On July 23, 2018, Massif Energy sig

On July 23, 2018, Massif Energy signed an agreement for long-term financing in the amount of €32.5 million, with €16.3 million of the total financing granted by the European Investment Bank available as of December 31, 2018. During 2019, this contract has been transferred to Ormazabal Electric, S.L.U., a Velatia Group company, under the same terms and conditions, by means of an agreement signed with the European Investment Bank on 19 December 2019. Under this agreement, the amount drawn down by Ormazabal Electric S.L.U. at 31 December 2020 is Euros 32.5 million.The main characteristics of the contract are as follows:• The purpose of the contract is to finance part of the Group's investment program within the European Union between 2018-2020 in research and development and R&D&I activities, as well as in manufacturing and other equipment, for a total amount of 88 million euros. • No specific maturity date is established, and the borrower may draw down funds up to the maximum limit of the total credit granted.• The reference interest rate is a market rate plus a spread that will vary according to a ratio calculated on the basis of financial data from the Company's consolidated financial statements. • The late payment interest rate is established as the ordinary interest rate (mentioned in the previous paragraph) increased by two percentage points.