Investor Presentaiton

Polish Covered Bonds Law vs German Pfandbriefe Law Special Covered Bonds Law Special bank principle Mortgage Valuation concept Loan to Value (LtV) cap Mortgage value refinancing limit (consider as OC) Geographical scope for mortgage assets Repayment structure Legal framework for bankruptcy Bankruptcy remoteness Recourse upon cover pool default Minimum Mandatory Overcollateralization CRR, UCITS compliant Source: European Covered Bond Council Poland Hipoteczne Listy Zastawne (HLZ) YES Germany Mortgages Pfandbriefe (Hypfe) YES NO Mortgage lending value ΝΟ YES Mortgage lending value 100% Residential: 80% Commercial: 60% PL Soft-bullet and CPT Specific legal framework superseding the general insolvency law Preferential claim by law Specific cover pool administration Yes, pari passu with unsecured creditors 10% YES 60% of mortgage lending value EEA, CH, US, CA, JP, AU, NZ, SG Hard Bullet Specific legal framework superseding the general insolvency law Preferential claim by law Specific cover pool administration Yes, pari passu with unsecured creditors 2% YES m mGroup Covered bonds Cover Pool Polish Economy Real Estate Market Legislation 53

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