Investor Presentaiton

Aaa Aal Aa2 Aa3 Al A2 A3 Baal Baa2 Baa3 nov-07 dic-08 dic-10 2020 Credit and Sustainability Framework CRN oct-11 SPGB feb-12 jun-12 AAA AA+ AA AA- A+ A A- BBB+ BBB dic-01 dic-12 CRN dic-03 dic-04 feb-14 dic-14 dic-06 dic-08 may-10 oct-11 ene-12 SPGB dic-16 CAJA RURAL DE NAVARRA Issuer rating (Fitch / Moody's) Covered Bond rating (Moody's) FITCH CAJA RURAL DE NAVARRA - FINANCIAL HIGHLIGHTS dic-12 abr-14 dic-14 dic-16 CRN MOODY'S abr-18 dic-19 ene-18 dic-19 Fitch Ratings RATINGS 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 BBB+ (negative)/ Baal (stable) Aal MOODY'S • CRN is among the very few Spanish banks having retained investment grade ratings by both Moody's and Fitch throughout the financial and sovereign crisis. . • Past rating downgrades were always carried out as a result of sovereign downgrades and the application of the rating agencies methodology in terms of country ceiling. 8

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