19 June 2023

We appreciate your interest regarding CAF activities.

First of all, please let us clarify we did respond to Justice for Myanmar within the deadline they indicated. Our answer was literally the following:

“We appreciate your interest regarding CAF activities but, as a quoted Company and also considering the nature of the data, we unfortunately cannot share any of the information requested on such specific detail.

Nevertheless, please note that the ethical principles that govern CAF's actions in the market are consistent with international standards, which is especially important in companies like CAF with global operations. The Regulatory Compliance or Corporate Compliance System comprises all the rules of the Internal Regulatory System, formal procedures and material actions that are intended to guarantee the CAF Group's actions in accordance with ethical principles and applicable legislation, and to prevent unethical or unlawful conduct, or conduct that contravenes the Internal Regulatory System, committed by the professionals within the organisation.

The CAF Group's Human Rights Due Diligence procedure is another example of the CAF Group's priorities and ethical approach in the way it conducts its business. In line with this corporate procedure, all potential projects (defined as any business activity) must be systematically evaluated in advance so that the CAF Group can ensure that its participation does not give rise to a breach of Human Rights, either through its own activities or as a direct result of its operations, or due to the sale of its products or the services provided. At the same time, the possible existence of international sanctions is checked on a general basis.

Following the application of the internal procedures established regarding Due Diligence, no Human Rights or international sanctions violations arising from the CAF Group’s involvement in Myanmar (or any other project) have been detected.

For more information you can find our Sustainability report published in our corporate website: https://www.caf.net/upload/accionista/Informe-Sostenibilidad-2022_EN.pdf “

As you can see, the public information provided by CAF is very detailed concerning our Due Diligence related to Human Rights and international sanctions Compliance (cf. pages 100 to 105 of 2022 Sustainability report). On the other hand, most of the information requested was confidential and not public.

You can also find attached the public inside information disclosure concerning the project, which was sent to the Spanish market authority (Comisión Nacional del Mercado de Valores) when the contract was awarded. It contains several details about the project.

As previously mentioned, CAF has followed all of its Corporate Compliance procedures and has given special attention to comply at all times with the limitations set by international sanctions (which have been updated many times since the beginning of the project), without facing any legal or ethical breach to this date.