Investor Presentaiton

Commercial Real Estate - Offices Office resources (ths. square meters) Office prime yields 1600 12000 10% 9,25% 9% 1200 10000 8% 8000 7% 800 الالسلسلة 400 6% 6000 5% 4% 4000 3% 2,65% 2,75% 2,85% 2000 2% 1% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0 0% Annual supply Total surface resources (right axis) Source: Cresa 2019 Office resources by region (%) ■ Warsaw 5%28 11% 7% 5% 5% 15 Cracow 14 ■ Łódź 13 ■ Katowice 12 11 ■Tricity 50% 10 ■ Wrocław 9 Berlin Paris Frankfurt Stockholm Amsterdam 3,25% 3,50% 3,40% 3,90% 4,25% 2,85% Average price (EUR/m2) and Vacancy rate (%) London Milan Brussels Warsaw Source: Slavis Q1 2020 Moscow 13% ■ Poznań Lublin ■Szczecin 87 Source: Cresa, 2019 65 14% 12% 10% 8% 6% 4% 2% 0% m In Poland prime yield is the highest in Europe (4,75%). In Poland, the average rate per m²/EUR of office space is constantly growing, despite the high supply, the vacancy rate is dropping. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Average price [EUR/m2] Source: Cresa 2019 mBank Hipoteczny Covered bonds Cover Pool Polish Economy Real estate market Legislation 47

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