Investor Presentaiton

EUR 300mn long 5Y Covered Bond Day of execution mBank Hipoteczny S.A successfully returned to the syndicated covered market with a EUR 300mn long 5-year mortgage covered transaction The final orderbook in excess of EUR 1bn was characterized by a high degree of granularity with over 70 real money investors participating. The final re-offer spread of +43bps lies inside the estimated fair value level and thus implies a negative new issue concession of around -2bps 60 50 40 30 EUR polish issuers covered bond and POLB 2019-11-06 EUR 300 B300-- -EUR 500 EUR 500 EUR 500 EUR 600 20 EUR 600- 10 EUR POLGB PKO BH Day of execution 0 2 3 4 5 6 7 Book volume (m EUR) Spread guindance MS+ bps -10 55 55 1,100 1,031 - --55-- 1,000 950 Allocation by Region Allocation by Investor Type 900 800 700 600 600 50 -12 Germany bps Nordics 500 3,4x 300 issue 3,1x 400 (no grow) 45 Austria 9% 48% AM Funds 29% Banks Insurance / Pens 8% 28% 300 2x 45 43 200 CEE 4% CB/IO 9% 100 Switzerland 3% 0 40 09:05 10:04 10:54 11:20 Others 7% 2h 15min m 55% mGroup Covered bonds Cover Pool Polish Economy Real Estate Market 29 Legislation

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