August 5, 2022

Current Report no. 25/2022

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

Bank Millennium S.A's (_#8216;Bank') Management Board informs that on August5, 2022 Fitch Ratings rating agency (_#8216;Fitch') downgraded Bank'slong-term and short-term ratings to following levels:

Long-term Issuer Default Rating (IDR) to 'BB' (previously 'BBB-'). TheOutlook is Stable,

Short-term Issuer Default Rating (IDR) to _#8216;B' (previously _#8216;F3'),

Bank's Viability Rating (VR) to 'bb' (previously 'bbb-'),

National Long-term Rating to 'BBB+(pol)' (previously _#8216;A(pol)').

The National Short-term Rating has been affirmed at _#8216;F1(pol)'.

In their report Fitch stated, among others, that:

_#8216;Millennium's ratings reflect capital pressures predominantly fromabove-average exposure of the bank to products which have become thesubject of government or judicial intervention negatively impactingreported profitability. At the same time, they are supported by solidfranchise, reasonable core profitability and asset quality as well asstrong funding and liquidity profile.'

Fitch has withdrawn Millennium's Support Rating as it is no longerrelevant to the agency's coverage following the publication of itsupdated Bank Rating Criteria on 12 November 2021. In line with theupdated criteria, Fitch has assigned the Bank a Shareholder SupportRating (SSR) of 'b'.

More details are available at Fitch website:

https://www.fitchratings.com/research/banks/fitch-downgrades-bank-millennium-to-bb-outlook-stable-05-08-2022

Legal base: Art. 17.1 of MAR