mBank S.A.

Capital/Financing Update • Jul 15, 2022

Negative impact of _#8216;credit holidays' on mBank Group's results in Q32022

The Management Board of mBank S.A. (_quot;Bank_quot;) informs that in connectionwith signing of the Act on crowdfunding for business ventures and aid toborrowers by the President of Republic of Poland, the negative impact ofsuspending the performance of mortgage loan agreements granted in Polishcurrency (the so-called _quot;credit holidays_quot;), on mBank Group's profitbefore tax for the third quarter of 2022 is expected to be in the rangeof PLN 1.0 billion to PLN 1.4 billion. The above stated range is on thebasis of estimated participation between 60% and 80% among currentlyassumed eligible borrowers.

In addition, the Bank informs that the amount of contribution to theBorrowers Support Fund will be communicated in a separate currentreport, following receipt by the Bank of this information.

Given the above, the Bank expects that the net result of mBank Group inthe third quarter of 2022 will be negative.

The Tier I capital ratios (T1) and the total capital ratios (TCR) of theBank and mBank Group remain above the minimum capital requirements.