Investor Presentaiton

Navarra is a stable region RATING Navarra's rating is higher than the Spanish Government's and the rest of the regions of the common regime Rating 2019 March NAVARRA Moddy's S&P Fitch Rating Outlook Rating Outlook Rating Outlook A+ Positive PAÍS VASCO ARAGÓN CANTABRIA A3 Stable A+ Positive A- Stable BBB Positive BBB Stable MADRID Baa1 Stable BBB+ Stable BBB Stable GALICIA Baa1 Stable A- Positive CANARIAS A- Positive BBB+ Stable ASTURIAS Baa1 Stable WD EXTREMADURA Baa2 Stable BBB Stable ANDALUCÍA Baa2 Stable BBB+ Stable BBB- Stable CASTILLA-LEÓN Baa1 Stable BALEARES BBB+ Positive CATALU A Ba3 Stable NR BB Stable MURCIA Ba1 Stable BBB- Stable VALENCIA Ba1 Stable BB Positive BBB- Stable CASTILLA LA MANCHA Ba1 Stable BBB- Stable LA RIOJA BBB Stable ESPA A Baa1 Stable A- Positive A- Stable 47 Nafarroako Gobernua Gobierno de Navarra

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