Investor Presentaiton

Commercial Real Estate - Retail Retail resources (ths. square meters) Retail - Prime Yield 1000 16000 900 14000 800 12000 700 10000 600 500 8000 400 6000 300 2,00% 4000 200 2000 100 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Annual supply m The structure of commercial space in Poland 18% 2% 8% shopping center commercial warehouses ■retail park outlet center 72% 9,75% London 905 863 Berlin 2,70% 2,65% 2,75% 2,90% 3,15% 3,50% 3,30% Amsterdam Paris Frankfurt Madrid Brussels Average density per 1,000 inhabitants 620 582 558 555 Milan 3,50% 4,00% Stockholm Warsaw Source: Slavis Q32019 Moscow Source: Cresa 2019 In Poland prime yield is the highest in Europe - 4,00% We have stable and growing retail commercial market in Poland mostly are shopping 72%, Commercial warehouses is 18%. Retail park and outlet center are less popular Source: Cresa 2019 Wroclaw Poznan Warsaw Cracow Lodz Gorny Slask PL 306 262 208 142 Western Europe Central Europe Eastern Europe Madrid 490 450 444 420 258 Paris mBank Hipoteczny Covered bonds Cover Pool Polish Economy Real estate Legislation 48 market Budapest Berlin Prague Source: Cresa, H1 2018

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