Investor Presentaiton

Navarra is a sustainable region SUSTAINABILITY BOND EXTERNAL REVIEW SUSTAINALYTICS Second-Party Opinion Navarra Sustainable Finance Government of Navarra Evaluation Summary Sustainalytics is of the opinion that the Navarra Sustainable Finance Framework is credible and impactful, and aligns with the Sustainability Bond Guidelines 2018. This assessment is based on the following: USE OF PROCEEDS The eligible categories for the use of proceeds are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that projects within the four specified social areas and the eight specified environmental areas to have positive environmental or social impacts and to advance the UN Sustainable Development Goals. PROJECT EVALUTION / SELECTION Navarra has established an Interdepartmental Commission, consisting of representatives from all government departments, to select eligible sections of the General Budget for financing under the Framework. Sustainalytics considers this to be in line with market practice. MANAGEMENT OF PROCEEDS Navarra will use its internal systems to track the proceeds, and intends to allocate funds from each sustainable finance instrument to budgetary programmes within the same fiscal year. Pending allocation, funds will be temporarily invested in any form of cash, liquidity position or time deposits within banks or other forms of available short-term liquid investments. Sustainalytics is of the opinion that this process is in accordance with market practice. REPORTING The government of Navarra commits to providing allocation and impact reporting to investors within one year from the date of any Sustainable Finance instrument and, afterwards, annually until the net proceeds have been fully allocated. Allocation reporting will be provided at the category level, while impact reporting will include quantitative and qualitative outcomes of financed projects. Sustainalytics is of the opinion that this process is in accordance with market practice. SECOND-PARTY OPINION Evaluation date Issuer Location April 12, 2019 Pamplona, Spain Report Sections Introduction. 2 Sustainalytics Opinion. Appendices .3 11 For inquiries, contact the Sustainable Finance Solutions project team: Joshua Zakkai (Amsterdam) Project Manager [email protected] (+31) 20 205 00 79 Zach Margolis (Toronto) Project Lead [email protected] (+1) 647 695 4341 Jean-Claude Berthelot (Amsterdam) Client Relations [email protected] (+31) 20 205 00 15 Sustainalytics Navarra has hired Sustainalytics to provide a Second Party Opinion on Navarra Sustainable Finance Framework. Sustainalytics has reviewed the Sustainable Finance Framework and its alignment with the four pillars of the Green Bond Principles, Social Bond Principles, the Sustainability Bond Guidelines 2018 and the Green Loan Principles. The Second Party Opinion, as well as the Sustainable Finance Framework hereof, will be published and will make available for market information on the website of Navarra. 34 Nafarroako Gobernua Gobierno de Navarra

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