Report of the auditing of the annual accounts delivered by the general intervention board of the state administration (IGAE).

To the management board of the State Association of Industrial Participations.

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the general intervention board of the state administration, making use of the powers granted under article 168 of the general budgetary law, has audited the annual accounts of the State Association of Industrial Participations (SAIP), which compromise the balance on 31 December 2019, the profit and loss account, the statement of changes in equity, cash flows statement as well as the report corresponding to the said date.

In our view, the accompanying financial statements give, in all material respects, a fair opinion image of the assets and financial situation of the entity by 31 December 2019, just as of the results and cash flows for the said date, in accordance with the regulatory framework for financial reporting which becomes effective (identified in report note 2) and particularly the used accounting principles and criteria that it may contain.

The opinion basis

We carried out our auditing in compliance with the current regulations of the auditing account activity valid for the Spanish public sector, our responsibilities are in accordance with the aforementioned rules that will be described below in the auditor's responsibilities in connection with the auditing of the annual accounts section of our report.

We are dependent on the entity and in accordance with the requirements of ethics and independence protection, that apply to our annual accounts auditing for the public sector in Spain, as required by the regulatory legislation of the auditing account activity for the aforesaid public sector.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

ᴀᴜᴅɪᴛɪɴɢ ᴏꜰ ᴛʜᴇ ᴀɴɴᴜᴀʟ ᴀᴄᴄᴏᴜɴᴛꜱ (ɪɴᴅɪᴠɪᴅᴜᴀʟ ᴀᴄᴄᴏᴜɴᴛꜱ) ᴀᴜᴅɪᴛɪɴɢ ᴘʟᴀɴ 2020. 1