Investor Presentaiton

DNV opinion on Taxonomy alignment assessment DNV WHEN TRUST MATTERS Finding and DNV's Opinion Alignment to EU Taxonomy dated September 2022 GREEN BOND ALLOCATION AND IMPACT REPORTING EU Taxonomy Alignment Comunidad Autónoma de Madrid Report No.: 1, Rev. 1 Document No.: PRJN-446392 Date: 23/09/2022 Table 1: Compliance with the technical screening criteria EU Taxonomy Technical Screening Criteria The activity provides urban or suburban passenger transport, and its direct (tailpipe) CO₂ emissions are zero Until 31 December 2025, the activity provides interurban passenger road transport using vehicles designated as categories M2 and M3 that have a type of bodywork classified as 'CA' (single-deck vehicle), CB' (double-deck vehicle), CC (single-deck articulated vehicle) or 'CD' (double-deck articulated vehicle), and comply with the latest EURO VI standard, .e. both with the requirements of Regulation (EC) No 595/2009 and, from the time of the entry into force of amendments to that Regulation, in those amending acts, even before they become applicable, and with the latest step of the Euro VI standard set out in Table 1 of Appendix 9 to Annex 1 to Regulation (EU) No 582/2011 where the provisions governing that step have entered into force but have not yet become applicable for this type of vehicle. Where such standard is not available, the direct CO₂ emissions of the vehicles are zero. N.A. Project EU Taxonomy Alignment-Comunidad de Madrid Use of proceeds for Metro (EUR 387.8 million) and electric buses (EUR 105.375 million) are zero emissions and hence considered aligned with substantial contribution criteria set by the EU Taxonomy. Use of proceeds for Hybrid busses (EUR 11.125 million) fit Regulation 2020/852 and are aligned with the technical screening criteria. Comunidad de Madrid has provided type approvals and techinical specification of the busses showing compliance with EURO VI standard. in as a transitionall activity as referred to in Article 10 of Emissions avoided with this LoP have been calculated by Comunidad de Madrid as 137,895 tCO2 for Metro, and 6,280 tCO2 for busses (EMT). Table 3: Compliance with the minimum social safeguards Minimum social safeguards As per article 18 of Regulation (EU) 2020/852: The minimum safeguards referred to in point (c) of Article 3 shall be procedures implemented by an undertaking that is carrying out an economic activity to ensure the alignment with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights Project EU Taxonomy Alignment - Comunidad de Madrid CSR Policy and Code of Conduct is in place for both Metro and EMT, aligned with the principles and rights set in the UN Guiding Principles on Business and Human Rights and the principles and rights set out in the fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights. As part of public administration, procurement is regulated by the Public Sector Contracts Act and subject to principles and including requirements of responsible procurement, compliance with ethical standards and respect for the human rights, integrity, transparency and protection of the environment. DNV has reviewed the information provided and concludes. that Comunidad de Madrid complies with the minimum social safeguards in Article 18 of Regulation (EU) 2020/852. "On the basis of the information provided by Comunidad de Madrid and the work undertaken, it is DNV's opinion that proceeds have been used on Clean Transport projects that are aligned with the criteria established in the EU Taxonomy for Sustainable Activities- ANNEX 1 to Regulation (EU) 2021/2139 Section 6.3 (i). for DNV GL Business Assurance España S.L.U." Table 2: Compliance with the "Do no significant harm" ("DNSH") criteria. DNSH Criteria (2) Climate change adaptation The activity complies with the criteria set out in Appendix A to Annex 1 (EU) 2021/2139. (3) Sustainable use and protection f water and marine resources NA (4) Transition to a circular economy Measures are in place to manage waste, in accordance with the waste hierarchy, both in the use phase (maintenance) and the end-of-life of the fleet, including through reuse and recycling of batteries and electronics (in particular critical raw materials therein). (5) Pollution prevention and control For road vehicles off categories M, tyres comply with external rolling noise requirements in the highest populated class and with Rolling Resistance Coefficient (influencing the vehicle energy efficiency) in the two highest populated classes as set out in Regulation (EU) 2020/740 of the European Parliament and of the Council and as can be verified from the European Product Registry for Energy Labelling (EPREL). Where applicable, vehicles comply with the requirements of the most recent applicable stage of the Euro VI heavy duty emission type- approval set out in accordance with Regulation (EC) No 595/2009. (6) Protection and restoration of biodiversity and ecosystems NA Project EU Taxonomy Alignment - Comunidad de Madrid Following climate change vulnerability and risk analysis, Comunidad de Madrid issued Plan Azul 2013-2020, a strategical program of measures for mitigation and adaptation to climate change, to be implemented in Comunidad de Madrid. Furthermore, a new strategy is under development. that will set out the broad lines of action up to 2030 to make progress in terms of climate action (mitigation and adaptation) and improvement of air quality, in line with recent international and national guidelines and requirements. The UOP in Metro and Busses is deemed not to interfere with the adaptation measures contained in Plan Azul, measures for water resources, other vulnerable systems and industries, indicators for climate change adaptation, reforestation, increase of carbon sequestration in agricultural soils in the region. DNV considers this is in line with the criteria established for Climate Change Adaptation in Commission Delegated Regulation (EU) 2021/2139, Annex 1, 6.3 Urban and suburban transport, road passenger transport. Not applicable as per Commission Delegated Regulation (EU) 2021/2139, Annex 1, 6.3 Urban and suburban transport, road passenger transport. However, Metro has provided evidence of extensive water use and management plans for each underground station showing plans and measures to mitigate effects on water resources. Metro de Madrid and EMT operate under an Environmental Management Systems certified according to ISO 14001. Responding to a new organisational model in Mietro, actions and initiatives are implemented based on integral sustainability, using and optimising stocks and flows of resources (water and energy), materials and waste. Among others recovery of more than 95% of the waste generated. including batteries and electronic products, through improved waste segregation and management. A strategic plan in place in EMT for circular economy includes projects like the design and construction of a Hydrogen Fuelling Station and purchasing of biogas for the supply of CNG. DNV considers this is in line with the criteria established for circular economy in Commission Delegated Regulation (EU) 2021/2139, Annex 1, 6.3 Urban and suburban transport, road passenger transport. Comunidad de Madrid has provided type approvals and technical specification of the busses showing compliance with EURO VI standard and external noise requirements. DNV considers this is in line with the criteria established for pollution and prevention control in Commission Delegated Regulation (EU) 2021/2139, Annex 1, 6.3 Urban and suburban transport, road passenger transport. Not applicable as per Commission Delegated Regulation (EU) 202 1/2139, Annex 1,6.3 Urban and suburban transport, road passenger transport 85