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Covered Bonds Investor Presentation Covered Bonds Investor presentation September, 2021 Presentation Topics 1. Prima banka at a glance 2. Slovak Republic 3. Slovak Banking Market 4. Prima banka 5. Cover Pool 6. Covered Bonds Framework 7. Appendix 2 Prima banka at a glance … fastest growth in fastest growing retail lending market in EU 30.6.2021 (EUR) #1 Fastest growing retail bank Total Assets 4 770mn #1 Housing Loans growth Net profit 17.5mn (2020, 13mn 30.6.2021) #1 Main Bank Customers growth CET 1 17.5% #1 Municipalities Total CAD 18.7% #3 Branch & ATM network NPL ratio 2.0% #1 Only bank in each of 79 SK districts NPL coverage 169% #2 Mobile application client penetration Retail loans 3 559mn; YoY+18% #2 Customer Satisfaction Mortgages 3 375mn; YoY +20% #2 Communication Awareness Branches/ATMs 120/315 #4 Spontaneous Brand Awareness Employees 807 Ownership 99.6% Penta Investments Central European private equity group Penta acquired the Bank in 2011 from Dexia. Since then the Bank is executing a new strategy with focus on retail, simplicity & efficiency and also branch & ATM coverage. Source in Appendix, Retail Loans in this context mean Loans to Individuals 3 Prima banka - History … established as municipal bank, currently strongly growing in retail 1993 In 1993 Prvá Komunálna Banka (First Municipal Bank) was established by a group of 193 Slovak municipalities as a 2000 municipal bank. The Bank has specialized in providing Entry of a new majority shareholder Franco-Belgian 2003 services and financing to municipalities in the Slovak banking group Dexia in 2000. Later in 2003 the Bank Republic. was renamed to Dexia banka Slovensko. Bank maintained strong presence in municipal segment 2011 and focused also on corporate lending. The bank 2012 In 2011, Central European private equity group Penta has started to build its position in retail. Investments acquired majority shareholding of the Bank from Dexia. As of 1.1.2012 the Bank changed its 2016 business name to Prima Banka Slovensko and as a part 2017 of the new strategy, it started to focus predominantly on In 2016 the majority shareholder Penta Investments retail clients with revised simplified products and acquired Sberbank Slovensko, which was merged services portfolio as well as on the expansion of the into Prima banka as of 1.8.2017. Prima banka is branch and ATM network. legal successor, business integration is completed, with no connections to the Sberbank Group. 2019 Launch of inaugural Covered Bonds Program. 4 Penta Investments at a glance … Central European investment group, focus on long-term investments (EUR mn) Retail Healthcare Manufacturing Financial Services Media Real Estate Dr.Max Dôvera Aero Vodochody Prima banka News and Media Holding Bratislava Fortuna Penta Hospitals Carnibona Privatbanka MDS Prague Empik Primecell Iglotex United Classifieds Warsaw HTSS Slovalco Vltava Labe Media Košice Petit Press Enterprise Value Enterprise Value Enterprise Value Equity Value Enterprise Value Asset Value 3 074 667 195 464 165 1 099 Investment Platforms Investment EBITDA EBITDA EBITDA Net Income EBITDA NOI 287 91 8 24 13 28 • Penta is a Central European private equity group • Dr.Max 3rd largest pharmacy chain in Europe founded in 1994, specializing in long-term • Penta Hospitals largest multi-national hospital investments chain in SK, CZ, PL • Penta provides more than 43 000 jobs • Dôvera largest private health insurer in SK • Fortuna largest CEE betting and games provider • Portfolio Profit amounted to EUR 219mn (-41% • Leading real estate developer in SK, CZ, PL YoY) and Net Income to EUR 134mn (-50% YoY) in 2020. ROE achieved 5,8% EUR mn 2020 YoY YoY% Revenues 6 344 - 76 - 1,2% • Free cash flow continuously reinvested to Adjusted EBITDA 421 - 34 - 7,5% support both organic and acquisition growth Operating Cash Flow 196 + 10 + 5,4% Real Estate Assets Value 1 099 - 124 - 10,1% Total Investments 419 - 194 - 31,6% Source: audited Financial Statements Penta Investments 2020, reported 2020 Financial Statements of investee companies 5 Presentation Topics 1. Prima banka at glance 2. Slovak Republic 3. Slovak Banking Market 4. Prima banka 5. Cover Pool 6. Covered Bonds Framework 7. Appendix 6 Slovak Republic ... stable and fast converging export-oriented economy EU & NATO member EUR adoption 2004 2009 1993 2007 2012 • Stable A-rated member of EU & EMU Slovak Republic established Schengen member ESM member • Long-term growing economy Population: 5.5 million • Strong GDP growth trend Area: 49 034 km2 • Fiscally in good shape Capital: Bratislava (430 tsd) • Sustainable government debt GDP per capita: 16,772 EUR (2020) • Export-oriented • Strong automotive industry Credit ratings: • Low unemployment A2 stable outlook (Moody’s) • Stable, well capitalized and profitable A+ stable outlook ( S&P ) banking sector A negative outlook (Fitch) 7 Slovak Republic ...strong GDP growth and relatively low government debt Real GDP Growth Public debt and govt. balance 13,7% 60,6% 61% -9% -8,1% (share of GDP) 10,8% -7,5% 10,2% -8% 10,0% 56% 54,7% 53,6% -6,2% -7% 5,8% 52,4% 5,1% 51,8% 51,9% 51,5% -6% 4,2% 4,1% 5,0% 3,2% 3,2% 51% 49,6% 2,8% 2,8% 2,4% 1,7% 1,5% -4,3% -4,4% 48,2% -5% 3,1% -4% 2,1% 2,1% 2,6% 0,0% 1,6% 1,4% 1,9% 1,9% 1,4% 46% -2,9% -3,1% -4,8% -2,7% -2,6% 0,4% -5,4% -0,2% 43,4% -3% -0,9% 41,0% -1,3% -2% -5,0% 41% -1,0% -1,0% -4,5% -1% -6,4% 36,4% -10,0% 36% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2Q 21 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Eurostat Public Debt General Government balance Source: Eurostat Slovakia Euro Area • Slovak economy growth outperforms EU average Government debt to GDP 180% in long term 160% 140% • GDP growth drop-down due to pandemic in 2020 120% 100,5% • Lower government indebtedness vs. EU average 100% 80% 60,3% despite increase in 2020 60% 40% • Household consumption is main component in 20% long term GDP growth 0% UK Italy Spain Malta Latvia France Cyprus Poland Ireland Austria Greece Croatia Finland Estonia Sweden Belgium Bulgaria Slovakia Slovenia Hungary Portugal Romania Denmark Germany Lithuania Euro AreaEuro • Slovakia overall in a good shape Rep.Czech Netherlands Luxembourg Source: Eurostat 31/3/2021 8 Slovak Republic ...export-oriented economy, Germany key trading partner Slovak Export by Countries Slovak Import by Countries Germany Germany Czech Rep Czech Rep 17% 12% 23% Poland 20% Austria France 15% Poland 15% Hungary Hungary 11% Austria 4% 18% France 4% UK 4% Korea 4% 8% Italy 4% China 6% 7% 7% 9% 6% Rest EU 8% Rest EU Other Non EU Other Non EU Source: Eurostat 31/12/2020 Source: Eurostat 31/12/2020 100 International Trade Balance • Slovakia is an open export-oriented economy (bn EUR) 79 79 80 80 • 79% of exports go to EU, mainly Germany and 80 76 72 74 74 70 V4 countries 66 68 67 63 65 65 60 62 61 • Structure of the Slovak economy is similar to the 60 German one with a strong emphasis on industry, mainly automotive 40 • International trade slowdown in 2020 due to 20 pandemic restrictions 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Eurostat Import Export 9 Slovak Republic ...low credit spreads, low government bond yields YTM 10y maturity 10Y Government bond yield 3% 6,0% 5,0% 2% 4,0% 1% 3,0% 2,0% 0% -0,17% 1,0% -1% 0,0% -1,0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Bloomberg Slovakia Germany 24/08/2021 Source: Bloomberg 24/8/2021 Inflation (y/y,%) • Low Credit spreads of Slovak government bonds 9% also compared to German Bunds 7% • 10Y government bonds yield still in negative 5% range with significant influence of ECB policy 2,5% 3% • Inflation above 2% and higher than EU average 1% 1,9% • Latest increase in inflation influenced mainly by -1% commodity prices and materials Source: Eurostat Slovakia Euro Area 30/6/2021 10 Slovak Republic ...labour market improvement supports disposable income Unemployment Disposable income 21% (y/y, nominal) 12% 19% 10% 17% 8% 15% 6% 13% 11% 4% 3,7% 9% 7,7% 2% 7% 0% 6,8% 5% -2% Slovakia Euro Area Slovakia Source: Eurostat 30/6/2021 Source: NBS 31/03/2021 Household Debt to Income • Unemployment rate below Euro area average 250% • Labor market improvement supports 200% disposable income and thus retail loan growth 150% • Unemployment rate slightly increased due to 94% 100% pandemic, however heading for recovery 69% • Despite fast growth of Household Debt to 50% Income, Slovakia still comfortably below Euro 0% area average Source: Eurostat 31/12/2019 11 Slovak Republic ...housing price development reflects income growth and low interest rates Property price per m2 Housing Loans to GDP 2 500 2 298 (EUR) 70% 2 250 2 000 60% 1 750 1 559 50% 1 500 42% 37% 1 250 40% 1 000 30% 750 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20% Source: NBS Flats Houses 30/06/2021 10% Property price/Annual Wage 11 0% 10 8,7 9 Source: Eurostat 31/12/2020 8 7 • Employment and disposable income growth 6 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 with low interest rates drive property prices up Source: NBS 30/06/2021 • Still very high housing affordability also thanks Interest Rates on new housing loans 6,0% to continuous decline of mortgage interest rates • Despite strong growth, housing loans to GDP 4,0% remain well below Euro area average 1,4% 2,0% • High level of home ownership (90%) 0,0% 1,0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: NBS Slovakia EuroZone 30/06/2021 12 Presentation Topics 1.
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