Audax Renovables S A : Non-Financial Information Statement (NFIS) 2021.

Audax Renovables, S.A. and its subsidiaries

Independent Auditor's report on the

Consolidated Non-financial Information Statement for the year ended 31 December 2021

Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.

Translation of a report originally issued in Spanish.

In the event of a discrepancy, the Spanish-language version prevails.

INDEPENDENT LIMITED ASSURANCE REPORT

To the Shareholders of Audax Renovables, S.A.:

In accordance with Article 49 of the Spanish Commercial Code, we have performed the verification, with a scope of limited assurance, of the non-financial information included in the Consolidated Non-financial Information Statement (hereinafter CNFIS) of Audax Renovables S.A., and subsidiaries (hereinafter Audax Renovables), for the year ended December 31, 2021.

The CNFIS includes information, additional to that required by current Spanish corporate legislation relating to non-financial reporting and by the Global Reporting Initiative Standards for sustainability reporting in their core option ("GRI standards"), that was not the subject matter of our verification. In this regard, our work was limited solely to the verification of the information identified in the Annex "Index of contents required by and GRI Content Index".

Responsibilities of the Directors

The preparation and content of the Audax Renovables' CNFIS is the responsibility of the Board of

Directors of Audax Renovables. The CNFIS was prepared in accordance with the content specified in current Spanish corporate legislation, in accordance with the criteria of Sustainability Reporting Standards of the Global Reporting Initiative (GRI Standards) in their core option.

This responsibility of the Board of Directors also includes the design, implementation and maintenance of such internal control as is determined to be necessary to enable the CNFIS to be free from material misstatement, whether due to fraud or error.

The Directors of Audax Renovables are also responsible for defining, implementing, adapting and maintaining the management systems from which the information necessary for the preparation of the CNFIS is obtained.

Our Independence and quality control

We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA), which is based on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.

Our firm applies International Standard on Quality Control 1 (ISQC 1) and, accordingly, maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Our engagement team consisted of professionals who are experts in reviews of non-financial information and, specifically, in information about economic, social and environmental performance.

Our responsibility

Our responsibility is to express our conclusions in an independent limited assurance report based on the work performed.

We conducted our review in accordance with the requirements established in International Standard on Assurance Engagements (ISAE) 3000 Revised, Assurance Engagements other than Audits or Reviews of Historical Financial Information, currently in force, issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC), and with the guidelines published by the Spanish Institute of Certified Public Accountants on attestation engagements on regarding non-financial information statements.

The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for a reasonable assurance engagement and, consequently, the level of assurance provided is also substantially lower.

Our work consisted in requesting information from management and the various units of Audax Renovables that participated in the preparation of the CNFIS, reviewing the processes used to compile and validate the information presented in the CNFIS, and carrying out the following analytical procedures and sample-based review tests:

• • Meetings held with Audax Renovables personnel to ascertain the business model, policies and management approaches applied, and the main risks relating to these matters, and to obtain the information required for the external verification.

• • Analysis of the scope, relevance and completeness of the contents included in the CNFIS based on the materiality analysis performed by Audax Renovables and described in the "About this report" section of the CNFIS, also taking into account the contents required under current Spanish corporate legislation.

• • Analysis of the processes used to compile and validate the data presented in the CNFIS for the year ended 31 December 2021.

• • Review of the information relating to risks and the policies and management approaches applied in relation to the material matters identified in the 2021st materiality analysis, described in the "About this report" section in the Appendix of the CNFIS.

• • Verification, by means of sample-based review tests, of the information relating to the non-financial information contents included in the 2021 CNFIS, and the appropriate compilation thereof based on the data furnished by Audax Renovables' information sources.

• • Obtainment of a representation letter from the directors and management.

Emphasis of matter

Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investments, establishes the obligation to disclose information on the manner and to what extent the activities of the business are associated with economic activities considered environmentally sustainable in relation to the objectives of climate change mitigation and climate change adaptation for the first time for year 2021 provided that the CNFIS is published after 1 January 2022. Consequently, the CNFIS does not include comparative information. Additionally, certain information has been incorporated for which Audax Renovables Directors have chosen to apply the criteria that, in their opinion, best allow compliance with the new obligation and that are defined in the annex "Methodology for the Calculation of the Taxonomy" of the herein attached CNFIS. Our conclusion has not been modified in relation to this issue.

Conclusion

Based on the procedures performed and the evidence obtained no matter has come to our attention that causes us to believe that the Consolidated Non-financial Information Statement of Audax Renovables, S.A. and its subsidiaries for the year ended 31 December 2021, was not prepared, in all material respects, in accordance with the content specified in current Spanish corporate legislation and following the criteria of the GRI standards in their core version.

Use and distribution

This report was prepared in accordance with the content specified in current Spanish corporate legislation, so it may not be suitable for other purposes and jurisdictions.

DELOITTE, S.L.

Xavier Angrill Vallés 24th February 2021

Non-Financial Information

Statement 2021

AUDAX RENOVABLES and

subsidiaries

31 December 2021

for the year ended on