Investor Presentaiton

Covered Bonds rating among Polish issuers Fitch Moody's / S&P Ratings as of 07.08.2020 relation to sovereign rating E mBank BBB-/-/BBB+ Stable/-/ Negative mBank Hipoteczny BBB-/Baa2/- Stable/Stable/- Pekao SA BBB+/A2/BBB+ Negative/ Stable/ Positive Pekao BH BBB+/-/- Negative Poland Long Term +5 Mortgage Covered Bonds A-/-/- 1 Negative/-/-I relation to issuer rating +3 +1 PKO Bank PKO Bank Polski Hipoteczny -/Baa1/- - /Stable/- -/A2/- - / Stable/ - +3 Country ceiling Mortgage Covered Bonds -/Aa3/- Mortgage Covered Bonds -/Aa3/- ING Bank Hipoteczny -/Baa1/- ING -/Stable / - +4 ING Bank A+/A2/- Negative/Stable / - +3 Mortgage Covered Bonds -/Aa3/- +3 Fitch BBB BBB+ A- A+ AA- AA ... Moody's Baa2 Baal A3 A2 A1 Aa3 Aa2 ... S&P BBB BBB+ A- A+ AA- AA ... Source: Rating Agencies press releases m mGroup Covered bonds Cover Pool Polish Economy Real Estate Market 32 Legislation

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