mBank S.A.

Capital/Financing Update • Oct 1, 2020

Completion of the substitution process frommFinance France to mBank as a bond issuerWithreference to current reports: no. 47/2020 dated August 26, 2020, no.48/2020 dated August 31, 2020 and no. 54/2020 dated 16 September 2020,the Management Board of mBank S.A. with its registered office in Warsaw("Bank") informs that on October 1, 2020, pursuant to and in compliancewith Condition 14, the process of substitution from mFinance France("mFinance") to the Bank as bond issuer ("Substitution") has beencompleted. The terms defined in the above-mentioned current reportsremain valid in this current report. In view of the above: 1. The Bankshall be deemed to be the issuer ("Issuer") for all purposes in respectof the Notes, the Deed of Covenant and Guarantee and the AgencyAgreement insofar as it relates to the Notes, and accordingly it shallbe entitled to all of the rights, and subject to all of the liabilities,on the part of the Issuer contained in them; and 2. with effect oftoday's date, the Deed Poll, the Supplemental Agency Agreement and theIssuer-ICSDs Agreement have been executed and the Legal Opinions havebeen delivered to the holders of the Notes. Copies of the executed DeedPoll, Supplemental Agency Agreement, the Issuer-ICSDs Agreement and theLegal Opinions are available for inspection at the principal office ofthe Bank and at the specified office of each of the paying agents; and3. On October 1, the agreement defining the netting of payments betweenmFinance and the Bank under the Substitution (Offset) entered intoforce.