Bank Millennium S.A.

Regulatory Filings • Jun 28, 2024

Report Content June 28, 2024

Current Report no. 21/2024

SUBJECT: Upgrade of key ratings for Bank Millennium and maintenance ofPositive outlook by Fitch rating agency

Bank Millennium S.A's [Bank] Management Board informs that on June 28,2024, Fitch Ratings [Fitch] upgraded the Bank's Long-TermForeign-Currency Issuer Default Rating [LT IDR] and Long -Term LocalCurrency IDR [LC LT IDR] to 'BB+' and maintained outlooks for theserating at _#8216;Positive. Additionally, Fitch upgraded to _#8216;bb+' the ViabilityRating [VR] for the Bank and upgraded to _#8216;BB+' rating for the seniornon-preferred bonds issued by the Bank.

According to Fitch _#8216;The upgrade reflects strong improvement in thebank's capital position resulting in the completion of its recovery planand our [Fitch)] expectation that risks related to its legacyforeign-currency [FC] mortgage loans will gradually abate. It alsoreflects our [Fitch] expectations that the bank's improved coreprofitability will cushion the remaining impact of legal costs andcredit holidays, leading to a further recovery of the bank'scapitalisation. The Positive Outlook reflects Fitch's view that theratings could be upgraded if continued reduction of risks related to FCmortgage loans translates into a stronger business profile as underlinedby steadily improving operating profitability and a record of adequatecapital buffers.'

The full list of rating action and the text of the original ratingreport of Fitch are available at Fitch's website:

https://www.fitchratings.com/research/banks/fitch-upgrades-millennium-to-bb-outlook-positive-28-06-2024

Legal base: Art. 17.1 of MAR