The Carbon Balance derives from the study of the carbon footprint, taking into account the analysis of different carbon sequestration scenarios associated with cork products.

ADDITIONAL INFORMATION ON CARBON SEQUESTRATION POTENTIAL

1. Study

The claims regarding the potential of carbon sequestration are based on studies conducted by:

a) PricewaterhouseCoopers:

a. Amorim Sports Nature Infills

b) Ernst & Young:

a. NRT 94

b. Fusion (5166)

c. Evolution (5154)

d. 8210

e. 5156 VB

f. Underlay Plus 5080

g. Underlay Plus 5080 VB

h. Corkeen

i. NRT 62

j. NRT 62 VB

c) ITECONS

a. ACM28 L2/6 (Hydro) CorkAl

b. ACM28 L2/4 Falca (Hydro) CorkAl

c. CPC's CorkAl (Hydro) - CPC’s EX37L01

d. CPC's- EDP - Ex45 HDPE (Alqueva)

e. Korko

f. U36 [6/3]

g. U36 [8/4]

h. U38 [12/6]

i. U38 [17/8]

available at: https://www.amorim.com/pt/sustentabilidade/estudos/ (adiante “Study”) conducted exclusively for Corticeira Amorim, in accordance with the methodology and assumptions indicated therein and in a Cradle-to-Gate or Cradle-to-Grave approach, and may not be used in relation to any other company or product. The Study has not been verified by any regulatory, certifying, or similar entity, other than Ernst & Young, ITECONS, or PricewaterhouseCoopers. The Study also considered a sensitivity analysis and simulation relating to the carbon sequestration of cork oak forests to provide a broader perspective in relation to the global balance of Greenhouse Gases (GHG). This connection is simulated through the analysis of different carbon sequestration scenarios associated with cork products: i) cork production is indisputably the main economic activity of a cork oak forest in operation, and it can be argued that cork processing companies are a driving force in the creation of economic interest for the owners of cork oak forests to maintain the usage of the cork oak tree.

2. Conclusions

Therefore, the conclusions regarding the estimation of the carbon sequestration potential from Corticeira Amorim’s products (hereinafter “Conclusions”) are based on:

(i) the sources of emissions and assumptions indicated in the Study, at the locations and period referred to therein, such as: consumption of raw materials, energy consumption and transportation of raw materials, products and by-products;

(ii) the carbon sequestration of the cork oak forest, indirectly attributed to Corticeira Amorim’s products, considering that its activities contribute to usage of the cork oak forest.

If the company, product changes and/or if these facts, circumstances or hypotheses differ, the Conclusions will necessarily be different.

3. Purpose

The Study and Conclusions are intended to provide non-exhaustive information and conclusions, based on the facts, assumptions, and methodologies accepted by Ernst & Young, ITECONS and/or PricewaterhouseCoopers and does not constitute or should be interpreted as advice, statement, guarantee, or commercial representation of the quality(ies) and/or property(ies) of the Product. The results and conclusions of the Study should be considered in their entirety and not in isolation. Although Corticeira Amorim believes in the reasonableness of the assumptions, circumstances and methodologies used in the Study, all of them are inherently subject to risks, uncertainties, contingencies and other important factors, known or unknown, which may be difficult or impossible to predict, such as the company’s commercial or financial strategy, national and international economic conditions and financial markets, technology, legal and regulatory conditions, the evolution of the utilities sector, hydrological and climatic conditions, the cost of raw materials and energy, among others, which may lead to significant differences between actual results and the claims and conclusions made. Corticeira Amorim shall not be held liable for any damages, directly, indirectly or otherwise, resulting from the use of the Conclusions and/or the associated Study, either in relation to counterparties or in relation to third parties to whom these Conclusions and/or the associated Study may have been shown or disclosed in any form.