Tubacex SA

**SUPERVISION AND MONITORING**\n\nThis policy was approved by the Board of Directors at its meeting of December 13, 2023, following a favourable report from the Sustainability and Corporate Governance Committee who will be responsible for monitoring it. The implementation, achievement, measurement and monitoring of the specific commitments contemplated in other derived regulations will be carried out by the heads of each affected area in each case.

Throughout 2021, we strengthened our governing bodies in order to move forward in our commitment to a more sustainable future. We set up a Sustainability and Good Governance Committee, reporting to the Board of Directors, and a Sustainability Committee, which promotes the work we had been developing to combat climate change, our commitment to talent without barriers, occupational safety or support for our communities, among others. [...] This Committee's functions are set out in the 'Regulations of the Sustainability and Good Governance Committee,' approved by the Board of Directors at its meeting held on 16th December 2021. Its functions include: Fostering the Company's ESG policies in order to steer them towards the creation of value through sustainable conduct; Guaranteeing that the Group's Strategic Plan integrates and develops the ESG policies and that ESG risks are properly integrated in the Group's risk management and control models; or fostering the Group's fulfillment of the 17 Sustainable Development Goals approved by the UN ('SDG').

###### Sustainability and Good Governance Committee

[GRI Disclosure 2-12, GRI Disclosure 2-14]

With the aim of strengthening the TUBACEX Governance structure, and in line with
existing recommendations and good practices, the TUBACEX Board of Directors approved
the setting up of a new Sustainability and Good Governance Committee in 2021. This
Committee's functions are set out in the "Regulations of the Sustainability and Good
Governance Committee", approved by the Board of Directors at its meeting held on 16th
December 2021. In this respect, the following basic duties have been identified:

1. Foster the Company's ESG policies in order to steer them towards the creation of value
through sustainable conduct.

2. Guarantee that the Group's Strategic Plan integrates and develops the ESG policies.

3. Understand, oversee and assess relations with the different stakeholders.

4. Guarantee that ESG risks are properly integrated in the Group's risk management and
control models.

5. Determine the guidelines, criteria and general principles that must prevail in the content
of Non-Financial Information, as well as any other equivalent reporting system.

6. Work with the TUBACEX Foundation in the identification of the elements of the Group's
Strategy that may be implemented through specific ESG projects, so that it becomes
an instrument of the sustainability policy.

7. Foster the Group's fulfillment of the 17 Sustainable Development Goals approved by
the UN ("SDG").

--NEW-PAGE--

###### At the date of issue of this report, the composition of this committee was:

###### POSITION

Chairwoman

Board Member

###### Audit and Compliance Committee

###### NAME

Ms. Lopez de Guereñu

Mr. Martén
Ms. Navarro
Mr. Sendagorta

###### TYPE

External Independent

External Independent

External Proprietary
External Independent

As with the other committees, the Board of Directors approved
the Audit and Compliance Committee's own regulation in 2021,
which until then had been regulated by the Board of Directors
Regulations. This regulation incorporates all of the responsibilities
attributed to this body derived from the Corporations Act, the
good practices of listed companies and the recommendations

of the Good Governance Code of Listed Companies approved
in 2020. In this context, it is worth highlighting that the Audit
and Compliance Committee assumes the function of overseeing
the process of preparing and presenting not only financial
information, but also non-financial information, as well as
overseeing non-financial risks.

###### Sustainability and Good Governance Committee
#### 1.

[GRI Disclosure 2-12, GRI Disclosure 2-14]

###### Sustainability and Good Governance Committee

[GRI Disclosure 2-12, GRI Disclosure 2-14]

With the aim of strengthening the TUBACEX Governance structure, and in line with

existing recommendations and good practices, the TUBACEX Board of Directors approved
the setting up of a new Sustainability and Good Governance Committee in 2021. This
Committee's functions are set out in the "Regulations of the Sustainability and Good
Governance Committee", approved by the Board of Directors at its meeting held on 16th
December 2021. In this respect, the following basic duties have been identified:

1. Foster the Company's ESG policies in order to steer them towards the creation of value

through sustainable conduct.

2. Guarantee that the Group's Strategic Plan integrates and develops the ESG policies.

3. Understand, oversee and assess relations with the different stakeholders.

4. Guarantee that ESG risks are properly integrated in the Group's risk management and

control models.

5. Determine the guidelines, criteria and general principles that must prevail in the content

of Non-Financial Information, as well as any other equivalent reporting system.

6. Work with the Tubacex Foundation in the identification of the elements of the Group's

Strategy that may be implemented through specific ESG projects, so that it becomes

an instrument of the sustainability policy.

7. Foster the Group's fulfillment of the 17 Sustainable Development Goals approved by

the UN ("SDG").

--NEW-PAGE--

###### Audit and Compliance Committee

As with the rest of the committees, the Board of Directors approved

its own regulations for the Audit and Compliance Committee,

which had until then been governed by the Regulations of the

Board of Directors. These regulations incorporated all the

responsibilities attributed to this delegated body by the Capital

Companies Act and the good practices of listed companies and

the recommendations of the Good Governance Code of Listed

Companies approved in the 2020 financial year. In this context, it

is worth highlighting that the Audit and Compliance Committee

assumes the function of overseeing the process of preparing and

presenting not only financial information, but also non-financial

information, as well as overseeing non-financial risks.

Describe the process(es) your organization has in place to ensure that your external engagement activities are consistent with your climate commitments and/or climate transition plan?[…]Tubacex participates in several associations that could influence environmental regulations at national and international levels.

Does your organization have a public commitment or position statement to conduct your engagement activities in line with the goals of the Paris Agreement?[…]Yes