mBank S.A.

Earnings Release • Oct 5, 2018

The final settlement of the sale of the organised part of an enterpriseof mFinanse.

With reference to the current report No. 70/2017 of November 27, 2017related to the conditional agreement concluded by mBank S.A. with theregistered office in Warsaw ("Bank") and Bank's subsidiary mFinanseunder which: (i) the Bank is obliged to sell and transfer 100%, i.e.100,000, shares in Latona S.A. to Phoebe IVS with its registered officein Denmark ("Investor") and (ii) mFinanse is obliged to thereupon selland transfer an organised part of the enterprise of mFinanse to LatonaS.A (the "Agreement"), the current report No 11/2018 of March 26, 2018related to the sale of 100% shares in Latona S.A. and the current reportNo 12/2018 of March 27, 2018 related to the sale of an organized part ofenterprise of mFinanse to Latona S.A., with reference to the finalsettlement of the transaction, the Management Board of the Bank herebyannounces that the maximum total remuneration on account of thetransaction will be approx. PLN 435 million.

As a result of the transaction, in the first half of 2018 the Grouprecognised a gross profit in the amount of PLN 238 832 thousand, as wasreported in the mBank Group Condensed Consolidated Financial Statementsfor the first half of 2018. Due to the nature of the transaction, therecognition of the part of the remuneration in the future will depend onthe performance of the business sold. This may result in the recognitionof an additional gross profit of up to PLN 161 million in the period ofapprox. 6 years from the end of the first half of 2018.