Investor Presentaiton

www. Fiscal dynamics in 2023 The decrease in current transfers received -due to the SII-VAT disbursement in the first quarter of the previous year- and the increase in non-financial expenses, specifically with the employee remuneration item, resulted in a deficit of (-0.16% Y.o.Y) compared to the slight surplus (0.03% Y.o.Y) recorded in the same period of the previous year. AIReF expects Madrid to reach a balanced budget in 2023. Deficit evolution by Autonomous Regions as a % of GDP *Year-on-year change in non-interest income and expenditure to Mar-23 (%) ■March 2022 ■March 2023 0,8 CVA -0,3 BAL.0,8 -0,4 MUR 80- -0.1 CLM -0,4 MAD 110'0- -0,2 0,00 CAT -0,2 TOTAL ■ 0,03 -0,2 CAN 0,04 0'0 AND z'o -0,1 ARA 0,2 -0,2 CYL 0,2 0,0 EXT 0,3 -0,2 PVA 0,3 0.2 CNT 0,3 -0,1 RIO 0,3 0,0 GAL 0,4 0'0 AST 0,5 0,3 NAV 0,0 9'0- Source: Ministry of Finance -5,3% -4,1% ARA AND CLM -1.7% -1.5% MAD RIO -1,0% 1.3% CAT Yo.Y. non-financial 1,4% expenses (%) EXT 1,5% MUR 2,7% TOTAL 5,3% ■Y.o. Y non-financial income (%) GAL 5,3% CAN CNT 5,7% 6.4% CVA PVA 8.4% 8.6% BAL CYL 10,1% 12,3% AST -0,1 0.0 0,1 24,8% 0,2 0,3 NAV 0,4 0.5 *Note: Data obtained from the budget execution of the Autonomous Regions as of January 2023. 24

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