Barclays Global Conference

New York 13th September 2016

COLOUR SCHEME Disclaimer

This document has been prepared by Bankia, S.A. (“Bankia”) and is presented exclusively for information purposes. It is not a prospectus and does not constitute an offer or recommendation to invest.

This document does not constitute a commitment to subscribe, or an offer to finance, or an offer to sell, or a solicitation of offers to buy securities of 53 Bankia, all of which are subject to internal approval by Bankia. 38 26 Bankia does not guarantee the accuracy or completeness of the information contained in this document. The information contained herein has been obtained from sources that Bankia considers reliable, but Bankia does not represent or warrant that the information is complete or accurate, in 185 particular with respect to data provided by third parties. This document may contain abridged or unaudited information and recipients are invited to 200 consult the public documents and information submitted by Bankia to the financial market supervisory authorities. All opinions and estimates are given 0 as of the date stated in the document and so may be subject to change. The value of any investment may fluctuate as a result of changes in the market. The information in this document is not intended to predict future results and no guarantee is given in that respect.

138 This document includes, or may include, forward-looking information or statements. Such information or statements represent the opinion and 205 expectations of Bankia regarding the development of its business and revenue generation, but such development may be substantially affected in the 222 future by certain risks, uncertainties and other material factors that may cause actual business development and revenue generation to differ substantially from our expectations. These factors include i) market conditions, macroeconomic factors, government and supervisory guidelines, ii) 144 movements in national and international securities markets, exchange rates and interest rates and changes in market and operational risk, iii) the 128 pressure of competition, iv) technological changes, v) legal and arbitration proceedings, and vi) changes in the financial situation or solvency of our 47 customers, debtors and counterparties. Additional information about the risks that could affect Bankia’s financial position, may be consulted in the Registration Document approved and registered in the Official Register of the CNMV. 206 201 Distribution of this document in other jurisdictions may be prohibited, therefore recipients of this document or any persons who may eventually obtain 161 a copy of it are responsible for being aware of and complying with said restrictions.

This document does not reveal all the risks or other material factors relating to investments in the securities/ transactions of Bankia. Before entering into any transaction, potential investors must ensure that they fully understand the terms of the securities/ transactions and the risks inherent in them. This document is not a prospectus for the securities described in it. Potential investors should only subscribe for securities of Bankia on the basis of the information published in the appropriate Bankia prospectus, not on the basis of the information contained in this document.

2 / September 2016

COLOUR SCHEME Challenging environment The banking industry is facing profitability challenges

53 38 12M euribor Profitability under pressure 26 Low interest rates -200pbs 185 since Jan 2012 Spanish banks ROE (%) 200 0 %

138 205 -2.8% Gross Loans to 222 Low asset Businesses (ex developer) 144 June 15-March 16* 128 growth 47 -2.1% Household Loans June 15-June 16 206 201 161 High From the boom (2004-08) until 2015 capital has source: Bankia Research regulation grown massively (+69% for Spanish banks)

*latest available data

3 / September 2016

COLOUR SCHEME After deep adjustments is now registering solid macro improvements The macro environment is helping to strengthen banks’ balance sheet …

53 GDP Growth 38 26 Strong GDP growth above EMU and above expectations at ~3% for 2016 and ~2.5% for 2017 SPAIN 185 EMU

200 (%) 0 Unemployment rate down -27% since peak

138 (-1.34 million) Growth 205 222

144 Increase in house prices for 9 consecutive quarters 128 (+9.9% since bottom) 47 Unemployed population 206 The number of tourists at record levels mn 201 161 during Jan-Jul 2016 reaches 42.4 million (+11.1% vs same period in 2015) 4.85 4.70 4.45 4.09 NPLs following the good macro evolution 3.70 (-37% since December 2013) DEC 2012 DEC 2013 DEC 2014 DEC 2015 AUG 2016 sources INE, Mº Empleo, Bank of Spain and Bankia Research Source: Ministry of Employment

4 / September 2016

COLOUR SCHEME Profitability in the Spanish industry

Challenges ahead … for the industry* … …and for Bankia  Low interest rates  Low interest rates 53 38  Mortgage floors  Fixed income portfolios 26 Total Revenues  Fixed income portfolios 185 200  Equity stakes contribution 0  Trading income 138 205 222 …puts the focus on the “lower part” of the P&L to increase profitability……

144 128 61.0% recurrent C/I ratio 50.5% recurrent C/I ratio 47 Operating Costs 206 1.52% NII+fees-opex / RWAs 1.90% NII+fees-opex / RWAs 201 161

82 bps Cost of Risk 24 bps Cost of Risk Cost of Risk 2Q16 2Q16

*Weighted average figures for the biggest 6 banks in Spain excluding Bankia. Santander and BBVA include Banking and Real Estate activity in Spain.

5 / September 2016

COLOUR SCHEME Bankia Levers

1 2

53 38 COMMERCIAL 26 EFFICIENCY 185 200 STRATEGY 0

138 4 205 222 PROFITABILITY 144 3 5 128 47

206 ASSET 201 SOLVENCY 161 QUALITY

6 / September 2016

COLOUR SCHEME 1 COMMERCIAL STRATEGY Our Continued increased customer …contributes positively to business Values satisfaction… performance 53 38 CLOSENESS Net new credit 26 Mystery shopping – Bankia vs. sector Credit cards (units) 4x cards vs 1H15 185 7.58 +203,799 1H 2016 7.28 200 7.5 0 New net direct 6.61 7.10 Direct income income deposit (units) +4.5% 138 6.5 6.01 6.03 6.74 in stock deposits vs Dec 15 205 6.29 +113,151 1H 2016 222 SIMPLICITY 5.55 5.88 Sector Bankia 5.5 144 2012 2013 2014 2015 2T16 New consumer loans 128 Source: STIGA mystery customer satisfaction study 47 Consumer € 702mn 1H 16 Customer satisfaction index loans 1H 16 vs 1H 15 206 86.5% +29.6% 201 161 TRANSPARENCY 82.4% 80.2% New loans Micro- 77.3% enterprises & €1,651mn 1H 16 self-employed DEC 2013 DEC 2014 DEC 2015 JUN 2016 +7.2% 1H 16 vs 1H 15 Source: STIGA customer satisfaction study

7 / September 2016

COLOUR SCHEME 1 COMMERCIAL STRATEGY

Lending to targetLoans sectors outstanding continueswithout portfolio salesto (grow€bn)

53 Outstanding gross loans performance (ex portfolio sales (1)) Outstanding gross loans performance (ex portfolio sales (1)) 38 Consumer + Businesses (€bn) Consumer + Businesses (€bn) 26 Businesses performance 185 Consumer performance Consumer + Businesses (ex developer) (ex developer) 200 0 +2.5 % 138 205 222 +14.7% 144 +9.2% 128 47 38.1 +1.6% 37.1 37.8 206 201 -2.8% 161 Bankia Sector Bankia Sector JUN 15 DIC 15 JUN 16 JUN 16 vs JUN15 JUN 16 vs JUN 15 JUN 16 vs JUN15 MAR 16(2) vs JUN 15

(1) Portfolio sales include non-performing and substandard loans (2) Latest data available (1) Portfolio sales include non-performing and substandard loans

8 / September 2016

COLOUR SCHEME 1 COMMERCIAL STRATEGY Multi-channel strategy

53 Giving better service and gaining in efficiency and productivity 38 26 Out-of-branch % Transactions TRANSACTIONS transactions from mobile phone 185 200 90.7% 24.2% 0 vs. 89.7% in Dec 15 vs. 18.7% in Dec 15

138 Digital customers/ 205 Multi-channel customers/ Total customers 222 CUSTOMERS Total customers 35.2% 14.7% 144 vs. 31.5% in Dec 15 vs. 13.8% in Dec 15 128 47 CONNECT WITH “Connect with your Business volume 206 expert” users managed 201 YOUR EXPERT 161 156,090 €7.7bn +49.5% vs Dec 15 + 71.6% vs. Dec 15

Consumer Pension plans DIGITAL SALES loans +54.6% +32.8% 1H16 vs. 1H15 1H16 vs. 1H15

9 / September 2016

COLOUR SCHEME 2 EFFICIENCY Bankia’s leading position

Cost to Income Ratios Operating Expenses / RWAs 53 38 % % Recurrent Cost Income * 26 Cost to Income 2Q16 Bankia Sector 2Q16 185 200 46.5% 54.1% 50.5% 61.0% 2.01% 2.96% 0 - 95 pbs 138 - 765 pbs - 1,055 pbs 205 222

144 128 47

206 201 161 2Q16 2Q16 BANKIA SECTOR* BANKIA SECTOR*

*Weighted average cost to income ratio for the biggest 6 banks in Spain excluding *Weighted average ratio or the biggest 6 banks in Spain excluding Bankia. Santander Bankia. Santander and BBVA include Banking and Real Estate activity in Spain. and BBVA include Banking and Real Estate activity in Spain.

Lower Opex/RWAs represents up to 5p.p. in ROE*

*Calculated assuming equity CET1 of 12.5% and Post 30% tax rate (95pbs/12.5% CET1 * 70%)

10 / September 2016

COLOUR SCHEME 3 STRONG ASSET QUALITY Positive trend in NPL reduction initiating a sharp drop in Cost of Risk NPLs and foreclosed assets Jun16-Dec14 NPAs evolution Jun16-Dec14 % 53 € bn Bankia -0.5 -4.8 -5.3 Bankia -26% 38 26 Peer 1 +0.4 -5.4 -5.0 Peer 1 -19%

Peer 2 +0.4 -5.0 -4.5 Peer 2 -18% 185 200 Peer 3 +0.7 -4.0 -3.2 Peer 3 -10% 0 Peer 4 -0.4 -0.9 -1.3 Peer 4 -4% Peer 5 -2% 138 Peer 5 +2.3 -3.1 -0.8 205 -30% -25% -20% -15% -10% -5% 0% 222 Peers include: BBVA, Caixabank, Popular, Sabadell and Santander. Santander and BBVA include Banking and Real Peers include: BBVA, Caixabank, Popular, Sabadell and Santander. Santander and BBVA Estate activity in Spain include Banking and Real Estate activity in Spain 144 NPL Coverage RE exposure 128 Cost of Risk evolution pbs 47 +895pbs 6.6x 82 74 206 60 201 60.8% 5.7% 161 51.9% 43 0.9% 24

(2) 2Q 16 SECTOR(1) 2Q 16 SECTOR 2013 2014 2015 2Q 16 SECTOR(3)

1 Sector weighted average 2Q16 of the biggest 6 banks in Spain excluding Bankia. Santander and BBVA include Banking and Real Estate activity in Spain. Source: semiannual accounts; 2 Same perimeter, Spanish businesses exposure to developers as a % of gross loan book. Source: semiannual accounts 3 Same perimeter, average figure

11 / September 2016

COLOUR SCHEME 4 PROFITABILITY Bankia ahead of its peers

53 Managing the profitability levers …allows Bankia to be ahead of 38 26 in today’s environment… peers in profitability

185 200 ROE June 2016 0 Pressure on Gross Margin 138 8.2% 3.8% 205 222 4.4 p.p. 144 Best in class 128 47 b Cost to Income Ratio

206 201 161 Low Bankia Peers* b  Cost of Risk *Aggregated ratio for the domestic peers: Sabadell, Caixabank and Popular

Bankia has proven to be well positioned in the current environment with a higher return on equity than peers average

12 / September 2016

COLOUR SCHEME 5 SOUND CAPITAL POSITION

BFA-Bankia Results of 2016 stress test 53 38 26 2018 Adverse Phase In 2018 Adverse Fully Loaded 9.58% 185 10.64% 9.22% 200 0 9.36% 8.13% 8.61% 138 205 222

144 128 47 BFA-Bankia Spain Average Europe Average BFA-Bankia Spain Average Europe Average

206 201 161

Higher results than Spanish and European average in the Stress test

13 / September 2016

COLOUR SCHEME 5 SOUND CAPITAL POSITION

Robust solvency position, allowing the distribution of cash dividends

53 TBV PER SHARE PERFORMANCE 38 CET 1 BIS III Fully Loaded (JUN 13 – JUN 16) 26 + 158 bps % 185 + 23 bps y/y 200 y/y 0 Bankia 19%

138 12.89% Bank 1 1% 205 11.37% 222 -3% Bank 2

144 -25% Bank 3 128 47 -27% Bank 4 206 201 -38% Bank 5 161 -50% -40% -30% -20% -10% 0% 10% 20% 30% (1) BANKIA PEERS Banks include: BBVA, Caixabank, Popular, Sabadell and Santander Data as of June 2016

Confortable position to fulfill new regulatory requirements

(1) Aggregated ratio for the domestic peers: Sabadell, Caixabank and Popular. Popular 2016E CET1 FL of 10.8% as disclosed by the Company.

14 / September 2016

COLOUR SCHEME Conclusions

A challenging environment requires a solid starting point…

53 38 26 …where cost efficiency is a necessary condition to offset negative 185 headwinds impacting total revenues 200 0

138 205 222 …where a reduced cost of risk is going to be a key lever for higher than

144 average return on equity 128 47

206 201 161 …and with a solid Capital position, allowing dividend payments in spite of increasing regulatory requirements

…in order to continue generating value for our shareholders

15 / September 2016 Investor Relations [email protected]