mBank S.A.

Regulatory Filings • Apr 15, 2020

Fitchaffirms mBank's ratings and removes them from Rating Watch Positive

TheManagement Board of mBank S.A. (Bank) hereby informs that on April 14,2020 Fitch Ratings (Fitch) affirmed the Long-Term Issuer Default Rating(IDR) of the Bank at 'BBB-' and Viability Rating at ‘bbb-'.Atthe same time the ratings were removed from Rating Watch Positive. Theoutlook for IDR is stable.

Theremoval of the Positive Watch reflects Fitch's view that under currentmarket conditions the sale of mBank by Commerzbank AG is unlikely.Earlier the agency believed that the sale would be accompanied by thetransfer of risks on the bank's foreign currency mortgage portfolio tothe parent, which would support Fitch's assessment of mBank's companyprofile, risk appetite, asset quality and capital.

TheStable Outlook reflects Fitch's view that the Bank's solid capitallevels and buffers above minimum capital requirements are sufficient towithstand the projected weakening of the Polish economy withoutresulting in significant pressure on the ratings at their current level.