Bank Millennium S.A.

Date: 15 July 2022 r.

Current Report No. 21/2022

Subject: Information on expected negative impact of credit holidays on3rd quarter 2022 results of Bank Millennium S.A. Capital Group and onlaunching of the Recovery Plan.

The Management Board of Bank Millennium S.A. (_#8216;the Bank') informs that,following the signing by the President of the Republic of Poland andannouncement in the Journal of Laws of the Republic of Poland on thesame day of the Act of 7 July 2022 on crowdfunding for business venturesand assistance to borrowers (_#8216;the Act'), introducing, among others, apossibility of up to 8 months of credit holidays in 2022-2023 for PLNmortgage borrowers, the Bank estimated the maximum impact of theimplementation of this Act for Bank Millennium S.A. Capital Group (_#8216;theGroup') level at PLN1,779 million (of which PLN1,731 million at sololevel and PLN48 million at Millennium Bank Hipoteczny S.A. level) if alleligible Group's borrowers were to use such an opportunity. The Group /Bank expects to recognise an upfront cost in 3rd quarter 2022 results inthe range between 75-90% of the above amounts. The impact of each 10% ofeligible borrowers fully using the credit holidays is estimated atPLN178 million at the Group level.

Due to costs generated as a result of the above mentioned Act, it couldbe reasonably assumed that the Bank will post a negative net result forthe 3rd quarter of 2022 and as a result its capital ratios may fallbelow the current minimum requirements set by Polish FinancialSupervision Authority (_#8216;PFSA'). As the emergence of risk of a breach ofrespective capital ratios represents a prerequisite stipulated in theart. 142 sec. 1 and 2 of the Banking Act of 29 August 1997 (Journal ofLaws 2021, item 2439, i.e. 28 December 2021, as amended), today theManagement Board of the Bank took a decision to launch the RecoveryPlan, notifying of the fact both PFSA and Bank Guarantee Fund.

The Management Board of the Bank intends to increase capital ratioscomfortably above the minimum required levels through a combination offurther improvement of operational profitability and capitaloptimisation initiatives such as management of risk weighted assets(including securitisations).

Legal basis: art. 17 section 1 MAR - confidential information