Investor Presentaiton

Navarra is a stable region DEFICIT AND DEBT Outstanding Debt evolution (€ Mill) 73,5% Navarra's total financial indebtedness decrease to Total debt YOY 4,000 100,0 % 3628 3461 3445 3322 3136 3197 3,000 2847 2446 55,9% 2,000 44,6% 1691 34,5 % 10855,0% 1.000 868 20,5% 47,0 % €3,445 million at the end of 2018, 5% less than the previous year. 16,4% 10,2% 19% 39% 42% 48% -5,0 % 0 -6,0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Bank of Spain. Data published by the Bank of Spain, in accordance with the Excessive Deficit Procedure (EDP). 41 Nafarroako Gobernua Gobierno de Navarra

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