Investor Presentaiton

Macroeconomic update - CEE & AT recovery continues in 2022, rate hikes in CZ, HU & RO • CEE & AT economies have shown remarkable resilience and adaptability through Covid-19 • • • AT: recovery to reaccelerate after relatively weak winter tourism season CZ & SK: sound domestic and foreign demand but supply chain disruptions still have an impact on industrial output RO: slower dynamics in Q4 2021; economic growth to be supported by EU-funded investments in 2022 Real GDP expectations for 2022 (in %) 5.4 4.3 4.5 4.6 3.0 3.2 3.2 • • HU: very strong performance supported by relaxed fiscal policy, boosted investments, services and construction HR: EU-funds related investments and further normalisation of tourism to support economic performance SK RO CZ AT RS HR HU • • Multiannual Financial Framework and EU Next Generation funds to support recovery and growth Interest rate tightening cycle under way in CEE - faster and more sizeable than expected • Strong economic recovery and elevated inflation led to higher rate expectations CEE economies proved their resilience and experienced quick recovery Key interest rates (in %) (as of 22 February) 4.50 3.40 2.50 • Inflation has risen due to mismatch between supply and demand following re-opening of economies; expected to moderate in the second half of 2022 1.00 0.00 0.05 • Further rate hikes expected in HU, RO ECB HR RS RO • RS also expected to start hiking interest rates H = 30 HU CZ ERSTES Group Page 12

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