Issuance programmes

Disclaimer

Prior to obtaining access to the information placed on this website (the "Materials") please read carefully the following information. By clicking the link below labelled “ACCEPT” you confirm that: (1) you have read and understood the following information; (2) you agree to the restrictions as stated herein, including any modifications to them from time to time, each time you receive any information as a result of such access; (3) you are not resident or physically located in any jurisdiction into which the base prospectus for mortgage covered bonds issued by mBank Hipoteczny S.A., with any published annexes or supplements thereto (the “Base Prospectus”) may not be delivered; (4) you are permitted under applicable laws and regulations to access the Base Prospectus; and (5) you agree that you will not download, forward, distribute, reproduce or transmit the Base Prospectus or other Materials in any manner, in whole or in part. If you are unable to give the above representations and warranties, and/or are unable to agree to the basis on which access to the Base Prospectus and other Materials is given, please DO NOT click on the link below labelled "ACCEPT". Failure to comply with this directive may result in a violation of the applicable laws or regulations.

Please note that this disclaimer may be altered or updated from time to time and so you should ensure that you read it in full each time you visit this webpage and before reading, accessing or making any other use of the attached documents.

The Base Prospectus was prepared in connection with the programme (the “Programme”) of mortgage covered bonds up to the maximum total nominal value of EUR 3,000,000,000 (or its equivalent in other currency) (the “Covered Bonds”) and for the admission of the Covered Bonds to the regulated market of the Luxembourg Stock Exchange.

The Base Prospectus constitutes the only legally binding document containing information on the Programme. The detailed information on the Covered Bonds of a given series will be provided in the final terms of issue of such series of the Covered Bonds (“Final Terms”). The requirement to publish a prospectus under the Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 and as further amended from time to time only applies to the Covered Bonds which are to be admitted to trading on a regulated market in the European Economic Area. The Base Prospectus was approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg.

Apart from the Base Prospectus, all other Materials are for general informational purposes only and should be construed neither as: (i) an invitation, offer or solicitation of an offer to purchase any securities; nor (ii) an investment recommendation or financial advice. No person shall have any right of action against mBank Hipoteczny S.A. in relation to the accuracy of the information contained in Materials that are not the Base Prospectus.

Investors need to familiarise themselves with the entire Base Prospectus, including the documents incorporated into the Base Prospectus by reference, and in particular with the risk factors involved in investing in the Covered Bonds described in the “Risk Factors” of the Base Prospectus. All investment decisions concerning the Covered Bonds need to be taken upon the analysis of the entire Base Prospectus (including annexes thereto), the Final Terms referring to the relevant series of the Covered Bonds and other relevant Materials.

The Materials are not an offer of securities for sale in the United States. The Covered Bonds have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered: (i) in the United States absent registration or an exemption from registration under the Securities Act; or (ii) for the account or benefit of, U.S. persons in reliance on Regulation S under the Securities Act.

The Materials are being distributed to and are only directed at: (i) persons who are outside the United Kingdom; (ii) to investment professionals falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (iii) high net worth companies; and (iv) other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i) to (iv) above together being referred to as “relevant persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Covered Bonds will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on the Materials or their content. It is your sole responsibility to ascertain whether or not you are a relevant person. If you are in any doubt as to whether or not you are a relevant person, please do not click the link below labelled "ACCEPT".

The Base Prospectus has not been and will not be approved by the Polish Financial Supervision Authority (pol. Komisja Nadzoru Finansowego) and it does not constitute an offering of the Covered Bonds in the Republic of Poland or to any Polish entities or individuals. Accordingly, each Dealer (as defined in the Base Prospectus) has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it will not offer, sell or deliver any Covered Bonds or distribute copies of the Base Prospectus and any other document relating to the Covered Bonds in the Republic of Poland or to Polish entities or individuals. Any Polish entity or individual acquiring the Covered Bonds is strictly required to comply with applicable Polish tax regulations.

I represent that I have read the abovementioned disclaimer and I represent that I am a person who may be lawfully presented with the Base Prospectus and other Materials and who may be invited to participate in the offering of the Covered Bonds made under the Programme, pursuant to the applicable laws. I understand that by clicking the link below labelled "ACCEPT" my rights may be affected and I agree to be bound by its terms.

Disclaimer

Disclaimer

On 28 October 2009, the Polish Financial Supervision Authority approved the Basic Prospectus (“Prospectus”) of covered bonds issued by BRE Bank Hipoteczny S.A., issued in connection with the public offering (“Public Offering”) of mortgage and public sector covered bonds of the total nominal value of PLN 6,000,000,000 (or an equivalent thereof in EUR or USD) issued in series (“Covered Bonds”) and applying for admission to public trading in the regulated market for Covered Bonds.

This electronic version of the Prospectus was published under Article 45 in conjunction with Article 47 section 1 item 3 of the Act dated 29 July 2005 on public offering and the terms and conditions of introducing financial instruments into organised trading and public companies (Journal of Laws No. 184 of 2005, item 1539 as amended). The Prospectus constitutes the only legally binding document containing information on BRE Bank Hipoteczny S.A. and the Public Offer. Investors need to familiarise themselves with the entire Prospectus, and in particular with the risk factors involved in investing in Covered Bonds. All investment decisions concerning those securities need to be taken upon the analysis of the entire Prospectus, including annexes thereto, and specific Supplements referring to specific series of Covered Bonds.

Information presented on that page are not designed either for publication or distribution outside the boundaries of the Republic of Poland. The Public Offer is carried out solely within the territory of the Republic of Poland. Outside the boundaries of the Republic of Poland the Prospectus may not be treated as a sales proposal or offer. Neither the Prospects nor the respective securities were subject of registration, approval or notification in any state other than the Republic of Poland. Securities included in this Prospectus may not be offered or sold outside the boundaries of the Republic of Poland (including the territories of the European Union states and the United States of America). Each investor residing or domiciled outside the boundaries of the Republic of Poland need to familiarise themselves with the Polish laws and the laws of other states which may apply to them.

I represent that I have read the abovementioned waiver and I represent that I am a person who may be lawfully presented with the Prospectus and who may be invited to participate in the Public Offer, pursuant to the applicable law.