Investor Presentaiton

CAJA RURAL DE NAVARRA Commercial Cover Pool Analysis Commercial breakdown by loan size¹ Commercial breakdown by property type² 5/7 COVERED BOND PROGRAMME 40% >2mn 1mn-2mn 500k-1mn 14.15% 10.04% 35% 34.97% 32.24% 30% 14.98% 300k-500k 11.61% 25% 200k-300k 9.99% 20% 16.51% 150k-200k 7.57% 15% 100k-150k 50k-100k 10.60% 12.85% 10% 5% 9.64% 3.67% 2.97% <= 50k 8.20% 0% Retail Industry Others Agriculture Office Land 0% 5% 10% 15% 20% Commercial breakdown by LTV 70% 59.71% 60% 50% 40% 30% 24.10% 20% 11.85% 10% 1.20% 1.82% 0.76% 0.32% 0.00% 0.00% 0.00% 0.23% 0% 0-40% 40%-50% 50%-60% 60%-70% 70%-80% 80%-85% 85%-90% 90%-95% 95%-100% 100%-105% >105% 1 Current Loan Balance calculated on a WA basis 2 Category "Others" includes housing Caja Rural de Navarra Investor Presentation | 40

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