mBank S.A.

Regulatory Filings • Feb 5, 2020

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. ("Bank") informs that on 05 February2020 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 Bank Guarantee Fund, according to which the minimumrequirement for own funds and eligible liabilities for the Bank onsub-consolidated basis would be 14.54% of the total liabilities and ownfunds ("TLOF"), which corresponds to 27,515% of total risk exposure("TRE") and which should be met by 01.01.2023.

Simultaneously, the Bank received information concerning the path toreach this limit. The interim targets of MREL at the end of 2019, 2020and 2021 in relation to TLOF have been set at the level of 9.248%,11.012% and 12.776% respectively, and in relation to TRE at the level of17.5%, 20.838% and 24.177% respectively.

MREL requirement has been set on the basis of financial data as of 31stDecember 2018 while required capital buffers have been applied as of 1stJanuary 2019.