Investor Presentaiton

Residential 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

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