First Vice Chairman´s report

IGNACIO BAEZA

VICE CHAIRMAN

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Good morning, ladies and gentlemen.

For the third year in a row, I'll start my presentation by referring to the COVID

pandemic, which, together with the war in Ukraine and its effects, has greatly conditioned the performance of the economy in recent years, and consequently, that of MAPFRE itself. This time, however, I have good news. First of all, COVID- related claim levels are no longer significant for MAPFRE and, barring any unforeseen surges, the pandemic is now a thing of the past in terms of importance. Obviously, the social and economic scars and repercussions it has generated are still present. My second message regarding the pandemic is that it has had an impact on our company of almost 900 million euros over the past three years. For an insurer, the best claim is one that doesn't occur, especially if we are talking about Life and health insurance. But the fact that we have made a solvent, diligent contribution to reducing the most negative economic impacts of COVID for hundreds of thousands of families says a lot about us.

As you can see from the evolution in different years, unless there is a new global outbreak, we have heard the last of the specific information on these claims, since the impact among our policyholders is no longer significant.

We are a reliable company that meets all its commitments regardless of the context. In terms of the result for the 2022 fiscal year, already explained in detail by our Chief Financial Officer, Fernando Mata, the figures achieved in such a complex environment reflect the strength of our business model. A highly diversified model that adapts flexibly to external circumstances and allows us to maintain high returns for our shareholders year after year.

SUSTAINABILITY PLAN 2022-2024

We approach all our commitments with the same demanding level. I am pleased to announce that during its first year of implementation, our degree of compliance with our Sustainability Plan 2022-2024 was 99.6%. An ambitious plan with 23 objectives and 45 projects, it allows us to implement our environmental, social and good governance (ESG) commitments and is increasingly integrated into our

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company's business. The documents you have available to you contain additional information on our achievements and actions in 2022 in terms of sustainability.

I would now like to tell you about the future and how we have raised our ambitions under this Plan for 2023. But first, I would like to reiterate that we fully accept the challenges and opportunities for a global company like MAPFRE to be an active agent for transformation in the world by pursuing the United Nations 2030 Agenda. At MAPFRE, we are working to help maximize the fulfillment of the Sustainable Development Goals over the next seven years. We have the capacity to contribute to its 17 objectives, but the Group is focusing more on the seven goalsyou see on the screen, i.e. those where we can be the most transformative as an industry.

In environmental matters, I would like to emphasize that we have been a carbon- neutral company on the Iberian peninsula since 2021 and reiterate that we are working to achieve this carbon neutrality in all countries by 2030. With this objective, last year we made progress on projects such as the installation of photovoltaic panels, the purchase of 100% guaranteed renewable energy, a reduced number of business trips, the implementation of a hybrid work model and the addition of ECO-certified vehicles to our fleet.

We have also publicly committed to making further progress toward a carbon- free economy. As we have already announced, we do not insure coal, gas and oil companies if they are not committed to an energy transition plan. Since January 1, we have further strengthened our commitments, raising our ambitions in environmental sustainability.

We are working towards that transition, without forgetting that we are a people- centered company in everything we do, so we are also committed to ensuring a fair energy transition for the generations that have to adapt to the change. We cannot let industries and sectors collapse without an economic and social alternative capable of maintaining employment and opportunities for people who are still linked to less sustainable activities today.

I'll conclude by adding that last year we joined the Net-ZeroInsurance Alliance, a network that brings together the 30 most important insurers in the world to accelerate our sustainability commitments in order to make our insurance and

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reinsurance portfolio Net Zero by 2050. Furthermore, at the end of 2022, we signed up to the Net Zero Asset Owner Alliance, undertaking that our investment portfolio will also be Net Zero by 2050.

I am pleased to report that for the fourth straight year we are part of the Sustainability Yearbook 2023, a prestigious annual publication by S&P Global that ranks the companies most committed to society and the planet.

Additionally, I would like to take this opportunity to announce that in 2022, MAPFRE was recognized by the consultancy firm MERCO as the fifth most responsible company in ESG terms in Spain, among companies in any sector, and of course, the leading insurer in this ranking.

Our commitment to the environment is clear, as is our progress in good governance and transparency.

This is all detailed in the Integrated Report you have available.

PEOPLE

We are a committed and diverse company. That's why I would now like to focus now on the heart of our sustainability strategy: people. This is what, in ESG

terminology, the "S" for social refers to.

People are at the center of everything we do, and they are the ones who help us build a more sustainable and diverse society. This obviously starts with the people at MAPFRE. We have employees of 81 nationalities in 40 countries working together every day with collaborative and digital tools that allow us to increase our cultural wealth, be more innovative and make progress in an increasingly diverse society that has been promoting equal development for years. With regard to gender equality, 42% of MAPFRE's leadership job positions are held by women, and we continue to make progress towards the total elimination of the pay gap that stems from past situations, which this year is 1.86%, and which I hope will be virtually non-existent by the end of 2024.

With regard to Inclusion, we have also fulfilled our commitments, in that people with a disability now make up 3.5% of MAPFRE's workforce.

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Ninety-eight percent of our employees are on permanent contracts. We believe in our people; they are excellent professionals who embody the motto of our

purpose, which is "we care about what matters to you." Thanks to our progress

on development programs, last year more than 86% of promotions involved internal talent. And we have launched a leadership and professional growth program for 5,000 people of the company's more than 31,000 employees. We are therefore a company of opportunities for everyone who wants to take advantage of them, which is why we say that "at MAPFRE, your time is

meaningful."

We are also a socially responsible and committed company. Despite the limitations that remain in force in many countries as a result of the pandemic, in 2022 more than 4,500 employees worldwide showed their social commitment as volunteers.

The diversity we promote increases our company's value and has a global scope. We apply this culture in the almost 40 countries around the world where we operate, including some where these matters are not as advanced.

Furthermore, since last year, we have measured how our people management positively impacts the SDGs of the United Nations 2030 Agenda, applying a methodology developed together with other global companies.

MAPFRE contributes to all the Sustainable Development Goals, but especially to the five that you see on the screen. Our level of excellence in gender equality is noteworthy, with 97% compliance, and we also have great capacity for positive action on the goal of promoting health and well-being, in addition to that of quality education, which at companies is equivalent to training. In both areas, we are at nearly 70%.

We are also developing two additional lines of work in the social area, with the promotion of financial education and our insurance accessibility programs, which we have mainly in Latin American countries.

As I said earlier, our sustainability model is being increasingly integrated into our business, in relation to both issuing and underwriting as well as direct

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