URW pursued a study of international and sectoral ESG frameworks to understand how sustainability topics impact the Company’s business in terms of risks and opportunities. These sector-specific ESG standards provided detailed information on the financial impact of environmental and social issues on the business model. Complementary frameworks provided URW with a structured approach for assessing the likelihood, magnitude and nature of the effects of identified risks and opportunities, through the lens of the continuity of use or access to resources by URW as well as the Group’s dependence towards business relations. This phase involved evaluating the potential financial implications of each risk and opportunity for URW, considering their probability of occurrence, and understanding their potential impact on the Company’s operations, reputation, as well as its short, medium and long-term prospects. The financial implications were determined in the context of the Group’s risk mapping thresholds. This comprehensive assessment allowed URW to have a preliminary view of which topics were deemed more material for the Company.