Investor Presentaiton

110 100 90 80 70 60 50 40 CAJA RURAL DE NAVARRA OPERATIVE ENVIRONMENT - SPAIN 30% 25% 20% 15% 10% 5% 0% 2001 2002 UNEMPLOYMENT 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CONSUMER CONFIDENCE INDICATOR Source: INE, CIS. 1 2019 data as of September 2019. 2020 Credit and Sustainability Framework CRN 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 GDP 5% 3% 1% -1% -3% -5% 2001 Positive macro developments trends in Spain. 25 20 15 10 5 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 COST PER HOUR WORKED¹ Reforms of labour markets and restructuration of the financial sector. 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 18

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