Investor Presentaiton

EUR 300mn short 7Y Covered Bond Security Type Issue Type Rating Size Terms and Conditions Mortgage Covered Bond, backed by Polish PLN and EUR-denominated mortgage loans Fixed Rate, Soft Bullet / Conditional Pass- Through Covered Bonds A Positive Outlook (Fitch Ratings) EUR 300mn mBank Hipoteczny successfully priced its inaugural covered bond sub-benchmark transaction with a EUR 300mn size (no grow). The deal was well prepared with an expedited three day pan-European roadshow in Frankfurt, Munich/Stuttgart, Vienna/Zurich, Amsterdam, Paris, London and Copenhagen/Helsinki. • Allocation by Region 60% • Price & Launch 19th April 2018 Settlement 26th April 2018 Maturity 5th March 2025 Tenor Short 7 years Re-offer Spread MS +42bps Coupon 1.073% Fixed, Annual, Act/Act ICMA • Law Listing Denomination EUR 100k ISIN Bookrunners Final order book Polish Law Luxembourg Stock Exchange XS1812878889 Commerzbank (B&D), Erste Group, J.P. Morgan, LBBW, SG CIB Above EUR 800mn (excluding JLM interest) Oversubscription 2.7x Number of accounts 60 • • Main Highlights The recent confirmation of the withholding tax treatment for covered bonds in Poland has enabled mBank Hipoteczny to access the EUR-denominated covered market in syndicated format for the first time, Books opened with guidance of ms+high 40s area, Strong order book momentum enabled the Issuer to revise the guidance to ms+45bps area (+/-3bps) two hours later, Final pricing was at ms+42bps, The final orderbook was characterized by a granularity of 60 investors ordering over EUR 800mn resulting in a 2.7x oversubscribed book, The pricing implies a small new issue premium in the high single digit area which results from the theoretical fair value derived from the outstanding bonds of their closest comparables, Germany Austria 15% Nordics 9% France/BeNeLux Switzerland 5% Others 5% 6% Allocation by Investor Type Banks Asset Manager Insurance Pension Funds The transaction provides a natural hedge for mBank Hipoteczny mortgage portfolio which is partially denominated in EUR. Govt/Agencies Others 1% 7% 16% 26% m 50% mGroup Covered bonds Cover Pool Polish Economy Real Estate Market 28 Legislation

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