Bankia S A : Copy of the President´s speech at the 2021 Ordinary General Meeting of Shareholders.

Good morning, dear shareholders.

First of all, I want to thank you again for attending this general meeting, both to all those who are present here and to those following us online.

I would also like to express my gratitude for your understanding of the measures we have been forced to take due to the current health crisis.

That said, it is my honour to appear before all of you once again, dear shareholders.

This is our twelfth general meeting since Bankia was founded and, as is our tradition, we are holding it in Valencia, the city where we are headquartered and for which we feel a special closeness.

This will also be Bankia's last general meeting as an independent entity. Last December, you approved our bank's merger with CaixaBank, without a doubt the most important milestone in Bankia's recent history.

Today I will arrange my presentation in four parts.

• • In the first one, I will give an assessment of the year 2020, paying special attention to the most important advances in the bank's corporate governance.

• • I will then review the completion of our 2018-2020 strategic plan.

  For now I can tell you that we have achieved a large part of the objectives we charted, despite a much more adverse macroeconomic scenario than we anticipated three years ago.

• • Third, I will review Bankia's path from 2012 down to the present.

• • And I will end by sharing with all of you some reflections on the future.

• • After my presentation, our chief executive officer will give an indepth analysis of the 2020 annual accounts

To begin with the evaluation of 2020, this was a year of great complexity.

For one, we have had to face a health crisis that is still affecting us intensely, in the loss of human lives and in economic and social setbacks.

This has been, beyond doubt, one of the most important challenges that we as a society have had to confront in recent years.

This crisis has hit our economy severely despite the support measures that have been implemented.

All sectors of the economy have suffered to a greater or lesser degree the effects of the strict lockdown and its harsh aftermath on consumer spending and investment, as well as the consequences of the great uncertainty as to the course of the disease.

And the banking industry, as a cyclical sector, has not been immune to the pandemic or to its fallout.

The outlook is now more hopeful and, though there may be new surges of contagion, the effectiveness of the vaccines should gradually get us back to normal.

This situation has also changed the financial environment.

The monetary policy reaction to the pandemic crisis has pushed interest rates down into negative territory never seen before.

In fact, the 12-month Euribor at the end of last year stood at -0.50%, and it is clear that we will have negative rates in Europe for a long time to come.

The market is in fact discounting that rates will not return to positive ground in the euro zone until February of 2025.

Also as a result of the pandemic, we have seen during these months how society, our clients, have made great strides in digitisation, a change that is here to stay and that, no doubt, will greatly affect our business model.

Faced with such swift and abrupt change in the conditions of our environment, banks are obliged to summon up a strategic response.

Given these prospects, the board of directors -which had in the past already dedicated several meetings to analysing the sector's consolidation in Spain and the role that Bankia could possibly play in that process- understood that anticipation was a key strategic lever.

Not only does anticipation broaden the options we have, but it also allows us to undertake the integration of the two banks from a stronger financial position.

And that is why the board felt that this anticipation needed to take the form of the search for a partner with whom we could together ensure three key factors:

• • A critical mass to reach economies of scale and thus improve efficiency, while wielding greater capacity for sustained investment in technology and innovation.

• • Greater financial robustness, with a soundly provisioned and well capitalised balance sheet, placing us in position of greater strength to deal with the consequences of the economic crisis.

• • And third, sustainable profitability, thanks to a well balanced business mix and strong capacity to generate revenue from diversified sources.

The result was the proposed merger with CaixaBank, which we presented at the extraordinary general meeting this past December 1st and was approved by you, our shareholders.

As you can see, the challenges we faced in 2020 were not minor.

And those challenges inspired an extraordinary reaction from our bank.