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Investor Presentaiton

Navarra is a stable region DEFICIT AND DEBT Refinancing risk 50% 40% 30% 20% 16.8% 8.8% 10% 24.5% 32.3% 40.6% The degree of concentration of the investment portfolio is reduced, because the payment obligations of the debt are distributed with relative linearity. 5 years 0% 2 years 3 years 4 years 1 year Source: Government of Navarra. 46 Nafarroako Gobernua Gobierno de Navarra

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