Investor Presentaiton

CAJA RURAL DE NAVARRA 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 OPERATIVE ENVIRONMENT - NAVARRE AND BASQUE COUNTRY 2,0% 1.5% 1,0% 0.5% 0,0% R&D/GDP (4Q18) RIO AST EXT CLM CAN SPAIN: EXPORT AND IMPORT BY REGIONS (4Q18) Exports Imports 50% 40% 30% 20% 10% 0% CAT VAL CYL RIO AND CANT AST כרתו MAD EXT CAN BAL • . Navarre and the Basque Country are the most industrialised and export-oriented regions in Spain. • They also are among those with a highest rate of investment in R&D. • This economic environment positively impacts banking performance. Source: INE; Expansión. 2020 Credit and Sustainability Framework CRN 21

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