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International Presence and Activities

-3 2Q06 3Q06 4Q06 1Q07 -2 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 -1 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 0 4Q10 1Q11 2Q11 3Q11 4Q11 1 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 2 RISKS IN THE HOUSING MARKET HAVE RISEN DURING THE PANDEMIC... → Most recent increases in property prices have not been fully offset by the decline in mortgage rates or the rise in household income. Plus, rents have declined, which all contributed to the increase in the central bank's Composite Index of the housing market toward the,,Risk" zone → If the economy bounces in 2H21 as generally forecast, some of the overheating could ebb though Composite index of housing price development 4 13 Bubble Note: CI_Total CI_Flats Only The Composite Index comprises five sub-indices. The index is calculated as the average of trend-adjusted and standardized indicators, weighted using a principal component analysis. The index level shows the deviation in standard deviations from the average, normalized to zero. The index value is categorized into one of five levels based on the current value: downward trend (below -1), balance (between -1 and 0), boom (between 0 and 1), risk (between 1 and 2) and bubble (above 2). Source: analysis of NBS 13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Slump 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Risk Boom Balance 2Q20 3Q20 4Q20

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