Abak Spolka Akcyjna

Capital/Financing Update • Sep 27, 2023

Settlement of a synthetic securitization transaction concluded by theBank on a portfolio of retail loansThe Management Boardof mBank S.A. with its registered office in Warsaw (hereinafter "Bank")informs that on September 27th 2023, the Bank conducted the settlementof a synthetic securitization transaction referencing a portfolio ofretail non-mortgage loans with a total value of PLN 9,962.8 million asof June 30th 2023 (hereinafter _quot;Transaction_quot;).

As part of the Transaction, the Bank transferred a significant part ofthe credit risk of a selected securitized portfolio to investors. Theselected securitized credit portfolio remains on the balance sheet ofthe Bank.

The risk transfer of the securitized portfolio is performed through acredit protection instrument, in the form of a credit linked notes(hereinafter _quot;Credit Linked Notes").

On September 27th 2023, the Bank issued Credit Linked Notes with a totalnominal value of PLN 731 million, which were purchased by investors.Credit Linked Notes with the ISIN code XS2675207802, were introduced totrading in the alternative trading system on Vienna MTF operated byWiener Börse AG (Vienna Stock Exchange). September 27th 2023 has beenset as the first trading day for Credit Linked Notes.

As part of the Transaction, the Bank is obliged to pledge collateral forthe benefit of the noteholders in the form of eligible debt securities(and/or cash) deposited with an independent custodian - The Bank of NewYork Mellon. The value of the collateral on any date will be determinedbased on the nominal value of the outstanding Credit Linked Notes.

The Transaction will increase the Common Equity Tier 1 (CET1) capitalratio by approximately 0.9 percentage points at the consolidated level,when referenced to reported figures for mBank Group at the end of June2023. The majority of the impact will be recognized in the results forQ3 2023 and the full impact is expected to be recognized in Q4 2023.

The Transaction meets the requirements for significant risk transferspecified in the CRR Regulation and has been structured as meeting theSTS criteria (simple, transparent and standard securitization) inaccordance with Regulation 2021/557.

UniCredit Bank AG acted as arranger and placement agent for theTransaction.