#1Covered Bonds Investor Presentation Successful track record since 1999 m Bank Hipoteczny#2Investment Highlights mBank Group & mBank Hipoteczny mBank Group - 5th largest banking group in Poland in terms of assets. Well capitalized & liquid universal bank, recognized domestically and internationally as a mobile banking icon mBank Hipoteczny - longest (23 years) track record of covered bond issuance in the Polish capital market with the equivalent of ca. EUR 1.3 bn of covered bonds already outstanding placed on local and international market Mortgage covered bonds - rated Aal by Moody's Investors Service: equal to the Polish sovereign rating & 6 notches above the issuer rating Covered bonds as a part of mBank Group Green Bonds Framework – refinancing tool for green residential mortgages Polish economy & real estate market The inflationary turmoil in Poland is increasingly turning into stagflation The real estate market in Poland experienced a sharp decline in the last year Strong covered bond legal framework updated in July 2022 with the implementation of the Covered Bonds Directive into Polish law Growing covered bond market, offering European investors diversification and access to attractive exposures Covered Bonds Investor Presentation 2#3◉ mBank Group overview Key performance mBank Hipoteczny role in mBank Group Strategy Covered Bonds Investor Presentation 3#4mBank Group in a snapshot General description Set up in 1986, mBank is Poland's fifth largest universal banking group in terms of total assets and it keeps the fifth position by net loans and deposits at the end of June 2022. Servicing 4.55 million retail clients and 32.7 thousand corporate clients in Poland and more than 1.04 million retail clients in Czech Republic and Slovakia. The offer includes retail, SME, corporate and investment banking as well as other financial services such as leasing, factoring, commercial real estate financing, brokerage, wealth management, distribution of insurance, corporate finance and advisory in the scope of capital markets. Profitable and efficient business model, operating with C/I ratio at 43.0% in H1 2022. Well-capitalized bank with a strong funding profile and balanced business mix between retail and corporate segments. Attractive client base supporting market share development. Rated 'BBB' by Standard & Poor's and 'BBB-' by Fitch. Listed on the Warsaw Stock Exchange since 1992, a member of WIG20, WIG30, WIG, WIG-Banki, WIG-ESG, WIG-Poland index. A strategic shareholder, Germany's Commerzbank, owns 69.21% of mBank's shares. In line with its ESG strategy, mBank Group intends to conduct the business in accordance with the principles of sustainable development (we want to educate, take care of the climate and the environment and promote prosperity). Sustainalytics ESG Risk Rating -,,BBB" Key financial mBank Group data (PLN mn) Total income Net profit Cost/Income ratio Total Assets 2018 145,781 Net loans 94.766 2019 158,353 104,980 2020 2021 178,872 199,539 108,567 118,055 2021 HỒ 2022 HỒ 198,471 204,397 116,241 126,257 Deposits 102,009 116,661 Equity 15,171 16,153 137,699 16,675 159,935 156,584 164,014 13,718 16,694 13.378 5,080 5,524 5,867 6,111 2,982 4,333 1,303 1,010 104 (1,179) 426 742 42.6% 42.2% 41.1% 40,2% 41,8% 43.0% 0.78% 0.79% 1.19% 0,76% 0,70% 0.76% Return on Equity (ROE) (net) 9.4% 6.6% 0.6% (7.2%) 5.1% 10.9% Tier 1 ratio 17.5% 16.5% 17.0% 14.2% 15.2% 13.9% Total Capital 20.7% 19.5% 19.9% 16.6% 17.6% 16.4% Ratio NPL ratio 4.8% 4.5% 4.8% 3.9% 4.4% 3.8% 62.5% 60.7% 58.3% 53.1% 58.3% 54.6% Cost of risk NPL coverage ratio Main product lines RETAIL BANKING Modern financial services for: Mass market, CORPORATE AND FINANCIAL MARKETS Fully fledged offering: Corporate banking Transactional banking Investment banking • • . • • Affluent Private banking clients Entrepreneurs Brokerage Poland Czech Republic and Slovakia • Leasing Factoring Clients 5,586 k Clients 32.7 k Covered Bonds Investor Presentation Source: mBank Group Consolidated Financial Statements 2022 H1 4#5From a specialized corporate bank to a large universal bank Brief history mBank Group's market shares in Poland 1986 Founding of Bank Rozwoju Eksportu (Export Development Bank) as a joint-stock company 1992 1994 1995 2000 2001 2007 2013 2017 2018 2020 2021 8.2% 7.6% 9.0% 7.7% 6.9% Debut on the Warsaw Stock Exchange An agreement on strategic partnership singed with Commerzbank AG The bank launches its Private Banking Bank starts operations in the retail banking segment, launching, in just 100 days, mBank - the first Internet bank in Poland Bank launches its second retail arm, MultiBank, brick-and- mortar bank aimed at servicing demanding and affluent clients Foreign expansion of bank's retail operations, first outlets established in the Czech Republic and Slovakia Launch of new mBank transactional platform; rebranding of the Group under mBank name Establishment of mAccelerator - a fund aimed at investing in FinTech start-ups Strategic partnership with the Great Orchestra of Christ-mas Charity (WOŚP); e-commerce services via mElements Adjustment of processes and offer innovations during the Covid- 19 pandemic; systematic increase of Renewable Energy Sources (RES) financing mBank Group adopted new strategy for 2021-2025 titled,,From an icon of mobility to an icon of possibility" total assets of the sector loans deposits leasing factoring non-financial sector Composition of total income of mBank Group Treasury and Other 4.2% Corporate and Investment Banking 37.5% 58.3% Retail Banking Covered Bonds Investor Presentation Total income: PLN 4,333.4 mn in H1 2022 Source: mBank Group Consolidated Financial Statements 2022 H1 5#6Client base and market position of retail and corporate banking Number of retail clients (k) mBank only, without Kompakt Finanse Market shares - Households closing of inactive 9.0% current deposits 0% accounts with arrears 5.3% term deposits 5,685 924 5,604 5,662 959 1,003 5,514 5,586 1,027 1,038 8.2% 8.3% 8.3% 7.8% 7.5% 8.2% 7.9% 7.0% 7.6% 7.4% 6.5% 7.2% 4,761 4,646 4,659 4,487 4,548 6.4% 6.4% 7.0% mortgage loans 8.8% RETAIL BANKING 6.7% 6.1% 6.5% 2018 2019 2020 2021 mBank CZSK 2022 HT mBank PL Loans non-mortgage loans 7.3% 06/18 12/18 06/19 12/19 06/20 12/20 06/21 12/21 06/22 Deposits Number of corporate clients Market shares - Enterprises +8% 11.4% 29,083 26,476 [2,193 7,520 23,706 2,319 8,211 [2,358] 8,862 32,664 31,315 [2,240] [2,272] 9,740 10,200 10.5% 9.9% 11.7% 11.7% 10.7% 9.4% 9.5% 9.0% 8.6% 8.6% 8.8% 13,993 15,946 17,863 19,303 20,224 8.4% 8.5% 8.2% 8.3% 6.5% 7.9% CORPORATE BANKING 2018 Κι 2019 2020 K2 2021 2022 HT K3 06/18 12/18 06/19 12/19 06/20 12/20 06/21 12/21 06/22 Deposits Loans Note: Corporate clients split: K1 - annual sales over PLN 1 B and non-banking financial institutions; K2 – annual sales of PLN 50 M to PLN 1 B; K3 - annual sales below 50 M and full accounting. Source: mBank Group Consolidated Financial Statements 2022 H1 Covered Bonds Investor Presentation 6#7mBank remains a front-runner in mobile banking adoption Number of active users of mBank's mobile application (k) by the share +140 #1 of mobile users in total active customer base mBank CZSK mBank PL +1,992 3,100 2,960 2,577 385 372 2,128 303 1,670 234 by the number 1,329 185 967 148 2,588 2,714 #2 of mobile app users among Polish banks 2,274 113 1,895 1,484 1,181 854 2016 2017 2018 2019 2020 2021 06/22 Number of active users of mBank's services in Poland (k) monthly active users (MAU) +373 +85 2,677 2,868 3,049 3,135 Growing importance of digital channel in daily banking share of digital channel active users of BLIK (individual clients) in the sale of non-mortgage loans (by number of pieces) share of processes in retail banking area initiated by of which: mobile +108 the clients in digital channels +21.0 pp +683 81% 78% 79% 79.2% 75.8% 1,513 74% 1,404 67.5% 54.8% 1,065 721 52% 42% 27% 33% 2019 2020 2021 06/22 2019 2020 2021 06/22 2019 2020 2021 06/22 2019 2020 2021 06/22 Note: Active user is a client who in a given month performed at least one of the following actions: logging in to the mobile application, internet banking or trusted profile (ePUAP), initiated a transfer or card transaction. Covered Bonds Investor Presentation 7#8Development of best digital banking services for corporate clients First-class digital banking offer for companies entirely digital onboarding process, with no in-person contact and printouts required advanced mBank CompanyNet transactional system, allowing for high level of personalization remote access and constant control via enhanced mBank CompanyMobile application Administrator Centre for self-managing user permissions and authorisation schemes electronic sending of documents, signing of agreements mAuto.pl online platform with an offer of new and used cars, financed Auto by leasing or long-term rental mBank was named "World's Best Corporate/Institutional Digital Bank in CEE 2020" by Global Finance magazine Development of complete solutions for e-commerce segment paynow online payment processing solution (BLIK, pay-by-link, card) and a core of mBank's offering for e-commerce merchants (SME and corporate clients) Developed to provide a delightful digital shopping experience for the customer and the merchant quick and easy integration with merchant's online shop high processing capacity, especially for peaks in payment volumes (up to 200 transactions per second) convenient management through mBank's transactional service or panel adapted to mobile devices extended for new services, e.g. recent Mass Collect for corporate clients paynow Choose payment method BLIK Enter 6-digit code from the phone Card payment Enter data from the card Online transfer Choose the bank and pay blik T↓ Covered Bonds Investor Presentation 8#9mBank Group's historical performance: Profit and Loss Account Total Income & Margin (PLN mn) Total Costs & C/I ratio (PLN mn) Trading and other NFC NII BFG Material and other Personnel 2.6% 2.7% 2.3% 2.1% 2.1% 3.3% 42.6% 42.2% 41.1% 40.2% 41.8% 43.0% CAGR CAGR +4% +6% 6,111 2,329 2,411 2,457 +50% 5,867 +45% 5,524 2,164 7 117- 5,062 251 -349 256 298 227 180. 1,863 590 1,271 1,508 1,890 4,333 976 2,982 1,153 1,031 1,054 1,138 1,159 637 1,245 153 178 921 636 3,496 4,003 4,009 4,104 568 3,188 1,908 952 1,019 975 1,071 499 591 -8 2018 2019 2020 2021 2021H1 2022H1 2018 2019 2020 2021 2021H1 2022H1 Loan Loss Provisions & Cost of Risk (PLN mn) 0.78% 0.79% CAGR +8% 1.19% 0.76% 0.70% 0.76% 1,293 +18% 879 794 694 393 463 2018 2019 2020 2021 2021H1 2022H1 Net Profit & Return on Equity (PLN mn) 9.4% 6.4% 0.6% (7.2%) 5.1% 10.9% -190% +74% 1,303 1,010 742 426 104 -1,179 2018 2019 2020 2021 2021H1 2022H1 Note: A drop of net profit in 2020 and 2021 caused by the provisions for legal risk related to the FX mortgage loans. Covered Bonds Investor Presentation Source: mBank Group Consolidated Financial Statements 2022 H1 9#10Results of mBank Group: Loan loss provisions and cost of risk Net impairment losses and fair value change on loans (PLN mn) mBank Group's cost of risk, by segment (bps) 98 -15% 289.8 0.5 -27% 268.5 0.8 89 80 76 69 89 70 76 76 66 62 139 228.4 0.2 83.2 195.7 165.3 195.0 3.7 0.8 102 100.5 €9.9 74.6 77.2 85 76 2.8 67 70 69 669 65 7.0 64 61 174.6 124.8 122.7 129.7 109.9 Q2/21 Retail Banking: -5.3 Q3/21 -5.6. Q4/21 at amortized cost Corporate & Investment Banking: Q1/22 Q2/22 Q2/21 Q3/21 Q4/21 at fair value at amortized cost at fair value mBank Group's cost of risk: Retail loan portfolio quarterly Corporate loan portfolio Q1/22 Q2/22 YtD Covered Bonds Investor Presentation 10#11mBank Group's historical performance: Balance Sheet Total Assets (PLN bn) CAGR +9% +2% Equity & Total Capital Ratio (PLN mn) 20.99% 20.69% 19.46% CAGR -1% 19.86% 16.58% 16.31% -2% 199.5 204.4 178.9 145.8 158.4 14,292 15,171 16,153 16,675 13,718 13,378 131.4 2017 2018 Total Gross Loans (PLN bn) CAGR +8% 2019 2020 2021 2022H1 2017 2018 2019 2020 2021 2022H1 Total Deposits (PLN bn) +7% CAGR +12% +3% 129.9 121.2 108.2 112.2 0.1 159.9 0.6 164.0 1.9 0.2 97.8 0.4 0.2 116.7 137.7 0.5 87.4 10.6 75.8 102.0 0.9 1.3! 73.2 91.5 60.0 66.0 0.7 112.4 109.9 37.9 52.9 1.2 98.0 34.6 77.7 65.9 48.1 44.2 47.8 46.0 47.8 54.0 55.7 35.3 38.1 39.2 46.8 52.2 2017 2018 2019 2020 2021 2022H1 2017 2018 2019 2020 2021 2022H1 Public sector Individual clients Corporate clients Public sector Individual clients Corporate clients Covered Bonds Investor Presentation 11#12mBank Group's historical performance: Balance Sheet Structure of mBank Group's total assets (PLN bn) Structure of mBank Group's liabilities and equity (PLN bn) 208.2 208.2 204.9 204.4 204.9 204.4 198.5 199.5 23.7 19.0 25.7 20.9 10% 198.5 16.7 199.5 16.5 13.6 7% 13.4 13.7 [6.9] 5% 8.2 9.4 22.0 -2.6- [6.5 2.6- 6.8-2.5 15.5 2.6 2.7.1% 13.7 13.4 12.2 6% 13.1 47.2 45.2 22% 47.4 52.7 46.2 1% 1.2=2.0 =1.3 1.7 1.0=1.7- =1.1=2.01% 0.6=2.0 80% 164.1 159.9 164.7 164.0 156.6 119.7 126.6 116.2 118.1 123.4 62% 9.8 14.4 7.2 6.8 06/21 09/21 12/21 03/22 8.5 06/22 4% 1% 2.8; 06/21 2.6 3.4 2.1 2.7 09/21 12/21 03/22 06/22 Amounts due from banks Loans and advances to customers Trading securities Derivative financial instruments Investment securities Other assets Covered Bonds Investor Presentation Amounts due to other banks Amounts due to customers Debt securities in issue Subordinated liabilities Other liabilities Equity (total) Source: mBank Group Consolidated Financial Statements 2022 H1 12#13Results of mBank Group: Capital ratio and liquidity position mBank Group's Total Capital Ratio The impact of negative bond valuation on capital ratios amounted to -0.11 p.p. QoQ (including mitigation factor). mBank's NSFR and LCR Group's LCR: 184% +3.22 17.55% 2.37% 17.51% 260% 236% 2.32% 16.58% 2.42% 16.39% 15.92% 2.46% 2.45% 203% 187% 13.17% 173% 2.53% 155% 149% 152% 140% 135% 15.18% 15.19% 14.16% 13.47% 13.93% 10.64% 06/21 09/21 12/21 03/22 06/22 minimum requirement PLN bn 97.6 99.9 95.7 94.0 93.8 as of 06/22 xx.x Total risk exposure amount (TREA) Tier 1 capital ratio Tier 2 Covered Bonds Investor Presentation Basel III requirement ≥100% 06/21 74.2% 09/21 72.9% 12/21 03/22 06/22 73.8% 74.9% 77.2% XX.X% Loan-to-deposit ratio of mBank Group Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) 13#14ESG is well embedded in mBank Group's strategy Responsibility for climate P By 2050 we will become a fully climate-neutral bank. By 2030 we will reach climate neutrality in scope 1 and 2. Our goal is to reduce own environmental footprint of mBank Group and to be a leading bank supporting energy transition of our clients by: using clean energy, developing data aggregation system for direct emissions, replacing mBank's fleet with low- emission vehicles, eliminating paper providing PLN 10 bn of funds for RES segment, granting PLN 25 bn of eco-mortgage loans in Poland, promoting ESG-compliant investment products Responsibility for being an organization in line with ESG values We walk the talk. We first accomplish and then communicate. We build corporate culture based on values and incorporate ESG into our daily life. Our goal is to introduce ESG factors into business and employee processes by: setting 10% of top managers' objectives related to ESG preserving a gender diversity in the recruitment implementing Taxonomy in processes; cooperating with partners and suppliers fulfilling ESG standards Covered Bonds Investor Presentation Responsibility for financial health of our clients We support customers in safe and convenient banking as well as making conscious financial decisions. Our goal is to take care of good financial standing and future of our clients by: developing the personal finance management (PFM) functionalities to give clients the control over their budgets and support in preparation for life events continuing educational campaigns on cybersecurity conducting responsible sale, transparently presenting the risks associated with specific financial products Responsibility for society We will contribute to social well-being. We will be a responsible corporate citizen. We will take care of our employees and their families. Our goal is to act for the financial and non-financial benefit of the society by: supporting mathematical education in Poland cooperating with the Great Orchestra of Christmas Charity (WOŚP) and being its sponsor creating a collection of paintings by young artists UN environment finance programme initiative Principles for Responsible Banking As the first Polish bank, mBank has independently signed the Principles for Responsible Banking. ESG Risk Rating by Sustainalytics 14.8 (low risk) as of 02.05.2022 MSCI ESG Rating 1 BBB as of February 2022 Bloomberg GEI Gender-Equality Index WIG-ESG index on WSE in Poland 1 please see the webpage for disclaimer statement 14#15◉ mBank Hipoteczny overview Key performance The impact of economic turmoil Covered Bonds Investor Presentation 15#16mBank Hipoteczny overview and role in Group strategy mBank Hipoteczny is a specialised credit institution (mortgage bank) authorised to issue covered bonds under Polish law. m Corporate structure Bank Hipoteczny mBank COMMERZBANK Immediate Parent 100% Ultimate Parent 69.21% mBank Hipoteczny has been issuing covered bonds since 2000, when it was the first bank to introduce mortgage covered bonds to the post-war Polish capital market, restoring their importance and place after 50 years of absence. Outstanding publicly traded covered bonds issued by the Bank as of 2022 H1 are PLN 6.06 bn, represent 33.1% market share in the covered bond market in Poland. mBH strategic objectives for 2019-2022 are the following: 1 Covered Bonds 2 Scale of assets 3 Cost efficiency Providing long term funding for mBank Group by issue Covered Bonds to: diversify of the funding sources improve long-term liquidity in the Group adaption to the NSFR requirements Development of retail mortgages portfolio and CRE loans in close cooperation with mBank, i.e. assuming that origination will be executed by mBank's sales forces both: ■ in the retail (since Q2 2017) and ■ commercial real estate (since 2019) area. The Bank's strategy assumes that the foundation of its operations will be to obtain long-term in the most cost- effective business model possible. ■ The Bank is leveraging synergies related to IT systems and processes within the Group Covered Bonds Investor Presentation 16#17mBank Hipoteczny - specialised credit institution Brief history 1986 1999 Founding of Bank Rozwoju Eksportu (Export Development Bank) as a joint-stock company RHEINHYP-BRE Bank Hipoteczny SA setup (later mBank Hipoteczny) as a joint venture of BRE Bank S.A. and RHEINHYP Rheinische Hypothekenbank AG. Increasing share of EUR Polish Covered Bond issuess (all Polish issuers) 70 60 50 40 2000 First issue of mortgate covered bond in Poland (after 1945) 30 2003 First listed covered bond in Poland 20 First issue of public covered bonds 2007 2014 59.5% 15Ycovered bonds longest maturity in Polish market history. Introduction of pooling model First fixed-rate covered bonds in PLN in Polish market history 10 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Outstanding Polish mortgage covered bonds currency (PLN mn) 18.32 2016 1 bn PLN biggest covered bonds issue in Polish market history 2017 300 mn EUR inaugural issue of covered bonds under International Programme EUR 11.03 9.88 2018 2020 Adjustment of processes and offer during the COVID-19 pandemic. Systematic increase of Renewable Energy Sources funding 6.06 7.39 3.40 PLN 7.30 1.98 Introduction of loans with a fixed interest rate for individual clients 2.66 0.23 0.40 2.49 1.75 0.40 2021 Total market MBH PKO BH Pekao BH ING BH Covered Bonds Investor Presentation Data based on NBP fx rate as of 30.06.2022 Data source: Financial statements of ING Bank Hipoteczny, mBank Hipoteczny, Pekao Bank Hipoteczny, PKO Bank Hipoteczny 2022 H1 17#18mBank Hipoteczny: Key financials Summary of Key Financials: Profit and Loss Accounts (PLN mn) in PLN M 2018 2019 2020 2021 2021H1 2022H1 - NII Net Interest Income 176.3 186.1 167.6 139.7 70.5 54.9 Decrease in the net interest income compared to the first half of 2021 by 22.13% - NFC Net Fee & Commission (2.5) (8.2) (6.4) (7.8) (3.5) (4.6) Income NFC Trading and other income (5.2) (0.1) (2.5) (3.6) (0.4) 27.7 Total income ¹) 168.6 177.8 158.6 128.3 66.7 78.0 Total costs ²) (63.6) (66.5) (62.6) (64.7) (36.5) (39.1) LLP Loan Loss Provisions (16.71) (20.00) (42.32) (2.40) (0.54) (12.21) Impairment provisions provide adequate security against potential losses resulting from credit risk Operating result 88.3 91.3 53.7 61.2 29.6 26.6 Taxes on the balance sheet (27.6) (32.2) (31.3) (31.1) (15.3) (15.7) Profit before income tax 60.7 59.1 22.4 30.2 14.3 10.9 Net profit 41.2 37.1 4.9 18.8 7.8 5.4 Cost/Income Ratio 36.78% 36.81% 38.94% 50.76% 55.42% Net Interest Margin (NIM) 1.44% 1.40% 1.27% 1.08% TCR 16.25% 18.23% 19.22% 18.73% 1.10% 18.63% Cost of Risk LLP 0.19% 0.19% 0.38% 0.17% 0.17% 49.18% 0.90% 18.68% 0.38% The financial result was greatly influenced by decrease in commercial portfolio and increased prepayments in the retail portfolio Despite a significant increase in public burdens, the cost to income ratio slightly decreased compared to the first half of 2021 ROE Return on Equity (gross) 5.85% 4.95% 1.77% 2.37% 2.26% 1.71% 1) total income (defined as net interest income + net fee and commission income + net trading income + other operating income - other operating expenses) 2) total cost (overhead costs + amortisation and depreciation) Covered Bonds Investor Presentation Source: Financial Statement of mBank Hipoteczny SA for 2022 H1 18#19mBank Hipoteczny performance: Profit and Loss Account Development of Total Income (PLN mn) & Net Interest Margin Development of Total Costs (PLN mn) & C/I ratio 1.44% 1.40% 1.27% -8.7% 177.8 168.6 158.6 128.3 1.08% 1.10% 0.90% 36.78% 36.81% 38.94% 50.76% 55.42% 49.18% +0.6% Trading and Other Income 66.5 63.6 62.6 64.7 6.8 +17% Net Fee and 16.7 11.8 +7% 13.4 BFG and taxes and fees Commission 176.3 186.1 78.0 30.7 39.1 23.0 36.5 Staff-related costs 167.6 66.7 139.7 27.7 Net Interest Income 26.0 22.9 10.8 12.1 Material costs 16.6 70.5 54.9 22.4 16.6 11.3 12.6 Amortisation and 16.9 7.8 (2.5) 5.2) (8.2 (0.1) 7.4 2018 2019 (6.4) 2020 2.5) (7.8) 3.6) (3.5 (0.4) (4.6) 3.8 6.9 9.8 13.3 depreciation 6.7 7.0 2021 2021H1 2022H1 2018 2019 2020 2021 2021H1 2022H1 Loan Loss Provisions (PLN mn) & Cost of Risk 0.19% 0.19% 0.38% -47.6% 42.3 0.17% 0.17% 0.38% +2 147.9% Net Profit (PLN mn) & Return on Equity 4.95% 5.85% 1.77% 41.2 37.1 -23.0% 2.37% 2.26% 1.71% -31.6% 20.0 16.7 18.8 12.2 2.4 2018 2019 2020 2021 0.5 2021H1 2018 2019 4.9 2020 2021 7.8 2021H1 5.4 2022H1 2022H1 Source: Financial Statement of mBank Hipoteczny SA for 2022 H1 Covered Bonds Investor Presentation 19#20mBank Hipoteczny performance: Assets & Liabilities Structure of Assets (PLN mn) Structure of Liabilities (PLN mn) +1.6% 12,168 56 12,386 275- 13,188 240 12,869 12,982 13,155 211 248 267 12,168 12,386 13,188 237 12,869 124 12,982 13,155 131 1,222 791 732 753 1,277 ,069 48 197 126 65 234 247 1,268 1,290 1,264 1,194 Other 1,056 1,086 Other 49 37 Investment securities Derivative financial instruments 7,438 7,043 7,870 8,857 7,951 7,604 Loans and advances 11,628 11,318 11,608 11,917 10,767 10,931 to customers Equity Debt securities in issue Amounts due to customers Amounts due -4. 3. from banks ·3 Amounts due to other banks Cash and balances 3,830 3,180 3,501 3,981 4,371 2,817 with the central bank 19 58 14 323: 153 2017 2018 2019 2020 2021 92 2022H1 2017 2018 2019 2020 2021 2022H1 Total Gross Loans (PLN mn) 11,628 10,767 10,931 201 143 131 11,318 115 11,608 92! 11,917 -94 Public sector loans & other receivables 1,056.4 5,860 6,195 7,500 Loans to 3.8 8,346 9,137 9,726 Individual clients 317.9 1,085.9 5.5 345.7 Equity (PLN mn) and TCR 15.79% 16.25% 18.73% 18.68% 18.23% 19.22% 1,267.5 1,290.2 1,264.3 1,193.6 0.1 382.8 17.9 387.7 406.5 411.9 Other Retained earnings Loans to corporate clients 884.6 884.6 884.6 884.6 Share capital 734.7 734.7 4,705 4,592 3,997 2,857 2,380 2017 2018 2019 2020 2021 2,096 2022H1 2017 2018 2019 2020 -26.9 2021 -102.9 2022H1 Covered Bonds Investor Presentation Source: Financial Statement of mBank Hipoteczny SA for 2022 H1 20#21Well diversified and stable balance sheet Structure of Assets (PLN mn) 2% Fixed rate in 2021 H1 13,155 Securities Derivatives 753 65 Structure of Liabilities (PLN mn) 13,155 96 Notes Fixed 9% EUR 13% EUR 30% Fixed 26% Mortgage loans 9,726 Float 89% PLN 87% Float 64% PLN 70% 7,342 Covered Bonds 4,371 Amounts due to other banks Public sector loans 60 CRE/RRE loans 2,204 Amounts due from banks Other assets 193. 154 .Zero... USD Zero 10% Total Equity 1,194 Other liabilities and provisions 152 2% 0% 2022 HI 2022 H Covered Bonds Investor Presentation 21#22Debt securities issued Debt financial instruments by type (nominal value, PLN mn) Debt financial instruments by currency (nominal value, PLN mn) CAGR +2.2% 8,077 9,152 515. Short-term 9,152 EUR notes 6,696 01 33300 7,873 -260- 7,584 -160- 8,077 PLN 7,457 195 7,873 Long-term notes 7,584 7,457 6,696 4,572 Mortgage CB 3,402 45.6% 8,637 (public + private offer) 2,361 4,198 3,964 3,402 7,447 7,613 7,424 6,696 7,362 54.4% 4,336 4,675 4,580 3,675 3,620 4,055 2017 2018 2019 2020 2021 2022H1 Maturity of debt financial instruments by type (nominal value, PLN mn) 800 2022 1,450 2,860 2017 2018 2019 2020 2021 2022H1 EUR Mortgage Covered Bonds PLN Mortgage Covered Bonds PLN Notes 310 600 225 95 117 201 100 2023 2024 2025 2026 2028 2029 Covered Bonds Investor Presentation 22#23Covered bonds ◉ mBank Hipoteczny issuances track record Ratings Covered Bonds Investor Presentation 23#24mBank Hipoteczny on Covered Bond Market Outstanding covered bonds by issuer and mBH distribution (PLN mn, by currency and interest rate) - as of 2022 H1 6,062 6,062 2,785 TOO.0% ING BH 700 2,2% m (0,40) 80.0% mBH issuance of private and public covered bonds 2017 - 2022 (PLN mn, by year) - as of 2022 H1 - PLN Private placement - EUR Mortgage Covered Bonds PLN Mortgage Covered Bonds - 2,660 PLN 2,660 Float MBH 1,714 585 33,1% 60.0% 1,504 (6,06) 53,9% 40.0% 1,404 PKO BH (9,88) 700 10,8% 3,402 EUR 3,402 Fixed 1,500 1,404 600 (1,98) 20.0% 600 700 310 100 Pekao BH 0.0% mBH covered bonds maturity profile (PLN mn, by currency) 2017 2018 2019 2021 2022H1 8,000 800 6,000 1,450 310 117 4,000 2,000 O 2022 2023 Covered Bonds Investor Presentation 2024 2,860 2025 225- 600 700 2026 2027 100 2028 EUR Mortgage Covered Bonds - - PLN Mortgage Covered Bonds PLN Private placement 201 2029 Data based on NBP fx rate as of 30.06.2022 Data source: Financial statements of ING Bank Hipoteczny, mBank Hipoteczny, Pekao Bank Hipoteczny, PKO Bank Hipoteczny 2022 H1 24#25mBank Hipoteczny on International Covered Bond Market General Programme Terms and Conditions Security Type Issue Type Distribution PLN and EUR mortgage loans Soft Bullet / Conditional Pass-Through Private public placement 26 April 2018 - inaugural covered bond sub-benchmark transaction with a EUR 300 mn ■ ☐ 12 November 2019 - successfully returned to the syndicated covered market again with a EUR 300 mn 7 years tenor Fixed (1.073%) MS + 42bps pricing implies new issue premium 2.7 oversubscribed book 60 real money investors participating 5 years tenor Fixed (0.242%) MS + 43bps pricing implies new issue concession 3.4 oversubscribed book 70 real money investors participating Interest rate Currency Coupon Fixed / Floating Multi currency Annual, Act/Act ICMA Maturity Up to 30 years Programme size Up to EUR 3.0 bn Rating Aa2 (Moody's Investors Service) Commission de Surveillance du Secteur Base Prospectus approval Financier, Luxembourg (CSSF) Investors Clearing Listing Listing Agent Fiscal & Paying Agent Governing law Financial Institutions Euroclear / Clearstream Luxembourg Stock Exchange Deutsche Bank Luxembourg S.A. Deutsche Bank Aktiengesellschaft Polish Law Covered Bonds Investor Presentation Allocation by Region (all issues) Allocation by Investor Type (all issues) Govt/Agencies Others 8.0% Pension Funds 0.5% 12.0% CEE France/BeNeLux 6.0% 2.0% Switzerland 4.0% 3.0% Austria 12.0% 54.0% Germany 52.5% Banks 27.0% Asset Manager 19.0% Nordics 25#26Issuance Activity Currency PLN Issue date 2015-02-20 EUR 2015-02-25 250.0 PLN 2015-04-15 11.0 EUR 2015-04-24 50.0 EUR 2015-06-24 500.0 PLN 2015-09-17 255.0 PLN 2015-12-02 300.0 PLN 2016-03-09 50.0 EUR 2016-03-23 50.0 PLN 2016-04-28 100.0 PLN 2016-05-11 13.0 EUR 2016-09-28 35.0 EUR 2016-10-26 24.9 EUR 2017-02-01 500.0 PLN 2017-09-29 1,000.0 PLN 2017-10-11 100.0 EUR 2017-10-30 300.0 EUR 2018-04-26 Summary of Mortgage Covered Bonds public issued in 2015-2022. Data as of 2022 H1. Amount (mn) 200.0 20.0 Maturity date Tenor (yr) Coupon WIBOR 6M+78bps Fixed (1.135%) MS + 5bps WIBOR 6M+87bps Fixed (1.285%) MS + 85bps EURIBOR 3M + 69bps WIBOR 3M + 110bps WIBOR 3M + 115bps WIBOR 3M + 120bps EURIBOR 3M + 87bps Fixed (2.91%) MS + 112bps Fixed (2.91%) MS + 112bps Fixed (1.18%) MS +90bps Fixed (1.183%) MS + 80bps Fixed (0.94%) MS + 46bps WIBOR 3M + 75bps WIBOR 3M + 82bps Fixed (0.612%) MS + 40bps Fixed (1.073%) MS + 42bps 2022-04-28 7.2 2022-02-25 7.0 2023-10-16 8.5 2025-04-24 10.0 2020-06-24 5.0 2020-09-10 5.0 2021-09-20 5.8 2021-03-09 5.0 2021-06-21 5.2 2020-04-28 4.0 2020-04-28 4.0 2026-09-20 10.0 2026-09-20 9.9 2024-02-01 7.0 2022-09-10 5.0 2023-09-15 5.9 2022-06-22 4.6 2025-03-05 6.9 300.0 PLN 2018-06-22 2024-06-10 6.0 WIBOR 3M + 58bps 10.0 PLN 2018-10-11 2024-06-10 5.7 WIBOR 3M + 58bps 100.0 PLN 2019-02-22 2028-12-20 9.8 WIBOR 3M + 80bps 300.0 EUR 2019-11-12 2025-09-15 5.9 Fixed (0.242%) MS + 43bps Note: Additional issues: Private placement 2016: EUR 70 mn and PLN 400 mn; 2017: PLN 300 mn and PLN 400 mn; Private placement 2021: PLN 100 mn and PLN 500 mn; 2022: PLN 500 mn and PLN 200 mn Covered Bonds Investor Presentation 26#27Covered Bonds rating among Polish issuers Moody's/Fitch / S&P Ratings as of 30.08.2022 relation to sovereign rating m mBank -/BBB-/BBB -/Negative/Developing mBank Hipoteczny Moody's Fitch S&P Baa2 ... BBB ... BBB relation to issuer rating Poland Long Term Country ceiling Mortgage Covered Bonds 1 Aal/-/- Baal/-/- +6 Stable/-/- Pekao SA Mortgage Covered Bonds A2/BBB+/BBB+ Stable/Negative/Stable Pekao BH -/A-/- -/Negative/- -/BBB+/- -/Negative/- +1 PKO Bank Polski A3/-/- Stable/-/- PKO Bank Hipoteczny ¦ +5 +5 +5 Mortgage Covered Bonds Aal/-/- A3/-/- Stable/-/- ING Bank Hipoteczny | ING Bank A3/-/- A2/A+/- Mortgage Covered Bonds Aal/-/- Stable/-/- Stable/Stable/- +5 +5 A2 Al Aa3 Aa2 Aal г- A A+ AA- AA AA+ A A+ AA- AA AA+ Baal A3 BBB+ A- BBB+ A- Covered Bonds Investor Presentation 27#28Cover pool ■ General loan portfolio overview ◉ Retail and commercial real estate in cover pool. Covered Bonds Investor Presentation 28#29mBank Hipoteczny quality of the loan portfolio mBank Hipoteczny NPL ratio significantly below the market level (%) 5.70 3.80 4.34 -1.36 pp 446 2.30 -1.94 0.60 -1.70 pp Characteristics of the retail portfolio eligible for pooling Financing the purchase of real estate located in Poland ⚫ LtV at the transfer date does not exceed 100% First rank joint contractual ordinary mortgage on all property pledged as collateral • The remaining term of the loan over 3 years Suitable internal rating PLN denominated loans Polish Banks mBank Group Total NPL Ratio (non-fin) mBank Hipoteczny • No delays and defaults Residential ML NPL Ratio mBank Hipoteczny NPL by business lines (%) mBank Hipoteczny Cost of Risk LLP by business lines (bps) Total NPL Ratio (non-fin) Total Cost of Risk LLP 2.99% 3.59% 3.45% 3.22% 4.71% 4.34% 20 19 19 38 17 38 18,97 19,28 143 CRE ML 113 80 CRE ML 10,22 8,65 7,62 6,23 38 42 50 50 0,15 0,31 0,39 0,53 0,46 0,60 2 1 3 2017 2018 2019 2020 2021 2022 HT 2017 2018 2019 2020 2021 Covered Bonds Investor Presentation 8 2022 HI Source: Management Board Report mBank Hipoteczny S.A. 2022 H1 29#30- mBank Hipoteczny assets origination – retail mortgages Pooling model Transfer of existing residential mortgage loan portfolio from mBank for its refinancing with mortgage Covered Bonds. Based on framework agreement on acquiring portfolios of mortgage loans, introduced in 2014 as pioneer transaction of the mortgage transfer on the Polish market. Transfer is based on comprehensive model of cooperation between mBH and mBank: Borrowers Mortgage collateral Mortgage loan Cash Flows mBank Mortgage loans origination After pooling: ✓ after-sale services ✓ maintaining customer relationship (no changes from the customer perspective) Sale of loans portfolio Mortgage collateral re- registration Bank Hipoteczny Refinance by covered bonds Purchase price (pooling facility) Pooled loans portfolio Covered Bonds investors Cash Flows The target level of the newly originated portfolio of residential assets at mBank S.A. meeting the pooling criteria is to amount to over 90%. The inclusion of both primary and secondary market transactions in the transfer process with its cyclical nature is aimed at a systematic increase in the value of the mortgage loan portfolio of mBH. The process of transferring mortgage loans assumes transfer of assets to mBH on regular basis. Covered Bonds Investor Presentation 30 30#31mBank Hipoteczny assets origination - commercial real estate Origination Origination model assumes of mBank Hipoteczny participate in syndicate model commercial real estate loans organised by mBank or by purchasing loan assets from mBank - commercial pooling model. Cover pool eligibility mBank Hipoteczny acquires via commercial pooling and syndicate model loans for refinancing existing, completed CRE properties. Those loans are transferred directly to cover pool. Risk Management credit All decisions on the bank's exposure will be made by mBH, based on its independent credit risk analysis. mBH will no longer grant loans to developers, which will reduce risk profile by removal of construction phase risk. Financed projects by type 44.4% 29.6% 11.8% Total 2.16 bn PLN 5.7% 4.5% 1.8% 1.3% 0.9% Shopping Offices Commercial Hotel centre premises Mixed use Warehouse Other Housing development Covered Bonds Investor Presentation Characteristics of funded projects Duration of the loan for commercial real estate is up to 21 years Commercial loans denominated in EUR and PLN 25% of the total investment cost is the minimum own funds of the borrower Security features required by the Bank includes: • . • mortgage entered in the first place in the Land and Mortgage Register maintained for the financed real property special purpose vehicle's a specially created structure dedicated to the specific project - scope of its operation is limited to activities related to its ownership and management assignment of rights from insurance against fire and other perils for real estate which is the subject of credit or the registered pledge on those rights Source: Management Board Report mBank Hipoteczny 2022 H1 31#32Well diversified mixed high-quality cover pool COVERED BOND LABEL HTT 77% - Residential ML WA LtMLV - 75.9% Number of loans 32,062 Cover pool assets residential and CRE mortgages + substitute assets + derivatives 125 9,358 Cover pool Receivables (PLN, USD, EUR) + substitute assets + derivatives Covered bonds outstanding all issues + overcollateralisation 9,358 9,358 114 114 125 775 Overcollateralisation Actual, non-committed 25.4% Regulatory minimum at 10% Covered bonds potential PLN 775 mn 1,221 Internal OC 15% Average size PLN 0.25 mn 10 largest exposures - 0.2% NPLS - 0.1% PLN Residential loans 7,869 PLN Mortgages 8,237 Covered Bonds 3,960 23% CRE loans WA LtMLV - 62.5% Number of loans 118 Average size PLN 10.59 mn 10 largest exposures - 26.9% NPLs 0.00% Covered Bonds Investor Presentation CRE loans EUR USD 13 1,250 869 EUR Covered Bonds 3,402 Covered bond swap characteristics: Swap to be included into the cover pool, Swap surviving the issuer default, Swap counterparty meets all Moody's criteria for Aal rating. Based on mBH HTT report - 2022-06-30 32#33Cover Pool - currency and mortgage type split Increasing share of residential mortgages in cover pool (nominal value, PLN bn) 5.3 4.1 6.4 3.8 6.9 Residential mortgages (PLN) Commercial real estate (PLN, EUR, USD) 8.0 7.9 LLL 2.4 1.7 1.2 Characteristics of the portfolio in the future since 2014 the currency structure of the loan portfolio in mortgage cover pool was subject to changes resulting from a systematic growth of the portfolio of retail loans granted only in PLN from 2022, due to Demerger Plan of mBank Hipoteczny, mBH will not grant and service loans secured by a mortgage for the financing of commercial real properties mBH strategy for the following years is to be EUR issuer covered by significant increase of residential PLN denominated mortgages 2020 2021 2018 2019 Loan seasoning – residential mortgages (year) 47.6% 7.5% 13.0% ≤1 (1,2] 23.0% (2,3] (3,5] ≥ 5 9.0% Covered Bonds Investor Presentation 2022H1 Loan seasoning - commercial loans (year) 80.3% 3.0% 16.7% (2,3] (3,5] ≥ 5 33#34Cover Pool - loans value LtV - residential mortgages and commercial loans in cover pool (%) Residential mortgages Commercial real estate 35.85 Type of commercial loans in cover pool (%) 42.9 37.0 18.47 16.37 11.80 6.59 7.09 7.19 4.75 25.54 21.80 16.46 16.08 15.0 4.5 3.1 0.6 (40%, 50%] (50%, 60%] (60%, 70%] (70%, 80%] (80%, 90%] (90%, 100%] Shopping malls Office Retail Other Warehouse Hotel Average residential mortgage size (PLN k) ≤250 34.6% (250; 500] (500; 1,000] 51.2% (1,000; 5,000] 1.3% 13.0% Covered Bonds Investor Presentation Average commercial loans size (PLN k) 22.2% ≤10,000 7.8% 10.0% (5,000; 10,000] (10,000; 15,000] 18.9% (15,000; 20,000] (20,000; 30,000] (30,000; 40,000] 11.6% 29.4% 34#35Cover Pool - regional distribution Geographical distribution negatively correlated with unemployment- strong client base portfolio % of mBH's Mortgage Cover Pool > 20% 10.0 -19.9% 5.0-9.9% 1.0 - 4.9% <1% Pomorskie 9.5% Warmińsko- Zachodnio- pomorskie Mazurskie 1.2% 3.7% Podlaskie 2.8% Kujawsko- pomorskie 2.4% Mazowieckie 35.5% Lubuskie Wielkopolskie 0.9% 8.5% Łódzkie 3.8% Dolnośląskie 13.8% Lubelskie 1.7% Opolskie 0.6% Świętokrzyskie Śląskie 3.5% 0.4% Małopolskie 11.2% Podkarpackie 0.5% Covered Bonds Investor Presentation Geographical CRE/RRE regional distribution vs existing office stock by the cities - positive correlation % of CRE/RRE regional distribution in Mortgage Cover Pool > 20% 10.0 -19.9% 5.0-9.9% 1.0-4.9% <1% Pomorskie 5.7% Zachodnio- pomorskie 2.5% Warmińsko- mazurskie 1.3% Kujawsko- pomorskie 0.5% Podlaskie 1.1% Lubuskie 0.2% Wielkopolskie 4.3% Mazowieckie 32.1% Łódzkie 1.9% Dolnośląskie 17.7% Lubelskie 3.5% Opolskie 1.7% Śląskie 6.9% Świętokrzyskie 0.0% Podkarpackie 4.3% Małopolskie 16.5% 35 45#36Polish economy ■ Macroeconomic situation and outlook ◉ Forecasts and outlook for mBank Group Covered Bonds Investor Presentation 36#37Macroeconomic situation and outlook Consumers under constant, broadening pressure Unemployment rate at cyclical bottoms 12% 10 2002234 -10 Source: GUS -50 Jan-16 Sep-16 May-17 Jan-18 Sep-18 May-19 Jan-20 Sep-20 May-21 Jan-22 Self-assessed household financial situation Consumer Confidence Bad consumer moods have finally arrived in the real spending data. Consumers are going to crack more under the spell of higher prices, negative real wages growth, uncertainty and tightened monetary policy. GDP path and forecast for Poland (% YoY) 10% 8% 6% 4% 2% Source: GUS 0% Jan-16 Sep-16 May-17 Jan-18 Sep-18 May-19 Jan-20 Unemployment rate Sep-20 May-21 Jan-22 As labour market has typically some inertia, the fall of GDP growth momentum has not yet been seen. However, it is just a matter of time for Poland before unemployment rate starts to rise. Inflation: off 2.5% NBP target, central bank in rate hike cycle 12 9 4.7 4.2 5.4 5.0 5.3 5.5 5.5 5.1 5.5 5.4 4.6 3.7 6 3.3 3.5 2.8 2.9 2.6 3- 0 -3 -6 Source: GUS -9 11.3 8.5 7.6 6.7 5.5 3.1 1.1 -0.6 -2.1 -7.9 16% 14% Source: NBP, GUS 12% 10% 8% 6% h 4% 2% mBank's 0% forecast -2% 2015 2016 Repo rate 2017 2018 Repo rate forecast 2019 CPI inflation CPI forecast 2020 2021 2022 Core inflation Core CPI forecast 2023 Inflation is yet to reach the top at the start of 2023 due to pending energy price increases. However, inflation momentum is falling. Therefore, the peak in rates is coming closer and ~7% seems to be still a reasonable ceiling to rely on. Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Q3/20 Q1/21 Q3/21 Q1/22 Q3/22 Investment Net exports Consumption Inventories GDP YoY (%) Brilliant start of the year keeps average 2022 GDP numbers high (at the level of 4.6%). Mind the falling trajectory, though. There are no obvious turnaround factors in sight and 2023 cyclical picture is much gloomier. Covered Bonds Investor Presentation 37#38Macroeconomic situation and outlook Corporate loans and deposits (YoY, FX-adjusted) 30% Source: NBP 25% 20% 15% 10% 5% 0% -5% -10% Household loans and deposits (YoY, FX-adjusted) 14% Source: NBP 12% 10% 8% 6% 4% 2% 0% Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Corporate deposits Corporate loans Corporate investment loans Corporate credit still enjoys decent growth rates, but momentum is slowly faltering. Economic cycle seems to be inevitable going forward. At the same time, deposit base is growing steadily. Government bond yields: on the rise (bps) Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Household deposits Household loans Mortgage loans New credit creation dropped like a stone, especially in mortgage segment due to high interest rates and regulatory requirements. Growth of household deposits weakens but it is unlikely to turn negative. PLN: weak and bleak perspectives for spectacular improvement 900 5.00 800 4.80 700 4.60 600 4.40 500 400 4.20 300 4.00 200 3.80 100 0 3.60 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 2Y ⚫5Y 10Y Jan-22 Source: Bloomberg Jul-22 Jan-19 Jul-19 Jan-20 Jul-20 EUR/PLN ⚫CHF/PLN Jan-21 USD/PLN Jul-21 Jan-22 Jul-22 Source: Bloomberg Bond yields exploded amidst higher inflation, higher expected rate path and some repricing (higher) in credit risk. And then fell even faster. Due to recession fears, it is unlikely to revisit the tops again. Covered Bonds Investor Presentation Zloty is subject to a series of shocks, with war (and its consequences) being not the last one. There is some room for improvement on the basis of falling risk aversion but chances for swift appreciation are slim (cycle turns negative). 38#39Macroeconomic forecasts and outlook for mBank Group Key economic indicators for Poland Short-term prospects for mBank (4 quarters ahead) 2020 2021 2022F 2023F Net interest income & NIM neutral GDP growth (YoY) -2.2% 5.9% 4.6% 0.4% Domestic demand (YoY) -2.9% 7.6% 7.3% -1.2% Ongoing cycle of rate hikes translating into rising cost of deposits, exhausted potential for further margin improvement Private consumption (YoY) -3.0% 6.1% 5.3% 1.8% ■ Material negative impact of credit vacations on interest income Investment (YoY) -4.9% 3.8% 5.5% Inflation (eop) 2.4% 8.6% 15.3% MPC rate (eop) 0.10% 1.75% 7.00% -1.3% 8.0% 5.00% Net fee and commission income slightly positive CHF/PLN (eop) 4.22 4.42 4.79 4.49 EUR/PLN (eop) 4.56 4.59 4.65 4.55 Uptrend anchored in growing customer base and transactionality, as well as extending investment product offering Relevant adjustments to tariff of fees already implemented Polish banking sector – monetary aggregates YoY Total costs negative 2020 2021 2022F 2023F ■ Visible wage and inflationary pressure weights on operating costs Investments in future growth along with increasing revenues Corporate loans -4.8% 3.9% 10.0% Household loans 3.0% 4.9% -1.3% Mortgage loans 7.3% 7.1% -0.4% Mortgage loans in PLN 9.7% 12.0% Non-mortgage loans -3.8% 1.1% Corporate deposits 19.0% 10.4% Household deposits 10.7% 6.7% -0.5% -2.8% -3.4% 1.2% -4.7% 2.3% 4.3% 3.9% -1.0% 0.2% 4.6% ■ An additional contribution to the Borrowers' Support Fund Loan loss provisions & FV change ■ The overall asset quality should not deteriorate materially thanks to prudent approach in loan origination ■ Financial standing of borrowers may be affected by the changing macroeconomic environment and geopolitical developments slightly negative Source: mBank's estimates as of 29.07.2022. Covered Bonds Investor Presentation 39#40Real estate market ■ Sharp decline in real estate market ■ Commercial real estate and residential market outlook Covered Bonds Investor Presentation 40 46#41240 220 200 180 160 140 120 100 80 LL/LO Stable and growing residential market in Poland House price dynamics in the CEE – higher volatility in Poland Q1/12 Euro area EA19 Czech Republic - Hungary Q1/16 Q1/17 81/LO 6L/LO Poland Q1/20 Q1/21 Romania 15.000 Q1/22 10.000 5.000 0.000 - 5.000 Quartile 1-3 ● Median Housing prices on the primary and secondary market in Poland have changed over the years. Higher volatility of house price dynamics driven by strong demand and limited supply - 10.000 Poland Euro area Czech Republic Hungary Romania index, 2015=100; Distribution of population by tenure status in selected countries Dwellings per 1,000 citizens 5% 13% 14% 16% 9% 21% 24% Owner 31% 46% Rental 22% 24% Mortgage 46% 94% 73% 76% 41% 57% 45% 31% 13% Romania POLAND Hungary Czech Spain Austria Denmark Republic Source: Eurostat Covered Bonds Investor Presentation 549 518 463 464 480 489 400 Source: Eurostat Mortgage penetration in Poland remains low while home ownership rates are among the highest in Europe. POLAND Hungary Denmark Czech Republic Belgium Germany France Source: Deloitte Property Index 2022 41#42Residential market in Poland 13 - Average house price per square meter – primary market by major Polish cities 12 11 10 9 8 7 6 5 PLN k/m² 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 in m² Average house price per square meter vs. average monthly wages by major Polish cities 4 0.4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 Q1 - Gdansk Cracow Lodz Poznan Warsaw Average of 6 major cities Wroclaw Gdansk Poznan Cracow - Warsaw Lodz Wroclaw Szczecin Katowice Average house prices have remained stable for many years. However, recent times have brought significant changes. Except individuals looking for a flat for themselves, the demand was driven by individual investors who, due to low interest rates and rising inflation, were looking for an alternative to bank deposits. The private rental sector has also gained in popularity and is now perceived by developers and investors as one of the most attractive and competitive. On the other hand, Poland has been struggling with rapidly rising costs of energy, building materials and labor. All this influenced the average transaction price for the past year. Covered Bonds Investor Presentation Source: GUS - Central Statistical Office; NBP 42 Less affordable More affordable#43Residential market in Poland - slowdown Volume of Mortgage loans by year (mn) Volume of granted Mortgage loans by year 2,389 2,472 2,549 2,484 230 231 225 -34.9% 2,246 213 1,732 1,897 1,820 1,995 2,057 2,141 197 204 191 177 181 174 178 +6.5% 1,631 1,449 132 124 86 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: AMRON-SARfin H1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 H1 H2 H1 Inflation and Reference Rate by months Dynamic supply increase mixed with low interest rates on mortgages increased the demand for loans granted for almost ten years. Tighter monetary policy increases mortgage rates, which in turn reduces demand for real estate and slows growth in real estate prices. The slowdown in sales also depends on high inflation, rise in the prices of raw materials and construction materials and a slowdown in rental growth. 16 14 12 10 8 6 4 2 0 Covered Bonds Investor Presentation Source: AMRON-SARfin 03/20 06/20 09/20 12/20 03/21 06/21 09/21 12/21 03/21 06/22 Inflation WIBOR 3M WIBOR 6M 43#44Commercial Real Estate - investment volume Investment volume in Poland by sector (EUR mn) 7,559 7,210 375 120 6,385 1,457 1,840 780 Others Retail Warehouse Office 5,130 5,200 4,600 380 1,919 4,050 182. 41 600 1,100 3,400 2,500 2,995 2,535 486 3,100 2,900 2,750 150 600 100 1,978 103 200 700 2,150 450 2,228 700 672 900 1,350 500 3,808 797 1,150 2,750 1,800 1,840 1,993 1,300 1,296 1,500 1,709 1,300 950 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 HT Poland - CEE leader in CRE investment volumes (%) 58.2% 14.9% 11.8% Poland Czech Republic Hungary 8.2% Romania Slovakia 6.9% Poland - CEE leader in CRE investment (58%) The volume of transactions concluded in the first half of 2022 on the commercial real property market in Poland amounted to approx. EUR 2.9 bn. The share of the commercial real estate market in the first half of 2022 is approx. 45% for offices market, approx. 27% for market retail and approx. 24% for warehouse. Covered Bonds Investor Presentation Source: NEWMARK, Cushman & Wakefield 08.2022 44#45Commercial Real Estate - Offices Office resources (km²) 1,000 800 600 400 200 O - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual supply Total surface resources (right axis) H1 Source: NEWMARK 14,000 Office prime yields (in %) 12,000 10,000 8,000 4.50 3.75 3.90 6,000 3.25 3.40 3.60 2.65 2.75 2.85 2.95 4,000 2,000 Amsterdam 9.50 Office resources by region (%) 2% 5% 1% 10% 8% Source: JLL 2020 Q4 Average price (EUR/m²) and vacancy rate (%) Warsaw Cracow Łódź Wrocław Poznań Lublin 14 12 Katowice Szczecin 10 Tricity 50% 8 14 12% 10% 8% 6% 5% CO 6 6% 4 4% 2 2% 13% Source: NEWMARK 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 In Poland prime yield is the highest in Europe (4.5%). In Poland, the average rate per m²/EUR of office space is constantly growing, despite the high supply, the vacancy rate is rising. Covered Bonds Investor Presentation H1 Average price [EUR/m2] Source: NEWMARK Vacancy rate [%] (right axis) 45#46Commercial Real Estate - Retail Retail resources (km²) 1.000 20.000 800 600 400 200 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 Annual supply Total surface resources (right axis) Retail prime yield (in %) 15.000 10.000 4.00 3.50 3.00 3.25 3.25 3.00 2.75 2.50 2.70 5.000 Amsterdam 9.75 Source: JLL 2022 H1 Source: Slavis 2019 Q3 Average density per 1,000 inhabitants Outlet center The structure of commercial space in Poland 2% 12% 19% O 67% Shopping center Commercial warehouses Retail park • • In Poland prime yield is the highest in Europe - 4.00% Source: Cresa 2021 We have stable and growing retail commercial market in Poland mostly are shopping 67%, Commercial warehouses is 19%. Retail park and outlet center are less popular - 12% Covered Bonds Investor Presentation 536 499 811 774 603 498 508 492 ullum. 278 WarszawaAglomeracja Poznań Wrocław Trójmiasto Kraków Łódź Szczecin Polska Śląska Source: PRCH 46#47Commercial Real Estate - Warehouses Werehouses resources (k m²) 4.000 3.000 2.000 1.000 Werehouses prime yield (in %) 30.000 25.000 20.000 15.000 10.000 5.000 5.15 5.00 5.15 4.00 4.25 3.70 3.90 4.25 4.50 Total surface resources (right axis) Werehouses resources by region (%) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 Annual supply 2% 3% 3% 3% 18% 4% 4% 5% 11% 13% 15% Górny Śląsk Warszawa Strefa II Polska Centralna Dolny Śląsk Szczecin 8 Polska Wschodnia Kraków 7 6 Warszawa Strefa I 5 Poznań Lubuskie 4 18% Trójmiasto Bydgoszcz-Toruń 3 2 1 0 Source: NEWMARK In Poland prime yield is the highest in Europe (5.15%) Warehouse resources are constantly growing. Structure of warehouses by regions over 50% for Warsaw - Around, Gorny Slask and Central Poland. Vacancy ratio on low level differentiate by region. Covered Bonds Investor Presentation Amsterdam| Source: NEWMARK Source: Savills 2019 Q4 Werehouses space resources and vacancy rate (%) Warehouse resources (thous.m2) Vacancy rate (%) Polska Wschodnia Stockholm Warszawa Strefa I Warszawa Strefa II Warsaw Moscow 5.000.000 4.000.000 3.000.000 2.000.000 1.000.000 0% Source: NEWMARK 47 11.50#48Legislation ■ Positive changes in Polish Covered Bonds Law ◉ Legal consideration of mortgage loans Covered Bonds Investor Presentation 48#49Positive changes in Polish Covered Bonds Law Legal framework for Polish Covered Bonds • The Act on Covered Bonds and Mortgage Banks (Ustawa o listach zastawnych i bankach hipotecznych) of August 29, 1997 as amended The Bankruptcy Law (Prawo upadłościowe) of February 28, 2003, Bankruptcy proceedings for mortgage banks, Article 442-450a, as amended · Mortgage bank Specialised bank (mortgage bank) with the supervision of Polish Financial Supervision Authority (KNF) • Mortgage bank is a joint stock company with a legal personality (not a branch) with • several licences e.a.: banking licence and a consent to start operating activity, both granted by the KNF A covered bond issuer may issue mortgage or public covered bond Specific license for each covered bond type is required before the issuer may start to issue covered bonds Fundamental changes in 2016 revision of the Act on Covered Bonds and Mortgage Banks in line with the best market practices and with recommendations of the European Central Bank (ECB) and credit rating agencies Improvements: Increase of credibility and safety of covered bonds ✓ Extension of covered bond supply Extension of demand for covered bonds • • soft bullet / pass-through - maturity of the covered bonds obligations extended automatically by 12 months and if asset coverage or liquidity test were negative - pass through - in case of mortgage bank's insolvency (details on the next slide) mandatory liquidity reserve covering at least 6 months of interest due on the covered bonds outstanding minimum legal overcollateralization requirement (OC) – 10% increase refinancing limit for mortgage covered bonds for residential mortgage loans to 80% from 60% introduce investment limit for Pension Funds 5% of portfolio per issuer of covered bonds income from interest or discounts on the covered bonds earned by foreign investors is exempt from withholding tax (WHT) Regulatory status - Compliance with: CRR art 129 UCITS 52 (4) Covered Bonds Programme Domestic ✓ International ✓ ✓ ✓ Credit quality step 2 2 LCR Delegated Act (HQLA) × ECB Repo × BRRD NBP Repo CBPP/LTRO ✓ ☑ Expected category III × Covered Bonds Investor Presentation 49 44#50✓ Positive changes in Polish Covered Bonds Law The Act does not significantly change the model of operation of mortgage banks in Poland. It focuses mainly only on the issues of the necessary implementation of the provisions of the CB Directive. In line with the demands of the mortgage bank environment, the statutory overcollateralisation level was reduced from 110% to 105% and the portfolio limit for credit exposures with LtV exceeding 60% was eliminated. Fundamental changes in 2022 revision of the Act on Covered Bonds and Mortgage Banks implements the provisions of EU Directives on the issue of covered bonds and covered bond public supervision. Act entered into force on 8 July 2022 Improvements: ✓ Additional rules of supervision obligation to submit annual activity reports by the trustee to the Polish Financial Supervision Authority • obligation to submit annual reports by the mortgage bank to the Polish Financial Supervision Authority Improved standards and increased transparency • ✓ Changes the rules of maintaining liquidity buffer ✓ Changes in Cover Pool Register Covered Bonds Investor Presentation • • • • introducing regulations concerning the imposition of administrative penalties by the Polish Financial Supervision Authority on issuers and persons acting on their behalf defines the core characteristics required for a covered bond programme defines statutory requirements for quarterly disclosures on the issuer's website introduction of the protected labels "European Covered Bond" and "European Covered Bond (Premium)" maximum cumulative net liquidity outflows over 180 days formalisation of potential bond maturity extension clauses minimum legal overcollateralization requirement (OC) - 5% defines standards for the registration of derivatives in the Cover Pool Register 50#51Covered Bonds repayment in case of issuer bankruptcy Coverage and liquidity tests performs initially 3 months after insolvency and subsequently every 3 months - liquidity test and 6 months coverage test Legal basis The Bankruptcy Law of February 28, 2003, Bankruptcy proceedings for mortgage banks, Article 442-450a, as amended The Act on Covered Bonds and Mortgage Banks of August 29, 1997 as amended Terms and conditions of each series of mortgage covered bond Coverage test* passed Liquidity test* passed Covered bonds repaid according to terms and conditions of the covered bonds, with 12 M maturity extension 2/3 majority covered bondholders may adopt a resolution to sell the separate bankruptcy asset pool to another bank Coverage test passed Liquidity test failed or Coverage test failed Maturity of outstanding covered bonds Extended to longest dated cover asset maturity plus 3Y, distinct rules for pro-rata repayment before extended maturity date (fixed to floating) 2/3 majority covered bondholders may adopt a resolution to disapply maturity extension or • • sell cover assets to another bank or non-bank Soft bullet Covered Bonds Investor Presentation Pass through *details on the next slides 51#52Obligatory cover pool tests Coverage Test Verifies at the day of test whether the value of the assets in the cover pool allows for outstanding covered bonds claims. Cover pool Core assets + Substitute assets + Liquidity buffer + Hedging instruments 1 CB claims Outstanding covered bonds (principal) + Due and unpaid interest from CB + Cost of liquidating asset pool in case of insolvency Test calculated also under stressed conditions: +/- 20% FX rate or highest year change in previous 12 M Tests performed min. once a 6M Liquidity Test Verifies at the day of test whether the value of the assets in the cover pool allows for outstanding covered bonds claims even in extended maturity in case of issuer insolvency. Separately for 6M and 12M horizon Substitute assets Cover pool Liquidity buffer Net cash flows from hedging instruments Interest payable in time horizon in time horizon Additionally for 12 M horizon: Interest under receivables in the cover pool for the next 12 months CB claims Principal amount that fall in time horizon Cost of liquidating asset pool in case of insolvency in time horizon > O Test calculated also under stressed conditions: +/- 20% FX rate or highest year change in previous 12 M • Obligations towards holders (principal + interest) that became due but were not paid before the date of hypothetical insolvency • +/- 400bps shift of interest rate curves Tests performed min. once a 3M Covered Bonds Investor Presentation 52 52#53Polish Covered Bonds Law vs German Pfandbrief Law Requirements Special Covered Bonds Law Special bank principle Mortgage Valuation concept Loan to Value (LtV) cap Mortgage value refinancing limit (consider as OC) Geographical scope for mortgage assets Repayment structure Legal framework for bankruptcy Bankruptcy remoteness Recourse upon cover pool default Minimum Mandatory Overcollateralization CRR, UCITS compliant Poland Hipoteczne Listy Zastawne YES YES Mortgage lending value 100% Residential: 80% Commercial: 60% PL Soft-bullet and CPT Specific legal framework superseding the general insolvency law Preferential claim by law Specific cover pool administration Yes, pari passu with unsecured creditors 5% YES Germany Hypothekenpfandbriefe YES NO Mortgage lending value NO 60% of mortgage lending value EEA, CH, US, CA, JP, AU, NZ, SG Hard Bullet Specific legal framework superseding the general insolvency law Preferential claim by law Specific cover pool administration Yes, pari passu with unsecured creditors 2% YES Covered Bonds Investor Presentation Source: European Covered Bond Council 53#54Disclaimer IMPORTANT: The following applies to this document, the oral presentation of the information in this presentation by mBank Hipoteczny S.A. (the "Bank") or any person on behalf of the Bank, and any Q&A session that follows the oral presentation (collectively, the "Presentation"). In accessing the Presentation, you agree to be bound by the following terms and conditions. The Presentation and its contents are strictly confidential and are intended for use by the recipient for information purposes only and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. This document may not be removed from the premises. If this document has been received in error it must be returned immediately to the Bank. The Presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Presentation is not for publication, release or distribution in the United States, the United Kingdom, Australia, Canada or Japan. This document and its contents may not be viewed by persons within the United States or "U.S. Persons" (as defined in Regulation S under the Securities Act of 1933, as amended (the "Securities Act")). The covered bonds referred to herein (the "Securities") have not been registered under the Securities Act or the laws of any state or other jurisdiction of the United States and the Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. Persons unless so registered, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. The Bank does not intend to register any portion of the offering of the Securities in the United States or to conduct a public offering of the Securities in the United States. By accessing the Presentation, you represent that you are a non-U.S. Person that is outside the United States. 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The Bank and the Dealer accordingly disclaim all and any liability (including any liability for damages for misrepresentation under the UK Misrepresentation Act 1967) whatsoever, whether arising in tort, contract or otherwise (save as referred above) which any of them might otherwise have in respect of the Presentation or any such statement Covered Bonds Investor Presentation 54#55Disclaimer This Presentation contains certain statistical and market information relating to the banking sector in Poland, including information on the market share of certain banks and the Bank. Unless attributed exclusively to another source, such market information has been calculated based on data provided by third party sources identified herein and includes estimates, assessments, adjustments and judgments that are based on the Bank's experience and familiarity with the sector in which the Bank operates. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments and not verified by an independent third party, such market information is, unless otherwise attributed to a third party source, to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared is appropriately reflective of the sector and the markets in which the Bank operates, there is no assurance that such estimates, assessments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein. The Presentation contains forward-looking statements. All statements other than statements of historical fact included in the Presentation are forward-looking statements. 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Covered Bonds Investor Presentation 55 55#56Contact details Krzysztof Dubejko President of the Management Board, mBank Hipoteczny Direct dial: +48 517 583 676 e-mail: [email protected] Karol Prażmo Head of Group Treasury, mBank Direct dial: +48 607 424 464 e-mail: [email protected] Katarzyna Dubaniewicz Member of the Management Board, Head of Operations and IT, mBank Hipoteczny Direct dial: +48 608 529 187 e-mail: [email protected] Wojciech Zdunkiewicz Head of Treasury, mBank Hipoteczny Direct dial: +48 515 163 187 e-mail: [email protected] Covered Bonds Investor Presentation 56 56