mBank S.A.

Capital/Financing Update • Jan 22, 2019

mBank: update report - costs of subscription for 500,000,000.00 EURunsecured bonds under the EMTN Programme

With regard to the current reports no. 31/2018 dated 29 August 2018 ofmBank S.A. with its registered office in Warsaw ("Bank"), the ManagementBoard of the Bank informs as follows:

1) The total costs which were included in the issuance costs dividedinto the following categories:

a) costs of preparing and conducting the offer: PLN 6.72 mn,

b) costs of remuneration of "subemitents" (within the meaning of art. 4sec. 12) and 13) of the Polish Act dated 29 July 2005 on the publicoffering and conditions of introduction of the financial instrumentsinto the organized trading system and on public companies): N/A,

c) costs of promotion: PLN 33.15 k,

d) costs of prospectus and supplement preparation including advisorycosts: PLN 2.02 mn (being the cost of preparation of the debtinstruments programme prospectus; the prospectus is the basis formultiple issuances of debt instruments across the European Union andoutside the EU).

Total expenses mentioned above paid for subscriptions of bonds amountedto PLN 8.78 mn gros (VAT included).

Cost recognition in the accounting records and financial statement ofthe issuer is as follows:

Expenses related to the preparation of the prospectus and the remainingexpenses incurred in relation to the bond offer have been in generalincluded in the profit and loss account at the time they were incurred.However (i) the cost of the prospectus rating and (ii) fees paid todealers are recognized over a period of twelve months and the maturityof the bonds issued, respectively.

2) The average cost of subscription per one subscribed bond: PLN 13.51

It should be noted that the above average cost does not include the costof preparing the prospectus because this item applies to all bond offerscarried out under the EMTN Program. If such a cost was included, theaverage cost of subscription per one subscribed bond would amount to PLN17.55.

All the costs referred to in sec. 1) and 2) were calculated by the Bankwith duty of care. The value of the costs was rounded up to two decimalplaces.

Legal basis: § 16 Ordinance of the Minister of Finance of 29 March 2018on current and periodic information provided by the issuers ofsecurities and on conditions under which information required by legalregulations of a third country may be recognized