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TABLE OF CONTENTS ANNUAL REPORT AND SEPARATE ACCOUNTS ................................................... 3 ANNUAL REPORT AND CONSOLIDATED ACCOUNTS ......................................... 60 LIST OF HOLDERS OF QUALIFYING HOLDINGS ................................................ 189 ANNEX TO THE ANNUAL REPORT FOR THE YEAR 2018, PREPARED IN ACCORDANCE WITH THE NO 1, ARTICLE 245-A OF THE CVM ........................... 191 CORPORATE GOVERNANCE REPORT ............................................................. 200 REPORT AND OPINION OF THE SUPERVISORY BOARD ................................... 278 LEGAL CERTIFICATION OF INDIVIDUAL ACCOUNTS AND AUDIT REPORT ON INDIVIDUAL ACCOUNTS ................................................................................ 282 LEGAL CERTIFICATION OF CONSOLIDATED ACCOUNTS AND AUDIT REPORT ON CONSOLIDATED ACCOUNTS .......................................................................... 286 2/3 VAA – Vista Alegre Atlantis, SGPS, SA (Public Company) Rua Nova da Trindade nº 1 r/c esqdo - 1200-301 Lisbon Taxpayer number 500 978 654 . Share Capital 121,927,317.04 Euros Registered with the Commercial Registry of Lisbon under the number 466 Management Report and Separate Financial Statements 31st December 2018 (IFRS) Individual Financial Statements for the period ended on 31.12.2018 (amounts in euros) TABLE OF CONTENTS TABLE OF CONTENTS ............................................................................................................................................................ 2 MANAGEMENT REPORT .............................................................................................................................................................. 3 2018 ..................................................................................................................................................................................... 3 SEPARATE FINANCIAL STATEMENTS ................................................................................................................................................ 3 FINANCIAL STATEMENTS ............................................................................................................................................................ 11 FINANCIAL POSITION ................................................................................................................................................................ 11 STATEMENTS OF INCOME BY NATURE ............................................................................................................................................ 12 STATEMENT OF CHANGES IN EQUITY FOR THE .......................................................................................................................................... 14 STATEMENT OF CASH FLOW FOR THE .................................................................................................................................................... 15 ST PERIODS ENDED ON THE 31 DECEMBER 2018 AND 2017 ........................................................................................................................ 15 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................................................................................ 16 1. GENERAL INFORMATION .......................................................................................................................................................... 16 2. SUMMARY OF THE MAIN ACCOUNTING POLICIES ............................................................................................................................ 18 3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS ................................................................................................................ 27 4. CHANGES IN THE ACCOUNTING POLICIES ...................................................................................................................................... 28 5. GROUP COMPANIES ............................................................................................................................................................... 35 6. FINANCIAL INSTRUMENTS BY CLASS ............................................................................................................................................. 37 7. FINANCIAL INVESTMENTS IN SUBSIDIARIES ................................................................................................................................... 38 8. TANGIBLE FIXED ASSETS ........................................................................................................................................................... 42 9. DEFERRED TAXES.................................................................................................................................................................... 42 10. ACCOUNTS RECEIVABLE AND OTHERS .......................................................................................................................................... 45 11. SHARE CAPITAL, TREASURY SHARES, ISSUE PREMIUM AND SUPPLEMENTARY BENEFITS ............................................................................. 46 12. RESERVES AND RETAINED EARNINGS ........................................................................................................................................... 47 13. BANK AND SHAREHOLDERLOANS ................................................................................................................................................ 48 14. ACCOUNTS PAYABLE AND OTHER DEBTS ....................................................................................................................................... 49 15. PROVISIONS .......................................................................................................................................................................... 50 16. STATE AND OTHER PUBLIC ENTITIES ............................................................................................................................................. 51 17. SERVICES PROVIDED ................................................................................................................................................................ 51 18. SUPPLIERS AND EXTERNAL SERVICES ............................................................................................................................................ 51 19. PERSONNEL COSTS ................................................................................................................................................................. 52 20. OTHER REVENUE AND OPERATING INCOME ................................................................................................................................... 52 21. FINANCIAL RESULT .................................................................................................................................................................. 53 22. CONTINGENCES ..................................................................................................................................................................... 53 23. FINANCIAL RISK MANAGEMENT................................................................................................................................................. 54 24. TRANSACTIONS WITH RELATED PARTIES ....................................................................................................................................... 55 25. SUBSEQUENT EVENTS .............................................................................................................................................................. 57 26. APPROVAL OF THE FINANCIAL STATEMENTS .................................................................................................................................. 57 2 Individual Financial Statements for the period ended on 31.12.2018 (amounts in euros) Management Report MANAGEMENT REPORT 2018 Separate Financial Statements Dear Shareholders, 1. Introduction Under current legislation, the Board of Directors of VAA-Vista Alegre Atlantis SGPS, SA, (“Company”, “Society” or “Vista Alegre”), with this document, states how the social businesses were carried out during the financial year of 2018. Thus, we elaborated and submit to the Shareholders’ approval this Management Report and Financial Statements, which include: the Statement of Financial Position, the Profit and Loss Statement by nature, the Statement of Comprehensive Income, the Statement of Changes in Equity, and the Cash-flow Statement, all regarding the financial year, which coincides with the calendar year of 2018, as well as the corresponding Annexes. We included as well the description of the shares hold by the Corporate Bodies (article 447, no 5 of the CSC), the list of the Shareholders who own a capital share higher than 10% (article 448, no 4 of the CSC), and the listing of qualifying shares (article 6 of the CVM regulation no 11/2000 with the wording given by CVM Regulation no 24/2000). 2. Macro-economic scenario During 2018-21, the Portuguese economy shall continue its growth although at a slower path, in line with the forecasts for the same period of the European Central Bank for the euro area. The high cyclical synchronization between Portugal and the euro area is expected to persist during 2018-21, within a context of economic cycle maturity, reflecting slight progress in the convergence