Bankia S A : Presentation for analysts and investors about the merger between CaixaBank and Bankia.

CaixaBank + Bankia

Creating value for all stakeholders

18 September 2020

Disclaimer

The information contained in this presentation may not be used as the basis to enter into any contract or agreement and nothing herein constitutes an offer, invitation or recommendation to engage in investment in the shares, or any other financial instrument, of CaixaBank, S.A. ("CaixaBank"), especially in the United States, the United Kingdom, Canada, Japan, Australia or any other country where the purchase and sale of these shares is prohibited under applicable legislation. The distribution of this presentation in certain jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions.

This presentation may include forward-looking statements, projections, objectives, estimates and forecasts which have not been verified by an independent entity, and the accuracy, completeness or correctness thereof should not be relied upon. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words " may,"" will,"" should,"" plan,"" expect,"" anticipate,"" estimate,"" believe,"" intend,"" project," or the negative of these words or other variations on these words or comparable terminology. All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of CaixaBank (which term includes its subsidiaries and investees) and run-rate metrics, are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of CaixaBank, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding CaixaBank's present and future business strategies and the environment in which CaixaBank expects to operate in the future, which may not be fulfilled. Due to such uncertainties and risks, recipients are cautioned not to place undue reliance on such forward looking statements as a prediction of actual results. All forward-looking statements and other statements herein are only as of the date of this presentation.

None of CaixaBank nor any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents, or otherwise in connection herewith, and they do not undertake any obligation to provide the recipients with access to additional information or to update this presentation or to correct any inaccuracies in the information contained or referred to herein. To the extent available, the industry and market data contained in this presentation has come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this presentation come from CaixaBank's own internal research and estimates based on the knowledge and experience of CaixaBank's management in the market in which CaixaBank operates. Certain information contained herein is based on CaixaBank's management information and estimates and has not been audited or reviewed by CaixaBank's auditors. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed for accuracy or completeness and,

as such, should not be relied upon. Certain financial and statistical information contained in the presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

Neither this presentation nor the historical performance of CaixaBank's management team constitute a guarantee of the future performance of CaixaBank and there can be no assurance that CaixaBank's management team will be successful in implementing the investment strategy of CaixaBank. In addition to the financial information prepared under IFRS, this presentation may include certain alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015. An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. CaixaBank believes that there are certain APMs, which are used by the Group's management in making financial, operational and planning decisions, which provide useful financial information that should be considered in addition to the financial statements prepared in accordance with the accounting regulations that applies (IFRS EU), in assessing its performance. These APMs are consistent with the main indicators used by the community of analysts and investors in the capital markets.

The proposed transaction relates to the securities of CaixaBank and Bankia, S.A. ("Bankia"), both companies incorporated in Spain. Information distributed in connection with the proposed transaction and the related shareholder vote is subject to Spanish disclosure requirements that are different from those of the United States. Financial statements and financial information included herein are prepared in accordance with Spanish accounting standards that may not be comparable to the financial statements or financial information of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws in respect of the proposed transaction, since the companies are located in Spain and some or all of their officers and directors are residents of Spain. You may not be able to sue the companies or their officers or directors in a Spanish court for violations of the U.S. securities laws. Finally, it may be difficult to compel the companies and their affiliates to subject themselves to a U.S. court's judgment.

You should be aware that the companies may purchase shares otherwise than under the proposed transaction, such as in open market or privately negotiated purchases, at any time during the pendency of the proposed transaction.

The ordinary shares of CaixaBank have not been and are not intended to be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States of America except pursuant to an applicable exemption from the registration requirements of such Act.

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Contents

I.

Strategic rationale

II.

III.

Proposed transaction: description, impacts & timetable

Key takeaways

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STRATEGIC RATIONALE

The European financial sector is facing important strategic challenges

Impact of the tech revolution

	Low profitability			COVID-19

12-month Euribor and implied rates at 15 September 2020		Real GDP (Spain), % yoy - Bank of Spain scenarios(1)
0.1%						Central scenario	Risk scenario
0.0%								7.3%
-0.1%						2.0%			3.3%
							4.1%
-0.2%								1.9%
-0.3%							-10.5%
-0.4%
-0.5%							-12.6%
Jan-16	Jan-17	Jan-18	Jan-19	Jan-20	Jan-21Jan-22Jan-23	2019	2020E	2021E	2022E

Short-term reaction required: ANTICIPATION

(1) Macro forecasts from Bank of Spain (September 2020).

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