Banku Handlowego w Warszawie S.A.

Report Publication Announcement • Nov 8, 2021

Current Report No. 35/2021

Subject: The impact of theinterest rate change on the net interest income of the Capital Group ofBank Handlowy w Warszawie S.A.

Legal basis:Art. 17 of the Regulation (EU) No 596/2014 of the European Parliamentand of the Council of 16 April 2014 on market abuse (MAR).

The Management Board of Bank Handlowy w WarszawieS.A. ("the Bank"), with reference to the current report No. 33/2021 ofOctober 14, 2021, presents the information on the updated estimatesregarding the impact of interest rates changes made by the MonetaryPolicy Council on the net interest income of the Capital Group of BankHandlowy w Warszawie S.A. ("the Group").

The Bank estimates now that the decisions taken bythe Monetary Policy Council of October 6, 2021 and November 3, 2021related to change in interest rates (in particular the cumulativeincrease in the reference rate by 115 basis points) will have a positiveimpact on the Group's net interest income in the range of PLN 215-235million in the next 12 months.

The impact will materialize gradually in the nextquarters and the actual impact on the Group's net interest income willdepend on macroeconomic situation and delivery of business activities,including activity on debt investment securities.

Both the providedfigures and plannedbusiness activitiesmightchange.