mBank S.A.

Capital/Financing Update • Apr 11, 2018

Management Board resolution concerning approval to establishment ofthe new programme for the issuance of debt instruments (EMTN), in manytranches and currencies, with various interest structures and due dates,up to the total amount of 3,000,000,000.00 EURThe ManagementBoard of mBank S.A. ("Bank") informs that on 11 April 2018 theManagement Board adopted a resolution regarding a consent to establish anew programme for the issuance of debt instruments (Euro Medium TermNote Programme) directly by the Bank, in many tranches and currencies,with various interest structures and due dates, up to the total amountof 3,000,000,000.00 EUR (the "New EMTN Programme"). The amount of3,000,000,000.00 EUR is equal to 12,573,300,000.00 PLN according toaverage NBP fx rate of 11 April 2018.

The New EMTN Programme will be established by the way of update of theexisting debt instruments programme of mFinance France SA (SociétéAnonyme) a private company incorporated under the laws of France, withits registered office in Paris, France ("mFF") referred to in thecurrent report no. 19/2014. The update does not influence the existenceof the instruments already issued by the mFF nor the validity of theguarantee granted by the Bank with regard to those instruments.

The Management Board approval encompasses that debt instruments issuedunder the New EMTN Programme may be listed on the Luxembourg StockExchange or on the stock exchange located in any other European Unioncountry, as well as debt instruments may simultaneously be listed onmore than one of such stock exchanges.