MBank Group A Leading Bank in one of the EU's Strongest Economies - March 2019 Debt Investor Presentation

 
MBank Group A Leading Bank in one of the EU's Strongest Economies - March 2019 Debt Investor Presentation
mBank Group

A Leading Bank in one of the EU’s Strongest Economies

March 2019

Debt Investor Presentation
Disclaimer (1/2)
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                                                                                                                                                                                                     |2
Disclaimer (2/2)
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                                                                                                                                                                                                       |3
Agenda

   Key Investment Highlights

   mBank Group’s Performance
      - Financial Results
      - Balance Sheet
      - Asset Quality
      - Funding & Capital

   Additional Information
      - Polish Economy
      - Polish Banking Sector
      - mBank Group’s Detailed Financial Information
      - Management Team

   Transactions Overview

                                                       |4
Key Investment Highlights

  A leading universal
    bank in Poland        1
                                  A resilient economy with
                              2   fundamentals supporting
                                      growth prospects
   A well-capitalized
      and stable          3
    banking sector                Leading market positions,
                                   highly efficient platform
                              4       underpinning solid
      Prudent risk                     financial results
    management and        5
 a robust balance sheet
                                     Bank’s 2016-2020
                              6   strategy building on key
                                   competitive strengths

                                                               |5
mBank Group in a snapshot

General description                                                    Key financial data (PLN M)
 • Poland’s 4th largest universal banking group in terms of total                                          2015            2016             2017       2018
     assets and 5th by customer net loans and deposits as at the end   Total assets                       123,523         133,744          131,424    145,750
     of December 2018                                                  Net loans to customers              78,434          81,763           84,476     94,723
 • Well capitalised, liquid bank with a strong funding profile         Customer deposits                   81,141          91,418           91,496    102,009
                                                                       Total equity                        12,275          13,051           14,292     15,216
 • Among Poland’s most efficient banking platform built on the         Total income                         4,093           4,295            4,454      5,059
     principles of organic growth                                      Net profit                           1,301           1,219            1,092      1,316
 • A well balanced business mix with leadership positions in both      Cost-to-Income ratio                50.1%           45.7%            45.9%      42.8%
     retail and corporate banking segments attracting continued        Cost of risk                        0.54%           0.46%            0.61%      0.78%
     inflows of new clients                                            Return on Equity                    11.8%           10.1%              8.3%       9.5%
 • Credit-rated by Fitch (BBB/F2) and Standard & Poor’s (BBB+/A-2)     Tier 1 Capital ratio                14.3%           17.3%            18.3%      17.5%
                                                                       Total Capital Ratio                 17.3%           20.3%            21.0%      20.7%
 • Listed on the Warsaw Stock Exchange since 1992,                     NPL ratio                             5.7%            5.4%             5.2%       4.8%
     69.3% owned by Commerzbank                                        NPL coverage ratio                  58.9%           57.1%            59.2%      62.8%

Key product lines as of 31.12.2018                                     Market position by total assets (PLN B)
                                                                       as of 31.12.2018
                                             Corporates and
              Retail Banking                                             324.3
                                            Financial Markets
    A wide range of modern                 Fully fledged offering:
    financial services for                  Corporate banking                       205.9                    #4
    mass market, affluent                                                                        191.1
                                            Transactional banking
    and private banking                     Investment banking                                              145.8       141.6
    clients as well as entrepreneurs                                                                                                 109.0
                                            Brokerage
                                                                                                                                               80.5    73.4
                                            Leasing
                          Czech Republic
        Poland                              Factoring
                           and Slovakia

              5,685 thou. clients               23,706 clients           PKO BP Santander         Pekao                 ING BSK BGŻ BNP Millennium      Alior
                                                                                   BP                                            Paribas                Bank

Source: Base Prospectus                                                Source: Banks’ consolidated financial statements as of 31.12.2018

                                                                                                                                                                |6
Poland – one of EU’s most resilient economies

    Strengths                                                                                            Contributions to GDP growth
                                                                                                        7
     The largest economy in Central and Eastern Europe (CEE)                                           6
                                                                                                                                                                                      5.4
                                                                                                                                                                                            5.0 5.3 5.1 5.1 4.9
                                                                                              1                                                   4.6                     4.6
         with more than 40% of the region’s gross domestic product                                      5                         3.8
                                                                                                                                                                                4.2
                                                                                                        4     3.1 3.3 3.4 3.3           3.3 3.6         3.1 3.4 2.8 2.8
     Track record of steady growth despite prolonged turmoil
                                                                                                        3
         experienced by the international financial markets
                                                                                                        2
     Growth supported by expansionary policy-mix, solid influx                                         1

         of EU funds under 2014-2020 framework, high cost                                               0
                                                                                                        -1
         competitiveness and key location within the huge EU market
                                                                                                        -2
     Economic expansion began in 2013 and GDP growth                                                   -3
                                                                                                             Q1/14     Q3/14   Q1/15      Q3/15      Q1/16     Q3/16   Q1/17      Q3/17        Q1/18   Q3/18
         continued to remain solid in the next quarters
                                                                                                                         Investment                          Net exports                      Consumption
                                                                                                                         Inventories                         GDP YoY (%)
1
    Share of 2018 Nominal GDP of CEE region defined as: Bulgaria, Czech Republic, Hungary, Poland,
    Romania and Slovakia                                                                                 Source: Central Statistical Office of Poland

    Poland – one of the fastest growing economies in the region
                    GDP index (Q1 2008=100)                                         2018 Nominal GDP share                                                      Real GDP growth
150
                                                                                                             Hungary                                                                                       5.1%
                                                                                                                                                  Poland
140                                                                                                                                                                                           3.3%
                                                                                                     11.1%                                                                                              4.8%
                                                                                                                         Czech                    Hungary
                                                                                                                                                                                            3.0%
130
                                                                           Poland                                       Republic
                                                                                                             17.5%                                                                                4.2%
                                                                                                                                                  Slovakia
120                                                                                                                                                                                            3.8%
                                                                                                                                                                                                4.0%
110                                                                                 42.0%                                                         Romania
                                                                                                                                                                                              3.7%
                                                                                                               7.6%
                                                                                                                         Slovakia                                                         3.2%
100                                                                                                                                               Bulgaria
                                                                                                              4.7%                                                                           3.6%
    90                                                                                                                 Bulgaria                                                         2.9%
                                                                                                     17.1%                               Czech Republic
     Q1/08    Q3/09    Q1/11    Q3/12   Q1/14    Q3/15    Q1/17    Q3/18                                                                                                               2.8%
                                                                                                                                                                             1.9%
         Poland                 Hungary                  Czech Republic                                                                             EU-28                                              2018
                                                                                                             Romania                                                       1.6%
         Slovakia               Bulgaria                 Romania                                                                                                                                       2019-2020
Source: Eurostat                                                                                                                                                                                        (average)

                                                                                                                                                                                                               |7
Sound fundamentals for the banking business

Very strong labour market                                             Inflation is oscillating within the target band

                        Unemployment rate – 31.12.2018                               Harmonised indices of consumer prices (HICP)
                                                                      4,0%
                                                                       4.0%
                                                          7.8%        3,5%
                                                                       3.5%
                                                                      3,0%
                                                                                                                                                                  3.2%
                                               6.6%                    3.0%
                                                                      2,5%
                                                                       2.5%                                                                                       2.4%
                                                                      2,0%
                                                                       2.0%
                                                                      1,5%
                                                                       1.5%                                                                                       1.3%
          3.7%                      3.6%                              1,0%
                                                                       1.0%
                                                                      0,5%
                                                                       0.5%
                         2.2%                                         0,0%
                                                                       0.0%
                                                                     -0,5%
                                                                      -0.5%
                                                                     -1,0%
                                                                      -1.0%
                                                                     -1,5%
                                                                      -1.5%
                                                                          Jan-13    Sep-13   May-14    Jan-15   Sep-15   May-16    Jan-17   Sep-17   May-18   Jan-19
         Poland          Czech     Hungary     EU-28     Euro area
                        Republic                                                              Poland             Czech Republic             Hungary
Source: Eurostat                                                      Source: Eurostat

Relatively low government debt                                        Underleveraged private sector

                   General government debt (% of GDP) - 2017                       Domestic credit to private sector (% of GDP) - 2017

                                                          86.7%                                                                                      95.4%
                                                                                                                                   88.3%
                                              73.6%

         50.6%                     50.9%                                       52.5%                             51.6%

                        34.6%                                                                  33.4%

         Poland          Czech     Slovakia   Hungary    Euro area             Poland         Hungary            Czech            Euro Area          EU-28
                        Republic                                                                                Republic

Source: Eurostat                                                      Source: World Bank

                                                                                                                                                                   |8
A well-capitalized and stable banking sector

Banking sector penetration in Poland                                                            Capitalisation and Funding – the Polish banking sector

               % GDP - 2018                                   2015 – 2018 growth                Total Capital Ratio & Tier 1 ratio                      Loan-to-deposit ratio

                    33.7%                               14.3%                                                                                      98.9%
                                                                                                                       19.0% 19.1%                            95.7% 94.8%
                                                                        12.7%                                17.7%                                                        92.4%
                                                                                                  16.3%
                                                                                     10.5%
                                   20.0%
      17.8%

                                                                                                              17.2% 17.2%
                                                                                                  15.0% 16.1%

    Corporate     Total retail    Mortgage             Corporate      Total retail   Mortgage      2015       2016      2017       2018             2015       2016      2017       2018
      loans         loans          loans                 loans          loans         loans
                                                                                                     Tier 1 ratio       Tier 2 ratio

Asset quality and Regulations – the Polish banking sector                                       Efficiency and Profitability – the Polish banking sector

        NPL ratio – 31.12.2018                                Prudent supervision                       Cost / Income ratio                                Return on Equity

       6.8%                                            Strict origination standards              58.7%
                                                                                                             56.0% 56.3% 56.1%                                7.8%
                     5.9%                                 for retail and mortgage loans                                                                                  7.1%       7.2%
                                                                                                                                                    6.6%
                                                       FX mortgages only to
                                                          borrowers earning income
                                                          in the loan currency from
                                    2.5%                  July 2014
                                                       Minimum requirement for
                                                          Tier capital 1 ratio at 11.50%
                                                          and for TCR at 13.50%
       Total         Retail      Mortgages                starting from January 2019               2015       2016      2017       2018             2015       2016      2017       2018

Source: National Bank of Poland, Polish FSA, Central Statistical Office of Poland                Note: Ratios (C/I, ROE) impacted by one-off costs in 2015 and banking tax in 2016-2018.

                                                                                                                                                                                           |9
Successful story of organic growth

Brief history                                                      Number of retail customers (thou.)
                                                                                                                  mBank CZSK                       +343
 1986           mBank developed its operations from                  Retail loans: PLN 52.9 B
                                                                     Retail deposits: PLN 65.9 B                  mBank Poland
                corporate banking. Since its establishment                                                                                            5,685
                                                                     [as of 31.12.2018]
                in 1986 the bank has served some of                                                                                           5,342
                                                                                                                                   5,052               924
                Poland’s largest companies involved in             Favourable demographics of                  4,551     4,663                 905
                                                                   customer base:                                                    869
                foreign trade on export markets.                                                                762        797
                                                                    ca. 50% of retail clients are
                                                                      under the age of 35 and are
                In 2000, mBank started its operations in              expected to reach their
                the retail banking segment by launching               highest personal income                                                 4,437   4,761
                                                                                                               3,789     3,866      4,182
                a first fully Internet-based bank in Poland           levels in the future,
                (developed in just 100 days).                       mBank's mortgage clients
                                                                      predominantly live in urban
                                                                      areas and large cities of
                In 2001, mBank added a high street brick-             more than 100 thou. residents             2014      2015      2016      2017    2018
 2000
                and-mortar bank, offering a broad range of
 2001           products and services targeted at affluent
                customers and micro-businesses seeking             Number of corporate customers
                high quality, personalized service at branches.                                                                                    +1,658
                                                                     Corporate loans: PLN 44.2 B
                                                                     Corporate deposits: PLN 35.3 B
                mBank, which launched retail operations              [as of 31.12.2018]                                                   23,706
                                                                                                                                   22,048 2,193
 2007           in the Czech Republic and Slovakia in 2007,                                                          19,562
                                                                                                                            20,940
                                                                                                                                    2,093
                                                                   Corporate customers split:
                managing to replicate its business model in        (starting from 2018)
                                                                                                              17,787 1,983 2,123
                                                                                                                                           7,520
                foreign markets.                                                                               1,838
                                                                        K1 – annual sales                                    6,067 7,088
                                                                                                                      5,748
                                                                        over PLN 1 B and                       5,144
                As a result, mBank’s client base has grown              non-banking financial
                                                                        institutions
                almost entirely organically, reaching 5,685
                thou. retail clients and 23.7 thou. corporate
                                                                        K2 – annual sales of                                12,750 12,867 13,993
                                                                        PLN 50 M to PLN 1 B                   10,805 11,831
                customers at the end of 2018. More than                 K3 – annual sales
                1.3 million clients are systematically banking          below 50 M and full
  2018                                                                  accounting                              2014      2015      2016      2017    2018
                via mBank's mobile application.
                                                                  Source: Base Prospectus, IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                                            |10
Highly efficient platform underpinning solid financial results

Composition of mBank Group’s profit before income tax – 2018                                            mBank Group’s key market shares in volumes
                                                                                                        as of 31.12.2018                                                     9.0%
         Financial
         Markets
        and Other                                                                                                6.5%                6.4%                6.6%
                               4.0%
                                                        65.7%
                                                                            Retail
                                                                           Banking

       Corporates              30.3%
           and
       Investment
         Banking
                                                                                                                  Retail            Retail             Corporate           Corporate
                                                                                                                  Loans            Deposits              Loans             Deposits
                   Profit before income tax: PLN 1,800 M

mBank Group’s efficiency of operations                                                                  mBank Group’s profitability

    Cost/Income ratio                 Revenue per employee (PLN thou.)                                      Net profit attributable to owners of mBank (PLN M)           Return on Equity

                         50.1%                                                                                 1,287          1,301                                           1,316
      44.9%                                45.7%             45.9%                                                                             1,219
                                                                                42.8%                                                                            1,092
                                                                                787.3                         13.1%
                                                                                                                              11.8%
                                            658.4             686.1                                                                           10.1%                            9.5%
       639.1             636.0                                                                                                                                   8.3%

        2014              2015              2016               2017              2018                           2014           2015            2016              2017          2018

Source: Base Prospectus; calculation of mBank’s market shares based on data published by the National Bank of Poland

                                                                                                                                                                                        |11
Prudent risk management and a robust balance sheet

mBank Group’s NPL ratio below the market level                                                          mBank Group’s Loan-to-Deposit ratio reflects ample liquidity levels

                                                                                      6.8%
   6.4%                                                                                                          103.0%
                 5.7%                                                 -2.0 pp                                                     96.7%
                                5.4%                                                                                                                      92.3%      92.9%
                                            5.2%                                                                                              89.4%
                                                          4.8%

    2014          2015          2016         2017          2018                      Sector                        2014           2015         2016        2017      2018
                                                                                      2018

A well funded balance sheet of mBank Group (PLN B)                                                      mBank Group’s strong capitalisation and liquidity
as of 31.12.2018                                                                                        as of 31.12.2018
                                                                                                                                                                   23.0%
 104.2                                                 Total assets: PLN 145.8 B
                                                                                                                                     20.7%
         86.3                                                          Assets       Liabilities
                                                                                                                   17.5%

                                                                                                                                                      10.4%

                                         29.1
                  14.9            17.9                                                   15.2
                          3.8                                      6.9 7.8
                                                   1.8 3.6
      PLN             CHF             EUR             USD            Other           Equity                      Tier 1 Capital    Total Capital      Equity/     Securities/
                                                                                                                     Ratio            Ratio           Assets        Assets
Source: Base Prospectus, IFRS Consolidated Financial Statements of mBank Group, Polish FSA data for the sector

                                                                                                                                                                                |12
Highlights of mBank Group’s 2016-2020 strategy

Specific business actions will be based on three strategy pillars

1                                                2                                       3
           Empathy                                             Mobility                          Efficiency
                                                     Be the point of reference in        Grow while keeping the FTE
  Offer the best customer                             terms of mobile banking               base at current level
    experience i.e. give clients what
    they need just when they need it                 Offer the best (most convenient,    Increase average revenues
                                                       hassle-free, intuitive and            per client every year
  Make banking easy                                   engaging) mobile application       Enhance assets profitability
  Focused customer acquisition                        on the banking market                 through an active management
    oriented on development of                       Enhance ‘mobile first’                 of balance sheet structure
    active client base, incl.                          distribution approach within
    mBank’s aspiration to acquire                                                         Strengthen funding
                                                       the multichannel model                independence through rising
    1/3 of young people (18-24 year
    old) entering the banking market                 Minimize the functionality gap         volume of covered bonds and
                                                       between mobile and internet           clients transactional deposits
  Broaden the sources of
    information about the client                     Expand base of active mobile        Simplify, streamline, automate
    to target our offer more precisely                 app users and sales via mobile        and digitalise all processes to
                                                       channel                               be a paperless bank

New mission emphasizes focus on being close to clients and taking advantage
of the mobile revolution

        „To help. Not to annoy. To delight… Anywhere.”

                                                                                                                              |13
Highlights of mBank Group’s 2016-2020 strategy

Financial performance targets – 5 key measures

              Financial measure                                           Target point

 1     Cost efficiency:                          Top3 in Poland, every year
       Cost/Income ratio                         to be one of the three most efficient listed banks in Poland

 2                                               Top3 in Poland, every year
       Owner’s capital profitability:
       Return on Equity (ROE net)                to be among the three most profitable listed banks in Poland,
                                                 assuming ROE adjusted for dividend payment

 3     Balance sheet profitability:              Top3 in Poland, by 2020
       Return on Assets (ROA net)                to be one of three listed banks in Poland with the highest ROA

 4
       Capital position in terms of              Maintain CET 1 ratio min. 1.5 p.p. above capital
       core capital: CET 1 ratio
                                                 requirement for mBank and the ability to pay a
                                                 dividend every year

 5     Financial stability and liquidity:        Maintain L/D ratio at the level not significantly
       Loan-to-Deposit ratio                     higher than 100%, every year

                                                                                                                  |14
Agenda

   Key Investment Highlights

   mBank Group’s Performance
      - Financial Results
      - Balance Sheet
      - Asset Quality
      - Funding & Capital

   Additional Information
      - Polish Economy
      - Polish Banking Sector
      - mBank Group’s Detailed Financial Information
      - Management Team

   Transactions Overview

                                                       |15
Historical View
                                                                                                                                                                   Balance Sheet
mBank Group’s historical performance                                                                                                                               Asset Quality
                                                                                                                                                                 Funding & Capital

Total income & Net Interest Margin                    NII        NFC        Trading and other   Total costs & C/I ratio      Contributions to the BFG     One-off regulatory costs
(PLN M)                                                                                         (PLN M)

         2.3%             2.1%             2.3%              2.5%       2.6%                          44.9%        50.1%      45.7%            45.9%         42.8%

                                          +6%                                                                                  +5%
                                                                    +14%
                                                                     +14%
                                                                                                                                CAGR                    +6%
                                                                                                                                                        +6%
                                           CAGR
                                                                        5,059                                      2,051      1,963            2,043          2,164
                                          4,295              4,454       587                          1,771                                                    180
        3,939            4,093                                  326                                                   194    151 11             180
                                           556                           976                            71        136
           547            685                               992
                          897              906
       902
                                                                                                                              1,802             1,863         1,983
                                                                        3,496                         1,700        1,720
         2,491            2,511           2,833              3,136

         2014             2015             2016              2017       2018                          2014          2015       2016             2017          2018

Net impairment losses on loans and advances & Cost of Risk                                      Net profit attributable to owners of mBank & Return on Equity
(PLN M)                                                                                         (PLN M)

        0.72%            0.54%            0.46%             0.61%       0.78%                         13.1%        11.8%      10.1%             8.3%           9.5%

                                                                                                                               +1%
                                          +8%                       +37%
                                                                     +37%

                                           CAGR
                                                                                                                                CAGR                    +21%

                                                                            694                       1,287        1,301                                      1,316
                                                                                                                              1,219             1,092
          516                                                508
                           421              365

         2014             2015             2016              2017       2018                          2014          2015       2016             2017          2018

Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                                                             |16
Historical View
                                                                                                                                                       Balance Sheet
mBank Group’s historical performance                                                                                                                   Asset Quality
                                                                                                                                                     Funding & Capital

Total Assets                                                                       Total Equity & Total Capital Ratio
(PLN B)                                                                            (PLN M)

                                          +5%                                            14.66%            17.25%       20.29%     20.99%          20.69%
                                           CAGR
                                                                   +11%
                                                                                                                         +8%
                                                                                                                                            +6%
                                                                                                                                             +6%
                                                                                                                          CAGR

                                          133.7                           145.8
         118.0            123.5                            131.4                                                                                   15,216
                                                                                                                        13,051     14,292
                                                                                         11,073            12,275

         2014             2015             2016             2017          2018            2014             2015          2016        2017          2018

Gross Loans and Advances to Customers                                              Amounts due to Customers
(PLN B)                                                                            (PLN B)
                             +6%                                                                                         +9%                +11%
                                                                                                                                             +11%
                                                                   +12%
                                                                    +12%
                                           CAGR                                                                           CAGR
                                                                           97.8                                                                    102.0
                                                            87.4                                                         91.4        91.5           0.7
                          81.4             84.6                             0.6                            81.1
         77.4                                                1.3                                                          0.5         1.2
                           1.7              1.5                                           72.4              0.6                                     35.3
          3.0                                                              44.2            0.9                            37.4       34.6
                          33.4             34.2             37.9                                            34.4
          32.8                                                                            32.2
                                                                                                                                                    65.9
                          46.3             48.9             48.1           52.9                             46.1          53.5       55.7
          41.6                                                                            39.3

         2014             2015             2016             2017          2018            2014             2015          2016        2017          2018

     Individual clients        Corporate clients         Public sector and other      Individual clients       Corporate clients   Public sector

Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                                               |17
Historical view
                                                                                                                                                    Balance Sheet
Balance Sheet Analysis: Assets & Liabilities                                                                                                         Asset Quality
                                                                                                                                                   Funding & Capital

Structure of Assets                                                                      Structure of Liabilities and Equity
(PLN B)                                                                                  (PLN B)
                                                                       145.8                                                                      145.8
                                                                                                                                                   7.5     5%
                                          133.7                         12.9     9%                                      133.7
                                                           131.4                                                                          131.4
                                                                                                                           8.1                    15.2    11%
                         123.5             11.9             10.4                                             123.5                         6.2
        118.0                                                                                  118.0
                           8.5                                                                                 9.1        13.1            14.3
         5.9                                                            33.5     23%
                                                                                                                                                  18.0    12%
                                                                                                10.8
                                           31.4                                                               12.3        12.7
                                                            32.1                                                                          14.3
                          30.7                                                   1%             11.1
          27.7                                                        1.1 1.0    1%                            8.9
                                               1.8                                              10.3
                                         3.8              1.5 1.2
        1.2
              4.9       0.6 3.3

                                                                                                              81.1        91.4                    102.0   70%
                                                                        94.7     65%            72.4                                      91.5
                                           81.8             84.5
          74.6            78.4

                                                                                                13.4          12.0         8.5
           3.8             1.9              3.1                 1.7      2.6     1%                                                        5.1     3.1     2%

         2014             2015             2016             2017       2018                     2014          2015        2016            2017    2018

     Amounts due from banks                           Derivative financial instruments      Amounts due to other banks           Equity
     Loans and advances to customers                  Investment securities                 Amounts due to customers             Other
     Trading securities                               Other                                 Debt securities in issue

Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                                             |18
Historical view
                                                                                                                                                       Balance Sheet
Balance Sheet Analysis: Currency Structure                                                                                                              Asset Quality
                                                                                                                                                      Funding & Capital

    Currency Structure of Loans to Customers (net)                                              Currency Structure of Amounts due to Banks and Customers 1
    (PLN B)                                                                                     (PLN B)

                                                                                 94.7                                                               107.6
                                                                                    3.8   4%                                 103.8
                                                                                1.2       1%                                                          7.7     7%
                                                                                                                    97.0      6.3        98.7
                                                                84.5                                                                                  3.4     3%
                                              81.8                                                                     4.8    2.6         7.0
                             78.4                                  3.7            15.5    16%         90.0
                                                 3.4           0.9                                                 2.0                    3.0
            74.6                3.0          1.5                                                         4.4                                         16.8    16%
                            1.7                                                                      1.4                      17.3
               2.5                                               14.4                                               12.6
           1.3                                                                                                                           16.8
                                                14.9                                                  10.7                                            2.3     2%
                                                                                  14.8    16%
             13.3             16.8                                                                                            9.5
                                                                                                                    12.2
                                                                                                                                          4.6
                                                                 15.2                                 14.5
                                                19.1
             18.9             19.8

                                                                                                                                                     77.4    72%
                                                                                  59.3    63%                       65.5      68.1       67.3
                                                                 50.3                                 58.9
                                                43.0
             38.5             37.1

            2014              2015             2016              2017             2018                2014          2015     2016        2017       2018

        PLN          CHF          EUR          USD          Other (mainly CZK)                     PLN       CHF      EUR    USD      Other (mainly CZK)

1   Including amounts due to other banks and customers and subordinated liabilities
Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                                                |19
Historical view
                                                                                                                                                                                         Balance Sheet
Balance Sheet Analysis: Structure of Loans & Deposits                                                                                                                                     Asset Quality
                                                                                                                                                                                        Funding & Capital

    Structure of mBank Group’s Gross Loans                                                             Structure of mBank Group’s Deposits
    as of 31.12.2018                                                                                   as of 31.12.2018

                                                                                                                                     Public sector
                                                                                                                                                                                    Corporate
                                                                                     Corporate                                          clients
                Public sector                                                                                                                                                         clients:
                                                                                                           Individual                  PLN 0.7 B
                    loans                                                              loans                                                                                          current
                                                                                                             clients:
                  PLN 0.7 B                                                          PLN 44.2 B                                                                                      accounts2
                                                                                                          term deposits
                                                                                                           PLN 13.7 B                                                               PLN 26.4 B
                                                                                                                                                1%
                                        1%                            45%                                                            13%                           26%
    Other retail
       loans 1
     PLN 18.2 B                19%
                                                 Total:                                                                                        Total:
                                               PLN 97.8 B                                                                                   PLN 102.0 B
                                                                                                                                                                              9%

                                                                                                                64%
                                                                                                                                         51%                                          Corporate
                          54%                      35%                                                                                                                                 clients:
                                                                                                             Individual                                                                  term
                                                                                                               clients:                                                                deposits
                                                                                                               current                                                                PLN 9.0 B
                                    Mortgage                                                                  accounts3
                                     loans to                                                                PLN 52.2 B
                                   Individuals
                                    PLN 34.7 B

1   Including non-mortgage loans to individuals and all loans granted to microfims                2   Including repo transactions, loans and advances received, other liabilities
Source: IFRS Consolidated Financial Statements of mBank Group
                                                                                                  3   Including other liabilities

                                                                                                                                                                                                  |20
Historical view
                                                                                                               Balance Sheet
Balance Sheet Analysis: Loan Portfolio Structure                                                                Asset Quality
                                                                                                              Funding & Capital

mBank Group’s Sector Exposure by Industry
as of 31.12.2018

                                                                        Households
                                                                        Real estate management
                                   12.4%                                Building industry
                           1.3%
                                                                        Financial activities
                               1.2%
                         1.4%                                           Food sector
                              1.4%
                                                                        Transport and logistics
                       2.0% 1.9%
                          2.1%                                          Metals
                                        Total:
                            2.6%                                        Motorization
                                                  PLN 97.8 B
                            2.8%                                54.1%   Chemicals and plastics

                              2.9%                                      Construction materials

                                3.5%                                    Wood, furniture and stationery

                                     4.5%                               Wholesale trade

                                             5.9%                       Fuels
                                                                        Scientific and technical activities
                                                                        Other (below 1.2%)

                      A well diversified loan portfolio with granular structure
Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                        |21
Historical view
                                                                                                                                                                           Balance Sheet
Quality of mBank Group’s Loan Portfolio                                                                                                                                   Asset Quality
                                                                                                                                                                         Funding & Capital

mBank Group’s NPL Ratio                                                             mBank Group’s NPL Ratio by segment
                                                 IFRS 9
         6.4%                                                                                                                                                            Corporate
                                                                                     7.1%
                          5.7%                                                                                                                                           Portfolio*
                                  5.4%    5.2%
                                                                                                     6.2%                                                                Retail
                                                          4.8%                       6.9%                                                                                Portfolio
                                                                                                                     5.8%
                                                                                                                                      5.3%            5.1%
                                                                                                     5.7%
                                                                                                                     5.2%             5.2%
                                                                                                                                                      4.7%
                                                                                                                                                                  * excl. Reverse repo
                                                                                                                                                                    / buy-sell-back
                                                                                                                                                                    transactions
         2014             2015    2016    2017            2018                       2014            2015             2016            2017            2018

mBank Group’s NPL Coverage Ratio                                                    mBank Group’s NPL Ratio of Mortgage Loan Portfolio*
                                                 IFRS 9
                                                                                                                                                     mBank Group applies a
                                                                                    4.9%
                                                        62.8%                                                                                        conservative client-oriented
                          58.9%   57.1%   59.2%                                                                                                      approach in its methodology
        51.9%                                                                                                                                        of NPL recognition.
                                                                                                     3.8%            3.7%
                                                                                                                                      3.3%

                                                                                                                                                      2.6%

                                                                                                                                                               * to Private Individuals
                                                                                                                                                                 in Poland
         2014             2015    2016    2017            2018                       2014            2015             2016            2017            2018

Source: Base Prospectus                           Note: Since 2018 risk indicators presented for credit portfolio measured both at amortized cost and at fair value through profit or loss.

                                                                                                                                                                                      |22
Historical view
                                                                                                                                   Balance Sheet
Loan Loss Provisions & Cost of Risk                                                                                               Asset Quality
                                                                                                                                 Funding & Capital

Net Impairment Losses and Fair Value Change on Loans                               mBank Group’s Cost of Risk
(PLN M)

                                                                        694.4                                                   0.78%
                                                                          54.1          0.72%

                                                                                                                        0.61%
                                                                         184.2
        515.9                                              507.7
                                                                                                   0.54%

                         421.2
                                                           165.1                                                0.46%
         212.6                                                           112.7
                                           365.4

                          197.0            80.5

                                                           342.6         343.4
         303.3                             284.9
                          224.3

         2014             2015             2016             2017         2018            2014       2015        2016    2017    2018

 Retail Banking:       at amortized cost          at fair value
 Corporates and Financial Markets:         at amortized cost       at fair value

Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                           |23
Historical view
                                                                                                                                                                  Balance Sheet
 Funding structure details                                                                                                                                        Asset Quality
                                                                                                                                                                Funding & Capital

 mBank Group’s funding structure                                                      mBank’s ratings                 Loan-to-Deposit Ratio
 as of 31.12.2018
                                                                                                                       103.0%                                 +0.5 pp
                                                                  Retail                        Fitch
                                                                    deposits                                                      96.7%
                                                       50%                                Long-term                                                    92.3%       92.9%
                        Other                                                               rating        BBB
                                 4%                                                                                                           89.4%
Subordinated liabilities
                                 2%                                                     Short-term
                                                                                          rating           F2
                     EMTN       8%                                       78%
                                                                                        Standard & Poor’s
             Other debt 6%                                                               Long-term
                                                                                                          BBB+
      securities in issue  2%                                                           credit rating
              Due to banks                      28%                Corporate             Short-term
                                                                                        credit rating      A-2
                                                                 deposits                                               2014      2015        2016      2017        2018

 Contractual maturity of long-term funding instruments in original                                Summary of issues under Euro Medium Term Note (EMTN) Programme,
 currencies as of 31.12.2018 (LC in million)                                                      outstanding as of 31.12.2018
                                                         1,000
                                                                                                        Issue size   Issue date   Maturity date       Tenor       Coupon

                                                                                                      EUR 500 M      01-04-2014    01-04-2019         5.0 Y       2.375%

             500               500                                                                    EUR 500 M      26-11-2014    26-11-2021         7.0 Y       2.000%
                                                 446
                                                                                    380
                                                                   289                                EUR 500 M      26-09-2016    26-09-2020         4.0 Y       1.398%
   230                                                                      250
                                                                                                      CHF 200 M      28-03-2017    28-03-2023         6.0 Y       1.005%

                                                                                                      CHF 180 M      07-06-2018    07-06-2022         4.0 Y       0.565%
       2019                   2020                                2021+
     EUR Loans         EUR EMTN          CHF Loans         CHF Subloans           CHF EMTN
                                                                                                      EUR 500 M      05-09-2018    05-09-2022         4.0 Y       1.058%

 Source: Base Prospectus, IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                                                           |24
Historical view
                                                                                                               Balance Sheet
A stable CHF funding profile                                                                                   Asset Quality
                                                                                                             Funding & Capital

mBank’s CHF funding composition as of 31.12.2018 (CHF M)

           3,877
                               289
                                                     250                          23.7% direct CHF long-term funding
                                                                      380

                                                                                       2,661

                                                                                                           297
      CHF retail loan       CHF loans          CHF subordinated   CHF unsecured    Long-term cross   Short-term market
        portfolio                                    loan         bonds (EMTN)     currency swaps       instruments
                                                                                      and repos

    CHF mortgage loans are funded predominantly by long-term funding sources, including CHF-denominated loans and
     bonds (including loans from EIB and subordinated loan from Commerzbank, and unsecured bonds issued under the
     EMTN Programme) as well as long-term cross currency swaps and repos
    Reliance on short term funding at marginal levels
Source: Base Prospectus

                                                                                                                      |25
Historical view
                                                                                                                                                                                                Balance Sheet
      Key regulatory ratios: capitalisation and liquidity                                                                                                                                       Asset Quality
                                                                                                                                                                                              Funding & Capital

         mBank Group’s Total Capital Ratio                                                                    mBank’s NSFR and LCR

                                                         21.0%           20.7%                                                                                199%
                                         20.3%                                                                                                                                                 190%

                        17.3%                                                                                                                                                  165%
                                                                                         16.9%
                                                                                                                           149%
                                                                                                                                            144%
           14.7%

                                                                                                                                                     114%                               118%
                                                                                                                                                                       114%
                                                                                                                  109%              109%

                                                                                                                     Basel III requirement ≥100%
                                                         18.3%
                                         17.3%                           17.5%
                         14.3%                                                           14.0%
           12.2%

            2014          2015            2016             2017           2018          minimum                         2014             2015              2016             2017              2018
                                                                                      requirement
                                                                                       as of 12/18
(PLN B)    66.5          69.4            65.31           68.0             76.2
                                                                                                                       Net Stable Funding Ratio (NSFR)                   Liquidity Coverage Ratio (LCR)
            Tier 1 capital ratio            Tier 2        XX.X   Total risk exposure amount

     1
      Due to the adjustment of the application of the regulatory floor to the requirements of article 500 CRR and the extensions of the AIRB approach
     Note: On 04.10.2016 the Polish FSA identified mBank as an other systemically important institution and imposed on the bank an additional buffer at 0.5% of total risk exposure amount.
     Source: Base Prospectus

                                                                                                                                                                                                       |26
Agenda

   Key Investment Highlights

   mBank Group’s Performance
      - Financial Results
      - Balance Sheet
      - Asset Quality
      - Funding & Capital

   Additional Information
      - Polish Economy
      - Polish Banking Sector
      - mBank Group’s Detailed Financial Information
      - Management Team

   Transactions Overview

                                                       |27
Growth-supporting policies and flexible exchange rate

Growth-oriented policies                                                           Issues and challenges

       Historically low interest rates are supporting business lending               Poor demographic prospects – working-age population is
        and reducing the interest burden faced by households                           projected to decline by more than 20% by 2050
       Plans to reduce personal income taxes via lower PIT rates and                 Relatively low private investment rate and R&D spending
        higher deductibles
       Various measures to permanently raise household savings rate
        and, indirectly, private investment rate (an offset to
        demographic headwinds)
       Redistributive policies and increased spending on family
        support to tackle long-term demographic problems

Flexible exchange rate as an asset
100                                                                                                     From the beginning of 2017 the Polish
                                                                                                            currency appreciated by 3% against the
                                                                                                            euro and by 11% against the US dollar,
 95
                                                                                                            reaching a peak in early 2018. Depreciation
                                                                                                            since then has been rather modest.
 90
                                                                                                        There are clear benefits to a flexible
                                                                                                            exchange rate: fast adjustment, no need
 85
                                                                                                            for internal devaluations. In addition,
                                                                                                            relatively low external debt makes currency
 80                                                                                                         depreciation a clear net positive for the
                                                                                                            economy (via exports mainly).
 75
     Jan-17         May-17      Sep-17         Jan-18      May-18         Sep-18         Jan-19
                                                                                                        Currency appreciation is also a substitute
                                                                                                            for interest rate hikes.
                                         EUR/PLN           USD/PLN

Source: Eurostat, Bloomberg

                                                                                                   Polish       Banking       Financial   Management   |28
                                                                                                  Economy        Sector     Information      Team
2019 set to be another good year for the Polish economy

Polish exports are defying expectations                                                                Consumption is set to remain a key pillar of growth
65                                                                                             20%    9%                                                                                                10
                                                                                                      8%
60                                                                                             15%                                                                                                      5
                                                                                                      7%
55                                                                                             10%    6%                                                                                                0

50                                                                                             5%     5%                                                                                                -5
                                                                                                      4%
45                                                                                             0%                                                                                                       -10
                                                                                                      3%
40                                                                                             -5%    2%                                                                                                -15
                                                                                                      1%
35                                                                                             -10%                                                                                                     -20
                                                                                                      0%
30                                                                                             -15%   -1%                                                                                               -25
     Q2/06    Q3/07   Q4/08   Q1/10   Q2/11    Q3/12   Q4/13   Q1/15   Q2/16   Q3/17   Q4/18               Q1/05   Q3/06     Q1/08    Q3/09     Q1/11     Q3/12    Q1/14      Q3/15    Q1/17   Q3/18

                                                                                                                         Household consumption YoY (LA)
             Eurozone manufacturing PMI (LA)               Polish exports YoY - 2Q avg (RA)
                                                                                                                         Expected changes in financial situation of households (RA, -2Q)

Polish exports continues to surprise to the upside                                                     Consumption poised to remain a key driver of growth
      So far, Poland has largely escaped the effects of the global                                         Thanks to a very good labour market, strong wage growth and
       slowdown and the retrenchment of activity in the euro area.                                           widespread optimism among consumers.
      Polish exports slightly slowed down and this was offset by                                           This, in turn, has already translated into very high consumption
       weaker imports, with no measurable impact on overall activity.                                        growth (between 4.5 and 5% YoY).
      It seems that Polish manufacturers have become adept at                                              Consumption will be further supported by the new fiscal
       mastering global trade and finding new buyers in a flexible                                           package (personal tax cuts, social transfers including the
       manner.                                                                                               extended child subsidy programme), whose impact is estimated
                                                                                                             at 0.5 p.p. in 2019 and 2020.
                                                                                                            As a result, mBank’s near-term GDP forecasts are very
                                                                                                             optimistic (4.5% YoY in 2019 and 4.0% YoY in 2020).

Source: Central Statistical Office of Poland                                                          Source: Central Statistical Office of Poland, National Bank of Poland

                                                                                                                             Polish              Banking            Financial         Management       |29
                                                                                                                            Economy               Sector          Information            Team
MPC expects stable rates until the end of its term

 The MPC is in no hurry to raise rates                                                                  Polish assets: no clear trend

       Owing to the cut in electricity prices, low fuel prices and still                                    Warsaw stock exchange is primarily driven by global factors;
        low core inflation, CPI remains comfortably low, even below                                           mid-cap and small-cap stocks were negatively affected by
        the NBP’s target band.                                                                                rising costs (materials, energy, labour).
       Inflation is expected to rise gradually this year and hit the                                        Long-term Polish government bond yields are driven by global
        target at the turn of 2019 and 2020. The primary reason for                                           factors as well, i.e. monetary policy, inflation and growth
        this is rising core inflation.                                                                        expectations. Short-end yields are anchored by NBP policy
                                                                                                              stance and the banking tax.
       From the NBP’s point of view, these inflation prospects are
        mellow and do not warrant a change in policy. The stance of                                          Zloty was exposed to temporary depreciation due to low local
        the NBP governor indicates no changes to interest rates until                                         interest rates and rising global rates. Now its prospects
        the end of the MPC’s term (i.e. at least through early 2021).                                         brightened somewhat given the Fed’s dovish turn.

 Inflation rate (YoY) and the path of interest rates                                                    Key Polish interest rates
3,0%
3.0%                                                                                                    4,0
                                                                                                        4.0
2,5%
2.5%
                                                                                                        3,5
                                                                                                        3.5
2.0%
2,0%
1.5%
1,5%                                                                                                                                                                                           2.91
                                                                                                        3,0
                                                                                                        3.0
1.0%
1,0%
0.5%
0,5%                                                                                                    2.5
                                                                                                        2,5
0.0%
0,0%
                                                                                                        2.0
                                                                                                        2,0
-0.5%
-0,5%                                                                                                                                                                                          1.72
-1.0%
-1,0%
                                                                                                        1.5
                                                                                                        1,5
-1.5%
-1,5%                                                                                                                                                                                          1.50
-2.0%
-2,0%                                                                                                   1.0
                                                                                                        1,0
      Jan-15    Jul-15      Jan-16      Jul-16      Jan-17       Jul-17   Jan-18   Jul-18      Jan-19     Jan-15    Jul-15    Jan-16    Jul-16     Jan-17   Jul-17   Jan-18     Jul-18     Jan-19

                  Repo rate                      CPI inflation                Core inflation                                 Wibor 3M            NBP base rate        10-year yield

Source: Central Statistical Office of Poland                                                            Source: Bloomberg

                                                                                                                              Polish         Banking          Financial       Management      |30
                                                                                                                             Economy          Sector        Information          Team
Credit growth rebounding, retail deposit growth accelerated

Corporate loans and deposits (% YoY)                                                 Household loans and deposits (% YoY)
25%                                                                                  14%

20%                                                                                  12%

                                                                                     10%
15%

                                                                                      8%
10%
                                                                                      6%
 5%
                                                                                      4%
 0%
                                                                                      2%

-5%                                                                                   0%

-10%                                                                                 -2%
     Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18         Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18

        Corporate deposits        Corporate loans       Corporate investment loans              Household deposits         Household loans            Mortgage loans

      Corporate deposits slowed down considerably. Several                               Household deposits accelerated as consumers raised savings
       explanations are likely, including: increased imports, higher                       and shifted their savings away from mutual funds and the
       labour costs, shift from bank deposits to T-bonds, change in                        equity market. Going forward, the fiscal package is set to
       VAT refund policy reducing corporate liquidity.                                     increase retail deposits further, and double-digit growth in
                                                                                           deposits is expected throughout 2019.
      Corporate lending started accelerating in 2017, but the
       composition is constantly changing. In any case, Polish                            The government’s new fiscal package will likely breathe new
       corporates are characterized by low reliance on bank funding.                       life into consumer lending. Both mortgage and consumer loans
                                                                                           are set to benefit from higher household disposable income.

Source: National Bank of Poland                                                      Source: National Bank of Poland

                                                                                                            Polish     Banking         Financial    Management     |31
                                                                                                           Economy      Sector       Information       Team
Asset quality trends in Poland

 Comparison of NPL ratios for CEE countries – 2017                                                 Improving risk indicators in Poland – NPL ratios by sector
                                                                                                   14%
   10.2%                                                                                           13%
                                                                                                                                                                                    Introduction
                                                                                                                                                                                    of IFRS9
                 9.2%                                                                              12%
                                8.4%
                                                                                                   11%
                                             6.6%        6.6%                                      10%
                                                                                                                                                                                          8.7%
                                                                                                    9%
                                                                                                    8%
                                                                       3.7%                                                                                                               6.8%
                                                                                    2.8%            7%
                                                                                                    6%
                                                                                                                                                                                          5.9%
                                                                                                    5%
                                                                                                    4%
  Bulgaria      Slovenia       Hungary     Romania       Poland       Slovakia      Czech             Dec-09    Dec-10   Dec-11    Dec-12    Dec-13   Dec-14   Dec-15   Dec-16   Dec-17   Dec-18
                                                                                   Republic
                                                                                                                          Total              Households             Corporates
Source: ECB (Statistical Data Warehouse)                                                           Source: Polish FSA

 Mortgage NPL ratio evolution in Poland                                                            A conservative regulatory environment
 3.6%
3,6%
                                                                                                                                    Recommendation S
 3.2%
3,2%                                                                                      3.0%       Introduction of a limitation on LtV: to 90%, if part of the loan exceeding
 2.8%
2,8%
                                                                                                         the 80% limit was insured or backed by high quality collateral, and to
                                                                                                         80% in other cases; a gradual reduction to the target levels in 2017
 2.4%
2,4%                                                                                                 Recommended to retail customers repayment period no longer than 25
                                                                                          2.5%
                                                                                                         years for retail customers
 2.0%
2,0%
                                                                                                     Foreign-currency mortgage loans as a niche product offered only to
 1.6%
1,6%                                                                                                     borrowers earning permanent income in the loan currency
                                                                                                                                    Recommendation T
 1.2%
1,2%

                                                                                                     Assessment of the client's standing based on certificates of income,
 0.8%
0,8%
                                                                                                         external databases, e.g. the Credit Information Bureau (BIK)
   Dec-09   Dec-10    Dec-11    Dec-12     Dec-13   Dec-14   Dec-15   Dec-16     Dec-17   Dec-18
                                                                                                     Maximum Debt-to-Income ratio determined by the bank’s management
                           Total Mortgages                   FX Mortgages                                board and approved by the supervisory board
Source: Polish FSA

                                                                                                                          Polish            Banking        Financial      Management       |32
                                                                                                                         Economy             Sector      Information         Team
Consolidated Profit and Loss Account

          Annual results (PLN thou.)                                                       2015                            2016                            2017                            2018
          Net interest income                                                            2,511,373                       2,832,843                       3,135,660                       3,496,474
          Net fee and commission income                                                     897,176                         906,445                         992,158                         975,850
          Dividend income                                                                     17,540                            3,327                           3,428                           3,558
          Net trading income                                                                292,935                         244,631                         294,063                         347,336
               incl. FX result                                                               288,708                         270,451                         289,112                         323,472
                                                                     1
          Gains less losses from financial assets                                           314,408                         261,281                            -3,937                         21,306
                                                    2
          Net other operating income                                                          59,891                          46,827                          32,189                        214,667
          Total income                                                                 4,093,323                       4,295,354                       4,453,561                       5,059,191
          Total operating costs                                                       -2,050,596                      -1,963,284                      -2,043,168                      -2,163,932
               Overhead costs                                                           -1,850,946                      -1,739,643                      -1,818,949                      -1,911,340
               Amortisation                                                                -199,650                        -223,641                         -224,219                        -252,592
                                                                           3
          Loan loss provisions and fair value change                                       -421,222                        -365,394                        -507,721                        -694,425
          Operating profit                                                             1,621,505                       1,966,676                       1,902,672                       2,200,834
          Taxes on the Group balance sheet items                                               -3,650                      -328,939                        -375,256                        -401,760
          Result on entities under the equity method                                                    -                               -                           486                         1,240
          Profit before income tax                                                     1,617,855                       1,637,737                       1,527,902                       1,800,314
          Net profit attributable
          to owners of mBank                                                           1,301,246                       1,219,282                       1,091,530                       1,316,451

1   Including a part of ‘Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss’ related to equity instruments and debt securities (without related to loans and advances)
2   Including the share in the profits (losses) of joint ventures
3   Sum of ‘Impairment on financial assets not measured at fair value through profit or loss’ and ‘Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss’ (related to loans)
Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                        Polish             Banking          Financial         Management          |33
                                                                                                                                       Economy              Sector        Information            Team
Consolidated Statement of Financial Position

          Assets (PLN thou.)                                                              2015                            2016                            2017                            2018
          Cash and balances with Central Bank                                             5,938,133                       9,164,281                       7,384,869                      9,199,264
          Loans and advances to banks                                                     1,897,334                       3,082,855                       1,707,722                      2,546,346
          Trading securities                                                                 557,541                      3,800,634                       1,525,382                      1,098,223
                                                        1
          Derivative financial instruments                                                3,349,328                       1,808,847                       1,236,303                      1,006,079
                                                                2
          Loans and advances to customers                                             78,433,546                      81,763,277                     84,475,844                      94,722,587
                                          3
          Investment securities                                                         30,736,949                      31,393,352                      32,144,699                     33,469,728
          Intangible assets                                                                  519,049                         582,663                         710,642                        776,175
          Tangible fixed assets                                                              744,522                         757,371                         758,738                        785,026
          Other assets                                                                    1,346,619                       1,390,222                       1,479,820                      2,146,691
          Total assets                                                              123,523 021                    133,743,502                     131,424,019                     145,750,119
          Liabilities (PLN thou.)                                                         2015                            2016                            2017                            2018
          Amounts due to other banks                                                    12,019,331                        8,486,753                       5,073,351                      3,078,387
                                                        1
          Derivative financial instruments                                                3,173,638                       1,599,266                       1,095,365                         981,117
          Amounts due to customers                                                    81,140,866                      91,417,962                     91,496,027                    102,009,062
          Debt securities in issue                                                        8,946,195                     12,660,389                      14,322,852                     18,049,583
          Subordinated liabilities                                                        3,827,315                       3,943,349                       2,158,143                      2,474,163
          Other liabilities                                                               2,140,712                       2,584,622                       2,986,725                      3,941,727
          Total liabilities                                                         111,248,057                    120,692,341                     117,132,463                     130,534,039
          Total equity                                                                12,274,964                      13,051,161                     14,291,556                      15,216,080
          Total liabilities and equity                                              123,523,021                    133,743,502                     131,424,019                     145,750,119
1   Including ‘Held for trading derivative financial instruments’, ‘Derivative financial instruments held for hedging’ and ‘Offsetting effect’
2   Sum of ‘Loans and advances to customers’ reported within ‘Non-trading financial assets mandatorily at fair value through profit or loss’ and ‘Financial assets at amortised cost’
3   Sum of ‘Financial assets at fair value through other comprehensive income’, ‘Debt securities at amortised cost’ and ‘Equity instruments and debt securities mandatorily at fair value through profit or loss’
Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                       Polish            Banking           Financial        Management          |34
                                                                                                                                      Economy             Sector         Information           Team
Development of Total Income and Total Costs

    Development of mBank Group’s Total Income                                                                   Development of mBank Group’s Total Costs
    (PLN M)                                                                                                     (PLN M)

                                                                            Net Interest Margin                                                                                         Cost/Income ratio,
        2.1%               2.3%              2.5%              2.6%                                                 49.2%             48.2%             45.9%             44.7%         excl. one-offs

                                                    +13.6%
                                                       +8.7%                                                                                   +4.1%             +5.9%
                                                                                   change                                    -4.3%                                                            change
                                   +3.7%                       5,059                                                                            +4.7%
                                                                                                                                                                          2,164
                                                                                   ‘18/‘17                                    +5.1%                                                           ‘18/‘17
                +4.9%              +10.0%                       220                                                 2,051                               2,043
                                                                                                                                      1,963                                 180
                 +7.3%                      4,454               367                                                   194                11               180
                          4,295                                                                                                      151
       4,093               248               326                                  +12.7%                              136                                                                     +0.2%
        319                308                                   976
        365                                   992
                                                                                                                                                                           1,031
                            906                                                                                                                           960
                                                                                                                      866               925
         897                                                                        -1.6%                                                                                                     +7.4%

                                                               3,496
                                             3,136                                +11.5%                                                                                                      +5.5%
                          2,833
        2,511
                                                                                                                      855               877               903               952

                                                                                    +X.X%                                                                                                      +X.X%
                                                                                   Dynamics                                                                                                   Dynamics
         2015              2016               2017              2018              w/o one-offs                        2015              2016             2017              2018              w/o one-offs

        Net interest income                                  Trading and other income                                Personnel costs                                    Regular BFG contribution
                                                                              1
        Net fee and commission income                        One-off gains                                           Material and other costs                           One-off regulatory costs1
1   Including: in 2015 one-off gains on the sale of BRE Ubezpieczenia TUiR (PLN 194.3 million) and PZU      1   Including: in 2015 payment to the BFG related to the bankruptcy of Cooperative Bank in Wołomin
    shares (PLN 125.0 million); in 2016 a gain on the settlement of Visa transaction (PLN 247.7 million);       (PLN 141.7 million) and contribution to the Borrowers’ Support Fund (PLN 52.1 million); in 2016
    in 2018 a gain on the sale of an organised part of the enterprise of mFinanse (PLN 219.7 million)           additional payment to the BFG related to the bankruptcy of Cooperative Bank in Nadarzyn
Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                                      Polish            Banking          Financial        Management        |35
                                                                                                                                     Economy             Sector        Information           Team
Net Interest Income

Interest Income Structure                                                                    Interest Expense Structure
(PLN M)                                                                                      (PLN M)

                                                                        +12%

                                                                           4,518.2             1,465.6
                                                                              130.0              76.3
                                                                          180.4
    3,956.3                                                4,052.1                               77.3
                                        3,872.9                87.8
   138.127.2          3,660.5               80.7          133.6
                                       196.8                                                     229.3        1,149.1                                 +11%
                          66.8
                     157.5                                                                                         13.8
                                                                                                              79.0         1,040.0                         1,021.7
                                                                                                                                12.0                            14.4
                                                                                                                           68.7             916.4          75.3
                                                                                                                265.0                           15.9
                                                                                                                                           69.0
                                                                           3,387.6                                           257.0
     2,833.2                                                3,014.8                                                                                          318.9
                       2,584.5           2,753.2                                                                                             280.2
                                                                                                 892.1

                                                                                                                696.0
                                                                                                                             638.7
                                                                                                                                                             557.8
       47.9                                                                                                                                  493.0
                         51.1               77.0                62.8           72.4
      836.6             750.7              708.0                693.2          692.1
                                                                                                 190.6
                                                                                                                 95.3         63.7            58.3           55.3
       73.3              49.9               57.3                59.9           55.7
      2014               2015              2016                 2017           2018              2014            2015         2016            2017           2018

     Cash and short-term deposits                 Loans and advances                            Amounts due to banks            Subordinated liabilities
     Investment securities                        Derivatives classified into banking book      Amounts due to customers        Other
     Debt securities held for trading             Other                                         Issue of debt securities

Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                              Polish       Banking        Financial    Management      |36
                                                                                                             Economy        Sector      Information       Team
Net Fee and Commission Income

Fee and Commission Income Structure                                                      Fee and Commission Expense Structure
(PLN M)                                                                                  (PLN M)
                                                                        -1%                                                                        0%
                                                           1,659.7            1,641.8                                                    667.5           665.9
                                                                                                                          644.4
                                         1,550.8
                                                                246.4          227.1
                      1,433.9
    1,399.6                                218.5
                                                                                                           536.8          175.9           203.0           220.6
                                                                               100.6
      188.9             199.1                                   187.4                       497.9
                                           166.8
      116.7             149.8                                                  341.2                       150.5           11.5           13.1
                                                                306.6                                                                                     13.5
                                           280.7                                            148.1
      255.1                                                                                                               123.0           130.7
                        268.6                                                  104.5                       10.6
                                                                                                                                                          141.5
                                                                135.5                        10.8
      111.0                                142.0                                                           98.4
                        123.0                                                                78.0                          56.3           28.6
                                                                               390.0                                                      47.5            26.8
                                                                                                           31.6            47.9
                                                                372.9                        29.9                                                         50.1
                                           361.9                                             36.1          40.7
      413.6             342.3
                                                                                 84.7
                                                                  71.4    11.6
                                               58.8        14.8
                      14.9 49.0         13.5                                                                                              244.7
   13.4 46.6                                                                                195.0          204.9          229.9                           213.6
                                                                               382.0
                        287.3              308.5                324.8
      254.3

      2014               2015              2016                 2017           2018          2014          2015            2016           2017            2018

     Credit related fees                         Brokerage activity & securities issue      Payment card fees                 Commissions paid to external entities
     Portfolio management                        Accounts & money transfers                 Cash handling fees                Fees paid to NBP and KIR
     Guarantees and trade finance                Insurance activity                         Discharged brokerage fees         Other (incl. insurance activity)
     Payment card fees                           Other (incl. custody)

Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                         Polish         Banking      Financial     Management     |37
                                                                                                        Economy          Sector    Information        Team
Changing funding base towards more diversification

Evolution of mBank Group’s Funding Mix                                                                                     Development of mBank Group’s Own Funds
100%                                                               4%                                                      (PLN M)
                                                                   2%
                                                                                                                                                                        15,771
                                                                   14%            Other
 80%
                                                                                                                                                            14,280
                                                                   2%                                                                             13,244
                                                                                  Subordinated debt
                                                                                                                                        11,971
                                                                   28%
 60%                                                                              Debt securities in issue                   9,751

                                                                                  Medium & long-term funding1
 40%

                                                                   50%            Corporate deposits
 20%
                                                                                  Retail deposits

  0%                                                                                                                          2014        2015      2016         2017    2018
   12/13        12/14       12/15        12/16       12/17      12/18      1
                                                                               Loans granted by Commerzbank and
                                                                               other bilateral credit agreements

mBank’s subordinated securities outstanding
as of 31.12.2018

       Type           Nominal value                 Currency            Maturity date               Tier II eligible                 On October 9, 2018, mBank issued two
                                                                                                                                     series of subordinated bonds with a total
       Loan                   250 M                      CHF             21.03.2028                          √     Yes               nominal value of PLN 750 million:
                                                                                                                                      10NC5 subordinated bonds with a
       Bond                   750 M                      PLN             17.01.2025                          √     Yes                 nominal value of PLN 550 million
                                                                                                                                       and maturity on October 10, 2028;
       Bond                   550 M                      PLN             10.10.2028                          √     Yes                12NC7 subordinated bonds with a
                                                                                                                                       nominal value of PLN 200 million
       Bond                   200 M                      PLN             10.10.2030                          √     Yes                 and maturity on October 10, 2030;

Source: IFRS Consolidated Financial Statements of mBank Group

                                                                                                                          Polish        Banking      Financial     Management    |38
                                                                                                                         Economy         Sector    Information        Team
mBank’s mortgage client domicile in Poland

mBank’s portfolio distribution – by province                                              Unemployment rate – by province
                                                                                          as of 31.12.2018

                                 Pomorskie                                                                                    Pomorskie
                                                                                                                                4.9%
                                   10.2%              Warmińsko-Mazurskie                                                                          Warmińsko-Mazurskie
              Zachodnio-                                                                               Zachodnio-
                                                           2.0%                                                                                          10.4%
              Pomorskie                                                                                Pomorskie
                4.4%                                                     Podlaskie                       7.4%                                                         Podlaskie
                                     Kujawsko-                                                                                    Kujawsko-
                                                                           1.4%                                                   Pomorskie                             7.8%
                                     Pomorskie
                                                                                                                                    8.8%
                                         4.1%

                                                          Mazowieckie                                                                                   Mazowieckie
                                                                                                       Lubuskie
            Lubuskie     Wielkopolskie                      28.6%                                                    Wielkopolskie                         4.9%
                                                                                                         5.8%
              1.8%           8.0%                                                                                        3.1%

                                             Łódzkie                                                                                        Łódzkie
                                              8.5%                                                                                           6.1%                      Lubelskie
                                                                          Lubelskie
                                                                                                                                                                         8.0%
                  Dolnośląskie                                               2.1%                            Dolnośląskie
                    10.5%                                                                                       5.2%
                                                        Świętokrzyskie                                                                              Świętokrzyskie
                                 Opolskie                                                                                   Opolskie
                                            Śląskie         1.0%                                                                     Śląskie            8.3%
                                 1.8%                                                                                        6.3%
                                            9.4%                                                                                      4.3%
                                                                   Podkarpackie                                                                                  Podkarpackie
                                                                     1.0%                                                                          Małopolskie
                                                  Małopolskie                                                                                                       8.8%
                                                                                                                                                     4.7%
                                                         5.4%

      % of mBank’s mortgage portfolio            28.6% - 10.0%             7.0% - 9.9%            Unemployment Rate in Poland                     3.1% - 5.0%           5.1% - 7.0%
                                                  4.0% - 6.9%              1.0% - 3.9%                                                            7.1% - 8.5%          8.6% - 10.4%

Source: mBank’s internal data                                                            Source: Central Statistical Office of Poland

          Mortgage portfolio concentrated in low unemployment areas, with 34.6% of clients living in the biggest cities
                                  in Poland (Warsaw, Cracow, Poznan, Lodz, Wroclaw, Tricity)

                                                                                                                  Polish                Banking         Financial     Management      |39
                                                                                                                 Economy                 Sector       Information        Team
mBank’s Management Team
               Cezary Stypułkowski                                                  Adam Pers
                                                                                    Vice-President of the Management Board
               President of the Management Board                                    Head of Corporate and Investment Banking
               Chief Executive Officer                                              •   In 2000-2011 worked for Raiffeisen Bank in various positions
                                                                                    •   In 2012 joined mBank where his first task was to restructure
                                                                                        financial markets area; then he was promoted to Managing
•   Holds a Ph.D. in law from the University of Warsaw, studied at Columbia             Director and integrated cooperation with trading area
    University Business School in New York as a member of the Fulbright             •   Member of the Management Board of mBank since October 2017
    Program
•   Between 1991 and 2003 chaired the Management Board of Bank                      Frank Bock
    Handlowy S.A.                                                                   Vice-President of the Management Board
•   From 2003 to 2006 acted as President of the Management Board of                 Head of Financial Markets
    PZU Group
                                                                                    •   Worked for WestLB and was ALM Director at Dresdner Bank
•   In 2007 appointed Managing Director of J.P. Morgan Investment Bank
                                                                                    •   Since 2009 a Managing Director in Treasury at Commerzbank
    responsible for Central and Eastern Europe                                          responsible for ALM, market risk and liquidity management for
•   A member of Institute of International Finance in Washington                        Central and Eastern Europe
•   CEO of mBank since October 2010                                                 •   Member of the Management Board of mBank since May 2017

               Andreas Böger                                                        Cezary Kocik
               Vice-President of the Management Board                               Vice-President of the Management Board
               Chief Financial Officer                                              Head of Retail Banking
               •   In 2007-2013 a Managing Director in Global Capital Markets and   •   From 1994 to 1996 in Stockbroker House of PBG Bank
                   Co-Head of Capital Solutions Europe & CEEMEA at Deutsche Bank
                                                                                    •   Since 2004 in mBank as Head of Retail Credit Risk Department,
                   in London
                                                                                        Head of Marketing and Sales Department, Managing Director for
               •   In 2013 joined Commerzbank as head of the Corporate Finance          retail banking sales and business processes
                   division within Group Development & Strategy                     •   Member of the Management Board of mBank since 2012
               •   CFO of mBank since July 2017

               Lidia Jabłonowska-Luba                                               Krzysztof Dąbrowski
               Vice-president of the Management Board                               Vice-President of the Management Board
               Chief Risk Officer                                                   Chief Operating Officer
               •   From 1994 to 2001 worked for Schroeder Smith Barney Poland       •   In 2004-2011 built and managed the Software Development
               •   In 2002 joined Bank Handlowy, then Kredyt Bank as deputy             Practice at shared services center of F.Hoffman-La Roche
                   president in charge of finance and risk                          •   In 2011-2014 CTO of Polish e-commerce leader Allegro Group
               •   In 2010 appointed Senior General Manager at KBC Group in
                                                                                    •   In 2014 joined mBank as a Managing Director and CIO/CTO
                   Brussels responsible for managing all risk types
                                                                                    •   Member of the Management Board of mBank since April 2017
               •   Vice-President of the Management Board since April 2013

                                                                                         Polish          Banking         Financial   Management         |40
                                                                                        Economy           Sector       Information      Team
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