Investor Presentaiton

CAJA RURAL DE NAVARRA SUSTAINABILITY BOND FRAMEWORK Second Opinion This document should not be distributed in the United States or to U.S. persons as defined in Regulation S of the U.S. Securities Act of 1933, as amended Sustainalytics is an independent provider of sustainability research, analysis, and services to investors. Sustainalytics has provided a second opinion on Caja Rural de Navarra's sustainability bond issuance and the bond's environmental and social credentials. The following statements are an extract from Sustainalytics Bond Framework and Opinion. Alignment with best practices SUSTAINALYTICS "Sustainalytics is of the opinion... that the Caja Rural de Navarra's Sustainability Bond Framework aligns with the four core components of the Green Bond Principles 2018, Social Bond Principles 2018 and Sustainability Bond Guidelines 2018". • "Sustainalytics believes that... the use of proceeds categories will contribute to the advancement of the UN Sustainable Development Goals.." Track record and Framework robustness . "Sustainalytics is of the opinion that CRN demonstrates a strong commitment to sustainability with a focus on growing its sustainable lending lines". • "Sustainalytics believes that Caja Rural de Navarra Sustainability Bond Framework is aligned with the Bank's overall sustainability strategy and initiatives of the Company..." "Sustainalytics is confident that... Caja Rural de Navarra Sustainability Bond Framework is robust, transparent...". Sustainability commitments • "Sustainalytics recognizes the Issuer's commitment to robust and transparent reporting on positive outcomes achieved by its financing activities." • "Both the allocation proceeds and impact reporting will be third-party verified. Based on these elements, Sustainalytics considers this process to be in line with market best practices." " • "... CRN is committed to Do No Significant Harm Criteria as outlined by the EU draft taxonomy. Based on these policies, standards and assessments, Sustainalytics is of the opinion that CRN has implemented adequate measures and is well positioned to manage and mitigate environmental and social risks commonly associated with the eligible categories". Source: 1- Second Party Opinion (Sustainalytics). 2020 Credit and Sustainability Framework CRN 33

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