#1Results of mBank Group Q2 2021 Robust core operations on strong business flows mBank Presentation for Investors and Analysts, 03.08.2021 Investor Presentation - Q2 2021#2Agenda Key highlights of Q2 2021 ■ Business development Summary of financial results Analysis of the performance after Q2 2021 mBank ■Loans and deposits ■ Total income and its main components Total costs and efficiency ■ Loan loss provisions and portfolio quality Investor Presentation - Q2 2021 Capital and liquidity position Macroeconomic update and outlook Appendix 3 16 25 29 2#3Key highlights of Q2 2021 in mBank Group Core revenues close to record-high level, driven by strong fee result and gradually rebounding net interest income High efficiency amid investments in future growth, continued disciplined cost management Improving net profit of core business, elevated costs of legal risk affecting profitability in non-core segment Loan and deposit volumes on upward trajectory in both segments, translating into higher market shares Risk costs reflecting prudent approach despite resilient asset quality, strong capital and liquidity position Growing usage of mobile application and payments, support in entering e-commerce market Net interest income -4.5% YoY Total costs +1.5% YOY Net profit +25% YoY Loans +7.3% YOY Cost of Risk 80 bps Mobile app users 2.42 million Net fee income +24.7% YOY Cost/Income ratio 42.5% CHF legal reserves PLN 249 million Deposits +12.1% YOY Total capital ratio 17.6% Mobile payments 1.4 million cards Investor Presentation - Q2 2021 3#4New products and innovations in Q2 2021 mBank Poland Rock FESTIVAL POLAND debit 1234 5678 7639 CARDHOLDER NAME 2021 MOND 20 29-31.07.2021 LOTNISKO MAKOWICE - PŁOTY arranger of green bond issuance of R.Power ■ In June, mBank arranged the issuance of the first series of green bonds by R.Power, the largest Polish developer of photovoltaic farms Obtained funds of PLN 150 million will be allocated to the purchase of new PV projects and the development of already existing ones 1000 special card to celebrate Pol'and'Rock Festival ■ In relation to the 27th Pol'and'Rock Festival, mBank issued a special debit card designed by Jurek Owsiak, the founder and leader of the Great Orchestra of Christmas Charity A limited edition of 15,000 cards is available via the Internet website for existing and new clients of mBank Investor Presentation - Q2 2021 R.Power R.Power R.Power VISA G Pay mBank corporate ■ 45 mobile payments for corporate clients ■ mBank's corporate clients were provided with three popular mobile payments options, including: Apple Pay, Google Pay and Garmin Pay They work at all sales or service points, where contactless transactions are accepted; users avoid touching the terminal or cash amid the pandemic 4#5Client base and market position of retail and corporate banking Number of retail clients (thou.) Market shares - Households mBank only, without Kompakt Finanse closing of inactive 8.2% 8.9% current deposits 8.0% -206 accounts with arrears 4.9% term deposits 7.8% 7.7% -53 7.5% 7.3% 5,670 5,516 979 1,012 5,463 1,015 7.0% 6.9% 7.6% 6.7% 7.2% 7.3% 7.4% 7.5% 7.2% 7.0% 4,691 6.5% 6.6% 4,504 4,448 mortgage loans 8.0% non-mortgage loans 6.9% RETAIL BANKING 06/20 03/21 mBank PL 06/21 mBank CZSK 06/19 09/19 12/19 03/20 06/20 09/20 12/20 03/21 06/21 Loans Deposits Number of corporate clients Market shares - Enterprises +2,692 11.3% 11.2% 11.4% 11.1% 11.7% 11.3% +755 10.5% 9.9% 29,662 27,725 2,346 =2,384. 8,553 9,132 30,417 −2,347】 9,335 9.4% 8.4% 8.7% 8.6% 8.6% 8.6% 8.6% 8.5% 8.7% 8.8% 16,788 18,184 18,735 CORPORATE 06/20 03/21 06/21 06/19 09/19 12/19 03/20 06/20 09/20 12/20 03/21 06/21 BANKING Κι K2 K3 Loans Deposits 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. Investor Presentation - Q2 2021 5#6mBank as a front-runner in mobile banking adoption #1 by the share of mobile users in total active customer base Active users of mBank's mobile application in Poland Number in thousand average growth +148 per year 2,423 2,274 +342 1,895 1,484 by the number 1,181 #2 of mobile app users among Polish banks 854 565 2015 2016 2017 2018 2019 2020 06/21 Active users of mBank's mobile application outside Poland Number in thousand Growing importance of mobile channel in daily banking Share of mobile application in the sale of non-mortgage loans (by volume) +3pp Czech Republic Slovakia +71 +24 228 100 210 93 22% 23% 20% 76 158 Usage of Apple Pay, Google Pay, Garmin Pay and Fitbit Pay Mobile payment cards number at the end of Q2/21 1,404 thousand +95,000 QoQ Contactless mobile transactions number in Q2/21 60.5 million 2019 2020 06/21 2019 2020 06/21 Q2/20 Q1/21 Q2/21 Investor Presentation - Q2 2021 +36% QoQ 6#7Well-designed functionalities for client convenience fully remote account opening with a selfie and agreement approved via a text message Development of leading mobile banking offer for individuals easiest way to manage your finances pace of spending recent transactions = Karolína Zostatok 897,20 EUR Výdavky do 05 februára: 942,17 EUR VAŠE VÝDAVKY + Nová p. 'a môj účet Moja rýchla voľba Posledné operác DNES JOGA, KAROLINA BODK -7,00 EUR DOMINIKA PODHORSKÁ, ZA OBL ELEKTRINA, PLATBA KS 0000 V -19,A FUR INTERNET, PLATBA KS:0000 VS. -22,00 EUR MIŠKO KARATE CLENSKE MAREC -18.00 EUR A +4 E Domov Platby Financie Info A ☐ O 4.8 95% 15:18 B useful shortcuts 4.1 logging in with a PIN code, fingerprint or Face ID contactless payments with Google Pay and Apple Pay express transfers using telephone numbers and the BLIK system G Pay Pay blik GET IT ON Google Play Download on the EXPLORE IT ON HUAWEI App Store AppGallery Mobile application to Junior Account designed for children below 13 years old and suited to their needs mBank was awarded as Best Private Bank in CEE in Digital Portfolio Management category by Professional Wealth Management magazine reminders from Payment Assistant and scanning of data to the transfer form from the invoices benefits (mDiscounts) for retail buyers and seamless shopping experience with one-click financing options (quick cash loan up to pre-approved limit) 4.7 Investor Presentation - Q2 2021 7#8Development of best digital banking services for corporate clients 9:41 ฟร Yachti Sp. z o.o. Centrum rozwo zadania 50 zleceń do autoryzacji autoryzuj wszystkie (3) company's finances always at hand First-class digital banking offer for companies entirely digital onboarding process, with no in-person contact and printouts required rachunki wszystkie (7) rachunek PLN 16 300,00 PLN 06 11120000 rachunek VAT 06 11120000 wynagrodzenia Al 06 1112.... 0000 karty firmowe EFFFFFA -500.00 PLN dostępne środki 5 300,00 PLN dostępne środki 4000,00 PLN dostępne środki wszystkie (10) 530000 PLN 0,00 PLN mBank CompanyMobile CompanyNet 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 mBank was named "World's Best Corporate/Institutional Digital Bank in CEE 2020" by Global Finance magazine mAuto.pl online platform with an offer of new and used cars, financed Auto by leasing or long-term rental Investor Presentation - Q2 2021 8 00#9Development of complete solutions for e-commerce segment mBank's unique payment gateway 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) the 1st Polish payment integrator in the cloud developed to provide a delightful digital shopping experience for the customer and the merchant quick and easy integration with merchant's online shop paynow BLIK ■ 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 ■ no fee for activation and attractive pricing thereafter Processed payments volume has been growing dynamically, with PLN 29 M per month in Q2/21 Choose payment method Enter 6-digit code from the phone Card payment Enter data from the card Online transfer Choose the bank and pay blik Comprehensive value proposition for e-merchants ON LINE-SHOP We are strengthening mBank's position... ...as first-choice partner for e-commerce 2nd edition of special campaign and contest "Digital Revolutions" to support microfirms and SMEs in e-commerce expansion ■ tools for opening and running an e-shop in cooperation with Sky-Shop (incl. an option to set up an online store for a 14-day free trial period) ■ free-of-charge accounting helpline for e-commerce dedicated webinars, articles and blog for firms starting sales and already operating in Internet mOrganizer to handle invoices Already 6,500 of clients took advantage of mBank's e-commerce offer, including +1,000 in Q2/21 professional accounting services for businesses (24/7) 7 Investor Presentation - Q2 2021 9#10Focus on sustainable and responsible banking External ESG assessment 15.9 ESG Risk Rating low risk by Sustainalytics as of 19.04.2021 Negl. 0-10 Low Med. High Severe 10-20 20-30 30-40 40+ A MSCI ESG Rating CCC B BB BBB A AA AAA Our ESG activities are centred around 3 aspects in line with sustainable development strategy ✓ mBank educates ■ We support the develop- ment of mathematical skills and equalize educational opportunities for the young began, [email protected] ✓ mBank promotes prosperity ■ We support organisations m Fundacja that work for social welfare ✓ ■ We teach how to use online and mobile banking safely mBank the great orchestra of christmas charity We play together ■ We are accessible to clients with disabilities (inclusive banking) ■ We ensure diversity and equal opportunities Membership in ESG indices Bloomberg GEI Gender-Equality Index FTSE4Good Index Series WIG-ESG index on WSE in Poland Green Bond framework ✓ mBank cares about the climate and the environment We limit our indirect impact ■ Credit policy regarding industries relevant in the context of EU climate policy Eco-supportive products in each customer segment ■ PLN 4 billion dedicated for Renewable Energy Sources financing Customers choosing virtual cards saved nearly 250 kilograms of plastic with us in H1 2021 ! We limit our direct impact ■ Measurement and reduction of our carbon footprint ■ Waste segregation and recycling Selection of suppliers by ESG standards Investor Presentation - Q2 2021 10#11Summary of key financial highlights Total income PLN M Cost/Income ratio¹ +2.7% 2,904 2,982 42.2% -2.6pp 39.6% Net profit of Core Business² ROE of Core Business² PLN M +96% 735.6 +5.1pp 10.7% 374.8 5.6% HT 2020 H1 2021 HT 2020 H1 2021 HT 2020 H1 2021 HT 2020 H1 2021 Gross loans to customers NPL ratio PLN B +7.3% -0.5pp 119.9 4.9% 111.8 4.4% HT 2020 H1 2021 HT 2020 H1 2021 Customer deposits Tier 1 capital ratio PLN B +12.1% -1.2pp 156.6 16.4% 139.6 15.2% H1 2020 H1 2021 1 Normalized indicator, including 1/2 of contribution to the Resolution Fund booked in the first quarter of the year; 2 Defined as mBank Group excluding FX Mortgage Loans segment Investor Presentation - Q2 2021 H1 2020 H1 2021 11#12Summary of financial results: Profit and Loss Account PLN million Q2 2020 Q1 2021 Q2 2021 A QOQ ΔΥΟΥ Net interest income 1,006.6 946.9 961.5 +1.5% -4.5% Net fee and commission income 362.9 468.1 452.6 -3.3% +24.7% Total income 1,469.5 1,538.8 1,442.8 -6.2% -1.8% Total costs (excluding BFG) -538.7 -511.2 -555.3 +8.6% +3.1% Contributions to the BFG¹ -32.8 -153.5 -25.0 -83.7% -23.8% Loan loss provisions and fair value change² -352.2 -164.7 -228.4 +38.6% -35.2% Costs of legal risk related to FX loans -189.0 -66.3 -248.5 +275.0% +31.5% Operating profit 356.8 643.1 385.7 -40.0% +8.1% Taxes on the Group balance sheet items -138.4 -138.8 -147.2 +6.0% +6.3% Profit before income tax 218.4 504.3 238.5 -52.7% +9.2% Net profit 87.0 317.1 108.7 -65.7% +24.9% Net interest margin Cost/Income ratio Cost of risk Return on equity (ROE) Return on assets (ROA) 2.34% 2.10% 2.04% -0.06pp -0.30pp 38.9% 43.2% 40.2% -3.0pp +1.3pp 1.29% 0.59% 0.80% +0.21pp -0.49pp 2.1% 7.7% 2.6% -5.1pp +0.5pp 0.20% 0.68% 0.22% -0.46pp +0.02pp 1 Including annual contributions to the Resolution Fund of PLN 130.4 million in Q1/21 2 Sum of 'Impairment on financial assets not measured at fair value through profit or loss' and 'Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss' related to loans Investor Presentation - Q2 2021 12#13Summary of financial results: Balance Sheet PLN million Total assets Q2 2020 Q1 2021 Q2 2021 A QOQ ΔΥΟΥ 182,396 194,217 198,471 +2.2% +8.8% Gross loans to customers 111,818 116,925 119,949 +2.6% +7.3% Individual client loans 62,730 67,785 70,093 +3.4% +11.7% Corporate client loans 48,734 48,901 49,635 +1.5% +1.8% Customer deposits 139,623 152,097 156,584 +2.9% +12.1% Individual client deposits 89,777 103,583 106,700 +3.0% +18.8% Corporate client deposits¹ 48,362 47,711 48,876 +2.4% +1.1% Total equity 16,913 16,749 16,694 -0.3% -1.3% Loan-to-deposit ratio 77.5% 74.5% 74.2% -0.3pp -3.3pp NPL ratio 4.9% 4.6% 4.4% -0.2pp -0.5pp Coverage ratio 58.8% 58.5% 58.3% -0.2pp -0.5pp Tier 1 Capital Ratio 16.4% 16.6% 15.2% -1.4pp -1.2pp Total Capital Ratio 19.3% 19.2% 17.6% -1.6pp -1.7pp Excluding repo/sell-buy-back transactions Note: Balance sheet data for Q1/20-Q4/20 restated due to the presentational change related to CHF mortgage loans. Investor Presentation - Q2 2021 13#14Summary of litigations and provisions related to CHF portfolio CHF mortgage loans granted to individual customers CHF M, carrying amount Number of individual court cases concerning indexation clauses 7,053 CAGR -8% equivalent to PLN 11,035 M, 9.2% of total loan portfolio new court proceedings initiated against mBank in H1 2021: +3,202 +20% +22% 10,072 +20% 8,396 +24% 4,868 -14% 4,548 +35% 6,870 4,186 -7% 3,775 +17% 5,721 3,365 4,596 2,883 2,678 3,409 2,902 +507 2009 2015 2016 2017 2018 2019 2020 06/21 12/19 Provisions created for individual court cases concerning indexation clauses in CHF mortgage loans total value PLN M as a % of CHF portfolio Key parameters for the calculation of portfolio provisions include: population of borrowers who will file a lawsuit against the bank +1,187 +1,125 +1,149 +1,526 +1,676 03/20 06/20 09/20 12/20 03/21 06/21 Claims related to the individual proceedings concerning indexation clauses in CHF loan agreements total value PLN M coverage by provisions -29 pp 1,427 12/20 +18% 1,689 10.5% 06/21 Investor Presentation - Q2 2021 +3.0pp 13.5% • probability of loss, defined as a share of negative verdicts in all final judgments +67% 2,414 98.9% expected level of loss in case of losing the lawsuit by the bank (taking into account a distribution of 3 possible outcomes) 70.0% 1,442 O CHF/PLN exchange rate 12/20 06/21 12/20 06/21 12/20 06/21 14#15New segmentation to show genuine performance of core business Summary of financial results for mBank's core activity and run-off portfolio in H1 2021 PLN million Core Business Non-core¹ mBank Group Net interest income 1,843.5 65.0 Net fee, trading and other income 1,107.0 -33.8 Total income 2,950.4 31.1 Total costs -1,235.8 -9.1 Loan loss provisions and fair value change² -403.6 10.6 1,908.4 1,073.1 2,981.6 -1,244.9 -393.1 Costs of legal risk related to FX loans 0.0 -314.8 -314.8 Operating profit 1,311.0 -282.2 1,028.8 Taxes on the Group balance sheet items -258.3 -27.6 -286.0 Profit before income tax 1,052.6 -309.8 742.8 Net profit 735.6 -309.8 425.8 185,136 13,335 198,471 2.16% 2.07% 41.9% 41.8% 0.82% 10.7% 0.83% 0.70% 5.1% 0.44% Total assets Net interest margin Cost/Income ratio Cost of risk Return on equity (ROE) Separation of FX mortgage loan portfolio ■ In order to present the genuine and undistorted performance of mBank Group, the new segmentation was introduced. The non-core part, comprising of FX mortgage loans, was separated from the total business. ■ Non-core assets were defined as all residen- tial mortgage loans granted to individual customers in Poland that at any point in time were in another currency than PLN. In addition to the FX mortgage loan portfolio, associated provisions for legal risk arising from these contracts are also allocated to the segment. The capital allocated to the non-core unit amounted to PLN 2.9 B as of 30.06.2021. It is calculated primarily based on: risk weight of the portfolio under AIRB method; individual FX ML add-on imposed on mBank Group (actual or expected level); Provisions for legal risk are currently divided into: ■ PLN 1,468.5 M reflected through a deduction from gross assets; ■ PLN 220.5 M included in the bank's liabilities; Return on assets (ROA) 1 Equivalent of "FX Mortgage Loans segment" in the financial statement 2 Sum of 'Impairment on financial assets not measured at fair value through profit or loss' and 'Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss' related to loans Investor Presentation - Q2 2021 15#16Agenda Key highlights of Q2 2021 Business development Summary of financial results Analysis of the performance after Q2 2021 ■ Loans and deposits mBank ■ Total income and its main components ■ Total costs and efficiency ■ Loan loss provisions and portfolio quality Capital and liquidity position Macroeconomic update and outlook Appendix Investor Presentation - Q2 2021 3 16 25 29 16#17Results of mBank Group: Loans to customers Continuous loan portfolio expansion driven by strong momentum of retail exposures Development of gross loans and advances to customers PLN M Gross loans to corporate customers PLN M +1.8% +7.3% +6.9% +1.6% +1.5% +2.6% +2.6% +3.4% 119,949 0.3% 111,818 354 112,684 310 112,208 231 116,925 239 48,734 1,465- 47,970 1,176 46,025 104 48,901 =1,441 49,635 1,558 221 0.2% 47,269 46,794 45,922 47,460 48,077 48,901 49,635 41% 44% 48,734 47,970 46,025 06/20 09/20 Core corporate loans 12/20 03/21 06/21 Reverse repo/buy-sell-back transactions Gross loans to retail customers PLN M +11.7% 56% 62,730 64,404 65,952 67,785 70,093 59% +11.3% +3.4% +4.1% 62,730 64,404 65,952 67,785 70,093 18,473 18,989 18,729 19,001 19,946 2,557 2,538 2,509: 2,527= 2,513 06/20 09/20 12/20 03/21 06/21 41,700 42,876 44,714 46,257 47,634 Individual clients Corporate clients Public sector Investor Presentation - Q2 2021 +X.X% Excluding FX effect 06/20 Mortgage loans: 09/20 12/20 03/21 06/21 to individuals to microfirms Note: Data for Q1/20-Q4/20 restated due to the presentational change related to CHF mortgage loans. Non-mortgage loans 17#18Results of mBank Group: New lending business Accelerating sales of housing loans, accompanied by strong rebound of consumer lending Sales of mortgage loans PLN M, by quarter Sales of non-mortgage loans PLN M, by quarter +103% +20% +116% +19% 3,424 2,574 2,950 2,855 2,157 366 1,097 1,828 2,124 1,716 272 977 997 588 1,684 90 676 -44 63 1,190 271. 250 752 498 414 462 -59- -42- 248 1,928 1,212 1,407 1,795 2,237 386 1,620 1,059 1,004 1,133 555 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Individuals Entrepreneurs mBank CZSK Individuals Entrepreneurs mBank CZSK Sales of corporate loans¹ PLN M, by quarter New leasing contracts PLN M, by quarter -12% +91% +10% 9,703 +18% Κι 1,710 7,954 8,279 1,540 1,547 1,556 2,780 7,013 K2 2,030 2,084 5,948 1,582 K3 896 1,557 5,141 5,424 6,160 3,666 4,583 -782 Q2/20 770 Q3/20 763 Q4/20 725 Q1/21 848 Q2/21 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Including new sale, rising and renewal 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. Investor Presentation - Q2 2021 18#19Results of mBank Group: Customer deposits Growth of deposit base fueled by constant inflows to current accounts in both segments Development of customer deposits PLN M Deposits from corporate customers PLN M 0.0% +12.1% +12.6% +1.1% +2.6% +2.9% +2.4% 152,097 156,584 789 49,078 715 48,239 357 47,862 49,095 0.5% 0.5% 139,623 768 141,119 576 652 39,236 93 151 219 137,699 486 48,362 47,882 47,711 48,876 49,095 31% 39,143 47,862 35% 49,078 48,239 39,236 06/20 09/20 12/20 03/21 06/21 Core corporate deposits Repo transactions 64% 89,777 92,303 97,976 103,583 106,700 68% Deposits from retail customers PLN M +18.8% +3.0% 89,777 92,303 97,976 12,925 10,782 10,158 103,583 9,358 106,700 8,827 06/20 09/20 12/20 03/21 06/21 76,852 81,521 87,818 94,224 97,873 Individual clients Corporate clients Public sector +X.X% Excluding repo transactions 06/20 09/20 12/20 Current and saving accounts 03/21 06/21 Term deposits Investor Presentation - Q2 2021 19#20Results of mBank Group: Total income Solid core revenues driven by gradually recovering net interest income and high fee result Development of mBank Group's total income PLN M -1.8% -6.2% Development of interest income PLN M Sale of bonds: Q4/20 -14.5% Q1/21 92.7 89.4 +1.5% 1,552.3 1,538.8 1,210.6 272.0 1,469.5 26.1 42.3 1,442.8 259.6 63.2 A QOQ ΔΥΟΥ 1,079.5 1,063.2 1,019.4 1,035.2 258.0 230.9 214.6 1,410.7 148.9 87.1 43.6 39.5 58.2 14.1 938.6 21.7 819.9 805.3 788.5 820.5 362.9 373.2 409.5 468.1 452.6 -31.0% +10.2% Q2/20 from loans Q3/20 Q4/20 Q1/21 Q2/21 from non-loan interest assets -3.3% +24.7% 1,006.6 960.3 976.9 946.9 961.5 +1.5% -4.5% Development of fee and commission income PLN M +20.7% +0.1% 611.1 535.5 553.5 206.4 Q2/20 |-2.7| Q3/20 -25.3 -26.5 -29.0 173.5 186.2 645.9 646.3 199.6 71.7 217.8 56.8 54.3 54.6 74.5 Q4/20 Q1/21 Q2/21 84.1 97.0 105.5 158.4 123.8 111.9 101.4 102.3 92.1 115.7 Net interest income Net trading income 111.8 114.4 122.5 124.1 132.2 Net fee and commission income Net other operating income Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Dividend income, Gains less losses from financial assets and liabilities lending cards accounts+transfers brokerage Investor Presentation - Q2 2021 20#21Results of mBank Group: Total costs and efficiency Best-in-class efficiency anchored in disciplined cost management, despite investments Development of mBank Group's operating costs PLN M Cost/Income ratio of mBank Group - quarterly 43.1% 43.2% 42.5% +1.5% +3.1% +X.X% -12.7% Excluding the BFG 41.7% +8.6% 664.7 37.3% 40.2% 40.2% 38.9% A QOQ ΔΥΟΥ 571.5 566.7 130.4 580.2 36.8% 32.8 536.6 25.0. 34.6% 33.7 34.4 23.1 112.3 116.4 108.3 Q2/20 108.5 111.9 +0.4% -3.5% 11.6 9.3 11.9 Q3/20 reported Q4/20 Q1/21 Q2/21 normalized (linear BFG) -7.7- -10.4- 153.9 174.3 183.9 147.1 163.4 +18.4% +13.3% Normalized Cost/Income ratio for H1/21 39.6% Employment of mBank Group (in FTEs) End of period 259.2 229.0 222.7 241.7 257.1 +6.4% -0.8% Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Personnel costs Material costs Other costs Amortization Contributions to the BFG including Resolution Fund in Q1/21 Investor Presentation - Q2 2021 -186 -2 6,827 6,754 6,688 6,643 6,641 06/20 09/20 12/20 03/21 06/21 1 21#22Results of mBank Group: Loan loss provisions and cost of risk Provisions for expected credit losses reflecting prudent approach amid still uncertain situation mBank Group's cost of risk, by segment Net impairment losses and fair value change on loans PLN M Impact of COVID-19: bps 141 352.2 148.0 Q1/20 Q2/20 27.3 Q3/20 76.6 Q4/20 Q1/21 88.7 -37.1 Q2/21 127 119 5.5 129 Release in Q1/21 related to positive development observed after expiration of retail loan moratoria 80 99 97 59 177.7 268.8 0.9 262.6 147 70 59 +39% 228.4 0.2 115 108.5 133.6 164.7 100.5 103 93 -2 82 8.5 11.9 7.2 69.6 2.8 € 9.5. 166.4 147.6 122.1 124.8 86.1 -0.5 Q2/20 Retail Banking: -0.2 -0.4 Q3/20 Q4/20 Q1/21 Q2/21 at amortized cost at fair value Corporate & Investment Banking: | at amortized cost at fair value Investor Presentation - Q2 2021 Q2/20 Q3/20 118 85 76 59 60 Q4/20 Q1/21 Q2/21 quarterly YtD mBank Group's cost of risk: Retail loan portfolio Corporate loan portfolio 22 222#23Results of mBank Group: Loan portfolio quality Robust asset quality confirmed by resilient risk indicators, no pandemic-related deterioration mBank Group's impaired loans portfolio mBank Group's NPL ratio PLN M -4.1% 4.9% 4.8% 4.8% -2.5% 4.6% According to EBA definition, consolidated NPL ratio was: 5,502 5,459 5,433 4.4% 5,409 5,274 4.0% < 5% 468 461 424 405. 384 based on guidelines 06/20 09/20 12/20 03/21 06/21 applicable from 30.06.2019 5,034 4,998 5,009 5,004 4,890 mBank Group's NPL ratio, by segment 06/20 09/20 12/20 03/21 06/21 6.3% 6.3% 6.5% 6.3% 5.9% at amortized cost at fair value through profit and loss mBank Group's coverage ratio 4.0% 3.9% 3.7% 3.6% 3.5% Corporate portfolio Retail portfolio 75.0% 71.7% 72.9% 73.7% 75.8% 06/20 09/20 12/20 03/21 06/21 NPL ratio of mortgage loan portfolio 2.1% 58.8% 60.7% 58.3% 58.5% 58.3% 06/20 09/20 12/20 03/21 06/21 2.0% 2.1% effect of the implementation 1.7% of new default definition (NDD) 1.7% 1.7% 09/20 12/20 03/21 06/21 Loans granted to private individuals in Poland Coverage ratio including stage 1&2 provisions 06/20 Note: Risk indicators presented for credit portfolio measured both at amortized cost and at fair value through profit or loss. The bank applies a client-oriented approach in its methodology of NPL recognition. Investor Presentation - Q2 2021 23#24Results of mBank Group: Capital ratio and liquidity position Strong capital position and outstanding liquidity securing safety and operational stability mBank Group's Total Capital Ratio mBank's NSFR and LCR 19.26% 19.53% 19.86% 19.19% +3.69 2.83% 2.79% 2.87% 17.55% 2.57% Group's LCR: 249% 230% 236% 226% 222% 202% 2.37% 13.86% 149% 2.71% 135% 137% 138% 142% 16.43% 16.74% 16.99% 16.62% 15.18% 11.15% 06/20 09/20 12/20 03/21 06/21 minimum requirement PLN B 87.6 89.2 88.5 92.3 97.6 as of 06/21 xx.x Total risk exposure amount (TREA) Tier 1 capital ratio Tier 2 Investor Presentation - Q2 2021 Basel III requirement ≥100% 06/20 09/20 12/20 77.5% 77.2% 78.8% 03/21 74.5% 06/21 74.2% XX.X% Loan-to-deposit ratio of mBank Group Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) 24#25Agenda Key highlights of Q2 2021 Business development Summary of financial results Analysis of the performance after Q2 2021 ■Loans and deposits mBank ■ Total income and its main components Total costs and efficiency ■ Loan loss provisions and portfolio quality Investor Presentation - Q2 2021 3 16 Capital and liquidity position Macroeconomic update and outlook 25 Appendix 29 29 25#26Macroeconomic situation and outlook Grand reopening meets recurring (albeit every time smaller) Covid-19 risks 20 Consumers feeling better Unemployment rate expected to decline 10 о -10 -20 -30 Source: GUS -40 Jan.16 12% 10% 8% 6% 4% 2% Source: GUS 0% Jul.16 Jan.17 Jul.17 Jan.18 Jul.18 Jan.19 Jul.19 Jan.20 Jul.20 Jan.21 Jul.21 Consumer Confidence Self-assessed household financial situation As economic restrictions are lifted, consumer spirits follow. Strong balance sheets allow for release of pent-up demand. The structure of consumption will be skewed more for services for some time. GDP path and forecast for Poland (% YoY) Jan.16 Jul.16 Jan.17 Jul.17 Jan.18 Jul.18 Jan.19 Jul.19 Jan.20 Jul.20 Jan.21 Jul.21 Unemployment rate Start of the year did not reveal any (so far) hidden, structural problem in the Polish labour market. Therefore, we stick to the view that cyclicality is going to carry labour market to the stronger side and unemployment rate will lower. Inflation: off 2.5% NBP target, central bank expected to react 12 -9 22630369 5% 11.3 4.8 4.3 5.5 5.1 5.2 5.3 5.4 5.1 5.3 5.1 4.4 3.6 1.9 63.1 3.4 2.8 2.9 6.8 Source: NBP, GUS 4% - 4.9 3% 2% 1% -3 0% 1.5 -0.9 -6 Source: GUS -8.4 -2.8 ! mBank's forecast -1% -2% Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Investment Inventories Q3/18 Q1/19 Q3/19 Q1/20 Q3/20 Q1/21 Q3/21 Net exports GDP YOY (%) 2015 Consumption 2016 Repo rate 2017 2018 2019 2020 Repo rate forecast CPI inflation CPI forecast 2021 O Core inflation Core CPI forecast 2022 GDP growth is expected to speed up to 5.7% in 2021. Start of the year surprised to the upside with investment activity. Coronavirus risks present but more manageable than during previous waves due to vaccination progress. Investor Presentation - Q2 2021 As expected, Q1/21 marked the trough in annual inflation readings for 2021. Substantial acceleration is in the pipeline (4.2% on average for 2021) and NBP is expected to react in early 2022 and hike interest rates. 26#27Macroeconomic situation and outlook Demand for credit expected to pick up Corporate loans and deposits (YOY, FX-adjusted) 30% Source: NBP 25% 20% 15% 10% 5% 0% -5% -10% Jan.13 Oct.13 Jul.14 Apr.15 Jan.16 Oct.16 Jul.17 Corporate loans Apr.18 Jan.19 Oct.19 Jul.20 Apr.21 Corporate deposits Corporate investment loans Deposit base is high and unlikely to be reversed. Growth rates of outstanding credits are negative. Yet, the inflection point is visible. Overall volumes set to return to positive growth territory by the end of the year. Government bonds yields begin to rise (bps) 320 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 Household deposits Household loans Mortgage loans Consumers acquired substantial liquidity buffers (also in cash). Growth rates of outstanding credits are clearly turning higher. It applies both to mortgage and consumer loans (both see strong demand). PLN: weak for the most part of 2021 4.80 280 4.60 240 4.40 200 160 4.20 120 4.00 80 3.80 40 0 3.60 Jan.19 Apr.19 Jul.19 ―2Y 5Y Oct.19 Jan.20 Apr.20 Jul.20 Oct.20 10Y Jan.21 Apr.21 Jul.21 Source: Bloomberg Jan.19 Apr.19 Jul.19 ―EUR/PLN CHF/PLN Oct.19 Jan.20 Apr.20 Jul.20 Oct.20 Jan.21 Apr.21 USD/PLN Source: Bloomberg Jul.21 H1/21 was marked by an increase in both long- and short-term yields. NBP's activity allowed the longer term yields to stay substantially below swap rates. Monetary policy normalization is coming closer and markets believe in it. Investor Presentation - Q2 2021 Zloty stayed weaker after NBP's interventions. New tops (4.6800) were made. Negative real, NBP interest rates and CHF legal risks are weighing on the PLN. The outlook brightens only a bit along with improving GDP growth. 27#28Macroeconomic forecasts and outlook for mBank Group Operating environment for banks remains challenging due to low rates and high tax burdens Key economic indicators for Poland Short-term prospects for mBank (compared to 2020) 2019 2020 2021F 2022F Net interest income & NIM negative GDP growth (YoY) 4.5% -2.7% 5.7% 5.3% Domestic demand (YoY) 3.5% -3.8% 7.4% 6.4% Private consumption (YoY) 4.0% -3.0% 5.8% 6.2% ■ Interest rate cuts to the historically lowest level translating into weaker interest income and strong pressure on margin Exhausted space for deposit repricing and reducing funding costs Investment (YoY) 7.2% -8.4% 13.0% 8.8% Inflation (eop) 3.4% MPC rate (eop) CHF/PLN (eop) 3.92 2.4% 1.50% 0.10% 0.10% 4.22 5.2% 4.0% Net fee and commission income positive 1.00% 4.04 3.87 EUR/PLN (eop) 4.25 4.56 4.45 4.30 Reviving customer activity and transactionality along with gradual relaxation of pandemic restrictions and economic rebound ■ Selective adjustments of tariff of fees and commissions - Polish banking sector – monetary aggregates YoY Total costs slightly negative 2019 2020 2021F 2022F Corporate loans 3.0% -4.8% 4.7% 9.5% Household loans 6.0% 3.0% 4.6% 6.9% Reasonable management of operating costs amid growing GDP Rising amortisation due to ongoing investments in IT Announced lower contribution to the Bank Guarantee Fund Mortgage loans 6.6% 7.3% 4.5% 5.6% Loan loss provisions & FV change slightly positive Mortgage loans in PLN 12.1% 9.7% 10.0% 10.7% Non-mortgage loans 5.1% -3.8% 4.8% 9.1% Corporate deposits 10.0% 19.0% 9.7% 5.7% Household deposits 9.7% 10.7% 5.6% 5.2% Despite expiration of loan moratoria and anti-crisis aid package, the overall asset quality should not deteriorate materially ▪ The financial standing of corporate and retail borrowers to be supported by progressing recovery of the Polish economy Source: mBank's estimates as of 23.07.2021. Investor Presentation - Q2 2021 28#29Agenda Key highlights of Q2 2021 Business development Summary of financial results Analysis of the performance after Q2 2021 mBank ■Loans and deposits ■ Total income and its main components Total costs and efficiency ■ Loan loss provisions and portfolio quality Investor Presentation - Q2 2021 Capital and liquidity position Macroeconomic update and outlook Appendix 3 16 25 29 29#30Appendix: Selected Financial Data Consolidated Profit and Loss Account - quarterly Quarterly results (PLN thou.) Q2 2020 Net interest income Net fee and commission income Dividend income 1,006,611 Q3 2020 960,295 Q4 2020 Q1 2021 Q2 2021 976,930 946,895 961,537 362,937 373,201 409,471 468,060 452,569 4,179 310 137 440 3,472 Net trading income 39,545 58,151 42,251 63,178 43,587 Gains less losses from financial assets¹ 30,083 21,390 148,812 86,707 10,613 Net other operating income 26,132 -2,678 -25,267 -26,496 -28,989 Total income 1,469,487 1,410,669 1,552,334 1,538,784 1,442,789 Total operating costs -571,509 -566,717 -536,579 -664,657 -580,230 Overhead costs -455,147 -458,452 -428,088 -552,766 -467,894 Amortisation -116,362 -108,265 -108,491 -111,891 -112,336 Loan loss provisions and fair value change² -352,159 -268,777 -262,606 -164,716 -228,352 Costs of legal risk related to FX loans -188,972 -186,851 -632,980 -66,268 -248,537 Operating profit 356,847 388,324 120,169 643,143 385,670 Taxes on the Group balance sheet items -138,417 -133,365 -127,767 -138,821 -147,165 Profit before income tax 218,430 254,959 -7,598 504,322 238,505 Net profit attributable to owners of mBank 86,983 100,613 -174,682 317,125 108,683 1 Including a part of 'Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss' related to equity instruments and debt securities (without related to loans and advances) 2 Sum of 'Impairment on financial assets not measured at fair value through profit or loss' and 'Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss' related to loans Investor Presentation - Q2 2021 30 30#31Liabilities (PLN thou.) Appendix: Selected Financial Data Consolidated Statement of Financial Position - quarterly Assets (PLN thou.) Cash and balances with Central Bank Loans and advances to banks Trading securities Derivative financial instruments Loans and advances to customers Investment securities Intangible assets Tangible fixed assets Other assets Total assets Amounts due to banks Derivative financial instruments Amounts due to customers Debt securities in issue Subordinated liabilities Other liabilities 1,162,505 2,089,799 182,395,701 Q2 2020 Q3 2020 1,774,184 Q2 2020 11,141,250 Q3 2020 6,683,941 Q4 2020 3,968,691 Q1 2021 16,355,429 Q2 2021 16,523,318 6,921,359 8,991,355 7,354,268 7,381,296 9,750,443 1,884,596 678,604 676,466 1,495,167 1,327,844 1,487,670 1,488,869 1,722,353 1,879,166 1,699,144 108,225,663 108,947,243 108,567,354 113,244,357 116,241,341 48,418,934 1,063,925 50,280,275 1,094,258 51,728,934 48,570,723 47,421,519 1,178,698 1,197,772 1,207,765 1,117,654 2,153,505 181,435,704 1,514,577 1,696,128 1,553,987 2,160,276 2,397,014 2,745,531 178,871,617 194,217,052 2,004,200 Q4 2020 2,399,740 Q1 2021 2,954,112 198,470,892 Q2 2021 2,820,649 1,028,543 1,087,757 1,338,564 1,731,193 1,803,770 139,622,520 141,118,549 137,698,668 152,097,133 156,583,517 16,408,214 13,849,349 13,996,317 13,652,467 13,060,997 2,564,133 2,561,855 2,578,327 2,564,462 2,542,224 3,855,362 4,074,367 4,184,934 4,468,757 4,966,132 Total liabilities Total equity Total liabilities and equity 165,482,972 164,466,061 162,196,550 177,468,124 181,777,289 16,912,729 182,395,701 16,969,643 16,675,067 16,748,928 16,693,603 181,435,704 178,871,617 194,217,052 198,470,892 Note: Balance sheet data for Q1/20-Q4/20 restated due to the presentational change related to CHF mortgage loans. Investor Presentation - Q2 2021 31#32Appendix: Selected Financial Data mBank Group's Ratios - quarterly and cumulatively Financial Ratios Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Net Interest Margin, quarterly 2.35% 2.16% 2.21% 2.10% 2.04% Net Interest Margin, YtD 2.49% 2.37% 2.33% 2.10% 2.07% Net Interest Margin, excl. CHF portfolio, YtD 2.65% 2.52% 2.47% 2.20% 2.16% Cost/Income Ratio, quarterly 38.9% 40.2% 34.6% 43.2% 40.2% Cost/Income Ratio, YtD 45.0% 43.4% 41.1% 43.2% 41.8% Cost of Risk, quarterly 1.29% 0.99% 0.97% 0.59% 0.80% Cost of Risk, YtD 1.41% 1.27% 1.19% 0.59% 0.70% Return on Equity, ROE net, quarterly 2.07% 2.35% -4.09% 7.69% 2.60% Return on Equity, ROE net, YtD 2.15% 2.22% 0.62% 7.69% 5.12% Return on Assets, ROA net, quarterly 0.20% 0.22% -0.38% 0.68% 0.22% Return on Assets, ROA net, YtD 0.21% 0.21% 0.06% 0.68% 0.44% Loan-to-Deposit Ratio 77.5% 77.2% 78.8% 74.5% 74.2% Total Capital Ratio 19.26% 19.53% 19.86% 19.19% 17.55% Tier 1 Capital Ratio Leverage ratio Equity / Assets 16.43% 16.74% 16.99% 16.62% 15.18% 7.5% 7.7% 7.8% 7.4% 7.0% 9.3% 9.4% 9.3% 8.6% 8.4% TREA / Assets 48.0% 49.2% 49.5% 47.5% 49.2% NPL ratio 4.9% 4.8% 4.8% 4.6% 4.4% NPL coverage ratio 58.8% 60.7% 58.3% 58.5% 58.3% NPL coverage ratio incl. stage 1&2 provisions 71.7% 75.0% 72.9% 73.7% 75.8% Investor Presentation - Q2 2021 32#33Appendix: Selected Financial Data - Net Interest Income Structure of mBank Group's interest income PLN M Structure of mBank Group's interest expense PLN M -14.5% 1,210.6 204.0 50.6 +1.5% 7.9 43.9 9.5= 168.0 1,079.5 74.3 4.6.24.9 1,063.2 18.4 78.0 2.9- 26.9 1,019.4 78.7 1,035.2 81.2 8% -63.9% 155.8 3.1-24.1 3.7 -19.1-2% 0% 150.1 110.7 125.0 11% 63.0 119.2 2.7- 7.2 16.2 +1.6% 86.3 7.4 938.6 72.5 73.6 819.9 805.3 788.5 820.5 79% 49.0 14.0 6.0 10.1 14% 13.4 112.0 13.5 18% =2.0- 43.2 37.1 36.4 49% 44.7 1.5 -1.3- 20.3 14.8 12.6 1.1-2% 17% Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 02/20 Q3/20 Q4/20 Q1/21 Q2/21 Loans and advances Investment debt securities Debt securities held for trading Investor Presentation - Q2 2021 Derivatives (banking book) Other (incl. cash and short-term placements) Deposits (incl. from banks) Loans received Issue of debt securities Subordinated liabilities Other 33#34Appendix: Selected Financial Data – Net Fees and Commissions Structure of mBank Group's fee and commission income PLN M - Structure of mBank Group's fee and commission expense PLN M +20.7% +0.1% +12.3% 645.9 646.3 201.7 611.1 55.9 +8.9% 193.8 62.8 10% 553.5 62.4 180.3 177.9 535.5 172.6 89.0 50.5 99.0 15% 65.2 46.4 95.3 65.5 34% 30.1 82.7 76.0 24.6 32.1 5% 54.7 52.8 60.1 25.1 23.9 4% 27.6 29.8 23.6 5.3. 23.5 23.2 124.1 3.9 4.2 2% 132.2 20% 3.9 2.8 122.5 43.8 39.4 20% 111.8 114.4 44.3 71.7 47.2 40.1 56.8 9% 11.2 74.5 9.9 5% 54.3 54.6 10.6 14.0 11.2 11.8 6% 10.6 10.2 158.4 123.8 19% [7.8 9.3 84.1 97.0 105.5 56.5 62.3 63.0 48.8 55.9 33% 111.9 101.4 102.3 115.7 92.1 18% Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Payment card fees Accounts & money transfers Brokerage activity & securities issue Credit related fees Investor Presentation - Q2 2021 Guarantees & trade finance Insurance activity Foreign currencies exchange Other (incl. custody) Payment card fees Cash handling fees Discharged brokerage fees Commissions paid to external entities Fees paid to NBP and KIR Other (incl. insurance activity) 34 4#35Appendix: Selected Financial Data - Balance Sheet Analysis Structure of mBank Group's total assets PLN B Structure of mBank Group's liabilities and equity PLN B 198.5 194.2 182.4 15.5 181.4 178.9 22.0 11% 21.6 11.0 8.8 198.5 194.2 182.4 16.7 8% 181.4 178.9 16.7 6.8 3% 16.9 17.0 6.2 16.7 2.6- 2.5 1% 4.91 2.6- 5.2-2.6 13.1 7% 5.5 13.7 2.6 47.4 24% 48.6 16.4 13.8 14.0 50.3 48.4 51.7 1.9 1.5 0.7=1.5 €1.5 1.9 F1.3 1.7 1% 1% 0.7=1.7= 152.1 156.6 79% 139.6 141.1 137.7 116.2 58% 108.2 108.9 108.6 113.2 6.9 9.0 7.4 7.4 06/20 09/20 12/20 03/21 9.8 06/21 5% 2.0 06/20 1.8 09/20 2.4; 3.0 2.8 2% 12/20 03/21 06/21 Amounts due from banks Loans and advances to customers Trading securities Other assets Investor Presentation - Q2 2021 Derivative financial instruments Investment securities Amounts due to other banks Amounts due to customers Debt securities in issue Subordinated liabilities Other liabilities Equity (total) 35 45#36Appendix: Selected Financial Data – Structure of Loans and Deposits - Structure of mBank Group's gross loans, by client segment and industry as of 30.06.2021 Structure of mBank Group's deposits 0.5% 5.6% 29.8% 0.4% 1.2% 62.5% as of 30.06.2021 0.2% 16.6% 2.1% Real estate Building industry Financial activities Transport and logistics 5.9% 4.1% 2.7% 2.5% - Food sector 2.4% Metals 2.2% 41.4% Construction materials 1.8% Motorization 1.7% Chemicals and plastics 1.5% 28.2% Professional activities 1.4% 11.5% Wood, furniture, stationery Power & heating distribution 1.4% 1.3% 58.4% Retail trade Wholesale trade Other (<1.0%) 1.2% 68.1% 1.2% 10.1% PLN billion Corporate loans 49.6 Mortgage loans in FX to individuals 13.8 Mortgage loans in LC to individuals' 33.9 Mortgage loans to microfirms 2.5 Non-mortgage retail loans 19.9 Public sector loans 0.2 A well diversified loan portfolio with granular structure of exposures TOTAL 119.9 1 Including local currency mortgage loans granted in Poland, the Czech Republic and Slovakia Investor Presentation - Q2 2021 ------- PLN billion Corporate clients: current accounts² Corporate clients: term deposits Loans and advances received Individual clients: current accounts Individual clients: term deposits Public sector clients 46.7 0.6 1.8 97.9 8.8 0.8 TOTAL 156.6 2 Including repo transactions 36#37Appendix: Selected Financial Data - Funding profile Structure of mBank Group's funding as of 30.06.2021 Summary of mBank's long-term funding instruments as of 30.06.2021 Other Subordinated liabilities 3.7% EMTN bonds 1.4% Covered bonds & 3.4% other securities issued 3.8% 58.7% Due to banks 1.6% Nominal value Currency Issue date Maturity date Tenor Coupon Retail Issues under Euro Medium Term Note (EMTN) Programme deposits 500 M EUR 26.11.2014 26.11.2021 7.0 Y 2.000% 200 M CHF 28.03.2017 28.03.2023 6.0 Y 1.005% 180 M CHF 07.06.2018 07.06.2022 4.ΟΥ 0.565% 500 M EUR 05.09.2018 05.09.2022 4.ΟΥ 1.058% 27.4% Corporate deposits --- 125 M CHF 05.04.2019 04.10.2024 5.5 Y 1.0183% 86.1% Subordinated loan and bonds 250 M CHF 21.03.2018 21.03.2028 10.0 Y Summary of mBank's ratings as of 30.06.2021 750 M PLN 17.12.2014 17.01.2025 10.1 Y 550 M PLN 09.10.2018 10.10.2028 10.0 Y Fitch Ratings S&P Global Ratings 200 M PLN 09.10.2018 10.10.2030 12.0 Y LIBOR3M +2.75% WIBOR6M +2.10% WIBOR6M +1.80% WIBOR6M +1.95% Long-term rating BBB- BBB Loans and advances received Outlook Watch Negative Negative 113 M CHF 04.09.2017 04.09.2025 8.0 Y Short-term rating F3 A-2 176 M CHF 30.07.2018 30.07.2025 7.0 Y Viability rating / SACP bbb- bbb 138 M CHF 02.08.2019 02.08.2027 8.0 Y Investor Presentation - Q2 2021 Note: The table does not include covered bonds issued by mBank Hipoteczny. 37 52#38- Appendix: Selected Financial Data – Capital Requirements Regulatory capital requirements for mBank Group as of 30.06.2021 11.15% -0.04% 0.50% 2.50% 2.11% 13.86% 0.04% 0.50% 2.50% 2.82% 8.00% 6.00% Tier 1 Capital Ratio Total Capital Ratio Investor Presentation - Q2 2021 Countercyclical Capital Buffer (CCYB) is calculated as the weighted average of the countercyclical buffer rates that apply in the countries where the relevant credit exposures of the Group are located. Systemic Risk Buffer (SRB), originally set at 3.0% in Poland, was reduced to 0% starting from 19.03.2020; for mBank it applies only to domestic exposures. Other Systemically Important Institution (O-SII) Buffer imposed by an administrative decision of the PFSA, in which mBank has been identified as other systemically important institution; its level is reviewed annually. Conservation Capital Buffer (CCB) is equal for all banks in Poland as introduced by the Act on Macroprudential Supervision Over the Financial System and Crisis Management in the Financial System; it was implemented gradually and raised from 1.25% to 2.5% starting from 01.01.2019. Individual additional Pillar 2 capital requirement for risk related to FX retail mortgage loans (FXP2) imposed as a result of risk assessment carried out by the PFSA within the supervisory review and evaluation process ("SREP"); its level is reviewed annually. CRR Regulation minimum level (CRR) based on Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. 38#39Appendix: Retail Banking Profit before income tax of the segment PLN M, by quarter Number of Retail Service Locations -28 mBank CZSK +13% +27% 396 Poland 369 368 40 347.6 324.3 41 43 44 307.1 277.3 17.6 42 40 16.8 273.5 19.1 13.4 29.3. 166 149 149 288.0 307.5 330.0 -14= 263.9 244.2 35 15 15 34. 34 97 88 87 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 06/20 03/21 06/21 Number of non-cash transactions with payment cards M, by quarter +40% +18% mBank CZSK mFinanse¹ mKiosks Advisory centres Light branches (in shopping malls) mBank's outlets (standard format) Value of non-cash transactions with payment cards PLN M, by quarter +33% +16% 214.9 215.3 13,892 14,638 185.1 182.0 13,013 12,613 153.9 11,015 Q2/20 Q3/20 1 Including financial centres and agency service points Investor Presentation - Q2 2021 Q4/20 Q1/21 Q2/21 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 39#40Appendix: Retail Banking Development of gross loans to retail banking clients PLN M Development of deposits from retail banking clients PLN M +11.7% +18.8% +3.4% 70,093 67,785 65,952 64,404 62,730 +3.0% 106,700 19,946 28% 19,001 18,729 30% 18,473 18,989 89,777 149 14% 12,925 92,303 116 97,976 114 103,583 185 201 8,827 8% 9,358 10,158 10,782 -2,509 4% [2,538. 2,557 5,859 −2,527. 6,735 2,513 4% 7,456 11% 41,117 39% 40,598 38,241 7% 4,355 4,862 37,040 40% 35,706 25% 15,918 15,459 14,802 14,660 13,761 19% 53,441 56,555 53% 49,463 34% 21,427 22,556 24,053 24,863 26,417 38% 46% 40,997 44,366 06/20 09/20 12/20 03/21 PLN mortgage loans to individuals FX mortgage loans to individuals Mortgage loans granted in CZSK 06/21 Mortgage loans to microfirms Non-mortgage loans 06/20 09/20 12/20 03/21 06/21 Current accounts Saving accounts Term deposits Other Note: Currency and geographical breakdown based on management information. Data for 2020 restated due to the presentational change related to CHF mortgage loans. Investor Presentation - Q2 2021 40 40#41Appendix: mBank in the Czech Republic and Slovakia Gross loans and share in total mBank's retail volume PLN M Deposits and share in total mBank's retail volumes PLN M +60% +30% 12.9% +10% +2% 14.5% 9,031 8,219 15,153 15,502 7,311 13,819 2,738 11,884 12,470 6,242 5,656 2,445 4,511 4,541 2,076 4,254 1,770 3,789 3,944 1,517 4,139 4,472 5,235 5,775 6,293 SK 8,095 8,526 9,565 10,643 10,961 SK CZ CZ 06/20 09/20 12/20 03/21 06/21 06/20 09/20 12/20 03/21 06/21 Number of clients thousand Development of total revenues PLN M +4% Users of mobile +8% 0% application +5% Main interest rate CZ: 228.3 CZ: 0.50% 978.9 995.2 1,003.4 1,012.1 295.7 298.3 300.7 304.1 1,015.2 305.5 SK: 100.1 64.9 65.1 67.2 70.4 SK: 0.00% 59.6 11.4 12.7 13.8 14.7 30.06.2021 12.4 683.2 697.0 702.7 708.0 709.7 SK 53.5 47.1 52.4 53.3 55.6 SK CZ CZ 06/20 09/20 12/20 03/21 06/21 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Note: Volumes based on management information. Investor Presentation - Q2 2021 1 41#42Appendix: mBank in the Czech Republic and Slovakia Czech Republic physical network: Mortgage loans CZK M +52% +10% Non-mortgage loans CZK M +14% +7% Customer deposits CZK M +27% +4% light 7 branches financial 25,485 28,080 5,802 6,199 6,613 59,700 61,834 48,593 0 18,454 centres 23 mKiosks 06/20 03/21 06/21 06/20 03/21 06/21 06/20 03/21 06/21 Slovakia physical network: Mortgage loans EUR M +94% +16% Non-mortgage loans EUR M +28% +11% Customer deposits EUR M +18% +4% light 2 branches 494.3 financial 424.4 86.7 96.2 968.9 1,005.6 848.7 74.9 1 centres 255.2 10 mKiosks 06/20 03/21 06/21 06/20 03/21 06/21 06/20 03/21 06/21 Note: Volumes based on management information. Investor Presentation - Q2 2021 42#43Appendix: Corporate & Investment Banking Profit before income tax of the segment PLN M, by quarter Number of corporate service locations 22 Pomorskie +86% +9% 2 Zachodnio- Pomorskie 12 Warmińsko- Mazurskie 29 mBank's branches, 21 Kujawsko- Pomorskie 11 Podlaskie 42 incl. 13 advisory centres 22 Lubuskie Wielkopolskie Mazowieckie L 197.7 172.9 185.9 203.1 Łódzkie 14 mBank's offices 21 Dolnośląskie Lubelskie 1 109.5 Opolskie 41 Świętokrzyskie Śląskie Podkarpackie 21 11 Małopolskie Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Development of loans to enterprises¹ PLN M -2.2% +0.8% Development of deposits from enterprises1 PLN M +7.6% +2.0% 33,168 32,264 31,076 32,195 32,442 43,463 43,407 45,813 46,745 36,836 06/20 09/20 12/20 03/21 06/21 1 Corporate loan and deposit volumes (for mBank and mBank Hipoteczny) according to NBP rules (monetary reporting system - MONREP) Investor Presentation - Q2 2021 06/20 09/20 12/20 03/21 06/21 43#44Appendix: Corporate & Investment Banking Development of gross loans to corporate customers PLN M Development of deposits from corporate customers PLN M +1.8% 0.0% +1.5% +2.6% 7 48,734 48,901 49,635 49,078 49,095 48,239 47,970 47,862 46,025 4,297 3,653 4,739 3,709 7,033 7,305 8,091 8,525 7,659 9,183 39,236 10,581 4,164 4,126 3,063 2,902 9,744 10,402 3,106 5,205 7,092 7,600 7,681 7,403 7,467 2,712 2,721 2,894 9,958 2,774 2,715 19,381 19,277 21,078 20,869 18,918 18,408 19,202 19,285 18,303 15,658 16,216 14,480 12,882 13,783 8,815 7,956 6,776 8,223 8,347 8,414 06/20 09/20 12/20 03/21 06/21 06/20 09/20 12/20 03/21 06/21 K1 K2 K3 mLeasing Other Κι K2 K3 Other mBank Hipoteczny 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. Investor Presentation - Q2 2021 44#45Appendix: Performance of main subsidiaries of mBank Bank Hipoteczny established in 1999 specialised mortgage bank and active issuer of covered bonds on both domestic and foreign markets Outstanding amount of covered bonds PLN M, nominal value m Leasing established in 1991 Leasing contracts PLN M offered financing in the form of leasing of cars, trucks, machinery and real estate as well as car fleet management (CFM) services Market share in 2020: 7.3% m Faktoring established in 1995 Factoring contracts PLN M offered services include domestic and export recourse and non-recourse factoring and import guarantees Market share in 2020: 8.2% -14% -5% +91% +10% +47% +12% 8,055 7,295 6,944 1,556 1,710 6,688 7,483 5,084 896 06/20 03/21 06/21 Q2/20 Q1/21 Q2/21 Q2/20 Q1/21 Q2/21 Company's profit before income tax PLN M 1.7 Q2/20 +136% -59% 10.2 Q1/21 4.1 Q2/21 Company's profit before income tax PLN M +497% +9% Company's profit before income tax PLN M +343% +223% 41.6 45.5 10.9 7.6 2.5 3.4 Q2/20 Q1/21 Q2/21 Q2/20 Q1/21 Q2/21 Source: Calculation based on data published by Polish Leasing Association (PLA) and Polish Factors Association (PFA). Investor Presentation - Q2 2021 45#46Appendix: Historical financial results of mBank Group PLN million Net interest income Net fee and commission income Net trading and other income 2016 2017 2,832.8 3,135.7 2018 3,496.5 2019 4,002.8 2020 ΔΥΟΥ 4,009.3 +0.2% 906.4 1,249.5 1,257.8 1,270.6 1,508.3 +18.7% 556.2 68.4 325.3 251.0 349.2 +39.1% Total income 4,295.5 4,453.6 5,079.5 5,524.4 5,866.8 +6.2% Total costs -1,963.3 -2,043.2 -2,163.9 -2,329.2 -2,411.1 +3.5% Loan loss provisions and fair value change -365.4 -507.7 -694.4 -793.8 -1,292.8 +62.9% Operating profit before legal provisions and taxes 1,966.8 1,902.7 2,221.2 2,401.5 2,162.8 -9.9% Costs of legal risk related to FX loans 0.0 0.0 -20.3 -387.8 -1,021.7 +163.5% Taxes on the Group balance sheet items -328.9 -375.3 -415.4 -458.7 -531.4 +15.9% Income tax -415.5 -432.8 -483.9 -544.8 -506.0 -7.1% Net profit Total assets 1,219.3 1,091.5 1,302.8 1,010.4 103.8 -89.7% 133,744 131,424 145,781 158,353 178,872 +13.0% Gross loans to customers 84,581 87,388 97,808 108,170 112,208 +3.7% Individual clients Corporate clients Customer deposits Individual clients Corporate clients Total equity Net interest margin Cost/Income ratio Cost of risk Return on equity (ROE) Tier 1 capital ratio 48,950 48,143 52,925 59,993 65,952 +9.9% 34,174 37,942 44,233 47,786 46,025 -3.7% 91,418 91,496 102,009 116,661 137,699 +18.0% 53,495 55,694 65,924 77,664 97,976 +26.2% 37,383 34,590 35,346 38,138 39,236 +2.9% 13,051 14,292 15,171 16,153 16,675 +3.2% 2.3% 2.5% 2.6% 2.7% 2.3% -0.4pp 45.7% 45.9% 42.6% 42.2% 41.1% -1.1pp 0.46% 0.61% 0.78% 0.79% 1.19% +0.40pp 9.6% 8.0% 8.9% 6.4% 0.6% -5.8pp 17.3% 18.3% 17.5% 16.5% 17.0% +0.5pp Total Capital Ratio Investor Presentation - Q2 2021 20.3% 21.0% 20.7% 19.5% 19.9% +0.4pp 46#47Appendix: mBank's share price performance Banking stocks gained since Autumn, but CHF-related risks still weigh on mBank mBank's index membership and weights mBank's share performance v. main indices (rebased to 100) – last 12 months as of 30.06.2021 172 mBank's share price 166 WIG30 WIG 30 1.658% 30.06.2020 230.0 160 MAX (25.06.2021) 346.6 154 7. +57.5% MWIG40 MWIG 40 6.001% MIN (30.10.2020) 115.5 148 30.06.2021 325.0 142 WIG WIG 1.189% +41.3% 136 WIG-Banks WIG banki 5.504% 130 +26.1% 124 WIG-ESG WIGESG 1.850% 118- 112 WIG-Poland WIG Poland 1.238% 106 100 94 ■ mBank has been listed on the Warsaw Stock Exchange since October 1992 ■ A strategic shareholder, Germany's Commerzbank, owns 69.28% of shares 88 82 76 70 64 ISIN Bloomberg PLBRE0000012 58 52 MBK PW 46 30.06.20 31.07.20 31.08.20 30.09.20 31.10.20 30.11.20 31.12.20 31.01.21 28.02.21 Number of shares issued 42 367 040 -mBank WIG-Banks Index 31.03.21 30.04.21 31.05.21 30.06.21 WIG-20 Index Source: WSE, Bloomberg (data as of 30.06.2021). Investor Presentation - Q2 2021 47#48Disclaimer This presentation has been prepared by mBank S.A. for information purposes only and is based on the Condensed Consolidated Financial Statements for the first half of 2021, prepared under the International Financial Reporting Standards. For more detailed information on mBank S.A. and mBank Group results, please refer to the respective financial statements and data. This presentation contains certain estimates and projections regarding potential future trends. Estimates and projections presented in this presentation rely on historical information and other factors and assumptions which reflect mBank S.A. current position about potential future trends which seem justified under the given circumstances. Estimates and projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the projections, and the variations may be material. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No statement in this presentation is intended to be a profit forecast. While this information has been prepared in good faith, no representation or warranty, expressed or implied, is or will be made and no responsibility or liability is or will be accepted by mBank S.A. or any subsidiaries or affiliates of mBank S.A. or by any of their respective officers, employees or agents in relation to the accuracy or completeness of these materials. The presentation should not be treated as a recommendation to purchase securities, an offer, invitation or a solicitation of an offer to purchase, invest or conclude any transaction on securities, in particular with respect to securities of mBank and its subsidiaries. This presentation has been completed as of the date indicated at the beginning. mBank S.A. does not undertake any obligation to update or revise this presentation, including any forward-looking estimates and projections, whether as a result of new information, future events or otherwise. Investor Presentation - Q2 2021 48#49Contact details Karol Prażmo Managing Director for Treasury and Investor Relations +48 607 424 464 [email protected] Joanna Filipkowska Head of Investor Relations +48 510 029 766 [email protected] Magdalena Hanuszewska +48 510 479 500 [email protected] Paweł Lipiński +48 508 468 023 [email protected] Marta Polańska +48 508 468 016 [email protected] mBank mBank's Investor Relations at your service: E-mail address: [email protected] Investor Relations website: www.mbank.pl/en/investor-relations/ mBank S.A., ul. Prosta 18, 00-850 Warszawa