#1CAL GUROS O ULEVEL CAIN CAJA RURAL CAJA RURAL DE NAVARRA Investor presentation#2Index 1 23 Caja Rural de Navarra, Cooperative Bank P. 3 Operational Environment P. 12 Funding Strategy P. 18 4 Sustainability Strategy P. 21 This document should not be distributed in the United States or to U.S. persons 567 CAJA RURAL DE NAVARRA Covered Bond Programme P. 29 Caja Rural Group P. 41 Contacts P. 45#3CAJA RURAL DE NAVARRA 1 Caja Rural de Navarra, Cooperative Bank Forward looking tradition#4CAJA RURAL DE NAVARRA Caja Rural de Navarra Company Profile • • • Established in 1910 as the central institution for the cooperatives in the region of Navarre and evolving from 1946 as a regional cooperative bank. Its origins are rooted in the rural and agribusiness environment of that time, but the bank's activities evolved in line with the strong industrialisation of its home region. Founding member of the Spanish Association of Rural Cooperative Banks (AECR) and its first member in terms of assets and equity. Founding member of the AECR's affiliated entities: Banco Cooperativo Español (BCE), Rural Servicios Informáticos (RSI) and Rural Grupo Asegurador (RGA). AECR, together with the group's affiliated companies form the Caja Rural Group'; which belongs, through the National Union of Credit Cooperatives (UNACC)² and alongside other European cooperative groups, to the European Association of Cooperative Banks (EACB)³. Rabobank Raiffeisen Raiffeisen Meine Bank 1 www.grupocajarural.es/en 2 www.unacc.com/ 3 www.eacb.coop/en/home.html EUROPEAN ASSOCIATION OF CO-OPERATIVE BANKS 1/7 COOPERATIVE BANK DZ BANK CA CRÉDIT AGRICOLE OP BCC CREDITO COOPERATIVO X GRUPO CAJA RURAL Caja Rural de Navarra Investor Presentation 4#5CAJA RURAL DE NAVARRA Caja Rural de Navarra Company Profile . • • Banking culture firmly based on austerity, local focus, risk control, accountability and transparency, in line with the cooperative tradition. Strategy of stable growth in its regions of operation; no country-wide expansion plans, nor aggressive development in any other business apart from retail banking. This strategy remains within the overall strategy of the Caja Rural Group and most cooperative banking groups in Europe. Retail business is focused on serving the needs of individuals and SMEs in its regions of operation. More than 180,000 co-op members (shareholders), with a diverse client base from different sectors of the economy and society. 956 employees in 255 branches distributed across the regions of Navarre, Basque Country and La Rioja. Navarre and Basque Country account for around 90% of the loan book. Sustainability and stakeholder focus embedded in its core values and strategy. Data as of 31st December 2022 SUSTAINALYTICS ESG INDUSTRY TOP RATED 1/7 COOPERATIVE BANK Caja Rural de Navarra Investor Presentation | 5#6CAJA RURAL DE NAVARRA Caja Rural de Navarra Financial highlights' Key Financial Data (in €m) Deposits and Loan Book (in €m) 12,000 10,000 Dec-22 Dec-21 Dec-20 8,000 Total Assets 15,997 16,073 15,632 6,000 4,000 Average Total Assets 16,300 15,877 14,515 2,000 Risk weighted assets (RWA) 7,525 7,613 7,202 0 Total Equity 1,507 1,398 1,294 2009 Regulatory Tier 1 1,532 1,425 1,317 Deposits 10,957 10,281 10,211 Gross Loans 2 9,572 9,521 8,911 Net interest income (NII) 3 186 160 163 NII + Fees (in €m) NII+fees 255 230 214 300 Pre-tax Profit 128 97 92 Net Income 115 88 81 250 200 1 Source: 2022 stand-alone audited Annual Report 2 Excluding exposures to other financial corporations 3 Including dividends 150 100 50 2013 Deposits 2014 2015 2016 2017 2018 2019 2020 2021 Gross Loans Caja Rural de Navarra Investor Presentation | 6 2022 1/7 COOPERATIVE BANK#7CAJA RURAL DE NAVARRA Caja Rural de Navarra Financial highlights' Financial Ratios Core Tier 1 Ratio (Phased in)² 25% Dec-22 Dec-21 Dec-20 20% Capitalisation 15% Core Tier 1 Regulatory Capital Ratio (phased in) 2 20.35% 18.72% 18.28% 10% 5% Core Tier 1 Regulatory Capital Ratio (fully loaded) 2 19.82% 18.13% 17.66% 0% Equity/Total Assets 9.42% 8.70% 8.28% Asset quality indicators 2000 2002 2004 2006 2008 Growth of gross loans 0.53% 6.84% 7.86% Impaired loans (IL) 1.99% 2.03% 2.12% Loan book by credit quality IL Coverage ratio 65.24% 63.51% 58.51% Stage 1 Profitability ratios Stage 2 Net interest income / Total Assets 1.16% 1.00% 1.05% Stage 3 Pre-tax Profit / Average Total Assets 0.79% 0.61% 0.63% ROE (averaged) 8.49% 7.04% 6.96% Impaired Loans Funding Gross loans/Customer deposits (LTD) 87.35% 92.60% 87.27% 6% Liquidity 4% LCR NSFR 384% 131% 332% 391% 2% 134% 148% 0% Source: 2022 stand-alone audited Annual Report 2 Calculated with the standard method Caja Rural de Navarra's MREL requirement of 15.59% (TREA) and 4.39% (LRE) from 1st January 2024 onwards. Interim requirement of 15.17% (TREA) and 4.36% (LRE) from 1st January 2022. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 96% 2% 2% Caja Rural de Navarra Investor Presentation | 7 1/7 COOPERATIVE BANK#80% 5% 2009 10% 2010 20% 15% 2011 25% 30% 2012 2013 35% 2014 Deposits Market Share (Private Sector) 2015 2016 CAJA RURAL DE NAVARRA Caja Rural de Navarra Market Share 2017 Credits 2018 2019 2020 2021 2022 As it is the case of many cooperative banks, Caja Rural de Navarra (CRN) has become the only local financial institution in its home market after the restructuration of the Spanish financial sector. This position offers a huge historical opportunity for cooperative banks, underpinned by their efficiency through Group structures while maintaining their independence and local focus. Caja Rural de Navarra steadily increases its market share. Caja Rural de Navarra Investor Presentation | 8 1/7 COOPERATIVE BANK#9AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- dec.-01 dec.-02 dec.-03 dec.-04 dec.-05 dec.-06 dec.-07 SPGB Fitch Ratings dec.-08 dec.-09 dec.-10 dec.-11 dec.-12 dec.-13 dec.-14 CRN dec.-15 www.cajaruraldenavarra.com/sites/default/files/info-inversores/info-economica/RATINGS/202202-fitch-rating-caja-rural-de-navarra.pdf www.cajaruraldenavarra.com/sites/default/files/info-inversores/info-economica/RATINGS/rating-moodys-credit-opinion-caja-rural-de-navarra.pdf CAJA RURAL DE NAVARRA Caja Rural de Navarra Ratings Issuer rating/Deposit rating (Fitch/Moody's) Covered Bond Rating (Moody's) dec.-16 dec.-17 dec.-18 dec.-19 dec.-20 dec.-21 dic.-22 Aaa Aal Aa2 Aa3 Al A2 A3 Baal Baa2 Baa3 dec.-07 dec.-08 dec.-09 dec.-10 dec.-11 SPGB dec.-12 dec.-13 dec.-14 Caja Rural de Navarra Investor Presentation 6 MOODY'S dec.-15 dec.-16 CRN Ratings BBB+ (stable) / Baal (stable) dec.-17 dec.-18 dec.-19 dec.-20 dec.-21 dec.-22 Aal 1/7 COOPERATIVE BANK#10CAJA RURAL DE NAVARRA Caja Rural de Navarra CRN and the Spanish Financial Sector Deposits and Loan Book (in €m) 1,400 1,200 1,000 800 600 400 200 1998 2000 2002 2004 2006 2008 2010 2012 CRN Deposits Spain's Deposits Source: Bank of Spain and Caja Rural de Navarra 2014 2016 2018 CRN Gross loans Spain's Gross loans 1/7 COOPERATIVE BANK NIII + Fees (in €m) Index base (1998-100) Index base (1998-100) 600 2020 2022 500 400 300 200 100 о 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2011 2012 ZIOZ CRN 2013 2015 SPAIN 17102 Caja Rural de Navarra gained market share by outpacing the growth of the overall financial sector due to its ability to maintain a retail and regional business model coupled with ample capital and liquidity buffers, combined with a 'throughout-the-cycle" healthy asset quality. Income sources (NII+Fees) have grown much more than the Spanish financial sector average, reflecting a self-sustained and organic growth model which keeps profitability and efficiency as key strategic targets. Caja Rural de Navarra Investor Presentation 10#11CAJA RURAL DE NAVARRA Caja Rural de Navarra CRN and the European Financial Sector Non-Performing Loans 4% 3% 2% 1% 0% Austria Belgium Germany Spain France Italy Netherlands Portugal Coverage Ratio 100% 80% 60% 40% 20% וח ○ Austria Belgium Germany Spain France Italy Netherlands Portugal Source: EBA Risk Dashboard. Data as of Q4 2022. 1/7 COOPERATIVE BANK CRN EU Banks 1 CET1 ratio 20.35% 15.50% CET1 ratio (fully loaded) 19.82% 15.30% CRN NPL ratio 1.99% 1.80% EU Coverage ratio 65.24% 43.40% Efficiency 41.02% 60.60% RoE 8.49% 8.00% Leverage ratio (fully phased-in) 9.49% 5.50% CRN EU Caja Rural de Navarra Investor Presentation |11#12CAJA RURAL DE NAVARRA Operational Environment Strong in strong regions 2#13CAJA RURAL DE NAVARRA Operational Environment Spain Macro Metrics Annual GDP Growth (real) Annual Inflation Rate 2/7 OPERATIONAL ENVIRONMENT Unemployment rate 5.1% 5.7% 6% 6% 18% 4% 16% 5% 12.7% 2% 14% 4% 0% 12% -2% 3% 10% -4% 2% 8% -6% 6% 1% -8% 4% 0% -10% 2% -12% -1% 0% 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Source: Banco de España, Ministry of Development, ECB. Caja Rural de Navarra Investor Presentation 13#14CAJA RURAL DE NAVARRA Operational Environment Private sector leverage 2/7 OPERATIONAL ENVIRONMENT Household leverage in selected European countries (as of Q3 2022 in %) Non-financial companies' leverage in selected European countries (as of Q3 2022 in %) Debt/Income Debt/GDP Debt/Income Eurozone ...Debt/GDP Eurozone 200 180 160 140 120 100 80 60. 40 20 HT 0 Netherlands Ireland France Spain Portugal Germany Italy Source: European Central Bank 150 100 50 Debt/GDP Leverage Debt/GDP Eurozone ...Leverage Eurozone th Netherlands Ireland France Spain Portugal Germany Italy Source: European Central Bank Spanish domestic private sector has deleveraged steadily since the end of the global financial crisis of 2008, gradually reducing the high debt burden accumulated during the preceding years. In 2020 the pandemic triggered an increase in leverage because of a sharp drop in GDP and an increase in state-guaranteed corporate loans. However, leverage metrics for both households and non-financial corporations were still well below the euro area average as of September 2022. Caja Rural de Navarra Investor Presentation 14#15CAJA RURAL DE NAVARRA Operational Environment Regional GDP per capita EU 100 +150 125-150 100-125 75-100 Source: Eurostat 2021 data Guyane union (FR Mam Maka Actives (PT) Nude T Said (0) 2/7 OPERATIONAL ENVIRONMENT . • GDP per capita comparable to other solid European regions and underpinning a much more stable economic environment. Only 3 Spanish regions (Basque Country, Madrid and Navarre) have a GDP per capita above the European average. Standard & Poor's rates the regions of Navarre and Basque Country two notches higher than Spain (AA- vs. A) Caja Rural de Navarra Investor Presentation 15#16• Source: Instituto Nacional de Estadística (INE) CAJA RURAL DE NAVARRA Operational Environment Regional data GDP/capita (2021) 35,000 30,000 25,000 20,000 15,000 10,000 5,000 SPAIN AND ARA AST BAL CAN CANT CASL CASLM CAT VAL EXT GAL MAD MUR NAVARRE BASQUE C. CEU RIOJA MEL 10% 99 5% 0 GDP per capita well above national average Unemployment rate much lower than the national average Social indicators (poverty and inequality), among the best performers Unemployment rate by Region (2022) 30% 25% 20% 15% SPAIN AND ARA AST BAL CAN CANT CASL CASLM CAT VAL EXT GAL MAD MUR NAVARRE CEU RIOJA BASQUE C. MEL Poverty risk rate by Region (2022) 40% 35% 30% 25% 20% 15% 10% 5% ° SPAIN AND ARA AST BAL CAN CANT CASL CASLM CAT VAL EXT GAL MAD MUR NAVARRE BASQUE C. RIOJA CEU MEL Caja Rural de Navarra Investor Presentation 16 2/7 OPERATIONAL ENVIRONMENT#17CAJA RURAL DE NAVARRA Operational Environment Regional data R&D/GDP (2021) OECD Regional Well-Being of Navarre 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% SPAIN AND ARA AST AST BAL CAN CAN CANT CANT CYL CLM CAT Source: Instituto Nacional de Estadística (INE), OECD IVA EXT GAL MAD MAD MUR NAVARRE BASQUE C. RIOJA 9.5 Health Income 4.0 9.9 Safety 8.7 Environment Community 9.1 Housing 6.8 Education Jobs 5.4 6.2 2/7 OPERATIONAL ENVIRONMENT 6.2 Life satisfaction Access to services 5.7 Civic 9.3 Engagement • • Navarre and Basque Country are the most industrialised and export-oriented regions in Spain. They are also amongst those with a highest rate of investment in R&D. This economic environment positively impacts banking performance. Regions in other countries with similar well-being are Grand Est (France), Southern (Ireland), Liguria (Italy) and Auckland (New Zealand). Caja Rural de Navarra Investor Presentation 17#18CAJA RURAL DE NAVARRA Funding strategy Regular issuer 3#19CAJA RURAL DE NAVARRA Funding strategy Diversified Sources and Conservative Profile The strategy focuses on diversifying liquidity sources, while maintaining a conservative liquidity profile, which remains firmly based on a very stable deposit base. Caja Rural de Navarra maintains a high volume of liquid assets, most of them eligible for monetary operations with ECB, and the loan book growth is financed by deposit taking. Caja Rural de Navarra is active in the wholesale markets since 2001. We aim at issuing Covered Bonds and senior instruments in order to follow our strategy of diversifying the funding base and tapping growth opportunities in the retail banking business. Despite having a high capital ratio and low requirements, Caja Rural de Navarra is open to issue Senior preferred or Senior non preferred format, depending on market situation and investors' preferences. Caja Rural de Navarra is also open to conduct private placements. Moody's Credit Opinion Dec 2022: "stable retail deposit base and low reliance on wholesale funding" 3/7 FUNDING STRATEGY Caja Rural de Navarra Investor Presentation | 19#20CAJA RURAL DE NAVARRA Credentials Public Transactions 3/7 FUNDING STRATEGY B r COVERED BOND LABEL+ XII Covered Bond ES0415306101 European Covered Bond "Premium" Aal €500M Issue date: 26/01/2023 Maturity: 26/04/2027 Green XI Covered Bond ES0415306093 European Covered Bond "Premium" Aal €500M Issue date: 16/02/2022 Maturity: 16/02/2029 Green (inaugural) X Covered Bond ES0415306085 European Covered Bond "Premium" Aal €500M Issue date: 07/04/2020 Maturity: 07/04/2027 Retained IX Covered Bond' ES0415306077 European Covered Bond "Premium" Aal €300M Issue date: 27/11/2018 Maturity: 27/11/2025 Retained VIII Covered Bond ES0415306069 European Covered Bond "Premium" Aal €600M Issue date: 8/05/2018 Maturity: 08/05/2025 Sustainable VII Covered Bond ES0415306051 European Covered Bond "Premium" Aal €500M Issue date: 01/12/2016 Maturity: 01/12/2023 Sustainable (inaugural) VI Covered Bond' V Covered Bond' IV Covered Bond¹ Il Covered Bond' I Covered Bond' ES0415306044 Aal €200M Issue date: 15/04/2016 Maturity: 15/04/2023 Retained ES0415306036 Aal €500M Issue date: 16/03/2015 Maturity: 16/03/2022 ES0415306010 Aal €300M Issue date: 27/03/2014 Maturity: 27/11/2020 Retained ES0415306010 Aal €600M Issue date: 27/11/2013 Maturity: 27/11/2020 Retained ES0415306002 Aal €500M Issue date: 11/06/2013 Maturity: 11/06/2018 I Senior Unsecured FRN' ES0315306003 Aal €300M Issue date: 24/11/2006 Maturity: 24/11/2011 1 Amortised Caja Rural de Navarra Investor Presentation | 20#21CAJA RURAL DE NAVARRA Sustainability Strategy Committed to Sustainability 4#22CAJA RURAL DE NAVARRA Sustainability Strategy A Bank Committed to Sustainability • 4/7 SUSTAINABILITY STRATEGY As a cooperative, retail and regional financial institution, Caja Rural de Navarra is highly committed to a long-term engagement with its stakeholders. . The Corporate Social Responsibility Code of Conduct is a guide integrated in Caja Rural de Navarra and its employees' behaviour towards its social and economic environment. Our main goal is to apply some principles and layout the duties that guide Caja Rural de Navarra and its employees' activities, with a long-term strategic view. • Mission Generate a sustainable trust in our clients Involve clients through Caja Rural de Navarra's employees. Develop the Entity's socio- economic environment. Values • Commitment: • Involve employees/clients/ environment in a common project Responsibility/professionalism: Constant improvement to achieve our common goals Closeness and trust: Human touch and solidarity Vision Maintain and reinforce the retail franchise of Caja Rural de Navarra and the Spanish cooperative Caja Rural Group with Caja Rural de Navarra's business culture (human quality / personal service / professional team / modernity) as guideline Caja Rural de Navarra Investor Presentation 22#23CAJA RURAL DE NAVARRA 4/7 SUSTAINABILITY STRATEGY Sustainability Strategy A Bank Engaged with Sustainability The Green Bond Principles The Social Bond Principles • . Caja Rural de Navarra is engaged with ESG agencies and maintains open dialogues and active involvement in international initiatives within the Sustainable Finance development'. Caja Rural de Navarra is committed to CO₂ reduction and it is a member of the Energy Efficient Mortgage Label (EEML)2, which is aimed at fostering energy efficient mortgages (EEM). Caja Rural de Navarra created a dedicated department to promote the renewal of buildings to become a key player in the EU project "A Renovation Wave for Europe"³. Energy Efficient Mortgage Label Br COVERED BONE LABEL SUSTAINABLE DEVELOPMENT GOALS EEFIG ENERGY EFFICIENCY FINANCIAL INSTITUTIONS GROUP https://www.cajaruraldenavarra.com/en/information-investors 2 https://www.energy-efficient-mortgage-label.org/ 3 https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1603122220757&uri-CELEX:52020DC0662 SUSTAINALYTICS DZ BANK SEAL OF QUALITY FOR SUSTAINABILITY Caja Rural de Navarra Caja Rural de Navarra Investor Presentation 23#24CAJA RURAL DE NAVARRA 4/7 SUSTAINABILITY STRATEGY Sustainability Strategy Sustainability goals set against the UN Sustainable Development Goals (SDGs) High-level commitments in terms of sustainability 4 QUALITY EDUCATION 7 AFRDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH Education Renewable energy 9 INDUSTRY, INNOVATION 10 REDUCED INEQUALITIES Economic inclusion 11AINELE CITIES COUNTLES SUSTAINABLE DEVELOPMENT GOALS On 25 Sept. 2015, global leaders adopted a set of 17 global goals to eradicate poverty, protect the planet and ensure prosperity for all as part of a new sustainable development agenda. Each goal includes specific targets to be met in the next 15 years. CRN mapped each of its framework's lines against the UN SDGs. THE BANK MAL OF QUAUTY FOR SUSTAHLABILIT» Caja Rural de Navarra The ESG teams at the head office of German cooperative banking group DZ Bank analysed the full range of sustainability issues affecting Caja Rural de Navarra and awarded it the DZ Bank Sustainability certification with above-average scores in all four areas considered: Economy, Environment, Social and Governance. COVERED BONE LABEL- EeMAP ININGT LABEL EEFIG ENERGY EFFICIENCY Energy efficiency 12 RESPONSIBLE CONSUMPTION AND PRODUCTION Q Social inclusion 15 LIFE ON LAND Waste management Sustainable agriculture Sustainable forestry Social housing, public protection housing In the interest of transparency, in the case of its mortgage covered bonds, Caja Rural de Navarra publishes quarterly analyses of its loan book data following the standards set by the Covered Bond Label, which guarantees transparency to investors and allows easy comparison of results against other labelled entities. Current issues of sustainable mortgage- backed covered bonds are tagged by the EMF-ECBC with the green leaf kitemark. CRN takes part in a range of international initiatives and working groups to develop green finance and to promote energy efficient homes which meet the environmental and social goals set out in the UN Paris Agreement, including stimulating investment and creating employment: • EeMAP-EEMI ("Energy Efficient Mortgage Action Plan- Energy Efficient Mortgage Initiative) • Energy efficient mortgage label ⚫EEFIG ("Energy Efficiency Financial Institutions Group") Caja Rural de Navarra Investor Presentation 24#25CAJA RURAL DE NAVARRA Sustainability Strategy Sustainability Bond Framework 4/7 SUSTAINABILITY STRATEGY As part of its focus on ESG issues, Caja Rural de Navarra created a sustainability framework (the "Framework") for its loan portfolio in order to promote those financing lines that have the greatest social and environmental impact in the regions where the bank is active. These lines are consistent with its commitment to the local social and natural environment. The Sustainability Bond Framework² is fully compliant with ICMA's Green Bond Principles 2022, Social Bond Principles 2022 and Sustainability Bond Guidelines 2022. The Green Bond Principles The Social Bond Principles The Sustainability Bond Guidelines The Framework is regularly reviewed and if necessary updated, since the categories it addresses change, evolving and developing to keep pace with responsible social and environmental practices. The Framework was last updated in 2021 to incorporate the latest developments in sustainability, including bringing it into line with the EU's taxonomy of sustainable activities and with the United Nations Sustainable Development Goals (SDGs)³. According to the latest Sustainalytics Second-Party Opinion (December 2021) Caja Rural de Navarra's udpated Sustainability Bond Framework (December 2021) is credible and impactful and the Green Bond selection criteria are aligned with the Technical Screening Criteria of the EU Taxonomy5. Source: Sustainability Impact Report: www.cajaruraldenavarra.com/en/information-investors 2 Sustainability Bond Framework: www.cajaruraldenavarra.com/sites/default/files/info-inversores/Sostenibilidad/Marco/2021-sustainability-bond-framework-caja-rural-de-navarra.pdf 3 sdgs.un.org/goals 4 SPO (Sustainalytics): www.cajaruraldenavarra.com/sites/default/files/info-inversores/Sostenibilidad/Sustainalytics/crn-sustainability-bond-framework-second-party-opinion-2021.pdf 5 ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance/eu-taxonomy-sustainable-activities_en SUSTAINALYTICS Caja Rural de Navarra Investor Presentation 25#26CAJA RURAL DE NAVARRA Sustainability Strategy Sustainable Bond Overview • Legal Status Caja Rural de Navarra Sustainable Bonds' investors have the same level of protection as regular Bonds' investors. Same legal framework applies (claims against the entire cover pool). • Use of Proceeds Allocated towards lending to projects or activities aligned with Caja Rural de Navarra's internal sustainability principles and Sustainability Bond Framework The projects or activities to be funded must meet Caja Rural de Navarra's Sustainability criteria. Project Evaluation and Selection Process Financial viability of the loans financed through the proceeds evaluated by the Credit Risk department. Alignment with the sustainability eligibility criteria is assessed by the Sustainability Committee. • 4/7 SUSTAINABILITY STRATEGY • Eligible Projects Categories Sustainable agriculture Renewable energy Sustainable forest management • Energy efficiency • Waste management • Affordable housing Education Social and economic inclusion Management of Proceeds 100% of bond proceeds to be allocated to eligible projects or activities at the time of issuance. Sufficient number of existing loans to utilize the entire proceeds of the sustainable bond. Assurance . Reporting Annual disclosure of the allocated proceeds to each eligible category outlined in the framework. Caja Rural de Navarra's Annual Report² audited by an external auditor. Sustainalytics Second-Party Opinion and Caja Rural de Navarra's audited annual report, which includes reporting on the Sustainable Bond. Source: Sustainability Bond Framework: www.cajaruraldenavarra.com/sites/default/files/info-inversores/Sostenibilidad/Marco/2021-sustainability-bond-framework-caja-rural-de-navarra.pdf 2 Annual Report: www.cajaruraldenavarra.com/en/information-investors Caja Rural de Navarra Investor Presentation 26#27CAJA RURAL DE NAVARRA Sustainability Strategy Sustainability Reporting • • Caja Rural de Navarra reports annually on its lending activities' sustainability allocation and impact publishing its Corporate Social Responsibility Report and non-financial reporting statement as well as a detailed impact report assessment covering all the relevant sustainability categories. This reporting, based on the Global Reporting Initiative (GRI), is a transparency exercise aimed at improving our commitment towards our stakeholders and the whole society by managing environmental, social and governance issues in a conscious way. 4/7 SUSTAINABILITY STRATEGY Source: 1 CSR report & Sustainability Impact Report: www.cajaruraldenavarra.com/en/information-investors Caja Rural de Navarra Investor Presentation 27#28CAJA RURAL DE NAVARRA 4/7 SUSTAINABILITY STRATEGY • Sustainability Strategy ESG risk rating Caja Rural de Navarra is among the best performers of its industry according to Sustainalytics' ESG Risk Rating. The whole organisation is subject to Environmental, Social and Governance (ESG) standards that determine the focus, targets and policies of the Bank regarding different aspects of sustainability. Caja Rural de Navarra SCC Regional Banks Spain ESK Risk Rating 9.8 -0.6 Negligible Risk Update Nov 25, 2022 Momentum NEGL 0-10 LOW 10-20 MED 20-30 HIGH 30-40 SEVERE 40+ ESK Risk Rating Distribution 4% 1% 3% Negligible ESG Risk Rating Ranking UNIVERSE RANK PERCENTILE 46% 40% 41% 41% 33% 25% (1st lowest risk) (1st Top score) Global Universe 207/15478 2nd 23% 18% 10% Banks 34/997 4th 11% INDUSTRY 4% 0% Regional Banks 7/396 3rd SUBINDUSTRY Low Med High Severe SUSTAINALYTICS ESG INDUSTRY TOP RATED 3023 Rated P MORNINGSTAR SUSTAINALYTICS Caja Rural de Navarra Investor Presentation | 28#29CAJA RURAL DE NAVARRA Covered Bond Programme Dec 2022 Analysis 5#30CAJA RURAL DE NAVARRA Royal Decree-Law 24/2021 European Directive Transposition' • Transposition of Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 ("the Covered Bond Directive") on the issuance and public supervision of covered bonds via the Spanish Royal Decree-Law 24/2021 (RDL 24/2021), that came into force on July 8, 2022. The Bank of Spain authorised the creation of a Programme of Mortgage Covered Bond issues for the purpose of adapting pre- existing issues of such bonds to comply with the regulations envisaged in RDL 24/2021. The procedure for determining which assets should be included in the cover pool is set out in the Programme and seeks to ensure that the cover pool achieves a minimum threshold of creditworthiness, sufficient granularity and a level of geographical diversification similar to the geographical footprint of the Issuing Bank's business operations. It was also decided to establish a liquidity buffer to help match the average maturities of loans with the maturity of the securities in issue. The Bank of Spain authorised and registered Beka Finance, S.V., S.A. as external cover pool monitor, as required by Article 31 of RDL 24/2021, in accordance with the decision of the Bank's Governing Board taken at its meeting of 25 March 2022. Source: 1www.boe.es/diario_boe/txt.php?id=BOE-A-2021-17910 5/7 COVERED BOND PROGRAMME Caja Rural de Navarra Investor Presentation | 30#31CAJA RURAL DE NAVARRA Royal Decree-Law 24/2021 Key Takeaways • 5/7 COVERED BOND PROGRAMME Common principles It harmonises the different criteria and conditions of issuance of Covered Bonds by credit institutions. Specifies the rules applicable in case of insolvency or resolution, in which the cover pool will be segregated from the company balance sheet to repay bondholders. • • Obligations Establishing a cover pool consisting of assets subject to strict eligibility criteria is mandatory. The total value of the liabilities must be covered by the value of the credit rights on the assets integrating the pool. Having a liquidity buffer of assets of high liquidity to cover the net outflows from the Covered Bond program in the following 180 days. • Valuation Every asset has to go through a validation procedure ahead of being added to the pool and the value should be updated periodically. • Issuers Supervision have to appoint either an external or internal cover pool monitor for each cover pool, dependant on administrative authorisation and registration by Bank of Spain. The programs and the cover pool monitors are also under public supervision by Bank of Spain. A specific Sanctions Regime is created to provide the supervisor the capacity to react to possible infringements of the regulatory provisions. Caja Rural de Navarra Investor Presentation | 31#32CAJA RURAL DE NAVARRA Covered Bonds & Cover Pool Outstanding Covered Bonds & Cover Pool 5/7 COVERED BOND PROGRAMME Outstanding covered bonds Total cover Assets Of which Mortgage loans Of which Liquidity buffer Substitution Assets Overcollateralization (%) - Legal Overcollateralization (%) - Voluntary Overcollateralization (%) - Total Maturity structure (%) 30% 25% 20% 15% 10% 5% € 2,150m € 2,910m € 2,905m € 5m € Om 5% 29.16% 34.16% ..... 0 0-1Y 1-2Y 2-3Y 3-4Y 4-5Y 5-10Y 10-20Y 20-30Y Cover Pool Cover Bonds Caja Rural de Navarra Investor Presentation | 32#33CAJA RURAL DE NAVARRA Outstanding Covered Bonds Overview Outstanding covered bonds Fixed rate covered bonds (%) € 2,150m 100% 5/7 COVERED BOND PROGRAMME ISIN AMOUNT FINANCING MATURITY RATING Maturity profile ES0415306051 €500M Public issue Dec 2023 Aal €500m ES0415306069 €600M Public issue May 2025 Aal €600m ES0415306085 €500M Retained issue Apr 2027 Aal ES0415306028 €50M Private Placement Feb 2029 Aal €500m €50m ES0415306093 €500M Public issue Feb 2029 Aal €500m 2013 2015 2017 2019 2021 2023 2025 2027 2029 European Covered Bond (Premium) As per Article 27.2 of the Covered Bond Directive, covered bonds can be labelled 'European Covered Bond (Premium)' if they meet the requirements laid down in the provisions of national law transposing this Directive and which meet the requirements of Article 129 of Regulation (EU) No 575/2013, as amended by Regulation (EU) 2019/2160 of the European Parliament and of the Council'. Sustainable Covered Bond A covered bond labelled Sustainable Covered Bond is a covered bond that is fully compliant with the Covered Bond Label Convention, and it also includes a formal commitment by the issuer to use an amount equivalent to the proceeds of that same covered bond to (re) finance loans in clearly defined environmental (green), social or a combination of environmental and social (sustainable) criteria. Covered Bond Labelled sustainable covered bond programs are based on their issuer's sustainable bond framework which has been verified by an independent external assessment. Regulation (EU) 2019/2160 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) No 575/2013 as regards exposures in the form of covered bonds. Caja Rural de Navarra Investor Presentation 33.#34CAJA RURAL DE NAVARRA Cover Pool Overview Total cover assets Number of loans Number of borrowers €2,910m 32,930 47,433 Average loan size €88,243 WA LTV (%) 54.63% WA seasoning (months) 78.69 WA remaining maturity (years) 19.20 Average rate (%) 1.87% Floating rate loans (%) 67.97% NPL >90 days (Art 178 lb CRR) 0.07% Other (Art 178 la CRR) 0.43% Loans in Euros (%) 100% Cover Pool Monitor BEKA FINANCE, S.V., S.A. 5/7 COVERED BOND PROGRAMME Caja Rural de Navarra Investor Presentation | 34#35CAJA RURAL DE NAVARRA Cover Pool Analysis Amount €M 6000 4000 2000 O Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Total Jun-20 100% Loan to value (LTV) Residential Dec-20 Jun-21 Dec-21 Commercial -----Covered Bonds Jun-22 Dec-22 80% 60% 40% 20% 0% Dec-17 Jun-18 Dec-18 Jun-19 Total Dec-19 Jun-20 Dec-20 Residential Jun-21 Dec-21 Jun-22 Commercial Dec-22 Current loan balance¹ >1mn 2.79% 500k-1mn 2.33% 300k-500k 4.26% 200k-300k 10.35% 150k-200k 13.44% 5/7 COVERED BOND PROGRAMME 100k-150k 50k-100k 27.07% 30.14% <= 50k 9.62% 0% 5% 10% 15% 20% 25% 30% 35% Loan seasoning 32.82% 35% 30% 25% 20% 15% 19.66% 15.52% 14.64% 10.82% 10% 6.53% 5% 0% <= 12 12-24 24-36 36-60 60-96 >96 Data prior to Jul 2022 (date of entry into force of RDL 24/2021), used as reference portfolio the whole mortgage pool. From Jul 2022 onwards, the reference portfolio is the Cover Pool, as defined by RDL 24/2021. 1 Current Loan Balance calculated on a WA basis Caja Rural de Navarra Investor Presentation 35#36120% 100% 80% 60% 40% 20% 0% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Interest rate type Mar-19 Jun-19 Sep-19 CAJA RURAL DE NAVARRA Cover Pool Analysis Average interest rate Total 3% 3% 2% 2% 1% 1% 0% dic-17 mar-18 jun-18 sep-18 dic-18 mar-19 jun-19 sep-19 dic-19 mar-20 jun-20 sep-20 dic-20 mar-21 jun-21 sep-21 dic-21 mar-22 jun-22 sep-22 dic-22 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Residential Commercial Data prior to Jul 2022 (date of entry into force of RDL 24/2021), uses as reference portfolio the whole mortgage pool. From Jul 2022 onwards, the reference portfolio is the Cover Pool, as defined by RDL 24/2021. Caja Rural de Navarra Investor Presentation 36 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 68% Fixed Floating 32% 5/7 COVERED BOND PROGRAMME#37CAJA RURAL DE NAVARRA Cover Pool Analysis Non performing loans (NPL) 1 4% 5/7 COVERED BOND PROGRAMME 3% 2% 1% 0% Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Geographical distribution Navarre Basque Country La Rioja Other Spanish Regions 2.44% 1 Current Loan Balance calculated on a WA basis. 0% 7.25% Total Residential 43.74% 46.57% 10% 20% 30% 40% 50% Commercial Data prior to Jul 2022 (date of entry into force of RDL 24/2021), used as reference portfolio the whole mortgage pool. From Jul 2022 onwards, the reference portfolio is the Cover Pool, as defined by RDL 24/2021. Caja Rural de Navarra Investor Presentation 37#38CAJA RURAL DE NAVARRA Residential/Commercial Cover Pool Overview Residential Total cover assets Number of loans Number of borrowers Average loan size Interest only loans WA LTV (%) WA Seasoning (months) WA Remaining Maturity (years) WA Rate (%) Floating Rate loans (%) NPL >90 days (Art 178 lb CRR) Other (Art 178 la CRR) 10 largest exposures (%) Residential geographical distribution Navarre Basque Country La Rioja Other Spanish regions Commercial 5/7 COVERED BOND PROGRAMME € 2,574m 30,425 44,520 € 84,628 0.02% Total cover assets Number of loans Number of borrowers Average loan size € 331m 2,505 3,248 € 132,153 Interest only loans 0.11% 57.28% WA LTV(1) (%) 34.03% 79.82 WA Seasoning (months) 69.92 20.51 WA Remaining Maturity (years) 9.00 1.78% WA Rate (%) 2.59% 67.27% Floating Rate loans (%) 73.43% 0.04% NPL >90 days (Art 178 lb CRR) 0.32% 0.22% Other (Art 178 la CRR) 2.08% 0.32% 10 largest exposures (%) 12.38% 44.34% 46.77% 6.62% 2.27% Commercial geographical distribution Navarre Basque Country La Rioja Other Spanish regions 39.04% 45.07% 12.14% 3.75% Caja Rural de Navarra Investor Presentation 38#39CAJA RURAL DE NAVARRA Residential Cover Pool Analysis Residential breakdown by loan size 1 >Imn 0.04% 500k-1mn 0.70% 300k-500k 3.32% 200k-300k 10.40% 150k-200k 14.19% 100k-150k 50k-100k 29.18% 32.36% <= 50k 9.80% 0% 5% 10% 15% 20% 25% 30% 35% Residential breakdown by LTV 25% 21.87% 22.11% 19.63% 20% 17.38% 14.29% 15% 10% 5% Ill 5/7 COVERED BOND PROGRAMME Residential breakdown by property type² 2nd residence 3.34% Others 2.73% 1st residence 93.93% 0.95% 0.79% 0.59% 1.58% 0.43% 0.39% 0% 0-40% 40%-50% 50%-60% 60%-70% 70%-80% 80%-85% 85%-90% 90%-95% 95%-100% 100%-105% >105% 1 Current Loan Balance calculated on a WA basis 2 Category "Others" includes housing Caja Rural de Navarra Investor Presentation 39#40CAJA RURAL DE NAVARRA Commercial Cover Pool Analysis Commercial breakdown by loan size¹ Commercial breakdown by property type² 5/7 COVERED BOND PROGRAMME 40% >2mn 1mn-2mn 500k-1mn 14.15% 10.04% 35% 34.97% 32.24% 30% 14.98% 300k-500k 11.61% 25% 200k-300k 9.99% 20% 16.51% 150k-200k 7.57% 15% 100k-150k 50k-100k 10.60% 12.85% 10% 5% 9.64% 3.67% 2.97% <= 50k 8.20% 0% Retail Industry Others Agriculture Office Land 0% 5% 10% 15% 20% Commercial breakdown by LTV 70% 59.71% 60% 50% 40% 30% 24.10% 20% 11.85% 10% 1.20% 1.82% 0.76% 0.32% 0.00% 0.00% 0.00% 0.23% 0% 0-40% 40%-50% 50%-60% 60%-70% 70%-80% 80%-85% 85%-90% 90%-95% 95%-100% 100%-105% >105% 1 Current Loan Balance calculated on a WA basis 2 Category "Others" includes housing Caja Rural de Navarra Investor Presentation | 40#41CAJA RURAL DE NAVARRA RECE CAROLO IL ANNO MDCCLXXV 6 Caja Rural Group Stronger together#42CAJA RURAL DE NAVARRA Caja Rural Group Main features 6/7 CAJA RURAL GROUP • • • The Caja Rural Group was founded with the clear objective of promoting a private, cooperative-based financial group which currently is one of the leading banking groups in Spain. Combining the efforts of its 30 members and collaborating in a common project, allows them to improve their structures and organisations and guarantee the future development of Spanish cooperative banking, for the benefit of its members and clients. All members of the alliance enjoy a relevant market share in their home regions and develop a similar business model with local focus, no capital markets dependence and no aggressive expansion, adapted to the diverse features of each region. The Group's members join forces and obtain synergies and economies of scale, while remaining independent financial institutions. Wide presence across Spain with its 2,334 branches and 9,296 employees. Financial and balance sheet soundness with total assets of €87.11 billion and €7.28 billion of equity. Source: www.grupocajarural.es/en €6.3 million clients and more than 1.5 million cooperative members. Caja Rural de Navarra Investor Presentation 42#43CAJA RURAL DE NAVARRA Caja Rural Group Institutional Protection Scheme (IPS) • • • • Until end of 2017, the Group had an internal solidarity fund, the purpose of which was to prevent or resolve situations of insolvency or insufficient coverage of legal ratios that might arise for any of the member institutions. In 2018 the members of Caja Rural Group, together with their affiliate companies, agreed on the constitution of the Institutional Protection Scheme (IPS), while still retaining the hallmarks of its identity, including respect for the independence of all members in their the decision-making process. It is the only Institutional Protection Scheme under Article 113.7 of Regulation 575/2013 (CRR) recognised by the Spanish regulatory authorities. It offers an additional level of security: an ex ante solidarity fund, with separate assets and its own legal personality, designed to help members in the event of them requiring financial strengthening and to guarantee their stability. All this without the need to consolidate the balance sheets or mutualising the profits. 6/7 CAJA RURAL GROUP Caja Rural de Navarra Investor Presentation 43.#44CAJA RURAL DE NAVARRA Caja Rural Group Affiliated Entities 100% GRUPO CAJA RURAL RSI 87.98% BANCO COPERATIVO ESPAÑOL 12.02% DZ BANK Die Initiativbank 100% SEGUROS RGA 6/7 CAJA RURAL GROUP Caja Rural de Navarra Investor Presentation 44.#45CAJA RURAL DE NAVARRA Contacts 7#46CAJA RURAL DE NAVARRA Contacts Headquarters and Investor Relations Headquarters Caja Rural de Navarra Plaza de los Fueros,] 31003 Pamplona Navarre (Spain) +34 948 168 100 www.cajaruraldenavarra.com Investor Relations: [email protected] Miguel García de Eulate Martín-Moro Head of Treasury and Capital Markets +34 948 168 198 [email protected] Beatriz Fernández de Arcaya Rotellar Capital Markets - Investor Relations +34 948 168 281 [email protected] 6/7 CONTACTS Caja Rural de Navarra Investor Presentation | 46#47CAJA RURAL DE NAVARRA Glossary Acronyms 6/7 CONTACTS AECR Asociación Española de Cajas Rurales NII Net Interest Income BCE Banco Cooperativo Español NIM Net Interest Margin CET1 Common equity tier 1 NPL Non-performing loans EACB European Association of Cooperative Banks NSFR ECB European Central Bank OECD ESG Environmental, social and governance R&D Net stable funding ratio Organisation for Economic Co-operation and Development Research and Development GDP Gross Domestic Product RDL Royal Decree-Law HQLA High quality liquid asset value RGA Rural Grupo Asegurador IL Impaired Loans RoE Return on equity INE Instituto Nacional de Estadística RSI Rural Servicios Informáticos IPS Institutional Protection Scheme RWA Risk-weighted assets LCR Liquidity coverage ratio SME LTD Loan to deposit SPO LTV Loan to value SREP Small and Medium Enterprises Second-Party Opinion Supervisory Review and Evaluation Process MREL Minimum requirement for own funds and eligible liabilities Caja Rural de Navarra Investor Presentation | 47#48CAJA RURAL DE NAVARRA Disclaimer 6/7 CONTACTS @2023 Caja Rural de Navarra, Sociedad Cooperativa de Crédito. All rights reserved. This document was created exclusively for the purpose of giving corporate presentations by Caja Rural de Navarra. This presentation may only be shown to business and institutional clients. This document may not be modified nor shared with third parties without the express consent of Caja Rural de Navarra. Anyone in possession of this document must be aware and comply with the legal regulations governing the possession and sharing of such information. This presentation may not be shared with nor transmitted to any country with laws restricting the sharing or transmission of such information. In no event will Caja Rural de Navarra, its related corporations, or the employees thereof be liable to anyone for any decision made or action taken in reliance on the information in this document or for any consequential damages. This presentation is exclusively for general information purposes. It does not represent an offer to conclude an agreement on the provision of investment advisory services or the purchase of securities. Where this presentation cites information either not originating from Caja Rural de Navarra or not produced at its request, such information was compiled from sources deemed reliable without being verified. However, Caja Rural de Navarra does not guarantee that such information is complete or correct. Caja Rural de Navarra assumes no responsibility or liability whatsoever for expenses, losses or damage resulting from or in connection with the use of all or part of the information contained in this presentation. Caja Rural de Navarra cautions that this presentation may contain forward looking statements with respect to the business financial condition, results of operations, strategy, plans and objectives of the Caja Rural de Navarra. While these forward looking statements represent our judgement and future expectations concerning the development of our business, a certain number of risks, uncertainties and other relevant factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, Macroeconomic, governmental, political and regulatory trends; (2) movements in local and international securities markets, currency exchange rate and interest rates; (3) competitive pressures; (4) technical developments; (5) changes in the financial position or credit worthiness of our customers, obligors and counterparts. These factors could adversely affect our business and financial performance published in our past and future filings and reports, including those with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores). Caja Rural de Navarra Investor Presentation 48#49CAJA RURAL DE NAVARRA Thank you for your time#50Empty