Investor Presentaiton

Commercial Real Estate - Warehouses 20 000 Warehouses - Prime Yield Warehouse resources (thous. m2) 3000 2500 2000 1500 1000 500 0 2006 2007 2008 2009 Annual supply 2010 2011 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2012 2013 2014 2015 2016 2017 2018 2019 Forecast Total surface resources (right axis) Werehouses resources by region (%) 4% 4% 4% 20% 5% Source: Colliers, JLL Warsaw - Around ■Gorny Slask Central Poland ■Dolny Slask Poznan ■Warsaw City E 12% 13% 19% 19% ■Szczecin ■Tricity East Poland Source: Cresa 2019 In Poland prime yield is the highest in Europe (6,50%) Warehouse resources are constantly growing. Structure of warehouses by regions over 50% for Warsaw - Around, Gorny Slask and Poznan. Vacancy ratio on low level differentiate by region. 3,50% 3,90% 3,90% 4,20% 4,50% 4,75% 5,00% 5,30% 5,25% 6,50% London Berlin Frankfurt msterdam Paris Stockholm Madrid Milan Brussels Warsaw Warehouse space resources and vacancy rate 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 11,75% Moscow Source: JLL Q2 2019 Warsaw Around Gorny Slask Central Poland Dolny Slask mBank Hipoteczny Covered bonds Cover Pool Polish Economy Poznan Warsaw - City Szczecin ■Warehouse resources (thous.m2) ◆ Vacancy rate (%) Real estate market Tricity East Poland Cracow 14% 12% 10% 8% 6% 4% 2% 0% Source: Cresa 2019 Legislation 49

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