Investor Presentaiton

Macroeconomic forecasts and outlook for mBank Group Key economic indicators for Poland Short-term prospects for mBank (4 quarters ahead) 2020 2021 2022F 2023F Net interest income & NIM neutral GDP growth (YoY) -2.2% 5.9% 4.6% 0.4% Domestic demand (YoY) -2.9% 7.6% 7.3% -1.2% Ongoing cycle of rate hikes translating into rising cost of deposits, exhausted potential for further margin improvement Private consumption (YoY) -3.0% 6.1% 5.3% 1.8% ■ Material negative impact of credit vacations on interest income Investment (YoY) -4.9% 3.8% 5.5% Inflation (eop) 2.4% 8.6% 15.3% MPC rate (eop) 0.10% 1.75% 7.00% -1.3% 8.0% 5.00% Net fee and commission income slightly positive CHF/PLN (eop) 4.22 4.42 4.79 4.49 EUR/PLN (eop) 4.56 4.59 4.65 4.55 Uptrend anchored in growing customer base and transactionality, as well as extending investment product offering Relevant adjustments to tariff of fees already implemented Polish banking sector – monetary aggregates YoY Total costs negative 2020 2021 2022F 2023F ■ Visible wage and inflationary pressure weights on operating costs Investments in future growth along with increasing revenues Corporate loans -4.8% 3.9% 10.0% Household loans 3.0% 4.9% -1.3% Mortgage loans 7.3% 7.1% -0.4% Mortgage loans in PLN 9.7% 12.0% Non-mortgage loans -3.8% 1.1% Corporate deposits 19.0% 10.4% Household deposits 10.7% 6.7% -0.5% -2.8% -3.4% 1.2% -4.7% 2.3% 4.3% 3.9% -1.0% 0.2% 4.6% ■ An additional contribution to the Borrowers' Support Fund Loan loss provisions & FV change ■ The overall asset quality should not deteriorate materially thanks to prudent approach in loan origination ■ Financial standing of borrowers may be affected by the changing macroeconomic environment and geopolitical developments slightly negative Source: mBank's estimates as of 29.07.2022. Covered Bonds Investor Presentation 39

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