mBank S.A.

Regulatory Filings • Jul 1, 2021

The supervisory letter regarding position of the Polish FinancialSupervision Authority with respect to dividend policy in H2 2021 and anadditional add-on related to the Bank's sensitivity to an adversemacroeconomic scenario

The Management Board of mBank S.A. ("Bank") hereby informs that, theBank received a letter from the Polish Financial Supervision Authority("PFSA") dated 30 June 2021 specifying the dividend policy criteria forcommercial banks in the second half of 2021. The criteria are consistentto those published on 24 June 2021 in the PFSA's statement regarding thedividend policy criteria for commercial banks in the second half of 2021.

Furthermore, in the above mentioned letter the PFSA informed, that

- the Bank's sensitivity to an adverse macroeconomic scenario ("ST1parameter"), measured by supervisory stress tests and determined as thedifference between Total Capital Ratio (TCR) in the reference scenarioand the TCR in the shock scenario at the end of the forecast period(2021), including supervisory adjustments was set at the level of 2.11p.p.

- the Bank's sensitivity to an adverse macroeconomic scenario ("ST2parameter"), measured by supervisory stress tests and determined as thedifference between Total Capital Ratio (TCR) in the reference scenarioand the TCR in the shock scenario at the end of the forecast period(2021), including supervisory adjustments, with the reservation that theT1 and T2 capital issues assumed by the Bank are not taken into accountin the shock scenario was set at the level of 2.90 p.p.

The position of the PFSA concerns only the dividend payment from theprofit generated in 2020. According to the letter, the PFSA's additionalposition on retained earnings, including the profit for 2019, will bepresented at the end of 2021 along with the dividend policy for 2022.The Bank will receive an individual recommendation regarding both thepossibility of dividend payment and other actions that may result in areduction of the capital base.