Subject: Credit rating downgrade by S_amp;PGlobal Ratings

The Management Board of Cyfrowy Polsat S.A.("Company") hereby informs that on 21 December 2022 S_amp;P Global Ratings("S_amp;P") downgraded the issuer credit rating of the Company from BB+ toBB, revising the rating outlook from negative to stable.

In its justification, S_amp;P underlined thatthe downward revision reflects in particular its expectation thatS_amp;P-adjusted net leverage of Polsat Plus Group (the "Group") willincrease to about 4.0x and remain on elevated levels in 2024, due to theinvestments in the new green energy business line. Moreover, S_amp;P expectsthe Group to report negative free operating cash flow (FOCF) in 2023 asa result of high capital expenditure needs for the energy business.Additionally, S_amp;P takes into account higher interest rates andrefinancing risk on the Company's Polish zloty debt maturing inSeptember 2024, given current turbulent market conditions, however itrecognizes the Company's demonstrated ability to raise debt with therecent PLN 2.7 billion bond issuance. SYP also recognizes the relativelylong period until the maturity of the Company's bank debt (2024).

The stable outlook reflects S_amp;P'sexpectation that the Group's revenue will expand 5-7% in the next 12months while EBITDA margin will remain subdued at 26-27% amid highenergy prices.

S_amp;P is of the opinion that the Group'sdiversification into the energy business could have a positive impact onthe Group condition in the long term. In parallel, S_amp;P noted certainshort-term execution risks associated with diversifying toward abrand-new industry, underlining that execution in achieving operationaland financial goals will be key in the coming years.

S_amp;P may raise the rating of the Group ifleverage decreases to below 3.5x and FOCF to debt sustainably increasesto above 5%, coupled with a successful refinancing of the Group's debtdue in September 2024. On the other hand, a downward revision of therating could take place, if leverage increases to 4.5x or above, or ifS_amp;P expects FOCF to debt to remain negative while FOCF to debt in TMTbusiness turns well below 5%, or if S_amp;P sees heightened refinancing riskfor debt coming due in September 2024, leading to a material liquiditydeterioration.

The rating is not a recommendation to buy,sell or hol securities and may be subject to revision or withdrawal atany time.