Investor Presentation - Q2 2021

Macroeconomic forecasts and outlook for mBank Group Operating environment for banks remains challenging due to low rates and high tax burdens Key economic indicators for Poland Short-term prospects for mBank (compared to 2020) 2019 2020 2021F 2022F Net interest income & NIM negative GDP growth (YoY) 4.5% -2.7% 5.7% 5.3% Domestic demand (YoY) 3.5% -3.8% 7.4% 6.4% Private consumption (YoY) 4.0% -3.0% 5.8% 6.2% ■ Interest rate cuts to the historically lowest level translating into weaker interest income and strong pressure on margin Exhausted space for deposit repricing and reducing funding costs Investment (YoY) 7.2% -8.4% 13.0% 8.8% Inflation (eop) 3.4% MPC rate (eop) CHF/PLN (eop) 3.92 2.4% 1.50% 0.10% 0.10% 4.22 5.2% 4.0% Net fee and commission income positive 1.00% 4.04 3.87 EUR/PLN (eop) 4.25 4.56 4.45 4.30 Reviving customer activity and transactionality along with gradual relaxation of pandemic restrictions and economic rebound ■ Selective adjustments of tariff of fees and commissions - Polish banking sector – monetary aggregates YoY Total costs slightly negative 2019 2020 2021F 2022F Corporate loans 3.0% -4.8% 4.7% 9.5% Household loans 6.0% 3.0% 4.6% 6.9% Reasonable management of operating costs amid growing GDP Rising amortisation due to ongoing investments in IT Announced lower contribution to the Bank Guarantee Fund Mortgage loans 6.6% 7.3% 4.5% 5.6% Loan loss provisions & FV change slightly positive Mortgage loans in PLN 12.1% 9.7% 10.0% 10.7% Non-mortgage loans 5.1% -3.8% 4.8% 9.1% Corporate deposits 10.0% 19.0% 9.7% 5.7% Household deposits 9.7% 10.7% 5.6% 5.2% Despite expiration of loan moratoria and anti-crisis aid package, the overall asset quality should not deteriorate materially ▪ The financial standing of corporate and retail borrowers to be supported by progressing recovery of the Polish economy Source: mBank's estimates as of 23.07.2021. Investor Presentation - Q2 2021 28

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