogeneration), while the bark, the branches and the forest waste are used to generate electricity using biomass.
Altri's development strategy is clearly based on the reinforcement of its operational efficiency and, at the same time, on the diversification of the sources of revenue for segments with higher added value and that enable an evolution in the value chain. Thus, in order to comfortably compete in the commodity market, and in a context marked by an adverse

REPORT AND ACCOUNTS 1H2020 I. Management Report
RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO exchange rate, the Company must reduce its operating costs and, on the other hand, invest in the manufacture of products with higher added value, which will allow the Group to grow.
Altri aims to become the most efficient producer on a global scale providing a door-to-door service to its customers. With this goal in mind, Altri developed a strategy based on three pillars:
- Cutting cash cost per tonne: the projects completed in recent years and those underway do not entail an increase in fixed costs, leading to a dilution of the cash cost per tonne;
- Strategic location of the customer base: the prime location for Altri's customers is Western and Central Europe, where it is possible to optimise the balance between the quality of customer service and transportation costs;
- Wood self-sufficiency: Altri has under its intervention around 87 thousand hectares of forest in Portugal, including 83.5 thousand hectares under own and certificated management, ensuring a potential level of wood self-sufficiency around 15 to 20%.
In pursuit of its continuous improvement goals, and in particular regarding the valorisation of forest resources, in 2005, Altri acquired 50% of EDP Produção - Bioeléctrica, S.A. to generate electricity from forest biomass in partnership with EDP. This company is the leader in its market segment, with a 50% share of licenses for generating electricity from forest biomass. In 2018, Altri reached an agreement with EDP to acquire, directly and through its subsidiary Caima - Indústria de Celulose, S.A., the remaining 50%, thereby taking control of 100% of that Company (now Bioelétrica da Foz, S.A.). Following the Competition Authority's decision not to object to the proposal, the transaction took place at the end of November 2018 and the Group took control of the entire operation as of that date.
Hence, Altri, through its subsidiary Bioelétrica da Foz, S.A. (Bioelétrica) owns and manages currently five biomass power plants, which demonstrates its strong investment in the renewable energy sector and raised it to a prominent position in this market in Portugal.
Also, regarding the energy sector, Altri is also investing in generating electricity via renewable-based industrial cogeneration (a process based on the use of plant components with combustible properties).
Consequently, the new functional organisational structure of the Altri Group is as follows:


RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO STOCK EXCHANGE EVOLUTION
(Note: in order to enable a better comparison of the stock fluctuations, the PSI 20 index has been considered as being equal in value to the opening price of the shares.)

Altri's share price closed in the first half of 2020 at 4.268 Euro per share, a decrease of 24.9% over the end of 2019. The market capitalization at the end of that period was around 875.5 million Euro.
During the first half of 2020, Altri's shares were traded at a maximum price of 6.260 Euro per share and at a minimum of 2.882 Euro per share. In total, 113 million shares were traded in the first half of the year.


RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO The main events that marked the evolution of the Company's shares in the first half of 2020 can be described chronologically as follows:

- ➢ As of 13 March 2020, the Group announced its financial performance for the year 2019, reaching a consolidated net profit of 100.8 million Euro. Total revenue1 amounted to 753.5 million Euro. Consolidated EBITDA2 amounted to 233.1 million Euro, being a record year in terms of production and pulp sales. On that date, shares closed at 3.292 Euro per share;
- ➢ In the press release issued on May 4 th, 2020, Altri announced that dividends for the 2019 fiscal year, corresponding to 0.30 Euro per share, would be paid as from May 15th;
- ➢ Through an announcement made on May 28th, the Group released the results for the first quarter of 2020. In that period, total revenue1 amounted to 165.7 million Euro, EBITDA2 reached about 33.1 million Euro, while the consolidated net profit recorded 6.8 million Euro.
2 EBITDA = Earnings before taxes - Gains / (losses) in investments + Financial expenses - Financial income + Amortisation and depreciation

1 Total revenues = Sales + Services rendered + Other income
RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO GROUP'S ACTIVITY
Altri is a leading European producer of bleached eucalyptus pulp and, more recently, a producer of dissolving pulp. The Company is also a relevant player in the field of forest-based renewable energy, particularly in industrial cogeneration using black liquor and biomass.
The main financial holdings held and managed by the Altri Group are as follows:
- Caima Indústria de Celulose (Constância) dissolving pulp producer and distributor;
- Celulose Beira Industrial (Celbi) (Figueira da Foz) paper pulp producer and distributor;
- Celtejo Empresa de Celulose do Tejo (Vila Velha de Ródão) also paper pulp producer and distributor;
- Altri Florestal (Constância) the company that manages the Group's forestry resources;
- Bioelétrica da Foz (Figueira da Foz) owns and manages biomass power plants in several parts of the country.
Altri's complete structure of participation as of 30 June 2020 is as follows:

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO Pulp market
Source: FOEX
According to data from the Pulp and Paper Products Council (PPPC), World Chemical Market Pulp Global 100 Report, June 2020, the cumulative total demand for the first six months of 2020 for hardwood pulp increased by 15.1% compared to the same period of 2019. The inventory days on hand at hardwood pulp producers were 41 days at the end of June 2020, which corresponds to a decrease of 24 days compared to the level of inventories that occurred a year ago.
Geographically, it is verified that consumption of hardwood pulp in Europe (Western Europe and Eastern Europe) decreased by 2.2% and the demand from China increased by 14.4%.
In terms of sales price, benchmark is stable at 680 USD/tad in Europe since November 2019. However, exchanging the price to EUR, the average price in the second quarter was 610 EUR/tad, the last price recorded (September 1st, 2020) was 575 EUR/tad and the average price recorded in the first quarter of 2020 was 616 EUR/tad.

Evolution of BHKP pulp price in Europe from 2003
During the first half of 2020, Altri's industrial units produced 551.8 thousand tons of pulp, from which 46.4 thousand tons were dissolving pulp, comparatively with 545.9 thousand tons produced in the same period of the previous year, which include 54.7 thousand tons of dissolving pulp.
In the first half, Altri sold 570.3 thousand tons of pulp, from which 58.6 thousand tons were dissolving pulp. When compared to the same period of 2019, when 551.6 thousand tons of pulp were sold, there was an increase of 3.4% on the quantity sold.
In terms of exports, during the first half of 2020, Altri exported 493.8 thousand tons, comparatively to the 480.7 thousand tons in the same period of 2019. In monetary terms, exports reached around 222.5 million Euro, in the first half of 2020.


It should also be noted that the production of renewable electric energy through forest biomass, in the half under analysis, reached about 366.4 GWh, which corresponds to a 70% growth compared to the first half of 2019. This was essentially due to the entry into operation of the second renewable energy production unit in Figueira da Foz (Sociedade Bioelétrica do Mondego, S.A.), in the second half of 2019.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO FINANCIAL REVIEW
The consolidated financial information of Altri was prepared in accordance with the International Financial Reporting Standards, as adopted by the European Union (IFRS-EU).
The main indicators and data of Altri Group are as follows:
| thousand Euro | 1H 2020 | 1H 2019 | 1H 20 / 1H 19 Var% |
|---|---|---|---|
| Total revenues (a) | 328,023 | 407,334 | -19.5% |
| Cost of sales | 161,776 | 151,050 | 7.1% |
| External supplies and services | 83,393 | 91,371 | -8.7% |
| Payroll expenses | 19,616 | 19,011 | 3.2% |
| Other expenses | 2,241 | 3,607 | -37.9% |
| Provisions and impairment losses | -2,010 | 0 | - |
| Total expenses | 265,016 | 265,040 | 0.0% |
| EBITDA (b) | 63,007 | 142,294 | -55.7% |
| EBITDA margin (c) | 19.2% | 37.3% | -18.1 pp |
| Amortisation and depreciation | -39,541 | -37,155 | 6.4% |
| EBIT (d) | 23,466 | 105,139 | -77.7% |
| EBIT margin (e) | 7.2% | 29.6% | -8.7 pp |
| Results related to investments | 51 | 27 | 91.7% |
| Financial expenses | -12,997 | -13,649 | -4.8% |
| Financial income | 1,661 | 1,987 | -16.4% |
| Financial results | -11,285 | -11,636 | -3.0% |
| Profit before income tax | 12,181 | 93,503 | -87.0% |
| Income tax | -2,950 | -25,642 | -88.5% |
| Consolidated net profit for the period Attributable to: |
|||
| Shareholders of the parent company | 9,232 | 67,861 | -86.4% |
| Non-controlling interest | 0 | - | - |
(a) Total revenues = Sales + Services rendered + Other income
(b) EBITDA = Profit before income tax - Results related to investments + Financial expenses - Financial income + Amortisation and depreciation
(c) EBITDA margin = EBITDA / Total revenues
(d) EBIT = EBITDA + Amortisation and depreciation
(e) EBIT margin = EBIT / Total revenues
Altri's total revenue amounted, in the first half of 2020, to 328.0 million Euro, which corresponds to a decrease of 19.5% over the same period of 2019.
In the first half of 2020, total costs excluding amortisation, financial expenses and taxes, amounted to around 265.0 million Euro.
On the other hand, EBITDA reached to 63.0 million Euro, which corresponds to a decrease of 55.7% over the first half of 2019. The half-year net result reached 9.2 million Euro.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO
Key balance sheet indicators
| thousand Euro | 30.06.2020 | 31.12.2019 | Var% |
|---|---|---|---|
| Biological assets | 104,783 | 104,491 | 0% |
| Property, plant and equipment | 532,988 | 555,289 | -4% |
| Right-of-use assets | 68,630 | 69,601 | -1% |
| Goodw ill |
265,631 | 265,631 | 0% |
| Investments in associated companies | 777 | 725 | 7% |
| Others | 86,879 | 89,108 | -3% |
| Non-current assets | 1,059,687 | 1,084,846 | -2% |
| Inventories | 95,178 | 85,966 | 11% |
| Trade receivables | 93,634 | 83,739 | 12% |
| Cash and cash equivalents | 175,881 | 181,344 | -3% |
| Others | 35,282 | 46,557 | -24% |
| Current assets | 399,975 | 397,605 | 1% |
| Total assets | 1,459,662 | 1,482,451 | -2% |
| Equity and non-controlling interests | 414,480 | 466,043 | -11% |
| Bank loans | 27,500 | 27,500 | 0% |
| Other loans | 533,618 | 558,765 | -5% |
| Reimbursable government grants | 3,195 | 2,942 | 9% |
| Lease liabilities | 71,686 | 70,392 | 2% |
| Others | 79,725 | 82,337 | -3% |
| Non-current liabilities | 715,725 | 741,936 | -4% |
| Bank loans | 159 | 6,203 | -97% |
| Other loans | 148,038 | 102,651 | 44% |
| Reimbursable government grants | 2,594 | 3,026 | -14% |
| Lease liabilities | 9,601 | 9,316 | 3% |
| Trade payables | 120,983 | 102,378 | 18% |
| Others | 48,081 | 50,898 | -6% |
| Current liabilities | 329,456 | 274,471 | 20% |
| Total liabilities and equity | 1,459,662 | 1,482,451 | -2% |
The total net investment3 made during the first six months of 2020 by the Group's units amounted to approximately 15 million Euro.
Altri's nominal remunerated net debt on June 30, 2020 amounted to 532.3 million Euro. It should be noted that during the second quarter of 2020 Altri paid dividends, which amounted to approximately 61.5 million Euro.
3 Total net investment: Payments in the period related to the acquisition of property, plant and equipment related to the operational activity of the Pulp and Energy segments.

REPORT AND ACCOUNTS 1H2020 I. Management Report
RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO Debt maturity profile


RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO FUTURE PRESPECTIVES
The current context continues to be characterised by a high level of uncertainty, both in terms of demand and in terms of the evolution of the pulp sales prices, in addition to a depreciation of USD against the EUR.
Hence, the focus of the Altri Group is centered on the competitiveness of its production units, designing and implementing projects that seek to continuously reinforce the positioning of the Altri Group as the lowest cost European producer.
Generically, industrial projects have been based on digital transformation associated with continuous improvement. In concrete terms, in the case of Celtejo, the stoppage scheduled for the fourth quarter aims at consolidating the investment project that started about two years ago. On the other hand, Caima's intervention will focus on washing and bleaching lines.
The schedule for programmed maintenance stoppages is as follows:
Celtejo: October 2020 – 10 days Caima: October 2020 – 10 days



RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO CORPORATE GOVERNANCE
According to legal provisions, the Company is not required to provided information relating to corporate governance, since it is compulsory only together with the annual management report. The detailed annual corporate governance report is part of the Annual Report and Accounts of 2019 and is available on the website (www.altri.pt).

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO LEGAL MATTERS
Own shares
Pursuant to the requirements of article 66 of the Portuguese Companies Act, the Directors inform as of 30 June 2020 that Altri had no treasury shares and did not acquire nor sell any treasury shares during this semester.
Shares held by Altri's corporate boards
Pursuant and for the purposes of Article 447 of the Portuguese Companies Act, we hereby inform that, on June 30, 2020, Altri's directors held the following shares:
| Paulo Jorge dos Santos Fernandes (a) | 26,616,874 |
|---|---|
| João Manuel Matos Borges de Oliveira (b) | 31,000,000 |
| Domingos José Vieira de Matos (c) | 26,519,010 |
| Ana Rebelo de Carvalho Menéres de Mendonça (d) | 38,295,053 |
(a) – The 26,616,874 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.
(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 the director João Manuel Matos Borges de Oliveira is director and shareholder.
(c) – The 26,519,010 shares correspond to the total of Altri, SGPS, S.A. shares held by the company LIVREFLUXO, S.A., of which the director Domingos José Vieira de Matos is director and majority shareholder.
(d) – 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 the director Ana Rebelo de Carvalho Menéres de Mendonça is director and majority shareholder.
As of 30 June 2020, the Statutory Auditor, the members of the Supervisory Board and the members of the Board of the General Shareholders' Meeting held no shares of Altri.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO Participation in the Company's share capital
Pursuant to and for the purposes of the provisions of Articles 16 and 20 of the Securities Code and Article 448 of the Portuguese Companies Act, the Company informs that the companies and/or natural persons with qualifying holdings exceeding 2%, 5%, 10%, 20%, 33% and 50% of the voting rights, according to the notifications received at Altri's registered office reported on June 30, 2020 are as follows:
| No. of shares held on |
% Share capital with voting |
|
|---|---|---|
| Norges Bank | 30-Jun-2020 | rights |
| Directly | 4,823,496 | 2.35% |
| Total attributable | 4,823,496 | 2.35% |
| 1 Thing, Investments, S.A. | No. of shares held on 30-Jun-2020 |
% 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. | ||
| w hose board of directors includes Altri's director Pedro Miguel Matos Borges de Oliveira |
||
| No. of shares held on |
% Share capital with voting |
|
|---|---|---|
| Domingos José Vieira de Matos | 30-Jun-2020 | rights |
| Through Livrefluxo, S.A. (of which he is dominant shareholder and director) | 26,519,010 | 12.93% |
| Total attributable | 26,519,010 | 12.93% |
| No. of shares held on |
% Share capital with voting |
|
| Paulo Jorge dos Santos Fernandes | 30-Jun-2020 | rights |
| Through Actium Capital, S.A. (of which he is dominant shareholder and director) | 26,616,874 | 12.98% |
| Total attributable | 26,616,874 | 12.98% |
| No. of shares | % Share capital | |
| held on | with voting | |
| João Manuel Matos Borges de Oliveira | 30-Jun-2020 | rights |
| Through Caderno Azul, S.A. (of which he is shareholder and director) | 31,000,000 | 15.11% |
| Total attributable | 31,000,000 | 15.11% |
| No. of shares held on |
% Share capital with voting |
|
| Promendo Investimentos, S.A. | 30-Jun-2020 | 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 18.67% (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 33% of the voting rights.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO CLOSING REMARKS
The Board of Directors concludes by expressing a vote of gratitude to all of the Group's Stakeholders, for the trust demonstrated in our organization. We would like to express our appreciation to all our employees for their dedication and commitment.
Oporto, September 10, 2020
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 Carvalho Menéres Mendonça
__________________________________
Maria do Carmo Guedes Oliveira
__________________________________ Paula Simões de Figueiredo Pimentel Freixo
__________________________________
__________________________________
José Armindo Farinha Soares de Pina
José António Nogueira dos Santos
__________________________________ Carlos Alberto Sousa Van Zeller e Silva



DO CONSELHO DE AD
MINISTRAÇÃO
STATEMENT UNDER THE TERMS OF ARTICLE 246, PARAGRAPH 1, C) OF THE SECURITIES MARKET CODE
The signatories individually declare that, to the best of their knowledge, the Management Report, the Individual and Consolidated Financial Statements and other accounting documents required by law or regulation were prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted by the European Union, presenting a true and fair view of the assets and liabilities, the financial position and the consolidated and individual results of Altri, SGPS, S.A. and of the companies included in the consolidation perimeter and that the Management 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.
STATEMENT OF RESPONSIBILITY
The members of the Board of Directors of Altri, SGPS, S.A. declare that they assume responsibility for this information and affirm that the items included herein are true and that, to the best of their knowledge, there are no omissions.
As required by article 8 paragraph 3 of the Securities Market Code, the Board of Directors informs that these condensed consolidated financial statements were not subject to a limited review.
As required by article 210 of the Social Security Contributions Plan Code (approved by Law 110/2009 of 16 September), the Board of Directors informs that there are no overdue debts to the State, namely with respect to Social Security.

DO CONSELHO DE AD
MINISTRAÇÃO Article 447 of the Portuguese Companies Act, Article 14(7) of the CMVM Regulation no. 05/2008 and Article 19 of Regulation (EU) no. 596/2014 of European Parliament and of the Council of 16 April 2014
Disclosure of shares and other securities held by members of the Board of Directors and by those discharging managerial responsibilities, as well as by people closely connected with them (article 248-B of the Portuguese Securities Code), and disclosure of the respective transactions during the first semester involving such shares and other securities:
| Shares held on | Shares held on | |||
|---|---|---|---|---|
| Members of the Board of Directors | 31-Dec-2019 | Acquisitions Disposals | 30-Jun-2020 | |
| Paulo Jorge dos Santos Fernandes (imputation through ACTIUM CAPITAL, S.A.) | 26,229,874 | 387,000 | - | 26,616,874 |
| João Manuel Matos Borges de Oliveira (imputation through CADERNO AZUL, S.A.) | 30,000,000 | 1,000,000 | - | 31,000,000 |
| Domingos José Vieira de Matos (imputation through LIVREFLUXO, S.A.) | 24,850,110 | 1,668,900 | - | 26,519,010 |
| Pedro Miguel Matos Borges de Oliveira (imputation through 1 THING INVESTMENTS, S.A.) | 17,292,073 | 3,249,211 | - | 20,541,284 |
| Ana Rebelo Carvalho Menéres de Mendonça (imputation through PROMENDO INVESTIMENTOS, S.A.) | 42,545,053 | - | 4,250,000 | 38,295,053 |
Paulo Jorge dos Santos Fernandes (imputation through ACTIUM CAPITAL, S.A.)
| Date | Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 31-Dec-19 | - | - | - | - | 26,229,874 |
| 16-Jan-20 | Acquisition | 1,136 | 5.810000 | Euronext Lisbon | 26,231,010 |
| 16-Jan-20 | Acquisition | 543 | 5.810000 | Euronext Lisbon | 26,231,553 |
| 16-Jan-20 | Acquisition | 778 | 5.810000 | Euronext Lisbon | 26,232,331 |
| 16-Jan-20 | Acquisition | 1,126 | 5.810000 | Euronext Lisbon | 26,233,457 |
| 16-Jan-20 | Acquisition | 295 | 5.810000 | Euronext Lisbon | 26,233,752 |
| 16-Jan-20 | Acquisition | 338 | 5.810000 | Euronext Lisbon | 26,234,090 |
| 16-Jan-20 | Acquisition | 874 | 5.810000 | Euronext Lisbon | 26,234,964 |
| 16-Jan-20 | Acquisition | 184 | 5.810000 | Euronext Lisbon | 26,235,148 |
| 16-Jan-20 | Acquisition | 192 | 5.810000 | Euronext Lisbon | 26,235,340 |
| 16-Jan-20 | Acquisition | 209 | 5.820000 | Euronext Lisbon | 26,235,549 |
| 16-Jan-20 | Acquisition | 609 | 5.820000 | Euronext Lisbon | 26,236,158 |
| 16-Jan-20 | Acquisition | 385 | 5.820000 | Euronext Lisbon | 26,236,543 |
| 16-Jan-20 | Acquisition | 455 | 5.820000 | Euronext Lisbon | 26,236,998 |
| 16-Jan-20 | Acquisition | 442 | 5.825000 | Euronext Lisbon | 26,237,440 |
| 16-Jan-20 | Acquisition | 550 | 5.825000 | Euronext Lisbon | 26,237,990 |
| 16-Jan-20 | Acquisition | 588 | 5.825000 | Euronext Lisbon | 26,238,578 |
| 16-Jan-20 | Acquisition | 350 | 5.830000 | Euronext Lisbon | 26,238,928 |
| 16-Jan-20 | Acquisition | 350 | 5.830000 | Euronext Lisbon | 26,239,278 |
| 16-Jan-20 | Acquisition | 2,000 | 5.830000 | Euronext Lisbon | 26,241,278 |
| 16-Jan-20 | Acquisition | 468 | 5.830000 | Euronext Lisbon | 26,241,746 |
| 16-Jan-20 | Acquisition | 472 | 5.835000 | Euronext Lisbon | 26,242,218 |
| 16-Jan-20 | Acquisition | 10,000 | 5.835000 | Euronext Lisbon | 26,252,218 |
| 16-Jan-20 | Acquisition | 500 | 5.835000 | Euronext Lisbon | 26,252,718 |
| 16-Jan-20 | Acquisition | 6,267 | 5.835000 | Euronext Lisbon | 26,258,985 |
| 16-Jan-20 | Acquisition | 807 | 5.835000 | Euronext Lisbon | 26,259,792 |
| 16-Jan-20 | Acquisition | 443 | 5.835000 | Euronext Lisbon | 26,260,235 |
| 16-Jan-20 | Acquisition | 443 | 5.835000 | Euronext Lisbon | 26,260,678 |
| 16-Jan-20 | Acquisition | 807 | 5.835000 | Euronext Lisbon | 26,261,485 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 16-Jan-20 | Acquisition | 443 | 5.835000 | Euronext Lisbon | 26,261,928 |
| 16-Jan-20 | Acquisition | 807 | 5.835000 | Euronext Lisbon | 26,262,735 |
| 16-Jan-20 | Acquisition | 443 | 5.835000 | Euronext Lisbon | 26,263,178 |
| 16-Jan-20 | Acquisition | 1,250 | 5.835000 | Euronext Lisbon | 26,264,428 |
| 16-Jan-20 | Acquisition | 1,250 | 5.835000 | Euronext Lisbon | 26,265,678 |
| 16-Jan-20 | Acquisition | 1,250 | 5.835000 | Euronext Lisbon | 26,266,928 |
| 16-Jan-20 | Acquisition | 547 | 5.835000 | Euronext Lisbon | 26,267,475 |
| 16-Jan-20 | Acquisition | 524 | 5.835000 | Euronext Lisbon | 26,267,999 |
| 16-Jan-20 | Acquisition | 34 | 5.835000 | Euronext Lisbon | 26,268,033 |
| 16-Jan-20 | Acquisition | 145 | 5.835000 | Euronext Lisbon | 26,268,178 |
| 16-Jan-20 | Acquisition | 2,000 | 5.830000 | Euronext Lisbon | 26,270,178 |
| 16-Jan-20 | Acquisition | 557 | 5.830000 | Euronext Lisbon | 26,270,735 |
| 16-Jan-20 | Acquisition | 2,100 | 5.835000 | Euronext Lisbon | 26,272,835 |
| 16-Jan-20 | Acquisition | 433 | 5.835000 | Euronext Lisbon | 26,273,268 |
| 16-Jan-20 | Acquisition | 1,221 | 5.835000 | Euronext Lisbon | 26,274,489 |
| 16-Jan-20 | Acquisition | 29 | 5.835000 | Euronext Lisbon | 26,274,518 |
| 16-Jan-20 | Acquisition | 2,376 | 5.840000 | Euronext Lisbon | 26,276,894 |
| 16-Jan-20 | Acquisition | 1,000 | 5.840000 | Euronext Lisbon | 26,277,894 |
| 16-Jan-20 | Acquisition | 717 | 5.840000 | Euronext Lisbon | 26,278,611 |
| 16-Jan-20 | Acquisition | 750 | 5.840000 | Euronext Lisbon | 26,279,361 |
| 16-Jan-20 | Acquisition | 434 | 5.840000 | Euronext Lisbon | 26,279,795 |
| 16-Jan-20 | Acquisition | 301 | 5.840000 | Euronext Lisbon | 26,280,096 |
| 16-Jan-20 | Acquisition | 468 | 5.840000 | Euronext Lisbon | 26,280,564 |
| 16-Jan-20 | Acquisition | 9,310 | 5.840000 | Euronext Lisbon | 26,289,874 |
| 16-Jan-20 | Acquisition | 1,920 | 5.870000 | Euronext Lisbon | 26,291,794 |
| 16-Jan-20 | Acquisition | 2,044 | 5.870000 | Euronext Lisbon | 26,293,838 |
| 16-Jan-20 | Acquisition | 4,150 | 5.890000 | Euronext Lisbon | 26,297,988 |
| 16-Jan-20 | Acquisition | 500 | 5.890000 | Euronext Lisbon | 26,298,488 |
| 16-Jan-20 | Acquisition | 300 | 5.890000 | Euronext Lisbon | 26,298,788 |
| 16-Jan-20 | Acquisition | 646 | 5.890000 | Euronext Lisbon | 26,299,434 |
| 16-Jan-20 | Acquisition | 451 | 5.890000 | Euronext Lisbon | 26,299,885 |
| 16-Jan-20 | Acquisition | 661 | 5.890000 | Euronext Lisbon | 26,300,546 |
| 16-Jan-20 | Acquisition | 1,161 | 5.890000 | Euronext Lisbon | 26,301,707 |
| 16-Jan-20 | Acquisition | 38 | 5.890000 | Euronext Lisbon | 26,301,745 |
| 16-Jan-20 | Acquisition | 400 | 5.890000 | Euronext Lisbon | 26,302,145 |
| 16-Jan-20 | Acquisition | 1,062 | 5.890000 | Euronext Lisbon | 26,303,207 |
| 16-Jan-20 | Acquisition | 1,004 | 5.890000 | Euronext Lisbon | 26,304,211 |
| 16-Jan-20 | Acquisition | 496 | 5.890000 | Euronext Lisbon | 26,304,707 |
| 16-Jan-20 | Acquisition | 1,004 | 5.890000 | Euronext Lisbon | 26,305,711 |
| 16-Jan-20 | Acquisition | 496 | 5.890000 | Euronext Lisbon | 26,306,207 |
| 16-Jan-20 | Acquisition | 1,004 | 5.890000 | Euronext Lisbon | 26,307,211 |
| 16-Jan-20 | Acquisition | 496 | 5.890000 | Euronext Lisbon | 26,307,707 |
| 16-Jan-20 | Acquisition | 1,500 | 5.890000 | Euronext Lisbon | 26,309,207 |
| 16-Jan-20 | Acquisition | 667 | 5.890000 | Euronext Lisbon | 26,309,874 |
| 16-Jan-20 | Acquisition | 494 | 5.860000 | Euronext Lisbon | 26,310,368 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 16-Jan-20 | Acquisition | 756 | 5.860000 | Euronext Lisbon | 26,311,124 |
| 16-Jan-20 | Acquisition | 1,128 | 5.860000 | Euronext Lisbon | 26,312,252 |
| 16-Jan-20 | Acquisition | 122 | 5.860000 | Euronext Lisbon | 26,312,374 |
| 16-Jan-20 | Acquisition | 1,128 | 5.860000 | Euronext Lisbon | 26,313,502 |
| 16-Jan-20 | Acquisition | 400 | 5.885000 | Euronext Lisbon | 26,313,902 |
| 16-Jan-20 | Acquisition | 1,158 | 5.885000 | Euronext Lisbon | 26,315,060 |
| 16-Jan-20 | Acquisition | 87 | 5.885000 | Euronext Lisbon | 26,315,147 |
| 16-Jan-20 | Acquisition | 750 | 5.890000 | Euronext Lisbon | 26,315,897 |
| 16-Jan-20 | Acquisition | 5,000 | 5.890000 | Euronext Lisbon | 26,320,897 |
| 16-Jan-20 | Acquisition | 8,977 | 5.890000 | Euronext Lisbon | 26,329,874 |
| 16-Jan-20 | Acquisition | 5,000 | 5.900000 | Euronext Lisbon | 26,334,874 |
| 16-Jan-20 | Acquisition | 2,800 | 5.900000 | Euronext Lisbon | 26,337,674 |
| 16-Jan-20 | Acquisition | 2,200 | 5.900000 | Euronext Lisbon | 26,339,874 |
| 16-Jan-20 | Acquisition | 600 | 5.900000 | Euronext Lisbon | 26,340,474 |
| 16-Jan-20 | Acquisition | 523 | 5.900000 | Euronext Lisbon | 26,340,997 |
| 16-Jan-20 | Acquisition | 1,221 | 5.915000 | Euronext Lisbon | 26,342,218 |
| 16-Jan-20 | Acquisition | 1,285 | 5.945000 | Euronext Lisbon | 26,343,503 |
| 16-Jan-20 | Acquisition | 503 | 5.945000 | Euronext Lisbon | 26,344,006 |
| 16-Jan-20 | Acquisition | 750 | 5.945000 | Euronext Lisbon | 26,344,756 |
| 16-Jan-20 | Acquisition | 250 | 5.945000 | Euronext Lisbon | 26,345,006 |
| 16-Jan-20 | Acquisition | 228 | 5.945000 | Euronext Lisbon | 26,345,234 |
| 16-Jan-20 | Acquisition | 250 | 5.945000 | Euronext Lisbon | 26,345,484 |
| 16-Jan-20 | Acquisition | 246 | 5.945000 | Euronext Lisbon | 26,345,730 |
| 16-Jan-20 | Acquisition | 260 | 5.960000 | Euronext Lisbon | 26,345,990 |
| 16-Jan-20 | Acquisition | 44 | 5.960000 | Euronext Lisbon | 26,346,034 |
| 16-Jan-20 | Acquisition | 719 | 5.960000 | Euronext Lisbon | 26,346,753 |
| 16-Jan-20 | Acquisition | 210 | 5.960000 | Euronext Lisbon | 26,346,963 |
| 16-Jan-20 | Acquisition | 534 | 5.960000 | Euronext Lisbon | 26,347,497 |
| 16-Jan-20 | Acquisition | 802 | 5.960000 | Euronext Lisbon | 26,348,299 |
| 16-Jan-20 | Acquisition | 1,150 | 5.960000 | Euronext Lisbon | 26,349,449 |
| 16-Jan-20 | Acquisition | 750 | 5.945000 | Euronext Lisbon | 26,350,199 |
| 16-Jan-20 | Acquisition | 54 | 5.945000 | Euronext Lisbon | 26,350,253 |
| 16-Jan-20 | Acquisition | 1,355 | 5.945000 | Euronext Lisbon | 26,351,608 |
| 16-Jan-20 | Acquisition | 1,139 | 5.950000 | Euronext Lisbon | 26,352,747 |
| 16-Jan-20 | Acquisition | 750 | 5.950000 | Euronext Lisbon | 26,353,497 |
| 16-Jan-20 | Acquisition | 522 | 5.950000 | Euronext Lisbon | 26,354,019 |
| 16-Jan-20 | Acquisition | 451 | 5.950000 | Euronext Lisbon | 26,354,470 |
| 16-Jan-20 | Acquisition | 750 | 5.955000 | Euronext Lisbon | 26,355,220 |
| 16-Jan-20 | Acquisition | 508 | 5.955000 | Euronext Lisbon | 26,355,728 |
| 16-Jan-20 | Acquisition | 451 | 5.955000 | Euronext Lisbon | 26,356,179 |
| 16-Jan-20 | Acquisition | 750 | 5.955000 | Euronext Lisbon | 26,356,929 |
| 16-Jan-20 | Acquisition | 530 | 5.960000 | Euronext Lisbon | 26,357,459 |
| 16-Jan-20 | Acquisition | 750 | 5.960000 | Euronext Lisbon | 26,358,209 |
| 16-Jan-20 | Acquisition | 438 | 5.960000 | Euronext Lisbon | 26,358,647 |
| 16-Jan-20 | Acquisition | 732 | 5.960000 | Euronext Lisbon | 26,359,379 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 16-Jan-20 | Acquisition | 2,702 | 5.960000 | Euronext Lisbon | 26,362,081 |
| 16-Jan-20 | Acquisition | 1,043 | 5.960000 | Euronext Lisbon | 26,363,124 |
| 16-Jan-20 | Acquisition | 1,043 | 5.960000 | Euronext Lisbon | 26,364,167 |
| 16-Jan-20 | Acquisition | 960 | 5.960000 | Euronext Lisbon | 26,365,127 |
| 16-Jan-20 | Acquisition | 2,315 | 5.960000 | Euronext Lisbon | 26,367,442 |
| 16-Jan-20 | Acquisition | 682 | 5.960000 | Euronext Lisbon | 26,368,124 |
| 16-Jan-20 | Acquisition | 202 | 5.960000 | Euronext Lisbon | 26,368,326 |
| 16-Jan-20 | Acquisition | 5,000 | 5.935000 | Euronext Lisbon | 26,373,326 |
| 16-Jan-20 | Acquisition | 5,000 | 5.935000 | Euronext Lisbon | 26,378,326 |
| 16-Jan-20 | Acquisition | 46 | 5.935000 | Euronext Lisbon | 26,378,372 |
| 16-Jan-20 | Acquisition | 4,200 | 5.935000 | Euronext Lisbon | 26,382,572 |
| 16-Jan-20 | Acquisition | 800 | 5.935000 | Euronext Lisbon | 26,383,372 |
| 16-Jan-20 | Acquisition | 720 | 5.935000 | Euronext Lisbon | 26,384,092 |
| 16-Jan-20 | Acquisition | 837 | 5.935000 | Euronext Lisbon | 26,384,929 |
| 16-Jan-20 | Acquisition | 2,360 | 5.935000 | Euronext Lisbon | 26,387,289 |
| 16-Jan-20 | Acquisition | 888 | 5.935000 | Euronext Lisbon | 26,388,177 |
| 16-Jan-20 | Acquisition | 320 | 5.945000 | Euronext Lisbon | 26,388,497 |
| 16-Jan-20 | Acquisition | 243 | 5.945000 | Euronext Lisbon | 26,388,740 |
| 16-Jan-20 | Acquisition | 366 | 5.945000 | Euronext Lisbon | 26,389,106 |
| 16-Jan-20 | Acquisition | 750 | 5.950000 | Euronext Lisbon | 26,389,856 |
| 16-Jan-20 | Acquisition | 450 | 5.950000 | Euronext Lisbon | 26,390,306 |
| 16-Jan-20 | Acquisition | 438 | 5.950000 | Euronext Lisbon | 26,390,744 |
| 16-Jan-20 | Acquisition | 478 | 5.950000 | Euronext Lisbon | 26,391,222 |
| 16-Jan-20 | Acquisition | 1,331 | 5.950000 | Euronext Lisbon | 26,392,553 |
| 16-Jan-20 | Acquisition | 4,280 | 5.950000 | Euronext Lisbon | 26,396,833 |
| 16-Jan-20 | Acquisition | 43 | 5.950000 | Euronext Lisbon | 26,396,876 |
| 16-Jan-20 | Acquisition | 21 | 5.950000 | Euronext Lisbon | 26,396,897 |
| 16-Jan-20 | Acquisition | 27 | 5.950000 | Euronext Lisbon | 26,396,924 |
| 16-Jan-20 | Acquisition | 1,402 | 5.960000 | Euronext Lisbon | 26,398,326 |
| 16-Jan-20 | Acquisition | 490 | 5.950000 | Euronext Lisbon | 26,398,816 |
| 16-Jan-20 | Acquisition | 228 | 5.950000 | Euronext Lisbon | 26,399,044 |
| 16-Jan-20 | Acquisition | 159 | 5.950000 | Euronext Lisbon | 26,399,203 |
| 16-Jan-20 | Acquisition | 233 | 5.950000 | Euronext Lisbon | 26,399,436 |
| 16-Jan-20 | Acquisition | 750 | 5.955000 | Euronext Lisbon | 26,400,186 |
| 16-Jan-20 | Acquisition | 1,200 | 5.955000 | Euronext Lisbon | 26,401,386 |
| 16-Jan-20 | Acquisition | 419 | 5.955000 | Euronext Lisbon | 26,401,805 |
| 16-Jan-20 | Acquisition | 750 | 5.955000 | Euronext Lisbon | 26,402,555 |
| 16-Jan-20 | Acquisition | 472 | 5.955000 | Euronext Lisbon | 26,403,027 |
| 16-Jan-20 | Acquisition | 1,105 | 5.955000 | Euronext Lisbon | 26,404,132 |
| 16-Jan-20 | Acquisition | 750 | 5.960000 | Euronext Lisbon | 26,404,882 |
| 16-Jan-20 | Acquisition | 402 | 5.960000 | Euronext Lisbon | 26,405,284 |
| 16-Jan-20 | Acquisition | 472 | 5.960000 | Euronext Lisbon | 26,405,756 |
| 16-Jan-20 16-Jan-20 |
Acquisition Acquisition |
1,500 1,373 |
5.960000 5.960000 |
Euronext Lisbon Euronext Lisbon |
26,407,256 26,408,629 |
| 16-Jan-20 | Acquisition | 127 | 5.960000 | Euronext Lisbon | 26,408,756 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 16-Jan-20 | Acquisition | 1,373 | 5.960000 | Euronext Lisbon | 26,410,129 |
| 16-Jan-20 | Acquisition | 139 | 5.960000 | Euronext Lisbon | 26,410,268 |
| 16-Jan-20 | Acquisition | 1,361 | 5.960000 | Euronext Lisbon | 26,411,629 |
| 16-Jan-20 | Acquisition | 139 | 5.960000 | Euronext Lisbon | 26,411,768 |
| 16-Jan-20 | Acquisition | 682 | 5.960000 | Euronext Lisbon | 26,412,450 |
| 16-Jan-20 | Acquisition | 818 | 5.960000 | Euronext Lisbon | 26,413,268 |
| 16-Jan-20 | Acquisition | 357 | 5.960000 | Euronext Lisbon | 26,413,625 |
| 16-Jan-20 | Acquisition | 1,500 | 5.960000 | Euronext Lisbon | 26,415,125 |
| 16-Jan-20 | Acquisition | 1,000 | 5.960000 | Euronext Lisbon | 26,416,125 |
| 16-Jan-20 | Acquisition | 500 | 5.960000 | Euronext Lisbon | 26,416,625 |
| 16-Jan-20 | Acquisition | 249 | 5.960000 | Euronext Lisbon | 26,416,874 |
| 2-Jun-20 | Acquisition | 700 | 4.116000 | Euronext Lisbon | 26,417,574 |
| 2-Jun-20 | Acquisition | 800 | 4.116000 | Euronext Lisbon | 26,418,374 |
| 2-Jun-20 | Acquisition | 700 | 4.116000 | Euronext Lisbon | 26,419,074 |
| 2-Jun-20 | Acquisition | 800 | 4.116000 | Euronext Lisbon | 26,419,874 |
| 2-Jun-20 | Acquisition | 800 | 4.116000 | Euronext Lisbon | 26,420,674 |
| 2-Jun-20 | Acquisition | 614 | 4.116000 | Euronext Lisbon | 26,421,288 |
| 2-Jun-20 | Acquisition | 86 | 4.116000 | Euronext Lisbon | 26,421,374 |
| 2-Jun-20 | Acquisition | 500 | 4.116000 | Euronext Lisbon | 26,421,874 |
| 2-Jun-20 | Acquisition | 392 | 4.136000 | Euronext Lisbon | 26,422,266 |
| 2-Jun-20 | Acquisition | 56 | 4.136000 | Euronext Lisbon | 26,422,322 |
| 2-Jun-20 | Acquisition | 1,052 | 4.136000 | Euronext Lisbon | 26,423,374 |
| 2-Jun-20 | Acquisition | 56 | 4.136000 | Euronext Lisbon | 26,423,430 |
| 2-Jun-20 | Acquisition | 1,108 | 4.136000 | Euronext Lisbon | 26,424,538 |
| 2-Jun-20 | Acquisition | 392 | 4.136000 | Euronext Lisbon | 26,424,930 |
| 2-Jun-20 | Acquisition | 716 | 4.136000 | Euronext Lisbon | 26,425,646 |
| 2-Jun-20 | Acquisition | 392 | 4.136000 | Euronext Lisbon | 26,426,038 |
| 2-Jun-20 | Acquisition | 556 | 4.176000 | Euronext Lisbon | 26,426,594 |
| 2-Jun-20 | Acquisition | 280 | 4.176000 | Euronext Lisbon | 26,426,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.190000 | Euronext Lisbon | 26,428,374 |
| 2-Jun-20 | Acquisition | 77 | 4.190000 | Euronext Lisbon | 26,428,451 |
| 2-Jun-20 | Acquisition | 1,423 | 4.190000 | Euronext Lisbon | 26,429,874 |
| 2-Jun-20 | Acquisition | 541 | 4.190000 | Euronext Lisbon | 26,430,415 |
| 2-Jun-20 | Acquisition | 959 | 4.190000 | Euronext Lisbon | 26,431,374 |
| 2-Jun-20 | Acquisition | 500 | 4.190000 | Euronext Lisbon | 26,431,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.190000 | Euronext Lisbon | 26,433,374 |
| 2-Jun-20 | Acquisition | 1,500 | 4.190000 | Euronext Lisbon | 26,434,874 |
| 2-Jun-20 | Acquisition | 2,000 | 4.190000 | Euronext Lisbon | 26,436,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.190000 | Euronext Lisbon | 26,438,374 |
| 2-Jun-20 | Acquisition | 1,500 | 4.190000 | Euronext Lisbon | 26,439,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.190000 | Euronext Lisbon | 26,441,374 |
| 2-Jun-20 | Acquisition | 500 | 4.190000 | Euronext Lisbon | 26,441,874 |
| 2-Jun-20 2-Jun-20 |
Acquisition Acquisition |
1,500 500 |
4.190000 4.190000 |
Euronext Lisbon Euronext Lisbon |
26,443,374 26,443,874 |
| 2-Jun-20 | Acquisition | 1,000 | 4.190000 | Euronext Lisbon | 26,444,874 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 2-Jun-20 | Acquisition | 100 | 4.190000 | Euronext Lisbon | 26,444,974 |
| 2-Jun-20 | Acquisition | 700 | 4.190000 | Euronext Lisbon | 26,445,674 |
| 2-Jun-20 | Acquisition | 700 | 4.190000 | Euronext Lisbon | 26,446,374 |
| 2-Jun-20 | Acquisition | 700 | 4.190000 | Euronext Lisbon | 26,447,074 |
| 2-Jun-20 | Acquisition | 400 | 4.190000 | Euronext Lisbon | 26,447,474 |
| 2-Jun-20 | Acquisition | 400 | 4.190000 | Euronext Lisbon | 26,447,874 |
| 2-Jun-20 | Acquisition | 300 | 4.190000 | Euronext Lisbon | 26,448,174 |
| 2-Jun-20 | Acquisition | 1,400 | 4.190000 | Euronext Lisbon | 26,449,574 |
| 2-Jun-20 | Acquisition | 100 | 4.190000 | Euronext Lisbon | 26,449,674 |
| 2-Jun-20 | Acquisition | 2,200 | 4.190000 | Euronext Lisbon | 26,451,874 |
| 2-Jun-20 | Acquisition | 600 | 4.178000 | Euronext Lisbon | 26,452,474 |
| 2-Jun-20 | Acquisition | 738 | 4.178000 | Euronext Lisbon | 26,453,212 |
| 2-Jun-20 | Acquisition | 162 | 4.178000 | Euronext Lisbon | 26,453,374 |
| 2-Jun-20 | Acquisition | 600 | 4.178000 | Euronext Lisbon | 26,453,974 |
| 2-Jun-20 | Acquisition | 600 | 4.178000 | Euronext Lisbon | 26,454,574 |
| 2-Jun-20 | Acquisition | 300 | 4.178000 | Euronext Lisbon | 26,454,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.176000 | Euronext Lisbon | 26,456,374 |
| 2-Jun-20 | Acquisition | 500 | 4.176000 | Euronext Lisbon | 26,456,874 |
| 2-Jun-20 | Acquisition | 1,400 | 4.170000 | Euronext Lisbon | 26,458,274 |
| 2-Jun-20 | Acquisition | 100 | 4.170000 | Euronext Lisbon | 26,458,374 |
| 2-Jun-20 | Acquisition | 1,400 | 4.170000 | Euronext Lisbon | 26,459,774 |
| 2-Jun-20 | Acquisition | 100 | 4.170000 | Euronext Lisbon | 26,459,874 |
| 2-Jun-20 | Acquisition | 1,400 | 4.170000 | Euronext Lisbon | 26,461,274 |
| 2-Jun-20 | Acquisition | 600 | 4.170000 | Euronext Lisbon | 26,461,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.160000 | Euronext Lisbon | 26,463,374 |
| 2-Jun-20 | Acquisition | 588 | 4.160000 | Euronext Lisbon | 26,463,962 |
| 2-Jun-20 | Acquisition | 912 | 4.160000 | Euronext Lisbon | 26,464,874 |
| 2-Jun-20 | Acquisition | 2,000 | 4.160000 | Euronext Lisbon | 26,466,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.150000 | Euronext Lisbon | 26,468,374 |
| 2-Jun-20 | Acquisition | 1,500 | 4.150000 | Euronext Lisbon | 26,469,874 |
| 2-Jun-20 | Acquisition | 2,000 | 4.150000 | Euronext Lisbon | 26,471,874 |
| 2-Jun-20 | Acquisition | 757 | 4.158000 | Euronext Lisbon | 26,472,631 |
| 2-Jun-20 | Acquisition | 35 | 4.158000 | Euronext Lisbon | 26,472,666 |
| 2-Jun-20 | Acquisition | 300 | 4.158000 | Euronext Lisbon | 26,472,966 |
| 2-Jun-20 | Acquisition | 700 | 4.158000 | Euronext Lisbon | 26,473,666 |
| 2-Jun-20 | Acquisition | 208 | 4.158000 | Euronext Lisbon | 26,473,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.170000 | Euronext Lisbon | 26,475,374 |
| 2-Jun-20 | Acquisition | 1,000 | 4.170000 | Euronext Lisbon | 26,476,374 |
| 2-Jun-20 | Acquisition | 500 | 4.170000 | Euronext Lisbon | 26,476,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.170000 | Euronext Lisbon | 26,478,374 |
| 2-Jun-20 | Acquisition | 500 | 4.170000 | Euronext Lisbon | 26,478,874 |
| 2-Jun-20 | Acquisition | 561 | 4.180000 | Euronext Lisbon | 26,479,435 |
| 2-Jun-20 | Acquisition | 552 | 4.180000 | Euronext Lisbon | 26,479,987 |
| 2-Jun-20 | Acquisition | 154 | 4.180000 | Euronext Lisbon | 26,480,141 |
| 2-Jun-20 | Acquisition | 700 | 4.180000 | Euronext Lisbon | 26,480,841 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 2-Jun-20 | Acquisition | 700 | 4.180000 | Euronext Lisbon | 26,481,541 |
| 2-Jun-20 | Acquisition | 100 | 4.180000 | Euronext Lisbon | 26,481,641 |
| 2-Jun-20 | Acquisition | 700 | 4.180000 | Euronext Lisbon | 26,482,341 |
| 2-Jun-20 | Acquisition | 700 | 4.180000 | Euronext Lisbon | 26,483,041 |
| 2-Jun-20 | Acquisition | 800 | 4.180000 | Euronext Lisbon | 26,483,841 |
| 2-Jun-20 | Acquisition | 1,100 | 4.180000 | Euronext Lisbon | 26,484,941 |
| 2-Jun-20 | Acquisition | 400 | 4.180000 | Euronext Lisbon | 26,485,341 |
| 2-Jun-20 | Acquisition | 127 | 4.186000 | Euronext Lisbon | 26,485,468 |
| 2-Jun-20 | Acquisition | 497 | 4.186000 | Euronext Lisbon | 26,485,965 |
| 2-Jun-20 | Acquisition | 815 | 4.186000 | Euronext Lisbon | 26,486,780 |
| 2-Jun-20 | Acquisition | 685 | 4.182000 | Euronext Lisbon | 26,487,465 |
| 2-Jun-20 | Acquisition | 800 | 4.182000 | Euronext Lisbon | 26,488,265 |
| 2-Jun-20 | Acquisition | 700 | 4.182000 | Euronext Lisbon | 26,488,965 |
| 2-Jun-20 | Acquisition | 70 | 4.182000 | Euronext Lisbon | 26,489,035 |
| 2-Jun-20 | Acquisition | 1,500 | 4.182000 | Euronext Lisbon | 26,490,535 |
| 2-Jun-20 | Acquisition | 1,500 | 4.182000 | Euronext Lisbon | 26,492,035 |
| 2-Jun-20 | Acquisition | 1,500 | 4.182000 | Euronext Lisbon | 26,493,535 |
| 2-Jun-20 | Acquisition | 1,500 | 4.182000 | Euronext Lisbon | 26,495,035 |
| 2-Jun-20 | Acquisition | 1,100 | 4.182000 | Euronext Lisbon | 26,496,135 |
| 2-Jun-20 | Acquisition | 400 | 4.182000 | Euronext Lisbon | 26,496,535 |
| 2-Jun-20 | Acquisition | 1,500 | 4.180000 | Euronext Lisbon | 26,498,035 |
| 2-Jun-20 | Acquisition | 498 | 4.180000 | Euronext Lisbon | 26,498,533 |
| 2-Jun-20 | Acquisition | 341 | 4.180000 | Euronext Lisbon | 26,498,874 |
| 2-Jun-20 | Acquisition | 2,400 | 4.178000 | Euronext Lisbon | 26,501,274 |
| 2-Jun-20 | Acquisition | 537 | 4.180000 | Euronext Lisbon | 26,501,811 |
| 2-Jun-20 | Acquisition | 63 | 4.180000 | Euronext Lisbon | 26,501,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.174000 | Euronext Lisbon | 26,503,374 |
| 2-Jun-20 | Acquisition | 1,001 | 4.174000 | Euronext Lisbon | 26,504,375 |
| 2-Jun-20 | Acquisition | 670 | 4.174000 | Euronext Lisbon | 26,505,045 |
| 2-Jun-20 | Acquisition | 830 | 4.174000 | Euronext Lisbon | 26,505,875 |
| 2-Jun-20 | Acquisition | 1,500 | 4.174000 | Euronext Lisbon | 26,507,375 |
| 2-Jun-20 | Acquisition | 150 | 4.174000 | Euronext Lisbon | 26,507,525 |
| 2-Jun-20 | Acquisition | 603 | 4.176000 | Euronext Lisbon | 26,508,128 |
| 2-Jun-20 | Acquisition | 37 | 4.180000 | Euronext Lisbon | 26,508,165 |
| 2-Jun-20 | Acquisition | 336 | 4.180000 | Euronext Lisbon | 26,508,501 |
| 2-Jun-20 | Acquisition | 502 | 4.180000 | Euronext Lisbon | 26,509,003 |
| 2-Jun-20 | Acquisition | 159 | 4.176000 | Euronext Lisbon | 26,509,162 |
| 2-Jun-20 | Acquisition | 613 | 4.180000 | Euronext Lisbon | 26,509,775 |
| 2-Jun-20 | Acquisition | 1,439 | 4.174000 | Euronext Lisbon | 26,511,214 |
| 2-Jun-20 | Acquisition | 61 | 4.174000 | Euronext Lisbon | 26,511,275 |
| 2-Jun-20 | Acquisition | 1,100 | 4.174000 | Euronext Lisbon | 26,512,375 |
| 2-Jun-20 | Acquisition | 400 | 4.174000 | Euronext Lisbon | 26,512,775 |
| 2-Jun-20 | Acquisition | 833 | 4.174000 | Euronext Lisbon | 26,513,608 |
| 2-Jun-20 | Acquisition | 1,500 | 4.174000 | Euronext Lisbon | 26,515,108 |
| 2-Jun-20 | Acquisition | 1,000 | 4.174000 | Euronext Lisbon | 26,516,108 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 2-Jun-20 | Acquisition | 500 | 4.174000 | Euronext Lisbon | 26,516,608 |
| 2-Jun-20 | Acquisition | 1,500 | 4.174000 | Euronext Lisbon | 26,518,108 |
| 2-Jun-20 | Acquisition | 909 | 4.176000 | Euronext Lisbon | 26,519,017 |
| 2-Jun-20 | Acquisition | 504 | 4.176000 | Euronext Lisbon | 26,519,521 |
| 2-Jun-20 | Acquisition | 69 | 4.176000 | Euronext Lisbon | 26,519,590 |
| 2-Jun-20 | Acquisition | 213 | 4.176000 | Euronext Lisbon | 26,519,803 |
| 2-Jun-20 | Acquisition | 1,406 | 4.176000 | Euronext Lisbon | 26,521,209 |
| 2-Jun-20 | Acquisition | 365 | 4.176000 | Euronext Lisbon | 26,521,574 |
| 2-Jun-20 | Acquisition | 600 | 4.170000 | Euronext Lisbon | 26,522,174 |
| 2-Jun-20 | Acquisition | 700 | 4.170000 | Euronext Lisbon | 26,522,874 |
| 2-Jun-20 | Acquisition | 200 | 4.170000 | Euronext Lisbon | 26,523,074 |
| 2-Jun-20 | Acquisition | 150 | 4.170000 | Euronext Lisbon | 26,523,224 |
| 2-Jun-20 | Acquisition | 700 | 4.170000 | Euronext Lisbon | 26,523,924 |
| 2-Jun-20 | Acquisition | 550 | 4.170000 | Euronext Lisbon | 26,524,474 |
| 2-Jun-20 | Acquisition | 100 | 4.170000 | Euronext Lisbon | 26,524,574 |
| 2-Jun-20 | Acquisition | 3,250 | 4.170000 | Euronext Lisbon | 26,527,824 |
| 2-Jun-20 | Acquisition | 550 | 4.170000 | Euronext Lisbon | 26,528,374 |
| 2-Jun-20 | Acquisition | 550 | 4.170000 | Euronext Lisbon | 26,528,924 |
| 2-Jun-20 | Acquisition | 400 | 4.170000 | Euronext Lisbon | 26,529,324 |
| 2-Jun-20 | Acquisition | 550 | 4.170000 | Euronext Lisbon | 26,529,874 |
| 2-Jun-20 | Acquisition | 1,500 | 4.170000 | Euronext Lisbon | 26,531,374 |
| 2-Jun-20 | Acquisition | 250 | 4.170000 | Euronext Lisbon | 26,531,624 |
| 2-Jun-20 | Acquisition | 1,000 | 4.170000 | Euronext Lisbon | 26,532,624 |
| 2-Jun-20 | Acquisition | 500 | 4.170000 | Euronext Lisbon | 26,533,124 |
| 2-Jun-20 | Acquisition | 1,500 | 4.170000 | Euronext Lisbon | 26,534,624 |
| 2-Jun-20 | Acquisition | 1,500 | 4.162000 | Euronext Lisbon | 26,536,124 |
| 2-Jun-20 | Acquisition | 750 | 4.162000 | Euronext Lisbon | 26,536,874 |
| 2-Jun-20 | Acquisition | 611 | 4.160000 | Euronext Lisbon | 26,537,485 |
| 2-Jun-20 | Acquisition | 362 | 4.160000 | Euronext Lisbon | 26,537,847 |
| 2-Jun-20 | Acquisition | 227 | 4.160000 | Euronext Lisbon | 26,538,074 |
| 2-Jun-20 | Acquisition | 432 | 4.160000 | Euronext Lisbon | 26,538,506 |
| 2-Jun-20 | Acquisition | 768 | 4.160000 | Euronext Lisbon | 26,539,274 |
| 2-Jun-20 | Acquisition | 1,200 | 4.160000 | Euronext Lisbon | 26,540,474 |
| 2-Jun-20 | Acquisition | 1,400 | 4.160000 | Euronext Lisbon | 26,541,874 |
| 2-Jun-20 | Acquisition | 700 | 4.158000 | Euronext Lisbon | 26,542,574 |
| 2-Jun-20 | Acquisition | 700 | 4.158000 | Euronext Lisbon | 26,543,274 |
| 2-Jun-20 | Acquisition | 100 | 4.158000 | Euronext Lisbon | 26,543,374 |
| 2-Jun-20 | Acquisition | 1,010 | 4.158000 | Euronext Lisbon | 26,544,384 |
| 2-Jun-20 2-Jun-20 |
Acquisition Acquisition |
490 520 |
4.158000 4.158000 |
Euronext Lisbon Euronext Lisbon |
26,544,874 26,545,394 |
| 2-Jun-20 | Acquisition | 207 | 4.158000 | Euronext Lisbon | 26,545,601 |
| 2-Jun-20 | Acquisition | 700 | 4.158000 | Euronext Lisbon | 26,546,301 |
| 2-Jun-20 | Acquisition | 573 | 4.158000 | Euronext Lisbon | 26,546,874 |
| 2-Jun-20 | Acquisition | 520 | 4.166000 | Euronext Lisbon | 26,547,394 |
| 2-Jun-20 | Acquisition | 649 | 4.166000 | Euronext Lisbon | 26,548,043 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 2-Jun-20 | Acquisition | 1,725 | 4.166000 | Euronext Lisbon | 26,549,768 |
| 2-Jun-20 | Acquisition | 1,100 | 4.168000 | Euronext Lisbon | 26,550,868 |
| 2-Jun-20 | Acquisition | 218 | 4.168000 | Euronext Lisbon | 26,551,086 |
| 2-Jun-20 | Acquisition | 826 | 4.190000 | Euronext Lisbon | 26,551,912 |
| 2-Jun-20 | Acquisition | 477 | 4.190000 | Euronext Lisbon | 26,552,389 |
| 2-Jun-20 | Acquisition | 454 | 4.190000 | Euronext Lisbon | 26,552,843 |
| 2-Jun-20 | Acquisition | 700 | 4.190000 | Euronext Lisbon | 26,553,543 |
| 2-Jun-20 | Acquisition | 500 | 4.190000 | Euronext Lisbon | 26,554,043 |
| 2-Jun-20 | Acquisition | 500 | 4.190000 | Euronext Lisbon | 26,554,543 |
| 2-Jun-20 | Acquisition | 500 | 4.190000 | Euronext Lisbon | 26,555,043 |
| 2-Jun-20 | Acquisition | 200 | 4.190000 | Euronext Lisbon | 26,555,243 |
| 2-Jun-20 | Acquisition | 300 | 4.190000 | Euronext Lisbon | 26,555,543 |
| 2-Jun-20 | Acquisition | 331 | 4.190000 | Euronext Lisbon | 26,555,874 |
| 2-Jun-20 | Acquisition | 5,000 | 4.200000 | Euronext Lisbon | 26,560,874 |
| 2-Jun-20 | Acquisition | 6,250 | 4.200000 | Euronext Lisbon | 26,567,124 |
| 2-Jun-20 | Acquisition | 157 | 4.206000 | Euronext Lisbon | 26,567,281 |
| 2-Jun-20 | Acquisition | 609 | 4.206000 | Euronext Lisbon | 26,567,890 |
| 2-Jun-20 | Acquisition | 560 | 4.208000 | Euronext Lisbon | 26,568,450 |
| 2-Jun-20 | Acquisition | 5,000 | 4.210000 | Euronext Lisbon | 26,573,450 |
| 2-Jun-20 | Acquisition | 4,833 | 4.210000 | Euronext Lisbon | 26,578,283 |
| 2-Jun-20 | Acquisition | 600 | 4.200000 | Euronext Lisbon | 26,578,883 |
| 2-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,579,283 |
| 2-Jun-20 | Acquisition | 1,000 | 4.200000 | Euronext Lisbon | 26,580,283 |
| 2-Jun-20 | Acquisition | 527 | 4.200000 | Euronext Lisbon | 26,580,810 |
| 2-Jun-20 | Acquisition | 700 | 4.200000 | Euronext Lisbon | 26,581,510 |
| 2-Jun-20 | Acquisition | 300 | 4.200000 | Euronext Lisbon | 26,581,810 |
| 2-Jun-20 | Acquisition | 1,473 | 4.200000 | Euronext Lisbon | 26,583,283 |
| 2-Jun-20 | Acquisition | 656 | 4.202000 | Euronext Lisbon | 26,583,939 |
| 2-Jun-20 | Acquisition | 720 | 4.202000 | Euronext Lisbon | 26,584,659 |
| 2-Jun-20 | Acquisition | 560 | 4.202000 | Euronext Lisbon | 26,585,219 |
| 2-Jun-20 | Acquisition | 625 | 4.204000 | Euronext Lisbon | 26,585,844 |
| 2-Jun-20 | Acquisition | 347 | 4.204000 | Euronext Lisbon | 26,586,191 |
| 2-Jun-20 | Acquisition | 720 | 4.204000 | Euronext Lisbon | 26,586,911 |
| 2-Jun-20 | Acquisition | 942 | 4.204000 | Euronext Lisbon | 26,587,853 |
| 2-Jun-20 | Acquisition | 21 | 4.204000 | Euronext Lisbon | 26,587,874 |
| 2-Jun-20 | Acquisition | 1,750 | 4.210000 | Euronext Lisbon | 26,589,624 |
| 2-Jun-20 | Acquisition | 23 | 4.210000 | Euronext Lisbon | 26,589,647 |
| 2-Jun-20 | Acquisition | 227 | 4.210000 | Euronext Lisbon | 26,589,874 |
| 2-Jun-20 | Acquisition | 1,000 | 4.210000 | Euronext Lisbon | 26,590,874 |
| 2-Jun-20 | Acquisition | 700 | 4.200000 | Euronext Lisbon | 26,591,574 |
| 2-Jun-20 | Acquisition | 667 | 4.202000 | Euronext Lisbon | 26,592,241 |
| 2-Jun-20 | Acquisition | 667 | 4.204000 | Euronext Lisbon | 26,592,908 |
| 2-Jun-20 | Acquisition | 1,100 | 4.206000 | Euronext Lisbon | 26,594,008 |
| 2-Jun-20 | Acquisition | 667 | 4.206000 | Euronext Lisbon | 26,594,675 |
| 2-Jun-20 | Acquisition | 199 | 4.206000 | Euronext Lisbon | 26,594,874 |

DO CONSELHO DE AD
II. Appendixes to the management report
| MINISTRAÇÃO | |||||
|---|---|---|---|---|---|
| Date | Type | Volume | Price (€) | Place | No. of shares |
| 2-Jun-20 | Acquisition | 160 | 4.200000 | Euronext Lisbon | 26,595,034 |
| 2-Jun-20 | Acquisition | 310 | 4.202000 | Euronext Lisbon | 26,595,344 |
| 2-Jun-20 | Acquisition | 1,035 | 4.204000 | Euronext Lisbon | 26,596,379 |
| 2-Jun-20 | Acquisition | 60 | 4.206000 | Euronext Lisbon | 26,596,439 |
| 2-Jun-20 | Acquisition | 154 | 4.206000 | Euronext Lisbon | 26,596,593 |
| 2-Jun-20 | Acquisition | 511 | 4.206000 | Euronext Lisbon | 26,597,104 |
| 2-Jun-20 | Acquisition | 654 | 4.206000 | Euronext Lisbon | 26,597,758 |
| 2-Jun-20 | Acquisition | 667 | 4.206000 | Euronext Lisbon | 26,598,425 |
| 2-Jun-20 | Acquisition | 717 | 4.206000 | Euronext Lisbon | 26,599,142 |
| 2-Jun-20 | Acquisition | 260 | 4.208000 | Euronext Lisbon | 26,599,402 |
| 2-Jun-20 | Acquisition | 649 | 4.208000 | Euronext Lisbon | 26,600,051 |
| 2-Jun-20 | Acquisition | 870 | 4.208000 | Euronext Lisbon | 26,600,921 |
| 2-Jun-20 | Acquisition | 953 | 4.208000 | Euronext Lisbon | 26,601,874 |
| 2-Jun-20 | Acquisition | 700 | 4.206000 | Euronext Lisbon | 26,602,574 |
| 2-Jun-20 | Acquisition | 1,100 | 4.206000 | Euronext Lisbon | 26,603,674 |
| 2-Jun-20 | Acquisition | 534 | 4.206000 | Euronext Lisbon | 26,604,208 |
| 2-Jun-20 | Acquisition | 10 | 4.206000 | Euronext Lisbon | 26,604,218 |
| 2-Jun-20 | Acquisition | 197 | 4.206000 | Euronext Lisbon | 26,604,415 |
| 2-Jun-20 | Acquisition | 3,459 | 4.206000 | Euronext Lisbon | 26,607,874 |
| 2-Jun-20 | Acquisition | 6,000 | 4.218000 | Euronext Lisbon | 26,613,874 |
| 2-Jun-20 | Acquisition | 644 | 4.218000 | Euronext Lisbon | 26,614,518 |
| 2-Jun-20 | Acquisition | 2,000 | 4.218000 | Euronext Lisbon | 26,616,518 |
| 2-Jun-20 | Acquisition | 162 | 4.218000 | Euronext Lisbon | 26,616,680 |
| 2-Jun-20 | Acquisition | 124 | 4.218000 | Euronext Lisbon | 26,616,804 |
| 2-Jun-20 | Acquisition | 70 | 4.220000 | Euronext Lisbon | 26,616,874 |
| 30-Jun-20 | - | - | - | - | 26,616,874 |
João Manuel Matos Borges de Oliveira (imputation through CADERNO AZUL, S.A.)
| Date | Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 31-Dec-19 | - | - | - | - | 30,000,000 |
| 24-Jan-20 | Acquisition | 1,000,000 | 5.800000 | Euronext Lisbon | 31,000,000 |
| 30-Jun-20 | - | - | - | - | 31,000,000 |

DO CONSELHO DE AD
MINISTRAÇÃO
| Date | Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 31-Dec-19 | - | - | - | - | 24,850,110 |
| 29-Jan-20 | Acquisition | 1,000,000 | 5.840000 | Euronext Lisbon | 25,850,110 |
| 16-Mar-20 | Acquisition | 750 | 3.182000 | Euronext Lisbon | 25,850,860 |
| 16-Mar-20 | Acquisition | 1,682 | 3.182000 | Euronext Lisbon | 25,852,542 |
| 16-Mar-20 | Acquisition | 556 | 3.182000 | Euronext Lisbon | 25,853,098 |
| 16-Mar-20 | Acquisition | 552 | 3.184000 | Euronext Lisbon | 25,853,650 |
| 16-Mar-20 | Acquisition | 564 | 3.184000 | Euronext Lisbon | 25,854,214 |
| 16-Mar-20 | Acquisition | 1,194 | 3.184000 | Euronext Lisbon | 25,855,408 |
| 16-Mar-20 | Acquisition | 3,600 | 3.190000 | Euronext Lisbon | 25,859,008 |
| 16-Mar-20 | Acquisition | 951 | 3.190000 | Euronext Lisbon | 25,859,959 |
| 16-Mar-20 | Acquisition | 1,002 | 3.190000 | Euronext Lisbon | 25,860,961 |
| 16-Mar-20 | Acquisition | 1,021 | 3.190000 | Euronext Lisbon | 25,861,982 |
| 16-Mar-20 | Acquisition | 500 | 3.192000 | Euronext Lisbon | 25,862,482 |
| 16-Mar-20 | Acquisition | 610 | 3.196000 | Euronext Lisbon | 25,863,092 |
| 16-Mar-20 | Acquisition | 19,535 | 3.198000 | Euronext Lisbon | 25,882,627 |
| 16-Mar-20 | Acquisition | 500 | 3.200000 | Euronext Lisbon | 25,883,127 |
| 16-Mar-20 | Acquisition | 1,600 | 3.202000 | Euronext Lisbon | 25,884,727 |
| 16-Mar-20 | Acquisition | 236 | 3.204000 | Euronext Lisbon | 25,884,963 |
| 16-Mar-20 | Acquisition | 1,720 | 3.206000 | Euronext Lisbon | 25,886,683 |
| 16-Mar-20 | Acquisition | 750 | 3.210000 | Euronext Lisbon | 25,887,433 |
| 16-Mar-20 | Acquisition | 1,000 | 3.210000 | Euronext Lisbon | 25,888,433 |
| 16-Mar-20 | Acquisition | 6,189 | 3.214000 | Euronext Lisbon | 25,894,622 |
| 16-Mar-20 | Acquisition | 1,140 | 3.218000 | Euronext Lisbon | 25,895,762 |
| 16-Mar-20 | Acquisition | 5,000 | 3.220000 | Euronext Lisbon | 25,900,762 |
| 16-Mar-20 | Acquisition | 750 | 3.222000 | Euronext Lisbon | 25,901,512 |
| 16-Mar-20 | Acquisition | 2,000 | 3.222000 | Euronext Lisbon | 25,903,512 |
| 16-Mar-20 | Acquisition | 1,854 | 3.190000 | Euronext Lisbon | 25,905,366 |
| 16-Mar-20 | Acquisition | 1,112 | 3.190000 | Euronext Lisbon | 25,906,478 |
| 16-Mar-20 | Acquisition | 617 | 3.190000 | Euronext Lisbon | 25,907,095 |
| 16-Mar-20 | Acquisition | 1,051 | 3.190000 | Euronext Lisbon | 25,908,146 |
| 16-Mar-20 | Acquisition | 2,564 | 3.192000 | Euronext Lisbon | 25,910,710 |
| 16-Mar-20 | Acquisition | 954 | 3.198000 | Euronext Lisbon | 25,911,664 |
| 16-Mar-20 | Acquisition | 500 | 3.200000 | Euronext Lisbon | 25,912,164 |
| 16-Mar-20 | Acquisition | 970 | 3.212000 | Euronext Lisbon | 25,913,134 |
| 16-Mar-20 | Acquisition | 527 | 3.212000 | Euronext Lisbon | 25,913,661 |
| 16-Mar-20 | Acquisition | 675 | 3.212000 | Euronext Lisbon | 25,914,336 |
| 16-Mar-20 | Acquisition | 1,077 | 3.212000 | Euronext Lisbon | 25,915,413 |
| 16-Mar-20 | Acquisition | 750 | 3.218000 | Euronext Lisbon | 25,916,163 |
| 16-Mar-20 | Acquisition | 669 | 3.222000 | Euronext Lisbon | 25,916,832 |
| 16-Mar-20 | Acquisition | 500 | 3.224000 | Euronext Lisbon | 25,917,332 |
| 16-Mar-20 | Acquisition | 19,535 | 3.226000 | Euronext Lisbon | 25,936,867 |
| 16-Mar-20 | Acquisition | 39 | 3.196000 | Euronext Lisbon | 25,936,906 |
| 16-Mar-20 | Acquisition | 961 | 3.196000 | Euronext Lisbon | 25,937,867 |
| 16-Mar-20 | Acquisition | 961 | 3.196000 | Euronext Lisbon | 25,938,828 |
| 16-Mar-20 | Acquisition | 39 | 3.196000 | Euronext Lisbon | 25,938,867 |
Domingos José Vieira de Matos (imputation through LIVREFLUXO, S.A.)

DO CONSELHO DE AD
| MINISTRAÇÃO | |||||
|---|---|---|---|---|---|
| Date | Type | Volume | Price (€) | Place | No. of shares |
| 16-Mar-20 | Acquisition | 922 | 3.196000 | Euronext Lisbon | 25,939,789 |
| 16-Mar-20 | Acquisition | 1,000 | 3.196000 | Euronext Lisbon | 25,940,789 |
| 16-Mar-20 | Acquisition | 464 | 3.196000 | Euronext Lisbon | 25,941,253 |
| 16-Mar-20 | Acquisition | 372 | 3.196000 | Euronext Lisbon | 25,941,625 |
| 16-Mar-20 | Acquisition | 164 | 3.196000 | Euronext Lisbon | 25,941,789 |
| 16-Mar-20 | Acquisition | 1,000 | 3.196000 | Euronext Lisbon | 25,942,789 |
| 16-Mar-20 | Acquisition | 1,000 | 3.196000 | Euronext Lisbon | 25,943,789 |
| 16-Mar-20 | Acquisition | 1,000 | 3.196000 | Euronext Lisbon | 25,944,789 |
| 16-Mar-20 | Acquisition | 2,078 | 3.196000 | Euronext Lisbon | 25,946,867 |
| 16-Mar-20 | Acquisition | 1,500 | 3.188000 | Euronext Lisbon | 25,948,367 |
| 16-Mar-20 | Acquisition | 371 | 3.208000 | Euronext Lisbon | 25,948,738 |
| 16-Mar-20 | Acquisition | 1,390 | 3.208000 | Euronext Lisbon | 25,950,128 |
| 16-Mar-20 | Acquisition | 745 | 3.208000 | Euronext Lisbon | 25,950,873 |
| 16-Mar-20 | Acquisition | 294 | 3.208000 | Euronext Lisbon | 25,951,167 |
| 16-Mar-20 | Acquisition | 509 | 3.212000 | Euronext Lisbon | 25,951,676 |
| 16-Mar-20 | Acquisition | 371 | 3.212000 | Euronext Lisbon | 25,952,047 |
| 16-Mar-20 | Acquisition | 767 | 3.218000 | Euronext Lisbon | 25,952,814 |
| 16-Mar-20 | Acquisition | 500 | 3.218000 | Euronext Lisbon | 25,953,314 |
| 16-Mar-20 | Acquisition | 1,078 | 3.218000 | Euronext Lisbon | 25,954,392 |
| 16-Mar-20 | Acquisition | 750 | 3.220000 | Euronext Lisbon | 25,955,142 |
| 16-Mar-20 | Acquisition | 828 | 3.224000 | Euronext Lisbon | 25,955,970 |
| 16-Mar-20 | Acquisition | 19,535 | 3.224000 | Euronext Lisbon | 25,975,505 |
| 16-Mar-20 | Acquisition | 500 | 3.226000 | Euronext Lisbon | 25,976,005 |
| 16-Mar-20 | Acquisition | 518 | 3.240000 | Euronext Lisbon | 25,976,523 |
| 16-Mar-20 | Acquisition | 1,236 | 3.240000 | Euronext Lisbon | 25,977,759 |
| 16-Mar-20 | Acquisition | 368 | 3.240000 | Euronext Lisbon | 25,978,127 |
| 16-Mar-20 | Acquisition | 750 | 3.246000 | Euronext Lisbon | 25,978,877 |
| 16-Mar-20 | Acquisition | 1,000 | 3.250000 | Euronext Lisbon | 25,979,877 |
| 16-Mar-20 | Acquisition | 350 | 3.250000 | Euronext Lisbon | 25,980,227 |
| 16-Mar-20 | Acquisition | 500 | 3.250000 | Euronext Lisbon | 25,980,727 |
| 16-Mar-20 | Acquisition | 1,150 | 3.250000 | Euronext Lisbon | 25,981,877 |
| 16-Mar-20 | Acquisition | 500 | 3.250000 | Euronext Lisbon | 25,982,377 |
| 16-Mar-20 | Acquisition | 1,500 | 3.234000 | Euronext Lisbon | 25,983,877 |
| 16-Mar-20 | Acquisition | 1,500 | 3.234000 | Euronext Lisbon | 25,985,377 |
| 16-Mar-20 | Acquisition | 1,500 | 3.234000 | Euronext Lisbon | 25,986,877 |
| 16-Mar-20 | Acquisition | 915 | 3.234000 | Euronext Lisbon | 25,987,792 |
| 16-Mar-20 | Acquisition | 585 | 3.234000 | Euronext Lisbon | 25,988,377 |
| 16-Mar-20 | Acquisition | 73 | 3.234000 | Euronext Lisbon | 25,988,450 |
| 16-Mar-20 | Acquisition | 750 | 3.234000 | Euronext Lisbon | 25,989,200 |
| 16-Mar-20 | Acquisition | 750 | 3.234000 | Euronext Lisbon | 25,989,950 |
| 16-Mar-20 | Acquisition | 1,000 | 3.234000 | Euronext Lisbon | 25,990,950 |
| 16-Mar-20 | Acquisition | 500 | 3.234000 | Euronext Lisbon | 25,991,450 |
| 16-Mar-20 | Acquisition | 750 | 3.234000 | Euronext Lisbon | 25,992,200 |
| 16-Mar-20 | Acquisition | 750 | 3.234000 | Euronext Lisbon | 25,992,950 |
| 16-Mar-20 | Acquisition | 1,500 | 3.234000 | Euronext Lisbon | 25,994,450 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 16-Mar-20 | Acquisition | 658 | 3.234000 | Euronext Lisbon | 25,995,108 |
| 16-Mar-20 | Acquisition | 842 | 3.234000 | Euronext Lisbon | 25,995,950 |
| 16-Mar-20 | Acquisition | 1,300 | 3.234000 | Euronext Lisbon | 25,997,250 |
| 16-Mar-20 | Acquisition | 200 | 3.234000 | Euronext Lisbon | 25,997,450 |
| 16-Mar-20 | Acquisition | 17 | 3.234000 | Euronext Lisbon | 25,997,467 |
| 16-Mar-20 | Acquisition | 1,483 | 3.234000 | Euronext Lisbon | 25,998,950 |
| 16-Mar-20 | Acquisition | 1,500 | 3.234000 | Euronext Lisbon | 26,000,450 |
| 16-Mar-20 | Acquisition | 126 | 3.234000 | Euronext Lisbon | 26,000,576 |
| 16-Mar-20 | Acquisition | 1,500 | 3.234000 | Euronext Lisbon | 26,002,076 |
| 16-Mar-20 | Acquisition | 126 | 3.234000 | Euronext Lisbon | 26,002,202 |
| 16-Mar-20 | Acquisition | 175 | 3.234000 | Euronext Lisbon | 26,002,377 |
| 16-Mar-20 | Acquisition | 27 | 3.224000 | Euronext Lisbon | 26,002,404 |
| 16-Mar-20 | Acquisition | 1,973 | 3.224000 | Euronext Lisbon | 26,004,377 |
| 16-Mar-20 | Acquisition | 2,000 | 3.224000 | Euronext Lisbon | 26,006,377 |
| 16-Mar-20 | Acquisition | 2,000 | 3.224000 | Euronext Lisbon | 26,008,377 |
| 16-Mar-20 | Acquisition | 2,000 | 3.224000 | Euronext Lisbon | 26,010,377 |
| 16-Mar-20 | Acquisition | 493 | 3.224000 | Euronext Lisbon | 26,010,870 |
| 16-Mar-20 | Acquisition | 1,507 | 3.224000 | Euronext Lisbon | 26,012,377 |
| 16-Mar-20 | Acquisition | 422 | 3.228000 | Euronext Lisbon | 26,012,799 |
| 16-Mar-20 | Acquisition | 419 | 3.230000 | Euronext Lisbon | 26,013,218 |
| 16-Mar-20 | Acquisition | 750 | 3.232000 | Euronext Lisbon | 26,013,968 |
| 16-Mar-20 | Acquisition | 1,009 | 3.234000 | Euronext Lisbon | 26,014,977 |
| 16-Mar-20 | Acquisition | 750 | 3.238000 | Euronext Lisbon | 26,015,727 |
| 16-Mar-20 | Acquisition | 909 | 3.238000 | Euronext Lisbon | 26,016,636 |
| 16-Mar-20 | Acquisition | 500 | 3.240000 | Euronext Lisbon | 26,017,136 |
| 16-Mar-20 | Acquisition | 435 | 3.242000 | Euronext Lisbon | 26,017,571 |
| 16-Mar-20 | Acquisition | 750 | 3.244000 | Euronext Lisbon | 26,018,321 |
| 16-Mar-20 | Acquisition | 500 | 3.246000 | Euronext Lisbon | 26,018,821 |
| 16-Mar-20 | Acquisition | 19,535 | 3.252000 | Euronext Lisbon | 26,038,356 |
| 16-Mar-20 | Acquisition | 9,032 | 3.252000 | Euronext Lisbon | 26,047,388 |
| 16-Mar-20 | Acquisition | 232 | 3.252000 | Euronext Lisbon | 26,047,620 |
| 16-Mar-20 | Acquisition | 21,494 | 3.252000 | Euronext Lisbon | 26,069,114 |
| 16-Mar-20 | Acquisition | 2,086 | 3.252000 | Euronext Lisbon | 26,071,200 |
| 16-Mar-20 | Acquisition | 660 | 3.252000 | Euronext Lisbon | 26,071,860 |
| 16-Mar-20 | Acquisition | 3,005 | 3.252000 | Euronext Lisbon | 26,074,865 |
| 16-Mar-20 | Acquisition | 1,934 | 3.252000 | Euronext Lisbon | 26,076,799 |
| 16-Mar-20 | Acquisition | 21,806 | 3.252000 | Euronext Lisbon | 26,098,605 |
| 16-Mar-20 | Acquisition | 1,000 | 3.252000 | Euronext Lisbon | 26,099,605 |
| 16-Mar-20 | Acquisition | 492 | 3.252000 | Euronext Lisbon | 26,100,097 |
| 16-Mar-20 | Acquisition | 12,280 | 3.252000 | Euronext Lisbon | 26,112,377 |
| 16-Mar-20 | Acquisition | 227 | 3.244000 | Euronext Lisbon | 26,112,604 |
| 16-Mar-20 | Acquisition | 1,418 | 3.244000 | Euronext Lisbon | 26,114,022 |
| 16-Mar-20 | Acquisition | 654 | 3.246000 | Euronext Lisbon | 26,114,676 |
| 16-Mar-20 | Acquisition | 686 | 3.246000 | Euronext Lisbon | 26,115,362 |
| 16-Mar-20 | Acquisition | 245 | 3.246000 | Euronext Lisbon | 26,115,607 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 16-Mar-20 | Acquisition | 750 | 3.250000 | Euronext Lisbon | 26,116,357 |
| 16-Mar-20 | Acquisition | 3,753 | 3.250000 | Euronext Lisbon | 26,120,110 |
| 16-Mar-20 | Acquisition | 500 | 3.246000 | Euronext Lisbon | 26,120,610 |
| 16-Mar-20 | Acquisition | 804 | 3.246000 | Euronext Lisbon | 26,121,414 |
| 16-Mar-20 | Acquisition | 262 | 3.246000 | Euronext Lisbon | 26,121,676 |
| 16-Mar-20 | Acquisition | 251 | 3.246000 | Euronext Lisbon | 26,121,927 |
| 16-Mar-20 | Acquisition | 442 | 3.246000 | Euronext Lisbon | 26,122,369 |
| 16-Mar-20 | Acquisition | 429 | 3.248000 | Euronext Lisbon | 26,122,798 |
| 16-Mar-20 | Acquisition | 703 | 3.248000 | Euronext Lisbon | 26,123,501 |
| 16-Mar-20 | Acquisition | 1,179 | 3.248000 | Euronext Lisbon | 26,124,680 |
| 16-Mar-20 | Acquisition | 890 | 3.248000 | Euronext Lisbon | 26,125,570 |
| 16-Mar-20 | Acquisition | 820 | 3.250000 | Euronext Lisbon | 26,126,390 |
| 16-Mar-20 | Acquisition | 5,000 | 3.250000 | Euronext Lisbon | 26,131,390 |
| 16-Mar-20 | Acquisition | 262 | 3.250000 | Euronext Lisbon | 26,131,652 |
| 16-Mar-20 | Acquisition | 8,458 | 3.242000 | Euronext Lisbon | 26,140,110 |
| 17-Mar-20 | Acquisition | 200 | 3.150000 | Euronext Lisbon | 26,140,310 |
| 17-Mar-20 | Acquisition | 400 | 3.150000 | Euronext Lisbon | 26,140,710 |
| 17-Mar-20 | Acquisition | 1,400 | 3.150000 | Euronext Lisbon | 26,142,110 |
| 17-Mar-20 | Acquisition | 2,000 | 3.150000 | Euronext Lisbon | 26,144,110 |
| 17-Mar-20 | Acquisition | 2,000 | 3.150000 | Euronext Lisbon | 26,146,110 |
| 17-Mar-20 | Acquisition | 1,789 | 3.150000 | Euronext Lisbon | 26,147,899 |
| 17-Mar-20 | Acquisition | 211 | 3.150000 | Euronext Lisbon | 26,148,110 |
| 17-Mar-20 | Acquisition | 683 | 3.150000 | Euronext Lisbon | 26,148,793 |
| 17-Mar-20 | Acquisition | 1,317 | 3.150000 | Euronext Lisbon | 26,150,110 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,150,510 |
| 17-Mar-20 | Acquisition | 109 | 3.140000 | Euronext Lisbon | 26,150,619 |
| 17-Mar-20 | Acquisition | 325 | 3.140000 | Euronext Lisbon | 26,150,944 |
| 17-Mar-20 | Acquisition | 927 | 3.140000 | Euronext Lisbon | 26,151,871 |
| 17-Mar-20 | Acquisition | 239 | 3.140000 | Euronext Lisbon | 26,152,110 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,152,510 |
| 17-Mar-20 | Acquisition | 1,400 | 3.140000 | Euronext Lisbon | 26,153,910 |
| 17-Mar-20 | Acquisition | 200 | 3.140000 | Euronext Lisbon | 26,154,110 |
| 17-Mar-20 | Acquisition | 90 | 3.140000 | Euronext Lisbon | 26,154,200 |
| 17-Mar-20 | Acquisition | 1,019 | 3.140000 | Euronext Lisbon | 26,155,219 |
| 17-Mar-20 | Acquisition | 891 | 3.140000 | Euronext Lisbon | 26,156,110 |
| 17-Mar-20 | Acquisition | 354 | 3.140000 | Euronext Lisbon | 26,156,464 |
| 17-Mar-20 | Acquisition | 1,646 | 3.140000 | Euronext Lisbon | 26,158,110 |
| 17-Mar-20 | Acquisition | 2,000 | 3.140000 | Euronext Lisbon | 26,160,110 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,160,510 |
| 17-Mar-20 | Acquisition | 689 | 3.140000 | Euronext Lisbon | 26,161,199 |
| 17-Mar-20 | Acquisition | 911 | 3.140000 | Euronext Lisbon | 26,162,110 |
| 17-Mar-20 | Acquisition | 966 | 3.140000 | Euronext Lisbon | 26,163,076 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,163,476 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,163,876 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,164,276 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,164,676 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,165,076 |
| 17-Mar-20 | Acquisition | 1,600 | 3.140000 | Euronext Lisbon | 26,166,676 |
| 17-Mar-20 | Acquisition | 400 | 3.140000 | Euronext Lisbon | 26,167,076 |
| 17-Mar-20 | Acquisition | 750 | 3.140000 | Euronext Lisbon | 26,167,826 |
| 17-Mar-20 | Acquisition | 793 | 3.140000 | Euronext Lisbon | 26,168,619 |
| 17-Mar-20 | Acquisition | 457 | 3.140000 | Euronext Lisbon | 26,169,076 |
| 17-Mar-20 | Acquisition | 366 | 3.140000 | Euronext Lisbon | 26,169,442 |
| 17-Mar-20 | Acquisition | 457 | 3.140000 | Euronext Lisbon | 26,169,899 |
| 17-Mar-20 | Acquisition | 211 | 3.140000 | Euronext Lisbon | 26,170,110 |
| 17-Mar-20 | Acquisition | 1,500 | 3.130000 | Euronext Lisbon | 26,171,610 |
| 17-Mar-20 | Acquisition | 621 | 3.130000 | Euronext Lisbon | 26,172,231 |
| 17-Mar-20 | Acquisition | 879 | 3.130000 | Euronext Lisbon | 26,173,110 |
| 17-Mar-20 | Acquisition | 1,013 | 3.130000 | Euronext Lisbon | 26,174,123 |
| 17-Mar-20 | Acquisition | 487 | 3.130000 | Euronext Lisbon | 26,174,610 |
| 17-Mar-20 | Acquisition | 1,234 | 3.130000 | Euronext Lisbon | 26,175,844 |
| 17-Mar-20 | Acquisition | 266 | 3.130000 | Euronext Lisbon | 26,176,110 |
| 17-Mar-20 | Acquisition | 167 | 3.130000 | Euronext Lisbon | 26,176,277 |
| 17-Mar-20 | Acquisition | 1,333 | 3.130000 | Euronext Lisbon | 26,177,610 |
| 17-Mar-20 | Acquisition | 167 | 3.130000 | Euronext Lisbon | 26,177,777 |
| 17-Mar-20 | Acquisition | 400 | 3.150000 | Euronext Lisbon | 26,178,177 |
| 17-Mar-20 | Acquisition | 873 | 3.150000 | Euronext Lisbon | 26,179,050 |
| 17-Mar-20 | Acquisition | 227 | 3.150000 | Euronext Lisbon | 26,179,277 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,180,777 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,182,277 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,183,777 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,185,277 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,186,777 |
| 17-Mar-20 | Acquisition | 347 | 3.150000 | Euronext Lisbon | 26,187,124 |
| 17-Mar-20 | Acquisition | 500 | 3.150000 | Euronext Lisbon | 26,187,624 |
| 17-Mar-20 | Acquisition | 653 | 3.150000 | Euronext Lisbon | 26,188,277 |
| 17-Mar-20 | Acquisition | 283 | 3.150000 | Euronext Lisbon | 26,188,560 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,190,060 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,191,560 |
| 17-Mar-20 | Acquisition | 814 | 3.150000 | Euronext Lisbon | 26,192,374 |
| 17-Mar-20 | Acquisition | 500 | 3.150000 | Euronext Lisbon | 26,192,874 |
| 17-Mar-20 | Acquisition | 500 | 3.150000 | Euronext Lisbon | 26,193,374 |
| 17-Mar-20 | Acquisition | 500 | 3.150000 | Euronext Lisbon | 26,193,874 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,195,374 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,196,874 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,198,374 |
| 17-Mar-20 | Acquisition | 1,500 | 3.150000 | Euronext Lisbon | 26,199,874 |
| 17-Mar-20 | Acquisition | 236 | 3.150000 | Euronext Lisbon | 26,200,110 |
| 17-Mar-20 | Acquisition | 1,000 | 3.146000 | Euronext Lisbon | 26,201,110 |
| 17-Mar-20 | Acquisition | 1,200 | 3.146000 | Euronext Lisbon | 26,202,310 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 17-Mar-20 | Acquisition | 1,200 | 3.146000 | Euronext Lisbon | 26,203,510 |
| 17-Mar-20 | Acquisition | 1,000 | 3.146000 | Euronext Lisbon | 26,204,510 |
| 17-Mar-20 | Acquisition | 200 | 3.146000 | Euronext Lisbon | 26,204,710 |
| 17-Mar-20 | Acquisition | 323 | 3.146000 | Euronext Lisbon | 26,205,033 |
| 17-Mar-20 | Acquisition | 800 | 3.146000 | Euronext Lisbon | 26,205,833 |
| 17-Mar-20 | Acquisition | 1,077 | 3.146000 | Euronext Lisbon | 26,206,910 |
| 17-Mar-20 | Acquisition | 323 | 3.146000 | Euronext Lisbon | 26,207,233 |
| 17-Mar-20 | Acquisition | 2,200 | 3.146000 | Euronext Lisbon | 26,209,433 |
| 17-Mar-20 | Acquisition | 600 | 3.146000 | Euronext Lisbon | 26,210,033 |
| 17-Mar-20 | Acquisition | 934 | 3.146000 | Euronext Lisbon | 26,210,967 |
| 17-Mar-20 | Acquisition | 1,266 | 3.146000 | Euronext Lisbon | 26,212,233 |
| 17-Mar-20 | Acquisition | 2,200 | 3.146000 | Euronext Lisbon | 26,214,433 |
| 17-Mar-20 | Acquisition | 2,200 | 3.146000 | Euronext Lisbon | 26,216,633 |
| 17-Mar-20 | Acquisition | 331 | 3.146000 | Euronext Lisbon | 26,216,964 |
| 17-Mar-20 | Acquisition | 1,869 | 3.146000 | Euronext Lisbon | 26,218,833 |
| 17-Mar-20 | Acquisition | 1,021 | 3.146000 | Euronext Lisbon | 26,219,854 |
| 17-Mar-20 | Acquisition | 2,003 | 3.146000 | Euronext Lisbon | 26,221,857 |
| 17-Mar-20 | Acquisition | 197 | 3.146000 | Euronext Lisbon | 26,222,054 |
| 17-Mar-20 | Acquisition | 1,022 | 3.146000 | Euronext Lisbon | 26,223,076 |
| 17-Mar-20 | Acquisition | 1,178 | 3.146000 | Euronext Lisbon | 26,224,254 |
| 17-Mar-20 | Acquisition | 1,178 | 3.146000 | Euronext Lisbon | 26,225,432 |
| 17-Mar-20 | Acquisition | 1,022 | 3.146000 | Euronext Lisbon | 26,226,454 |
| 17-Mar-20 | Acquisition | 156 | 3.146000 | Euronext Lisbon | 26,226,610 |
| 17-Mar-20 | Acquisition | 2,200 | 3.146000 | Euronext Lisbon | 26,228,810 |
| 17-Mar-20 | Acquisition | 2,200 | 3.146000 | Euronext Lisbon | 26,231,010 |
| 17-Mar-20 | Acquisition | 1,786 | 3.146000 | Euronext Lisbon | 26,232,796 |
| 17-Mar-20 | Acquisition | 199 | 3.146000 | Euronext Lisbon | 26,232,995 |
| 17-Mar-20 | Acquisition | 215 | 3.146000 | Euronext Lisbon | 26,233,210 |
| 17-Mar-20 | Acquisition | 199 | 3.146000 | Euronext Lisbon | 26,233,409 |
| 17-Mar-20 | Acquisition | 2,200 | 3.146000 | Euronext Lisbon | 26,235,609 |
| 17-Mar-20 | Acquisition | 2,200 | 3.146000 | Euronext Lisbon | 26,237,809 |
| 17-Mar-20 | Acquisition | 2,200 | 3.150000 | Euronext Lisbon | 26,240,009 |
| 17-Mar-20 | Acquisition | 2,200 | 3.150000 | Euronext Lisbon | 26,242,209 |
| 17-Mar-20 | Acquisition | 174 | 3.150000 | Euronext Lisbon | 26,242,383 |
| 17-Mar-20 | Acquisition | 2,000 | 3.150000 | Euronext Lisbon | 26,244,383 |
| 17-Mar-20 | Acquisition | 200 | 3.150000 | Euronext Lisbon | 26,244,583 |
| 17-Mar-20 | Acquisition | 1,400 | 3.150000 | Euronext Lisbon | 26,245,983 |
| 17-Mar-20 | Acquisition | 2,200 | 3.150000 | Euronext Lisbon | 26,248,183 |
| 17-Mar-20 | Acquisition | 374 | 3.150000 | Euronext Lisbon | 26,248,557 |
| 17-Mar-20 | Acquisition | 1,553 | 3.150000 | Euronext Lisbon | 26,250,110 |
| 17-Mar-20 | Acquisition | 2,500 | 3.140000 | Euronext Lisbon | 26,252,610 |
| 17-Mar-20 | Acquisition | 796 | 3.140000 | Euronext Lisbon | 26,253,406 |
| 17-Mar-20 | Acquisition | 1,704 | 3.140000 | Euronext Lisbon | 26,255,110 |
| 17-Mar-20 | Acquisition | 1,704 | 3.140000 | Euronext Lisbon | 26,256,814 |
| 17-Mar-20 | Acquisition | 796 | 3.140000 | Euronext Lisbon | 26,257,610 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 17-Mar-20 | Acquisition | 908 | 3.140000 | Euronext Lisbon | 26,258,518 |
| 17-Mar-20 | Acquisition | 577 | 3.140000 | Euronext Lisbon | 26,259,095 |
| 17-Mar-20 | Acquisition | 1,600 | 3.140000 | Euronext Lisbon | 26,260,695 |
| 17-Mar-20 | Acquisition | 323 | 3.140000 | Euronext Lisbon | 26,261,018 |
| 17-Mar-20 | Acquisition | 323 | 3.140000 | Euronext Lisbon | 26,261,341 |
| 17-Mar-20 | Acquisition | 323 | 3.140000 | Euronext Lisbon | 26,261,664 |
| 17-Mar-20 | Acquisition | 323 | 3.140000 | Euronext Lisbon | 26,261,987 |
| 17-Mar-20 | Acquisition | 323 | 3.140000 | Euronext Lisbon | 26,262,310 |
| 17-Mar-20 | Acquisition | 1,200 | 3.140000 | Euronext Lisbon | 26,263,510 |
| 18-Mar-20 | Acquisition | 1,665 | 2.956000 | Euronext Lisbon | 26,265,175 |
| 18-Mar-20 | Acquisition | 564 | 2.956000 | Euronext Lisbon | 26,265,739 |
| 18-Mar-20 | Acquisition | 1,162 | 2.956000 | Euronext Lisbon | 26,266,901 |
| 18-Mar-20 | Acquisition | 1,000 | 2.956000 | Euronext Lisbon | 26,267,901 |
| 18-Mar-20 | Acquisition | 4,000 | 2.956000 | Euronext Lisbon | 26,271,901 |
| 18-Mar-20 | Acquisition | 524 | 2.956000 | Euronext Lisbon | 26,272,425 |
| 18-Mar-20 | Acquisition | 1,373 | 2.956000 | Euronext Lisbon | 26,273,798 |
| 18-Mar-20 | Acquisition | 1,000 | 2.956000 | Euronext Lisbon | 26,274,798 |
| 18-Mar-20 | Acquisition | 1,000 | 2.956000 | Euronext Lisbon | 26,275,798 |
| 18-Mar-20 | Acquisition | 1,627 | 2.956000 | Euronext Lisbon | 26,277,425 |
| 18-Mar-20 | Acquisition | 373 | 2.956000 | Euronext Lisbon | 26,277,798 |
| 18-Mar-20 | Acquisition | 1,400 | 2.956000 | Euronext Lisbon | 26,279,198 |
| 18-Mar-20 | Acquisition | 3,600 | 2.956000 | Euronext Lisbon | 26,282,798 |
| 18-Mar-20 | Acquisition | 712 | 2.956000 | Euronext Lisbon | 26,283,510 |
| 18-Mar-20 | Acquisition | 1,600 | 2.950000 | Euronext Lisbon | 26,285,110 |
| 18-Mar-20 | Acquisition | 1,600 | 2.950000 | Euronext Lisbon | 26,286,710 |
| 18-Mar-20 | Acquisition | 1,600 | 2.950000 | Euronext Lisbon | 26,288,310 |
| 18-Mar-20 | Acquisition | 200 | 2.950000 | Euronext Lisbon | 26,288,510 |
| 18-Mar-20 | Acquisition | 1,600 | 2.950000 | Euronext Lisbon | 26,290,110 |
| 18-Mar-20 | Acquisition | 3,177 | 2.950000 | Euronext Lisbon | 26,293,287 |
| 18-Mar-20 | Acquisition | 500 | 2.950000 | Euronext Lisbon | 26,293,787 |
| 18-Mar-20 | Acquisition | 750 | 2.982000 | Euronext Lisbon | 26,294,537 |
| 18-Mar-20 | Acquisition | 648 | 2.982000 | Euronext Lisbon | 26,295,185 |
| 18-Mar-20 | Acquisition | 748 | 2.982000 | Euronext Lisbon | 26,295,933 |
| 18-Mar-20 | Acquisition | 6,519 | 2.982000 | Euronext Lisbon | 26,302,452 |
| 18-Mar-20 | Acquisition | 255 | 2.982000 | Euronext Lisbon | 26,302,707 |
| 18-Mar-20 | Acquisition | 750 | 2.988000 | Euronext Lisbon | 26,303,457 |
| 18-Mar-20 | Acquisition | 500 | 2.990000 | Euronext Lisbon | 26,303,957 |
| 18-Mar-20 | Acquisition | 53 | 2.990000 | Euronext Lisbon | 26,304,010 |
| 24-Jun-20 | Acquisition | 1,751 | 4.200000 | Euronext Lisbon | 26,305,761 |
| 24-Jun-20 | Acquisition | 100 | 4.200000 | Euronext Lisbon | 26,305,861 |
| 24-Jun-20 | Acquisition | 375 | 4.200000 | Euronext Lisbon | 26,306,236 |
| 24-Jun-20 | Acquisition | 1,400 | 4.200000 | Euronext Lisbon | 26,307,636 |
| 24-Jun-20 | Acquisition | 1,374 | 4.200000 | Euronext Lisbon | 26,309,010 |
| 24-Jun-20 | Acquisition | 774 | 4.200000 | Euronext Lisbon | 26,309,784 |
| 24-Jun-20 | Acquisition | 248 | 4.200000 | Euronext Lisbon | 26,310,032 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 24-Jun-20 | Acquisition | 2,800 | 4.200000 | Euronext Lisbon | 26,312,832 |
| 24-Jun-20 | Acquisition | 1,178 | 4.200000 | Euronext Lisbon | 26,314,010 |
| 24-Jun-20 | Acquisition | 6,232 | 4.200000 | Euronext Lisbon | 26,320,242 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,320,642 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,321,042 |
| 24-Jun-20 | Acquisition | 762 | 4.200000 | Euronext Lisbon | 26,321,804 |
| 24-Jun-20 | Acquisition | 1,531 | 4.200000 | Euronext Lisbon | 26,323,335 |
| 24-Jun-20 | Acquisition | 523 | 4.200000 | Euronext Lisbon | 26,323,858 |
| 24-Jun-20 | Acquisition | 1,384 | 4.200000 | Euronext Lisbon | 26,325,242 |
| 24-Jun-20 | Acquisition | 1,260 | 4.200000 | Euronext Lisbon | 26,326,502 |
| 24-Jun-20 | Acquisition | 1,400 | 4.200000 | Euronext Lisbon | 26,327,902 |
| 24-Jun-20 | Acquisition | 1,400 | 4.200000 | Euronext Lisbon | 26,329,302 |
| 24-Jun-20 | Acquisition | 940 | 4.200000 | Euronext Lisbon | 26,330,242 |
| 24-Jun-20 | Acquisition | 1,400 | 4.200000 | Euronext Lisbon | 26,331,642 |
| 24-Jun-20 | Acquisition | 1,400 | 4.200000 | Euronext Lisbon | 26,333,042 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,333,442 |
| 24-Jun-20 | Acquisition | 370 | 4.200000 | Euronext Lisbon | 26,333,812 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,334,212 |
| 24-Jun-20 | Acquisition | 387 | 4.200000 | Euronext Lisbon | 26,334,599 |
| 24-Jun-20 | Acquisition | 201 | 4.200000 | Euronext Lisbon | 26,334,800 |
| 24-Jun-20 | Acquisition | 442 | 4.200000 | Euronext Lisbon | 26,335,242 |
| 24-Jun-20 | Acquisition | 8,161 | 4.200000 | Euronext Lisbon | 26,343,403 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,343,803 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,344,203 |
| 24-Jun-20 | Acquisition | 4,200 | 4.200000 | Euronext Lisbon | 26,348,403 |
| 24-Jun-20 | Acquisition | 1,100 | 4.200000 | Euronext Lisbon | 26,349,503 |
| 24-Jun-20 | Acquisition | 503 | 4.200000 | Euronext Lisbon | 26,350,006 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,350,406 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,350,806 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,351,206 |
| 24-Jun-20 | Acquisition | 2,197 | 4.200000 | Euronext Lisbon | 26,353,403 |
| 24-Jun-20 | Acquisition | 1,224 | 4.200000 | Euronext Lisbon | 26,354,627 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,355,027 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,355,427 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,355,827 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,356,227 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,356,627 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,357,027 |
| 24-Jun-20 | Acquisition | 400 | 4.200000 | Euronext Lisbon | 26,357,427 |
| 24-Jun-20 | Acquisition | 976 | 4.200000 | Euronext Lisbon | 26,358,403 |
| 24-Jun-20 | Acquisition | 5,381 | 4.200000 | Euronext Lisbon | 26,363,784 |
| 24-Jun-20 24-Jun-20 |
Acquisition Acquisition |
263 6,354 |
4.200000 4.200000 |
Euronext Lisbon Euronext Lisbon |
26,364,047 26,370,401 |
| 24-Jun-20 | Acquisition | 5,055 | 4.200000 | Euronext Lisbon | 26,375,456 |
| 24-Jun-20 | Acquisition | 1,155 | 4.200000 | Euronext Lisbon | 26,376,611 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 24-Jun-20 | Acquisition | 1,641 | 4.200000 | Euronext Lisbon | 26,378,252 |
| 24-Jun-20 | Acquisition | 1,625 | 4.200000 | Euronext Lisbon | 26,379,877 |
| 24-Jun-20 | Acquisition | 607 | 4.200000 | Euronext Lisbon | 26,380,484 |
| 24-Jun-20 | Acquisition | 2,648 | 4.200000 | Euronext Lisbon | 26,383,132 |
| 24-Jun-20 | Acquisition | 821 | 4.200000 | Euronext Lisbon | 26,383,953 |
| 24-Jun-20 | Acquisition | 249 | 4.200000 | Euronext Lisbon | 26,384,202 |
| 24-Jun-20 | Acquisition | 1,142 | 4.200000 | Euronext Lisbon | 26,385,344 |
| 24-Jun-20 | Acquisition | 915 | 4.200000 | Euronext Lisbon | 26,386,259 |
| 24-Jun-20 | Acquisition | 2,000 | 4.200000 | Euronext Lisbon | 26,388,259 |
| 24-Jun-20 | Acquisition | 500 | 4.200000 | Euronext Lisbon | 26,388,759 |
| 24-Jun-20 | Acquisition | 1,642 | 4.200000 | Euronext Lisbon | 26,390,401 |
| 24-Jun-20 | Acquisition | 1,115 | 4.200000 | Euronext Lisbon | 26,391,516 |
| 25-Jun-20 | Acquisition | 721 | 4.194000 | Euronext Lisbon | 26,392,237 |
| 25-Jun-20 | Acquisition | 2,300 | 4.194000 | Euronext Lisbon | 26,394,537 |
| 25-Jun-20 | Acquisition | 120 | 4.194000 | Euronext Lisbon | 26,394,657 |
| 25-Jun-20 | Acquisition | 721 | 4.194000 | Euronext Lisbon | 26,395,378 |
| 25-Jun-20 | Acquisition | 1,157 | 4.194000 | Euronext Lisbon | 26,396,535 |
| 25-Jun-20 | Acquisition | 1,027 | 4.194000 | Euronext Lisbon | 26,397,562 |
| 25-Jun-20 | Acquisition | 2,050 | 4.194000 | Euronext Lisbon | 26,399,612 |
| 25-Jun-20 | Acquisition | 256 | 4.194000 | Euronext Lisbon | 26,399,868 |
| 25-Jun-20 | Acquisition | 134 | 4.194000 | Euronext Lisbon | 26,400,002 |
| 25-Jun-20 | Acquisition | 168 | 4.194000 | Euronext Lisbon | 26,400,170 |
| 25-Jun-20 | Acquisition | 134 | 4.194000 | Euronext Lisbon | 26,400,304 |
| 25-Jun-20 | Acquisition | 168 | 4.194000 | Euronext Lisbon | 26,400,472 |
| 25-Jun-20 | Acquisition | 134 | 4.194000 | Euronext Lisbon | 26,400,606 |
| 25-Jun-20 | Acquisition | 168 | 4.194000 | Euronext Lisbon | 26,400,774 |
| 25-Jun-20 | Acquisition | 148 | 4.194000 | Euronext Lisbon | 26,400,922 |
| 25-Jun-20 | Acquisition | 134 | 4.194000 | Euronext Lisbon | 26,401,056 |
| 25-Jun-20 | Acquisition | 75 | 4.194000 | Euronext Lisbon | 26,401,131 |
| 25-Jun-20 | Acquisition | 2,879 | 4.194000 | Euronext Lisbon | 26,404,010 |
| 26-Jun-20 | Acquisition | 1,542 | 4.140000 | Euronext Lisbon | 26,405,552 |
| 26-Jun-20 | Acquisition | 544 | 4.140000 | Euronext Lisbon | 26,406,096 |
| 26-Jun-20 | Acquisition | 2,914 | 4.140000 | Euronext Lisbon | 26,409,010 |
| 26-Jun-20 | Acquisition | 3,354 | 4.140000 | Euronext Lisbon | 26,412,364 |
| 26-Jun-20 | Acquisition | 1,646 | 4.140000 | Euronext Lisbon | 26,414,010 |
| 26-Jun-20 | Acquisition | 2,263 | 4.140000 | Euronext Lisbon | 26,416,273 |
| 26-Jun-20 | Acquisition | 536 | 4.140000 | Euronext Lisbon | 26,416,809 |
| 26-Jun-20 | Acquisition | 631 | 4.140000 | Euronext Lisbon | 26,417,440 |
| 26-Jun-20 | Acquisition | 3,833 | 4.140000 | Euronext Lisbon | 26,421,273 |
| 26-Jun-20 | Acquisition | 76 | 4.140000 | Euronext Lisbon | 26,421,349 |
| 26-Jun-20 | Acquisition | 958 | 4.140000 | Euronext Lisbon | 26,422,307 |
| 26-Jun-20 | Acquisition | 1,399 | 4.140000 | Euronext Lisbon | 26,423,706 |
| 26-Jun-20 | Acquisition | 68 | 4.198000 | Euronext Lisbon | 26,423,774 |
| 26-Jun-20 | Acquisition | 57 | 4.198000 | Euronext Lisbon | 26,423,831 |
| 26-Jun-20 | Acquisition | 900 | 4.198000 | Euronext Lisbon | 26,424,731 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 26-Jun-20 | Acquisition | 625 | 4.198000 | Euronext Lisbon | 26,425,356 |
| 26-Jun-20 | Acquisition | 869 | 4.198000 | Euronext Lisbon | 26,426,225 |
| 26-Jun-20 | Acquisition | 3,000 | 4.200000 | Euronext Lisbon | 26,429,225 |
| 26-Jun-20 | Acquisition | 613 | 4.200000 | Euronext Lisbon | 26,429,838 |
| 26-Jun-20 | Acquisition | 5,000 | 4.200000 | Euronext Lisbon | 26,434,838 |
| 26-Jun-20 | Acquisition | 868 | 4.200000 | Euronext Lisbon | 26,435,706 |
| 26-Jun-20 | Acquisition | 1,728 | 4.140000 | Euronext Lisbon | 26,437,434 |
| 26-Jun-20 | Acquisition | 131 | 4.140000 | Euronext Lisbon | 26,437,565 |
| 26-Jun-20 | Acquisition | 784 | 4.140000 | Euronext Lisbon | 26,438,349 |
| 26-Jun-20 | Acquisition | 784 | 4.140000 | Euronext Lisbon | 26,439,133 |
| 26-Jun-20 | Acquisition | 784 | 4.140000 | Euronext Lisbon | 26,439,917 |
| 26-Jun-20 | Acquisition | 765 | 4.140000 | Euronext Lisbon | 26,440,682 |
| 26-Jun-20 | Acquisition | 1,116 | 4.140000 | Euronext Lisbon | 26,441,798 |
| 26-Jun-20 | Acquisition | 157 | 4.140000 | Euronext Lisbon | 26,441,955 |
| 26-Jun-20 | Acquisition | 349 | 4.140000 | Euronext Lisbon | 26,442,304 |
| 26-Jun-20 | Acquisition | 1,045 | 4.140000 | Euronext Lisbon | 26,443,349 |
| 26-Jun-20 | Acquisition | 853 | 4.140000 | Euronext Lisbon | 26,444,202 |
| 26-Jun-20 | Acquisition | 1,409 | 4.140000 | Euronext Lisbon | 26,445,611 |
| 26-Jun-20 | Acquisition | 1,116 | 4.140000 | Euronext Lisbon | 26,446,727 |
| 26-Jun-20 | Acquisition | 1,622 | 4.140000 | Euronext Lisbon | 26,448,349 |
| 26-Jun-20 | Acquisition | 1,116 | 4.140000 | Euronext Lisbon | 26,449,465 |
| 26-Jun-20 | Acquisition | 1,186 | 4.140000 | Euronext Lisbon | 26,450,651 |
| 26-Jun-20 | Acquisition | 180 | 4.140000 | Euronext Lisbon | 26,450,831 |
| 26-Jun-20 | Acquisition | 184 | 4.140000 | Euronext Lisbon | 26,451,015 |
| 26-Jun-20 | Acquisition | 149 | 4.140000 | Euronext Lisbon | 26,451,164 |
| 26-Jun-20 | Acquisition | 250 | 4.140000 | Euronext Lisbon | 26,451,414 |
| 26-Jun-20 | Acquisition | 1,935 | 4.140000 | Euronext Lisbon | 26,453,349 |
| 26-Jun-20 | Acquisition | 583 | 4.140000 | Euronext Lisbon | 26,453,932 |
| 26-Jun-20 | Acquisition | 1,632 | 4.140000 | Euronext Lisbon | 26,455,564 |
| 26-Jun-20 | Acquisition | 1,116 | 4.140000 | Euronext Lisbon | 26,456,680 |
| 26-Jun-20 | Acquisition | 2,252 | 4.140000 | Euronext Lisbon | 26,458,932 |
| 26-Jun-20 | Acquisition | 5,000 | 4.140000 | Euronext Lisbon | 26,463,932 |
| 26-Jun-20 | Acquisition | 165 | 4.140000 | Euronext Lisbon | 26,464,097 |
| 26-Jun-20 | Acquisition | 643 | 4.140000 | Euronext Lisbon | 26,464,740 |
| 26-Jun-20 | Acquisition | 155 | 4.140000 | Euronext Lisbon | 26,464,895 |
| 26-Jun-20 | Acquisition | 1,442 | 4.140000 | Euronext Lisbon | 26,466,337 |
| 26-Jun-20 | Acquisition | 1,277 | 4.140000 | Euronext Lisbon | 26,467,614 |
| 26-Jun-20 | Acquisition | 370 | 4.140000 | Euronext Lisbon | 26,467,984 |
| 26-Jun-20 | Acquisition | 948 | 4.140000 | Euronext Lisbon | 26,468,932 |
| 26-Jun-20 | Acquisition | 152 | 4.140000 | Euronext Lisbon | 26,469,084 |
| 26-Jun-20 | Acquisition | 1,116 | 4.140000 | Euronext Lisbon | 26,470,200 |
| 26-Jun-20 | Acquisition | 173 | 4.140000 | Euronext Lisbon | 26,470,373 |
| 26-Jun-20 | Acquisition | 3,711 | 4.140000 | Euronext Lisbon | 26,474,084 |
| 26-Jun-20 | Acquisition | 130 | 4.140000 | Euronext Lisbon | 26,474,214 |
| 26-Jun-20 | Acquisition | 237 | 4.140000 | Euronext Lisbon | 26,474,451 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 26-Jun-20 | Acquisition | 2,047 | 4.140000 | Euronext Lisbon | 26,476,498 |
| 26-Jun-20 | Acquisition | 950 | 4.140000 | Euronext Lisbon | 26,477,448 |
| 26-Jun-20 | Acquisition | 574 | 4.140000 | Euronext Lisbon | 26,478,022 |
| 26-Jun-20 | Acquisition | 292 | 4.140000 | Euronext Lisbon | 26,478,314 |
| 26-Jun-20 | Acquisition | 176 | 4.140000 | Euronext Lisbon | 26,478,490 |
| 26-Jun-20 | Acquisition | 237 | 4.140000 | Euronext Lisbon | 26,478,727 |
| 26-Jun-20 | Acquisition | 237 | 4.140000 | Euronext Lisbon | 26,478,964 |
| 26-Jun-20 | Acquisition | 120 | 4.140000 | Euronext Lisbon | 26,479,084 |
| 26-Jun-20 | Acquisition | 3,503 | 4.140000 | Euronext Lisbon | 26,482,587 |
| 26-Jun-20 | Acquisition | 237 | 4.140000 | Euronext Lisbon | 26,482,824 |
| 29-Jun-20 | Acquisition | 961 | 4.140000 | Euronext Lisbon | 26,483,785 |
| 29-Jun-20 | Acquisition | 1,704 | 4.140000 | Euronext Lisbon | 26,485,489 |
| 29-Jun-20 | Acquisition | 8 | 4.140000 | Euronext Lisbon | 26,485,497 |
| 29-Jun-20 | Acquisition | 42 | 4.140000 | Euronext Lisbon | 26,485,539 |
| 29-Jun-20 | Acquisition | 2,285 | 4.140000 | Euronext Lisbon | 26,487,824 |
| 29-Jun-20 | Acquisition | 129 | 4.140000 | Euronext Lisbon | 26,487,953 |
| 29-Jun-20 | Acquisition | 110 | 4.140000 | Euronext Lisbon | 26,488,063 |
| 29-Jun-20 | Acquisition | 117 | 4.140000 | Euronext Lisbon | 26,488,180 |
| 29-Jun-20 | Acquisition | 13 | 4.140000 | Euronext Lisbon | 26,488,193 |
| 29-Jun-20 | Acquisition | 4,987 | 4.140000 | Euronext Lisbon | 26,493,180 |
| 29-Jun-20 | Acquisition | 616 | 4.140000 | Euronext Lisbon | 26,493,796 |
| 29-Jun-20 | Acquisition | 1,216 | 4.140000 | Euronext Lisbon | 26,495,012 |
| 29-Jun-20 | Acquisition | 3,168 | 4.140000 | Euronext Lisbon | 26,498,180 |
| 29-Jun-20 | Acquisition | 3,168 | 4.140000 | Euronext Lisbon | 26,501,348 |
| 29-Jun-20 | Acquisition | 507 | 4.140000 | Euronext Lisbon | 26,501,855 |
| 29-Jun-20 | Acquisition | 1,141 | 4.140000 | Euronext Lisbon | 26,502,996 |
| 29-Jun-20 | Acquisition | 184 | 4.140000 | Euronext Lisbon | 26,503,180 |
| 29-Jun-20 | Acquisition | 400 | 4.140000 | Euronext Lisbon | 26,503,580 |
| 29-Jun-20 | Acquisition | 562 | 4.140000 | Euronext Lisbon | 26,504,142 |
| 29-Jun-20 | Acquisition | 1,540 | 4.140000 | Euronext Lisbon | 26,505,682 |
| 29-Jun-20 | Acquisition | 498 | 4.140000 | Euronext Lisbon | 26,506,180 |
| 29-Jun-20 | Acquisition | 1,225 | 4.140000 | Euronext Lisbon | 26,507,405 |
| 29-Jun-20 | Acquisition | 775 | 4.140000 | Euronext Lisbon | 26,508,180 |
| 29-Jun-20 | Acquisition | 400 | 4.140000 | Euronext Lisbon | 26,508,580 |
| 29-Jun-20 | Acquisition | 861 | 4.140000 | Euronext Lisbon | 26,509,441 |
| 29-Jun-20 | Acquisition | 198 | 4.140000 | Euronext Lisbon | 26,509,639 |
| 29-Jun-20 | Acquisition | 2,724 | 4.140000 | Euronext Lisbon | 26,512,363 |
| 29-Jun-20 | Acquisition | 430 | 4.140000 | Euronext Lisbon | 26,512,793 |
| 29-Jun-20 | Acquisition | 387 | 4.140000 | Euronext Lisbon | 26,513,180 |
| 29-Jun-20 | Acquisition | 1,658 | 4.140000 | Euronext Lisbon | 26,514,838 |
| 29-Jun-20 | Acquisition | 314 | 4.140000 | Euronext Lisbon | 26,515,152 |
| 29-Jun-20 | Acquisition | 400 | 4.140000 | Euronext Lisbon | 26,515,552 |
| 29-Jun-20 | Acquisition | 458 | 4.140000 | Euronext Lisbon | 26,516,010 |
| 29-Jun-20 | Acquisition | 116 | 4.128000 | Euronext Lisbon | 26,516,126 |
| 29-Jun-20 | Acquisition | 378 | 4.128000 | Euronext Lisbon | 26,516,504 |

DO CONSELHO DE AD
| II. Appendixes to the management report |
|
|---|---|
| -------------------------------------------- | -- |
| MINISTRAÇÃO | |||||
|---|---|---|---|---|---|
| Date | Type | Volume | Price (€) | Place | No. of shares |
| 29-Jun-20 | Acquisition | 750 | 4.138000 | Euronext Lisbon | 26,517,254 |
| 29-Jun-20 | Acquisition | 800 | 4.140000 | Euronext Lisbon | 26,518,054 |
| 29-Jun-20 | Acquisition | 658 | 4.140000 | Euronext Lisbon | 26,518,712 |
| 29-Jun-20 | Acquisition | 298 | 4.142000 | Euronext Lisbon | 26,519,010 |
| 30-Jun-20 | - | - | - | - | 26,519,010 |
Ana Rebelo Menéres de Mendonça (imputation through PROMENDO INVESTIMENTOS, S.A.)
| Date | Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 31-Dec-19 | - | - | - | - | 42,545,053 |
| 23-Jan-20 | Disposal | 1,250,000 | 5.800000 | Euronext Lisbon | 41,295,053 |
| 24-Jan-20 | Disposal | 1,000,000 | 5.800000 | Euronext Lisbon | 40,295,053 |
| 24-Jan-20 | Disposal | 1,000,000 | 5.800000 | Euronext Lisbon | 39,295,053 |
| 29-Jan-20 | Disposal | 1,000,000 | 5.800000 | Euronext Lisbon | 38,295,053 |
| 30-Jun-20 | - | - | - | - | 38,295,053 |
Pedro Miguel Matos Borges de Oliveira (imputation through 1 THING, INVESTMENTS, S.A.)
| Date | Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 31-Dec-19 | - | - | - | - | 17,292,073 |
| 3-Jan-20 | Acquisition | 2,000 | 5.700000 | Euronext Lisbon | 17,294,073 |
| 3-Jan-20 | Acquisition | 1,600 | 5.700000 | Euronext Lisbon | 17,295,673 |
| 3-Jan-20 | Acquisition | 400 | 5.700000 | Euronext Lisbon | 17,296,073 |
| 3-Jan-20 | Acquisition | 445 | 5.700000 | Euronext Lisbon | 17,296,518 |
| 3-Jan-20 | Acquisition | 1,600 | 5.700000 | Euronext Lisbon | 17,298,118 |
| 3-Jan-20 | Acquisition | 400 | 5.700000 | Euronext Lisbon | 17,298,518 |
| 3-Jan-20 | Acquisition | 2,800 | 5.700000 | Euronext Lisbon | 17,301,318 |
| 3-Jan-20 | Acquisition | 755 | 5.700000 | Euronext Lisbon | 17,302,073 |
| 3-Jan-20 | Acquisition | 400 | 5.700000 | Euronext Lisbon | 17,302,473 |
| 3-Jan-20 | Acquisition | 817 | 5.700000 | Euronext Lisbon | 17,303,290 |
| 3-Jan-20 | Acquisition | 783 | 5.700000 | Euronext Lisbon | 17,304,073 |
| 3-Jan-20 | Acquisition | 378 | 5.700000 | Euronext Lisbon | 17,304,451 |
| 3-Jan-20 | Acquisition | 400 | 5.700000 | Euronext Lisbon | 17,304,851 |
| 3-Jan-20 | Acquisition | 1,222 | 5.700000 | Euronext Lisbon | 17,306,073 |
| 3-Jan-20 | Acquisition | 500 | 5.700000 | Euronext Lisbon | 17,306,573 |
| 3-Jan-20 | Acquisition | 1,500 | 5.700000 | Euronext Lisbon | 17,308,073 |
| 3-Jan-20 | Acquisition | 688 | 5.700000 | Euronext Lisbon | 17,308,761 |
| 3-Jan-20 | Acquisition | 1,312 | 5.700000 | Euronext Lisbon | 17,310,073 |
| 3-Jan-20 | Acquisition | 165 | 5.700000 | Euronext Lisbon | 17,310,238 |
| 3-Jan-20 | Acquisition | 400 | 5.700000 | Euronext Lisbon | 17,310,638 |
| 3-Jan-20 | Acquisition | 400 | 5.700000 | Euronext Lisbon | 17,311,038 |
| 3-Jan-20 | Acquisition | 1,035 | 5.700000 | Euronext Lisbon | 17,312,073 |
| 3-Jan-20 | Acquisition | 369 | 5.680000 | Euronext Lisbon | 17,312,442 |
| 3-Jan-20 | Acquisition | 400 | 5.680000 | Euronext Lisbon | 17,312,842 |
| 3-Jan-20 | Acquisition | 330 | 5.680000 | Euronext Lisbon | 17,313,172 |
| 3-Jan-20 | Acquisition | 1,685 | 5.680000 | Euronext Lisbon | 17,314,857 |
| 3-Jan-20 | Acquisition | 216 | 5.680000 | Euronext Lisbon | 17,315,073 |
| 3-Jan-20 | Acquisition | 1,384 | 5.680000 | Euronext Lisbon | 17,316,457 |
| 3-Jan-20 | Acquisition | 867 | 5.680000 | Euronext Lisbon | 17,317,324 |
| 3-Jan-20 | Acquisition | 1,600 | 5.680000 | Euronext Lisbon | 17,318,924 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 3-Jan-20 | Acquisition | 533 | 5.680000 | Euronext Lisbon | 17,319,457 |
| 3-Jan-20 | Acquisition | 1,368 | 5.680000 | Euronext Lisbon | 17,320,825 |
| 3-Jan-20 | Acquisition | 1,248 | 5.680000 | Euronext Lisbon | 17,322,073 |
| 3-Jan-20 | Acquisition | 400 | 5.675000 | Euronext Lisbon | 17,322,473 |
| 3-Jan-20 | Acquisition | 1,600 | 5.675000 | Euronext Lisbon | 17,324,073 |
| 3-Jan-20 | Acquisition | 1,000 | 5.675000 | Euronext Lisbon | 17,325,073 |
| 3-Jan-20 | Acquisition | 1,600 | 5.675000 | Euronext Lisbon | 17,326,673 |
| 3-Jan-20 | Acquisition | 1,000 | 5.675000 | Euronext Lisbon | 17,327,673 |
| 3-Jan-20 | Acquisition | 469 | 5.675000 | Euronext Lisbon | 17,328,142 |
| 3-Jan-20 | Acquisition | 1,000 | 5.675000 | Euronext Lisbon | 17,329,142 |
| 3-Jan-20 | Acquisition | 531 | 5.675000 | Euronext Lisbon | 17,329,673 |
| 3-Jan-20 | Acquisition | 1,697 | 5.675000 | Euronext Lisbon | 17,331,370 |
| 3-Jan-20 | Acquisition | 400 | 5.675000 | Euronext Lisbon | 17,331,770 |
| 3-Jan-20 | Acquisition | 303 | 5.675000 | Euronext Lisbon | 17,332,073 |
| 3-Jan-20 | Acquisition | 1,078 | 5.650000 | Euronext Lisbon | 17,333,151 |
| 3-Jan-20 | Acquisition | 400 | 5.650000 | Euronext Lisbon | 17,333,551 |
| 3-Jan-20 | Acquisition | 400 | 5.650000 | Euronext Lisbon | 17,333,951 |
| 3-Jan-20 | Acquisition | 400 | 5.650000 | Euronext Lisbon | 17,334,351 |
| 3-Jan-20 | Acquisition | 5,000 | 5.650000 | Euronext Lisbon | 17,339,351 |
| 3-Jan-20 | Acquisition | 730 | 5.650000 | Euronext Lisbon | 17,340,081 |
| 3-Jan-20 | Acquisition | 400 | 5.650000 | Euronext Lisbon | 17,340,481 |
| 3-Jan-20 | Acquisition | 1,592 | 5.650000 | Euronext Lisbon | 17,342,073 |
| 3-Jan-20 | Acquisition | 794 | 5.650000 | Euronext Lisbon | 17,342,867 |
| 3-Jan-20 | Acquisition | 1,857 | 5.650000 | Euronext Lisbon | 17,344,724 |
| 3-Jan-20 | Acquisition | 300 | 5.650000 | Euronext Lisbon | 17,345,024 |
| 3-Jan-20 | Acquisition | 1,472 | 5.650000 | Euronext Lisbon | 17,346,496 |
| 3-Jan-20 | Acquisition | 2,491 | 5.650000 | Euronext Lisbon | 17,348,987 |
| 3-Jan-20 | Acquisition | 3,086 | 5.650000 | Euronext Lisbon | 17,352,073 |
| 3-Jan-20 | Acquisition | 341 | 5.680000 | Euronext Lisbon | 17,352,414 |
| 3-Jan-20 | Acquisition | 518 | 5.680000 | Euronext Lisbon | 17,352,932 |
| 3-Jan-20 | Acquisition | 4 | 5.680000 | Euronext Lisbon | 17,352,936 |
| 3-Jan-20 | Acquisition | 1,003 | 5.685000 | Euronext Lisbon | 17,353,939 |
| 3-Jan-20 | Acquisition | 201 | 5.685000 | Euronext Lisbon | 17,354,140 |
| 3-Jan-20 | Acquisition | 448 | 5.685000 | Euronext Lisbon | 17,354,588 |
| 3-Jan-20 | Acquisition | 400 | 5.690000 | Euronext Lisbon | 17,354,988 |
| 3-Jan-20 | Acquisition | 1,411 | 5.690000 | Euronext Lisbon | 17,356,399 |
| 3-Jan-20 | Acquisition | 802 | 5.690000 | Euronext Lisbon | 17,357,201 |
| 3-Jan-20 | Acquisition | 418 | 5.690000 | Euronext Lisbon | 17,357,619 |
| 3-Jan-20 | Acquisition | 1,969 | 5.690000 | Euronext Lisbon | 17,359,588 |
| 3-Jan-20 | Acquisition | 418 | 5.690000 | Euronext Lisbon | 17,360,006 |
| 3-Jan-20 | Acquisition | 284 | 5.720000 | Euronext Lisbon | 17,360,290 |
| 3-Jan-20 | Acquisition | 42 | 5.720000 | Euronext Lisbon | 17,360,332 |
| 3-Jan-20 | Acquisition | 439 | 5.720000 | Euronext Lisbon | 17,360,771 |
| 3-Jan-20 | Acquisition | 5,020 | 5.720000 | Euronext Lisbon | 17,365,791 |
| 3-Jan-20 | Acquisition | 350 | 5.720000 | Euronext Lisbon | 17,366,141 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 3-Jan-20 | Acquisition | 813 | 5.720000 | Euronext Lisbon | 17,366,954 |
| 3-Jan-20 | Acquisition | 783 | 5.725000 | Euronext Lisbon | 17,367,737 |
| 3-Jan-20 | Acquisition | 360 | 5.725000 | Euronext Lisbon | 17,368,097 |
| 3-Jan-20 | Acquisition | 30 | 5.725000 | Euronext Lisbon | 17,368,127 |
| 3-Jan-20 | Acquisition | 750 | 5.730000 | Euronext Lisbon | 17,368,877 |
| 3-Jan-20 | Acquisition | 474 | 5.730000 | Euronext Lisbon | 17,369,351 |
| 3-Jan-20 | Acquisition | 5,100 | 5.730000 | Euronext Lisbon | 17,374,451 |
| 3-Jan-20 | Acquisition | 215 | 5.730000 | Euronext Lisbon | 17,374,666 |
| 3-Jan-20 | Acquisition | 320 | 5.730000 | Euronext Lisbon | 17,374,986 |
| 3-Jan-20 | Acquisition | 350 | 5.730000 | Euronext Lisbon | 17,375,336 |
| 3-Jan-20 | Acquisition | 2,257 | 5.730000 | Euronext Lisbon | 17,377,593 |
| 3-Jan-20 | Acquisition | 2,743 | 5.730000 | Euronext Lisbon | 17,380,336 |
| 3-Jan-20 | Acquisition | 242 | 5.730000 | Euronext Lisbon | 17,380,578 |
| 3-Jan-20 | Acquisition | 2,765 | 5.730000 | Euronext Lisbon | 17,383,343 |
| 3-Jan-20 | Acquisition | 1,165 | 5.730000 | Euronext Lisbon | 17,384,508 |
| 3-Jan-20 | Acquisition | 828 | 5.730000 | Euronext Lisbon | 17,385,336 |
| 3-Jan-20 | Acquisition | 772 | 5.730000 | Euronext Lisbon | 17,386,108 |
| 3-Jan-20 | Acquisition | 448 | 5.730000 | Euronext Lisbon | 17,386,556 |
| 3-Jan-20 | Acquisition | 3,417 | 5.730000 | Euronext Lisbon | 17,389,973 |
| 3-Jan-20 | Acquisition | 1,135 | 5.730000 | Euronext Lisbon | 17,391,108 |
| 3-Jan-20 | Acquisition | 1,630 | 5.730000 | Euronext Lisbon | 17,392,738 |
| 3-Jan-20 | Acquisition | 1,993 | 5.730000 | Euronext Lisbon | 17,394,731 |
| 3-Jan-20 | Acquisition | 605 | 5.730000 | Euronext Lisbon | 17,395,336 |
| 3-Jan-20 | Acquisition | 750 | 5.730000 | Euronext Lisbon | 17,396,086 |
| 3-Jan-20 | Acquisition | 466 | 5.730000 | Euronext Lisbon | 17,396,552 |
| 3-Jan-20 | Acquisition | 750 | 5.730000 | Euronext Lisbon | 17,397,302 |
| 3-Jan-20 | Acquisition | 557 | 5.730000 | Euronext Lisbon | 17,397,859 |
| 3-Jan-20 | Acquisition | 59 | 5.730000 | Euronext Lisbon | 17,397,918 |
| 3-Jan-20 | Acquisition | 43 | 5.730000 | Euronext Lisbon | 17,397,961 |
| 3-Jan-20 | Acquisition | 732 | 5.730000 | Euronext Lisbon | 17,398,693 |
| 3-Jan-20 | Acquisition | 337 | 5.730000 | Euronext Lisbon | 17,399,030 |
| 3-Jan-20 | Acquisition | 565 | 5.750000 | Euronext Lisbon | 17,399,595 |
| 3-Jan-20 | Acquisition | 4,435 | 5.750000 | Euronext Lisbon | 17,404,030 |
| 3-Jan-20 | Acquisition | 1,088 | 5.750000 | Euronext Lisbon | 17,405,118 |
| 3-Jan-20 | Acquisition | 2,720 | 5.750000 | Euronext Lisbon | 17,407,838 |
| 3-Jan-20 | Acquisition | 1,192 | 5.750000 | Euronext Lisbon | 17,409,030 |
| 3-Jan-20 | Acquisition | 1,600 | 5.750000 | Euronext Lisbon | 17,410,630 |
| 3-Jan-20 | Acquisition | 3,400 | 5.750000 | Euronext Lisbon | 17,414,030 |
| 3-Jan-20 | Acquisition | 542 | 5.750000 | Euronext Lisbon | 17,414,572 |
| 3-Jan-20 | Acquisition | 1,006 | 5.750000 | Euronext Lisbon | 17,415,578 |
| 3-Jan-20 | Acquisition | 497 | 5.750000 | Euronext Lisbon | 17,416,075 |
| 3-Jan-20 3-Jan-20 |
Acquisition Acquisition |
1,025 1,763 |
5.750000 5.750000 |
Euronext Lisbon Euronext Lisbon |
17,417,100 17,418,863 |
| 3-Jan-20 | Acquisition | 709 | 5.750000 | Euronext Lisbon | 17,419,572 |
| 3-Jan-20 | Acquisition | 710 | 5.750000 | Euronext Lisbon | 17,420,282 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 3-Jan-20 | Acquisition | 1,600 | 5.750000 | Euronext Lisbon | 17,421,882 |
| 3-Jan-20 | Acquisition | 617 | 5.750000 | Euronext Lisbon | 17,422,499 |
| 3-Jan-20 | Acquisition | 1,212 | 5.750000 | Euronext Lisbon | 17,423,711 |
| 3-Jan-20 | Acquisition | 861 | 5.750000 | Euronext Lisbon | 17,424,572 |
| 3-Jan-20 | Acquisition | 1,123 | 5.750000 | Euronext Lisbon | 17,425,695 |
| 3-Jan-20 | Acquisition | 1,818 | 5.750000 | Euronext Lisbon | 17,427,513 |
| 3-Jan-20 | Acquisition | 1,517 | 5.750000 | Euronext Lisbon | 17,429,030 |
| 3-Jan-20 | Acquisition | 237 | 5.750000 | Euronext Lisbon | 17,429,267 |
| 3-Jan-20 | Acquisition | 750 | 5.750000 | Euronext Lisbon | 17,430,017 |
| 3-Jan-20 | Acquisition | 272 | 5.750000 | Euronext Lisbon | 17,430,289 |
| 3-Jan-20 | Acquisition | 638 | 5.750000 | Euronext Lisbon | 17,430,927 |
| 3-Jan-20 | Acquisition | 1,100 | 5.750000 | Euronext Lisbon | 17,432,027 |
| 3-Jan-20 | Acquisition | 383 | 5.750000 | Euronext Lisbon | 17,432,410 |
| 3-Jan-20 | Acquisition | 390 | 5.750000 | Euronext Lisbon | 17,432,800 |
| 3-Jan-20 | Acquisition | 1,121 | 5.750000 | Euronext Lisbon | 17,433,921 |
| 3-Jan-20 | Acquisition | 1,122 | 5.750000 | Euronext Lisbon | 17,435,043 |
| 3-Jan-20 | Acquisition | 1,266 | 5.750000 | Euronext Lisbon | 17,436,309 |
| 3-Jan-20 | Acquisition | 5,000 | 5.740000 | Euronext Lisbon | 17,441,309 |
| 3-Jan-20 | Acquisition | 1,700 | 5.740000 | Euronext Lisbon | 17,443,009 |
| 3-Jan-20 | Acquisition | 2,434 | 5.740000 | Euronext Lisbon | 17,445,443 |
| 3-Jan-20 | Acquisition | 866 | 5.740000 | Euronext Lisbon | 17,446,309 |
| 3-Jan-20 | Acquisition | 202 | 5.740000 | Euronext Lisbon | 17,446,511 |
| 3-Jan-20 | Acquisition | 4,798 | 5.740000 | Euronext Lisbon | 17,451,309 |
| 3-Jan-20 | Acquisition | 941 | 5.740000 | Euronext Lisbon | 17,452,250 |
| 3-Jan-20 | Acquisition | 4,010 | 5.740000 | Euronext Lisbon | 17,456,260 |
| 3-Jan-20 | Acquisition | 49 | 5.740000 | Euronext Lisbon | 17,456,309 |
| 3-Jan-20 | Acquisition | 102 | 5.745000 | Euronext Lisbon | 17,456,411 |
| 3-Jan-20 | Acquisition | 359 | 5.750000 | Euronext Lisbon | 17,456,770 |
| 3-Jan-20 | Acquisition | 256 | 5.750000 | Euronext Lisbon | 17,457,026 |
| 3-Jan-20 | Acquisition | 780 | 5.750000 | Euronext Lisbon | 17,457,806 |
| 3-Jan-20 | Acquisition | 102 | 5.750000 | Euronext Lisbon | 17,457,908 |
| 3-Jan-20 | Acquisition | 452 | 5.750000 | Euronext Lisbon | 17,458,360 |
| 3-Jan-20 | Acquisition | 750 | 5.750000 | Euronext Lisbon | 17,459,110 |
| 3-Jan-20 | Acquisition | 1,400 | 5.750000 | Euronext Lisbon | 17,460,510 |
| 3-Jan-20 | Acquisition | 853 | 5.750000 | Euronext Lisbon | 17,461,363 |
| 3-Jan-20 | Acquisition | 638 | 5.750000 | Euronext Lisbon | 17,462,001 |
| 6-Jan-20 | Acquisition | 380 | 5.650000 | Euronext Lisbon | 17,462,381 |
| 6-Jan-20 | Acquisition | 400 | 5.650000 | Euronext Lisbon | 17,462,781 |
| 6-Jan-20 | Acquisition | 400 | 5.650000 | Euronext Lisbon | 17,463,181 |
| 6-Jan-20 | Acquisition | 3,820 | 5.650000 | Euronext Lisbon | 17,467,001 |
| 6-Jan-20 | Acquisition | 4,820 | 5.650000 | Euronext Lisbon | 17,471,821 |
| 6-Jan-20 | Acquisition | 180 | 5.650000 | Euronext Lisbon | 17,472,001 |
| 6-Jan-20 6-Jan-20 |
Acquisition Acquisition |
200 1,600 |
5.650000 5.650000 |
Euronext Lisbon Euronext Lisbon |
17,472,201 17,473,801 |
| 6-Jan-20 | Acquisition | 1,600 | 5.650000 | Euronext Lisbon | 17,475,401 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 6-Jan-20 | Acquisition | 1,600 | 5.650000 | Euronext Lisbon | 17,477,001 |
| 6-Jan-20 | Acquisition | 2,090 | 5.600000 | Euronext Lisbon | 17,479,091 |
| 6-Jan-20 | Acquisition | 890 | 5.600000 | Euronext Lisbon | 17,479,981 |
| 6-Jan-20 | Acquisition | 483 | 5.600000 | Euronext Lisbon | 17,480,464 |
| 6-Jan-20 | Acquisition | 453 | 5.600000 | Euronext Lisbon | 17,480,917 |
| 6-Jan-20 | Acquisition | 1,084 | 5.600000 | Euronext Lisbon | 17,482,001 |
| 6-Jan-20 | Acquisition | 354 | 5.600000 | Euronext Lisbon | 17,482,355 |
| 6-Jan-20 | Acquisition | 400 | 5.600000 | Euronext Lisbon | 17,482,755 |
| 6-Jan-20 | Acquisition | 400 | 5.600000 | Euronext Lisbon | 17,483,155 |
| 6-Jan-20 | Acquisition | 688 | 5.600000 | Euronext Lisbon | 17,483,843 |
| 6-Jan-20 | Acquisition | 3,158 | 5.600000 | Euronext Lisbon | 17,487,001 |
| 6-Jan-20 | Acquisition | 621 | 5.600000 | Euronext Lisbon | 17,487,622 |
| 6-Jan-20 | Acquisition | 685 | 5.600000 | Euronext Lisbon | 17,488,307 |
| 6-Jan-20 | Acquisition | 2,309 | 5.600000 | Euronext Lisbon | 17,490,616 |
| 6-Jan-20 | Acquisition | 1,385 | 5.600000 | Euronext Lisbon | 17,492,001 |
| 6-Jan-20 | Acquisition | 5,000 | 5.580000 | Euronext Lisbon | 17,497,001 |
| 6-Jan-20 | Acquisition | 5,000 | 5.580000 | Euronext Lisbon | 17,502,001 |
| 6-Jan-20 | Acquisition | 1,668 | 5.580000 | Euronext Lisbon | 17,503,669 |
| 6-Jan-20 | Acquisition | 3,200 | 5.580000 | Euronext Lisbon | 17,506,869 |
| 6-Jan-20 | Acquisition | 132 | 5.580000 | Euronext Lisbon | 17,507,001 |
| 6-Jan-20 | Acquisition | 400 | 5.550000 | Euronext Lisbon | 17,507,401 |
| 6-Jan-20 | Acquisition | 4,600 | 5.550000 | Euronext Lisbon | 17,512,001 |
| 6-Jan-20 | Acquisition | 750 | 5.550000 | Euronext Lisbon | 17,512,751 |
| 6-Jan-20 | Acquisition | 1,600 | 5.550000 | Euronext Lisbon | 17,514,351 |
| 6-Jan-20 | Acquisition | 1,050 | 5.550000 | Euronext Lisbon | 17,515,401 |
| 6-Jan-20 | Acquisition | 1,600 | 5.550000 | Euronext Lisbon | 17,517,001 |
| 6-Jan-20 | Acquisition | 1,600 | 5.550000 | Euronext Lisbon | 17,518,601 |
| 6-Jan-20 | Acquisition | 722 | 5.550000 | Euronext Lisbon | 17,519,323 |
| 6-Jan-20 | Acquisition | 2,678 | 5.550000 | Euronext Lisbon | 17,522,001 |
| 6-Jan-20 | Acquisition | 195 | 5.530000 | Euronext Lisbon | 17,522,196 |
| 6-Jan-20 | Acquisition | 202 | 5.530000 | Euronext Lisbon | 17,522,398 |
| 6-Jan-20 | Acquisition | 1,600 | 5.530000 | Euronext Lisbon | 17,523,998 |
| 6-Jan-20 | Acquisition | 1,605 | 5.530000 | Euronext Lisbon | 17,525,603 |
| 6-Jan-20 | Acquisition | 1,398 | 5.530000 | Euronext Lisbon | 17,527,001 |
| 6-Jan-20 | Acquisition | 202 | 5.530000 | Euronext Lisbon | 17,527,203 |
| 6-Jan-20 | Acquisition | 1,600 | 5.530000 | Euronext Lisbon | 17,528,803 |
| 6-Jan-20 | Acquisition | 1,600 | 5.530000 | Euronext Lisbon | 17,530,403 |
| 6-Jan-20 | Acquisition | 750 | 5.530000 | Euronext Lisbon | 17,531,153 |
| 6-Jan-20 | Acquisition | 1,050 | 5.530000 | Euronext Lisbon | 17,532,203 |
| 6-Jan-20 | Acquisition | 550 | 5.530000 | Euronext Lisbon | 17,532,753 |
| 6-Jan-20 | Acquisition | 1,800 | 5.530000 | Euronext Lisbon | 17,534,553 |
| 6-Jan-20 | Acquisition | 726 | 5.530000 | Euronext Lisbon | 17,535,279 |
| 6-Jan-20 | Acquisition | 400 | 5.530000 | Euronext Lisbon | 17,535,679 |
| 6-Jan-20 | Acquisition | 400 | 5.530000 | Euronext Lisbon | 17,536,079 |
| 6-Jan-20 | Acquisition | 400 | 5.530000 | Euronext Lisbon | 17,536,479 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 6-Jan-20 | Acquisition | 522 | 5.530000 | Euronext Lisbon | 17,537,001 |
| 6-Jan-20 | Acquisition | 1,750 | 5.575000 | Euronext Lisbon | 17,538,751 |
| 6-Jan-20 | Acquisition | 466 | 5.575000 | Euronext Lisbon | 17,539,217 |
| 6-Jan-20 | Acquisition | 281 | 5.580000 | Euronext Lisbon | 17,539,498 |
| 6-Jan-20 | Acquisition | 622 | 5.585000 | Euronext Lisbon | 17,540,120 |
| 6-Jan-20 | Acquisition | 612 | 5.590000 | Euronext Lisbon | 17,540,732 |
| 6-Jan-20 | Acquisition | 435 | 5.590000 | Euronext Lisbon | 17,541,167 |
| 6-Jan-20 | Acquisition | 11,771 | 5.590000 | Euronext Lisbon | 17,552,938 |
| 6-Jan-20 | Acquisition | 500 | 5.590000 | Euronext Lisbon | 17,553,438 |
| 6-Jan-20 | Acquisition | 1,656 | 5.590000 | Euronext Lisbon | 17,555,094 |
| 6-Jan-20 | Acquisition | 750 | 5.595000 | Euronext Lisbon | 17,555,844 |
| 6-Jan-20 | Acquisition | 1,157 | 5.595000 | Euronext Lisbon | 17,557,001 |
| 6-Jan-20 | Acquisition | 380 | 5.575000 | Euronext Lisbon | 17,557,381 |
| 6-Jan-20 | Acquisition | 401 | 5.575000 | Euronext Lisbon | 17,557,782 |
| 6-Jan-20 | Acquisition | 804 | 5.580000 | Euronext Lisbon | 17,558,586 |
| 6-Jan-20 | Acquisition | 466 | 5.580000 | Euronext Lisbon | 17,559,052 |
| 6-Jan-20 | Acquisition | 653 | 5.585000 | Euronext Lisbon | 17,559,705 |
| 6-Jan-20 | Acquisition | 750 | 5.590000 | Euronext Lisbon | 17,560,455 |
| 6-Jan-20 | Acquisition | 406 | 5.590000 | Euronext Lisbon | 17,560,861 |
| 6-Jan-20 | Acquisition | 631 | 5.590000 | Euronext Lisbon | 17,561,492 |
| 6-Jan-20 | Acquisition | 500 | 5.595000 | Euronext Lisbon | 17,561,992 |
| 6-Jan-20 | Acquisition | 682 | 5.595000 | Euronext Lisbon | 17,562,674 |
| 6-Jan-20 | Acquisition | 670 | 5.600000 | Euronext Lisbon | 17,563,344 |
| 6-Jan-20 | Acquisition | 462 | 5.600000 | Euronext Lisbon | 17,563,806 |
| 6-Jan-20 | Acquisition | 11,899 | 5.600000 | Euronext Lisbon | 17,575,705 |
| 6-Jan-20 | Acquisition | 380 | 5.580000 | Euronext Lisbon | 17,576,085 |
| 6-Jan-20 | Acquisition | 500 | 5.585000 | Euronext Lisbon | 17,576,585 |
| 6-Jan-20 | Acquisition | 401 | 5.585000 | Euronext Lisbon | 17,576,986 |
| 6-Jan-20 | Acquisition | 390 | 5.585000 | Euronext Lisbon | 17,577,376 |
| 6-Jan-20 | Acquisition | 498 | 5.590000 | Euronext Lisbon | 17,577,874 |
| 6-Jan-20 | Acquisition | 803 | 5.590000 | Euronext Lisbon | 17,578,677 |
| 6-Jan-20 | Acquisition | 750 | 5.600000 | Euronext Lisbon | 17,579,427 |
| 6-Jan-20 | Acquisition | 500 | 5.600000 | Euronext Lisbon | 17,579,927 |
| 6-Jan-20 | Acquisition | 326 | 5.620000 | Euronext Lisbon | 17,580,253 |
| 6-Jan-20 | Acquisition | 1,230 | 5.620000 | Euronext Lisbon | 17,581,483 |
| 6-Jan-20 | Acquisition | 230 | 5.620000 | Euronext Lisbon | 17,581,713 |
| 6-Jan-20 | Acquisition | 750 | 5.625000 | Euronext Lisbon | 17,582,463 |
| 6-Jan-20 | Acquisition | 327 | 5.625000 | Euronext Lisbon | 17,582,790 |
| 6-Jan-20 | Acquisition | 750 | 5.630000 | Euronext Lisbon | 17,583,540 |
| 6-Jan-20 | Acquisition | 328 | 5.630000 | Euronext Lisbon | 17,583,868 |
| 6-Jan-20 | Acquisition | 1,689 | 5.630000 | Euronext Lisbon | 17,585,557 |
| 6-Jan-20 | Acquisition | 380 | 5.650000 | Euronext Lisbon | 17,585,937 |
| 6-Jan-20 | Acquisition | 721 | 5.650000 | Euronext Lisbon | 17,586,658 |
| 6-Jan-20 | Acquisition | 786 | 5.670000 | Euronext Lisbon | 17,587,444 |
| 6-Jan-20 | Acquisition | 720 | 5.670000 | Euronext Lisbon | 17,588,164 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 6-Jan-20 | Acquisition | 750 | 5.680000 | Euronext Lisbon | 17,588,914 |
| 6-Jan-20 | Acquisition | 1,100 | 5.680000 | Euronext Lisbon | 17,590,014 |
| 6-Jan-20 | Acquisition | 470 | 5.680000 | Euronext Lisbon | 17,590,484 |
| 6-Jan-20 | Acquisition | 470 | 5.685000 | Euronext Lisbon | 17,590,954 |
| 6-Jan-20 | Acquisition | 574 | 5.685000 | Euronext Lisbon | 17,591,528 |
| 6-Jan-20 | Acquisition | 3,353 | 5.685000 | Euronext Lisbon | 17,594,881 |
| 6-Jan-20 | Acquisition | 750 | 5.690000 | Euronext Lisbon | 17,595,631 |
| 6-Jan-20 | Acquisition | 470 | 5.690000 | Euronext Lisbon | 17,596,101 |
| 6-Jan-20 | Acquisition | 667 | 5.690000 | Euronext Lisbon | 17,596,768 |
| 6-Jan-20 | Acquisition | 5,000 | 5.675000 | Euronext Lisbon | 17,601,768 |
| 6-Jan-20 | Acquisition | 73 | 5.675000 | Euronext Lisbon | 17,601,841 |
| 6-Jan-20 | Acquisition | 329 | 5.675000 | Euronext Lisbon | 17,602,170 |
| 6-Jan-20 | Acquisition | 400 | 5.675000 | Euronext Lisbon | 17,602,570 |
| 6-Jan-20 | Acquisition | 547 | 5.675000 | Euronext Lisbon | 17,603,117 |
| 6-Jan-20 | Acquisition | 559 | 5.675000 | Euronext Lisbon | 17,603,676 |
| 6-Jan-20 | Acquisition | 2,341 | 5.675000 | Euronext Lisbon | 17,606,017 |
| 6-Jan-20 | Acquisition | 751 | 5.675000 | Euronext Lisbon | 17,606,768 |
| 6-Jan-20 | Acquisition | 751 | 5.675000 | Euronext Lisbon | 17,607,519 |
| 6-Jan-20 | Acquisition | 751 | 5.675000 | Euronext Lisbon | 17,608,270 |
| 6-Jan-20 | Acquisition | 400 | 5.675000 | Euronext Lisbon | 17,608,670 |
| 6-Jan-20 | Acquisition | 400 | 5.675000 | Euronext Lisbon | 17,609,070 |
| 6-Jan-20 | Acquisition | 883 | 5.675000 | Euronext Lisbon | 17,609,953 |
| 6-Jan-20 | Acquisition | 400 | 5.675000 | Euronext Lisbon | 17,610,353 |
| 6-Jan-20 | Acquisition | 750 | 5.700000 | Euronext Lisbon | 17,611,103 |
| 6-Jan-20 | Acquisition | 350 | 5.700000 | Euronext Lisbon | 17,611,453 |
| 6-Jan-20 | Acquisition | 22,285 | 5.700000 | Euronext Lisbon | 17,633,738 |
| 6-Jan-20 | Acquisition | 640 | 5.700000 | Euronext Lisbon | 17,634,378 |
| 6-Jan-20 | Acquisition | 750 | 5.685000 | Euronext Lisbon | 17,635,128 |
| 6-Jan-20 | Acquisition | 789 | 5.685000 | Euronext Lisbon | 17,635,917 |
| 6-Jan-20 | Acquisition | 5,000 | 5.690000 | Euronext Lisbon | 17,640,917 |
| 6-Jan-20 | Acquisition | 84 | 5.690000 | Euronext Lisbon | 17,641,001 |
| 6-Jan-20 | Acquisition | 615 | 5.690000 | Euronext Lisbon | 17,641,616 |
| 6-Jan-20 | Acquisition | 462 | 5.690000 | Euronext Lisbon | 17,642,078 |
| 6-Jan-20 | Acquisition | 308 | 5.720000 | Euronext Lisbon | 17,642,386 |
| 6-Jan-20 | Acquisition | 900 | 5.720000 | Euronext Lisbon | 17,643,286 |
| 6-Jan-20 | Acquisition | 390 | 5.720000 | Euronext Lisbon | 17,643,676 |
| 6-Jan-20 | Acquisition | 457 | 5.725000 | Euronext Lisbon | 17,644,133 |
| 6-Jan-20 | Acquisition | 100 | 5.725000 | Euronext Lisbon | 17,644,233 |
| 6-Jan-20 | Acquisition | 900 | 5.725000 | Euronext Lisbon | 17,645,133 |
| 6-Jan-20 | Acquisition | 700 | 5.730000 | Euronext Lisbon | 17,645,833 |
| 6-Jan-20 | Acquisition | 4,000 | 5.730000 | Euronext Lisbon | 17,649,833 |
| 6-Jan-20 | Acquisition | 457 | 5.730000 | Euronext Lisbon | 17,650,290 |
| 6-Jan-20 | Acquisition | 666 | 5.730000 | Euronext Lisbon | 17,650,956 |
| 6-Jan-20 | Acquisition | 400 | 5.705000 | Euronext Lisbon | 17,651,356 |
| 6-Jan-20 | Acquisition | 400 | 5.705000 | Euronext Lisbon | 17,651,756 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 6-Jan-20 | Acquisition | 400 | 5.705000 | Euronext Lisbon | 17,652,156 |
| 6-Jan-20 | Acquisition | 400 | 5.705000 | Euronext Lisbon | 17,652,556 |
| 6-Jan-20 | Acquisition | 129 | 5.705000 | Euronext Lisbon | 17,652,685 |
| 6-Jan-20 | Acquisition | 51 | 5.705000 | Euronext Lisbon | 17,652,736 |
| 6-Jan-20 | Acquisition | 3,220 | 5.705000 | Euronext Lisbon | 17,655,956 |
| 6-Jan-20 | Acquisition | 518 | 5.705000 | Euronext Lisbon | 17,656,474 |
| 6-Jan-20 | Acquisition | 3,200 | 5.705000 | Euronext Lisbon | 17,659,674 |
| 6-Jan-20 | Acquisition | 1,282 | 5.705000 | Euronext Lisbon | 17,660,956 |
| 6-Jan-20 | Acquisition | 1,918 | 5.705000 | Euronext Lisbon | 17,662,874 |
| 6-Jan-20 | Acquisition | 1,903 | 5.705000 | Euronext Lisbon | 17,664,777 |
| 6-Jan-20 | Acquisition | 1,903 | 5.705000 | Euronext Lisbon | 17,666,680 |
| 6-Jan-20 | Acquisition | 1,194 | 5.705000 | Euronext Lisbon | 17,667,874 |
| 6-Jan-20 | Acquisition | 406 | 5.705000 | Euronext Lisbon | 17,668,280 |
| 6-Jan-20 | Acquisition | 5,000 | 5.705000 | Euronext Lisbon | 17,673,280 |
| 6-Jan-20 | Acquisition | 1,600 | 5.705000 | Euronext Lisbon | 17,674,880 |
| 6-Jan-20 | Acquisition | 400 | 5.705000 | Euronext Lisbon | 17,675,280 |
| 6-Jan-20 | Acquisition | 400 | 5.705000 | Euronext Lisbon | 17,675,680 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,676,080 |
| 7-Jan-20 | Acquisition | 3,168 | 5.735000 | Euronext Lisbon | 17,679,248 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,679,648 |
| 7-Jan-20 | Acquisition | 1,032 | 5.735000 | Euronext Lisbon | 17,680,680 |
| 7-Jan-20 | Acquisition | 1,800 | 5.735000 | Euronext Lisbon | 17,682,480 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,682,880 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,683,280 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,683,680 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,684,080 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,684,480 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,684,880 |
| 7-Jan-20 | Acquisition | 800 | 5.735000 | Euronext Lisbon | 17,685,680 |
| 7-Jan-20 | Acquisition | 3,800 | 5.735000 | Euronext Lisbon | 17,689,480 |
| 7-Jan-20 | Acquisition | 683 | 5.735000 | Euronext Lisbon | 17,690,163 |
| 7-Jan-20 | Acquisition | 400 | 5.735000 | Euronext Lisbon | 17,690,563 |
| 7-Jan-20 | Acquisition | 117 | 5.735000 | Euronext Lisbon | 17,690,680 |
| 7-Jan-20 | Acquisition | 241 | 5.775000 | Euronext Lisbon | 17,690,921 |
| 7-Jan-20 | Acquisition | 45 | 5.795000 | Euronext Lisbon | 17,690,966 |
| 7-Jan-20 | Acquisition | 1,773 | 5.800000 | Euronext Lisbon | 17,692,739 |
| 7-Jan-20 | Acquisition | 460 | 5.800000 | Euronext Lisbon | 17,693,199 |
| 7-Jan-20 | Acquisition | 1,064 | 5.800000 | Euronext Lisbon | 17,694,263 |
| 7-Jan-20 | Acquisition | 1,445 | 5.800000 | Euronext Lisbon | 17,695,708 |
| 7-Jan-20 | Acquisition | 213 | 5.800000 | Euronext Lisbon | 17,695,921 |
| 7-Jan-20 | Acquisition | 750 | 5.800000 | Euronext Lisbon | 17,696,671 |
| 7-Jan-20 | Acquisition | 213 | 5.800000 | Euronext Lisbon | 17,696,884 |
| 7-Jan-20 7-Jan-20 |
Acquisition Acquisition |
47 310 |
5.800000 5.800000 |
Euronext Lisbon Euronext Lisbon |
17,696,931 17,697,241 |
| 7-Jan-20 | Acquisition | 2,835 | 5.800000 | Euronext Lisbon | 17,700,076 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 7-Jan-20 | Acquisition | 26 | 5.800000 | Euronext Lisbon | 17,700,102 |
| 7-Jan-20 | Acquisition | 197 | 5.800000 | Euronext Lisbon | 17,700,299 |
| 7-Jan-20 | Acquisition | 31 | 5.800000 | Euronext Lisbon | 17,700,330 |
| 7-Jan-20 | Acquisition | 498 | 5.800000 | Euronext Lisbon | 17,700,828 |
| 7-Jan-20 | Acquisition | 93 | 5.800000 | Euronext Lisbon | 17,700,921 |
| 7-Jan-20 | Acquisition | 990 | 5.800000 | Euronext Lisbon | 17,701,911 |
| 7-Jan-20 | Acquisition | 390 | 5.800000 | Euronext Lisbon | 17,702,301 |
| 7-Jan-20 | Acquisition | 5 | 5.800000 | Euronext Lisbon | 17,702,306 |
| 7-Jan-20 | Acquisition | 3,488 | 5.800000 | Euronext Lisbon | 17,705,794 |
| 7-Jan-20 | Acquisition | 127 | 5.800000 | Euronext Lisbon | 17,705,921 |
| 7-Jan-20 | Acquisition | 400 | 5.800000 | Euronext Lisbon | 17,706,321 |
| 7-Jan-20 | Acquisition | 400 | 5.800000 | Euronext Lisbon | 17,706,721 |
| 7-Jan-20 | Acquisition | 3,168 | 5.800000 | Euronext Lisbon | 17,709,889 |
| 7-Jan-20 | Acquisition | 400 | 5.800000 | Euronext Lisbon | 17,710,289 |
| 7-Jan-20 | Acquisition | 308 | 5.800000 | Euronext Lisbon | 17,710,597 |
| 7-Jan-20 | Acquisition | 324 | 5.800000 | Euronext Lisbon | 17,710,921 |
| 7-Jan-20 | Acquisition | 38 | 5.800000 | Euronext Lisbon | 17,710,959 |
| 7-Jan-20 | Acquisition | 1,762 | 5.800000 | Euronext Lisbon | 17,712,721 |
| 7-Jan-20 | Acquisition | 3,200 | 5.800000 | Euronext Lisbon | 17,715,921 |
| 7-Jan-20 | Acquisition | 3,214 | 5.800000 | Euronext Lisbon | 17,719,135 |
| 7-Jan-20 | Acquisition | 781 | 5.800000 | Euronext Lisbon | 17,719,916 |
| 7-Jan-20 | Acquisition | 1,005 | 5.800000 | Euronext Lisbon | 17,720,921 |
| 7-Jan-20 | Acquisition | 595 | 5.800000 | Euronext Lisbon | 17,721,516 |
| 7-Jan-20 | Acquisition | 3,200 | 5.800000 | Euronext Lisbon | 17,724,716 |
| 7-Jan-20 | Acquisition | 1,800 | 5.800000 | Euronext Lisbon | 17,726,516 |
| 7-Jan-20 | Acquisition | 1,080 | 5.800000 | Euronext Lisbon | 17,727,596 |
| 7-Jan-20 | Acquisition | 393 | 5.800000 | Euronext Lisbon | 17,727,989 |
| 7-Jan-20 | Acquisition | 408 | 5.800000 | Euronext Lisbon | 17,728,397 |
| 7-Jan-20 | Acquisition | 631 | 5.800000 | Euronext Lisbon | 17,729,028 |
| 7-Jan-20 | Acquisition | 1,893 | 5.800000 | Euronext Lisbon | 17,730,921 |
| 7-Jan-20 | Acquisition | 300 | 5.795000 | Euronext Lisbon | 17,731,221 |
| 7-Jan-20 | Acquisition | 992 | 5.795000 | Euronext Lisbon | 17,732,213 |
| 7-Jan-20 | Acquisition | 564 | 5.795000 | Euronext Lisbon | 17,732,777 |
| 7-Jan-20 | Acquisition | 434 | 5.800000 | Euronext Lisbon | 17,733,211 |
| 7-Jan-20 | Acquisition | 852 | 5.800000 | Euronext Lisbon | 17,734,063 |
| 7-Jan-20 | Acquisition | 1,197 | 5.800000 | Euronext Lisbon | 17,735,260 |
| 7-Jan-20 | Acquisition | 900 | 5.800000 | Euronext Lisbon | 17,736,160 |
| 7-Jan-20 | Acquisition | 564 | 5.800000 | Euronext Lisbon | 17,736,724 |
| 8-Jan-20 | Acquisition | 3,399 | 5.750000 | Euronext Lisbon | 17,740,123 |
| 8-Jan-20 | Acquisition | 273 | 5.750000 | Euronext Lisbon | 17,740,396 |
| 8-Jan-20 | Acquisition | 1,328 | 5.750000 | Euronext Lisbon | 17,741,724 |
| 8-Jan-20 | Acquisition | 273 | 5.750000 | Euronext Lisbon | 17,741,997 |
| 8-Jan-20 | Acquisition | 1,601 | 5.750000 | Euronext Lisbon | 17,743,598 |
| 8-Jan-20 | Acquisition | 470 | 5.750000 | Euronext Lisbon | 17,744,068 |
| 8-Jan-20 | Acquisition | 1,601 | 5.750000 | Euronext Lisbon | 17,745,669 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 8-Jan-20 | Acquisition | 1,328 | 5.750000 | Euronext Lisbon | 17,746,997 |
| 8-Jan-20 | Acquisition | 1,372 | 5.750000 | Euronext Lisbon | 17,748,369 |
| 8-Jan-20 | Acquisition | 2,500 | 5.750000 | Euronext Lisbon | 17,750,869 |
| 8-Jan-20 | Acquisition | 1,128 | 5.750000 | Euronext Lisbon | 17,751,997 |
| 8-Jan-20 | Acquisition | 4,727 | 5.750000 | Euronext Lisbon | 17,756,724 |
| 8-Jan-20 | Acquisition | 400 | 5.725000 | Euronext Lisbon | 17,757,124 |
| 8-Jan-20 | Acquisition | 400 | 5.725000 | Euronext Lisbon | 17,757,524 |
| 8-Jan-20 | Acquisition | 400 | 5.725000 | Euronext Lisbon | 17,757,924 |
| 8-Jan-20 | Acquisition | 3,168 | 5.725000 | Euronext Lisbon | 17,761,092 |
| 8-Jan-20 | Acquisition | 632 | 5.725000 | Euronext Lisbon | 17,761,724 |
| 8-Jan-20 | Acquisition | 632 | 5.725000 | Euronext Lisbon | 17,762,356 |
| 8-Jan-20 | Acquisition | 632 | 5.725000 | Euronext Lisbon | 17,762,988 |
| 8-Jan-20 | Acquisition | 632 | 5.725000 | Euronext Lisbon | 17,763,620 |
| 8-Jan-20 | Acquisition | 632 | 5.725000 | Euronext Lisbon | 17,764,252 |
| 8-Jan-20 | Acquisition | 632 | 5.725000 | Euronext Lisbon | 17,764,884 |
| 8-Jan-20 | Acquisition | 750 | 5.750000 | Euronext Lisbon | 17,765,634 |
| 8-Jan-20 | Acquisition | 438 | 5.750000 | Euronext Lisbon | 17,766,072 |
| 8-Jan-20 | Acquisition | 751 | 5.750000 | Euronext Lisbon | 17,766,823 |
| 8-Jan-20 | Acquisition | 332 | 5.750000 | Euronext Lisbon | 17,767,155 |
| 8-Jan-20 | Acquisition | 988 | 5.750000 | Euronext Lisbon | 17,768,143 |
| 8-Jan-20 | Acquisition | 1,741 | 5.750000 | Euronext Lisbon | 17,769,884 |
| 8-Jan-20 | Acquisition | 2,730 | 5.750000 | Euronext Lisbon | 17,772,614 |
| 8-Jan-20 | Acquisition | 385 | 5.750000 | Euronext Lisbon | 17,772,999 |
| 8-Jan-20 | Acquisition | 1,885 | 5.750000 | Euronext Lisbon | 17,774,884 |
| 8-Jan-20 | Acquisition | 385 | 5.750000 | Euronext Lisbon | 17,775,269 |
| 8-Jan-20 | Acquisition | 1,400 | 5.750000 | Euronext Lisbon | 17,776,669 |
| 8-Jan-20 | Acquisition | 1,330 | 5.750000 | Euronext Lisbon | 17,777,999 |
| 8-Jan-20 | Acquisition | 2,270 | 5.750000 | Euronext Lisbon | 17,780,269 |
| 8-Jan-20 | Acquisition | 2,500 | 5.750000 | Euronext Lisbon | 17,782,769 |
| 8-Jan-20 | Acquisition | 2,115 | 5.750000 | Euronext Lisbon | 17,784,884 |
| 8-Jan-20 | Acquisition | 280 | 5.745000 | Euronext Lisbon | 17,785,164 |
| 8-Jan-20 | Acquisition | 61 | 5.745000 | Euronext Lisbon | 17,785,225 |
| 8-Jan-20 | Acquisition | 756 | 5.745000 | Euronext Lisbon | 17,785,981 |
| 8-Jan-20 | Acquisition | 1,122 | 5.745000 | Euronext Lisbon | 17,787,103 |
| 8-Jan-20 | Acquisition | 1,376 | 5.745000 | Euronext Lisbon | 17,788,479 |
| 8-Jan-20 | Acquisition | 1,151 | 5.745000 | Euronext Lisbon | 17,789,630 |
| 8-Jan-20 | Acquisition | 261 | 5.750000 | Euronext Lisbon | 17,789,891 |
| 8-Jan-20 | Acquisition | 472 | 5.750000 | Euronext Lisbon | 17,790,363 |
| 8-Jan-20 | Acquisition | 175 | 5.750000 | Euronext Lisbon | 17,790,538 |
| 8-Jan-20 | Acquisition | 2,800 | 5.750000 | Euronext Lisbon | 17,793,338 |
| 8-Jan-20 | Acquisition | 2,200 | 5.750000 | Euronext Lisbon | 17,795,538 |
| 8-Jan-20 | Acquisition | 3,200 | 5.750000 | Euronext Lisbon | 17,798,738 |
| 8-Jan-20 | Acquisition | 1,800 | 5.750000 | Euronext Lisbon | 17,800,538 |
| 8-Jan-20 | Acquisition | 1,512 | 5.750000 | Euronext Lisbon | 17,802,050 |
| 8-Jan-20 | Acquisition | 2,834 | 5.750000 | Euronext Lisbon | 17,804,884 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 8-Jan-20 | Acquisition | 290 | 5.740000 | Euronext Lisbon | 17,805,174 |
| 8-Jan-20 | Acquisition | 467 | 5.740000 | Euronext Lisbon | 17,805,641 |
| 8-Jan-20 | Acquisition | 1,612 | 5.740000 | Euronext Lisbon | 17,807,253 |
| 8-Jan-20 | Acquisition | 442 | 5.740000 | Euronext Lisbon | 17,807,695 |
| 8-Jan-20 | Acquisition | 453 | 5.740000 | Euronext Lisbon | 17,808,148 |
| 8-Jan-20 | Acquisition | 265 | 5.740000 | Euronext Lisbon | 17,808,413 |
| 8-Jan-20 | Acquisition | 750 | 5.745000 | Euronext Lisbon | 17,809,163 |
| 8-Jan-20 | Acquisition | 477 | 5.745000 | Euronext Lisbon | 17,809,640 |
| 8-Jan-20 | Acquisition | 250 | 5.745000 | Euronext Lisbon | 17,809,890 |
| 8-Jan-20 | Acquisition | 464 | 5.750000 | Euronext Lisbon | 17,810,354 |
| 8-Jan-20 | Acquisition | 433 | 5.750000 | Euronext Lisbon | 17,810,787 |
| 8-Jan-20 | Acquisition | 267 | 5.750000 | Euronext Lisbon | 17,811,054 |
| 8-Jan-20 | Acquisition | 250 | 5.750000 | Euronext Lisbon | 17,811,304 |
| 8-Jan-20 | Acquisition | 261 | 5.750000 | Euronext Lisbon | 17,811,565 |
| 8-Jan-20 | Acquisition | 1,036 | 5.750000 | Euronext Lisbon | 17,812,601 |
| 8-Jan-20 | Acquisition | 338 | 5.750000 | Euronext Lisbon | 17,812,939 |
| 8-Jan-20 | Acquisition | 572 | 5.725000 | Euronext Lisbon | 17,813,511 |
| 8-Jan-20 | Acquisition | 1,268 | 5.725000 | Euronext Lisbon | 17,814,779 |
| 8-Jan-20 | Acquisition | 4 | 5.725000 | Euronext Lisbon | 17,814,783 |
| 8-Jan-20 | Acquisition | 56 | 5.725000 | Euronext Lisbon | 17,814,839 |
| 8-Jan-20 | Acquisition | 3,100 | 5.725000 | Euronext Lisbon | 17,817,939 |
| 8-Jan-20 | Acquisition | 1,844 | 5.725000 | Euronext Lisbon | 17,819,783 |
| 8-Jan-20 | Acquisition | 701 | 5.725000 | Euronext Lisbon | 17,820,484 |
| 8-Jan-20 | Acquisition | 810 | 5.725000 | Euronext Lisbon | 17,821,294 |
| 8-Jan-20 | Acquisition | 3,168 | 5.725000 | Euronext Lisbon | 17,824,462 |
| 8-Jan-20 | Acquisition | 317 | 5.725000 | Euronext Lisbon | 17,824,779 |
| 8-Jan-20 | Acquisition | 400 | 5.710000 | Euronext Lisbon | 17,825,179 |
| 8-Jan-20 | Acquisition | 1,230 | 5.710000 | Euronext Lisbon | 17,826,409 |
| 8-Jan-20 | Acquisition | 116 | 5.710000 | Euronext Lisbon | 17,826,525 |
| 8-Jan-20 | Acquisition | 160 | 5.710000 | Euronext Lisbon | 17,826,685 |
| 8-Jan-20 | Acquisition | 9 | 5.710000 | Euronext Lisbon | 17,826,694 |
| 8-Jan-20 | Acquisition | 2,271 | 5.710000 | Euronext Lisbon | 17,828,965 |
| 8-Jan-20 | Acquisition | 814 | 5.710000 | Euronext Lisbon | 17,829,779 |
| 8-Jan-20 | Acquisition | 2,271 | 5.710000 | Euronext Lisbon | 17,832,050 |
| 8-Jan-20 | Acquisition | 3,721 | 5.710000 | Euronext Lisbon | 17,835,771 |
| 8-Jan-20 | Acquisition | 1,088 | 5.710000 | Euronext Lisbon | 17,836,859 |
| 8-Jan-20 | Acquisition | 191 | 5.710000 | Euronext Lisbon | 17,837,050 |
| 8-Jan-20 | Acquisition | 1,090 | 5.710000 | Euronext Lisbon | 17,838,140 |
| 8-Jan-20 | Acquisition | 467 | 5.710000 | Euronext Lisbon | 17,838,607 |
| 8-Jan-20 | Acquisition | 1,230 | 5.710000 | Euronext Lisbon | 17,839,837 |
| 8-Jan-20 | Acquisition | 1,620 | 5.710000 | Euronext Lisbon | 17,841,457 |
| 8-Jan-20 | Acquisition | 696 | 5.710000 | Euronext Lisbon | 17,842,153 |
| 8-Jan-20 | Acquisition | 987 | 5.710000 | Euronext Lisbon | 17,843,140 |
| 8-Jan-20 | Acquisition | 400 | 5.710000 | Euronext Lisbon | 17,843,540 |
| 8-Jan-20 | Acquisition | 1,239 | 5.710000 | Euronext Lisbon | 17,844,779 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 8-Jan-20 | Acquisition | 3,213 | 5.685000 | Euronext Lisbon | 17,847,992 |
| 8-Jan-20 | Acquisition | 1,787 | 5.685000 | Euronext Lisbon | 17,849,779 |
| 8-Jan-20 | Acquisition | 1,400 | 5.685000 | Euronext Lisbon | 17,851,179 |
| 8-Jan-20 | Acquisition | 290 | 5.685000 | Euronext Lisbon | 17,851,469 |
| 8-Jan-20 | Acquisition | 1,787 | 5.685000 | Euronext Lisbon | 17,853,256 |
| 8-Jan-20 | Acquisition | 387 | 5.685000 | Euronext Lisbon | 17,853,643 |
| 8-Jan-20 | Acquisition | 1,136 | 5.685000 | Euronext Lisbon | 17,854,779 |
| 8-Jan-20 | Acquisition | 750 | 5.730000 | Euronext Lisbon | 17,855,529 |
| 8-Jan-20 | Acquisition | 4,000 | 5.730000 | Euronext Lisbon | 17,859,529 |
| 8-Jan-20 | Acquisition | 240 | 5.730000 | Euronext Lisbon | 17,859,769 |
| 8-Jan-20 | Acquisition | 391 | 5.730000 | Euronext Lisbon | 17,860,160 |
| 8-Jan-20 | Acquisition | 1,140 | 5.730000 | Euronext Lisbon | 17,861,300 |
| 8-Jan-20 | Acquisition | 371 | 5.730000 | Euronext Lisbon | 17,861,671 |
| 8-Jan-20 | Acquisition | 346 | 5.730000 | Euronext Lisbon | 17,862,017 |
| 8-Jan-20 | Acquisition | 150 | 5.730000 | Euronext Lisbon | 17,862,167 |
| 8-Jan-20 | Acquisition | 700 | 5.730000 | Euronext Lisbon | 17,862,867 |
| 8-Jan-20 | Acquisition | 303 | 5.730000 | Euronext Lisbon | 17,863,170 |
| 8-Jan-20 | Acquisition | 1,067 | 5.730000 | Euronext Lisbon | 17,864,237 |
| 8-Jan-20 | Acquisition | 100 | 5.730000 | Euronext Lisbon | 17,864,337 |
| 8-Jan-20 | Acquisition | 885 | 5.725000 | Euronext Lisbon | 17,865,222 |
| 8-Jan-20 | Acquisition | 1,492 | 5.740000 | Euronext Lisbon | 17,866,714 |
| 8-Jan-20 | Acquisition | 1,400 | 5.740000 | Euronext Lisbon | 17,868,114 |
| 8-Jan-20 | Acquisition | 2,354 | 5.750000 | Euronext Lisbon | 17,870,468 |
| 8-Jan-20 | Acquisition | 267 | 5.750000 | Euronext Lisbon | 17,870,735 |
| 8-Jan-20 | Acquisition | 1,100 | 5.750000 | Euronext Lisbon | 17,871,835 |
| 8-Jan-20 | Acquisition | 433 | 5.750000 | Euronext Lisbon | 17,872,268 |
| 8-Jan-20 | Acquisition | 846 | 5.750000 | Euronext Lisbon | 17,873,114 |
| 8-Jan-20 | Acquisition | 848 | 5.730000 | Euronext Lisbon | 17,873,962 |
| 8-Jan-20 | Acquisition | 179 | 5.730000 | Euronext Lisbon | 17,874,141 |
| 8-Jan-20 | Acquisition | 446 | 5.730000 | Euronext Lisbon | 17,874,587 |
| 8-Jan-20 | Acquisition | 2,259 | 5.730000 | Euronext Lisbon | 17,876,846 |
| 8-Jan-20 | Acquisition | 1,268 | 5.730000 | Euronext Lisbon | 17,878,114 |
| 8-Jan-20 | Acquisition | 2,685 | 5.725000 | Euronext Lisbon | 17,880,799 |
| 8-Jan-20 | Acquisition | 1,400 | 5.725000 | Euronext Lisbon | 17,882,199 |
| 8-Jan-20 | Acquisition | 30 | 5.725000 | Euronext Lisbon | 17,882,229 |
| 8-Jan-20 | Acquisition | 2,684 | 5.725000 | Euronext Lisbon | 17,884,913 |
| 8-Jan-20 | Acquisition | 2,316 | 5.725000 | Euronext Lisbon | 17,887,229 |
| 8-Jan-20 | Acquisition | 149 | 5.725000 | Euronext Lisbon | 17,887,378 |
| 8-Jan-20 | Acquisition | 2,683 | 5.725000 | Euronext Lisbon | 17,890,061 |
| 8-Jan-20 | Acquisition | 2,168 | 5.725000 | Euronext Lisbon | 17,892,229 |
| 8-Jan-20 | Acquisition | 2,111 | 5.725000 | Euronext Lisbon | 17,894,340 |
| 8-Jan-20 | Acquisition | 454 | 5.750000 | Euronext Lisbon | 17,894,794 |
| 8-Jan-20 | Acquisition | 875 | 5.750000 | Euronext Lisbon | 17,895,669 |
| 8-Jan-20 | Acquisition | 44 | 5.750000 | Euronext Lisbon | 17,895,713 |
| 8-Jan-20 | Acquisition | 3,627 | 5.750000 | Euronext Lisbon | 17,899,340 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 8-Jan-20 | Acquisition | 3,571 | 5.750000 | Euronext Lisbon | 17,902,911 |
| 8-Jan-20 | Acquisition | 1,429 | 5.750000 | Euronext Lisbon | 17,904,340 |
| 8-Jan-20 | Acquisition | 1,418 | 5.750000 | Euronext Lisbon | 17,905,758 |
| 8-Jan-20 | Acquisition | 1,000 | 5.750000 | Euronext Lisbon | 17,906,758 |
| 8-Jan-20 | Acquisition | 1,000 | 5.750000 | Euronext Lisbon | 17,907,758 |
| 8-Jan-20 | Acquisition | 1,000 | 5.750000 | Euronext Lisbon | 17,908,758 |
| 8-Jan-20 | Acquisition | 582 | 5.750000 | Euronext Lisbon | 17,909,340 |
| 8-Jan-20 | Acquisition | 5,000 | 5.750000 | Euronext Lisbon | 17,914,340 |
| 8-Jan-20 | Acquisition | 3,000 | 5.750000 | Euronext Lisbon | 17,917,340 |
| 8-Jan-20 | Acquisition | 760 | 5.750000 | Euronext Lisbon | 17,918,100 |
| 8-Jan-20 | Acquisition | 264 | 5.750000 | Euronext Lisbon | 17,918,364 |
| 8-Jan-20 | Acquisition | 736 | 5.750000 | Euronext Lisbon | 17,919,100 |
| 8-Jan-20 | Acquisition | 1,938 | 5.750000 | Euronext Lisbon | 17,921,038 |
| 8-Jan-20 | Acquisition | 468 | 5.750000 | Euronext Lisbon | 17,921,506 |
| 8-Jan-20 | Acquisition | 126 | 5.750000 | Euronext Lisbon | 17,921,632 |
| 13-Jan-20 | Acquisition | 750 | 5.775000 | Euronext Lisbon | 17,922,382 |
| 13-Jan-20 | Acquisition | 285 | 5.775000 | Euronext Lisbon | 17,922,667 |
| 13-Jan-20 | Acquisition | 401 | 5.775000 | Euronext Lisbon | 17,923,068 |
| 13-Jan-20 | Acquisition | 1,830 | 5.775000 | Euronext Lisbon | 17,924,898 |
| 13-Jan-20 | Acquisition | 360 | 5.780000 | Euronext Lisbon | 17,925,258 |
| 13-Jan-20 | Acquisition | 285 | 5.780000 | Euronext Lisbon | 17,925,543 |
| 13-Jan-20 | Acquisition | 750 | 5.785000 | Euronext Lisbon | 17,926,293 |
| 13-Jan-20 | Acquisition | 299 | 5.785000 | Euronext Lisbon | 17,926,592 |
| 13-Jan-20 | Acquisition | 447 | 5.785000 | Euronext Lisbon | 17,927,039 |
| 13-Jan-20 | Acquisition | 370 | 5.790000 | Euronext Lisbon | 17,927,409 |
| 13-Jan-20 | Acquisition | 12,235 | 5.790000 | Euronext Lisbon | 17,939,644 |
| 13-Jan-20 | Acquisition | 461 | 5.790000 | Euronext Lisbon | 17,940,105 |
| 13-Jan-20 | Acquisition | 3,371 | 5.790000 | Euronext Lisbon | 17,943,476 |
| 13-Jan-20 | Acquisition | 1,159 | 5.790000 | Euronext Lisbon | 17,944,635 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,945,035 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,945,435 |
| 13-Jan-20 | Acquisition | 640 | 5.760000 | Euronext Lisbon | 17,946,075 |
| 13-Jan-20 | Acquisition | 3,560 | 5.760000 | Euronext Lisbon | 17,949,635 |
| 13-Jan-20 | Acquisition | 315 | 5.760000 | Euronext Lisbon | 17,949,950 |
| 13-Jan-20 | Acquisition | 3,560 | 5.760000 | Euronext Lisbon | 17,953,510 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,953,910 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,954,310 |
| 13-Jan-20 | Acquisition | 325 | 5.760000 | Euronext Lisbon | 17,954,635 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,955,035 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,955,435 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,955,835 |
| 13-Jan-20 | Acquisition | 124 | 5.760000 | Euronext Lisbon | 17,955,959 |
| 13-Jan-20 | Acquisition | 3,374 | 5.760000 | Euronext Lisbon | 17,959,333 |
| 13-Jan-20 | Acquisition | 302 | 5.760000 | Euronext Lisbon | 17,959,635 |
| 13-Jan-20 | Acquisition | 70 | 5.760000 | Euronext Lisbon | 17,959,705 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 13-Jan-20 | Acquisition | 302 | 5.760000 | Euronext Lisbon | 17,960,007 |
| 13-Jan-20 | Acquisition | 611 | 5.760000 | Euronext Lisbon | 17,960,618 |
| 13-Jan-20 | Acquisition | 302 | 5.760000 | Euronext Lisbon | 17,960,920 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,961,320 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,961,720 |
| 13-Jan-20 | Acquisition | 602 | 5.760000 | Euronext Lisbon | 17,962,322 |
| 13-Jan-20 | Acquisition | 2,313 | 5.760000 | Euronext Lisbon | 17,964,635 |
| 13-Jan-20 | Acquisition | 2,313 | 5.760000 | Euronext Lisbon | 17,966,948 |
| 13-Jan-20 | Acquisition | 503 | 5.760000 | Euronext Lisbon | 17,967,451 |
| 13-Jan-20 | Acquisition | 470 | 5.760000 | Euronext Lisbon | 17,967,921 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,968,321 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,968,721 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,969,121 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,969,521 |
| 13-Jan-20 | Acquisition | 114 | 5.760000 | Euronext Lisbon | 17,969,635 |
| 13-Jan-20 | Acquisition | 400 | 5.760000 | Euronext Lisbon | 17,970,035 |
| 13-Jan-20 | Acquisition | 5,000 | 5.800000 | Euronext Lisbon | 17,975,035 |
| 13-Jan-20 | Acquisition | 1,373 | 5.800000 | Euronext Lisbon | 17,976,408 |
| 13-Jan-20 | Acquisition | 3,627 | 5.800000 | Euronext Lisbon | 17,980,035 |
| 13-Jan-20 | Acquisition | 1,373 | 5.800000 | Euronext Lisbon | 17,981,408 |
| 13-Jan-20 | Acquisition | 3,627 | 5.800000 | Euronext Lisbon | 17,985,035 |
| 13-Jan-20 | Acquisition | 1,373 | 5.800000 | Euronext Lisbon | 17,986,408 |
| 13-Jan-20 | Acquisition | 2,254 | 5.800000 | Euronext Lisbon | 17,988,662 |
| 14-Jan-20 | Acquisition | 2,450 | 5.790000 | Euronext Lisbon | 17,991,112 |
| 14-Jan-20 | Acquisition | 2,550 | 5.790000 | Euronext Lisbon | 17,993,662 |
| 14-Jan-20 | Acquisition | 1,572 | 5.790000 | Euronext Lisbon | 17,995,234 |
| 14-Jan-20 | Acquisition | 1,400 | 5.790000 | Euronext Lisbon | 17,996,634 |
| 14-Jan-20 | Acquisition | 1,400 | 5.790000 | Euronext Lisbon | 17,998,034 |
| 14-Jan-20 | Acquisition | 628 | 5.790000 | Euronext Lisbon | 17,998,662 |
| 14-Jan-20 | Acquisition | 4,372 | 5.790000 | Euronext Lisbon | 18,003,034 |
| 14-Jan-20 | Acquisition | 646 | 5.790000 | Euronext Lisbon | 18,003,680 |
| 14-Jan-20 | Acquisition | 2,742 | 5.790000 | Euronext Lisbon | 18,006,422 |
| 14-Jan-20 | Acquisition | 344 | 5.790000 | Euronext Lisbon | 18,006,766 |
| 14-Jan-20 | Acquisition | 1,268 | 5.790000 | Euronext Lisbon | 18,008,034 |
| 14-Jan-20 | Acquisition | 628 | 5.790000 | Euronext Lisbon | 18,008,662 |
| 14-Jan-20 | Acquisition | 750 | 5.800000 | Euronext Lisbon | 18,009,412 |
| 14-Jan-20 | Acquisition | 260 | 5.800000 | Euronext Lisbon | 18,009,672 |
| 14-Jan-20 | Acquisition | 439 | 5.800000 | Euronext Lisbon | 18,010,111 |
| 14-Jan-20 | Acquisition | 967 | 5.800000 | Euronext Lisbon | 18,011,078 |
| 14-Jan-20 | Acquisition | 2,584 | 5.800000 | Euronext Lisbon | 18,013,662 |
| 14-Jan-20 | Acquisition | 3,865 | 5.800000 | Euronext Lisbon | 18,017,527 |
| 14-Jan-20 | Acquisition | 1,135 | 5.800000 | Euronext Lisbon | 18,018,662 |
| 14-Jan-20 | Acquisition | 417 | 5.800000 | Euronext Lisbon | 18,019,079 |
| 14-Jan-20 | Acquisition | 400 | 5.800000 | Euronext Lisbon | 18,019,479 |
| 14-Jan-20 | Acquisition | 400 | 5.800000 | Euronext Lisbon | 18,019,879 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 14-Jan-20 | Acquisition | 59 | 5.800000 | Euronext Lisbon | 18,019,938 |
| 14-Jan-20 | Acquisition | 4,141 | 5.800000 | Euronext Lisbon | 18,024,079 |
| 14-Jan-20 | Acquisition | 5,000 | 5.800000 | Euronext Lisbon | 18,029,079 |
| 14-Jan-20 | Acquisition | 2,502 | 5.800000 | Euronext Lisbon | 18,031,581 |
| 14-Jan-20 | Acquisition | 467 | 5.800000 | Euronext Lisbon | 18,032,048 |
| 14-Jan-20 | Acquisition | 4,533 | 5.800000 | Euronext Lisbon | 18,036,581 |
| 14-Jan-20 | Acquisition | 2,081 | 5.800000 | Euronext Lisbon | 18,038,662 |
| 14-Jan-20 | Acquisition | 1,000 | 5.785000 | Euronext Lisbon | 18,039,662 |
| 14-Jan-20 | Acquisition | 554 | 5.785000 | Euronext Lisbon | 18,040,216 |
| 14-Jan-20 | Acquisition | 1,400 | 5.785000 | Euronext Lisbon | 18,041,616 |
| 14-Jan-20 | Acquisition | 1,400 | 5.785000 | Euronext Lisbon | 18,043,016 |
| 14-Jan-20 | Acquisition | 646 | 5.785000 | Euronext Lisbon | 18,043,662 |
| 14-Jan-20 | Acquisition | 998 | 5.785000 | Euronext Lisbon | 18,044,660 |
| 14-Jan-20 | Acquisition | 4,002 | 5.785000 | Euronext Lisbon | 18,048,662 |
| 14-Jan-20 | Acquisition | 1,063 | 5.785000 | Euronext Lisbon | 18,049,725 |
| 14-Jan-20 | Acquisition | 3,200 | 5.785000 | Euronext Lisbon | 18,052,925 |
| 14-Jan-20 | Acquisition | 865 | 5.785000 | Euronext Lisbon | 18,053,790 |
| 14-Jan-20 | Acquisition | 735 | 5.785000 | Euronext Lisbon | 18,054,525 |
| 14-Jan-20 | Acquisition | 200 | 5.785000 | Euronext Lisbon | 18,054,725 |
| 14-Jan-20 | Acquisition | 1,265 | 5.785000 | Euronext Lisbon | 18,055,990 |
| 14-Jan-20 | Acquisition | 588 | 5.785000 | Euronext Lisbon | 18,056,578 |
| 14-Jan-20 | Acquisition | 346 | 5.795000 | Euronext Lisbon | 18,056,924 |
| 14-Jan-20 | Acquisition | 355 | 5.795000 | Euronext Lisbon | 18,057,279 |
| 14-Jan-20 | Acquisition | 1,383 | 5.795000 | Euronext Lisbon | 18,058,662 |
| 14-Jan-20 | Acquisition | 3,921 | 5.785000 | Euronext Lisbon | 18,062,583 |
| 14-Jan-20 | Acquisition | 1,079 | 5.785000 | Euronext Lisbon | 18,063,662 |
| 14-Jan-20 | Acquisition | 3,921 | 5.785000 | Euronext Lisbon | 18,067,583 |
| 14-Jan-20 | Acquisition | 661 | 5.800000 | Euronext Lisbon | 18,068,244 |
| 14-Jan-20 | Acquisition | 531 | 5.800000 | Euronext Lisbon | 18,068,775 |
| 14-Jan-20 | Acquisition | 1,137 | 5.800000 | Euronext Lisbon | 18,069,912 |
| 14-Jan-20 | Acquisition | 1,461 | 5.800000 | Euronext Lisbon | 18,071,373 |
| 14-Jan-20 | Acquisition | 470 | 5.800000 | Euronext Lisbon | 18,071,843 |
| 14-Jan-20 | Acquisition | 1,406 | 5.795000 | Euronext Lisbon | 18,073,249 |
| 14-Jan-20 | Acquisition | 357 | 5.795000 | Euronext Lisbon | 18,073,606 |
| 14-Jan-20 | Acquisition | 1,166 | 5.795000 | Euronext Lisbon | 18,074,772 |
| 14-Jan-20 | Acquisition | 997 | 5.795000 | Euronext Lisbon | 18,075,769 |
| 14-Jan-20 | Acquisition | 1,074 | 5.795000 | Euronext Lisbon | 18,076,843 |
| 15-Jan-20 | Acquisition | 420 | 5.800000 | Euronext Lisbon | 18,077,263 |
| 15-Jan-20 | Acquisition | 2,516 | 5.800000 | Euronext Lisbon | 18,079,779 |
| 15-Jan-20 | Acquisition | 1,373 | 5.800000 | Euronext Lisbon | 18,081,152 |
| 15-Jan-20 | Acquisition | 691 | 5.800000 | Euronext Lisbon | 18,081,843 |
| 15-Jan-20 | Acquisition | 1,373 | 5.800000 | Euronext Lisbon | 18,083,216 |
| 15-Jan-20 | Acquisition | 1,105 | 5.800000 | Euronext Lisbon | 18,084,321 |
| 15-Jan-20 | Acquisition | 1,275 | 5.800000 | Euronext Lisbon | 18,085,596 |
| 15-Jan-20 | Acquisition | 1,203 | 5.800000 | Euronext Lisbon | 18,086,799 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 15-Jan-20 | Acquisition | 1,105 | 5.800000 | Euronext Lisbon | 18,087,904 |
| 15-Jan-20 | Acquisition | 11 | 5.800000 | Euronext Lisbon | 18,087,915 |
| 15-Jan-20 | Acquisition | 301 | 5.800000 | Euronext Lisbon | 18,088,216 |
| 15-Jan-20 | Acquisition | 2,938 | 5.800000 | Euronext Lisbon | 18,091,154 |
| 15-Jan-20 | Acquisition | 2,062 | 5.800000 | Euronext Lisbon | 18,093,216 |
| 15-Jan-20 | Acquisition | 2,973 | 5.800000 | Euronext Lisbon | 18,096,189 |
| 15-Jan-20 | Acquisition | 400 | 5.800000 | Euronext Lisbon | 18,096,589 |
| 15-Jan-20 | Acquisition | 254 | 5.800000 | Euronext Lisbon | 18,096,843 |
| 15-Jan-20 | Acquisition | 5,000 | 5.795000 | Euronext Lisbon | 18,101,843 |
| 15-Jan-20 | Acquisition | 538 | 5.795000 | Euronext Lisbon | 18,102,381 |
| 15-Jan-20 | Acquisition | 4,462 | 5.795000 | Euronext Lisbon | 18,106,843 |
| 15-Jan-20 | Acquisition | 1,400 | 5.795000 | Euronext Lisbon | 18,108,243 |
| 15-Jan-20 | Acquisition | 1,400 | 5.795000 | Euronext Lisbon | 18,109,643 |
| 15-Jan-20 | Acquisition | 1,400 | 5.795000 | Euronext Lisbon | 18,111,043 |
| 15-Jan-20 | Acquisition | 800 | 5.795000 | Euronext Lisbon | 18,111,843 |
| 15-Jan-20 | Acquisition | 6,200 | 5.795000 | Euronext Lisbon | 18,118,043 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,118,443 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,118,843 |
| 15-Jan-20 | Acquisition | 2,778 | 5.795000 | Euronext Lisbon | 18,121,621 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,122,021 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,122,421 |
| 15-Jan-20 | Acquisition | 622 | 5.795000 | Euronext Lisbon | 18,123,043 |
| 15-Jan-20 | Acquisition | 217 | 5.795000 | Euronext Lisbon | 18,123,260 |
| 15-Jan-20 | Acquisition | 746 | 5.795000 | Euronext Lisbon | 18,124,006 |
| 15-Jan-20 | Acquisition | 2,800 | 5.795000 | Euronext Lisbon | 18,126,806 |
| 15-Jan-20 | Acquisition | 1,237 | 5.795000 | Euronext Lisbon | 18,128,043 |
| 15-Jan-20 | Acquisition | 163 | 5.795000 | Euronext Lisbon | 18,128,206 |
| 15-Jan-20 | Acquisition | 1,400 | 5.795000 | Euronext Lisbon | 18,129,606 |
| 15-Jan-20 | Acquisition | 858 | 5.795000 | Euronext Lisbon | 18,130,464 |
| 15-Jan-20 | Acquisition | 1,379 | 5.795000 | Euronext Lisbon | 18,131,843 |
| 15-Jan-20 | Acquisition | 21 | 5.795000 | Euronext Lisbon | 18,131,864 |
| 15-Jan-20 | Acquisition | 1,600 | 5.795000 | Euronext Lisbon | 18,133,464 |
| 15-Jan-20 | Acquisition | 1,400 | 5.795000 | Euronext Lisbon | 18,134,864 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,135,264 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,135,664 |
| 15-Jan-20 | Acquisition | 1,179 | 5.795000 | Euronext Lisbon | 18,136,843 |
| 15-Jan-20 | Acquisition | 750 | 5.795000 | Euronext Lisbon | 18,137,593 |
| 15-Jan-20 | Acquisition | 3,374 | 5.795000 | Euronext Lisbon | 18,140,967 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,141,367 |
| 15-Jan-20 | Acquisition | 110 | 5.795000 | Euronext Lisbon | 18,141,477 |
| 15-Jan-20 | Acquisition | 366 | 5.795000 | Euronext Lisbon | 18,141,843 |
| 15-Jan-20 | Acquisition | 1,800 | 5.795000 | Euronext Lisbon | 18,143,643 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,144,043 |
| 15-Jan-20 | Acquisition | 107 | 5.795000 | Euronext Lisbon | 18,144,150 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,144,550 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,144,950 |
| 15-Jan-20 | Acquisition | 1,893 | 5.795000 | Euronext Lisbon | 18,146,843 |
| 15-Jan-20 | Acquisition | 14 | 5.795000 | Euronext Lisbon | 18,146,857 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,147,257 |
| 15-Jan-20 | Acquisition | 436 | 5.795000 | Euronext Lisbon | 18,147,693 |
| 15-Jan-20 | Acquisition | 1,008 | 5.795000 | Euronext Lisbon | 18,148,701 |
| 15-Jan-20 | Acquisition | 1,152 | 5.795000 | Euronext Lisbon | 18,149,853 |
| 15-Jan-20 | Acquisition | 1,270 | 5.800000 | Euronext Lisbon | 18,151,123 |
| 15-Jan-20 | Acquisition | 3,730 | 5.800000 | Euronext Lisbon | 18,154,853 |
| 15-Jan-20 | Acquisition | 4,834 | 5.800000 | Euronext Lisbon | 18,159,687 |
| 15-Jan-20 | Acquisition | 166 | 5.800000 | Euronext Lisbon | 18,159,853 |
| 15-Jan-20 | Acquisition | 4,668 | 5.800000 | Euronext Lisbon | 18,164,521 |
| 15-Jan-20 | Acquisition | 332 | 5.800000 | Euronext Lisbon | 18,164,853 |
| 15-Jan-20 | Acquisition | 862 | 5.800000 | Euronext Lisbon | 18,165,715 |
| 15-Jan-20 | Acquisition | 100 | 5.800000 | Euronext Lisbon | 18,165,815 |
| 15-Jan-20 | Acquisition | 1,726 | 5.800000 | Euronext Lisbon | 18,167,541 |
| 15-Jan-20 | Acquisition | 2,220 | 5.800000 | Euronext Lisbon | 18,169,761 |
| 15-Jan-20 | Acquisition | 2,390 | 5.800000 | Euronext Lisbon | 18,172,151 |
| 15-Jan-20 | Acquisition | 1,936 | 5.795000 | Euronext Lisbon | 18,174,087 |
| 15-Jan-20 | Acquisition | 54 | 5.795000 | Euronext Lisbon | 18,174,141 |
| 15-Jan-20 | Acquisition | 5,000 | 5.795000 | Euronext Lisbon | 18,179,141 |
| 15-Jan-20 | Acquisition | 570 | 5.795000 | Euronext Lisbon | 18,179,711 |
| 15-Jan-20 | Acquisition | 4,430 | 5.795000 | Euronext Lisbon | 18,184,141 |
| 15-Jan-20 | Acquisition | 1,021 | 5.795000 | Euronext Lisbon | 18,185,162 |
| 15-Jan-20 | Acquisition | 70 | 5.795000 | Euronext Lisbon | 18,185,232 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,185,632 |
| 15-Jan-20 | Acquisition | 1,054 | 5.795000 | Euronext Lisbon | 18,186,686 |
| 15-Jan-20 | Acquisition | 400 | 5.795000 | Euronext Lisbon | 18,187,086 |
| 15-Jan-20 | Acquisition | 336 | 5.795000 | Euronext Lisbon | 18,187,422 |
| 15-Jan-20 | Acquisition | 889 | 5.795000 | Euronext Lisbon | 18,188,311 |
| 15-Jan-20 | Acquisition | 830 | 5.795000 | Euronext Lisbon | 18,189,141 |
| 15-Jan-20 | Acquisition | 105 | 5.795000 | Euronext Lisbon | 18,189,246 |
| 15-Jan-20 | Acquisition | 3,374 | 5.795000 | Euronext Lisbon | 18,192,620 |
| 15-Jan-20 | Acquisition | 1,521 | 5.795000 | Euronext Lisbon | 18,194,141 |
| 15-Jan-20 | Acquisition | 862 | 5.800000 | Euronext Lisbon | 18,195,003 |
| 15-Jan-20 | Acquisition | 381 | 5.800000 | Euronext Lisbon | 18,195,384 |
| 15-Jan-20 | Acquisition | 1,017 | 5.800000 | Euronext Lisbon | 18,196,401 |
| 15-Jan-20 | Acquisition | 439 | 5.800000 | Euronext Lisbon | 18,196,840 |
| 15-Jan-20 | Acquisition | 359 | 5.800000 | Euronext Lisbon | 18,197,199 |
| 15-Jan-20 | Acquisition | 410 | 5.800000 | Euronext Lisbon | 18,197,609 |
| 15-Jan-20 | Acquisition | 242 | 5.800000 | Euronext Lisbon | 18,197,851 |
| 15-Jan-20 | Acquisition | 387 | 5.800000 | Euronext Lisbon | 18,198,238 |
| 15-Jan-20 | Acquisition | 557 | 5.795000 | Euronext Lisbon | 18,198,795 |
| 15-Jan-20 | Acquisition | 1,077 | 5.795000 | Euronext Lisbon | 18,199,872 |
| 15-Jan-20 | Acquisition | 2 | 5.795000 | Euronext Lisbon | 18,199,874 |

DO CONSELHO DE AD
| MINISTRAÇÃO Date |
Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 15-Jan-20 | Acquisition | 418 | 5.795000 | Euronext Lisbon | 18,200,292 |
| 15-Jan-20 | Acquisition | 836 | 5.795000 | Euronext Lisbon | 18,201,128 |
| 15-Jan-20 | Acquisition | 469 | 5.795000 | Euronext Lisbon | 18,201,597 |
| 15-Jan-20 | Acquisition | 257 | 5.795000 | Euronext Lisbon | 18,201,854 |
| 15-Jan-20 | Acquisition | 1,183 | 5.795000 | Euronext Lisbon | 18,203,037 |
| 15-Jan-20 | Acquisition | 201 | 5.795000 | Euronext Lisbon | 18,203,238 |
| 15-Jan-20 | Acquisition | 168 | 5.795000 | Euronext Lisbon | 18,203,406 |
| 15-Jan-20 | Acquisition | 1,672 | 5.795000 | Euronext Lisbon | 18,205,078 |
| 15-Jan-20 | Acquisition | 3,328 | 5.795000 | Euronext Lisbon | 18,208,406 |
| 15-Jan-20 | Acquisition | 1,008 | 5.795000 | Euronext Lisbon | 18,209,414 |
| 15-Jan-20 | Acquisition | 814 | 5.795000 | Euronext Lisbon | 18,210,228 |
| 15-Jan-20 | Acquisition | 538 | 5.795000 | Euronext Lisbon | 18,210,766 |
| 15-Jan-20 | Acquisition | 1,615 | 5.795000 | Euronext Lisbon | 18,212,381 |
| 15-Jan-20 | Acquisition | 705 | 5.795000 | Euronext Lisbon | 18,213,086 |
| 15-Jan-20 | Acquisition | 152 | 5.795000 | Euronext Lisbon | 18,213,238 |
| 15-Jan-20 | Acquisition | 862 | 5.795000 | Euronext Lisbon | 18,214,100 |
| 15-Jan-20 | Acquisition | 107 | 5.795000 | Euronext Lisbon | 18,214,207 |
| 15-Jan-20 | Acquisition | 105 | 5.795000 | Euronext Lisbon | 18,214,312 |
| 15-Jan-20 | Acquisition | 41 | 5.795000 | Euronext Lisbon | 18,214,353 |
| 15-Jan-20 | Acquisition | 419 | 5.795000 | Euronext Lisbon | 18,214,772 |
| 15-Jan-20 | Acquisition | 1,298 | 5.795000 | Euronext Lisbon | 18,216,070 |
| 15-Jan-20 | Acquisition | 1,336 | 5.795000 | Euronext Lisbon | 18,217,406 |
| 15-Jan-20 | Acquisition | 2,484 | 5.795000 | Euronext Lisbon | 18,219,890 |
| 15-Jan-20 | Acquisition | 499 | 5.795000 | Euronext Lisbon | 18,220,389 |
| 15-Jan-20 | Acquisition | 1,229 | 5.795000 | Euronext Lisbon | 18,221,618 |
| 15-Jan-20 | Acquisition | 457 | 5.795000 | Euronext Lisbon | 18,222,075 |
| 15-Jan-20 | Acquisition | 1,110 | 5.795000 | Euronext Lisbon | 18,223,185 |
| 15-Jan-20 | Acquisition | 53 | 5.795000 | Euronext Lisbon | 18,223,238 |
| 15-Jan-20 | Acquisition | 2,344 | 5.790000 | Euronext Lisbon | 18,225,582 |
| 15-Jan-20 | Acquisition | 2,656 | 5.790000 | Euronext Lisbon | 18,228,238 |
| 15-Jan-20 | Acquisition | 1,471 | 5.790000 | Euronext Lisbon | 18,229,709 |
| 15-Jan-20 | Acquisition | 1,293 | 5.790000 | Euronext Lisbon | 18,231,002 |
| 15-Jan-20 | Acquisition | 1,000 | 5.790000 | Euronext Lisbon | 18,232,002 |
| 15-Jan-20 | Acquisition | 519 | 5.790000 | Euronext Lisbon | 18,232,521 |
| 15-Jan-20 | Acquisition | 717 | 5.790000 | Euronext Lisbon | 18,233,238 |
| 15-Jan-20 | Acquisition | 979 | 5.790000 | Euronext Lisbon | 18,234,217 |
| 15-Jan-20 | Acquisition | 705 | 5.790000 | Euronext Lisbon | 18,234,922 |
| 15-Jan-20 | Acquisition | 1,000 | 5.790000 | Euronext Lisbon | 18,235,922 |
| 15-Jan-20 | Acquisition | 255 | 5.790000 | Euronext Lisbon | 18,236,177 |
| 15-Jan-20 | Acquisition | 385 | 5.790000 | Euronext Lisbon | 18,236,562 |
| 15-Jan-20 | Acquisition | 252 | 5.790000 | Euronext Lisbon | 18,236,814 |
| 15-Jan-20 | Acquisition | 1,000 | 5.790000 | Euronext Lisbon | 18,237,814 |
| 15-Jan-20 15-Jan-20 |
Acquisition Acquisition |
424 4,673 |
5.790000 5.780000 |
Euronext Lisbon Euronext Lisbon |
18,238,238 18,242,911 |
| 15-Jan-20 | Acquisition | 327 | 5.780000 | Euronext Lisbon | 18,243,238 |

DO CONSELHO DE AD
| Date | Type | Volume | Price (€) | Place | No. of shares |
|---|---|---|---|---|---|
| 15-Jan-20 | Acquisition | 4,344 | 5.780000 | Euronext Lisbon | 18,247,582 |
| 15-Jan-20 | Acquisition | 656 | 5.780000 | Euronext Lisbon | 18,248,238 |
| 15-Jan-20 | Acquisition | 3,420 | 5.780000 | Euronext Lisbon | 18,251,658 |
| 15-Jan-20 | Acquisition | 251 | 5.780000 | Euronext Lisbon | 18,251,909 |
| 15-Jan-20 | Acquisition | 367 | 5.775000 | Euronext Lisbon | 18,252,276 |
| 15-Jan-20 | Acquisition | 403 | 5.775000 | Euronext Lisbon | 18,252,679 |
| 15-Jan-20 | Acquisition | 336 | 5.775000 | Euronext Lisbon | 18,253,015 |
| 15-Jan-20 | Acquisition | 223 | 5.775000 | Euronext Lisbon | 18,253,238 |
| 15-Jan-20 | Acquisition | 400 | 5.780000 | Euronext Lisbon | 18,253,638 |
| 15-Jan-20 | Acquisition | 554 | 5.780000 | Euronext Lisbon | 18,254,192 |
| 15-Jan-20 | Acquisition | 1,058 | 5.780000 | Euronext Lisbon | 18,255,250 |
| 15-Jan-20 | Acquisition | 640 | 5.780000 | Euronext Lisbon | 18,255,890 |
| 15-Jan-20 | Acquisition | 433 | 5.780000 | Euronext Lisbon | 18,256,323 |
| 15-Jan-20 | Acquisition | 520 | 5.780000 | Euronext Lisbon | 18,256,843 |
| 16-Jan-20 | Acquisition | 5,000 | 5.795000 | Euronext Lisbon | 18,261,843 |
| 16-Jan-20 | Acquisition | 640 | 5.795000 | Euronext Lisbon | 18,262,483 |
| 16-Jan-20 | Acquisition | 4,360 | 5.795000 | Euronext Lisbon | 18,266,843 |
| 16-Jan-20 | Acquisition | 4,360 | 5.795000 | Euronext Lisbon | 18,271,203 |
| 16-Jan-20 | Acquisition | 264 | 5.795000 | Euronext Lisbon | 18,271,467 |
| 16-Jan-20 | Acquisition | 376 | 5.795000 | Euronext Lisbon | 18,271,843 |
| 16-Jan-20 | Acquisition | 1,382 | 5.795000 | Euronext Lisbon | 18,273,225 |
| 16-Jan-20 | Acquisition | 628 | 5.795000 | Euronext Lisbon | 18,273,853 |
| 16-Jan-20 | Acquisition | 1,100 | 5.795000 | Euronext Lisbon | 18,274,953 |
| 16-Jan-20 | Acquisition | 1,546 | 5.800000 | Euronext Lisbon | 18,276,499 |
| 16-Jan-20 | Acquisition | 1,003 | 5.800000 | Euronext Lisbon | 18,277,502 |
| 16-Jan-20 | Acquisition | 2,451 | 5.800000 | Euronext Lisbon | 18,279,953 |
| 16-Jan-20 | Acquisition | 168 | 5.800000 | Euronext Lisbon | 18,280,121 |
| 16-Jan-20 | Acquisition | 3,051 | 5.800000 | Euronext Lisbon | 18,283,172 |
| 16-Jan-20 | Acquisition | 1,234 | 5.800000 | Euronext Lisbon | 18,284,406 |
| 16-Jan-20 | Acquisition | 547 | 5.800000 | Euronext Lisbon | 18,284,953 |
| 16-Jan-20 | Acquisition | 53 | 5.800000 | Euronext Lisbon | 18,285,006 |
| 16-Jan-20 | Acquisition | 1,652 | 5.800000 | Euronext Lisbon | 18,286,658 |
| 16-Jan-20 | Acquisition | 36 | 5.800000 | Euronext Lisbon | 18,286,694 |
| 16-Jan-20 | Acquisition | 2,920 | 5.800000 | Euronext Lisbon | 18,289,614 |
| 16-Jan-20 | Acquisition | 392 | 5.800000 | Euronext Lisbon | 18,290,006 |
| 16-Jan-20 | Acquisition | 1,278 | 5.800000 | Euronext Lisbon | 18,291,284 |
| 23-Jan-20 | Acquisition | 1,250,000 | 5.800000 | Euronext Lisbon | 19,541,284 |
| 24-Jan-20 | Acquisition | 1,000,000 | 5.800000 | Euronext Lisbon | 20,541,284 |
| 30-Jun-20 | - | - | - | - | 20,541,284 |



RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 3O JUNE 2020 AND 31 DECEMBER 2019
(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)
| ASSETS | Notes | 30.06.2020 | 31.12.2019 |
|---|---|---|---|
| NON-CURRENT ASSETS: | |||
| Biological assets | 104,782,724 | 104,491,065 | |
| Property, plant and equipment | 532,987,888 | 555,289,032 | |
| Right-of-use assets | 68,629,540 | 69,601,105 | |
| Investment properties | 113,310 | 113,310 | |
| Goodwill | 265,630,973 | 265,630,973 | |
| Intangible assets | 50,551,857 | 52,042,671 | |
| Investments in associated companies Other investments |
5 | 776,872 171,494 |
725,472 239,987 |
| Other non-current assets | 3,210,260 | 3,210,260 | |
| Derivative financial instruments | 12 | 278,188 | - |
| Deferred tax assets | 32,554,294 | 33,501,991 | |
| Total non-current assets | 1,059,687,400 | 1,084,845,866 | |
| CURRENT ASSETS: | |||
| Inventories | 95,177,772 | 85,965,748 | |
| Trade receivables | 93,634,249 | 83,738,646 | |
| Assets associated with contracts with customers | 9,296,389 | 7,365,847 | |
| Other debts from third parties | 10,625,888 | 18,317,337 | |
| Income tax | 8,487,338 | 12,658,843 | |
| Other current assets | 5,998,901 | 6,657,394 | |
| Derivative financial instruments | 12 | 873,283 | 1,557,085 |
| Cash and cash equivalents | 7 | 175,880,738 | 181,343,914 |
| Total current assets | 399,974,558 | 397,604,814 | |
| Total assets | 1,459,661,958 | 1,482,450,680 | |
| EQUITY AND LIABILITIES | 30.06.2020 | 31.12.2019 | |
| EQUITY: | |||
| Share capital | 9 | 25,641,459 | 25,641,459 |
| Legal reserve | 5,128,292 | 5,128,292 | |
| Hedging reserve | (1,755,248) | (2,493,790) | |
| Other reserves | 376,220,644 | 336,927,499 | |
| Consolidated net profit/(loss) for the period | 9,232,077 | 100,826,022 | |
| Total equity attributable to shareholders of the Parent Company | 414,467,224 | 466,029,482 | |
| Non-controlling interests | 13,215 | 13,453 | |
| Total equity | 414,480,439 | 466,042,935 | |
| LIABILITIES: | |||
| NON-CURRENT LIABILITIES: | |||
| Bank loans | 10 | 27,500,000 | 27,500,000 |
| Other loans | 10 | 533,618,357 | 558,764,714 |
| Reimbursable government grants | 10 | 3,195,096 | 2,942,267 |
| Lease liabilities | 71,686,468 | 70,392,159 | |
| Other non-current liabilities | 12,327,296 | 14,448,082 | |
| Deferred tax liabilities | 44,726,885 | 44,894,324 | |
| Pension liabilities | 4,768,530 | 4,768,530 | |
| Provisions | 11 | 16,640,814 | 17,307,171 |
| Derivative financial instruments | 12 | 1,261,729 | 919,120 |
| Total non-current liabilities | 715,725,175 | 741,936,367 | |
| CURRENT LIABILITIES: | |||
| Bank loans | 10 | 158,715 | 6,202,715 |
| Other loans | 10 | 148,037,506 | 102,650,962 |
| Reimbursable government grants | 10 | 2,594,349 | 3,026,144 |
| Lease liabilities | 9,601,247 | 9,316,241 | |
| Trade payables | 120,983,265 | 102,377,748 | |
| Liabilities associated with contracts with customers | 3,439,267 | 3,568,671 | |
| Other debts to third parties | 11,095,597 | 20,505,050 | |
| Income tax | 4,125,532 | 4,125,532 | |
| Other current liabilities | 28,426,400 | 20,817,950 | |
| Derivative financial instruments | 12 | 994,466 | 1,880,365 |
| Total current liabilities | 329,456,344 | 274,471,378 | |
| Total liabilities and equity | 1,459,661,958 | 1,482,450,680 |
The accompanying notes are an integral part of the condensed consolidated financial statements.

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX AND THREE MONTHS PERIODS ENDED 3O JUNE 2020 AND 2019
RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO
(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)
| Notes | HALF ENDED AT | QUARTER ENDED AT | |||
|---|---|---|---|---|---|
| 30.06.2020 | 30.06.2019 | 30.06.2020 | 30.06.2019 | ||
| Sales | 323,152,386 | 401,716,643 | 159,719,770 | 197,091,222 | |
| Services rendered | 2,022,743 | 2,163,665 | 1,008,424 | 1,097,646 | |
| Other income | 15 | 2,848,010 | 3,453,792 | 1,634,586 | 1,791,208 |
| Costs of sales | (161,775,898) | (151,050,416) | (80,738,174) | (73,583,189) | |
| External supplies and services | (83,393,310) | (91,370,970) | (40,445,793) | (47,285,594) | |
| Payroll expenses | (19,616,125) | (19,011,296) | (10,423,592) | (9,742,374) | |
| Amortisation and depreciation | (39,541,003) | (37,155,423) | (19,774,979) | (18,229,065) | |
| Provisions and impairment losses | 11 | 2,010,132 | - | 152,962 | 159,401 |
| Other expenses | (2,241,050) | (3,607,098) | (1,048,292) | (1,771,939) | |
| Results related to investments | 5 | 51,400 | 26,814 | (68,491) | 25,426 |
| Financial expenses | 13 | (12,997,033) | (13,649,304) | (7,191,014) | (7,460,290) |
| Financial income | 13 | 1,661,100 | 1,986,841 | 384,527 | 593,684 |
| Profit before income tax | 12,181,352 | 93,503,248 | 3,209,934 | 42,686,136 | |
| Income tax | (2,949,513) | (25,641,749) | (793,638) | (11,549,065) | |
| Consolidated net profit for the period | 9,231,839 | 67,861,499 | 2,416,296 | 31,137,071 | |
| Attributable to: | |||||
| Holders of equity in the parent company | 9,232,077 | 67,861,499 | 2,416,296 | 31,137,071 | |
| Non-controlling interests | (238) | - | - | - | |
| 9,231,839 | 67,861,499 | 2,416,296 | 31,137,071 | ||
| Earnings per share | |||||
| Basic | 14 | 0.05 | 0.33 | 0.01 | 0.15 |
| Diluted | 14 | 0.05 | 0.33 | 0.01 | 0.15 |
The accompanying notes are an integral part of the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE SIX AND THREE MONTHS PERIODS ENDED 30 JUNE 2020 AND 2019
RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO
(Translation of financial statements originally issued in Portuguese - Note 21)
(Amounts expressed in Euros)
| HALF ENDED AT | QUARTER ENDED AT | ||||
|---|---|---|---|---|---|
| Notes | 30.06.2020 | 30.06.2019 | 30.06.2020 | 30.06.2019 | |
| Consolidated net profit/(loss) for the financial year | 9,231,839 | 67,861,499 | 2,416,296 | 31,137,071 | |
| Other comprehensive income: Items that may be reclassified to profit or loss in the future |
|||||
| Changes in fair value of cash flow hedging derivatives - gross amount | 12 | 1,025,916 | 1,482,048 | 3,631,496 | 4,161,668 |
| Changes in fair value of cash flow hedging derivatives - deferred tax | (287,374) | (436,508) | (957,488) | (1,137,908) | |
| Change in exchange rate reserve | 6,625 | 9,370 | (2,637) | 4,627 | |
| Others | - | 51,921 | - | 51,921 | |
| 745,167 | 1,106,831 | 2,671,371 | 3,080,308 | ||
| Other comprehensive income for the period | 745,167 | 1,106,831 | 2,671,371 | 3,080,308 | |
| Total consolidated comprehensive income for the period | 9,977,006 | 68,968,330 | 5,087,667 | 34,217,379 | |
| Attributable to: | |||||
| Shareholders in the Parent Company Non-controlling interests |
9,977,244 (238) |
68,968,330 - |
5,087,809 (142) |
34,217,379 - |
The accompanying notes are an integral part of the condensed consolidated financial statements.

DO CONSELHO DE ADMINISTRAÇÃO
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2020 AND 2019
(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)
| Attributable to shareholders in the Parent Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Hedging Profit and loss |
Non-controlling | ||||||||
| Notes | Share capital | Legal reserve | reserves | Other reserves | result | Total | interest | Total equity | |
| Balance as at 1 January 2019 | 9 | 25,641,459 | 5,128,292 | (2,502,304) | 298,832,349 | 194,497,353 | 521,597,149 | - | 521,597,149 |
| Appropriation of the consolidated result from 2018 | - | - | - | 194,497,353 | (194,497,353) | - | - | - | |
| Impact of application of IFRS 16 | - | - | - | (7,239,153) | - | (7,239,153) | - | (7,239,153) | |
| Dividends distribution | - | - | - | (147,694,804) | - | (147,694,804) | - | (147,694,804) | |
| Entry of new companies | - | - | - | - | - | - | 10,000 | 10,000 | |
| Total consolidated comprehensive income for the period | - | - | 1,045,540 | 61,291 | 67,861,499 | 68,968,330 | - | 68,968,330 | |
| Balance as at 30 June 2019 | 9 | 25,641,459 | 5,128,292 | (1,456,764) | 338,457,036 | 67,861,499 | 435,631,522 | 10,000 | 435,641,522 |
| Balance as at 1 January 2020 | 9 | 25,641,459 | 5,128,292 | (2,493,790) | 336,927,499 | 100,826,022 | 466,029,482 | 13,453 | 466,042,935 |
| Appropriation of the consolidated result from 2019 | - | - | - | 100,826,022 | (100,826,022) | - | - | - | |
| Dividends distribution | - | - | - | (61,539,502) | - | (61,539,502) | - | (61,539,502) | |
| Total consolidated comprehensive income for the period | - | - | 738,542 | 6,625 | 9,232,077 | 9,977,244 | (238) | 9,977,006 | |
| Balance as at 30 June 2020 | 9 | 25,641,459 | 5,128,292 | (1,755,248) | 376,220,644 | 9,232,077 | 414,467,224 | 13,215 | 414,480,439 |
The accompanying notes are an integral part of the condensed consolidated financial statements.

DO CONSELHO DE ADMINISTRAÇÃO
CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX AND THREE MONTHS PERIODS ENDED 30 JUNE 2020 AND 2019
Demonstrações financeiras consolidadas condensadas e notas anexas
(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)
| HALF ENDED AT | QUARTER ENDED AT | ||||
|---|---|---|---|---|---|
| Notes | 30.06.2020 | 30.06.2019 | 30.06.2020 | 30.06.2019 | |
| Operating activities: | |||||
| Cash flows generated by operating activities (1) | 76,198,398 | 121,811,129 | 33,213,817 | 55,125,600 | |
| Investment activities: | |||||
| Receipts arising from: | |||||
| Investments | 106,200 | 103,209 | 58,200 | 96,000 | |
| Property, plant and equipment | 25,096 | 77,586 | 8,955 | 28,795 | |
| Investment grants | 45,140 | 1,747,075 | - | 1,747,075 | |
| Interest and similar income | 369,846 | 1,432,341 | 245,672 | 785,613 | |
| Dividends | - | - | - | - | |
| Payments relating to: | |||||
| Investments | - | (32,075) | - | (32,075) | |
| Loans conceded | - | (4,390,817) | - | (4,390,817) | |
| Property, plant and equipment | (14,862,977) | (39,358,267) | (6,828,983) | (16,430,800) | |
| Intangible assets | - | (555,999) | - | - | |
| Investment grants | - | (1,818,121) | - | (1,818,121) | |
| Cash flows generated by investment activities (2) | (14,316,695) | (42,795,068) | (6,516,156) | (20,014,330) | |
| Financing activities: | |||||
| Receipts arising from: | |||||
| Loans obtained | 165,000,000 | 100,570,975 | - | 49,682,129 | |
| Other financing transactions | - | - | - | - | |
| Payments relating to: | |||||
| Interest and similar expenses | (6,952,451) | (10,458,438) | (2,898,969) | 7,659,219 | |
| Distributed dividends | (61,539,502) | (147,694,804) | (61,539,502) | (147,694,804) | |
| Loans obtained | (151,178,967) | (53,942,602) | (159,091) | (48,921,640) | |
| Lease liabilities | (9,593,849) | - | (1,156,122) | - | |
| Other financing transactions | (3,080,111) | (4,321,111) | (1,805,185) | (1,303,122) | |
| Cash flows generated by financing activities (3) | (67,344,880) | (115,845,980) | (67,558,868) | (140,578,218) | |
| Cash and cash equivalents at the beginning of the period | 181,343,914 | 240,476,078 | 216,741,945 | 309,113,107 | |
| Cash and cash equivalents variation: (1)+(2)+(3) | (5,463,176) | (36,829,919) | (40,861,207) | (105,466,948) | |
| Cash and cash equivalents at the end of the period | 7 | 175,880,738 | 203,646,159 | 175,880,738 | 203,646,159 |
The accompanying notes are an integral part of the condensed consolidated financial statements.


1. INTRODUCTORY NOTE
Altri, SGPS, S.A. ('Altri' or 'the Company') is a public company incorporated on 1 March 2005, whose head office is located at Rua Manuel Pinto de Azevedo, 818, in Oporto, 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 5 and referred to as the Altri Group. There is no other company above it that includes these consolidated financial statements. The Altri Group's current activities focus on producing bleached eucalyptus pulp at three production plants and on generating electricity via waste consumption and forest biomass through its five power plants.
Faced with this reality in the Altri Group, its Board of Directors considers there are two business segments, namely, production and commercialization of bleached eucalyptus pulp and electricity generation via waste consumption and forest biomass, being management information also prepared and examined on that basis (Note 16).
The Altri Group's condensed consolidated financial statements are shown in Euros, 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.
2. MAIN ACCOUNTING POLICIES AND BASIS OF PRESENTATION
DO CONSELHO DE ADMINISTRAÇÃO
The condensed consolidated financial statements, for the six months period ended on 30 June 2020, were prepared in accordance with IAS 34 – Interim Financial Reporting and include the condensed consolidated statement of financial position, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows, as well as, the selected explanatory notes. These condensed consolidated financial statements do not include all the information required to be published on the annual financial statements, and should, therefore, be read together with the consolidated financial statements of the Altri Group for the financial year ended 31 December 2019.
The accounting policies adopted for preparation of the attached condensed consolidated financial statements were consistently applied during the periods being compared.
The Board of Directors assessed the capacity of the Company, its subsidiaries and associates to operate on a going concern basis, based on the entire relevant information, facts and circumstances, of financial, commercial or other nature, including events subsequent to the condensed consolidated 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 condensed consolidated financial statements.
The attached condensed consolidated financial statements were prepared based on the accounting books and records of the company, its subsidiaries, and associates, adjusted in the consolidation process, in the assumption of going concern basis. When preparing the condensed consolidated financial statements, the Group used historical cost as its basis, modified, where applicable, via fair value measurement of i) biological assets measured at fair value, and ii) certain financial instruments, which are recorded at their fair value.
The preparation of condensed consolidated financial statements 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 of the accompanying notes to the consolidated financial statements of the Group for the financial year ended 31 December 2019.

DO CONSELHO DE ADMINISTRAÇÃO
3. CHANGES IN ACCOUNTING POLICIES AND COMPARABILITY OF THE CONSOLIDATED FINANCIAL STATEMENTS
During the period, there were no changes in accounting policies. Likewise, no material errors were recognised in relation to previous financial years.
New accounting standards and their impact in these condensed consolidated financial statements:
Up to the date of approval of 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 2020:
| Effective date (financial years begun on or after) |
|
|---|---|
| Amendments to references to the Conceptual Framework in IFRS Standards |
01 Jan 2020 |
| Amendment to IFRS 3 - Business combinations | 01 Jan 2020 |
| Amendment to IAS 1 and IAS 8 - Definition of material | 01 Jan 2020 |
| Amendments to standards IFRS 9, IAS 39 and IFRS 7 - Interest rate Benchmark reform (IBOR Reform) |
01 Jan 2020 |
The adoption of these standards and interpretations had no relevant impact on the Group's financial statements.
On the approval date of these financial statements, the following accounting standards, amendments and interpretations were not yet endorsed by the European Union:
| Effective date (financial years begun on or after) |
|
|---|---|
| IFRS 16 (Amendments) - Covid 19 - Related Rent Concessions | 01 Jun 2020 |
| IFRS 4 (Amended) - Deferral of effective dates to apply two optional solutions (temporary exemption from IFRS 9 and overlay approach). |
01 Jan 2021 |
| IFRS 3 (Amended) - Reference to the Conceptual Framework | 01 Jan 2022 |
| IAS 16 (Amended) - Proceeds before Intended Use | 01 Jan 2022 |
| IAS 37 (Amended) - Onerous Contracts – Cost of Fulfilling a Contract | 01 Jan 2022 |
| Annual Improvement Project 2018-2020 | 01 Jan 2022 |
| IAS 1 (Amended) - Classification of Liabilities as Current or Non-current | 01 Jan 2023 |

DO CONSELHO DE ADMINISTRAÇÃO IFRS 17 - Insurance Contracts; including amendments 01 Jan 2023
The Group has not adopted any standard, amendment or interpretation that has been issued but not yet effective, for the preparation of the consolidated financial statements for the period ending 30 June 2020, given that application is not mandatory. The impact of the referred standards is currently being assessed.
4. SIGNIFICANT EVENTS: COVID-19
Since the beginning of the pandemic, the Altri Group implemented a set of measures for the prevention, control and surveillance, with prevention / contingency plans being developed that cover the entire organisation, from the operational areas to the central structures, in all the Group's businesses.
During the second quarter, Altri Group maintained its process of monitorisation and assessing of the implemented measures, in order to give answers to the demands arising from the COVID-19 pandemic. From all the actions implemented within the scope of the monitoring and evaluation of pandemic developments, we highlight the following:
- The Altri Group implemented a set of measures for the prevention, control and surveillance of this infection. As a result of the various measures implemented by the Group, on June 30, 2020, a negative impact on the income statement is estimated in the amount of approximately 650 thousand Euro (including personnel expenses, namely extra shifts and hours, as well as travel expenses, donations, protective equipment, expenses with hiring companies specialized in disinfecting spaces, among others).
- The Altri Group kept proceeding cautiously with an internal review and evaluation process on the investments it had planned for the 2020 financial year, reassessing the cost-benefit of these portfolio projects, as well as their feasibility, considering the current reality. From this review it was decided to reschedule the implementation of some projects in the amount of approximately 9 million Euro.
- With regard to liquidity risk management, the Group maintained a liquidity reserve in the form of credit lines with its relationship banks, in order to ensure the ability to meet its commitments, without having to refinance in unfavorable conditions. As of June 30, 2020, the amount of consolidated loans1 maturing in the next 12 months is approximately 160 million Euro. On the same date, the Group has consolidated credit lines available (namely bank overdrafts, pledged current accounts and not used commercial paper programs) in the amount of approximately 88 million Euro. Additionally, the Group's 'Cash and cash equivalents' reach approximately 176 million Euro, representing approximately 53% of its current liabilities.
Within Altri Group, the three plants continue to produce fully, as well as the power plants. During this period, and until today, operations at all units that make up the Altri Group's business universe were carried out at the usual pace, with no disruptions. Given the operational activity of the Altri Group, the assessment and conclusions with reference to 31 December 2019, with respect to the hedging derivative instruments' accounting, remains valid at 30 June 2020.
It is worth mentioning that based on the results of the Altri Group, reinforced by the performance of its operating segments during the six months period ended 30 June 2020, and considering the information available up to this date, the conclusions in the preparation of the annual financial statements at 31 December 2019, regarding recoverability of the financial and non-financial assets, namely with regard to the potential impacts of the COVID-19 pandemic, remain unchanged. The sensitivity analyses were disclosed in the notes to the financial statements for the year ended 31 December 2019.
Nevertheless, circumstances of extended social and macroeconomic conditions with negative impact on the value chain could result in negative effects on the results of the Altri Group with a consequence on the recoverable value of its assets.
1 Consolidated loans: Bank loans + Other loans + Reimbursable government grants + Lease liabilities

Despite the measures mentioned above, and at this stage, which is characterised by widespread uncertainty in the social and economic context, the Altri Group will remain attentive and careful in the management of its business, and in the evaluation and monitoring of the actions already implemented and / or to be implemented, in order to manage and anticipate, as far as possible, the impacts of this pandemic on its operational and financial performance.
With regard to short-term impacts, the following should be noted:
DO CONSELHO DE ADMINISTRAÇÃO
Pulp segment:
The first quarter of 2020, despite the pandemic, started positively in commercial terms, with regard to the demand for pulp, which is the raw material for tissue production. The high demand from Customers is explained by the increased consumption of paper products for domestic use, as well as for hygiene and protection use, also explained by the pandemic.
During the second quarter of 2020, there was a stabilisation in the levels of demand for tissue and a gradual recovery in the demand for graphic paper (printing and writing) explained by the cessation of mandatory containment measures.
Stoppage of production facilities for maintenance purposes in the pulp industry were generally postponed to the second semester. Several of these stops may coincide, which may imply a reduction in the supply of pulp in the market.
The production of tissue has been considered an essential activity and, as such, the raw material used in its production (paper pulp) was also considered an essential good. For this reason, the Altri Group maintains its activity as part of this supply chain.
Given the strong partnership with its Suppliers, no constraint in the supply chain and supply of raw materials has occurred up to this date.
In the beginning of the current financial year, the spread of COVID-19 did not allow the increase of the sales price, which was already being anticipated in the market at the end of 2019. During the first semester of 2020, however, we noticed a stabilization of the selling price of the BHKP pulp, recorded by the PIX in USD, in comparison to the values at 31 December 2019. At this date, there is an expectation in the market that the increase in the selling price will take place gradually until the end of 2020.
The European Commission has implemented a "free transit" operation at borders and for this reason, up to this date, no constraints in the movement of products for export have occurred.
Despite the fact that the Altri Group maintained the credit insurance levels in its pulp sales, even under a pandemic situation, there has been no relevant difficulties in terms of collection up to this date. Additionally, there were no contractual defaults or changes to existing contracts with customers.
Energy segment:
Given the business model of this segment, up to this date, turnover has not been significantly impacted as a result of the pandemic, with all sales made to the public grid. Likewise, there hasn't been any relevant difficulties in terms of collection or in terms of other important operational issues.
Employees:
Ensuring the permanent well-being of all Employees, their families and the community has always been and will continue to be a priority of the Altri Group.
The Altri Group put in place a set of additional preventive measures to protect the health and safety of its Employees, based on the recommendations of the Portuguese Health Authority to deal with the pandemic.
The human resources department, based on the recommendations of the Portuguese Health Authority, proceeded with the elaboration of a Group's COVID-19 Contingency Plan. This plan has been continuously adjusted considering the evolution of the pandemic, being essential for the purposes of containing the impacts of the pandemic between our employees and the local community.

Several measures have been implemented, namely:
DO CONSELHO DE ADMINISTRAÇÃO
- Following the most recent recommendations of the Government and the national health authorities, which highlight the convenience of widespread use of masks in the community, the Altri Group has made the use of masks mandatory from the entry point in each subsidiary;
- Still as a contingency measure in the fight against COVID-19, thermal cameras with thermographic technology were installed in the main entries of the subsidiaries Caima, Celbi and Celtejo;
- PROTOCOL Altri COVID Free the Altri Group has been carrying a serological test to all Employees, a fast and effective way to screen for COVID-19;
- Conducting tests on employees with extended absences;
- Disinfection with hypochlorite This equipment is normally used against forest pests, having been adapted to protect the health of the Employees;
- Within the scope of the continuous dissemination of the Contingency Plan to employees, there has been regular communication on several topics, of which the following stand out: communication of risk behaviors to be avoided, the five most common mistakes in the use of masks, among others.
Altri's Board of Directors wants to formally address a special thanks to all its Employees, for the absolutely exemplary and noteworthy way in which they all endeavored to overcome this phase that we are going through.
5. INVESTMENTS
5.1 INVESTMENTS IN SUBSIDIARIES
The companies included in the consolidation by the full consolidation method, respective registered offices, proportion of capital held and main activity as at 30 June 2020 and 31 December 2019 are as follows:

FINANCIAL INFORMATION 1H2020
Condensed consolidated financial statements and notes
Demonstrações financeiras consolidadas condensadas e notas anexas
DO CONSELHO DE ADMINISTRAÇÃO
| Company | Registered office | Effective held percentage Main activity | ||
|---|---|---|---|---|
| 30.06.2020 | 31.12.2019 | |||
| Parent company: | ||||
| Altri, SGPS, S.A. | Porto | Holding (company) | ||
| Subsidiaries: | ||||
| Altri Abastecimento de Madeira, S.A. | Figueira da Foz | 100% | 100% | Timber commercialization |
| Altri Florestal, S.A. | Figueira da Foz | 100% | 100% | Forest management |
| Altri Sales, S.A. | Nyon, Switzerland |
100% | 100% | Group management support services |
| Altri, Participaciones Y Trading, S.L. | Pontevedra, Spain |
100% | 100% | Commercialization of Eucalyptus pulp |
| Caima Energia – Empresa de Gestão e Exploração de Energia, S.A. | Constância | 100% | 100% | Generation of thermal energy and electricity |
| Caima – Indústria de Celulose, S.A. | Constância | 100% | 100% | Production and commercialization of Eucalyptus pulp |
| Captaraíz Unipessoal, Lda. | Figueira da Foz | 100% | 100% | Real estate |
| Celtejo – Empresa de Celulose do Tejo, S.A. | Vila Velha de Ródão |
100% | 100% | Production and commercialization of Eucalyptus pulp |
| Celulose Beira Industrial (Celbi), S.A. | Figueira da Foz | 100% | 100% | Production and commercialization of Eucalyptus pulp |
| Inflora – Sociedade de Investimentos Florestais, S.A. | Figueira da Foz | 100% | 100% | Forest management |
| Sociedade Imobiliária Porto Seguro – Investimentos Imobiliários, S.A. | Porto | 100% | 100% | Real estate |
| Viveiros do Furadouro Unipessoal, Lda. | Óbidos | 100% | 100% | Plant production in nurseries and services related with forest and landscapes |
| Florestsul, S.A. | Figueira da Foz | 100% | 100% | Forest management |
| Sociedade de Energia Solar do Alto Tejo (SESAT), Lda. | Nisa | 80% | 80% | Renewable energy sources |
| Bioelétrica da Foz, S.A. | Figueira da Foz | 100% | 100% | Electricity generation using waste and biomass sources |
| Bioródão, S.A. | Figueira da Foz | 100% | 100% | Electricity generation using waste and biomass sources |
| Ródão Power - Energia e Biomassa do Ródão, S.A. | Vila Velha de Ródão |
100% | 100% | Production and commercialization of electric and thermal energy through cogeneration |
| Sociedade Bioelétrica do Mondego, S.A. | Figueira da Foz | 100% | 100% | Electricity generation using waste and biomass sources |
| Ribatejo Green, Lda | Algés | 70% | 70% | Electricity generation |
| Amieira Green, Lda | Algés | 70% | 70% | Electricity generation |
| Paraimo Green, Lda | Algés | 70% | 70% | Electricity generation |
| Piara Solar, Lda | Algés | 70% | 70% | Electricity generation |
| Maior Green, Lda | Algés | 70% | 70% | Electricity generation |
All entities above were included in the Altri Group's condensed consolidated financial statements using the full consolidation method.
5.2 INVESTMENT IN ASSOCIATED COMPANIES
Associated companies and proportion of capital held as at 30 June 2020 and 31 December 2019 are as follows:
| Company | Statement of financial position | Effective shareholding percentage |
||
|---|---|---|---|---|
| 30.06.2020 | 31.12.2019 | 30.06.2020 | 31.12.2019 | |
| Associated companies: | ||||
| Operfoz – Operadores do Porto da Figueira da Foz, Lda. | 776,872 | 725,472 | 33.33% | 33.33% |
| 776,872 | 725,472 |
Operfoz has its registered office at Figueira da Foz and its main activity is operation of ports. This entity was included in the Altri Group's consolidated financial statements using the equity method.

DO CONSELHO DE ADMINISTRAÇÃO Demonstrações financeiras consolidadas condensadas e notas anexas The movements in the balance of this caption in the periods ended 30 June 2020 and 31 December 2019 are detailed as follows:
| Statement of financial position | |||
|---|---|---|---|
| 30.06.2020 | 31.12.2019 | ||
| Opening balance | 725,472 | 696,660 | |
| Equity method: Effects on gains and losses related to associated companies |
51,400 | 28,812 | |
| Closing balance | 776,872 | 725,472 |
The accounting policies used by the associated company are not significantly different from those used by the Altri Group, and as such no harmonization of the accounting policies was necessary.
6. CHANGES IN THE CONSOLIDATION PERIMETER
During the six months period ended on 30 June 2020, there were no changes in the consolidation perimeter compared to 31 December 2019.
7. CASH AND CASH EQUIVALENTS
As at 30 June 2020 and 2019, Cash and cash equivalents are as follows:
| 30.06.2020 | 30.06.2019 | |
|---|---|---|
| Cash | 38,950 | 31,896 |
| Bank deposits | 175,841,789 | 203,983,314 |
| Cash and cash equivalents on the statement of financial position | 175,880,738 | 204,015,210 |
| Bank overdrafts (Note 10) | - | (369,051) |
| Cash and cash equivalents on the statement of cash flows | 175,880,738 | 203,646,159 |


DO CONSELHO DE ADMINISTRAÇÃO Demonstrações financeiras consolidadas condensadas e notas anexas 8. 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. Therefore, the Group's tax returns since 2016 may still be subject to review.
The Board of Directors of Altri believes that any potential corrections resulting from reviews/inspections of these tax returns by the tax authorities will not have a significant effect on the condensed consolidated financial statements as of 30 June 2020.
9. SHARE CAPITAL
As at 30 June 2020 and 31 December 2019, the Company's share capital was fully subscribed and paid up, consisting of 205,131,672 shares with a nominal value of 12.5 cents of Euro each.
10. BANK LOANS, OTHER LOANS AND REIMBURSABLE GOVERNMENT GRANTS
As at 30 June 2020 and 31 December 2019, 'Bank loans', 'Other loans' and 'Reimbursable government grants' can be detailed as follows:
| 30.06.2020 | ||||||
|---|---|---|---|---|---|---|
| Nominal value | Book value | |||||
| Current | Non-current | Total | Current | Non-current | Total | |
| Bank loans | - | 27,500,000 | 27,500,000 | 158,715 | 27,500,000 | 27,658,715 |
| Bank overdrafts | - | - | - | - | - | - |
| Bank loans | - | 27,500,000 | 27,500,000 | 158,715 | 27,500,000 | 27,658,715 |
| Commercial paper | 145,000,000 | 40,000,000 | 185,000,000 | 145,248,777 | 40,000,000 | 185,248,777 |
| Bond loans | - | 495,600,000 | 495,600,000 | 2,692,729 | 493,618,357 | 496,311,086 |
| Other loans | 96,000 | - | 96,000 | 96,000 | - | 96,000 |
| Other loans | 145,096,000 | 535,600,000 | 680,696,000 | 148,037,506 | 533,618,357 | 681,655,863 |
| Reimbursable government grants |
2,594,349 | 3,195,096 | 5,789,445 | 2,594,349 | 3,195,096 | 5,789,445 |
| 147,690,349 | 566,295,096 | 713,985,445 | 150,790,570 | 564,313,453 | 715,104,023 |
| 31.12.2019 | ||||||
|---|---|---|---|---|---|---|
| Nominal value | Book value | |||||
| Current | Non-current | Total | Current | Non-current | Total | |
| Bank loans | 6,000,000 | 27,500,000 | 33,500,000 | 6,202,715 | 27,500,000 | 33,702,715 |
| Bank overdrafts | - | - | - | - | - | - |
| Bank loans | 6,000,000 | 27,500,000 | 33,500,000 | 6,202,715 | 27,500,000 | 33,702,715 |
| Commercial paper | 100,000,000 | 65,000,000 | 165,000,000 | 100,098,828 | 65,000,000 | 165,098,828 |
| Bond loans | - | 495,700,000 | 495,700,000 | 2,360,134 | 493,764,714 | 496,124,848 |
| Other loans | 192,000 | - | 192,000 | 192,000 | - | 192,000 |
| Other loans | 100,192,000 | 560,700,000 | 660,892,000 | 102,650,962 | 558,764,714 | 661,415,676 |
| Reimbursable government grants |
3,026,144 | 2,942,267 | 5,968,411 | 3,026,144 | 2,942,267 | 5,968,411 |
| 109,218,144 | 591,142,267 | 700,360,411 | 111,879,821 | 589,206,981 | 701,086,802 |
The book value includes accrued interests and the expenditures with the issuance of the loans. These expenses were deducted from its nominal value and are being recognised as financial expenses along the life period of the loan (Note 13).


DO CONSELHO DE ADMINISTRAÇÃO 11. ACCUMULATED PROVISIONS AND IMPAIRMENT LOSSES
The movement occurred under provisions and impairment losses in the six months periods ended 30 June 2020 and 2019 can be detailed as follows:
| 30.06.2020 | ||||||
|---|---|---|---|---|---|---|
| Provisions | Impairment losses in receivables |
Impairment losses in inventories |
Total | |||
| Opening balance | 17,307,171 | 3,624,622 | 14,837,369 | 35,769,162 | ||
| Increases | 53,394 | - | - | 53,394 | ||
| Utilizations | (713,649) | - | - | (713,649) | ||
| Reversals | - | (2,962) | (2,007,170) | (2,010,132) | ||
| Transfers | (6,102) | - | - | (6,102) | ||
| Closing balance | 16,640,814 | 3,621,660 | 12,830,199 | 33,092,673 |
| 30.06.2019 | ||||
|---|---|---|---|---|
| Provisions | Impairment losses in receivables |
Impairment losses in inventories |
Total | |
| Opening balance | 14,390,330 | 3,630,547 | 8,336,698 | 26,357,575 |
| Increases | - | - | - | - |
| Utilizations | (349) | - | - | (349) |
| Closing balance | 14,389,981 | 3,630,547 | 8,336,698 | 26,357,226 |
The amount recorded under 'Provisions' includes the dismantling provision of the power generation plants operated by Bioelétrica da Foz and its subsidiaries.
The increase recorded in the six months period ended 30 June 2020 refers to the unwinding of the discount. This discount that results from the passage of time is recorded against the caption 'Financial expenses'.
The amount recorded under the caption 'Provisions' 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.
12. DERIVATIVE FINANCIAL INSTRUMENTS
As at 30 June 2020 and 31 December 2019, the Altri Group had in force derivative financial instrument contracts associated with hedging interest rate changes and derivative financial instrument contracts associated with hedging exchange rate changes. All these instruments are recorded at fair value.
Altri Group subsidiaries only use derivatives to hedge cash flows associated with operations generated by their activity.
As at 30 June 2020 and 31 December 2019, the fair value of derivative financial instruments is as follows:
| 30.06.2020 | 31.12.2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Asset | Liability | Asset | Liability | |||||
| Current | Non-current | Current | Non-current | Current | Non-current | Current | Non-current | |
| Interest rate derivatives Exchange rate derivatives |
873,283 | - - 278,188 |
- 994,466 |
1,190,244 71,485 |
1,557,085 | - - - |
111,003 1,769,362 |
919,120 - |
| 873,283 | 278,188 | 994,466 | 1,261,729 | 1,557,085 | - | 1,880,365 | 919,120 |

DO CONSELHO DE ADMINISTRAÇÃO Demonstrações financeiras consolidadas condensadas e notas anexas The movement in the fair value of the derivative financial instruments during the six months period ended 30 June 2020 can be broken down as follows:
| Interest rate derivatives |
Exchange rate derivatives |
Total | |
|---|---|---|---|
| Opening balance | (1,030,123) | (212,277) | (1,242,400) |
| Change in fair value | |||
| Effects on equity | (164,104) | 1,190,020 | 1,025,916 |
| Effects on the income statement | (107,115) | (3,389,167) | (3,496,282) |
| Effects on the statement of financial position | 111,098 | 2,496,944 | 2,608,042 |
| Closing balance | (1,190,244) | 85,520 | (1,104,724) |
13. FINANCIAL RESULTS
The financial results for the six months periods ended 30 June 2020 and 2019 are detailed as follows:
| 30.06.2020 | 30.06.2019 | |
|---|---|---|
| Financial expenses | ||
| Interest expenses | 7,091,982 | 7,811,660 |
| Other financial expenses and losses | 5,905,051 | 5,837,644 |
| 12,997,033 | 13,649,304 | |
| Financial income | ||
| Interest income | 24,791 | 196,380 |
| Other financial income and gains | 1,636,309 | 1,790,461 |
| 1,661,100 | 1,986,841 |
During the six months period ended on 30 June 2020, the caption 'Other financial expenses and losses' includes, among others, expenses incurred with loans, which are being recognised as an expense over the life of the respective loan (Note 10) and the expenses on exchange rate derivatives (Note 12). The caption 'Other financial income and gains' includes, mainly, exchange rate gains.
14. EARNINGS PER SHARE
Earnings per share for the six months period ended 30 June 2020 and 2019 were calculated based on the following amounts:
| 30.06.2020 | 30.06.2019 | |
|---|---|---|
| Number of shares for basic and diluted earning calculation | 205,131,672 | 205,131,672 |
| Result for the purpose of calculating earnings per share | 9,231,839 | 67,861,499 |
| Earnings per share | ||
| Basic | 0.05 | 0.33 |
| Diluted | 0.05 | 0.33 |
15. OTHER INCOME
As at 30 June 2020 and 2019, the caption 'Other Income' is detailed as follows:

DO CONSELHO DE ADMINISTRAÇÃO
Condensed consolidated financial statements and notes
Demonstrações financeiras consolidadas condensadas e notas anexas
| 30.06.2020 | 30.06.2019 | |
|---|---|---|
| Investment and exploration subsidies Gains on sales of assets |
2,337,569 57,099 |
2,419,735 118,452 |
| Others | 453,342 | 915,605 |
| 2,848,010 | 3,453,792 |
16. INFORMATION BY SEGMENTS
The Altri Group shows the following reportable segments:
i) Pulp
Comprising essentially the three pulp mills in Portugal: Celulose Beira Industrial (Celbi), S.A., in Figueira da Foz; Celtejo – Empresa de Celulose do Tejo, S.A., in Vila Velha de Ródão; and Caima – Indústria de Celulose, S.A., located in Constância, and the forestry activity; and
ii) Energy
Consisting of Bioelétrica da Foz, S.A. and its subsidiaries, comprising five power plants generating energy from forest biomass, for sale to the public grid.
The Group identified these two reportable segments, considering that these are Group facilities that carry on business where revenues and expenses can be separately identified and relative to which separate financial information is produced. Compared to 31 December 2019, the Group revised its method of monitoring operations, not distinguishing the other segment from the pulp segment. The identification of the reportable segments made by the Group is consistent with the way the Board of Directors conducts and controls them, and on which it makes decisions.
The contribution of the business segments to the consolidated income statement for the six months period ended 30 June 2020 is as follows:
| Energy | Pulp | Total | Eliminations | Consolidated | |
|---|---|---|---|---|---|
| Sales | 43,384,957 | 279,767,429 | 323,152,386 | - | 323,152,386 |
| Sales - intersegmental | 3,013,987 | 205,640,437 | 208,654,424 | (208,654,424) | 0 |
| Services rendered | - | 2,022,743 | 2,022,743 | - | 2,022,743 |
| Services rendered - intersegmental | - | 25,319,823 | 25,319,823 | (25,319,823) | 0 |
| Other income | 111,206 | 2,736,804 | 2,848,010 | - | 2,848,010 |
| Other income - intersegmental | 0 | 673,104 | 673,105 | (673,105) | - |
| Total operating income | 46,510,150 | 516,160,341 | 562,670,492 | (234,647,352) | 328,023,140 |
| Cost of sales | (21,490,355) | (345,661,872) | (367,152,227) | 205,376,329 | (161,775,898) |
| External supplies and services | (9,232,444) | (102,913,294) | (112,145,738) | 28,752,428 | (83,393,310) |
| Payroll expenses | - | (19,619,718) | (19,619,718) | 3,593 | (19,616,125) |
| Amortisation and depreciation | (7,339,229) | (32,201,774) | (39,541,003) | - | (39,541,003) |
| Provisions and impairment losses | - | 2,010,132 | 2,010,132 | - | 2,010,132 |
| Other expenses | (98,945) | (2,362,143) | (2,461,088) | 220,038 | (2,241,050) |
| Total operating expenses | (38,160,973) | (500,748,669) | (538,909,642) | 234,352,388 | (304,557,254) |
| Operating results | 8,349,177 | 15,411,672 | 23,760,850 | (294,964) | 23,465,886 |
| Results related to investments | 51,400 | ||||
| Financial results | (11,335,933) | ||||
| Profit/(loss) before income tax | 12,181,353 | ||||
| Income tax | (2,949,513) | ||||
| Net profit/(loss) | 9,231,840 | ||||
| Attributable to: | |||||
| Holders of equity in the parent company | 9,232,077 | ||||
| Non-controlling interests | (238) | ||||
| 9,231,839 | |||||

DO CONSELHO DE ADMINISTRAÇÃO The contribution of the business segments to the consolidated income statement for the six months period ended 30 June 2019 is as follows:
Demonstrações financeiras consolidadas condensadas e notas anexas
| Energy | Pulp | Total | Eliminations | Consolidated | |
|---|---|---|---|---|---|
| Sales | 25,945,614 | 375,771,029 | 401,716,643 | - | 401,716,643 |
| Sales - intersegmental | - | 165,631,915 | 165,631,915 | (165,631,915) | - |
| Services rendered | - | 2,163,665 | 2,163,665 | - | 2,163,665 |
| Services rendered - intersegmental | - | 27,177,436 | 27,177,436 | (27,177,436) | - |
| Other income | 82,540 | 3,371,252 | 3,453,792 | - | 3,453,792 |
| Other income - intersegmental | 0 | 1,046,618 | 1,046,619 | (1,046,619) | - |
| Total operating income | 26,028,154 | 575,161,915 | 601,190,070 | (193,855,970) | 407,334,100 |
| Cost of sales | (10,186,380) | (302,695,273) | (312,881,653) | 161,831,237 | (151,050,416) |
| External supplies and services | (7,448,135) | (115,007,371) | (122,455,506) | 31,084,535 | (91,370,970) |
| Payroll expenses | - | (19,017,314) | (19,017,314) | 6,018 | (19,011,296) |
| Amortisation and depreciation | (3,932,779) | (33,222,644) | (37,155,423) | - | (37,155,423) |
| Provisions and impairment losses | - | - | - | - | - |
| Other expenses | (25,218) | (4,336,730) | (4,361,948) | 754,850 | (3,607,098) |
| Total operating expenses | (21,592,512) | (474,279,332) | (495,871,843) | 193,676,640 | (302,195,203) |
| Operating results | 4,435,643 | 100,882,584 | 105,318,226 | (179,329) | 105,138,897 |
| Results related to investments | 26,814 | ||||
| Financial results | (11,662,463) | ||||
| Profit/(loss) before income tax | 93,503,248 | ||||
| Income tax | (25,641,749) | ||||
| Net profit/(loss) | 67,861,499 | ||||
| Attributable to: | |||||
| Holders of equity in the parent company | 67,861,499 | ||||
| Non-controlling interests | - | ||||
| 67,861,499 |
17. 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.
During the six months periods ended 30 June 2020 and 2019, there were no transactions with the Board of Directors, nor were they granted loans.
As at 30 June 2020 and 2019, balances and transactions with related entities during the six months periods ended on those dates can be summarised as follows:
| Purchases and acquired services | Sales and services rendered | ||||
|---|---|---|---|---|---|
| 30.06.2020 | 30.06.2019 | 30.06.2020 | 30.06.2019 | ||
| Transactions | |||||
| Associated companies (a) | 1,960,098 | 1,007,583 | - | - | |
| Other related parties (b) | 2,401,370 | 1,004,715 | - | - | |
| 4,361,468 | 2,012,298 | - | - |
| Payables | Receivables | ||||
|---|---|---|---|---|---|
| 30.06.2020 | 30.06.2019 | 30.06.2020 | 30.06.2019 | ||
| Balances | |||||
| Associated companies (a) | 563,384 | 341,413 | - | 29,838 | |
| Other related parties (b) | 36,333 | 220,426 | - | - | |
| 599,717 | 561,839 | - | 29,838 |

- DO CONSELHO DE ADMINISTRAÇÃO (a) Entities included in the consolidation using the equity method as at 30 June 2020 and 2019 (Note 5.2)
- (b) The companies listed below were considered as other related parties
Along with the companies included in the consolidation (Note 5), entities deemed related as at 30 June 2020 can be shown as follows:
- Actium Capital, S.A.
- A Nossa Aposta Jogos e Apostas On-line, S.A.
- Caderno Azul, S.A.
- Cofihold, S.A.
- Cofihold II, S.A.
- Cofina Media, S.A.
- Cofina, SGPS, S.A.
- Elege Valor, Lda.
- Expeliarmus Consultoria, Lda.
- F. Ramada II, Imobiliária, S.A.
- Ramada Investimentos e Indústria, S.A.
- Grafedisport Impressão e Artes Gráficas, S.A
- Livrefluxo, S.A.
- Mercados Globais Publicação de Conteúdos, Lda.
- Planfuro Global, S.A.
- Préstimo Prestígio Imobiliário, S.A.
- Promendo Investimentos, S.A.
- Ramada Aços, S.A.
- Socitrel Sociedade Industrial de Trefilaria, S.A.
- Universal Afir, S.A.
- Valor Autêntico, S.A.
- VASP Sociedade de Transportes e Distribuições, Lda.
- 1 Thing, Investments, S.A.
18. APPROPRIATION OF NET PROFIT
Regarding the 2019 financial year, the Board of Directors proposed in its annual report, which was approved in the General Meeting held on April 30, 2020, that the individual net profit of Altri, SGPS, S.A. in the amount of EUR 114,428,315, should be allocated as follows:
| Free reserves | EUR 52,888,813 |
|---|---|
| Dividends | EUR 61,539,502 |
The distribution of profits for the financial year results in the payment of a gross dividend of EUR 0.30 per share.
19. SUBSEQUENT EVENTS
From 30 June 2020 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 and associated companies included in the consolidation.
20. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2020.


21. TRANSLATION NOTE
DO CONSELHO DE ADMINISTRAÇÃO
These consolidated financial statements are a translation of the financial statements originally issued in Portuguese in accordance with IAS 34 – Interim Financial Reporting and with the International Financial Reporting Standards as adopted by the European Union, 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
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 Oliveira
Paula Simões de Figueiredo Pimentel Freixo
José Armindo Farinha Soares de Pina
José António Nogueira dos Santos
Carlos Alberto Sousa Van Zeller e Silva


DO CONSELHO DE ADMINISTRAÇÃO
ALTRI, SGPS, S.A.
Rua Manuel Pinto de Azevedo, 818 4100 – 320 Oporto PORTUGAL Tel: + 351 22 834 65 02
www.altri.pt