Poland Economics and Macro Strategy: NBP Preview: Waiting to Act

Research evidence excerpt

Poland Economics and Macro Strategy: NBP Preview: Waiting to Act

IdeaM

Fixed Income Disclosures

Exhibit 6: Valuation methodology and risks

Trade Date Entry Level Target Stop Rationale Risks

HUF 5Y5Y vs PLN 5Y5Y 15-May-26 0 -50 20 We expect further risk compressiontake somein HUFprofit.vs PLNBut wealthoughexpectwelongunderstandend to compressthe big movefurtherhasagainsthappenedPLN and those in the trade should Worseningpositioningof fiscalunwindscenario and

Source: Morgan Stanley Research

Exhibit 7: History of recommendations

Definition of terms

Buy/Long: The analyst expects the total or excess return (depending on the nature of the

recommendation) of the instrument or issuer that is the subject of the investment

recommendation to be positive over the relevant time period.

Sell/Short: The analyst expects the total or excess return (depending on the nature of the

recommendation to be negative over the relevant time period.

Selling protection or Buying Risk: The analyst expects that the price of protection against

the event occurring will decrease over the relevant time period.

Buying protection or Selling Risk: The analyst expects the price of protection against the

event occurring will increase over the relevant time period.

Pay: The analyst expects that over the specified time period the variable rate underlying

the swap agreement that is the subject of the investment recommendation will increase.

Receive: The analyst expects that over the specified time period the variable rate

underlying the swap agreement that is the subject of the investment recommendation will

decrease.

Like: Based on current market conditions as of the date of this report the analyst expects

that the relevant securities of the issuer that is subject of the recommendation will