Investor Presentaiton

Navarra is a sustainable region SUSTAINABILITY BOND EXTERNAL REVIEW Sustainalytics conclusion SUSTAINALYTICS The Region of Navarra has developed the Navarra Sustainable Finance Framework, under which it intends to issue sustainable finance instruments, including but not limited to green, social and sustainability bonds, loans, and other instruments, and use the proceeds to fund investments in a range of environmentally and socially impactful projects and programmes. Specifically, Navarra will identify budget areas that are aligned with the Framework's definition of affordable housing, access to essential services (education and healthcare), socioeconomic advancement, employment generation (including through the potential effect of SME financing and microfinance), renewable energy, clean transportation, pollution prevention and control, sustainable water and waste water management, energy efficiency, environmentally sustainable management of living natural resources and land use, climate adaptation, and terrestrial and aquatic biodiversity conservation. The use of proceeds categories specified in the Framework are aligned with those of the Green Bond Principles 2018 and/or the Social Bond Principles 2018. Navarra has described a process by which proceeds will be tracked, allocated, and managed, and commitments have been made for reporting on the allocation and impact of the use of proceeds. Furthermore, Sustainalytics believes that the investments funded by the sustainable finance transactions will contribute to the advancement of many of the UN Sustainable Development Goals. Based on the above, Sustainalytics is confident that Navarra is well-positioned to issue Green, Social or Sustainability Bonds and other Sustainable Finance Instruments, and that the Navarra Sustainable Finance Framework is robust, transparent, and in alignment with the Sustainability Bond Guidelines 2018. 35 Nafarroako Gobernua Gobierno de Navarra

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