Revision of outlook to stable and affirmation of the long- and short-term ratings of Bank Pekao S.A. by S&P Global Ratings

Bank Polska Kasa Opieki Spółka Akcyjna (the "Bank") informs that on 8 April 2020 rating agency S&P Global Ratings („S&P") informed the Bank that it has revised the outlook for the Bank from “Positive” to “Stable” and has affirmed the long-term and short-term ratings of the Bank at the current level.

The ratings for the Bank are as follows:

Long-term rating: "BBB+"

Outlook: "Stable"

Short-term rating: "A-2"

Stand-alone credit profile: "bbb+"

According to the rationale provided by S&P, the decision to change rating outlook for the Bank is a reflection of lowering of rating outlook for PZU S.A., the Bank's main shareholder. The change in rating outlook results from deterioration of financial and business conditions in Poland due to the outbreak of the COVID-19 pandemic. In the opinion of rating agency, this may pressure financial results of the Bank, however at the same time the Bank should maintain both profitability and capital position at a comfortable level and demonstrate general resilience in the face of more difficult financial and business conditions in Poland.

S&P highlights that strong deposit-focused funding profile and historically comfortable liquidity position are a source of stable position of the Bank amid turbulent market conditions. Additionally, the above position will be supported by sound franchise, well-balanced business profile and proximity to customers.

Legal basis: Article 17 (1) of MAR - inside information