table of contents IV. Sustainability 24 Economic Domain 25 Environmental Domain 30 Social Domain 41

table of contents I. Message from the Chairman 04 II. The Report 07 III. CUF 10 Vision, Mission and Values 11 Business Units 12 ...
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table of contents I. Message from the Chairman

04

II. The Report

07

III. CUF

10



Vision, Mission and Values

11



Business Units

12

Products

14



Management Approach

15



Strategic Vision

16



Business Model

17

Stakeholders

18

Materiality

21

Governance

22

IV. Sustainability

24



Economic Domain

25



Environmental Domain

30



Social Domain

41

V. GRI Index

54



General Standard Contents

55



Specific Standard Contents

58

VI. Attachments

61



Human Resources

62



Methodological Notes

72



Abbreviations and Acronyms

73

VII. Verification Report

74

Message from the Chairman CUF is steadfastly present in the Portuguese Chemical Industry, also being present in other regions through its exports, and industrial operations in Spain. Nowadays, the company is betting on an internationalization strategy paired with the development and demand for excellence of its activities in Portugal. Aware of the mission and values intrinsic to CUF’s DNA, we aspire to be a company par excellence in the chemical sector, committed to fully satisfying every one of our stakeholders while contributing toward a prosperous and sustainable future. CUF’s Sustainability Report, for the year 2015, mirrors our permanent focus on sustainable development in economic, environmental and social terms, by implementing several measures based on Innovation, Skill and Human Development.

5

The principles of sustainable development underpin the company’s strategy, by constantly implementing improvements to activities and processes, so that they become increasingly profitable and with lower environmental impact, as well as by always getting all of its employees to engage in social responsibility. This is the context in which new activities were undertaken, throughout the year 2015, in order to respond to our goals, such as the various projects involving Research, Development and Innovation developed with the processes’ overall efficiency in mind. I would also like to highlight the publishing of CUF’s Code of Ethics, which raises awareness to the values we have all adopted, and the launch of CUF’s new website, which results from emphasis on a new communication strategy. As part of an increasingly global and competitive market, we are committed to the success of the business, by combining the company’s long-term strategy and vision with the three pillars of sustainability – economic, environmental and social. These guidelines direct CUF’s operations, so that it can achieve growth as an environmentally responsible company while aiming for the satisfaction of all of our stakeholders. Therefore, I am very pleased to note that the word sustainability currently cannot be dissociated from CUF’s strategy and operating mode.

João de Mello

CUF’s CEO

6

The Report CUF’s Sustainability Report, drafted in accordance with the Global Reporting Initiative (GRI) guidelines, version 4.0, under “in accordance - Core”, is aimed at describing the company’s economic, environmental and social performance, namely as concerns its material topics during the 2015 fiscal year. In addition, the report seeks to publicly assume CUF’s responsibilities toward all stakeholders, namely by subscribing to the three principles under the AA1000APS standard. Depending on their relevance and materiality, Environment and Product Responsibility indicators only report the activities of CUF – Químicos Industriais, S.A. (CUF-QI). However, the indicators pertaining to the Economic and Social performance report CUF’s corporate activities on Portuguese territory (except the indicator EC1, which includes every CUF company). The contents of this report can be supplemented with information from the previous CUF Sustainability Report 2014, the Annual Financial Statements and the company’s institutional website (http://www.cuf.pt).

8

All of the information included in this Report, along with its sources, was duly audited internally and externally by PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda., in accordance with the Verification Report, enclosed at the end of the document. Requests for clarification on this report may be addressed to: • Micaela Pires Cabral ([email protected]) Manager of Planning, Management Control, Innovation and Sustainability • Ana Casaca ([email protected]) Head of Innovation and Sustainability

9

CUF Vision, Mission and Values Vision

CUF aims to be a competitive chemical company par excellence, which generates value in the global market through the production and commercialization of products that contribute to a better world. Mission

Whether in consolidated businesses or future projects, CUF adopts the values of the José de Mello Group. These values, present in all of CUF’s activities, include:

• Innovation • Skills • Human Development



CUF’s mission is to ensure the full satisfaction of its customers, suppliers, employees and shareholders through the growth and commitment to continuous improvement, in order to hold a prominent position in the Chemical Industry.

Values

CUF follows a culture of quality and environmental protection, so as to develop its companies and promote shareholder satisfaction, as well as the fulfillment of its employees.

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Business Units CUF is organized into two business units: Industrial Chemicals and Nanomaterials. Industrial Chemicals

In Industrial Chemicals, CUF is mainly focused on two major value chains: aniline and chlor-alkali. In aniline’s value chain, CUF is positioned as a strategic partner for large consumers of this product. From its factory located at the Estarreja Chemical Complex (ECC), CUF supplies a nearby customer in an integrated manner. CUF also supplies several customers operating in various geographic locations through its distribution centers. CUF leads aniline sales in Europe and is the world’s 4th largest producer, not integrated in its own production of Diphenylmethane Diisocyanate (MDI). CUF is also the largest European producer of pure sulfanilic acid. In the chlor-alkali value chain, CUF is the 3rd largest Iberian producer, supplying a wide range of customers from the most diverse fields of activity. In order to complement these value chains, CUF also operates in the production of sodium chloride (common salt), chiefly for its integrated consumption.

Nanomaterials

In the Nanomaterials business unit, CUF operates through its subsidiary Innovnano - Materiais Avançados, S.A. (Innovnano), providing a diversified range of nanostructured ceramic materials produced using a patented process internally designated as Emulsion Detonation Synthesis (EDS). LOCATION OF CUF’S MAIN ACTIVITIES PORTUGAL

Estarreja

SPAIN

NORTHERN EUROPE

Belgium Antwerp

Pontevedra

Aveiro Coimbra Pombal Oeiras Barreiro

United Kingdom London

legenda:

Industrial Chemicals: production units

Nanomaterials

Industrial Chemicals: logístics centres

Headquarters

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COMPANIES OF CUF’S UNIVERSE

CUF is 81.5% held by José de Mello, Participações II, SGPS, and 18.5% held by Guimarães de Mello Portugal, SGPS, S.A. The Industrial Chemicals business is centered on the CUF-QI company, which, in turn, has several subsidiaries. In June 2015, the company CUF-QI integrated two of its subsidiaries, Aquatro and Quimigest, by including their activities and employees.

CUF’S MAIN COMPANIES Location of Operations

% Ownership

CUF - Consultadoria e Serviços, S.A. (CUF C&S)

Oeiras

Parent Company

CUF - Companhia União Fabril SGPS, S.A. (CUF SGPS)

Lisbon

100%

Estarreja

100%

Pombal

100%

Pontevedra

100%

Barreiro

100%

Barreiro

100%

Aveiro

100%

Coimbra

100%

Industrial Chemicals CUF - Químicos Industriais, S.A. (CUF-QI) Renoeste - Valorização de Recursos Naturais, S.A. (Renoeste) Eletroquímica del Noroeste, S.A. (Elnosa) Nutriquim - Produtos Químicos, S.A. (Nutriquim)

Support - Industrial Chemicals AP - Amoníaco de Portugal, S.A. (AP) SGPAMAG - Sociedade de Granéis, S.A. (SGPAMAG)

Nanomaterials Innovnano - Materiais Avançados, S.A. (Innovnano)

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CUF’s organic products are intended for export, either through DOW Europe, headquartered at the ECC, or directly to the international market (Germany, Belgium and Slovakia). Inorganic products are intended chiefly for the Iberian market. In the Nanomaterials unit, the current portfolio of products intended for the international market comprises high-quality nanostructured ceramic materials, including monoclinic zirconium and various types of zirconium oxides stabilized with yttria. In addition, the ability to customize production technology allows for the adaptation or optimization of products according to specific client requirements. The main applications of these materials most notably include technical ceramics, thermal barrier coatings and photovoltaic components.

ANILINE AND DERIVATIVES (ORGANICS)

In Industrial Chemicals, CUF holds a wide-ranging product portfolio in the aniline and chlor-alkali value chains. These products are manufactured chiefly from raw materials and utilities such as benzene, ammonia, salt, hydrogen and electricity.

MAIN PRODUCTS OF INDUSTRIAL CHEMICALS

CHLOR-ALKALI (INORGANICS)

Products

Main Products

Applications

Nitric Acid

Chemical industry, fertilizers, paints and pigments

Sulfanilic Acid

Rubber industry, paints and pigments

Aniline

MDI, rubber industry, paints and pigments, special fibers

Cyclohexylamine

Chemical, pharmaceutical and rubber industries

Cyclohexanol

Polymer industry, special fibers

Mononitrobenzene

Aniline, chemical and parmaceutical industries

Hydrochloric Acid

Chemical industry, PVC, steel industry, hygiene and cleaning products

Chlorine

PVC, polyurethanes, water treatment

Sodium Hypochlorite

Water treatment, hygiene and cleaning products, textile bleaching

Caustic Soda

Chemical industry, textile, cellulose, food industry, detergents and soaps

14

Management Approach

CUF-QI

Integrated Management System



In order to ensure responsible action at every level, the Industrial Chemicals business unit, namely CUF-QI, has used an integrated approach to implement the Management of Quality and Environment, Workplace Health and Safety, Serious Accident Safety and Prevention, and Research, Development and Innovation (RDI). Thus being the case, CUF-QI includes Policies governing Quality, Environment and Safety, Serious Accident Prevention as well as Innovation, along with advisory bodies for supporting the implementation and maintenance of the said management systems:

• Council governing the Quality and Environment Management System; • Workplace Safety, Hygiene and Health Commission; • Council governing the Research, Development and Innovation Management System.

These bodies act on every activity inherent to developing, producing, storage and marketing of products and support processes.



• Certified under ISO 9001:2008 regarding its Quality Management System since 2003; • Certified under ISO 14001:2004 regarding its Environment Management System since 2007; • Certified under OSHAS 18001:2007 due to compliance with every requirement governing Workplace Health and Safety, as required under this international standard, since 2013; • Certified under NP 4457 regarding its RDI Management System since 2013.

Innovnano At Innovnano, the quest for continued improvement and fostering the use of best practices led to the implementation of the following management systems.

• Certified under ISO 9001:2008 regarding its Quality Management System since 2014; • RDI Management System according to NP 4457 implemented since 2014.

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Strategic Vision

CUF’S MACRO STRATEGY

CUF has developed a long-term vision of becoming a company par excellence, with strong growth, relevance in the chemistry sector and a superior ability to generate value for all of its stakeholders. In order to respond to its ambitious vision and, simultaneously, to major external challenges, CUF has realigned its strategy and its business segments around future market trends, as well as its internal competencies, which are closely linked to technological innovation and operational efficiency. CUF has established a unique position in the intersection of these three elements, seeking to progressively accomplish them, in order to ensure the sustainability of its business. For the near future, CUF has developed an action program - CUF 2020 - with specific strategic objectives and guidelines, in line with the company’s vision.

Presence in value chains aligned with major trends over 20/30 years (e.g.: health, water, energy efficiency)

Sustainable Markets

Balance between established and emerging products/markets Entry into new geographic regions

Adoption of new technologies, disruptive and incremental, focusing on efficiency and/or more sustainable production Differentiation via methods Adoption of new business models (e.g.: Over-The-Fence)

CUF Excellence in

Operations

Innovation

Increasing efficiency, reducing consumption and waste Efficient production scales Safety and quality in production

CUF 2020 STRATEGIC GUIDELINES CUF 2020 Strategic Guidelines

Development of new international opportunities in the aniline market, with the Over-The-Fence concept

CUF 2020 Leader in core markets Revenue > 900 M€ EBITDA margin > 10%

Expansion in the Iberian chlor-alkali market, taking advantage of the need for technologically updating the installed capacity Focus on products of higher added value in the business of nanomaterials, leveraged in Innovnano’s unique production process Improved efficiency in Estarreja, combined with the implementation of improvements in Quality, Safety and Environment Greater commitment in the operations of Research, Development and Innovation

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Business Model The companies’ business model in the field of Industrial Chemicals based in the Estarreja Chemical Complex adopts the Over-The-Fence concept. This concept aims to provide a direct link between key suppliers and customers by way of pipelines, in an integrated manner. Thus, the benefits of a vertically integrated production are combined with the advantage of access to prices, market rules and transparency of external suppliers. In addition to the Over-The-Fence model, CUF’s Industrial Chemicals also operate in a traditional supply model to domestic and international markets, through an efficient multi-modal logistics chain in order to meet customer requirements with competitive prices and differentiating service and flexibility. In both models, the idea is to find solutions that minimize the total cost of ownership for customers, providing high performance and efficient solutions, ensuring safety and reliability of the service provided. In the Nanomaterials area, the business model is established on the principles of product differentiation and price competitiveness: product differentiation by means of the continuous search for innovative products that satisfy the needs of its customers, in terms of performance and technical features; price competitiveness by leveraging the competitive advantages of EDS technology while seeking to meet customer requirements at controlled costs.

CUF BUSINESS MODEL

CUF Business Model

Differentiating value proposals for customers

Key upstream activities, particularly relations with key partner suppliers and efficiently procuring raw materials The key production activities using CUF’s differentiating industrial assets, like skilled human resources and intellectual property Key downstream activities, particularly relations with partner customers, with the various distribution channels and with the different business segments

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Stakeholders

MATRIX OF CUF’S STAKEHOLDERS

CUF’s main stakeholders were identified at a meeting regarding the topics of sustainability and ethics, through a dynamic group exercise. As a result, all stakeholders currently influencing the development of business were identified, discussed together and then validated and mapped in a matrix according to their degree of influence.



The relationship with the local community of Estarreja is strengthened by the Painel Consultivo Comunitário do Programa Actuação Responsável (PACOPAR), founded by CUF in 2001, in partnership with other companies operating in the Estarreja Chemical Complex. PACOPAR is a joint initiative group which aims to improve the quality of life of the local community by applying the principles of Responsible Care;



The relationship between CUF and its closest customers and suppliers is formally and informally strengthened through various meetings and regular coordination mechanisms allowing the integrated operation of the Estarreja Chemical Complex.

Employees

Organization’s Impacts on Stakeholders

Aware of the contribution of different stakeholders toward the company’s future sustainability, CUF has developed various mechanisms to pro-actively and systematically manage and improve its relationship with them. Noteworthy examples include the following:

4

Local Community

Industry Associations

NGOs and Advocacy Groups

Costumers Suppliers Shareholders

Government/ Regulators

Scientific and Technological Partners

Analysts and Media

0

4

Stakeholder’s Impacts on the Organization

18

CUF AND STAKEHOLDERS RELATIONSHIP Stakeholders

Interaction Mechanisms

Employees

Clients

Suppliers

Partners of the Scientific and Technological System

Shareholders

Website, LinkedIn and Youtube

Website, LinkedIn and Youtube

Website, LinkedIn and Youtube

Website, LinkedIn and Youtube

Website, LinkedIn and Youtube

Annual Financial Statement, Sustainability Report and Code of Ethics

Annual Financial Statement, Sustainability Report and Code of Ethics

Annual Financial Statement, Annual Financial Statement, Sustainability Report and Code of Ethics Sustainability Report and Code of Ethics

Annual Financial Statement, Sustainability Report and Code of Ethics

Intranet platforms

Mass media

Open Doors Day

Regular meetings

Regular meetings

Internal communication (e-mail and Newsletter)

Open Doors Day

Regular meetings

Contract negotiations

Group Committees

Computer platforms (SAP and SIAWISE)

Information sessions

Contract negotiations

Partnership RDI activities

Library (physical and digital)

Sales and monitoring meetings

Satisfaction surveys

Information placards

Technical assistance

Internal programs involving the company and the employees

Satisfaction survey

Visits to companies of the José de Mello Group Theme-based meetings with other companies Training and awareness raising initiatives Performance Assessment Meetings of the Workers’ Committee

Relevant Topics

Skills management

Price, product and safety features

Contracts and payments

Company performance

Company performance

Remuneration and motivation

Flexibility in product deliveries

Business impact and risk mitigation practices

Long-term commitments

Risk control

Job stability

Managing suggestions and complaints

Ethics and transparency

Ethics and transparency

Ethics and transparency

Working conditions

Overall customer satisfaction

Innovation and sustainability

Innovation and sustainability

Innovation and sustainability

Health and safety

Ethics and transparency

Strategic development

Innovation and sustainability

Human Resources and Communication Management

19

CUF AND STAKEHOLDERS RELATIONSHIP Stakeholders

Interaction Mechanisms

Local Community

Industry Associations

Regulators

Comunicação Social

Website, LinkedIn and Youtube

Website, LinkedIn and Youtube

Website, LinkedIn and Youtube

Website, LinkedIn and Youtube

Annual Financial Statement, Sustainability Report and Code of Ethics

Annual Financial Statement, Sustainability Report and Code of Ethics

Annual Financial Statement, Annual Financial Statement, Sustainability Report and Code of Ethics Sustainability Report and Code of Ethics

Open Doors Day

Regular meetings

Mass media

Volunteer programs

Signing agreements

Information sessions

Local initiative programs

Participation in working groups

Radio and television programs

PACOPAR meetings and magazine

Relevant Topics

Environmental and social impacts

Company best practices

Environmental and social impacts

Local development

Ethics and transparency

Company strategy

Risk and impact mitigation mechanisms

Environmental safety

Ethics and transparency

Ethics and transparency

Innovation

Signing agreements

Innovation and sustainability

In late 2015, CUF started a new project in the field of Sustainability, aimed at formally consulting its stakeholders, reviewing CUF’s materiality and outlining the company’s sustainability strategy. The formal consultation of CUF’s stakeholders seeks to gauge their opinions regarding the company’s sustainability performance, reputation and image, sustainability reporting, material topics and how they relate to each other. The results of this consultation process will be used in reviewing the company’s materiality and in redefining its sustainability strategy, to be presented in CUF’s Sustainability Report pertaining to 2016.

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Materiality

MATERIAL TOPICS

The identification of material topics for CUF, as approved by the Executive Committee, resulted from a process of internal analysis and international benchmarking.

Material Topic

Relevance

Limit

Technology and Innovation

Effective management of technology and innovation through partnerships with research centers and innovation processes, in production processes or in new product creation

Internal External

APPROACH TOWARD DEFINING MATERIALITY

Logistics

Optimization of logistics operations and subsequent improvement of the impact of these activities on the environment

Internal External

Resources and Energy

Energy resources management, by reducing the intensity of its consumption and the subsequent impact on the level of Greenhouse Gas (GHG) emissions

Internal External

Internal External

Benchmark Analysis

Benchmark analysis on the sustainability strategy to 5 peer companies considered references in sustainability management

Sector Trend Analysis

Analysis of key trends, impacts and risks that should be taken into account when defining the material topics for CUF’s sustainability strategy

Environment

Conservation of the environment, taking into account the need to ensure efficiency in production processes and the use of raw materials

Internal Reflection

Analysis of the results of the preceding steps Identification of the material topics for CUF and its relevance

Water

Effective water management due to the high consumption of this resource combined with the forecast of its increasing scarcity

Internal External

Products and Safety

Responsible product management to promote their safe use throughout their life cycle

Internal External

Employees

Efficient recruitment, training programs for skills development and adoption of robust mechanisms for feedback and motivation

Internal External

Community

Preservation of community’s interests in order to contribute to its well-being, in the present and in the future

Internal External

Based on this approach, eight topics were identified and deemed material for CUF’s stakeholders and for the organization at the same time.

In late 2015, CUF started a project involving consultation with stakeholders and reviewing materiality, which will culminate in the outlining of a Materiality Matrix, where the priority will be material topics, considering their relevance to both internal and external stakeholders. 21

Governance GOVERNING BODIES General Assembly Chairman of the Board

Alexandre Cabral Côrte-Real de Albuquerque

Secretary

Manuel José Gouvêa Portella de Herédia

Board of Directors CEO

João Maria Guimarães José de Mello André Cabral Côrte-Real de Albuquerque

Executive Directors

João Jorge Gonçalves Fernandes Fugas Luis Augusto Nesbitt Rebelo da Silva Jaime Urquijo Chacón

Non-Executive Directors

Luís Eduardo Brito Freixial de Goes Pedro Maria Guimarães José de Mello

Statutory Auditor ERNST & YOUNG AUDIT & ASSOCIADOS - SROC, S.A. Alternate Statutory Auditor Paulo Jorge Luís da Silva

22

Functional Organizational Flowchart

Board of Directors

Executive Committee

External Communication

CUF’s Senior Consultants Pool

Legal

Industrial Chemicals

Science and Safety

Commercial

Operations

Corporate and support areas

Nanomaterials

Technical

Operations

Technical

Marketing and Sales

Administrative and Finance

Procurement

Planning, Management Control, Innovation and Sustainability

Human Resources and Internal Communication

Information Systems

23

Sustainability For the purpose of sustainability analysis, three key areas deemed vital – economic, environmental and social - were considered in which the topics identified as material for CUF are included. In the economic domain, Technology and Innovation is analyzed; in the environmental domain, Logistics, Resources and Energy, Environment and Water are considered; and regarding the social domain, Product and Safety, Employees and the Community are examined.

Economic Domain Performance Economic Performance

CUF has been focusing its initiatives on improving efficiency and productivity at various levels, such as production, logistics, financial and human resources.

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ECONOMIC PERFORMANCE 2013 (M€)

2014 (M€)

2015 (M€)

Economic Value Generated Revenue

Despite the drop in revenues, in nominal terms, CUF experienced growth in business, with regard to both quantities produced – having achieved record high production levels – and quantities sold, noteworthy the increases of 10 kt of aniline and 12 kt of chlorine.

339

357

303

CUF attained an EBITDA margin of 11% for the year 2015 (higher than expected), while showing a 2% improvement relative to 2014.

292

305

253

Salaries and Benefits

15

18

18

Payments to Capital Providers

12

12

11

In 2015, CUF purchased around 98% of its raw materials from domestic suppliers (for this indicator, the amount pertaining to the purchase of benzene is excluded), thus amounting to turnover of around 102 M€. A 4% increase was achieved, compared to 2014.

Payments to the State

0.94

0.30

0.32

Investments in the Community

0.16

0.16

0.15

20

22

21

Economic Value Distributed Operating Costs

Economic Value Retained

In 2015, CUF achieved revenues of around 303 M€, comprising a 15% drop relative to the previous year. This decrease is associated with the business of organic chemicals, where both the sales price and the production cost are strongly correlated with international quotes, most notably the quote of benzene. Thus, there was a simultaneous decrease in turnover and production costs.

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Technology and Innovation

In the chemical sector, Research, Development and Innovation are currently the major drivers for development and competitiveness, by creating new solutions and improvements to production processes. CUF is no exception, and the company systematically promotes a daily climate of innovation across the entire organization. Innovation at CUF is established on the processes that cover the RDI Management System, as certified under the Portuguese Standard 4457, namely those pertaining to Interface Management, Surveillance Management, Intellectual Property Management, RDI Project Management, Idea Management and Knowledge Management.

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RDI RESULTS 2013

2014

2015

99

115

82

Ph.Ds

9

7

6

Families of Patents

11

12

12

Ongoing RDI projects

57

76

64

8%

9%

14%

1 M€

4 M€

3 M€

38

33

25

RDI Partnerships

Employees involved in RDI activities RDI investment Publication/Presentations to external bodies

With regard to Interface Management, we point out the RDI partnerships established by CUF and maintained throughout the year 2015, with strategic partners, namely suppliers, universities and companies. We also point out, with equal relevance, the knowledge networks in which CUF is engaged, such as Associação Industrial Portuguesa (AIP), Associação das Indústrias da Petroquímica, Química e Refinação (AIPQR), Associação Portuguesa das Empresas Químicas (APEQ), Conselho Empresarial para o Desenvolvimento Sustentável (BCSD Portugal), COTEC Portugal - Associação Empresarial para a Inovação (COTEC), European Chemical Industry Council (CEFIC), Confederação Empresarial de Portugal (CIP), European Petrochemical Association (EPCA), and Euro Chlor Safety Commitment (Euro Chlor).

The intellectual capital held by CUF is one of the organization’s key differentiation factors. Thus, Intellectual Property is protected through a close management of the patent portfolio and contractual agreements suited to protecting its Intellectual Property assets. In 2015, CUF-QI held 4 patent families and Innovnano 8 patent families. Idea Management is materialized in the Colombo platform, currently one of the company’s key activities while allowing ideas submitted by CUF employees to be further transformed, and thereby contributing toward creating value for the company. Since 2006, 365 ideas were submitted, 108 of which were approved and 81 implemented. These results are materialized as a financial return of around 3.6 M€, as well as countless intangible benefits in terms of safety, environment, employee well-being and productivity, among others. The “Open Day Colombo” event is expected to be held in 2016, where the Executive Committee and Directors will be shown the ideas submitted by employees throughout 2015, who thus become eligible to win the first awards given out under this platform.

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COLOMBO IDEIAS

Next Steps

Concerning the economic domain, the following goals have been set for 2016: 58



41 25 19

16

10

2013

2014

Total No. of Ideas

• EBITDA margin over 10%; • Maintenance of the NP 4457 certification for CUF-QI’s RDI Management System; • Maintenance of patent portfolio; • Outline the Innovation Roadmap and Ecosystem.

To achieve the established goals for 2016, the following measures are expected to be implemented:

2015

No. of Approved Ideas

In addition, CUF is part of the José de Mello Group’s Innovation Committee, which comprises participation from the innovation areas of the Group’s various companies, namely Brisa, CUF and José de Mello Saúde. Participation on the Innovation Committee fosters a systematic quest for continued improvement by sharing knowledge and the fostering of best practices. 

• CUF C&S intends to pursue a strategy based on the development of the current activities for both Industrial Chemicals and Nanomaterials and to establish partnerships with other stakeholders, namely international ones; • CUF-QI intends to find new markets for its products and to maintain its position towards its clients; to maintain a firm attitude in finding new ways to optimize its activities by reducing consumption, and to pursue a growth and internationalization strategy by implementing new projects and establishing possible partnerships; • Innovnano seeks to increase its production by adopting measures leading to improving production efficiency and by consolidating specific business opportunities.

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Environmental Domain Performance Logistics

Logistics is a material topic for CUF, given the high impact of this area’s effective management on the global geographic placement of its products. In addition, we should point out the high impact of Logistics on the environment, due to the many road and maritime transactions that are conducted. As such, while executing and monitoring its various projects, CUF is committed to continuously improving the planning of its road shipments, namely projects aimed at optimizing road routes by reducing travel time and idle times. The Industrial Chemicals business area monitors legislation in the field of transportation, and conducts audits to its suppliers, in order to ensure compliance with applicable laws. Throughout 2015, CUF-QI conducted two audits to its shipping suppliers, in order to increase the quality of its products and to properly distribute them among its customers. In 2015, CUF-QI continued its Driver Certification project, which, in 2014, led to the certification of 14 new drivers entrusted with hauling inorganic products. Throughout the year 2015, new training initiatives for 2016 were prepared, which are expected to lead to the certification of a greater number drivers.

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Resources and Energy

The high energy demand required for CUF’s production processes, as well as the large volume of raw materials used for producing the quantities required for meeting customer needs, mirror the materiality of these topics for CUF. Aware of its impact on resources and energy, and through its various projects, CUF is dedicated to continually optimizing its processes aimed at energy-related and operating efficiency. The continuous monitoring of its raw material and energy consumption, as well as of its GHG emissions, comprises one of CUF’s most effective methods for managing this material topic.

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2013

2014 CAP Sector

2015 ADP Setor

CUF-QI operates in two productive sectors, chlor-alkali (inorganic chemicals) and aniline and derivatives (organic chemicals). Chlor-alkali Production (CAP) saw an increase of around 47 kt relative to 2014. The Aniline and Derivatives Production (ADP) sector rose some 27 kt compared to the previous year. CUF-QI has been gradually increasing its production, having achieved record highs in the use of its installed capacity throughout the year of 2015.

2013 Benzene

2014 Salt

Ammonia

4,092

12,439

46,236

117,249

173,997 4,067

120,703

12,310

547,852

43,952

37,951

605,085

3,837

636,405

11,330

697,985

110,105

670,713

683,731

169,211

CONSUMPTION OF NON-RENEWABLE MATERIALS AT CUF-QI (t)

156,392

PRODUCTION AT CUF-QI (t)

2015 Hydrogen

Sulfuric Acid

In its operations, CUF-QI uses up various non-renewable materials that include benzene, salt, ammonia, hydrogen and sulfuric acid. Use of such materials rose slightly in 2015, due to an overall increase in production.

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ELECTRICITY AND NATURAL GAS CONSUMPTIONS AT CUF-QI (GJ)

1, 177,221

1, 092,980

976,398

ENERGY INTENSITY AT CUF-QI (GJ/ t of product)

1.28 493,983

1.25

546,753 391,226

1.14

2013

2014

2015 2013

Electricity

2014

2015

Natural Gas

Productive operations carried out by CUF-QI have high energy demands, while using two energy sources for its production: electricity and natural gas. The CAP sector uses mostly electricity, while ADP sector uses natural gas. In 2015, the increase in electricity consumption is consistent with increased production, namely in the CAP sector. The 28% drop in natural gas consumption resulted from increased efficiency of operations in the ADP sector, with a resulting decline in the need for steam and optimized internal steam production, when producing nitric acid.

Energy intensity correlates the total consumption of electricity and natural gas with production, as this indicator recorded an 11% improvement during the period from 2013 to 2015. Along with the electricity and natural gas consumption, in 2015 CUF-QI used up to 6,778 GJ of diesel fuel to operate its fleet, machinery and generators.

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DIRECT AND INDIRECT GHG EMISSIONS AT CUF-QI (t CO2 eq.) 152,059

155,205

141,092

CARBON INTENSITY AT CUF-QI (t CO2 eq./ t of product)

0.13 0.12

114,051

113,014

111,280

38,008

42,191

29,812

2013

2014

2015

0.10

2013 Direct GHG Emissions

Indirect GHG Emissions

2014

2015

Total GHG Emissions

Direct GHG emissions mostly result from natural gas consumption and from the burning of wastes in the incinerator. Indirect emissions are chiefly the result of electricity consumption, namely with regard to the CAP sector. Regarding total GHG emissions for which CUF-QI is responsible, in 2015 the company recorded 79% indirect emissions and 21% direct emissions, for a 10% drop compared to 2014. This decrease was basically due to continuous improvement of operations with a corresponding decrease in steam use during aniline distillation and an increase in steam production when making nitric acid, resulting in significant natural gas savings.

CUF-QI’s carbon intensity relates total (direct and indirect) GHG emissions to the amount of product. There has been a significant decrease of this indicator, around 23%, since 2013.

34

In 2015, the company continued with the Leak Detection And Repair (LDAR) program (under EN 15446:2008, EPA -453/R-95-017 and EPA 21), begun in 2008, and which is designed to detect and eliminate fugitive emissions of volatile organic compounds. In the year 2015, the results of this program were reflected in a 44% decrease.

OTHER ATMOSPHERIC EMISSIONS AT CUF-QI (t) 57 45 33

9

9 5

4

1

2013

6

7

5

1

2014

NO2

CO

Partículas

6

5

1

2015

SO2

TOC

The quantity of other atmospheric emissions, such as NO2, SO2, particles, CO, TOC and heavy metals is monitored by CUF-QI, thereby ensuring average readings are within the legal limits for these emissions. In 2015, there was an abrupt decline in NO2 emissions. In addition, the reading for CO and SO2 emission also decreased, resulting from a drop in natural gas consumption in 2015.

35

Environment

Because of the sector’s potential risks and impacts on the environment, the Chemical Industry needs to constantly raise awareness to this topic. The topic of the environment, which is intrinsic to this sector of activity, is addressed by CUF as a material topic for its business. CUF’s constant concern with the environment causes the company to promote a systematic control of its impacts, thereby expecting to adopt preventive measures to minimize risks. This way the company will continue to implement measures aimed at rationalizing its consumptions and mitigating the impacts associated with its operations. The industrial effluents from CUF-QI go through a Wastewater Treatment Plant (WWTP) before being discharged into the wastewater network of the Sistema Intermunicipal de Saneamento da Ria de Aveiro (SIMRIA). The increase in the volume of effluent discharges since 2013 has been in accordance with the company’s production increase during that period. However, in 2015 there was only a slight increase in the intensity of effluent discharges, which correlates the total volume discharged with the production.

36

EFFLUENT DISCHARGES AT CUF-QI (m3)

THE EFFLUENT’S QUALITY INDICATORS AT CUF-QI (t)

783,854 732,505

452 431

339 283

282 182

2014

2015

260

182 20

657,828

2013

256

18

2013

20

2014 Sulfates

COD

2015 Nitrates

TSS

INTENSITY OF EFFLUENT DISCHARGES AT CUF-QI (m3/ t product) The indicators regarding the quality of discharged effluents are well below regulated legal emission limits. There was a slight increase in the emission of sulfates, nitrates and total suspended solids (TSS) in effluents. 0.57

2013

0.56

2014

0.57

2015

37

TOTAL WASTE PRODUCED AT CUF-QI (t)

18,967 16,157 2,255

13,902

2013

2,906

17,570 1,808

16,061

15,762

2014

2015

As part of its environmental management strategy, CUF-QI systematically performs various investments and implements specific measures designed to mitigate its environmental impact. During the year 2015, CUF-QI saved 0.44 M€ in environmental operating costs, as a result of decreased waste and subsequently sending wastes for treatment. Also noteworthy is the reduction of wastewater treatment costs in the ADP sector. The amount assigned to environmental investments was nearly double due to the company’s investment in projects dedicated to its operations’ continuous improvement and to the procurement of equipment, aimed at the said operations’ operational/ environmental efficiency. ENVIRONMENTAL COSTS AND INVESTMENTS AT CUF-QI

Total Recovered Waste

Total Generated Waste

Total Waste Placed in Landfill

Compared to 2014, the year 2015 recorded 7% drop in CUF-QI’s waste production, chiefly hazardous waste, due to the optimization of the aniline distillation process. For the same year, 98% of the waste produced was classified as hazardous industrial waste and 88% was enhanced, in energy terms, through CUF’s incinerator.

2013 (M€)

2014 (M€)

2015 (M€)

Operating Costs

2.73

2.72

2.28

Investments

0.33

0.46

0.94

38

WATER CONSUMPTION INTENSITY AT CUF-QI (m3/ t product)

Water

CUF-QI’s production processes are water dependent, which is a major concern because of its increased scarcity worldwide. Therefore, water is one of CUF’s chosen material topics, with various projects undertaken with efficiency in mind, along with specific practices to continually monitor them. 1.45

The catchment of this raw material was wholly done from the Antuã River. The average total water consumption over the three years was around 1.76 million m3, as there was a slight increase in this consumption for 2015, due to increased production.

1.37

1.31

2013

2014

2015

TOTAL WATER CONSUMPTION AT CUF-QI (m3)

1,796,430 1,810,899

The intensity of water consumption reflects the relationship between total consumption and annual production. An improvement of 10% was achieved over the years under review. This improvement reflects a continuous effort toward reducing consumption of this resource through operational optimization.

1,676,532

2013

2014

2015

39

Next Steps

Concerning the environmental domain, the following goals have been set for 2016: • Ensure full compliance with applicable legal requisites; • Reduce electricity consumption compared to the previous year; • Conduct a report on the identification of aqueous streams that are likely to be recovered in the selected area (ADP/CAP). To achieve the established goals for 2016, the following measures are expected to be implemented: • Continue the LDAR program; • Start the process of implementation of the Energy Management System by the EN 50000 standards; • Develop a project to identify the aqueous streams which are likely to be recovered.

40

Social Domain Performance Product and Safety

Along with the chemical sector, CUF firmly invests in processes inherent to the safety of its products. The company employs robust practices to ensure that operations involving production, storage, shipping and product use takes place in accordance with the best safety practices, minimizing workplace risks and environmental accidents. As a reflection of such concern, in 2013 CUF-QI adhered to the guidelines of the Euro Chlor Safety Commitment, which aims to guide the chlor-alkali industry toward a sustainable future.

41

To ensure correct use of its products, the company regularly invests in information disclosure practices, internal audits and visits and/or audits to its customers.

INTERNAL AUDITS AT CUF-QI IN 2015 1 1

2

Industrial Safety

2

Occupational Health and Safety

AUDITS TO CUF-QI CLIENTS

Quality

2 16

Quality, Environment and Safety

125

Quality and Environment 4

Environment

117

95 73

68

61

Environment and Safety 4

MSSASP 2013

CUF-QI’s operations, via its Management Systems, as well as proper compliance with its Policies, are monitored by conducting a strict annual program of internal audits. During the year 2015, CUF-QI conducted 32 Internal Audits to several areas, 6 more than in 2014.

Installations of Chlorine

2014

2015

Installations of Corrosive Liquids

42

After the audits and/or visits, CUF-QI usually prepares reports with photographic records, while drawing particular attention to critical points and proposals for improvement, which are then sent to all audited clients. Additionally, training needs are also identified at customers’ facilities, namely concerning product storage and handling.

TRAINING OF CUF-QI CLIENTS

251 176 135

20

15

9 2014

2013

Training Initiatives

CUF-QI discloses all relevant information concerning its products through safety and technical data sheets. Products are labeled according to national and european legislation. PRODUCT AND SAFETY AT CUF-QI 2013

2014

2015

All Products

12

12

12

Products with related Safety Data Sheets

12

12

12

Products with related Technical Data Sheets

12

12

12

All Clients

230

238

294

Clients with updated Safety Data Sheets

230

238

294

Clients with updated Technical Data Sheets

230

238

294

Total No. of Deliveries (t)

567,471

620,989

696,177

% Compliant Deliveries

99.99%

99.96%

99.81%

2015

Total No. of Trainees

43

CUF considers customer satisfaction to be a key factor for guaranteeing customer loyalty and, thus, for accomplishing the company’s strategic objectives. Every other year, CUF-QI conducts a survey with its customers in order to determine their satisfaction levels with the products and services provided by the company, as well as improvement opportunities. In 2012, 122 CUF-QI customers answered the survey, and in 2014 feedback from 142 was recorded. In both years, the average level for customers’ overall assessment of CUF-QI was 4.17 out of 5. All complaints addressed to CUF, regardless their origin or type, are subject to analysis. Whenever an opportunity for improvement is detected, a set of measures is immediately put to place in order to correct or resolve the situation, while preventing the problem from reoccurring in the future. Throughout 2015, there were 59 customer complaints, 32 more than in 2014. Of the 59 complaints recorded, whose causes have been identified and resolution have been put into practice, 19 pertain to Non-Compliant Product and 18 concern to Weighing Differences, thus accounting for 63% of complaints. In 2015, there were also 2 environment-related complaints from a neighboring company, regarding the smell of chlorine.

44

Employees

CUF believes that the company’s sustainability is directly related to the involvement, performance and satisfaction of all its employees. As such, by means of various initiatives and projects, the organization ensures policies and management systems for Human Resources aligned with world-class best practices. Accordingly, and in order to share the performance of CUF’s activity, its strategy and action plans, CEO João de Mello has held disclosing sessions with all employees since 2012, thereby strengthening CUF’s resolve to get everyone to buy into the company’s strategy. In addition, a major milestone in 2015 involved the launch of CUF’s Code of Ethics, in which the company made known its commitment to acting with ethics and integrity, while respecting the rights of its employees as individuals. On December 31st, 2015, CUF had a workforce of 338 employees, 86% of whom had permanent employment contracts, while 70% of the company’s staff were covered by collective bargaining agreements and/or extension ordinances. CUF’s hiring rate for 2015 was 6%, while the turnover rate was 12%.

45

EMPLOYMENT STRUCTURE BY GENDER

EMPLOYMENT STRUCTURE BY AGE GROUP

339

339

338

17%

18%

20%

83%

82%

2013

339

338

54%

53%

50%

37%

37%

40%

9%

10%

10%

2013

2014

2015

80%

2014

Males

339

2015

Females

Under age 30

Age 30 to 50

Over age 50

46

EMPLOYMENT STRUCTURE BY REGION IN 2015

EMPLOYMENT STRUCTURE BY FUNCTION IN 2015

35%

71% 21%

16%

Males

Females

INI ST STA RATIV E FF ADM

FUN TEC CTION HNI A CIA L NS

RAT ORS

S

NAT ORS RDI

Males

OPE

BARREIRO

S

LOULÉ

AGE R

POMBAL

1%

PER SO CHA NS IN RGE

COIMBRA

3%

9%

6%

TEC HNI CIA N

LISBON

3%

COO

ESTARREJA

9%

MAN

13%

DIR ECT ORS

2%

6%

5%

9%

Females

47

During 2015, taking into account the Seveso II directive, no serious industrial accidents occurred, and there were only 4 work accidents resulting in sick leave. Absenteeism rate for the last three years was 2%. In 2015, the return rate after paternity leave and retention rate were both 100%. CUF invests, in a structured and systematic way, in promoting personal and professional development of its employees, thereby allowing equal opportunities and sustained growth of each professional. The annual training plan reflects this commitment, covering internal and external training initiatives as well as employee participation in seminars, conferences, trade shows and/or symposiums. Both in 2015 and in the previous year, 91% of CUF employees were given training, and the total number of training hours was 6,466 h. In 2015, there was a decreased number of training hours compared to 2014, as some training initiatives typically held annually did not take place, as is the case with English. However, for the year 2016, such training initiatives have already been scheduled.

TOTAL NUMBER OF TRAINING HOURS (h)

10,624

6,465

5,858

2013

2014

2015

In 2015, various internal training initiatives were provided across the board to all CUF employees, such as the Code of Ethics Training Initiative and other training in the field of Quality, Environment and Safety. Throughout 2015, CUF employees also take part in external training initiatives, such as Training in ADR, Training on Legal Aspects Linked to Safety, as well as the Advanced Management Program for Executives at the Universidade Católica Portuguesa/José de Mello Group.

48

Also noteworthy is CUF’s presence at various congresses, such as: • • • •

14th International Conference of the European Ceramic Society; ACHEMA – World Forum and Leading Show for the Process Industries; EPCA 49th Annual Meeting-2015; REACH - Registration, Evaluation, Authorization and restriction of Chemical substances; • ASPEN TECH - solids modeling using aspen plus; among others. Two of CUF’s iconic projects, in the sphere of training, include the Líderes CUF Project and the 4x4 Program. The former was developed through a partnership between CUF and the Faculdade de Psicologia e de Ciências da Educação da Universidade do Porto, aimed at developing leadership at the various levels of the organization, by identifying and implementing leadership strategies suited to the actual work context and to the activity carried out by each leader. The latter aims to bring about a rejuvenation of the company, via a methodology that promotes the suitable integration of young employees in the organization. This methodology provides for a complete, appropriate training plan comprising key topics for CUF, such as: integrated management system, production processes, safety standards, environmental education as well as workplace hygiene and safety, innovation management, among others.

While seeking a closer relationship between the company and its employees, and just like in previous years, the CUF Picnic and Christmas Party were held in 2015, as events where employees and their families had a chance to come together and socialize. In addition, as part of Internal Communication, the Intranet was developed as a privileged means of communication between CUF and its employees. CUF offers its employees a range of benefits that most notably include: • • • • • •

Health Insurance; A maternity kit upon the birth of employees’ children; Presents for employees celebrating their birthday; Tributes to senior employees; Summer Camp for employees’ children; Fundação Amélia de Mello Scholarship Program, a broad initiative of the José de Mello Group, intended to support the development and education of employees’ children by paying part of their university tuition.

The Program Conhecer o Grupo is also another of CUF’s best practices. Developed 14 years ago and implemented across the board for all of the companies of the José de Mello Group, the goal of this program is to acquaint employees with the business reality of the companies involved, while promoting the creation of internal synergies and knowledge sharing.

49

The Collective Labor Agreement establishes the following: • Complement to sickness benefits, thereby guaranteeing the employee’s net monthly salary; • Possibility of additional vacation days up to a maximum of 3 days; • Carnival day and local municipal holiday as holidays. Employee satisfaction is essential to achieving motivation. As such, in July 2014, a study on “CUF Organizational Climate” was conducted, which had a fulfillment rate of 96%, encompassing all of CUF’s companies. The motivation and satisfaction level of employees was gauged through a survey conducted for this purpose. The project identified main strengths and weaknesses of the current organizational climate, and outlined the actions to be carried out in the coming years. In 2015, sessions were held to present the main results of this study to all of CUF’s employees, while group work was conducted to jointly put together initiatives to be implemented over the next few years.

Employee health and safety is another key topic in CUF’s management due to the nature of the business. Corrective and operational control measures stipulated by CUF provide risk assessments and compliance with applicable legal requirements. To ensure the health and safety of CUF’s employees, an Operational Control Plan for Health and Safety is outlined, as well as internal and external Emergency Plans. The internal plan systematizes all procedures to be performed in response to a disaster or a major emergency; the external plan ensures greater agility and operability for the municipality in responding to chemical emergency situations. The operability of these procedures is verified by conducting periodic drills. In 2015, 3 drills were conducted, one of which without prior notice.

CUF invests in the Performance Management of its employees, as this is crucial to the strategy for valuing and empowering them. Since 2013, there has been an increase in the number of employees undergoing performance assessment, 83% for the year 2015. Throughout 2015, the new Performance Management platform for CUF was also completed, thereby making it possible to hasten and integrate this entire process.

50

Local Community

CUF believes in the importance of its role in the communities under its influence, as the company aspires to create a positive impact aimed at contributing toward local development, in both the present and the future. In this context, CUF promotes awareness-raising initiatives geared toward Social Responsibility by encouraging employees to participate in volunteer programs and activities organized within the company. In 2015, among several initiatives, the following are highlighted: • The Volunteer Program, including the entire José de Mello Group, aims to develop socially responsible corporate action and encourage personal and professional growth of its employees. This Program involves six partner organizations to host volunteers: the ATL da Galiza, the Centro Comunitário da Paróquia de Carcavelos, the Obra do Frei Gil, the Associação Coração Amarelo, Junior Achievement Portugal and Movimento de Defesa da Vida. • Volunteers’ Day, an event commemorating the Volunteer Program held throughout the year. In 2015, this event was graced by the presence of over 100 volunteers at Cooperativa para a Educação e Reabilitação de Cidadãos Inadaptados de Cascais (CERCICA), which held various farming-related activities.

51

• The Ser Solidário program, which is also applied across the board to the José de Mello Group, seeks to financially support charities. The institutions are chosen by the employees themselves, who participate in this initiative by donating a monthly amount of their salary. The financial support that resulted from the 2015 edition was delivered to Associação Humanitária de Salreu, Comunidade Vida e Paz, and to APATI - Associação Promotora de Apoio à 3ª Idade, each one receiving financial support in the amount of 4,000 €. • The AMI – Papel por Alimentos Campaign, which CUF has signed on to and which is held in collaboration with Banco Alimentar Contra a Fome. In this initiative, paper collected by CUF for recycling is entirely turned into funding for Banco Alimentar Contra a Fome. For this campaign in the last three years, CUF has collected over 16 t of used paper. Due to social, economic or environmental impact on regional development, transparent communication and engagement with the local community is a priority for CUF. In November 1993, the companies of ECC, and CUF-QI in particular, voluntarily joined the Responsible Care program. This program promotes transparent communication with key stakeholders, allowing the development of policies and actions to minimize and/or mitigate the negative impacts of industry on society. In response to the commitment made upon adhering to the Responsible Care program, the companies of Estarreja Chemical Complex formed a community panel named PACOPAR. PACOPAR’s mission is to continuously and sustainably improve the quality of life in Estarreja, bringing together synergies between the various members involved. In 2015, among several initiatives, the following

are highlighted: • PACOPAR supported 16 community projects in the fields of education, social support and civil defense, by contributing around 40,000 €; • CUF headed two projects for creating two free apps available for every operating system. The first one, “QUIZ4YOU PACOPAR,” with mini-games for all ages, and the second, “Trekking BioRia,” providing eight foot paths in Salreu and a regional flora and fauna guide; • CUF and the other companies of the ECC hosted the “Open Doors” initiative, geared to the Municipality’s institutional representatives. During visits to the manufacturing facilities, the 30 guests observed the existing measures as part of personal safety and environmental protection, as well as their systems and resources for dealing with emergencies; • As a communication policy, PACOPAR publishes, in its annual magazine and website, several interesting topics for the local community and for its sector of operations, as well as various indicators that reveal the performance of these industries in the spheres of Safety and Environment. In addition, CUF promotes several short- or long-term academic and vocational internships with various organizations such as Universities, Instituto de Emprego e Formação Profissional (IEFP) or Secondary Schools. Throughout 2015, 49 internships were held, 6 more than in 2014.

52

Next Steps

Concerning the social domain, the following goals have been set for 2016: • • • • • •

Build an action plan for CUF to become recognized as one of the top industrial companies to work for in Portugal by late 2020; Maintain compliance with the “0 serious industrial accidents” target; Promoting its management staff’s leadership skills; Proceed with the rejuvenation plan in the area of operations; Streamline CUF’s internal communication; Continue to encourage employee participation in initiatives such as the “Volunteer Program” and “Ser Solidário.”

To achieve the established goals for 2016, the following measures are expected to be implemented: • To achieve the established goals for 2016, the following measures are expected to be implemented: • Carrying out the Annual Training Plan; • Continuing the Líderes CUF Program; • Continuing the 4X4 Program; • Consolidating the Intranet with all of its employees.

53

GRI Index GENERAL STANDARD CONTENTS Indicator

Location

External Verification

Page 5-6

Yes

Page 5

Yes

Page 12-14

Yes

Page 12

Yes

Page 12-13

Yes

Strategy and Analysis G4 - 1

CEO’s statement on the relevance of sustainability to the organization and its sustainability strategy

Organizational Profile G4 - 3

Organization name

G4 - 4

Primary brands, products, and services

G4 - 5

Organization’s headquarters location

G4 - 6

Number of countries where the organization operates, and names of countries where either the organization has significant operations or that are specifically relevant to the sustainability topics

G4 - 7

Nature of ownership and legal form

Page 13

Yes

G4 - 8

Served markets

Page 14

Yes

Page 12-14; 26; 46-47 Annual Financial Statement 2013, 2014 and 2015

Yes

Pág. 45-47

Yes

G4 - 9

Organization scale

G4 - 10

Total number of employees

G4 - 11

Percentage of total employees covered by collective bargaining agreements

Pág. 45

Yes

G4 - 12

Organization’s value chain

Pág. 17

Yes

G4 - 13

Significant changes during the reporting period regarding the organization’s size, structure, ownership, or its value chain

Pág.13

Yes

55

GENERAL STANDARD CONTENTS Location

External Verification

CUF has an active approach to managing financial, operational, patrimonial, environmental and health and safety risks based on the precautionary principle. Through this principle, the company seeks to minimize potential adverse effects associated with these risks Annual Financial Statement 2013, 2014 and 2015

Yes

Page 18; 35; 41; 51-52

Yes

Page 28

Yes

Page 8; 13

Yes

Indicator Organizational Profile G4 - 14

Approach to the precautionary principle

G4 - 15

Economic, environmental and social initiatives and principles to which the organization subscribes

G4 - 16

Memberships of associations and national or international advocacy organizations

Identified Material Aspects and Boundaries G4 - 17

List of all entities included in the organization’s consolidated financial statements

G4 - 18

Process adopted for defining the report content and the material aspect boundaries

Page 21

Yes

G4 - 19

Material aspects identified in the process for defining report content

Page 21

Yes

G4 - 20

The boundary of each material aspect within the organization

Page 21

Yes

G4 - 21

The boundary of each material aspect outside the organization

Page 21

G4 - 22

Restatements of information provided in previous reports, and the reasons for such restatements

G4 - 23

Significant changes from periods covered by previous reports in the scope and material aspect boundaries

Slight restatements were made to the report’s content relative to the previous report, in order to adapt the report to the company’s current reality

Yes

N/A

Yes

Stakeholder Engagement G4 - 24

List of stakeholder groups engaged by the organization

Page 18

Yes

G4 - 25

Basis for identification and selection of stakeholders

Page 18

Yes

G4 - 26

Organization’s approach to stakeholder engagement, including frequency of engagement by type and by group

Page 18-20

Yes

G4 - 27

Key topics and concerns that have been raised through stakeholder engagement, and how the organization has dealt with those key topics and concerns

Page 19-20

Yes

56

GENERAL STANDARD CONTENTS Indicator

Location

External Verification

Report Profile G4 - 28

Reporting period

Page 8

Yes

G4 - 29

Date of most recent previous report

Page 8

Yes

G4 - 30

Reporting cycle

CUF’s Sustainability Report will be published on an annual basis

Yes

G4 - 31

Contact point for questions regarding the report or its contents

Page 9

Yes

G4 - 32

Organization “in accordance” option and GRI Content Index

Page 8

Yes

G4 - 33

Organization’s policy and current practices with regard to seeking external assurance for the report

Page 9

Yes

Page 22-23

Yes

Page 11; 15-16

Yes

Page 15-16; 27; 29-31; 36; 39-41; 45; 51; 53

Yes

Governance G4 - 34

The organization’s governance structure, including committees under the highest governance body

Ethics and Integrity G4 - 56

Organization’s values, principles, standards and norms of behavior

Forms of Management G4 - DMA

57

SPECIFIC STANDARD CONTENTS Location

External Verification

Direct economic value generated and distributed

Page 26

Yes

Proportion of spending with local suppliers

Page 26

Yes

Total materials used, by weight

Page 32

Yes

G4 - EN3

Energy consumption within the organization

Page 33

Yes

G4 - EN5

Energy Intensity

Page 33

Yes

Total water consumption, by source

Page 39

Yes

G4 - EN15

Direct Greenhouse Gas (GHG) Emissions (Scope 1)

Page 34

Yes

G4 - EN16

Indirect Greenhouse Gas (GHG) Emissions (Scope 2)

Page 34

Yes

G4 - EN18

Carbon Intensity

Page 34

Yes

G4 - EN21

NOX, SOX and other significant air emissions

Page 35

Yes

G4 - EN22

Water discharges, by quality and destination

Page 37

Yes

G4 - EN23

Total weight of generated waste, by type and destination

Page 38

Yes

Indicator Economic Performance Indicators Economic Performance G4 - EC1

Procurement Practices G4 - EC9

Environmental Performance Indicators Materials G4 - EN1

Energy

Water G4 - EN8

Emissions

Effluents and Waste

58

SPECIFIC STANDARD CONTENTS Indicator

Location

External Verification

CUF has not paid any significant penalty between 2013 and 2015, in this regard

Yes

Page 38

Yes

Page 45 Attachments - Human Resources (page 65-67)

Yes

Page 48 Attachments - Human Resources (page 70)

Yes

Environmental Performance Indicators Compliance G4 - EN29

Monetary value of fines and total number of non-monetary sanctions for non-compliance with environmental laws and regulations

Global G4 - EN31

Total environmental protection expenditures and investments, by type

Social Performance Indicators - Labor Practices and Decent Work Employment G4 - LA1

Total number and rates of new employee hires and employee turnover by age group, gender, and region

G4 - LA3

Return to work and retention rates after paternity leave, by gender

Occupational Health and Safety G4 - LA5

Percentage of total workforce represented in formal health and safety committees

Attachments - Human Resources (page 64)

Yes

G4 - LA6

Rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities, by gender and by region

Page 48 Attachments - Human Resources (page 71)

Yes

Training and Education G4 - LA9

Average hours of training, per employee, by gender and by employee category

Page 48 Attachments - Human Resources (page 67-68)

Yes

G4 - LA10

Skills management and lifelong learning and occupational career management

Page 48 Attachments - Human Resources (page 67-68)

Yes

G4 - LA11

Percentage of employees receiving regular performance and career development reviews, by gender and by employee category

Page 50 Attachments - Human Resources (page 69)

Yes

59

SPECIFIC STANDARD CONTENTS Indicator

Location

External Verification

Attachments - Human Resources (page 62-64)

Yes

CUF had no training in Human Rights policies between 2013 and 2015

Yes

CUF has not paid any significant penalty between 2013 and 2015, in this regard

Yes

Page 43

Yes

Diversity and Equal Opportunity G4 - LA12

Composition of the organization’s governing bodies, by gender, employee category and age group

Social Performance Indicators - Human Rights Investments G4 - HR2

Total hours of training on Human Rights policies

Social Performance Indicators - Society Compliance G4 - SO8

Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations

Social Performance Indicators - Product Responsibility Customer Health and Safety G4 - PR1

Poducts and services for which health and safety impacts are assessed for improvement

Product and Service Labeling G4 - PR3

Type of information on product and service labeling required by the organization for its products and services

Page 43

Yes

G4 - PR5

Customer satisfaction assessment

Page 44

Yes

CUF has not paid any significant penalty between 2013 and 2015, in this regard

Yes

Compliance G4 - PR9

Monetary value of significant fines concerning the provision and use of products and services

60

Attachments HUMAN RESOURCES Number of Employees

By gender

By age group

By region

By employee category

2013

2014

2015

Total No. of Employees

339

339

338

Total No. of Full-time Employees

339

339

338

Male

281

278

272

Female

58

61

66

Under age 30

31

33

35

Ages 30 to 50

124

125

134

Over age 50

184

181

169

Estarreja

231

240

241

Lisbon

42

42

44

Loulé

14

14

11

Pombal

14

14

11

Barreiro

14

2

2

Coimbra

24

27

29

Directors

6

7

7

Managers

14

14

18

Coordinators

22

22

20

Technicians

63

63

70

Persons in charge

19

19

20

130

128

118

Functional Technicians

52

58

55

Administrative Staff

33

28

30

Operators

62

HUMAN RESOURCES Percentage of Employees By gender

By age group

By region

By employee category

2013

2014

2015

Male

83%

82%

80%

Female

17%

18%

20%

Under age 30

9%

10%

10%

Ages 30 to 50

37%

37%

40%

Over age 50

54%

53%

50%

Estarreja

68%

71%

71%

Lisbon

12%

12%

13%

Loulé

4%

4%

3%

Pombal

4%

4%

3%

Barreiro

4%

1%

1%

Coimbra

7%

8%

9%

Directors

2%

2%

2%

Managers

4%

4%

5%

Coordinators

6%

6%

6%

19%

19%

21%

6%

6%

6%

Operators

38%

38%

35%

Functional Technicians

15%

17%

16%

Administrative Staff

10%

8%

9%

Technicians Persons in charge

63

HUMAN RESOURCES Governing Bodies By gender

By age group

By gender

By age group

2013

2014

2015

Male

6

7

7

Female

-

-

-

Under age 30

-

-

-

Ages 30 to 50

2

3

3

Over age 50

4

4

4

Percentage of Governing Bodies

2013

2014

2015

Male

100%

100%

100%

Female

-

-

-

Under age 30

-

-

-

Ages 30 to 50

33%

43%

43%

Over age 50

67%

57%

57%

Employees covered by Formal Health and Safety Committees

2013

2014

2015

Percentage of employees covered by Formal Health and Safety Committees*

100%

100%

100%

*CUF-QI

64

HUMAN RESOURCES Employee Exit

By gender

By age group

By region

2013

2014

2015

Total No. of Employee Exits

12

20

20

Male

11

18

17

Female

1

2

3

Under age 30

2

-

3

Ages 30 to 50

6

9

4

Over age 50

4

11

13

Estarreja

2

5

9

Lisbon

4

1

2

Loulé

5

1

3

Pombal

-

-

3

Barreiro

-

12

-

Coimbra

1

1

3

2013

2014

2015

10

20

19

Male

6

15

11

Female

4

5

8

Under age 30

5

11

9

Ages 30 to 50

5

9

8

Over age 50

-

-

2

Estarreja

-

13

10

Lisbon

3

2

4

Loulé

-

1

-

Pombal

-

-

-

Barreiro

-

-

-

Coimbra

7

4

5

Employee Hires Total No. of Employee Hires By gender

By age group

By region

65

HUMAN RESOURCES Employee Exit Rate

By gender

By age group

By region

2013

2014

2015

Total Employee Exit Rate

4%

6%

6%

Male

4%

6%

6%

Female

2%

3%

5%

Under age 30

6%

-

9%

Ages 30 to 50

5%

7%

3%

Over age 50

2%

6%

7%

Estarreja

1%

2%

4%

Lisbon

9%

2%

5%

30%

7%

24%

Pombal

-

-

24%

Barreiro

-

150%

-

Coimbra

5%

4%

11%

2013

2014

2015

Total Rate of Employee Hires

3%

6%

6%

Male

2%

5%

4%

Female

7%

8%

13%

Under age 30

15%

34%

26%

Ages 30 to 50

4%

7%

6%

Over age 50

-

-

1%

Estarreja

-

6%

4%

7%

5%

9%

Loulé

-

7%

-

Pombal

-

-

-

Barreiro

-

-

-

Coimbra

35%

16%

18%

Loulé

Rate of Employee Hires

By gender

By age group

Lisbon

By region

66

HUMAN RESOURCES Turnover Rate

By gender

By age group

By region

By gender

2013

2014

2015

Total Turnover Rate

6%

12%

12%

Male

6%

12%

10%

Female

9%

12%

17%

Under age 30

22%

34%

35%

Ages 30 to 50

9%

14%

9%

Over age 50

2%

6%

9%

Estarreja

1%

8%

8%

Lisbon

16%

7%

14%

Loulé

30%

14%

24%

Pombal

-

-

24%

Barreiro

-

150%

-

Coimbra

40%

20%

29%

Training Hours

2013

2014

2015

Total No. of Training Hours

5.858

10.625

6.466

Male

4.986

8.289

4.802

872

2.336

1.664

Directors

-

31

46

Managers

62

213

395

745

1.164

410

2.145

2.078

1.659

218

835

266

1.664

3.495

3.019

Functional Technicians

670

1.781

564

Administrative Staff

354

1.028

108

Female

Coordinators

By employee category

Technicians Persons in charge Operators

67

HUMAN RESOURCES Employees Having Received Training

By gender

By employee category

2013

2014

2015

Total No. of Employees Having Received Training

233

309

308

Male

205

253

245

28

56

63

Directors

-

3

3

Managers

5

13

18

Coordinators

18

21

18

Technicians

35

59

65

Persons in charge

15

19

19

Operators

94

117

107

Functional Technicians

49

55

52

Administrative Staff

17

21

26

2013

2014

2015

Total Percentage of Employees Having Received Training

69%

91%

91%

Male

73%

91%

90%

Female

48%

92%

95%

Directors

-

43%

43%

Managers

36%

93%

100%

Coordinators

82%

95%

90%

Technicians

56%

94%

93%

Persons in charge

79%

100%

95%

Operators

72%

91%

91%

Functional Technicians

94%

95%

95%

Administrative Staff

52%

75%

87%

Female

Percentage of Employees Having Received Training

By gender

By employee category

68

HUMAN RESOURCES Employees Having Received Performance Evaluation

By gender

By employee category

2013

2014

2015

Total No. of Employees Having Received Performance Evaluation

276

279

281

Male

224

229

228

52

50

53

Directors

1

1

5

Managers

11

11

18

Coordinators

22

22

19

Technicians

54

51

52

Persons in charge

15

16

15

Operators

95

102

98

Functional Technicians

49

51

50

Administrative Staff

29

25

24

2013

2014

2015

Total Percentage of Employees Having Received Performance Evaluation

81%

82%

83%

Male

80%

82%

84%

Female

90%

82%

80%

Directors

17%

14%

71%

Managers

79%

79%

100%

100%

100%

95%

Technicians

86%

81%

74%

Persons in charge

79%

84%

75%

Operators

73%

80%

83%

Functional Technicians

94%

88%

91%

Administrative Staff

88%

89%

80%

Female

Percentage of Employees Having Received Performance Evaluation

By gender

Coordinators

By employee category

69

HUMAN RESOURCES Employees entitled to Paternity Leave By gender

2013

2014

2015

Male

5

5

6

Female

2

3

2

2013

2014

2015

Male

5

5

6

Female

2

3

2

2013

2014

2015

Male

5

5

6

Female

2

3

2

Return Rate

2013

2014

2015

Male

100%

100%

100%

Female

100%

100%

100%

Retention Rate

2013

2014

2015

Male

250%

100%

100%

75%

50%

100%

Employees who took Paternity Leave By gender

Employees who have returned following Paternity Leave By gender

By gender

By gender

Female

70

HUMAN RESOURCES Number of work-related Deaths

2013

2014

2015

-

-

-

2013

2014

2015

Total No. of Occupational Accidents entailing sick leave

6

3

4

Male

6

3

4

Female

-

-

-

Number of Lost Days due to Occupational Accidents

2013

2014

2015

Total No. of Lost Days due to Occupational Accidents

236

39

63

Male

236

39

63

-

-

-

Number of Hours Not Worked*

2013

2014

2015

Total No. of Hours Not Worked

26.136

24.888

27.347

Male

24.683

23.581

26.163

1.453

1.307

1.184

2013

2014

2015

Total Rate of Hours Not Worked

4%

4%

4%

Male

4%

4%

5%

Female

1%

1%

1%

2013

2014

2015

Total Absentee Rate

2%

2%

2%

Male

2%

2%

3%

Female

2%

3%

1%

Total No. of work-related Deaths

Number of Occupational Accidents entailing sick leave

By gender

By gender

By gender

Female

Female *Excluded from these statistics: Absenteeism due to Paternity/Marriage leave, Bereavement or Study Leave

Rate of Hours Not Worked*

By gender

*Excluded from these statistics: Absenteeism due to Paternity/Marriage leave, Bereavement or Study Leave

Absentee Rate

By gender

71

Methodological Notes Average Headcount =

Nº of Employees in the report year +Nº Employees in the previous year 2 Nº of Employees Exit Employees Exit Rate

Nº of Employees Hires Employees Hires Rate

Nº of Employee Exits +Nº of Employee Hires Average Headcount

Employees who have returned after Paternity Leave

Return Rate =

Retention Rate =

Employees who planned to return after Paternity Leave

Employees who remained on the job after 12 months of return Employees who remained on the job after Paternity Leave in the previous year

Rate of Not Worked Hours =

Absenteeism Rate =

(1) Excluded from these statistics Absenteeism due to Paternity/Marriage leave, Bereavement or Study leave

Rate of Not Worked Hours(1) Nº of Workable Hours

Nº of Hours of Absences to work Nº of Workable Hours

72

Abbreviations and Acronyms ADP

Aniline and Derivatives Production Process

AIP AIPQR

Associação Industrial Portuguesa

AP APEQ

Innovnano LDAR

Innovnano - Materiais Avançados, S.A. Diphenylmethane Diisocyanate

AP - Amoníaco de Portugal, S.A.

MDI MSSASP

Associação Portuguesa das Empresas Químicas

NGO

Non-Governmental Organizations

Aquatro

Aquatro - Projectos e Engenharia, S.A.

NO2

Nitrogen Dioxide

BCSD Portugal

Conselho Empresarial para o Desenvolvimento Sustentável

Nutriquim - Produtos Químicos, S.A.

CAP CEFIC

Chlorine-Alkali Production Process

Nutriquim PACOPAR Quimigest

CERCICA

Cooperativa para a Educação e Reabilitação de Cidadãos Inadaptados de Cascais

RDI

Research, Development and Innovation

Renoeste SGPAMAG SIMRIA

Renoeste - Valorização de Recursos Naturais, S.A.

SO2

Sulfur Dioxide

Associação das Indústrias da Petroquímica, Química e Refinação

European Chemical Industry Council

Leak Detection And Repair Management System of Serious Accident Safety and Prevention

Painel Consultivo Comunitário do Programa Actuação Responsável Quimigest - Sociedade Química de Prestação de Serviços, S.A.

CIP

Confederação Empresarial de Portugal

CO

Carbon Monoxide

CO2 CO2 eq.

Carbon Dioxide Carbon Dioxide equivalent

COD

TOC

Total Organic Carbon

Chemical Oxygen Demand

Total Suspended Solids

COTEC

COTEC Portugal - Associação Empresarial para a Inovação

CUF C&S CUF-QI EBITDA

TSS WWTP

CUF - Consultadoria e Serviços, S.A.

ECC

Estarreja Chemical Complex

EDS Elnosa

Emulsion Detonation Synthesis

EPCA

European Petrochemical Association

Euro Chlor GHG GRI

Euro Chlor Safety Commitment

IEFP

Instituto do Emprego e Formação Profissional

SGPAMAG - Sociedade de Granéis, S.A. Sistema Intermunicipal de Saneamento da Ria de Aveiro

Wastewater Treatment Plant

CUF - Químicos Industriais, S.A. Earnings Before Interest, Taxes, Depreciation, and Amortization

Electroquímica del Noroeste, S.A.

Greenhouse Gases Global Reporting Initiative

73

To the board of Directors of

CUF – Consultadoria e Serviços, S.A.

Independent assurance report of the Sustainability Report 2015 (Free translation from the original in Portuguese) Introduction In accordance with the request of the board of Directors of CUF – Consultadoria e Serviços, S.A. (CUF), we performed an independent assurance of the ‘Sustainability Report 2015’ (Report). Independent assurance was performed according to instructions and criteria established by CUF, as referred in the Report, and according to the principles and extent described in the Scope below. Responsibility CUF’s Board of Directors is responsible for all the information presented in the Report, as well as for the assessment criteria and for the systems and processes supporting information collection, consolidation, validation and reporting. Our responsibility is to conclude on the adequacy of the information, based upon our independent assurance standards and agreed reference terms. We do not assume any responsibility over any purpose, people or organization. Scope Our procedures were planned and executed using the International Standard on Assurance Engagements 3000 (ISAE 3000) and having the Global Reporting Initiative, version 4 (GRI4) and AA1000APS Accountability Principles Standard 2008 as reference, in order to obtain a moderate level of assurance on both the performance information reported and the underlying processes and systems. The extent of our procedures, consisting of inquiries, analytical tests and some substantive work, was less significant than in a full audit. Therefore, the level of assurance provided is also lower. It was also considered the AA1000 Assurance Standard (2008), type 2 engagement, for a moderate level of assurance. For the GRI4 and AA1000 AccountAbility Principles Standard (2008), our work consisted on the verification of the management’s self-declaration on the application of the GRI4 guidelines and level of adherence to the AA1000APS principles. The following procedures were performed: (i)

Inquiries to management and senior officials responsible for areas under analysis, with the purpose of understanding how the information system is structured and their awareness of issues included in the Report;

(ii) Identify the existence of internal management procedures leading to the implementation of economic, environmental and social policies; (iii) Testing the efficiency of process and systems in place for collection, consolidation, validation and reporting of the performance information previously mentioned;

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. Sede: Palácio Sottomayor, Rua Sousa Martins, 1 - 3º, 1069-316 Lisboa, Portugal Tel +351 213 599 000, Fax +351 213 599 999, www.pwc.com/pt Matriculada na Conservatória do Registo Comercial sob o NUPC 506 628 752, Capital Social Euros 314.000 PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. pertence à rede de entidades que são membros da PricewaterhouseCoopers International Limited, cada uma das quais é uma entidade legal autónoma e independente. Inscrita na lista das Sociedades de Revisores Oficiais de Contas sob o nº 183 e na Comissão do Mercado de Valores Mobiliários sob o nº 20161485

(iv) Confirming, through visits to sites, that operational units follow the instructions on collection, consolidation, validation and reporting of performance indicators; (v) Executing substantive procedures, on a sampling basis, in order to collect sufficient evidence to validate reported information; (vi) Comparing financial and economic data with those in the Annual Report 2015, audited by the external financial auditor, to assess on the external validation of the information reported; (vii) Analyse of the process for defining the materiality of the issues included in the report, according to methodology described. (viii)Assess the level of adherence to the principles of inclusivity, materiality and responsiveness set by AA1000APS, by analysing the contents of the report and internal documents; (ix) Verify the existence of data and information required to comply with the G4 version, option ‘In Accordance – Core’. Confidentiality and Independence Internally, PwC SROC is governed by ethical and deontological rules of confidentiality and independence quite rigid. Thus, in all aspects of our collaboration, the Firm and its employees maintain strict confidentiality of information obtained in the performance of their duties and complete independence regarding the interests of CUF. Additionally, we develop our work in line with standard ISAE 3000 independence requirements, including compliance with PwC's independence policies and code of ethics of the International Ethics Standards Board of Accountants (IESBA). Conclusions Based on our work described in this report, nothing has come to our attention that causes us to believe that internal control related to the collection, consolidation, validation and reporting of the performance information referred above is not effective, in all material respects. Based on our examination of the Report and Guidelines GRI, with the assumptions included in the scope, we conclude that the Report includes the data and information required to comply with the G4 version, option ‘In Accordance – Core’. Comments/Remarks According to AA1000AS (2008) standard, we present the main observations regarding the adherence of CUF to the principles of AA1000APS (2008) standard:  Principle of inclusivity: CUF publicly assume its responsibilities to its stakeholders, by subscribing the three principles of AA1000APS standard, and the commitment to proceed with its sustainability strategy and value creation for its stakeholders. It is recommended to ensure periodic review of the identification and prioritization of stakeholders, especially in the case of significant changes in the Company or in the industry, as well as disclose in the next sustainability reporting, the main results of the latest stakeholder consultation carried out (2016).  Principle of materiality: CUF identified in 2014 the material issues, as a result of an internal stakeholder consultation process, benchmarking and international trends analysis. CUF recently held a review of material issues. It is recommended to disclose, in the next sustainability reporting, the main results of the latest stakeholder consultation carried out, as well as the review of the material issues of CUF and the new sustainability commitments.

CUF – Consultadoria e Serviços, S.A.

PwC

2

 Principle of responsiveness: CUF has a set of mechanisms for stakeholder consultation, aimed at understanding and addressing the expectations of its stakeholders. It is recommended to ensure that there are solid mechanisms of communication and engagement for all stakeholders, as well as ensure that the expectations and concerns of all stakeholders are addressed properly, through an integrated mechanism, e.g. sustainability report or sustainability website.

Lisbon, June 30th 2016 PricewaterhouseCoopers & Associados, S.R.O.C., Lda. Represented by

António Joaquim Brochado Correia, ROC

CUF – Consultadoria e Serviços, S.A.

PwC

3