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Consolidated Annual Report 2020 2 CONSOLIDATED ANNUAL REPORT 2020 CORTICEIRA AMORIM, S.G.P.S., S.A

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Consolidated Annual Report 2020 2 CONSOLIDATED ANNUAL REPORT 2020 CORTICEIRA AMORIM, S.G.P.S., S.A Consolidated Annual Report 2020 2 CONSOLIDATED ANNUAL REPORT 2020 CORTICEIRA AMORIM, S.G.P.S., S.A. Table of Contents Chairman’s Message 4 Governing Bodies 7 Worldwide Presence 8 Organisational Chart 10 1 Corticeira Amorim: 150 Years of Future 13 2 Main Events 21 3 Consolidated Management Report 31 4 Corporate Governance Report 79 5 Sustainability Report 125 6 Consolidated Financial 197 Statements 7 Notes to the Consolidated 207 Financial Statements 8 Reports and Opinions of the 265 Supervisory and Auditing Bodies TABLE OF CONTENTS 3 Chairman's Message The year 2020 was marked by the COVID - 19 pandemic, and its dire immediate consequences – with many millions of infected people and, at the date of this message, more than 1.7 million lives lost, in a tragic demonstration of the fragility of human life. It has also had very serious economic and social consequences which, unfortunately may become more acute in the future. In economic terms, despite a moderately positive start to the year, the pandemic dramatically changed the situation. More than in any recent year, uncertainty and restrictions on activity have had a very severe impact on productivity and mobility and, therefore, on growth. Business activity collapsed between the first and second quarters. This evolution was unexpected, challenging and posed different changes in terms of direction and rhythm. The world economy contracted by about 3.5%; the Eurozone, by about 7.2%, a very negative figure, but clearly better than expected; and the United States, by about 3.4%. Against this background, Corticeira Amorim's essential priorities remained unchanged from the outset: to protect everyone’s health and safety and the determination to continue to serve our customers. Based on a rigorous Contingency Plan implemented across all our industrial units and extensive distribution network, a set of wide-ranging measures was adopted, which have been fundamental in ensuring the permanent well- being of our Employees around the world, the secure operation of our various industrial units and continuity of business operations. 4 CONSOLIDATED ANNUAL REPORT 2020 CORTICEIRA AMORIM, S.G.P.S., S.A. Over these months, Corticeira Amorim has fulfilled its major supply chain responsibilities to the wine sector, and has done everything necessary to maintain production and continue to serve the Customers in a timely manner. The response from our People has been exceptional, ensuring, even in the most difficult times, maintenance of normal activities and serving our Customers. There were many challenges and difficulties that we have faced with determination. Notwithstanding the major challenges, it has been a positive year for our business activity: with resilient sales, reinforced operating profitability and remarkable net results. We have reinforced our sustainability commitments: we joined Act4Nature Portugal, to protect, promote and restore biodiversity; we developed Naturity and Xpür, the world’s most ecological and efficient anti-TCA technologies; we joined the 50 Sustainability & Climate Leaders initiative, showing that it is possible to lead by combining sustainability, technology and innovation; we commissioned life cycle assessments of the most representative products in our portfolio, which conclude, without exception, that they have a negative carbon balance; we have expanded the scientific and technical knowledge that will allow us to disseminate forestry management practices that will be capable of increasing the productivity and profitability of the cork oak forest, promoting the balance of this exceptionally biodiverse ecosystem. Even a substantial part of our financing has this character and this commitment - 40 million euros in green bonds allocated to investments that leverage the sustainability of our operations. In 2020, we celebrated 150 years of activity. We launched a new corporate identity, renewed and intensified our communication and sought to involve all our stakeholders in special moments of celebration and sharing of our values, our culture and our pride in the success that we have achieved collectively. In particular, our People who, throughout these 150 years, have always been at the heart of our activity, making an absolutely decisive contribution - with their competence, their capacity, their professionalism and their commitment - to solid growth and Corticeira Amorim Group's sustainable development. Successive generations that share our culture: responsibility, overcoming, pride. This is our most valuable asset: our People. We face 2021 with optimism. The effectiveness of vaccines and the intensification of the vaccination process against COVID - 19 should allow for a positive evolution of the global economy and consumption, with a positive impact on the activity of Corticeira Amorim. And we are prepared, as never before, to maximize it. We have a unique offer of value: our products and solutions have unique credentials - sought after for their superior technical performance and preferred by the values ​​of sustainability they contain and propagate. If 2020 was the year of resilience, 2021 will be the year of attitude. Positive, dynamic and ambitious. The future begins every day! António Rios de Amorim Chairman and CEO CHAIRMAN’S MESSAGE 5 6 CONSOLIDATED ANNUAL REPORT 2020 CORTICEIRA AMORIM, S.G.P.S., S.A. Governing Bodies As of 31st December 2020. BOARD OF THE GENERAL MEETING Paulo de Tarso da Cruz Domingues Chairman Rui Paulo Cardinal Carvalho Secretary BOARD OF DIRECTORS António Rios Amorim Chairman Nuno Filipe Vilela Barroca de Oliveira Vice-Chairman Fernando José de Araújo dos Santos Almeida Member Cristina Rios de Amorim Baptista Member Luisa Alexandra Ramos Amorim Member Juan Ginesta Viñas Member EXECUTIVE COMMITTEE António Rios de Amorim Chairman Nuno Filipe Vilela Barroca de Oliveira Member Fernando José de Araújo dos Santos Almeida Member COMPANY SECRETARY Pedro Jorge Ferreira de Magalhães Permanent Pedro Nuno Esteves Duarte Substitute REMUNERATION COMMITTEE José Manuel Ferreira Rios Chairman Jorge Alberto Guedes Peixoto Member Abdul Rehman Omarmiã Mangá Member SUPERVISORY BOARD Eugénio Luís Lopes Franco Ferreira Chairman Marta Parreira Coelho Pinto Ribeiro Member Maria Cristina Galhardo Vilão Member STATUTORY AUDITOR ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, S.A., represented by Rui Manuel da Cunha Vieira Permanent Pedro Jorge Pinto Monteiro da Silva e Paiva Substitute GOVERNING BODIES 7 Worldwide Presence Geographic Location Raw Material Cork Stoppers Floor & Wall Coverings Composite Cork Insulation Cork 4 1 1 1 4 Raw Material Preparation Units Preparation Material Raw Units Industrial Companies Distribution Joint-ventures Units Preparation Material Raw Units Industrial Companies Distribution Joint-ventures Units Preparation Material Raw Units Industrial Companies Distribution Joint-ventures South Africa 1 1 1 Austria 1 1 2 Spain 3 2 3 1 Germany 1 1 4 Bulgaria 1 1 1 USA 1 1 5 Algeria 1 1 1 Chile 1 1 3 3 Finland 1 1 1 Argentina 1 1 1 1 China 1 1 2 1 France 1 1 11 1 Australia 1 1 1 Denmark 1 1 1 Netherlands 1 1 1 8 CONSOLIDATED ANNUAL REPORT 2020 CORTICEIRA AMORIM, S.G.P.S., S.A. 10 Raw Material Preparation Units 18 Industrial Units 1 1 51 Distribution Companies 1 12 Joint-Ventures 1 1 1 1 1 1 2 1 1 1 1 1 10 3 5 4 13 2 3 1 1 1 1 1 1 1 1 1 3 1 1 1 1 1 Raw Material Preparation Units Preparation Material Raw Units Industrial Companies Distribution Joint-ventures Units Preparation Material Raw Units Industrial Companies Distribution Joint-ventures Units Preparation Material Raw Units Industrial Companies Distribution Joint-ventures Hungary 1 1 1 Portugal 4 13 2 3 Switzerland 1 1 1 Italy 1 1 3 United Kingdom 1 1 2 Tunisia 1 1 1 Morocco 1 1 1 Czech Republic 1 1 1 Moldova 1 1 1 Russia 1 1 2 Poland 1 1 1 1 Sweden 1 1 1 WORLDWIDE PRESENCE 9 Organisational Chart RAW MATERIAL CORK STOPPERS Amorim Florestal, S.A. Amorim Cork, S. G. P. S., S.A. Production Distribution Distribution (cont.) Amorim Florestal, S.A. Ponte de Sôr – Portugal Amorim Cork, S.A. Amorim Cork, S.A. Unid. Distribuição Portocork America, Inc. Amorim Florestal, S.A. Santa Maria de Lamas – Portugal Santa Maria de Lamas – Portugal Napa Valley, CA – USA Coruche – Portugal Amorim Top Series, S.A. Portocork Internacional, S.A. Trefinos USA LLC Amorim Florestal, S.A. Argoncilhe – Portugal Santa Maria de Lamas – Portugal Fairfield, CA – USA Abrantes – Portugal Amorim Cork, S.A. Unid. Ind. Valada Amorim Cork South Africa (PTY) Ltd. Amorim Cork America, Inc. Amorim Florestal, S.A. Unid. Ind. Valada – Portugal Cidade do Cabo – South Africa Napa Valley, CA – USA Salteiros Ponte de Sôr – Portugal Amorim Cork, S.A. Unid. Ind. Coruche Amorim Cork Deutschland, GmbH Amorim France, S.A.S. Coruche – Portugal Bingen am Rhein – Germany Eysines, Bordeaux – France Cosabe – Companhia Silvo - Agrícola da Beira, S.A Amorim Cork, S.A. Unid. Ind. Portocork Corchos de Argentina, S.A. Amorim France S.A.S. Unid. Lisbon – Portugal Santa Maria de Lamas – Portugal Mendoza – Argentina Champfleury Champfleury – France S.I.B.L. – S.A.R.L. Amorim Cork, S.A. Unid. Ind. Salteiros Amorim Australasia PTY Ltd. Jijel – Argelia Ponte de Sôr – Portugal Adelaide – Austrália Bouchons Prioux S.A.R.L. Epernay – France Amorim Florestal España, S.L Amorim Champcork, S.A. Korken Schiesser, GmbH Algeciras – Spain Santa Maria de Lamas – Portugal Vienna – Austria Amorim Top Series France S.A.S. Merpins – France Amorim Florestal España, S.L. Biocape – Importação e Exportação de Amorim Cork Bulgaria, EOOD San Vicente de Alcántara – Spain Cápsulas, Lda. Sofia – Bulgaria S.A.S. Ets Christian Bourasse Mozelos – Portugal Tosse – France Amorim Florestal Mediterrâneo, S.L. Corchera Gomez Barris, S.A. San Vicente de Alcántara – Spain Socori, S.A. Santiago – Chile Sagrera et Cie Rio Meão – Portugal Reims – France Comatral – Compagnie Marocaine de Corpack ACI, S.A. Transformation du Liège, S.A. Francisco Oller, S.A. Santiago – Chile S.A. Oller et Cie Skhirat – Morocco Girona – Spain Reims – France Wine Packaging & Logistic, S.A.
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