Issuance programmes

On 26 August 2016, the Polish Financial Supervision Authority approved the Basic Prospectus (“Prospectus”) of covered bonds issued by mBank Hipoteczny S.A., prepared in connection with the public offering (“Public Offering”) of mortgage covered bonds up to the maximum total nominal value of PLN 15,000,000,000 (or its equivalent in EUR or USD) issued in series (“Covered Bonds”) and applying for admission of the Covered Bods to public trading on the regulated market operated by BondSpot S.A. or on the regulated market operated by Giełda Papierów Wartościowych w Warszawie S.A. The Prospectus was published and is available on the mBank Hipoteczny S.A. website: www.mhipoteczny.pl/relacje-inwestorskie.

The Prospectus (with any published annexes or supplements thereto) constitutes the only legally binding document containing information on the Public Offering.

The detailed information on the Covered Bonds of a given series will be provided in the final terms of issue of such series Covered Bonds (“Final Terms”).

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

Information presented on that page is not designed either for publication or distribution outside of the Republic of Poland. The Public Offering is carried out solely within the territory of the Republic of Poland. Outside of the Republic of Poland the Prospectus may not be treated as a sales proposal or an offering. Neither the Prospects nor the respective securities were subject to registration, approval or notification in any state other than the Republic of Poland. Securities covered by 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 Republic of Poland needs to familiarise himself with the Polish laws and the laws of other states which may apply to him.

I represent that I have read the abovementioned disclaimer 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 Offering, pursuant to the applicable laws.