Corticeira Amorim : Consolidated results as of 30th September 2016

Shareholders of CORTICEIRA AMORIM,

According to Law, as adopted by CORTICEIRA AMORIM, SGPS, S.A, a public company, presents:

1. SUMMARY OF ACTIVITY

   Despite Brexit and several downward revisions in world economic growth, CORTICEIRA AMORIM's activity does not appear to have been particularly affected by these constraints. The decrease in sales growth recorded in the third quarter (3Q) will be explained more by non-recurring circumstances (destocking of corks in the USA or comparisons with the exceptional third quarter sales of the Composite Cork BU) than for market reasons. Exchange rate stability (EUR/USD in particular) continued to have no material impact on CORTICEIRA AMORIM's sales.

   Cumulative sales in September reached 491 M€, an increase of 6% compared to the first nine months of 2015. As mentioned above, the decline in sales growth (8% in the first half) had a significant effect on one-off situations. At the Cork Stoppers BU, the effects of consolidation in the wine business on the United States market naturally led to a reduction in cork stopper stocks, which resulted in a corresponding reduction in orders for the adequacy of these stocks. It should be noted that the consolidated ratio EBITDA/Raw Materials and Cork Stoppers Sales reached 21.7%, in line with the good performance observed in the first half of the current year. At Composite Cork BU, the comparison with the exceptional sales recorded in 3Q15 is the reason of this slowdown. However, growth of 6% continues to be much higher than what CORTICEIRA AMORIM estimates as growth for most of the markets and products in which it conducts its business.

   In cumulative terms, all BUs continue to show increased sales. Of note is the confirmation of the upturn of the Floor & Wall Coverings BU, not only due to the success of Hydrocork®, but also to the new Vinyl Cork line (Authentica®).

   For its weight in the business of CORTICEIRA AMORIM we have to mention the performance of the Cork Stoppers BU. Growth of 4% in quantity and almost double in value are indicators of the vitality that this BU has been presenting for 2

   many quarters.

   Good Gross Margin registration and controlled operating costs allowed the EBITDA value at the end of the nine months to increase by 19.1% to 95.5 M€. The respective sales ratio stood at 19.4%.

   The financial function continues to enjoy the continued decline in the value of net bank debt and lower interest rates.

   After estimating income tax and profit attributable to non-controlling interests, net income attributable to CORTICEIRA AMORIM shareholders amounted to 55,244 M€. This figure represents an increase of 32.7% compared to the value of 41.61 M€ registered in the first nine months of 2015.

   Net income for the third quarter was 20,078 M€ (3Q15: 15,388 M€), an increase of 30.5% compared to the same period last year.

2. BUSINESS UNIT ACTIVITIES

   Sales of Raw Materials BU to the group increased by 9%, slightly above the group's own activity and the Cork Stopper BU in particular, the main destination of its sales.

   Accumulated EBITDA at September 2016 amounted to 13.9 M€, a positive year-on-year change of 3.3%. The EBITDA ratio was 12.3%, slightly down from 13.2% in the first half. Expenses related to the restructuring of one of the industrial units adversely affected that margin. It should also be noted that the BU has absorbed, and somehow compensated, the cork price increases that occurred in the 2014 and 2015 cork oak harvest.

   At the end of the third quarter, the 2016 cork purchase campaign was completed (Portugal and Spain). The objectives outlined for this campaign have been fully achieved.

   Sales of Cork Stoppers BU reached 324 M€ at the end of the first nine months of 2016, a comparable increase of 7.4% over 2015. The smoothing of third quarter sales growth (3.4%) Was already expected in light of the 10.7% increase in the second quarter. For this slowdown, it should be noted that the one-off effect resulting from the de-stocking

   observed in some US customers. This effect arose following the consolidation of the wine business that has taken place in that country. Still, since the sales of natural stoppers top end were one of the catalysts of the growth of the semester, the end of June of the bottling season influenced, as is normal, the evolution of sales in the third quarter.

   The other main markets, especially the traditional European markets, continued to show a positive evolution, with CORTICEIRA AMORIM registering growth that is estimated to be higher than the growth rate of the market itself.

   The increase in sales continues to be justified in about half by the volume effect, with the rest coming from the mix effect (greater weight of natural corks). The positive effect of natural stoppers was further enhanced by the first sales of the NDtech® stopper sales in the third quarter. In addition to the good performance observed in natural stoppers, it can be said that, with the exception of TwinTop® and Topseries® stoppers, all other cork stopper families recorded sales increases, once again emphasizing the performance of Neutrocork® stoppers.

   EBITDA reached an accumulated value of 58.6 M€, representing 18.1% of sales at the end of the nine months. In terms of the joint activity of raw materials and stoppers, the ratio was 21.7%, in line with the 22.1% accumulated in the first six months of 2016. When compared to the ratio reached in the nine months of 2015 (20.4%) there is a significant gain. A more favourable sales mix, which benefited in 3Q16 with the introduction of NDtech®, as well as controlled operating costs justify such improvement.

   At the end of September, the Composite Cork BU recorded sales of 77 M€ (+2.4%). After positive sales growth in the 1Q (+5%) and 2Q (+7.2%), the third quarter showed a drop in sales (-4.6%). This variation results from some slowdown in the activity of the BU, but is mainly due to the challenging comparison with the third quarter of 2015. In fact, this quarter (3Q2015), presenting the highest growth rate of the year (+27%), caused a difficult positive comparison for the same quarter of 2016.

   The three main segments (Retail, Construction and Industry), although growing significantly, saw their growth rates slow down. The supply of inlay to Hydrocork® from Floor & Wall Coverings BU continues to accompany the significant increase in sales of this new product. Sales to Asian markets and to the North American market continue to sustain the growth of BU sales.

   The improvement in the gross margin, benefited by the decrease in the price of some raw materials and the increase in activity, led EBITDA to rise to 14.8 M€, an increase of 29% over the same period of 2015. EBITDA/sales ratio improved in the quarter, with accumulated 19.2% of sales.

   Sales of Floor & Wall Coverings BU maintained during the third quarter the growth trend of previous quarters. By reaching 89.8 M€ (+6.4%), sales of the BU continued to benefit from the good performance of Hydrocork®. Also note the impact of the new Decor Vinyl line (Authentica® collection). The growth observed in these two products more than compensated for the somewhat expected decline in visual cork products, especially Cork Style. Still to register the increase in the commercialization of wood products.

   The recovery of sales in the United States, the maintenance of growth, although softer of the German market, explain on the positive side the evolution of sales. On the negative side, the impact of the Russian market continues to be felt.

   As already shown in the first half of the year, the gross margin, and consequently the EBITDA margin, was affected by the increase in the weight of Hydrocork® in the sales of the BU. The increase in activity and the reduction in operating costs allowed the cumulative EBITDA value to reach 9.3 M€ (+29.9%).

   Insulation Cork BU reached cumulative sales of 9 M€, an increase of 18.8% over the nine months of 2015. However, it should be noted that a significant part of this variation is due to the increase in the milled cork sales to the Composite Cork BU. Sales to end customers grew by about 7.4%. This increase came essentially from expanded cork agglomerate and MDFachada.

   EBITDA reached 2 M€, an increase of 61% over the previous year. Even considering the margin practiced in the sale of milled cork, which is lower than the average of other products, the EBITDA/Sales margin reached 21.4%.

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3. RESULTS AND STATEMENT OF FINANCIAL POSITION

Consolidated sales reached 491 M€, an increase of 28 M€ (+6%) compared to the nine months of 2015. Contrary to the same period in which the exchange rate effect was very favourable, sales in 2016 were not particularly affected by the prevailing exchange rate. During the 3Q, and as expected, the Change in manufactured inventories had a negative recording of about 10 M€, bringing its accumulated value to also negative values (8 M€). Gross Margin stood at 256 M€, an increase of 14 M€ compared to the same period of 2015. The Gross Margin maintained the upward trend already registered in the first half, reaching 53% (9M15: 50.7%). This improvement is essentially due to the increase registered in the Cork Stoppers and Composite Cork BU, somewhat reduced by the decrease in the Floor & Wall Coverings BU.

In terms of operating costs, the increase of about 3.8 M€ (+2.4%) in services and supplies and personnel expenses reflects not only the entry of new companies, but above all the increase in activity. With the impairment level registered in the same period of 2015, the decrease in other expenses by around 4.5 M€ is a key contribution to EBITDA improvement. It should be noted that, as in the previous six-month period, the result of exchange differences on assets receivable and liabilities payable and respective foreign exchange risk hedges included in other operating income / gains was positive by approximately 1.2 M€ (1H16: 0.9 M). These gains contrast with the loss of 3.2 M€ recorded in 2015 (1H15: loss of 2.5 M€).

As a consequence of the combined effect of the increase in sales, the improvement in the Gross Margin percentage, and the decrease in operating costs, accumulated EBITDA increased to 95.5 M€. EBITDA/Sales ratio for the nine months was 19.4%, not significantly different from the 19.7% achieved in the first half of the year, well above that of 2015 (9M15: 17.3%).

58,598

13,851 1,927 9,341

14,812

3,082

95,446

4

Cork Stoppers Raw-Materials Insulation Cork Floor & Wall

Coverings

Composite Cork

Other Consolidated EBITDA

Non-current results recorded at the end of September are the same as those already recognized in the first half (3.7 M€) and are related in particular to the subsidiary liquidation process in Argentina.

The average debt and the interest rate continued in their downward direction. The net expense of the net bank debt was 1.3 M€ (9M15: 1.7 M€), with the expenditure on 3Q (0.37 M€) well below the average for the first two quarters of the year (0.48 M€).

During the 3Q, CORTICEIRA AMORIM was notified that its appeal regarding a tax procedure related to stamp duty (years 2007/8/9) was almost entirely won. The value of the reversal of the respective provisions was 1.8 M€, positively affecting the financial result. As these processes were included in the Exceptional Regime for Tax Debt Settlement and Social Security (RERD) of 2013, and consequently paid to date, CORTICEIRA AMORIM was reimbursed of 1.2 M€. The amount related to the respective interest receivable is being appealed by CORTICEIRA AMORIM.

The results of associates reached 2.3 M€ (9M15: 2 M€) and reflect their good performance.

Following the estimate of income tax (20.2 M€) and the allocation of profit to non-controlling interests, net income attributable to CORTICEIRA AMORIM shareholders reached 55,224 M€, an increase of 32.7% over the nine months of 2015 (41.61 M€).

The result for the third quarter was 20,078 M€ (3Q15: 15,388 M€). Earnings per share were 0.415 € (9M15: 0.33 €).