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Investor Presentaiton

Poland Strengths - one of EU's most resilient economies Contributions to GDP growth 4.6 6 4.8 4.3 5.5 5.1 5.2 5.3 5.2 4.9 4.8 4.6 3.9 3.7 3.3 3.6 3.1 3.4 2.8 2.8 2.0 4- 2 0 ■ The largest economy in Central and Eastern Europe (CEE) with more than 40% of the region's gross domestic product¹ ■ Track record of steady growth despite prolonged turmoil experienced by the international financial markets ■ Growth supported by expansionary policy-mix, solid influx of EU funds under 2014-2020 framework, high cost competitiveness and key location within the huge EU market ■ Economic expansion began in 2013 and GDP growth continued to remain solid in the next quarters Share of 2020 Q1 Nominal GDP of CEE region defined as: Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia Poland - one of the fastest growing economies in the region GDP index (Q1 2008=100) 8 -2 -4 2 +68 -6 -8 -10 -4.7 5.1 -9.0 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Q3/20 Investment Inventories Net exports GDP YOY (%) Source: Central Statistical Office of Poland Consumption 2020 Q1 Nominal GDP share Real GDP growth 190 5.1% Poland 4.1% Romania 1.7% 170 4.8% 15,4% Hungary 3.0% 2.0% 150 43,7% 4.2% Poland 130 7,4% Slovakia 4.5% Slovakia 3.8% -1.1% 4.0% Romania 3.7% 2.7% Bulgaria 110 18,1% 3.2% Bulgaria 3.6% 10,9% -2.4% 90 Q1/08 Q1/10 Q1/12 Q1/14 Q1/16 Q1/18 Q1/20 Czech Republic 2.9% Czech Republic 2.8% -2.0% 2018 Bulgaria ⚫Poland Czech Republic Romania Hungary Hungary EU-28 1.9% 1.6% -2.5% Slovakia 2019 2020 Q1 Source: Eurostat mGroup Covered bonds Cover Pool Polish Economy Real Estate Market Legislation 39
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