Investor Presentaiton

CAJA RURAL DE NAVARRA 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 OPERATIVE ENVIRONMENT Standard and Poor's rates the regions of Navarre and Basque Country two notches higher than Spain (AA - Vs A). STANDARD & POOR'S RATINGS SERVICES • CITING FOR NAVARRE: • “Our rating on Navarre can be above that of Spain because we estimate that the region's credit characteristics would make it more resilient than the sovereign in a stress scenario." • “Unique taxing powers, skilled financial management, and a sound economy support Navarre's creditworthiness." "Navarre... has unique taxing powers ... Navarre collects taxes and transfers a portion of them to Spain's central government in compensation for the services it provides in Navarre." • “Navarre's economy is wealthier, more competitive and more export oriented than Spain's." • "We believe Navarre's high fiscal autonomy and sound financial management make it more resilient." Source: Standard & Poor's Global Ratings-Research update (27th September 2019) available at www.navarra.es 2020 Credit and Sustainability Framework CRN 23

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