mBank S.A.

Capital/Financing Update • Mar 16, 2021

Ratings of mBank assigned by Fitch placed on Negative Watch

The Management Board of mBank S.A. ("Bank") informs that on 16 March2021 Fitch Ratings placed mBank's ratings on Rating Watch Negative (RWN).

The rating action reflects Fitch's view that legal risks related tolegacy exposures to foreign currency mortgage loans have increased sincethe last review of the Bank's ratings. In the opinion of the agency, therisk related to this portfolio may materialize in the coming months andcould have such a significant impact on the Bank's capital position towarrant negative actions on ratings.

Fitch expects to resolve the RWNs on mBank's ratings once the agency hasmore clarity about the size of potential losses.

Moreover, Fitch downgraded mBank's Support Rating (SR) to '5' from '3'and assigned a Support Rating Floor (SRF) of ‘No Floor'. After thewithdrawal of Fitch's ratings on mBank's parent company, Commerzbank AG,on 4 March 2021, Fitch decided to assign a Support Rating for mBank onthe basis of support available from the Polish sovereign.

mBank currently has the following ratings assigned by Fitch Ratings:

- Long Term Issuer Default Rating of 'BBB-' (Rating Watch Negative)

- Short Term Issuer Default Rating of 'F3' (Rating Watch Negative)

- National Long Term Rating of 'A+(pol)' (Rating Watch Negative)

- National Short Term Rating of 'F1(pol)' (Rating Watch Negative)

- Viability Rating of 'bbb-' (Rating Watch Negative)

- Support Rating: '5'

- Support Rating Floor: No Floor

- Senior Unsecured Long Term Rating of 'BBB-' (Rating Watch Negative)

- Senior Unsecured Short Term Rating of 'F3' (Rating Watch Negative).