mBank S.A.

Regulatory Filings • Apr 27, 2020

Revision of mBank’s rating outlook to negative and affirmation of itslong- and short-term ratings by S&P Global Ratings

The Management Board of mBank S.A. (“Bank”) informs that on April 27,2020, S&P Global Ratings ("S&P") affirmed the current ratings of theBank and revised the rating outlook from “developing” to “negative”.

The Bank currently has the following S&P ratings:

• Long-term issuer credit rating: "BBB", rating outlook: "negative"

• Short-term issuer credit rating: "A-2"

• Stand-alone credit profile: "bbb"

• Resolution counterparty ratings (RCR) - long-term: "BBB+"; short-term"A2".

S&P expects that following rapid lending growth in 2018-2019, in thelight of the expected recession in Poland in 2020 and other negativeconsequences of the COVID-19 pandemic, the Bank’s risk costs couldincrease steeply. In addition, according to S&P, mBank remains one ofthe most exposed banks in Poland to economic and litigation risksstemming from its Swiss franc-denominated legacy mortgage loan portfolio.

At the same time, S&P believes that the Bank is one of the most modernand best-digitalized banks in Poland with sound cost efficiency, arelatively small branch network and the Bank’s customers are used toremote channels, which positions the Bank well in an era of branchrationalization and investment in digital channels.

The agency assumes that under current circumstances, the sale of mBankby Commerzbank in the next 12-18 months is less likely.

S&P assigns the long-term issuer credit ratings on the "AAA", "AA", "A","BBB", "BB", "B", "CCC", "CC", "SD" and "D" scales with the option ofadding to ratings from "AA" to "CCC" a plus (+) or minus (-) sign toshow relative standing within the rating categories and the short-termissuer credit ratings on the "A-1", "A-2", "A-3", "B, "C, "SD" and "D"scales. S&P’s rating definitions are available atwww.standardandpoors.com.