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 5 May 2022the Bank received a letter from the Bank Guarantee Fund ("BFG")concerning the joint decision of the resolution authorities, i.e. theSingle Resolution Board, BFG and the Hungarian National Bank in regardsto the requirement of own funds and eligible liabilities (_quot;MREL_quot;).

The BFG informs in the letter of the updated MREL requirement, inrelation to the values communicated by the BFG in the letter dated 3December 2021, about which the Bank informed in the current report no.66/2021 on 3 December 2021.

The updated 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 Act on the Bank Guarantee Fund, theDeposit Guarantee Scheme and Resolution of 10 June 2016, at the level of19,22% of the total risk exposure amount (_quot;TREA_quot;), where for own fundsand subordinated eligible liabilities at the level of 18,60% of TREA and5,91% of the total exposure measure (_quot;TEM_quot;), where for own funds andsubordinated eligible liabilities at the level of 5,67% of TEM. Thetarget MREL requirement should be reached by 31 December 2023.

Furthermore, the BFG set interim MREL goals which for:

- TREA are 14,67% at the moment the decision is communicated to the Bankand 16,94% at the end of 2022, including in respect to own funds andsubordinated eligible liabilities 14,36% and 16,48% respectively, and

- TEM are 3,00% at the moment the decision is communicated to the Bankand 4,46% at the end of 2022, including in respect to own funds andsubordinated eligible liabilities 3,00% and 4,34% respectively.

The BFG also indicated that the Common Equity Tier 1 capital kept by theBank for the purposes of the combined buffer requirement cannot beincluded in MREL requirement in relation to TREA.

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