Salmones Camanchaca S A : INTEGRATED REPORT 2023

ANNUAL REPORT

2023

IDENTIFICATION

LEGAL NAME

SALMONES CAMANCHACA S.A.

ADDRESS

Casa Matriz: Diego Portales 2000, piso 13, Puerto Montt, Región de los Lagos

POSTAL CODE

5503642

CHILEAN TAXPAYER ID NUMBER

76.065.596-1

TYPE OF ENTITY

Sociedad Anónima

SECURITIES REGISTRY

1150

CONTACT E-MAIL

[e-mail]

WEBSITE

www.salmonescamanchaca.cl

PHONE

(56-2) 28732900

TICKER

Santiago Stock Exchange: SALMOCAM

Oslo Stock Exchange: SACAM

Salmones Camanchaca Annual Report 2023

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CONTENT

Salmones Camanchaca Annual Report 2023

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PRESENTATION	07
A word from our Chairman	09
Board of Directors' Report	12
Value Creation	20
WE ARE SALMONES CAMANCHACA	23
Our company	24
Salmones Camanchaca's Mission, Vision and Values	27
Strategy	28
Value footprint	31
Historical events	32
Highlights of the year	35
Articles of Incorporation	36
Corporate structure	37
Control	38
Ownership Structure	40
Agreements with subsidiaries and associates	41
Subsidiary companies	42
Associate companies	44
Board members and executives with positions at subsidiaries or associates	45
CORPORATE GOVERNANCE	47
Corporate Governance Report	48
The Board	56
Senior Executives	64
Directors' Committee Annual Report	69
Other Committees	71
Ethical management	73
Risk management	82
BUSINESS DESCRIPTION	89
Salmon industry	90
Our operations	93
Marketing network	107
Salmones Camanchaca around the world	110

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SUSTAINABILITY	113
Sustainability model	114
Healthy, nutritious food	118
Meaningful employment	148
Prosperous Communities	182
Healthy Ecosystem	202
Profitable and responsible business	238
FINANCIAL INFORMATION	261
Main financial indicators	262
Net income statement	263
Balance sheet	265
Cash flow statement	266
Material facts	267
Share transactions	268
Main risks and uncertainties	271
Tax, investment and financing and dividend policies	276
Financial statements	279
METHODOLOGY	281
About This Integrated Report	282
Contents	283
Double Materiality	284
Material Issues	285
Materiality matrix	287
RESPONSIBILITY STATEMENT	289
APPENDIX	291

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PRESENTATION

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A WORD FROM OUR CHAIRMAN

Salmones Camanchaca Annual Report 2023 / Presentation

DEAR SHAREHOLDERS,

2023 confronted us with significant challenges that significantly impacted the Company's financial and operational results. We were facing diminished global demand for seafood, a challenging environmental and biological land- scape, and uncertainty in our countries institutional and regulatory environment-all factors necessitating ongoing vigilance and adaptability.

In this challenging context, the Company's EBITDA reached US$ 33.5 million, approximately half of what was achieved in 2022. This outcome was influenced by reduced prices for our principal species, particularly Coho salmon, and increased feed costs, further impacted by the doubling price of key inputs such as marine-based oil due to the El Niño phenomenon, as well as inflation in the costs of various essential services for the industry.

With respect to Atlantic salmon, our primary species, we achieved a positive operational result per kilo of US$0.62. This was adversely affected by a drop in selling prices and, mainly by a 12% increase in production costs compared to 2022, attributed to the aforementioned rise in feed prices and measures the Company took to mitigate environmental and biological challenges. Despite these hurdles, we managed to enhance biological indicators, reducing the use of antibiotics and antiparasitics, optimizing the feed conversion ratio to 1.07 kg of feed per kilogram of biomass in the water, and increasing the average harvest weight. For Coho salmon, the operational result per kilo was negative at US$0.62, due to price declines in its main market, Japan, resulting from significant currency devaluation. In response, we have temporarily moderated our growth plan, awaiting market condition improvements. However, Coho continues to represent a significant strategic value for us due to its adaptability and shorter average production cycle of just 9 months, motivating us to amplify commercial efforts in key markets such as the USA, Mexico, and Europe, offering value-added products.

Throughout the year, we achieved annual harvests of 55,494 WFE metric tonnes, a 14% increase over 2022, reflecting our alignment with the established growth plan. Remarkably, 74% of the Atlantic salmon biomass harvested achieved ASC certification, and 100% received 4-star BAP certification, evidencing the Company's commitment to promoting responsible aquaculture.

Investments during the period totaled US$22 millions, primarily directed towards implementing improvement and expansion plans for production capabilities, especially in the Aysén Region. This allows us to diversify the risks associated with Grow-out farming to the eleventh region.

In our processing plants, we initiated a productivity plan that has enabled us to reduce costs and generate new revenues, a strategy we will continue into 2024.

A significant milestone in 2023 was the inauguration of the centralized feeding room, a pioneering project in the sector, where professionals remotely support each salmon farm's process, ensuring the Company's feeding strategy is adhered to.

Environmental challenges remain constant. In this regard, we have maintained our focus on operational management excellence and its potential impacts. It is with pride that I report that Salmones Camanchaca has achieved the ISO 50,001 international certification in Energy Efficiency Management System, reaffirming our commitment to energy efficiency, carbon emission reduction, and cost decrease. Thus, we continue to excel in sustainability, notably participating in the Coller FAIRR Producer Index and the Dow Jones Sustainability Index, important measures for our stakeholders, solidifying ourselves as the best-positioned Chilean salmon company in both indices.

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Throughout 2023, we strengthened and enhanced our relationship with our collaborators through various activities that improved the work environment, reduced absenteeism due to medical leaves, and in terms of safety and occupational health, we achieved a "zero" rate quotation for the first time, reflecting improvements in accident and casualty indicators.

We also deepened our engagement with the communities where we operate, highlighting two major initiatives. The first, in Tomé, we were involved in assisting communities affected by early 2023 forest fires and also supported in providing over 2,000 dental, veterinary, psychological, and social assistance services. The second, in the Los Lagos Region, we entailed articulating and financing an extension for secondary education at the Epson School of Ensenada, a project yielding significant educational benefits for families near our main salmon farm.

I must also acknowledge a profoundly moving event for our organization and my family: the passing in April 2023 of Jorge Fernández Valdés, founder of Camanchaca and principal shareholder. I assume full responsibility for stewarding his legacy and values, which continue to inspire and reinforce our commitment not just to our shareholders but to countless families and the country as a whole.

Looking forward to 2024, we are optimistic about the global salmon demand recovery and our capabilities to overcome business challenges. Nonetheless, institutional uncertainty remains a significant concern for the Company. Given that salmon farming is Chile's second most important export sector and the primary industry in the southern zone, promoting an environment conducive to the industry's sustainable growth is imperative.

With renewed commitment to our objectives and values,

Jorge Fernández García

CHAIRMAN OF THE BOARD

SALMONES CAMANCHACA S.A

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BOARD OF DIRECTORS' REPORT

Salmones Camanchaca Annual Report 2023 / Presentation

FINANCIAL RESULTS

In its core activity of Atlantic salmon, the Company harvested 44,055 WFE tonnes in 2023, similar to the 2022 harvest of 44,504 WFE tonnes, and in accordance with estimates provided to the financial market at the beginning of the year. Coho harvests reached 11,439 WFE tonnes in 2023, a 184% increase over 2022.

As a result of the diversification strategy, focused on using a greater proportion of centers in the Aysén region which, being located in a more southern area, presents a lower probability of algae blooms,the total production for 2024 is expected to be in the range of 50-53 thousand WFE tonnes of Atlantic and Coho. This new strategy not only considers the relocation of farms but also numerous projects and technologies to reduce risks with the application of technologies such as upwelling systems and oxygenation equipment, among others. In relation to Coho, due to low prices as a consequence of a significant devaluation of the Japanese currency, we have opted to temporarily moderate our growth plan, awaiting an improvement in market conditions, notwithstanding that Coho continues to represent an important strategic value for the Company. Thus, for 2025, we expect between 56 and 59 thousand WFE tonnes across both species.

Additionally, the Company engages in trout production in its own estuarine farms, an activity carried out through a Joint Account Participation (JAP) (where it owns 1/3 of the result). In 2023, through this initiative, 4 thousand tonnes were harvested, a substantial reduction from the 18 thousand WFE tonnes in 2022, which is consistent with farms located in neighborhoods with mandatory rest in the first quarter of odd years. The JAP was renewed in 2020 for a term of six years from January 2023, but with 2/3 of the current stocking, estimating an average annual capacity of 8-9 thousand tonnes.

Salmones Camanchaca employs 1,931 collaborators, 60% of whom work in the secondary processing and value-added plant, located in Tomé, Biobío region.

The Company's results are related to three key factors:

1. The price of Atlantic salmon, sensitive to Norwegian and Chilean supply conditions, and demand in North America.
2. Practices and performance of grow-out in sea farms, and its environmental-sanitary conditions, which affect sur- vival; feed conversion factors; growth rate; and the use of pharmaceutical tools to improve fish health, largely determining production costs (ex-cage).
3. The cost of feed, which explains approximately half of the unit price of the live fish at harvest.

In 2023, the sold volume reached 42.7 thousand tonnes of Atlantic, 7.6% less than in 2022. Revenues in 2023 reached US$ 354 million, 5.1% lower than the previous year, explained by a 4% decrease in the Atlantic price.

Costs of goods sold increased by higher feed prices and, in the case of Atlantic, by the harvest of 4 farms out of a total of 9 that were affected by low oxygen levels, sea lion attacks, high presence of caligusor SRS. Also, higher processing costs were influenced by the scheduled shutdown of the Tomé plant in the second quarter of 2023 for maintenance. Consequently, the accumulated ex-cage cost of Atlantic salmon for 2023 was US$ 4.60/kg live fish (US$ 4.94/kg WFE), higher than US$ 4.12/kg live fish in 2022 (US$ 4.43/kg WFE).

In 2023, direct costs due to extraordinary mortalities and associated expenses (algae blooms, oxygen shortages, sea lion attacks, among others) reached US$ 3.6 million, US$ 2.7 million lower than the same period last year. These

costs mainly consist of biomass mortality not covered by insurance and expenses associated with the transfer of mortality and mitigation associated with such events. As a result, EBIT was US$ 14.6 million in 2023, which is US$

45.3 million less than the EBIT in same period last year of US$ 59.9 million.

Thus, sales of Atlantic salmon generated an EBIT/kg WFE of US$ 0.62 in 2023, lower than US$ 1.19 in 2022, explained by lower sold volumes, lower salmon prices, and higher production and processing costs. Coho, on its part, generated a negative EBIT/kg WFE of US$ 0.62, lower than the positive US$ 1.44/kg WFE in 2022, mainly associated with lower market prices.

The net Fair Value adjustment result as of December 2023 was US$ 7.9 million negative, compared with US$ 5.7 million positive as of December 2022, a difference explained by lower market prices observed at the end of December, and by higher costs due to inflationary effects on salmon feed inputs and risk mitigation measures.

Other gains/losses reflect a result of US$ 5.3 million negative explained by the trout business, which generated a negative result of US$ 5.2 million for the Company in the year (US$

0.5 million positive in 2022). This activity was affected by higher costs and lower selling prices, heavily impacted by the yen's devaluation in Japan, the main market for trout. With all the above, the net result after taxes for 2023 was a loss of US$ 6.0 million, compared to a profit of US$ 44.7 million recorded in 2022.

The cash flow variation for 2023 was positive at US$ 3.5 million, compared to US$ 11.4 million negative in 2022, explained by: i) A negative cash flow-operation (use) of

US$ 0.9 million, compared to US$ 76.0 million in 2022. This decrease is explained by lower sales collection in Decem- ber associated with lower volumes and prices, and by the working capital necessary to carry out the Company's growth plan (Coho in 2023 and Atlantic in 2024), which is maintained both in inventories and in biological assets. ii) A negative cash flow-investment (use) of US$ 20.2 million, but lower than the US$ 28.7 million used in investments in 2022, in line with the Company's plan. iii) A positive cash flow-financing (generation) of US$ 24.7 million, by taking on debt of US$ 49 million, offset by the payment of dividends from the 2022 financial results of US$ 24.3 million, compared with a flow of US$ 58.0 million negative in December 2022 for debt repayment in that period.

The Company's total assets increased by 11.6% to US$ 472 million as of December 2023, a result mainly explained by an increase in current assets of US$ 45.2 million primarily due to higher inventories (+US$ 32.0 million) associated with high harvests in the last quarter, resulting in increased frozen production that has yet to materialize in sales; a higher balance of current non-financial assets (+US$ 8.4 million), due to higher taxes recoverable from VAT on exports and prepaid expenses for farms about to be stocked; and an increase in biological assets (+US$ 6.2 million) in line with the Company's growth plan for Atlantic in 2024. In the case of non-current assets, these increased by US$ 3.9 million compared to 2022, mainly due to an increase in property, plant, and equipment net of depreciation.

The Company's total liabilities increased by 32.2% equivalent to US$ 67.4 million, compared to the end of 2022, reaching US$ 276.9 million as of December 2023. Current liabilities increased by US$ 45.2 million, reaching US$ 139.6 million, mainly due to the taking on of short-term financial debt in

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the period. Non-current liabilities increased by US$ 22.2 million and reached US$ 137.3 million, mainly due to an increase of US$ 24.1 million in non-current financial liabilities associated with the use of long-term committed lines to finance the growth plan for Atlantic in 2024.

in the second quarter, a 1% decline in the third quarter, and a 1% increase in the fourth quarter.

In this context, Salmones Camanchaca estimates harvests for 2024 between 46 thousand and 48 thousand WFE tonnes of Atlantic salmon and 4 to 5 thousand tonnes of Coho.

EMPLOYEES

Current global trends and market demands urge a clear commitment to attracting, developing, and engaging talent, as this is the key driver of the company's corporate values, achieving our objectives based on the pillars of Salmones Camanchaca that is:

• Labor productivity and organizational simplification.
• Camanchaca Experience.
• Talent management.

Convinced that the contribution of people and acting competitively and sustainably will position the Company in a place of excellence, Salmones Camanchaca continues to strengthen a culture of continuous improvement, inno- vation, and leadership in all talent management processes. On the other hand, to strengthen the business strategy, it is necessary to enhance commitment, good performance of teams, and the development of those who make up the Company, all in a cooperative environment that enables good relations at different stages of the value chain.

WORK ENVIRONMENT

In the pursuit of a people-oriented culture, there is a commitment to creating a positive work environment that allows a close and transparent relationship among all collabora- tors. For this, it is necessary for each operation to comply with high standards and for workers to feel motivated and committed to their performance.

In 2023, the Camanchaca Experience Index evaluation was applied again, where the NPS question (Net Promoter Score of workers recommending the Company) reached +14%, a growth of 2 points compared to the previous year's measurement. This evaluation allowed us to understand the opinions of collaborators about their experience in the Company and continue reviewing areas for improvement, enabling them to be willing to recommend Camanchaca as a place to work in their environment, becoming promoters and ambassadors of the Company.

For continuous monitoring and identification of improve- ments, climate surveys are conducted to identify how certain variables and dimensions behave over time. 2023 saw an improvement over the previous year, reaching 79.4% compared to 78.8% in 2022.

Salmones Camanchaca Annual Report 2023 / Presentation

Thus, net financial debt increased by US$ 47.4 million, reaching a balance of US$ 122.5 million compared to US$ 75.1 million as of December 2022.

The Company's Equity decreased by US$ 18.2 million as of December 2023, reaching US$ 194.9 million, a drop explained by the payment of dividends net of profits generated in the period. As a result, the equity ratio over total assets reached 41.3%, lower than the 50.4% at the end of 2022.

COMPANY OUTLOOK

According to Kontali figures, as of the publication date of this integrated report, the global supply of Atlantic salmon for 2024 will grow by 2% compared to 2023. For Chile, this institution forecasts a 4% decrease in 2024 production, composed of a 10% drop in the first quarter, a 7% decrease

MAIN RISKS AND UNCERTAINTIES

The main risks and uncertainties for the Company are phytosanitary; natural; fire; variation in the selling price of products; variation in purchase prices; regulatory; social and political; liquidity; criminal liability of the legal person; liquidity; interest rate; exchange rate; operational continu- ity; and human consumption products. Chapter 6 of this integrated report provides a detailed description of each.

GOING CONCERN

The Board confirms that the financial statements have been prepared on the going concern assumption. Its justification is based on reported results, business strategy, and financial situation.

WORKING ENVIRONMENT SATISFACTION SURVEY

80%			78,80%	79,40%
79%
78%
77%	76,60%
76%
75%		73,90%
74%
73%
72%
71%	2020	2021	2022	2023

These outcomes are reviewed annually and enable the diagnosis of variations that may have enhanced or impacted employee satisfaction within the organization. With this in mind, dimensions are evaluated, and work is undertaken on an improvement plan for the following year, focusing on the detected opportunities.

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Salmones Camanchaca Annual Report 2023 / Presentation

2023 INITIATIVE

Salmones Camanchaca continued developing initiatives aimed at enhancing the work experience, recognizing good performance, demonstrating empathy, and encouraging and valuing new ideas. The following initiatives were undertaken:

• Leading the Camanchaca Culture Program: Develop the ability to recognize individuals and align teams, broad- ening the horizon through collaborative conversations, making sense of actions, and turning the Company's strategic objectives into reality.
• Transversal Skills Diploma at Salmones Camanchaca: Training covers various key aspects of the salmon indus- try, addressing topics such as productivity, continuous improvement, safety areas, people management, and digital tools.
• Continuous Study Leveling Program: Support employees in completing their primary and/or secondary educa- tion with a continuous format to further advance their professional development or for obtaining credentials or any required procedures.
• Impeccability at the Workplace Program (Salmon Deboning and Trimming Techniques): Focuses on improving the competencies of new talents, new per- sonnel entering the job as inexperienced assistants, and experienced industry personnel through 16-hourworkshops on good manufacturing practices, trimming, and deboning of salmon.

DIVERSITY AND EQUAL RIGHTS

Hiring decisions are based on the skills, preparation, and experience necessary for the required tasks, similar to the evaluation and promotion decisions of employees, where merit, performance, and objective achievement are weighed. The Company's employees are indispensable for its suc- cess. For this reason, Salmones Camanchaca promotes their continuous development to enhance and increase their skills and capabilities, favoring promotion from within the organization.

Regarding labor and employment relations, Salmones Camanchaca S.A. promotes:

• An environment where employees can perform and develop based on their knowledge, merit, and results.
• Dialogue spaces where everyone can respectfully express their opinion, benefiting the Company, even if it differs from their superior's.
• Healthy and respectful relationships, excluding any form of abuse, including harassment and/or sexual abuse, without prejudice to the legal norms that exist for these purposes and must govern the behavior of all employees.
• Discrimination-freetreatment based on race, religion, gender, age, or others.

Regarding women working at the Company, 588 female employees were reported in 2022, an increase from 567 in 2022. This represents 30% of the total workforce, with 18 women holding management positions. Additionally, it is important to note that since 2023, a woman has been

integrated into the board of directors. Undoubtedly, this presents a continual challenge for an organization seeking to advance in equal opportunities.

Salmones Camanchaca, aiming to promote progress in this area, is participating in SalmonChile's Gender Equity table. Furthermore, during the year, it formed a Gender Equity Committee and worked on a decalogue with concrete commitments.

As part of the procedures applied to ensure equality and transparency in compensation, a Compensation Policy is in place. This document allows for defining salary levels for positions based on their market value and competitive condition, irrespective of the gender or any other condition of the occupant; merit, market, inflation, and the Company's results are then key factors impacting individuals' economic development.

WORKPLACE SAFETY AND HEALTH (WSH)

Salmones Camanchaca seeks to favor employee wellbeing through a preventive and self-care culture that also aids in the permanent and systematic improvement of management indicators and achievement of objectives.

A significant interest is maintained in upholding the best sanitary and environmental conditions of workplaces for the benefit of life quality, unity, leisure, and recreation, factors contributing to the desired productivity.

Salmones Camanchaca's executives promote an open-door policy, being close with teams and fostering a culture of

workplace safety and health among them. The Workplace Safety and Health Policy assigns direct supervisors the responsibility to provide their reports with well-defined, clear, and precise operating procedures, and a permanent, structured, and systematic control of working methods, thus creating safe environments that prevent risk conditions. Additionally, their responsibility is to train their teams and inform them about the risks of their activities, assuming proactive leadership.

The Company ended 2023 with an accident rate of 1.91%, significantly lower than the 2.4% achieved in 2022, meeting the target rate of less than 2.0%. The number of lost days totaled 694, an increase from the previous year's 466. This year, the severity rate closed at 41.48 days, versus

27.8 in 2022, primarily due to the increase in lost days at processing plants.

The absenteeism rate in 2023 was 10.4%, indicating a decrease compared to 17.3% in 2022, mostly associated with a reduction in medical leave at processing plants.

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SUSTAINABILITY

2023 was a year of significant achievements in sustainabil- ity. For the third consecutive year, Salmones Camanchaca was selected for the Dow Jones Sustainability Index (DJSI), a recognized ranking in the evaluation of corporate sustainability of various companies worldwide. The Company qualified for the Latin American Integrated Market (DJSI MILA) index, which groups the main companies listed on the stock exchanges of Chile, Peru, Colombia, and Mexico.

Additionally, it was included for the third consecutive year in the "The Sustainability Yearbook 2024" by the prestigious risk classification entity Standard & Poor's (S&P).

In line with the strategy, systematic work continued in 2023 to address the prioritized material issues in each pillar of the Sustainability Model: (i) healthy and nutritious food;

1. healthy ecosystems; (iii) prosperous communities; (iv) meaningful employment; and (v) profitable and responsible business.

In this context, 74% of the biomass was certified with the ASC standard, and the use of antiparasitics to treat sea lice was reduced by 18%. The use of antibiotics was also reduced by 31%. Both decreases were due to improvements in environmental conditions and optimization of fish handling.

In keeping with the Company's commitment to animal wel- fare, a Policy of Animal Welfare was officially established in May 2021, aimed primarily at optimizing the health and welfare of fish throughout their production cycle. During 2023, work was carried out in four pilot farms where the monitoring of indicators outlined in the Animal Welfare Guide begun in 2022 was initiated. For more information on the foundations, objectives, and defined monitoring indicators, see chapter 5.2 of this Integrated Report.

Throughout 2023, working with communities maintained a central role in the sustainability agenda. Among the relevant factors, the need to deepen the role of employees in the community and strengthen work on environmental education and ecosystem protection was identified. Among other activities, the investment made in the Epson School of Ensenada in 2023 to support the physical enablement of secondary education; the Slippers Camanchaca x Mochacó initiative that incorporated the revaluation of textile waste through community work innovation; the Ambassadors Program, where selected employees had to create intervention plans in the territories where they work, identifying audiences, activities, and tasks to be carried out (see chapter 5.4 for more detail).

Regarding the results of the sustainability indicators linked to the Sustainability-Linked Bank Loan signed in 2021, during the second year of measurement, compliance with 4 of the 5 defined metrics was achieved, improving the 3 obtained in 2022: The percentage of ASC certified biomass (74% vs. 57%); the FIFO ratio (0.42 from 0.59); the accident rate (1.91 from 2.3); and the recycling rate of non-hazardous industrial waste (54% vs. 45%). However, the goal of reducing carbon footprint scope 1 and 2 (24,312 from 30,210) was not met. Undoubtedly, the focus during 2024 will be on complying with these five dimensions.

Other initiatives include improving organizational culture through organizational excellence workshops for executives to generate cooperation, trust, and to define future guidelines; and the completion of the implementation of the BUK human capital platform, which integrates associated processes into a single portal, facilitating access to information and management of procedures for employees (more detail in chapter 5.3).

Salmones Camanchaca Annual Report 2023 / Presentation

Advancing the commitment to environmental and ecosystem care where the Company operates, in 2023 Salmones Camanchaca estimated the decarbonization trajectories it would have to undertake to comply with the Science Based Targets Initiative (SBTi), and work is currently underway to determine if committing to SBTi targets is feasible; work was done on ISO 50001 Certification in Energy Management System; and the switch of retail packaging bags to recyclable material (more details in chapter 5.5 of this report).

Progressing in the commitment to developing sustainable aquaculture, in 2023 the Company conducted 30 external audits on suppliers considered to have significant risks in ESG topics, corresponding to 26% of the evaluated suppliers (see chapter 5.6 for more detail).

CORPORATE GOVERNANCE

The Company adheres to corporate governance standards by complying with the regulations in each jurisdiction where it is listed on the stock market - Chile and Norway

• governed by its statutes and the Code of Practices. The general principles of corporate governance approved by the Board are the guidelines for Salmones Camanchaca and all its employees.

Additionally, it has a corporate governance structure that defines specific responsibilities and operates under principles of transparency and ethical conduct. This allows the Company to achieve objectives that mitigate risks in its governance, aiming to create positive impacts for all its stakeholders and the general public.

Corporate governance encompasses the governance frame- work, the Board, the Board Committees, its main executives, and ethical and risk management. Thus, the Company's main goal is long-term value creation. For more information on corporate governance, see chapter 3 of this document.

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