mBank S.A.

Regulatory Filings • Jun 9, 2022

Revision of mBank's rating outlook to developing by S_amp;P Global Ratings

The Management Board of mBank S.A. ("Bank_quot;) informs that on June 9,2022, S_amp;P Global Ratings (S_amp;P) affirmed the Bank's "BBB/A-2" long- andshort-term issuer credit ratings and revised the rating outlook todeveloping from negative.

S_amp;P also affirmed the rating of the Bank's senior unsecured preferreddebt instruments at "BBB" and the rating of senior non-preferred debtinstruments at "BBB-".

The developing outlook indicates that S_amp;P may raise, lower or affirm theratings over the next 12-24 months.

According to S_amp;P, the Bank's rating could benefit from the build-up ofadditional loss-absorbing capacity (ALAC) buffers to meet MREL targets.These buffers would provide further protection to senior preferredcreditors in a resolution scenario. At the same time, S_amp;P continues tobelieve that elevated costs of legal risk related to CHF mortgage loansand rising cost of credit risk due to deteriorating economic environmentcould weaken the Bank's strong capitalization and the "bbb" stand-alonecredit profile.