mBank S.A.

Notice of Dividend Amount • Mar 26, 2020

Change in the resolution of the Management Board of mBank S.A. ofFebruary 28, 2020, on the motion regarding division of the 2019 profit,amended by the resolution of March 10, 2020

With reference to the current report no. 5/2020 of February 28, 2020,and the current report no. 10/2020 of March 10, 2020, the ManagementBoard of mBank S.A. ("Bank") informs that on March 26, 2020, it adopteda resolution to change the resolution of February 28, 2020, on divisionof the 2019 profit and undivided profits from previous years, andresolution of February 28, 2020, regarding the adoption of draftresolutions for the Annual General Meeting of mBank S.A., amended by theresolution of March 10, 2020, as regards division of the 2019 profit.

The Bank's Management Board decided to submit for consideration by theOrdinary General Meeting a motion regarding division of the 2019 profitin the following manner:

The net profit earned by the Bank in 2019 amounting to PLN 980 979554.44 is left undivided.

The change in the decision of the Management Board regarding thedistribution of profit, compared to the recommendation presented onMarch 10, 2020, assuming the payment of dividend to shareholders in theamount of PLN 48 702 922.05, is a consequence of the position of thePolish Financial Supervision Authority presented in the letter of March26, 2020, according to which considering the current situation, relatedto the state of the epidemic announced in Poland and possible furthereconomic consequences of this state, as well as their expected impact onthe banking sector, the PFSA expects that banks will retain all theprofit from the previous years. Moreover, the PFSA expects that bankswill make no action that may result in weakening of the capital base.

A resolution of the Management Board will be submitted for assessment bythe Supervisory Board in accordance with art. 382 § 3 of the Code ofCommercial Companies.