Athens Water Supply and Sewerage S A : ISSUE 7 Audit Report on the Remuneration Report

ASSURANCE REPORT OF AN INDEPENDENT CERTIFIED ACCOUNTANT ON THE COMPLETENESS OF THE INFORMATION CONTAINED IN THE REMUNERATION REPORT IN ACCORDANCE WITH ARTICLE 112 OF LAW 4548/2018.

To the Board of Directors of EYDAP S.A.

Underlying Subject

Based on the 15/09/2023 contract between us, we undertook the assignment of limited assurance in order to establish whether and to what extent the attached Remuneration Report (Appendix A) of the company EYDAP S.A. (Company) provides for the financial year 2023 the information (hereinafter the " Underlying Subject ") required by the provisions of article 112 of Law 4548/2018, which are defined in this case as Applicable Criteria.

Applicable Criteria

In accordance with the provisions of article 112 of Law 4548/2018, companies with shares listed on a regulated market are required to prepare a clear and comprehensible Remuneration Report, which contains a comprehensive overview of all remuneration regulated in the remuneration policy, as provided by Article 110 of the same law. The remuneration report of the last financial year is submitted for discussion at the regular general meeting, as an item of the agenda. After the general meeting, the Remuneration Report is published in accordance with the provisions of paragraph 4 of article 112 of Law 4548/2018, for a period of at least ten (10) years.

Management Responsibilities

The Company's Board of Directors is responsible for the correct preparation and publication of the Remuneration Report in accordance with article 112 of Law 4548/2018, as well as for the formation of all the necessary internal procedures that ensure the Company's compliance with the provisions of the articles 109 to 113 of Law 4548/2018, as applicable.

Responsibility of the Auditor

It is our responsibility to issue this Report regarding whether and to what extent the attached Remuneration Report provides the information of article 112 of Law 4548/2018, based on our work performed, as described below in the "Scope of Work Performed" section .

Our work was carried out at the behest of the Company's Board of Directors, in accordance with the International Standard on Assurance Engagements 3000 (Revised), "Assurance Engagements Beyond the Audit or Review of Historical Financial Information" (hereinafter "IAS 3000"), and the terms of engagement, which are described in the contract between us from 15/09/2023 .

IFRS 3000 requires that we design and perform our engagement to obtain limited assurance about the assessment of the Subject Matter, in accordance with the Applicable Criteria. As part of the procedures carried out, we assess the risk of material error in the information related to the Subject Matter.

We believe that the evidence we have gathered is sufficient and appropriate to support the conclusion expressed in this assurance report.

Professional ethics and quality management

We are independent from the Company, throughout the duration of this assignment and have complied with the requirements of the Code of Ethics for Professional Auditors of the Board of International Standards of Ethics for Auditors (IASB Code), the ethics and independence requirements of Law 4449/2017 and of Regulation (EU) 537/2014.

Our audit firm applies the International Standard for Quality Management ( ISQ M) 1 "Quality Management for Companies Performing Audits or Reviews of Financial Statements or Other Assurance Engagements or Related Services" and accordingly maintains a comprehensive quality management system that includes documented policies and procedures relating to compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Scope of Work Performed

Our work covers exclusively the limited assurance procedures below and was carried out in order to establish that the Remuneration Report contains at least the following information regarding the remuneration of each individual member of the Company's board of directors.

1. the total of the remunerations that have been paid, with an analysis of their individual remunerations, the relevant percentages of fixed and variable remunerations, including the remunerations of paragraph 2 of article 109 of Law 4548/2018 and an explanation of how the criteria are applied performance and how total remuneration complies with the approved remuneration policy;

1. the annual change in the salaries of the members of the board of directors, the performance of the Company and the average salaries of the full-time employees of the Company, excluding executives, during the last five (5) financial years at least, with a joint presentation of the said data, in order to facilitate the comparison of data by shareholders,
2. any remuneration of any kind from any company belonging to the same group, as defined in article 32 of Law. 4308/2014,
3. the number of shares and options for shares granted or offered to the members of the board of directors, as well as the main conditions for exercising the rights, including the price and the date of exercise, as well as any change,
4. any exercised options by the members of the board of directors, in the context of the Company's share allocation programs,

( f ) information on the use of the option to recover variable remuneration,

1. information regarding any deviations from the application of the remuneration policy pursuant to paragraph 7 of article 110, with an explanation of the exceptional nature of the circumstances and the indication of the specific elements of the remuneration policy, against which the deviation occurred.

In the context of a limited assurance engagement, the procedures performed are different in nature and timing and are less extensive than in a reasonable assurance engagement. Consequently, the level of assurance obtained from such an engagement is significantly lower than the level of assurance that would have been obtained if a reasonable assurance engagement had been made.

Our procedures were designed to obtain a limited level of assurance, which we relied on to reach our conclusion, and do not provide all of the evidence that would be required to provide a reasonable level of assurance.

Conclusion

Based on the work carried out and the evidence obtained, nothing has come to our attention that would lead us to the conclusion that the attached Remuneration Report (Appendix A) of the company EYDAP S.A., drawn up for the financial year 2023, does not provides the information required by article 112 of Law 4548/2018.

Limitation of use

Our Report was drawn up exclusively for the purpose mentioned in the first paragraph hereof and is addressed exclusively to the Company's Board of Directors and may not be used for any other purpose.

Athens, June 14, 2024

The Certified Public Accountant

Panagiotis Christopoulos

No M SOEL 28481