mBank S.A.

Capital/Financing Update • Sep 25, 2019

mBank S.A. downgraded by S&P Global Ratings

The Management Board of mBank S.A hereby informs that on September 25,2019 S&P Global Ratings (S&P) lowered mBank’s long-term issuer creditrating from ‘BBB+’ to ‘BBB” and long-term resolution counterparty ratingfrom ‘A-’ to ‘BBB+’. The short-term rating was affirmed at 'A-2'.

S&P changed the rating outlook from ‘negative’ to ‘developing’.

As a result of the above rating action, the long-term issuer creditrating is now in line with mBank’s stand-alone credit profile (SACP).Before the rating action, the long-term rating was higher than mBank’sstand-alone credit profile by one notch. It resulted from S&P’sassessment that mBank is a strategically important subsidiary ofCommerzbank, which implies a high probability of extraordinary support.The agency verified this assessment in connection with Commerzbank'sannouncement about ongoing works on the Commerzbank 5.0 strategy, whichprovides for the sale of a majority stake in mBank.

The ‘developing’ outlook indicates that the rating agency may raise,lower, or affirm the ratings over the next 12-24 months, depending onthe implications of the sale process of mBank.

S&P’s scale of long-term ratings includes AAA, AA, A, BBB, BB, B, CCC,CC, R, SD and D, which may be modified by the addition of a plus (+) orminus (-) sign to show relative standing within the major ratingcategories. The definitions of S&P ratings are published on its officialwebsite at: www.standardandpoors.com, along with ratings, criteria andmethodology.