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mBank S.A.

Regulatory Filings • Oct 16, 2018

5702_rns_2018-10-16_6cdae327-3ac8-4ad7-8f6b-dbcea53244a4.html

Regulatory Filings

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Confirmation of the Issuer Credit Rating (ICR) and upgrade of thelong-term Resolution Counterparty Rating (RCR) for mBank by S&P GlobalRatings

The Management Board of mBank S.A. ("Bank") informs that on 15 October2018, S&P Global Ratings ("S&P") affirmed the issuer long-term ratingfor mBank at 'BBB+' and the short-term issuer rating at 'A-2'. Theoutlook of mBank’s issuer rating remains negative, as the rating outlookfor the parent company - Commerzbank AG.

At the same time, following the upgrade of the long-term Poland's ratingfrom 'BBB+' to 'A-' on 12 October 2018, S&P raised the long-termresolution counterpart rating (RCR) for mBank from 'BBB+' to' A-'. Theshort-term RCR has been confirmed at 'A-2'.

An RCR is a forward-looking opinion of the relative default risk ofcertain senior liabilities that may be protected from default with aneffective bail-in resolution process for the issuing financialinstitution.