Annual Report on Corporate Governance for the year 2025

1. Specify, whichever the percentage, the shareholding at the year end of the members of the board of directors who hold voting rights attributed to company shares or through financial instruments, excluding the directors identified in section A.2 herein:

   Name or company name of the director	% of voting rights attributed to shares (including loyalty votes)		% of voting rights through financial instruments		total % of voting rights	Of the total % of voting rights attributed to shares indicate, if applicable, the % of attributed additional votes, which correspond to the shares with loyalty vote
   	Direct	Indirect	Direct	Indirect		Direct	Indirect
   Mr JOSEP MARIA ECHARRI TORRES	0.00	0.52	0.00	0.00	0.52	0.00	0.00

   % of total voting rights belonging to the members of the board of directors

   77.18

   Mr Josep Maria Echarri Torres holds 51.55% of the share capital of The Nimo´s Holding, owner of 90% of the share capital of Prestige inversiones SIL, which, in turn, holds 0.62% of the share capital of Audax Renovables, S.A. (0.52% of the voting rights).

   Details of indirect shareholding:

   Name or company name of the director	Name or company name of direct holder	% of voting rights attributed to shares (including loyalty votes)	% of voting rights through financial instruments	total % of voting rights	Of the total % of voting rights attributed to shares indicate, if applicable, the % of attributed additional votes, which correspond to the shares with loyalty vote
   No data

   Specify the total percentage of voting rights represented within the board:

   % of total voting rights represented within the board of directors

   77.18

   The shareholding at the year end of the members of the board of directors who hold voting rights attributed to company shares or through financial instruments, including the directors identified in section A.2 herein, is of 77.18%.

2. Where applicable, indicate any family, commercial, contractual or corporate relationships between the owners of significant shareholdings, insofar as they are known to the company, unless they are irrelevant or arise from normal business activities, except for those detailed in section A.6:

   Related-party name or company name	Type of relationship	Short description
   No data

3. Where applicable, indicate any commercial, contractual or corporate relationships between the owners of significant shareholdings and the company and/or its group, unless they are irrelevant or arise from normal business activities:

   Related-party name or company name	Type of relationship	Short description
   No data

4. Describe the relationships, unless insignificant for both parties, existing between significant shareholders or shareholders represented in the board and directors or their representatives in the case of corporate directors.

   Explain, where applicable, how the significant shareholders are represented. Specifically, indicate the directors appointed to represent significant shareholders, those whose appointment was proposed by significant shareholders and/or companies of their group, specifying the nature of such relationships. In particular, mention the possible existence, identity and post of directors or their representatives of the listed company, who are, in turn, members of the governing body or representatives of companies that hold significant shareholdings in the listed company or in group companies of those significant shareholders:

   Name or company name of the related director or representative	Name or company name of the related significant shareholder	Company name of the group company of the significant shareholder	Description of relationship/post
   Ms ANA ISABEL LÓPEZ PORTA	ELECTRICA NURIEL, S.L.U.	EXCELSIOR TIMES, S.L.U.	Ms Ana Isabel López Porta is member of the board of directors of Audax Renovables, S.A., which belongs to the group of companies of which Excelsior Times, S.L.U. is the parent company.
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ELECTRICA NURIEL, S.L.U.	EXCELSIOR TIMES, S.L.U.	Mr Francisco José Elías Navarro is direct holder of 100% of

   Name or company name of the related director or representative	Name or company name of the related significant shareholder	Company name of the group company of the significant shareholder	Description of relationship/post
   			shares of Excelsior Times, S.L.U. and, through this company, of 100% of shares of Eléctrica Nuriel, S.L.U.
   Ms MARÍA ROSA GONZÁLEZ SANS	EXCELSIOR TIMES, S.L.U.	EXCELSIOR TIMES, S.L.U.	Ms María Rosa González Sans is corporate director of the Excelsior Times, S.L.U. group.

5. Indicate whether the company has been notified of any shareholders' agreements that affect it pursuant to article 530 and 531 of the Corporate Enterprises Act. Where applicable, give a brief description and list the shareholders bound by the agreement:

   [ ] Yes

   [ V ] No

   Indicate whether the company is aware of the existence of any concerted actions among its shareholders. If so, briefly describe them:

   [ ] Yes

   [ V ] No

   Expressly indicate any amendments to, or termination of, such agreements or concerted actions during the year:

   N/A.

6. Indicate whether there is any individual or legal entity that exercises or may exercise control over the company pursuant to article 5 of the Securities Market Act. If so, identify them:

   [ V ] Yes

   [ ] No

   Name or company name

1. Fill in the following tables about the company's treasury shares:

   As at the year-end date:

   Number of direct shares	Number of indirect shares(*)	% of total share capital
   4,428,949		0.98

   Audax Renovables, S.A. acquired 800,000 own shares as part of the treasury shares repurchase programme of the Company announced on 5 January 2023 through privileged information published in the CNMV, in accordance with the authorisation granted by the general meeting of shareholders held on 16 June 2022.

   Moreover, between April and August 2024 the Company acquired 2,000,000 additional shares within the programme of repurchase of Company's own shares announced on 11 April 2024 through the privileged information published in the CNMV.

   Furthermore, in November 2025 the Board of Directors approved the launch of a buyback programme of treasury shares. The company acquired up to 15 million shares, equivalent approximately to 3.3% of the share capital, for the amount of up to €20 million. This buyback programme's duration shall be of a maximum of 12 months, without prejudice to its possible early termination whenever the maximum number of shares to be repurchased or the maximum amount is reached.

   As at 31 December 2025, the purchase of 1,628,949 shares was completed, 10.86% of the maximum number of shares allocated to the Buyback Programme.

   (*) Through:

   Name or company name of direct shareholder	Number of direct shares
   No data

   Explain the significant changes occurred during the year:

   Explain significant changes

1. Give details of the terms and conditions of the general meeting of shareholders' current mandate to the board of directors to issue, buy back or transfer treasury shares:

   The General Meeting of Shareholders held on 19 June 2025 resolved to authorise the board of directors to carry out derivative acquisition of own shares by the Company, directly or through any of its subsidiaries and within the period of five (5) years from the date of the resolution, at any time and as many times as convenient, through any legally admissible means, including charging it against the profit for the year and/or unrestricted reserves, always in compliance with the applicable legislation, as well as for the purpose of subsequent alienation of the acquired shares through any legally admissible means.

   The derivative acquisition of shares of the Company shall be subject to the terms established by the law and by the internal or external regulations, which may be applicable at any time, as well as to the restrictions which may be established by the competent authorities. With this regard, in particular, the nominal value of own shares acquired directly or indirectly under this authorisation, added to the value of those already held by the Company and its subsidiaries cannot at any time exceed ten percent (10%) of the subscribed share capital of the Company (or any other lower limit established by the applicable legislation at any time).

   Additionally, the derivative acquisition of shares of the Company shall be subject to the condition that the purchase price of the share cannot exceed its stock price or be lower than the nominal value of the share. It is expressly allowed that the entirety or a part of the shares acquired by the Company or by its subsidiaries under this authorisation be used to be transferred to the employees or the directors of the Company or its subsidiaries, either directly or as a consequence of the exercise of the right of option belonging to them.

   Moreover, it is agreed to authorise the board of directors, in the broadest terms, to exercise the authorisation granted by this resolution, as well as to carry out all the actions, formalities

   or requests which should be necessary or appropriate for this purpose, as well as to sub-delegate the powers to the chairman of the board of directors or any other director, and to authorise, on the terms considered appropriate, any proxy of the Company to exercise these rights.

   This authorisation, from the moment of its approval, substituted and invalidated the authorisation granted by the General Meeting of Shareholders of the Company on 18 June 2024 under section eleven of the agenda.

2. Estimated free float:

   18.66

Estimated free float

%

1. Fill in the following tables on board members and their respective categories:

   EXECUTIVE DIRECTORS
   Name or company name of the director	Position in the company's structure	Profile
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	Chairman of the Board of Directors	Industrial Technical Engineer specialised in electricity by the Polytechnic University of Catalonia. Founder of several companies in the energy sector and pioneer of the liberalised electricity market. In 1994 began his professional career at the Town Hall of Rubí, in the area of urban planning and maintenance, in 1996 joined Control Energético JGC, S.L. and in 1997 established his first enterprise operating in the field of integral installations. In 2009 incorporated Orus Energía, S.L. becoming the CEO of the company. In 2012 acquires the retailer Audax and takes the position of sole director of the Company until 23 April 2014, when the administration structure of the Company is reorganised into a board of directors and he is appointed its Chairman and Managing Director. Currently the major shareholder of Audax Renovables, serves as Chairman of the board of directors and holds the majority share of the company. He is also the major shareholder of the listed companies Atrys Health and Ezentis, sitting on their boards of directors, as well as non-executive Chairman of the board of directors of Ezentis, holding shares in both companies through his financial holding Excelsior Times S.L., of which he is the sole director. He is also an important shareholder of the listed company OHLA.

   Total number of executive directors	1
   % of the board	20.00

   EXTERNAL PROPRIETARY DIRECTORS
   Name or company name of the director	Name or company name of the significant shareholder represented or who proposed appointment	Profile
   Ms ANA ISABEL LÓPEZ PORTA	ELECTRICA NURIEL, S.L.U.	Master of Laws by the University of Barcelona, postgraduate in Labour Law and PDG by IESE Business School. She began her professional career in Grupo Godó in 1995, in Sales, Finance and, finally, Controlling departments. In 2004 she joined as deputy the General Management of Fersa Energías Renovables and participated in the company's going public in May 2007. Throughout her path in Fersa she participated in the progress of the portfolio of the energy generation projects in its different stages: development, financing, construction and operation, as well as in the completion of the divestment plans of those projects at national as well as international level. Appointed Operations Manager in 2011, she participated directly in all the corporate transactions of the company and assumed the General Management in July 2015, managing integrally the transaction of the sale of the Fersa group, which culminated with the takeover bid (OPA) by Audax Energía, S.A. Subsequently, in 2019, she participated directly in the transaction of the downstream merger between Audax Energía and Fersa Energía Renovables, which gave as a result the Audax Renovables Group, an independent energy group whose activities involve the production of 100% renewable energy as well as the supply of natural gas and 100% renewable energy. Currently, Ms López is member of the Board of Directors and of the Audt Committee and Appointments and Remuneration Committee of Audax Renovables, as well as member of the Board of Directors and Audit Committee and Appointments and Remuneration Committee of Atrys Health, S.A. Moreover, she is the Managing Director of Ezentis.
   Ms MARÍA ROSA GONZÁLEZ SANS	ELECTRICA NURIEL, S.L.U.	Founding partner of Mediaworks, S.A, an advertising media centre during 11 years, joined the energy group Audax Energía from its beginning in 2008. Throughout her career in the Audax Group she has held positions of responsibility related to the areas of administration, accounting, treasury and human resources of the Group, which has given her a multifaceted comprehension of the business. In direct cooperation with the chairman of the Group, she participated in various corporate transactions of the Company and, in particular, at international level, leading the development and expansion of the Audax Group in Italy in the years 2016 to 2017 in all its undertakings, until 2018. Subsequently, in 2019, participated directly in the downstream merger transaction between Audax Energía and Fersa Energía Renovables, which gave as a result the Audax Renovables Group, an independent energy group whose activities involve the production of

   EXTERNAL PROPRIETARY DIRECTORS
   Name or company name of the director	Name or company name of the significant shareholder represented or who proposed appointment	Profile
   		100% renewable energy and supply of 100% renewable electricity, and natural gas. Currently she is member of the Board of Audax Renovables and member of the Board of Directors of various subsidiaries of the Audax Group, as wel as Corporate Manager of the Excelsior Times, S.L.U. group. Additionally, she is the Optimisation and Improvement Manager of Atrys Health, S.A., as well as Prevention Managing Director of ASPY Prevención.

   Total number of proprietary directors	2
   % of the board	40.00

   EXTERNAL INDEPENDENT DIRECTORS
   Name or company name of the director	Profile
   Mr RAMIRO MARTÍNEZ-PARDO DEL VALLE	Master of Economics and Business Administration and Law by the Complutense University of Madrid. Charted Accountant, member of the Spanish Institute of Charted Accountants. Has served as Development Manager of the Spanish National Securities Market Commission (CNMV), CEO of Gomarq Consulting, Chairman of Nordkapp Gestión and General Secretary and member of the Board of Directors of Fortis Bank and Beta Capital MeesPierson, among others. Formerly member of the board of directors of various companies, such as Eurodeal, S.V., Banco Madrid Gestión de Activos, SGIIC and Sociedad Gestora del Fondo de Garantía de Inversiones. Currently is Chairman of Solventis SGIIC and member of the board of Laboratorios Reig Jofré, S.A. and Desarrollos Especiales de Sistemas de Anclaje, S.A.
   Mr JOSEP MARIA ECHARRI TORRES	Master of Economics and of Actuarial and Financial Science, both by the University of Barcelona, and Master of Financial Management by ESADE. Chief Financial Officer of Oryzon from 2003 to 2007. Previously responsible for the first integral programme of creation of technology enterprises developed by a Spanish administrative authority. At present is the Managing Director of Inveready Asset Management, S.G.E.C.R. and Chairman of Grupo Financiero Inveready, the founding partner of both companies and now their major shareholder. Participates as member of the management board of different companies, including Masmóvil Ibercom, S.A, Agile Contents, S.A., Atrys Health, S.A. and Oryzon Genomics, S.A. Member of the Instituto de Consejeros-Administradores (ICA) awarded the good corporate governance diploma for professional managers. From his position in Inveready he has actively participated in dozens of corporate transactions, such as the sale of PasswordBank Technologies, S.L. to Symantec, the sale of Indisys, S.L. to Intel or acquisition of Pepephone by Masmóvil).

   Total number of independent directors

   2

   % of the board

   40.00

   Indicate whether any directors designated as independent receives from the company or its group any amount or profit other than standard remuneration of director, or maintains or has maintained in the last year a business relationship with the company or with any company of its group, either in their own name or as a significant shareholder, director or senior manager of an entity that maintains or has maintained such relationship.

   If applicable, include a declaration from the board explaining the reasons why said director is considered to be able to carry out the duties as an independent director.

   Name or company name of the director	Description of the relationship	Declaration and reasons
   No data

   OTHER EXTERNAL DIRECTORS
   Indicate the other external directors explaining the reasons why they cannot be considered as proprietary or independent directors as well as their relationship with the company, its executives or shareholders:
   Name or company name of the director	Reasons	Company, executive or shareholder with whom the relationship is maintained	Profile
   No data

   Total number of other external directors	N.A.
   % of the board	N.A.

   Indicate the changes, if any, that have taken place in the category of each director during the year:

   Name or company name of the director	Date of change	Previous category	Current category
   No data

2. Fill in the following table with information on the number of female directors at the end of the past 4 years, as well as the category of each of them:

   	Number of women directors				% of total number of directors of each category
   	Year 2025	Year 2024	Year 2023	Year 2022	Year 2025	Year 2024	Year 2023	Year 2022
   Executive					0.00	0.00	0.00	0.00
   Proprietary	2	2	2	2	40.00	40.00	40.00	33.33

   	Number of women directors				% of total number of directors of each category
   	Year 2025	Year 2024	Year 2023	Year 2022	Year 2025	Year 2024	Year 2023	Year 2022
   Independent					0.00	0.00	0.00	0.00
   Other External					0.00	0.00	0.00	0.00
   Total	2	2	2	2	40.00	40.00	40.00	33.33

3. Indicate whether the company has diversity policies in relation to the board of directors of the company regarding such matters as age, gender, disability or professional training and experience. Small and medium enterprises, in accordance with the definition provided in the Accounts Audit Act, shall report at least their established policy on gender diversity.

   [ ] Yes

   [ ] No

   [V] Partial policies

   If the answer is yes, describe these diversity policies, their objectives, the measures and ways of implementation and their results over the year. Indicate also the specific measures taken by the board of directors and the appointment and remuneration committee in order to attain a balanced and diverse presence of directors.

   If the company does not apply a diversity policy, explain the reasons why not.

   Description of policies, objectives, measures and ways of implementation, and the results attained

   The Board of Directors of Audax Renovables, S.A. is committed to the importance of achieving an equilibrated presence of women and men. For years the Company has been striving to achieve this equilibrated presence, and therefore, in 2021 the general meeting of shareholders of the Company appointed Ms Ana Isabel López Porta and Ms María Rosa González Sans as directors, renewing their term in 2025. Moreover, the non-member secretary is also a woman. Although in 2023 the Company achieved the goal of female members making up 40% of the board of directors, the Company constantly improves its diversity policy in relation to the board of directors.

4. Describe the measures, if any, adopted by the appointments committee to ensure that the selection procedures are not affected by an implicit bias that prevents female directors from being selected and that the company purposefully seeks and includes among potential candidates women who meet the professional profile, making it possible to attain an equilibrated presence of women and men. Also indicate whether one of those measures is designed to encourage the company to achieve a significant number of female senior managers:

   Explanation of the measures

   As outlined in the previous section, for many years now the Company (and the Appointments and Remunerations Committee in particular) has been making efforts towards including women into the Board of Directors, following the recommendations of the Unified Code of Conduct and Good Governance of Listed Companies and also in line with the current reality of the Company's management team.

   Therefore, on 21 April 2021 Ms Ana Isabel López Porta and Ms María Rosa González Sans were appointed directors and their terms were renewed in 2025.

   When, even after the measures have been adopted, the number of female directors or senior managers is scarce or null, explain the reasons:

   Explanation of the reasons

1. Describe the conclusions of the appointments committee regarding the verification of compliance with the policy designed to favour an appropriate composition of the board of directors.

   The goal of the year 2025 regarding the number of women directors has been fully accomplished. The current number of women directors of the company comprises 40% of the total number of directors.

2. Explain, when applicable, the reasons why proprietary directors have been appointed at the request of shareholders who hold less than 3% of the share capital:

   Name or company name of the shareholder	Reasons
   No data

   Indicate whether formal requests have been rejected for board representation from shareholders whose shareholding is equal to or greater than that of other shareholders at whose request proprietary directors were appointed. If so, explain the reasons for the denial:

   [ ] Yes

   [ V ] No

3. Indicate whether there are powers delegated by the board of directors to directors or committees of the board, including those related to the possibility of issuing or repurchasing shares:

   Name or company name of the director or committee	Short description
   FRANCISCO JOSÉ ELÍAS NAVARRO	General powers.
   MARÍA ROSA GONZÁLEZ SANS	Powers which do not include the possibility of issuing or repurchasing shares individually.
   ANA ISABEL LÓPEZ PORTA	Powers which do not include the possibility of issuing or repurchasing shares individually.

4. Identify any members of the board who are also directors, representatives or officers in other companies within the group to which the listed company belongs:

   Name or company name of the director	Company name of the group entity	Position	Do they have executive duties?
   Ms ANA ISABEL LÓPEZ PORTA	PARQUE EÓLICO TOABRÉ, S.A.	Member of the board	NO

   Name or company name of the director	Company name of the group entity	Position	Do they have executive duties?
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX ENERGIA, S.R.L.	Chairman of the Board of Directors	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX ENERGIE, GMBH	Chairman of the Board of Directors	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	GREEN SHOW, LDA	MANAGER	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	CLEVER ROAD, LDA	MANAGER	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ADX FOTOVOLTAICO - SOLAR DA LUZ, LDA	MANAGER	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ADX FOTOVOLTAICO - SOLAR DO CEU, LDA	MANAGER	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX ENERGIA SP. Z O.O.	Chairman of the Board of Directors	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	EÓLICA POSTOLIN SP	Sole Shareholder's Representative	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	UNIELÉCTRICA ENERGÍA, S.A.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AZNALCOLLAR SOLAR, S.A.	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ENERGÍA ECOLÓGICA ECONÓMICA, S.L..	Chairman of the Board of Directors	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	PASIÓN ENERGÍA, S.L.	Chairman of the Board of Directors	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	TARAKONA SOLAR INVERSIÓN, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ADX SONNE, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ARIANNA SOLAR, S.L.	Chairmen of the Board	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	HOMEPOWER ENERGY, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ADS ENERGY 8.0., S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV IV, S.L.U.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV VI, S.L.	Sole Director	YES

   Name or company name of the director	Company name of the group entity	Position	Do they have executive duties?
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV IX, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV X, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV VII, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXV, S.L.U.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXIV, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XV, S.L.	Joint Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXX, S.L.	Joint Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXXI, S.L.	Joint Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXIX, S.L.	Joint Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXVIII, S.L.	Joint Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXVII, S.L.	Joint Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XXVI, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	MASQLUZ 2020, S.L.	Natural Person representing Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX AGRISOLAR, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	MERFONDA SOLAR, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	SARDA SOLAR, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	JUNO POWER, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	HERA POWER, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	DIANA POWER, S.L.	Sole Director	YES

   Name or company name of the director	Company name of the group entity	Position	Do they have executive duties?
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	SOLAR BUAYA INVERSIONES, S.L.	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ADX RENOVABLES, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	EXPLOTACIÓN EÓLICA LA PEDRERA, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ELOGIA CALAÑAS, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ZURVAN GESTIÓN DE PROYECTOS, S.L.	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	FIGURAFI POWER, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AQUILES POWER, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ULISES POWER, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ZEUS POWER, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ATLAS POWER, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	TOHORA SOLAR INVERSIÓN, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	LAS PIEDRAS SOLAR, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	BOTEY SOLAR, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	COROT ENERGÍA, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	DA VINCI ENERGÍA, S.L.U.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	CORINTO SOLAR, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	CENTAURO ENERGÍA SOLAR, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	EÓLICA DEL PINO, S.L.	Representative under 143 RRM of Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	EÓLICA EL PEDREGOSO, S.L.	Representative under 143 RRM of Sole Director	YES

   Name or company name of the director	Company name of the group entity	Position	Do they have executive duties?
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV ITALIA 1, SRL	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV ITALIA 2, SRL	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV ITALIA 5, SRL	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV ITALIA 4, SRL	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV ITALIA 3, SRL	Sole Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV ITALIA 6, SRL	Sole Director	NO
   Ms MARÍA ROSA GONZÁLEZ SANS	AUDAX ENERGÍA, S.R.L.	Member of the board	NO
   Ms MARÍA ROSA GONZÁLEZ SANS	ENERGÍA ECOLÓGICA ECONÓMICA, S.L.	Member of the board	NO
   Ms MARÍA ROSA GONZÁLEZ SANS	PASIÓN ENERGÍA, S.L.	Member of the board	NO
   Ms MARÍA ROSA GONZÁLEZ SANS	Neon Energía Eficiente S.L.	Member of the board	NO
   Ms MARÍA ROSA GONZÁLEZ SANS	Comercializadora ADI España S.L.	Member of the board	NO
   Ms MARÍA ROSA GONZÁLEZ SANS	LOVE ENERGY, S.L.	Member of the board	NO
   Ms MARÍA ROSA GONZÁLEZ SANS	Audax Solutions, S.R.L.	Sole Director	YES
   Ms MARÍA ROSA GONZÁLEZ SANS	Audax Renewables Nederland, B.V	Non-executive Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	POWER TELCO SERVICES, S.L.	Natural Person representing Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	SPG GESTORA YECHAR, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	LIMAGO ENERGÍA SOLAR, S.L.	Sole Director	YES
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	Audax Renewables Nederland, B.V	Non-executive Director	NO
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	IRIS ENERGÍA EFICIENTE, SA	Natural Person representing Sole Director	YES

   Name or company name of the director	Company name of the group entity	Position	Do they have executive duties?
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	VIVO ENERGÍA FUTURA, S.A.	Natural Person representing Sole Director	YES

5. Specify the positions of member of the board, director, or their representative, held by the directors or representatives of directors - members of the board of the company in other entities, whether listed or not:

   Member of the board or representative	Company name of the entity, listed or not	Position
   Mr RAMIRO MARTÍNEZ-PARDO DEL VALLE	Desarrollos Especiales de Sistemas de Anclaje, S.A.	MEMBER OF THE BOARD
   Mr RAMIRO MARTÍNEZ-PARDO DEL VALLE	Solventis SGIIC: Chairman of the Board of Directors	CHAIRMAN
   Mr RAMIRO MARTÍNEZ-PARDO DEL VALLE	Laboratorios Reig Jofré, S.A.	MEMBER OF THE BOARD
   Mr RAMIRO MARTÍNEZ-PARDO DEL VALLE	Anima ventures, S.L.	MEMBER OF THE BOARD
   Ms ANA ISABEL LÓPEZ PORTA	GRUPO EZENTIS, S.A.	MANAGING DIRECTOR
   Ms ANA ISABEL LÓPEZ PORTA	ATELCO SOLUCIONES, S.A.	NON-MEMBER SECRETARY
   Ms ANA ISABEL LÓPEZ PORTA	ATRYS HEALTH, S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Civilon S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Im Long Only Private Equity S.C.R. S.A.U.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready, S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Prestige Inversiones, SIL, S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	AB Biotics, S.A.,	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Asset Management S.G.E.I.C. S.A.U,	MANAGING DIRECTOR
   Mr JOSEP MARIA ECHARRI TORRES	Parlem Telecom Companyia de Telecomunicacions S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Civilón bi, S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready First Capital II S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Venture Finance II S.C.R. Pyme S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Evergreen S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Health Tech & Energy Infrastructures I Parallel F.C.R.E. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Innvierte Convertible Tech Notes I S.C.R. S.A.	MEMBER OF THE BOARD

   Member of the board or representative	Company name of the entity, listed or not	Position
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Innvierte Private Equity II, S.A.U.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Biotech IV S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Gaea Inversión S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Atrys Health, S.A,	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Natac Natural Ingredients, S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Convertible Finance Capital S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Biotech III S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready First Capital III S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Biotech III Parallel S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Wealth Management S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Copérnico Connections Iberia S.L.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Copérnico Aggregator S.L.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Capital Company S.L.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	The Nimo's Holding, S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready GP Holding S.C.R. S.A.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Star Property Management S.L.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Villa Andrea Properties S.L.	MEMBER OF THE BOARD
   Mr JOSEP MARIA ECHARRI TORRES	Inveready Innovation Consulting S.L.	MEMBER OF THE BOARD
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	PENTÁGONO ENGENHARIA DE SEGURANZA PORTUGAL	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	HEALTHLINE FOODS, S.A.	CHAIRMAN
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	SKYKNIGHT HELICOPTERS, S.A.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AGRO WATER ALMONDS, S.A.	CHAIRMAN
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	GRUPO EZENTIS, S.A.	CHAIRMAN
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	MONTIER, S.A.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	LA SIRENA ALIMENTACIÓN CONGELADA, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ATELCO SOLUCIONES, S.A.	DEPUTY CHAIRMAN

   Member of the board or representative	Company name of the entity, listed or not	Position
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ATRYS HEALTH, S.A.	MEMBER OF THE BOARD
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	JEN CONSTRUCCIONES RENOVABLES, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX HOME, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ELIAS CORP, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	GRUPO INDABAL, S.L.	JOINT AND SEVERAL DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	SVENDBORG PV VII, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	MERKAMONTGAT, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	INICIATIVAS ELECTRICAS Y DE CONTROL, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ASPY RENTA VITALICIA, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	THE ENERGY HOUSE GROUP, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	BADINSA INSTALACIONES, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ORUS PROPERTIES, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ELECTRICA NURIEL, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	EXCELSIOR TIMES, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX GREEN, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	MOVITERRES DEL CADÍ, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ARCO NOVA INVEX, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	BAGAX2018, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV I, S.L.	SOLE DIRECTOR

   Member of the board or representative	Company name of the entity, listed or not	Position
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	ROCIO SERVICIOS FOTOVOLTAICOS, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	COLEVANDA, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	TERMEL COGENERACIÓN, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV III, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XI, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV V, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XX, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XVIII, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XIV, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AUDAX SOLAR SPV XIII, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	BLV DIGITAL ZONE, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	HOLISTIC GREEN ENEGY, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	NIMACH PROPERTIES, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	NATUR LOVE 2024, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	AWA SEGRE, S.L.	MEMBER OF THE BOARD
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	CENTAURAX EMPRESARIAL 21, S.L.	SOLE DIRECTOR
   Ms MARÍA ROSA GONZÁLEZ SANS	AGRO WATER ALMONDS, S.A.	MEMBER OF THE BOARD
   Ms MARÍA ROSA GONZÁLEZ SANS	AWA SEGRE, S.L.	MEMBER OF THE BOARD
   Mr RAMIRO MARTÍNEZ-PARDO DEL VALLE	Grupo Ezentis, S.A.	MEMBER OF THE BOARD
   Ms ANA ISABEL LÓPEZ PORTA	EDA Instalaciones y Energía, S.L.	MEMBER OF THE BOARD
   Ms ANA ISABEL LÓPEZ PORTA	Elías Equipamientos Ganaderos, S.L.	MEMBER OF THE BOARD

   Member of the board or representative	Company name of the entity, listed or not	Position
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	E22 SERVICIOS INTEGRALES DE INSTALACIONES, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	Soy tu voz S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	PENTÁGONO INGENIERIA, S.L.	SOLE DIRECTOR
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	EDA Instalaciones y Energía, S.L.	CHAIRMAN
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	Elías Equipamientos Ganaderos, S.L.	CHAIRMAN

   Indicate, if applicable, other remunerated activities of the members of the board or their representatives, whichever the nature of such activities, other than the indicated in the above table.

   Member of the board or representative	Other remunerated activities
   Ms ANA ISABEL LÓPEZ PORTA	Director of the Generation area of Audax Renovables, S.A. (until 31 March 2025) |Managing Director of Grupo Ezentis, S.A. | Member of the Audit and Compliance Committee of Grupo Ezentis, S.A. (until her appointment as managing director of Grupo Ezentis, S.A.) | Member of the Audit Committee and Appointments and Remuneration Committee of Atrys Health, S.A.
   Mr FRANCISCO JOSÉ ELÍAS NAVARRO	CEO of Grupo Empresarial Excelsior Times, S.L.U.
   Ms MARÍA ROSA GONZÁLEZ SANS	Corporate Manager of Grupo Empresarial Excelsior Times, S. L. | Optimisation and Improvement Manager of Atrys Health, S.A. as well as Prevention Managing Director of ASPY Prevención.

6. State and, if applicable, explain whether the company has established rules on the maximum number of company boards on which its directors may hold seats and, if so, indicate where it is regulated:

   [ ] Yes

   [ V ] No

7. Indicate the amounts of the following items comprising total remuneration of the board:

   Remuneration accrued for the year by the board of directors (EUR thousands)	626
   Cumulative amounts accrued by current directors in long-term saving schemes with vested economic rights (EUR thousands)
   Cumulative amounts accrued by current directors in long-term saving schemes with non-vested economic rights (EUR thousands)
   Cumulative amounts accrued by former directors in long-term saving schemes (EUR thousands)

8. Identify senior management members who are not executive directors and indicate the total remuneration accrued by them throughout the year:

   Name or company name	Position/s
   Mr JAVIER CASTAÑO CRUZ	GROUP CHIEF INTERNAL AUDITOR
   Mr ÓSCAR SANTOS JUVÉ	GENERAL MANAGER
   Ms AINHOA BURGOS MARIÑO	SUSTAINABILITY MANAGER

   Number of women in senior management	1
   Percentage of the total number of members of senior management	33.33

   Total remuneration of senior management (EUR thousands)

   606

9. Indicate whether any amendment has been made to the regulations of the board during the year: [ ] Yes

   [ V ] No

10. Indicate the procedures for the selection, appointment, re-election and removal of directors. Provide details of the competent bodies, the procedures to be followed and the criteria applicable in each procedure.

    In this respect, the Regulations of the Board of Directors establish the following:

    Article 10.- Appointment and disqualification

    The General Meeting of Shareholders or, if applicable, the Board of Directors, will be the bodies competent to designate its members, in compliance with the legal and internal regulations.

    The proposals for appointment of Directors submitted by the Board of Directors to the consideration of the General Shareholders' Meeting and the resolutions for appointments adopted by the Board by virtue of the co-optation authority legally granted thereto must first be proposed by the Appointments and Remuneration Committee, when independent Directors are involved, and the Board of Directors itself, in other cases.

    In any case, the proposal shall be accompanied by a justifying report to the Board about the competence, experience and merits of the nominee proposed, which will be attached to the minutes of the General Meeting or of the Board. Furthermore, the proposal for appointment or reappointment of any non-independent directors must be preceded, moreover, of a report of the Appointments and Remuneration Committee. The provisions of this paragraph shall also apply to natural persons who are designated representatives of a legal entity counsellor. The proposal must be included into the report of the Appointments and Remuneration Committee.

    The Directors shall observe the legally specified situation of disqualification. Article 11.- Term of office

    The Directors shall hold office for the term stated in the Articles of Association and may be reappointed according to the provisions of the Articles of Association.

    The Directors appointed by co-optation shall hold office until the date of the first General Shareholders' Meeting held, which shall ratify the appointments or appoint the persons that must replace the Directors that are not ratified, unless it is decided to eliminate the vacancies.

    Article 12.- Dismissal

    The Directors shall step down from office once the period has elapsed for which they were appointed and in any other cases stipulated by law or the Articles of Association. In any circumstances, they may make their office available to the Board of Directors and formalise their relevant dismissal in the following cases:

    1. When they step down from executive posts to which their appointment as Director is related. The independent Directors, when they have held office for twelve (12) years.

    2. When they are involved in any of the legally specified situations of disqualification or prohibition.

    3. When they are accused of an allegedly criminal act or are subject to a disciplinary sanction due to a serious or very serious infringement investigated by the supervisory authorities.

    4. When their offices on the Board of Directors jeopardise the Company's interests and when there are no longer any reasons for them to be appointed to such post. It shall be

       deemed that this situation arises for an external shareholder Director when all tis shares owned or interests represented have been assigned and when the reduction of the shareholding requires a reduction of the number of its proprietary Directors.

    5. When significant changes take place in the professional situation or conditions by virtue of which they have been appointed as Directors.

    6. When, due to events caused by a director, their remaining as member of the Board would cause serious harm to the Company's assets or reputation, while having the duty to inform the Board of any criminal case in which they appear under investigation, as well as of the course of the proceedings.

    The moment a director is indicted or tried for any of the offences set forth in corporate law, the board should open an investigation and, taking into account the particularities of the case, decide whether or not the director should be called on to resign. Should such circumstance occur, the board of directors shall give a reasoned account of it in the annual corporate governance report.

11. Explain to what extent the annual evaluation of the board of directors has brought about significant changes in the internal organisation of the board and the procedures applicable to its activities:

    Description of the changes

Description of the evaluation process and assessed areas

1. Specify, in those years in which the external advisor participated in the evaluation, the business relationships of the external advisor or any company of their group with the company or any company of its group.

1. Are qualified majorities other than those legally established required for any type of decision?: [ ] Yes

   [ V ] No

   If applicable, describe the differences .

2. Indicate whether there are specific requirements other than those relating to directors in order to be appointed as chairman of the board:

   [ ] Yes

   [ V ] No

3. Indicate whether the articles of association or the board regulations establish any age limit for directors: [ ] Yes

   [ V ] No

4. Indicate whether the articles of association or the board regulations establish a limit for the term of officer or other stricter requirements additional to those established by law for the independent directors:

   [ ] Yes

   [ V ] No

5. Indicate whether the articles of association or the board regulations establish specific rules for delegating to other directors the rights to vote at the board meetings, how they are to be delegated and, particularly, the maximum number of delegations that a director may have, as well as if there is a limit established as to the categories subject to delegation, beyond the limits established by law. If so, briefly describe the rules.

   In conformity with article 9 of the Regulations of the Board of Directors, the meeting of the Board is validly constituted when the majority of its members are present or represented thereat, and also, without the need for a prior call, when all its members are present and unanimously decide to constitute a meeting of the Board. Written ballots without a meeting shall only be permitted when no Director opposes such a procedure.

   The power of representation to attend the meetings of the Board shall only be conferred upon another Director, and must be made expressly for each meeting, however non-executive directors can only appoint another non-executive as their representative. Whosoever represents the Chairman shall preside over the meeting in the absence of the Deputy Chairman, and shall not have the right to cast the deciding vote.

   Each Director present or represented shall have the right to one vote.

6. Indicate the number of meetings that the board of directors has held over the year. Also indicate, where applicable, how many times the board has met without the chairman being present. When calculating the number,

   representations made with specific instructions shall be considered.

   Number of meetings of the board	10
   Number of board meetings without the attendance of the chairman	0

   Indicate the number of meetings held by the coordinating director with the other directors, where there was neither attendance nor representations of any executive director:

   Number of meetings

   2

   Indicate the number of meetings held by the board committees over the year:

   Number of meetings of the Audit Committee	11
   Number of meetings of the Appointments and Remuneration Committee	3

7. Indicate the number of meetings held by the board of directors during the year and provide information on member attendance: