Investor Presentaiton

Macroeconomic situation and outlook Corporate loans and deposits (YoY, FX-adjusted) 30% Source: NBP 25% 20% 15% 10% 5% 0% -5% -10% Household loans and deposits (YoY, FX-adjusted) 14% Source: NBP 12% 10% 8% 6% 4% 2% 0% Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Corporate deposits Corporate loans Corporate investment loans Corporate credit still enjoys decent growth rates, but momentum is slowly faltering. Economic cycle seems to be inevitable going forward. At the same time, deposit base is growing steadily. Government bond yields: on the rise (bps) Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Household deposits Household loans Mortgage loans New credit creation dropped like a stone, especially in mortgage segment due to high interest rates and regulatory requirements. Growth of household deposits weakens but it is unlikely to turn negative. PLN: weak and bleak perspectives for spectacular improvement 900 5.00 800 4.80 700 4.60 600 4.40 500 400 4.20 300 4.00 200 3.80 100 0 3.60 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 2Y ⚫5Y 10Y Jan-22 Source: Bloomberg Jul-22 Jan-19 Jul-19 Jan-20 Jul-20 EUR/PLN ⚫CHF/PLN Jan-21 USD/PLN Jul-21 Jan-22 Jul-22 Source: Bloomberg Bond yields exploded amidst higher inflation, higher expected rate path and some repricing (higher) in credit risk. And then fell even faster. Due to recession fears, it is unlikely to revisit the tops again. Covered Bonds Investor Presentation Zloty is subject to a series of shocks, with war (and its consequences) being not the last one. There is some room for improvement on the basis of falling risk aversion but chances for swift appreciation are slim (cycle turns negative). 38

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