Bank Millennium S.A.

July 20, 2022

Current Report no. 22/2022

SUBJECT: Change of Bank Millennium's ratings by Moody's rating agency

Bank Millennium S.A's (_#8216;Bank') Management Board informs that on July 20,2022 Moody's rating agency (_#8216;Moody's') downgraded Bank's long-term andshort-term ratings to following levels:

Long-term Bank Deposits Rating: Baa3 (previously Baa1),

Baseline Credit Assessment (BCA) and adjusted BCA: ba2 (previously baa3),

Long-term Counterparty Risk Assessment: (CRA): Baa2(cr) (previouslyA3(cr)),

Long-term Counterparty Risk Ratings (CRR): Baa2 (previously A3),

Short-term Bank Deposit Rating: P-3 (previously P-2),

Junior senior unsecured MTN program rating: (P)Ba2 (previously (P)Baa3).

As a part of today's rating action, Moody's also placed all long-termand short-term ratings and assessments of the Bank on review for furtherdowngrade.

In their report Moody's stated, among others, that:

_#8216;The rating action follows BM's (Bank's) announcement that it expectsits capital ratios to drop below regulatory minimum capital requirementsas a result of the implementation of new borrower-friendly legislationin Poland, the key component of which is a loan moratorium scheme forPolish Zloty (PLN) mortgage borrowers'.

More details are available at Moody's website:

https://www.moodys.com/research/Moodys-downgrades-Bank-Millenniums-long-term-deposit-ratings-to-Baa3--PR_468054

Legal base: Art. 17.1 of MAR