Investor Presentaiton

Anex Our procedure. Issues and loans Authorizations required Authorization from the Government of Navarre. Authorization from the Central Government (only in case of issues and non-EU credits if Navarre has complied with the target established by Central Government Financial institutions: national and international Regular contact is maintained with national and international banks Every time we need funds, we send an email to all our contacts with our preferences: amount and maturity We admit and take into consideration offers with other characteristics Normally we send the email on Monday and offers must be sent on Wednesday-Thursday In line with our financial strategy, we decide on the same day the offers selected Pricing On the same day, the pricing time is fixed with the financial institutions Contact is made by telephone, connected online with screens of Bloomberg. The transaction is priced in accordance with the offer based on the Treasury references, fixing the issue price and the coupon Documents Only for issues: -We apply for the ISIN code to the CNMV and for the admission of trading to the Bank of Spain. -The "Orden Foral" with the authorization must be published in BON before the settlement. The settlement usually takes place on Friday next week. Contract must be signed before settlement

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