mBank S.A.

Capital/Financing Update • Dec 3, 2021

Letter from the Bank Guarantee Fund regarding the minimum requirementfor own funds and eligible liabilities ("MREL") for mBank S.A.

The Management Board of mBank S.A. (_quot;Bank_quot;) informs that on 3 December2021 the Bank received a letter from the Bank Guarantee Fund ("BFG")concerning the joint decision of the resolution authorities, i.e. theSingle Resolution Board, Magyar Nemzeti Bank (the Hungarian NationalBank) and the BFG in regards the requirement of own funds and eligibleliabilities (_quot;MREL_quot;).

The MREL was adjusted in correspondence with the transposition of theDirective (EU) 2019/879 of the European Parliament and of the Council of20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbingand recapitalisation capacity of credit institutions and investmentfirms and Directive 98/26/EC (the BRRD2) to the Polish legal regimethrough the Act on the Bank Guarantee Fund, the Deposit Guarantee Schemeand Resolution of 10 June 2016 ("BFG Act").

The target MREL requirement has been set for the Bank at theconsolidated level, excluding mBank Hipoteczny from the consolidation inaccordance with Art. 97 (4a) of the BFG Act, at the level of 20,47% ofthe sum of the total risk exposure amount (_quot;TREA_quot;), while for own fundsand subordinated liabilities at the level of 19,96% of TREA and 5,91% ofthe total exposure measure (_quot;TEM_quot;), while for own funds and subordinatedliabilities at the level of 5,74% TEM. The target MREL requirementshould be reached by 31 December 2023.

Furthermore, the BFG set interim MREL goals which for:

-TREA are 15,64% for the end of 2021 and 18,06% for the end of 2022,including in respect to own funds and subordinated liabilities 15,39%and 17,68% respectively, and

-TEM are 3,00% for the end of 2021 and 4,46% for the end of 2022,including in respect to own funds and subordinated liabilities 3,00% and4,37% respectively.

BFG informed that the target MREL level with the subordination levelwill be updated in each subsequent calendar year.