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Investor Presentaiton

6 thous. PLN/m2 7 ∞ 10 Residential market in Poland - stable demand Average house price per square meter - primary market by major Polish cities. Average house price per square meter vs. average monthly wages by major Polish cities. Square meter 1,15 1,05 0,95 0,85 0,75 5 2007 2008 2009 Gdansk Lodz Warsaw 2010 2011 2012 2013 Average of 6 major cities 2018 2019 2014 2015 Cracow Poznan Wroclaw 2016 2017 Q1 2020 0,65 0,55 0,45 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Gdańsk Poznań Szczecin Kraków Warszawa Katowice Łódź Wrocław Average of 9 cities Average house prices remain stable trough the years. Increase since 2013 was offset by significant increase of average wages. purchasing power almost doubled during last 10 years. Source: GUS - Central Statistical Office; NBP - Houses mBank Hipoteczny Covered bonds Cover Pool Polish Economy Real estate market Legislation 45 m
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