Investor Presentaiton

Obligatory 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 CB claims Outstanding covered bonds (principal) + Due and unpaid interest from CB + > 1 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 Cover pool Substitute assets + Liquidity buffer Net cash flows from hedging instruments in time horizon Additionally for 12 M horizon: Interest under receivables in the cover pool for the next 12 months Obligations towards holders (principal + interest) that became due but were not paid before the date of hypothetical insolvency E Interest payable in time horizon CB claims Principal amount that fall in time horizon Cost of liquidating asset pool in case of insolvency in time horizon > O 0 Test calculated also under stressed conditions: • +/- 20% FX rate or highest year change in previous 12 M • +/- 400bps shift of interest rate curves Tests performed min. once a 3M mGroup Covered bonds Cover Pool Polish Economy Real Estate Market Legislation 52

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