This is a translation of the Independent Auditor’s Report originally issued in Polish

INDEPENDENT AUDITOR’S REPORT

To the General Meeting and the Supervisory Board of Bank Millennium S.A.

Report on the Audit of the Annual Consolidated Financial Statements

Opinion

We have audited the annual consolidated financial statements of the group (the “Group”) with Bank

Millennium S.A. as the parent (the “Parent”, “Bank”), which comprise the consolidated statement of financial

position as at December 31, 2022, and the consolidated income statement, consolidated statement

of total comprehensive income, consolidated statement of changes in equity and consolidated cash flow

statement for the year then ended, and notes to the consolidated financial statements, including a summary

of significant accounting policies and other explanatory information (the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements:

− give a true and fair view of the economic and financial position of the Group as at December 31, 2022,

and of its financial performance and its cash flows for the year then ended in accordance with the applicable

International Financial Reporting Standards, as endorsed by the European Union, and the adopted

accounting policies;

− comply, as regards their form and content, with the applicable laws and the articles of association

of the Parent.

Our opinion is consistent with the Additional Report to the Audit Committee which we issued on date

of this report.

Basis for Opinion

We conducted our audit in accordance with the Polish Standards on Auditing (“PSAs”) in the wording

of the International Standards on Auditing adopted by the National Council of Statutory Auditors

and in compliance with the Act on Statutory Auditors, Audit Firms and Public Oversight of 11 May 2017

(the “Act on Statutory Auditors”, Journal of Laws of 2022, item 1302, as amended) as well as Regulation (EU)

No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding

statutory audit of public-interest entities (“EU Regulation”, Official Journal of the European Union L158,

as amended). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for

the Audit of the Consolidated Financial Statements section of our report.

We are independent of the Group in accordance with the principles of professional ethics specified

in the International Code of Ethics for Professional Accountants (including International Independence Standards)

(“Code of ethics”) developed and issued by the International Ethics Standards Board for Accountants and adopted

by the National Council of Statutory Auditors, together with the ethical requirements that are relevant to the audit

of the financial statements in Poland, and we have fulfilled our other ethical responsibilities in accordance with

these requirements and the Code of ethics. Throughout the audit, both the key statutory auditor and the audit

firm remained independent of the Group in accordance with the independence requirements set out in the Act

on Statutory Auditors and in the EU Regulation.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Emphasis of Matter

Please note the disclosure in section 13.2 of the consolidated financial statements, in which the Management

Board of the Bank provided relevant information on the pending decision of the Civil Chamber of the Supreme

Court and the Court of Justice of the European Union, which may have an impact on the current status of disputes

concerning mortgage loans indexed to Swiss franc (CHF) and the alternative settlement solution currently being

applied to the above-mentioned loans. Our opinion is not qualified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit

of the consolidated financial statements of the current period. They encompass the most significant assessed

risks of material misstatement, including assessed risks of material misstatement due to fraud. These matters

were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming

our opinion thereon. We summarized our response to those risks and, where appropriate, we presented the key

findings related to those risks. We do not provide a separate opinion on these matters.

Key audit matter

How we addressed the matter

Provisions for litigations concerning the portfolio of mortgage loans indexed to Swiss franc (CHF)

The Parent has granted foreign currency

mortgage loans indexed to CHF ("CHF loans").

As it is presented in the Note 14.22j

of the consolidated financial statement Loans

and advances to customers the gross value

of CHF loans deducted by the change

of expected cash flows resulting from legal risk,

amounted to approx. 7 billion

as of 31 December 2022. As it is described

in the Note 13.1 of the consolidated financial

statements Court claims and current provisions

on legal risk, the Parent is a defendant in

numerous legal cases which include claims

regarding the partial invalidity of the credit

agreements, i.e. in terms of indexation

provisions or a ruling that the agreements are

fully invalid.

Management's judgments regarding

the recognition and measurement of provisions

for legal cases are inherently burdened with risk

and may change in the future due to the fact

that the estimated results of the current cases

depend on future resolutions.

It should be noted that the judgement

of the European Union Court of Justice from

3 October 2019 regarding CHF loans increases

the uncertainty of estimates of the essential

provisions.

In addition, further expected decisions

of the European Union Court of Justice

(regarding the legitimacy of including by banks

the remuneration for cost of capital) may affect

amount of necessary provisions.

Our procedures included, among the others:

−

understanding of the process and controls of the Parent

towards creation of individual provisions on CHF loans

legal cases and review of the mentioned process and

controls with regard to the model applied for the

estimation of the provision for CHF loans portfolio;

−

verification of the methodology of estimating provisions

with regard to the legal proceedings and proposed

settlements related to loans indexed to CHF and the

analysis of the rationality and validity of the adopted

assumptions as well as the correctness of the input data

and the calculation of the provisions estimates, including

especially:

the probability of assumed scenarios and the

occurrence of the particular types of verdicts for

pending and future legal cases;

the estimated amount of losses in the event of the

each type of verdict and the proposed settlements;

the estimated inflow of new individual claims and

estimated number of settlements and their

distribution over the time;

−

verification of the list of claims in which the Parent is a

defendant and verification of the opinions of the external

lawyers including verification of independent

confirmations from external law firms;

−

assessment of the adequacy and the completeness of

provisions for the legal cases identified by the Parent with

regard to the existing legal documentation, and analysis of

the provision sensitivity to the changes in the most

important assumptions;

−

we performed review of the current and expected

jurisdiction in case of CHF loans claims;

Key audit matter

How we addressed the matter

Due to the materiality of the CHF loan portfolio,

as well as the significant role and complexity of

the Management Board's judgments and

estimates regarding provisions for the current

and potential claims and the proposed

settlements, the recognition and the valuation

of the mentioned provision was considered

as the key audit matter.

−

analysis of the significant data after the balance sheet

date in relation to the assumptions adopted by the Parent

as at the balance sheet date;

−

analysis of the accuracy and completeness of disclosures

in the consolidated financial statements in this respect.

Impairment of loans and borrowings granted to customers

Detailed information on the methods and

models applied by the Group and the level

of impairment losses on loans and advances to

customers is presented in point 7.3 Adopted

accounting principles, point 8.3 Credit risk

and Note 14.22 Loans and advances to

customers in the consolidated financial

statements.

This matter was considered by Deloitte to be

the key audit matter due to the significant

impact of impairment allowances on valuation

of credit receivables as well as due to the fact

that they require a significant judgement

of the Parent's Management Board and

adoption of significant assumptions

in the process of their estimation, including

the adopted macroeconomic estimates,

especially with regard to the estimation

of credit risk parameters in models of expected

credit losses calculation in accordance with

the requirements of the International Financial

Reporting Standard 9 "Financial Instruments"

(IFRS 9).

We have critically analyzed the design and implementation

of the process and policy of calculation of the impairment

allowances on credit exposures and we have assessed

the control system in this process, including automated

controls in the Group's IT systems, considering also possible

omission of controls.

Our audit procedures included reconciliation of the loan

database with the general ledger of the Group to confirm

the completeness of the recognition of credit receivables that

are the basis for impairment losses calculation, as well

as the value of these impairment allowances on loans.

With regard to the verification of the correct application

of the requirements of IFRS 9, our procedures included,

among the others:

− evaluation of the methodology applied by the Group with

respect to the classification and valuation of financial

assets in terms of their compliance with the requirements

of IFRS 9 and with the market practice;

− evaluation of the Group's impairment methodology from

the perspective of compliance with the requirements

of IFRS 9, in particular as regards the application of SICR

criteria, which means a significant increase in credit risk

from the moment of granting a loan, for a selected

sample of loan exposures, definition of default, adopted

PD and LGD parameters and taking into account

prospective information in the calculation of expected

credit losses;

− assessment of the completeness and correctness

of the disclosures, especially as regards the credit risk

of financial assets.

For the collectively assessed loans, we have performed,

among the others, the following procedures:

− analysis of the applied methodology of estimating

allowances for expected credit losses, including adequacy

of risk parameters used by the Group;

− independent recalculation of the expected loss

allowances for randomly selected exposures and chosen

parameters in the portfolio approach;

− evaluation of changes in the assumptions made for

Key audit matter

How we addressed the matter

the construction of models used for the measurement

of credit risk and the applied approach to the verification

of models based on historical data (so-called "back-

tests").

With regard to the impairment estimated on the basis

of the individual method we have performed the following

procedures:

− analysis of the correctness of the process of identifying

the triggers for impairment;

− assessment of the correctness of the estimation of write-

offs for the selected sample of the credit exposures with

identified evidence of the impairment in terms

of the correctness of the assumed values of collaterals

and assumptions concerning other cash flows.

Revenue recognition of interest income and fee and commission income

Interest income and fee and commission

income are presented in detail in Note

14.1 Interest income and other of similar nature

and Note 14.3 Fee and commission income

and expenses in the consolidated financial

statements.

We assess this as key audit matter due to

the share of interest and commission income

in the Group's total income and the fact that

they are the key elements of the Group's

profitability assessment.

Our procedures included, among the others:

− analysis of the internal control environment in terms

of the recognition and presentation of the interest

income and the fee and commission income;

− review of the accounting policy of the Group with regard

to the revenue recognition and assessment of the rules

for determining the effective interest rate on interest

income on loans, including automatic controls in the IT

systems of the Group;

− analysis of trends in interest and commission income

recognition, including explanation of unusual events and

one-off transactions;

− detailed verification of revenues recognized as one-off;

− evaluation of the existence and valuation of revenues

based on a sample of transactions.

Assessment of the going concern assumption

In accordance with International Standard

on Auditing 570, the auditor shall evaluate

management’s assessment of the entity’s ability

to continue as a going concern.

As it is described in point 7.1 Statement of

compliance with International Financial

Reporting Standards of the consolidated

financial statements, the financial statements

were prepared with going concern assumption

which assumes continuation of the Parent’s

operations for at least 12 months from the date

of financial statements.

Due to the introduction of so-called credit

holidays for 2022 and 2023 years the Group

has incurred a financial loss. The recognition

International Standard on Auditing 570 requires a number

of audit procedures that we performed in response to

the Parent's implementation of the Recovery Plan and

the Capital Protection Plan:

− review of the Parent's Recovery Plan and Capital

Protection Plan;

− discussion with the Parent’s Management Board

regarding plans and actions to be taken to secure

the continuation of the Parents's and Group’s operations

and realization of the Parent's Recovery Plan and Capital

Protection Plan;

− assessment of the feasibility of realization of the above-

mentioned plans by the Parent;

− discussion with management and analysis of potential

impact of the future materialization of uncertainties

including risks related to possible extension of so-called

Key audit matter

How we addressed the matter

of the costs of so-called credit holidays resulted

in a temporary deterioration of capital ratios

which caused a necessity of launching

of the Recovery Plan (which together with

the Capital Protection Plan is currently being

realized by the Parent). After execution of plans

approved by the Polish Financial Supervision

Authority the capital ratios as at 31 December

2022 are above the minimal requirements.

However, as presented in point 8.2 Capital

management of the consolidated financial

statements the Parent is required to comply

with additional capital requirements. Lack

of meeting capital requirements by the Parent

may trigger regulatory actions and impact

continuance of the Parent’s and Group’s

operations.

credit holidays and an unfavorable development

of jurisdiction line in relation FX mortgage loans;

− review of the capital adequacy ratios together with

a sensitivity analysis in the event of negative scenarios;

− review of the Parent’s liquidity position;

− review of relevant minutes and correspondence with

regulator in this regard;

− analysis of the disclosure in the consolidated financial

statements regarding the adoption of the going concern

principle.

Responsibilities of the Management Board and the Supervisory Board of the Parent for the Consolidated Financial

Statements

The Parent’s Management Board is responsible for the preparation of consolidated financial statements which

give a true and fair view of the economic and financial position of the Group and of its financial performance

in accordance with the applicable International Financial Reporting Standards, as endorsed by the European

Union, the adopted accounting policies as well as the applicable laws and articles of association of the Parent,

and for such internal control as the Parent’s Management Board determines is necessary to enable

the preparation of consolidated financial statements that are free from material misstatement, whether due to

fraud or error.

In preparing the consolidated financial statements, the Parent’s Management Board is responsible for assessing

the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and

using the going concern basis of accounting unless the Parent’s Management Board either intends to liquidate

the Group or to cease operations, or has no realistic alternative but to do so.

The Management Board and members of the Supervisory Board of the Parent are obliged to ensure that

the consolidated financial statements meet the requirements of the Accounting Act of 29 September 1994

(the “Accounting Act”, Journal of Laws of 2023, item 120). Members of the Parent’s Supervisory Board are

responsible for overseeing the financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements

as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with PSAs will always detect a material misstatement when it exists. Misstatements can

arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these consolidated financial

statements.

The scope of an audit does not include an assurance about the future profitability of the Group

or the effectiveness or efficiency of the Parent’s Management Board in managing the Group’s affairs at present

or in the future.

As part of an audit in accordance with PSAs, we exercise professional judgment and maintain professional

skepticism throughout the audit. We also:

− identify and assess the risks of material misstatement of the consolidated financial statements, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

− obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion

on the effectiveness of the Group’s internal control;

− evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by the Parent’s Management Board;

− conclude on the appropriateness of the Parent’s Management Board’s use of the going concern basis

of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report

to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate,

to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date

of our auditor’s report. However, future events or conditions may cause the Group to cease to continue

as a going concern;

− evaluate the overall presentation, structure and content of the consolidated financial statements,

including the disclosures, and whether the consolidated financial statements represent the underlying

transactions and events in a manner that achieves fair presentation;

− obtain sufficient appropriate audit evidence regarding the financial information of the entities or business

activities within the Group to express an opinion on the consolidated financial statements. We are

responsible for the direction, supervision and performance of the Group audit. We remain solely responsible

for our audit opinion.

We communicate with the Parent’s Supervisory Board regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including any significant deficiencies in internal control that we

identify during our audit.

We also provide the Parent’s Supervisory Board with a statement that we have complied with relevant ethical

requirements regarding independence, and that we will communicate with it all relationships and other matters

that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Parent’s Supervisory Board, we determined those matters that were

of most significance in the audit of the consolidated financial statements of the current period and are therefore

the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public

disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be

communicated in our report because the adverse consequences of doing so would reasonably be expected to

outweigh the public interest benefits of such communication.

Other Information, Including the Report on the Activities

Other information includes a report on the Group’s activities in the financial year ended December 31, 2022

(the “Report on the Activities”), together with a statement of compliance with corporate governance principles

and a non-financial information statement, as referred to in Article 49b.1 of the Accounting Act, which constitute

separate parts of the Report (together: the “Other Information”).

The Report on the activities of the Bank Millennium Group and the Bank for 2022, in accordance with Article

55(2a) of the Accounting Act, has been prepared jointly.

Responsibilities of the Management Board and the Supervisory Board

The Parent’s Management Board is responsible for the preparation of the Other Information in accordance with

the applicable laws.

The Management Board and members of the Supervisory Board of the Parent are obliged to ensure that

the Report on the Activities, along with the separate parts, meet the requirements of the Accounting Act.

Auditor’s Responsibilities

Our opinion on the consolidated financial statements does not cover the Other Information. In connection with

our audit of the consolidated financial statements, our responsibility is to read the Other Information and, in doing

so, consider whether the Other Information is materially inconsistent with the consolidated financial statements

or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we

have performed, we conclude that there is a material misstatement of this Other Information, we are required to

report that fact in our auditor’s report. Additionally, under the Act on Statutory Auditors we are obliged to express

an opinion on whether the Report on the Activities has been prepared in accordance with the applicable laws and

whether it is consistent with the information contained in the consolidated financial statements. Furthermore,

we are obliged to state whether a non-financial information statement has been prepared by the Group and to

express an opinion on whether the Group has included the necessary information in the statement of compliance

with corporate governance principles.

Opinion on the Report on the Activities

Based on our work performed during the audit, we are of the opinion that the Report on the Activities:

− has been prepared in accordance with Article 49 of the Accounting Act and par. 71 of the Regulation

of the Minister of Finance of 29 March 2018 on current and periodic information published by issuers

of securities and the rules of equal treatment of the information required by the laws of non-member states

(the “Current Information Regulation”, Journal of Laws of 2018, item 757, as amended);

− is consistent with the information contained in the consolidated financial statements.

Furthermore, in the light of the knowledge and understanding of the Group and its environment obtained

in the course of the audit, we have not identified any material misstatements of the Report on the Activities.

Opinion on the Statement of Compliance with Corporate Governance Principles

In our opinion, the statement of compliance with corporate governance principles contains the information

referred to in par. 70.6.5 of the Current Information Regulation. We are also of the opinion that the information

referred to in par. 70.6.5(c)-(f), (h) and (i) of the Regulation, as contained in the statement of compliance with

corporate governance principles, is in accordance with the applicable laws and consistent with the information

included in the consolidated financial statements.

Information on Non-Financial Information

In accordance with the requirements of the Act on Statutory Auditors, we would like to inform you that the Group

prepared a separate report on non-financial information and included this information in the Report

on the Activities, and also attached this report to the annual consolidated financial statements of the Group.

By the date of this audit report, the Group had published report on non-financial information on its website.

We have not performed any assurance services relating to the separate non-financial information statement and

we do not express any form of assurance conclusion thereon.

Report on Other Legal and Regulatory Requirements

Opinion of an independent auditor on the performance of an attestation service for verifying the conformity

of consolidated financial statements drawn up in a single electronic reporting format with the requirements

of the Technical Standards Regulation concerning the specifications of the single electronic reporting format

Subject matter of the service

In connection with the audit of the consolidated financial statements, we conducted an attestation service

providing reasonable assurance as to the assessment, whether the Group's consolidated accounts for the year

ended 31 December 2022 prepared in a single electronic reporting format contained in a file named

groupamillennium-2022-12-31-pl.zip ('consolidated financial statements in ESEF format') have been drawn up

in accordance with the requirements set out in Commission Delegated Regulation (EU) 2019/815 of 17 December

2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to

regulatory technical standards for the specification of the single electronic reporting format ("ESEF Regulation").

Identification of criteria

The consolidated financial statements in ESEF format have been prepared by the parent company's management

to comply with the labeling and technical requirements for the specifications of the uniform electronic reporting

format that are set out in the ESEF Regulation.

The object of our assurance service is the compliance of the labeling of the consolidated financial statements

in ESEF format with the requirements of the ESEF Regulation, and the requirements set forth in those regulations

are, in our opinion, appropriate criteria for forming our opinion.

Responsibility of the Management Board and the Supervisory Board of the Parent

The Management Board is responsible for the preparation of the consolidated financial statements in ESEF format

in accordance with the labeling requirements and technical requirements for the Uniform Electronic Reporting

Format specifications set forth in the ESEF Regulation. This responsibility includes the selection and application

of appropriate XBRL tags, using the taxonomy specified in the ESEF Regulation.

The responsibility of the Management Board shall also include the design, implementation and maintenance

of an internal control system ensuring that consolidated financial statements are drawn up in an ESEF format free

from material non-compliance with the requirements of the ESEF Regulation.

The members of the Parent Company's Supervisory Board are responsible for overseeing the financial reporting

process, which includes the preparation of consolidated financial statements in accordance with the format

prescribed by applicable laws.

Auditor's responsibilities

Our objective was to express an opinion, on the basis of the assurance service performed, that provides

reasonable assurance whether the consolidated financial statements of the Group for the year ended

31 December 2022 have been labelled in accordance with the requirements of the ESEF Regulation.

We conducted this service in accordance with the National Standard on Assurance Engagements Other than Audit

and Review 3001PL - "Audit of Financial Statements Prepared in Uniform Electronic Reporting Format" adopted

by the National Council of Statutory Auditors (hereinafter: "KSUA 3001PL") and, where applicable, in accordance

with the National Standard on Assurance Engagements Other than Audit and Review 3000 (Z) as set forth

in International Standard on Assurance Engagements 3000 (Revised) - "Assurance Engagements Other than Audits

or Reviews of Historical Financial Information" (hereinafter: "KSUA 3000 (Z)").

This standard requires the auditor to plan and perform procedures to obtain reasonable assurance that

the consolidated financial statements in ESEF format have been prepared in accordance with specified criteria.

Reasonable assurance is a high level of assurance but does not guarantee that a service performed in accordance

with KSUA 3001PL and, where applicable, in accordance with KSUA 3000 (Z), will always detect an existing material

misstatement.

The selection of procedures depends on the auditor's judgment, including his or her assessment of the risks

of material misstatement due to fraud or error. In making those risk assessments, the auditor considers internal

control relevant to the preparation of the consolidated financial statements in ESEF format to design appropriate

procedures to provide the auditor with sufficient and appropriate evidence in the circumstances. An assessment

of the operation of the internal control system has not been made for the purpose of expressing an opinion

on its effectiveness.

Quality control requirements

We apply the National Quality Control Standards adopted by the National Board of Auditors in the version

of the International Standard on Quality Control 1 – "Quality Control of companies conducting audits and reviews

of financial statements and other attestation and related services" and in accordance with it we maintain

a comprehensive quality control system including documented policies and procedures regarding compliance

with ethical requirements, professional standards and applicable legal and regulatory requirements.

Ethical requirements and independence

In performing our services, both as an audit firm and as a statutory auditor, we comply with the independence

and other ethical requirements set out in the Code of Ethics. The Code of Ethics is based on the fundamental

principles of integrity, objectivity, professional competence and due care, confidentiality and professional

conduct. We have also complied with other independence and ethical requirements that are applicable to

this assurance service in Poland.

Summary of the work performed

The procedures we planned and carried out included, among others:

− understanding of the process for preparing consolidated financial statements in ESEF format, including

the Company's process for selecting and applying XBRL tags and ensuring compliance with the ESEF

Regulation, including an understanding of the internal control system mechanisms related to this process;

− reconciliation of the labeled (on a selected sample) information contained in the consolidated financial

statements in ESEF format to the audited consolidated financial statements;

− using a specialized IT tool to assess compliance with the technical standards for the Single Electronic

Reporting Format specification, to assess the completeness of tagging the information in the consolidated

financial statements in ESEF format with XBRL tags;

− assessing whether the applied XBRL tags from the taxonomy defined in the ESEF Regulation have been

applied appropriately and whether taxonomy extensions have been used in situations where relevant

elements have not been identified in the basic taxonomy defined in the ESEF Regulation;

− an assessment of the correct anchoring of the applied taxonomy extensions to the core taxonomy defined

in the ESEF Regulation.

We believe that the evidence we have obtained provides a sufficient and appropriate basis for our opinion

on the label's compliance with the requirements of the ESEF Regulation.

Opinion on compliance with the requirements of the ESEF Regulation

The basis for the formulation of the auditor's opinion is the matters described above, and the opinion should

therefore be read with these matters in mind.

In our opinion, the accompanying consolidated financial statements in ESEF format have been labelled,

in all material respects, in accordance with the requirements of the ESEF Regulation

Information on compliance with prudential regulations

The Management Board of the Parent Company is responsible for ensuring compliance of the Group's activities

with the prudential regulations resulting from the provisions of Banking Law, resolutions of the Management

Board of the National Bank of Poland and resolutions of the Financial Supervision Commission. Our task was,

on the basis of the conducted study, to provide information on whether the Group complied with its prudential

regulations. Our aim was not to express an opinion on the Group's compliance with these regulations.

Based on the work conducted during the audit we would like to inform you that we did not identify any breach

other than described in point 8.2 of the consolidated financial statements of the prudent principles and we did

not identify discrepancies that might have significant influence on the financial statement of the Bank, especially

in the area of correctness of calculation of capital ratio.

Statement Concerning Provision of Non-Audit Services

To the best of our knowledge and belief, we represent that non-audit services which we have provided to

the Parent and to its subsidiaries are not prohibited under Article 5.1 of the EU Regulation and Article 136

of the Act on Statutory Auditors. The non-audit services which we provided to the Parent and to its subsidiaries

in the audited period have been listed in point 13.5 in the Report on the Activities.

Appointment of the Auditor

We were appointed as the auditor of the Group’s consolidated financial statements by resolution 10/2021

the Parent’s Supervisory Board of the Bank of 22 February 2021. Our total uninterrupted period of engagement

to audit the Group’s consolidated financial statements is four consecutive financial years, i.e. starting from

the financial year ended 31 December 2019.

The key statutory auditor on the audit resulting in this independent auditor’s report is Dorota Snarska-Kuman.

Acting on behalf of Deloitte Audyt Spółka z ograniczoną odpowiedzialnością Sp. k. with its registered seat

in Warsaw, entered under number 73 on the list of audit firms, in the name of which the consolidated financial

statements have been audited by the key statutory auditor:

Dorota Snarska-Kuman

Registered under number 9667

Warsaw, 15 February 2023