Investor Presentaiton

Sound fundamentals for the banking business Relatively strong labour market Unemployment rate - 2020 H1 Capitalisation and Funding - the Polish banking sector 3.0% 2.6% 4.8% 4.4% TCR & Tier 1 ratio Tier 1 ratio Loan-to-deposit ratio 7.8% 7.1% 6.6% Tier 2 17.7 19.0 19.1 19.1 18.3 95.7% 94.8% 92.4% 90.2% 16.3 81.5% 15.0% 16.1 17.2 17.2 17.0 16.3 Poland Czech Hungary Bulgaria Slovakia EU-28 Republic Euro area Source: Eurostat 2015 2016 2017 2018 2019 2020 2016 2017 2018 2019 31 Q1 May 2020 Interest rate disparities (v. Germany, in basis points) are narrower PLN: the worst is over 400 4,7 350 4,5 300 4,3 250 4,1 200 3,9 150 3,7 100 3,5- 50 3,3 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 ⚫2Y 5Y 10Y Interest rate cuts along with QE launched by the NBP allowed for a massive drop in government bonds yields. Credit risk settled on lower levels (as expected). Interest rates to stay low for some time.. 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 CHF/PLN COVID-19 shock triggered fast depreciation of all EM currencies. After the initial increase EUR/PLN settled on lower levels. Return to growth will be beneficial for PLN, along with Next Generation EU transfers. EUR/PLN ⚫USD/PLN m Source: Bloomberg Source: Bloomberg Covered mGroup bonds Cover Pool Polish Economy Real Estate Market Legislation 40

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