mBank S.A.

Capital/Financing Update • Oct 21, 2025

Report Content Settlement of a synthetic securitization transaction concluded by theBank on a project finance portfolio

The Management Board of mBank S.A. with its registered office in Warsaw(hereinafter "Bank") informs that on October 21st 2025, the Bank settleda synthetic securitization transaction referencing a portfolio ofProject Finance corporate exposures (consisting mainly of renewableenergy projects), with a total value of PLN 3.8 billion as of August29th 2025 (hereinafter "Transaction").

As part of the Transaction, the Bank transferred a significant part ofthe credit risk of the securitized portfolio to investor. The underlyingportfolio remains on the balance sheet of the Bank. The risk transfer isperformed through a credit protection instrument - credit linked notes(hereinafter "Credit Linked Notes" or "Notes").

On October 21st 2025, the Bank issued Credit Linked Notes with a totalnominal value of PLN 831 million, which were purchased by Stichting PGGMCredit Risk Sharing Fund, represented by PGGM Vermogensbeheer B.V. asits attorney-in-fact (hereinafter the "Investor"). The Notes bearingISIN code XS3199087498, were admitted to trading in the alternativetrading system on Vienna MTF operated by Wiener Börse AG (Vienna StockExchange). October 21st, 2025 has been designated as the first tradingday.

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 will be determined based on thenominal value of the outstanding Credit Linked Notes.

The Transaction is expected to increase the Common Equity Tier 1 (CET1)ratio by approximately 0.28 percentage points at the consolidated level,when referenced to reported figures for mBank Group at the end of secondquarter of 2025.

The Transaction meets the requirements for significant risk transferspecified in the respective regulations.