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Investor Presentaiton

Navarra is a stable region DEFICIT AND DEBT Average life and average cost of portfolio 31/12/2018 44 00 8 7.3 7 6.5 6.0 5.8 5,8 6 Average life Average cost 6.1 6.2 6.0 5.5 4.9 4.9 4.6 5 4.4 4.4 4 3.8 3.7 3.7 4 3.5 3.4 2.9 3 2.5 2.2 2.0 2 1 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Government of Navarra. Growing funding needs in the credit crunch scenario led to a reduction of the average life of the debt portfolio. However, since 2013 average life has increased 31%, meanwhile average cost has reduced 47% in the same period. Nafarroako Gobernua Gobierno de Navarra

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