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Investor Presentaiton

Navarra is a stable region DEFICIT AND DEBT Average life and average cost of new operations annually 31/12/2018 14 ■Average life 12.3 11.5 12 Average cost 10.0 9.2 10 9.2 8 6.2 6 4.8 4.4 4.6 3.3 4 1.8 1.6 1.6 1.3 2 0 2012 2013 2014 2015 2016 2017 2018 Source: Government of Navarra. Every year since 2013, with more than nine years of maturity, the average cost of new debt has been reduced constantly. 45 Nafarroako Gobernua Gobierno de Navarra

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