mBank S.A.

Capital/Financing Update • Mar 24, 2022

mBank and PGGM enter into synthetic securitization transaction on aportfolio of corporate loansThe Management Board of mBank S.A.with its registered office in Warsaw (hereinafter "Bank") informs thaton 24 March 2022, the Bank conducted the settlement of a syntheticsecuritization transaction referencing a portfolio of corporate loanswith a total value of PLN 8,922 million (hereinafter _quot;Transaction_quot;).

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

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

On 24 March, 2022, the Bank issued Credit Linked Notes with a totalnominal value of PLN 642.5 million. The investor in the Credit LinkedNotes is Stichting Pensioenfonds Zorg en Welzijn, represented by PGGMVermogensbeheer B.V. as attorney in fact.

On 24 March 2022, Credit Linked Notes were introduced to trading on theVienna MTF operated by the Vienna Stock Exchange, ISIN: XS2450070276.The Credit Linked Notes are collateralized, with debt securities as theprimary form of collateral that is deposited with an independentcustodian.

The Transaction will increase the Common Equity Tier 1 (CET1) capitalratio by approximately 0.6 percentage points, when referenced toreported figures for mBank Group at the end of 2021.

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.