FINANCIAL RESULTS 1H 2015 Core revenues supporting 2015 plan delivery

FINANCIAL RESULTS 1H 2015 Core revenues supporting 2015 plan delivery Warsaw, 04.08.2015

Disclaimer This presentation (the Presentation ) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna ( Bank ) for the clients, shareholders and financial analysts. This presentation should not be treated as an offer or invitation to purchase any securities or financial instruments or as an advice or recommendation in respect to such securities or financial instruments. The presented data are only general information and does not refer to the offered by the Bank products or services. In order to take advantage of the services and products of the Bank, one should be thoroughly familiar with the characteristics of the particular service or product, its rules, risk and legal and tax consequences of the use of particular service or product. The strategy presented in this presentation contains goals which are the ambition of the Management Board and do not constitute any financial results forecast. Rights for the Presentation as a whole are entitled to the Bank. Presentation is a subject to the protection provided by the law, in particular: the Act dated on February 4th, 1994 on Copyright and Related Rights (consolidated text in Journal. Laws of 2006, No. 90, item. 631, as amended); the Act dated on July 27th, 2001 on the Databases protection(journal of Laws No. 128, item. 1402, as amended); the Act dated on April 16, 1993 on Combating Unfair Competition (consolidated text in Journal of Laws of 2003, No. 153, item 1503, as amended) and the Act dated on June 30, 2000 on Industrial Property Law (consolidated text in Journal. Laws of 2003, No. 119, item. 1117 as amended). This presentation may include forward looking statements, Bank s outlook for the future, future plans and strategies or anticipated events that are not historical facts. Since these statements are based on assumptions, expectations, projections and provisional data about future events, the content is inherently uncertain. Factors that could cause or contribute to differences in current expectations include, but are not limited to: (i) general economic conditions, among which the economic conditions of the business areas and the markets in which Bank and its subsidiaries operate, (ii) the performance of financial markets (iii) changes in laws or regulations and (iv) general competitive conditions locally, regionally, nationally and/or internationally. The Bank does not undertake to publish any updates, modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of the Bank, or should facts or events occur that affect the Bank s strategy or intentions, unless such reporting obligations arises under applicable laws and regulations. Bank, nor any of its representatives shall not be responsible for any loss or damage it may arise from the use of this Presentation or of any information contained herein or otherwise arising in connection to this Presentation. This presentation is not for the distribution, in or into countries where the public dissemination of the information contained herein may be restricted or prohibited by law. 1

First half and second quarter 2015 highlights Keeping on our quarterly path - net profit above 600 mln PLN, double digit loans growth y/y, decreasing costs excl. BGF -2.3% y/y and sound cost of risk at 50 b.p. Net profit after first half at 1.24 bl PLN, supporting 2015 profit guideline - one digit drop Resilient second quarter core revenues, +0.3% q/q, despite impact of lombard cap and lower interest rates Double digit growth of new retail lending q/q Low exposure toward CHF mortgages and above the market ROA results in lower sensitivity toward potential new regulatory risks 2

Net profit mln PLN -0.8% +2.9% 108-5.7% +8.1% -183 624 619 1 319 1 244 1Q 15 2Q 15 1H 14 Growth External 1H 15 factors First half net profit at 1 244 mln PLN, -5.7% y/y, +8.1% excluding impact of external factors, thanks also to second quarter results ROE at 10.3% delivered with Core Tier I 17.8% 3 External factors = BGF, interchange and lombard rate impact - dynamic excluding external factors impact

Gross operating profit mln PLN -4.4% -1.7% 132-1.3% +6.6% -157 1 007 963 1 994 1 969 1Q 15 2Q 15 1H 14 Growth External 1H 15 factors First half operating profit at 1 969 mln PLN, -1.3% y/y, +6.6% y/y excluding impact of external factors 4 External factors = interchange and lombard rate impact - dynamic excluding external factors impact

Operating income mln PLN -1.9% -0.4% 1 808 1 774 285 245-1.7% +2.6% 94-64 -93 1 523 1 529 +0.3% 3 645 3 582 1Q 15 2Q 15 Core operating income Other 1H 14 Growth Interchange Lombard 1H 15 rate First half operating income at 3 582 mln PLN, -1.7% y/y, +2.6% excluding external factors Core revenues +0.3% q/q, resilient despite lower rates 5 - dynamic excluding external factors impact

Net interest income and net interest margin mln PLN -2.6% NIM -0.1pp 1 043 1 015 2,9% 2,8% 1Q 15 2Q 15 1Q 15 2Q 15 1.9% 1.7% -9.3% -0.5pp 2 270 2 058 3,3% 2,8% 1H 14 1H 15 1H 14 1H 15 2.7% 1.8% First half NII at 2 058 mln PLN, -9.3% y/y, due to lombard rate and reference rate cuts NIM resilient in the second quarter 6-3M WIBOR avg

Volumes Loans (mln PLN) Deposits (mln PLN) +10.1% +2.6% +9.3% +2.9% 115 430 116 270 121 193 123 940 127 133 118 290 124 386 129 466 125 650 129 290 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Continuation of sound, double digit loans growth Deposits +9.3% y/y following good quarterly dynamic 7

Retail loans Total retail loans (mln PLN) Key retail loans (mln PLN) +12.0% +3.0% +11.1% +2.5% 39 371 40 572 41 904 42 839 44 105 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 46 586 47 690 49 264 50 466 51 739 Other loans (mln PLN) +5.8% +0.1% Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 7 216 7 118 7 360 7 627 7 634 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Key retail loans +12% y/y firmly continuing on double digit growth path 8

New key retail lending mln PLN +7.5% +10.5% 3 129 3 458 6 128 6 587 1 539 1 610 2 595 3 148 1 590 1 848 3 533 3 438 1Q 15 2Q 15 1H 14 1 H15 Consumer loans PLN mortgage loans Double digit growth of new key retail lending in the quarter Progress in consumer loans growth strategy with +21% y/y after 6 months 9

Corporate loans Total corporate loans (mln PLN) +9.5% +2.6% 68 843 68 580 71 929 73 475 75 394 30 040 29 531 32 130 32 928 33 543 38 803 39 049 39 799 40 546 41 851 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Key areas Other Corporate loans keeping the pace with +9.5 % y/y growth, supported by good performance of key corporate loans +3.2% in the second quarter 10 Key areas: MID, SME, public sector, leasing, factoring, Agromania

Savings Retail savings (mln PLN) Corporate deposits (mln PLN) +8.2% +1.7% +10.2% +3.9% 54 243 54 348 55 935 57 741 58 709 64 047 70 038 73 531 67 909 70 582 16 371 16 733 17 115 17 946 17 723 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Retail deposits MF Retail deposits + 8.2% y/y, with +1.7% growth in second quarter Corporate deposits +10.2% y/y, well supported by quarterly performance 11

Pekao vs. Sector Retail loans (y/y%) 10,4% Corporate loans (y/y%) 10,9% 7,7% 7,6% Pekao Sector Pekao Sector Retail deposits (y/y%) Corporate deposits (y/y%) 8,5% 8,2% 7,0% 6,4% Pekao Sector Pekao Sector Above the market growth in loans and deposits Note: based on reporting data to NBP 12

Net fees and commissions mln PLN -4.4% +6.8% 31 15 0-1 - 43-47 481 513 1 039 994 1Q 15 2Q 15 1H 14 Capital Lending Custody Transfers Cards Other 1H 15 market Positive dynamic in second quarter, +6.8% q/q thanks to volume of cards transactions and capital markets First half net fees and commissions 4.4% y/y, reflecting interchange rate cut and continuation of migration to internet platform 13

Operating costs mln PLN Cost +1.2% 801 811 82 83-2.3% 1 651 1 613 163 165 248 248 532 496 472 480 955 952 BGF Cost incl. BGF 1Q 15 2Q 15 69 69 870 880 +1.1% 1H 14 1 H15 71 138 1 722 1 750 +1.6% Personnel costs Non-personel costs Depreciation Continuation of strong cost management with costs after 6 months excl. BGF 2.3% y/y 14

Assets quality Loans (mln PLN) 7.0% 6.9% 6.8% 6.8% 6.7% 8 065 7 954 8 202 8 439 8 425 Cost of risk 106 710 107 679 112 256 114 835 117 931 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 NPL Performing NPL ratio 0.58% 0.54% 0.53% 0.53% 0.50% Provision coverage ratio 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 67.1% 68.7% 70.4% 69.8% 70.8% Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Cost of risk improved further to 50 bp NPL ratio down to 6.7% and provision coverage ratio increased to 70.8% 15

Assets banking tax impact Sensitivity of the net profit to 10bps on assets banking tax (%) 22,7% 15,3% 4,3% 4,9% 5,6% 6,1% 7,4% 7,6% 7,7% Bank 1 Pekao Bank 3 Bank 4 Bank 5 Bank 6 Bank 7 Bank 8 Bank 9 Note: Consolidated data based on financial statements at the end of December 2014 16

Share of FX mortgage FX mortgage loans in total loans portfolio (%) 58,0% 40,3% 28,6% 29,9% 15,0% 19,9% 0,5% 2,2% 4,0% Bank 1 Bank 2 Pekao Bank 4 Bank 5 Bank 6 Bank 7 Bank 8 Bank 9 Note: Consolidated data based on financial statements and Polish Bank Association data, at the end of March 2015 17

Pekao FX mortgages structure FX mortgage loans meeting government draft criteria LTV 3% 1% 8.6% 10% 42% <=50% 50%-80% 80%-100% 44% 100%-120% >=120% FX mortgages meeting government draft criteria (mln PLN) FX mortgages year of origination DTI LTV 80-100 252 <2006 66% 0-10% 55% LTV 100-120 91 2006 33% 10%-20% 20%-30% 12% 26% LTV >120 22 >2006 1% >30% 7% 18

Conclusions Second quarter net profit at 619 mln PLN, with core revenues reverting to positive quarterly dynamic, enabling first half net profit at 1.24 bl PLN, supporting single digit drop guideline for 2015 Continuation of sound, double digit loans dynamic Cost efficiency program and effective risk management keep supporting bank premium profitability Strategic positioning of the bank reduces our sensitivity toward potential new regulatory risks 19

AGENDA Appendix 20

Polish economy 2015-2016 outlook MACROECONOMIC SCENARIO 2014 2015F 2016F GDP, % y/y 3,4 3,8 3,9 Consumption, % y/y 3,1 3,2 3,0 Investments, % y/y 9,2 8,1 10,0 Unemployment, % eop 11,5 10,6 10,0 CPI, % avg 0,0-0,6 1,7 3M WIBOR, % avg 2,06 1,8 2,3 Reference rate, % eop 2,00 1,5 2,0 Exchange rate EUR, eop 4,26 4,2 4,0 Exchange rate USD, eop 3,51 3,7 3,9 Public sector balance, % GDP -3,2-2,8-2,5 Note: Internal macroeconomic scenario 21

Polish banking sector 2015-2016 outlook BANKING SYSTEM VOLUMES 2014 2015F** 2016F** LOANS, y/y % 6,5 7,2 6,5 Retail, y/y % 5,5 7,1*** 5,4 Mortgage 11,9 12,4 11,6 Consumer loans* 6,1 5,8 6,0 Corporate y/y % 7,4 7,5 7,8 SME loans 6,3 7,5 8,5 SAVINGS, y/y % 9,0 7,4 7,3 DEPOSITS, y/y % 8,7 7,2 7,3 Retail, y/y % 9,2 7,5 7,3 Corporate y/y % 9,0 7,1 7,4 Mutual funds, y/y % 10,6 8,5 7,5 22 * all non-mortgage retail loans **internal scenario *** including effect of stronger CHF on existing portfolio

23 Polish economy trends Key parameters (1) GDP (% YoY) FIXED INVESTMENTS (% YoY) 1,9 1,5 7,7 7,3 6,9 6,9 8 5,5 3,7 4,9 1,9 2,7 2,1 4,2 3,6 4 4,8 4,5 4,5 1,3 4,8 2,2 5,1 6 3,7 0,2 0,5 0,8 2,4 3 3,53,6 3,3 3,3 3,6 3,5 4 5 2-0,7 24 0,7 0,1 2,5 5,7 8,3 0,1-2,3 11,4 10 6,5-4,9-0,4-1,7 1,5 3 11,4 8,7 9,28,6 11,4 7 0-9,3 5,3-4,7-2,9 22,6 19,2 15,9 1314,5 0-2 -4 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q13 2Q13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q GDP Pr Consumption contribution Net export contribution Investment contribution TRADE BALANCE ACCOUNT (bln EUR) PRIVATE CONSUMPTION (% YoY) 8,2 6,3 6 6,4 2,2 1,9 5,9 6 5,8 4,9 4 2,6 3,6 3,2 1,7 2,7 2,6 3,1 3,53,5 0,2 3 2,1 2,1 1,4 0 0,4 0,6 1,4 2,6 3 3 3,2 3 3,13,1-3,2-4,0-3,8-5,2-5,8-4,4-6,3-1,5-2,0-1,8-2,2-3,0-3,4-2,3-3,9-3,1-3,2-2,6-2,0-1,0 0,8-1,6-0,8 0,5 0,1-0,4 0,0-0,8 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q Source: Central Statistical Office; March 2007 March 2015

24 Polish economy trends Key parameters (2) CORPORATE EMPLOYMENT (ths. eop) 5800 5700 5600 5,8 5,0 5,2 5500 4,2 4,5 4,7 4,2 5400 3,8 5300 2,9 2,2 5200 1,6 1,6 5100 5000-0,1 4900 4Q 06 2Q 07 4Q 07 2Q 08 4Q 08 2Q 09 4Q 09 2Q 10 4Q10F 4800-1,7-2,3-2,1-1,0 UNEMPLOYMENT (%) Source: Central Statistical Office; March 2007 March 2015 AVERAGE CORPORATE WAGES (% YoY) 5,5 7,8 9,0 10,1 10,1 11,7 12,3 7,2 6,3 3,7 3,93,8 10,4 2,8 3,8 2,0 4,3 4,1 5,0 6,1 3,0 5,3 4,6 2,7 2,8 2,12,9 3,33,3 4,2 4,1 3,3 3,4 4,0 3,1 RETAIL SALES (real terms, % YoY) 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Avg. Corporate Wages CPI 17,4 14 12,8 16,1 12,1 11,8 1 4,8 1 8,4 3,6 4,7 1,1 0,3 2,9 7,3 6 8,8 7,1 6,98,4 2,7 1,9-2 0 1,5 3,9 4,25,55,1 2,6 3,74,4 3,5 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 12,3 11,6 11,2 10,9 14,3 11,1 10,610,9 12,1 11,7 11,5 13,0 12,4 11,9 11,8 13,3 12,5 13,3 13,4 14,3 12,3 12,4 11,5 13,2 13,013,4 13,5 12,0 10,3 11,5 11,7 9,4 8,9 9,5 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15

25 Polish economy trends Key parameters (3) EXCHANGE RATES INFLATION, INTEREST RATES 1Q 15 2Q 15 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10-1,5-1,1-0,7 2,0 2,4 3,3 3,6 3,5 3,2 3,5 3,7 3,5 3,5 4,1 4,2 4,5 4,8 5,0 5,8 2,2 3,5 2,9 3,5 3,8 4,5 4,6 4,1 4,5 4,5 4,6 4,1 1,5 1,72 2,2 2,0 3,7 3,0 3,8 4,7 4,0 4,3 3,5 3,5 5,0 6,0 6,0 4,5 4,0 4,8 0,5 1,3 1,1 2,9 2,8 2,5 3,3 3,9 4,3 4,8-0,3 0,3 0,6 0,7 2,5 2,5 2,5 2,5 1,5 2,0 4,2 3,9 4,2 4,4 4,3 4,1 4,7 5,9 5,1 5,7 6,6 6,2 6,7 4Q10 3,8 1Q 11 4,0 2Q 11 4,2 3Q 11 4,7 4Q 11 4,8 1Q 12 5,0 2Q 12 4,9 3Q 12 5,1 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 2,7 2,7 3,4 4,1 4,9 1Q 14 2Q 14 3Q 14 4Q 14 2,7 2,7 2,7 2,1 1,9 2,3 Source: NBP CPI REF. RATE 3M WIBOR

26 Banking sector trends Key parameters - yoy (4) HOUSEHOLDS AND CORPORATE LENDING (% YoY) HOUSEHOLDS AND CORPORATE DEPOSITS (% YoY) 51 41 31 21 31 26 21 16 20-2 16 7 2 Corporate 24 25 26-2 -2 1 17 9 14 10 11 26 4 15 10 10 12 8 14 12 13 13 9 11 1-9 26 12 14 8 3 1 2 Households Corporate 14 13-4 26 3 33 14 38 24 45 28 12 14 12 10 8-4 0 19 18 15 15 4 9 0 3 5 5 5 6 3 4 5 2 2 0 2 6 9 7 8 7 8 11 6 1-4 -9 Households 2 2-8 12 8 9 10 11 8 7 7 6 6 5 6 7 9 8 11 5-1 5 4Q 00 4Q 01 4Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 TOTAL SECTOR LENDING (% YoY) TOTAL SECTOR DEPOSITS (% YoY) 36 33 30 27 24 21 18 15 12 9 6 3 0-3 14 11 9 7 9 8 5 5 5 6 5 Source: NBP; March 2001 June 2015 8 66 43 6 9 11 13 15 19 31 29 3030 27 2828 35 36 27 19 9 8 9 2 1514 13 11 9 10 11 9 4 4 5 5 6788 2 4 22 17 12 7 2-3 16 9 14 9 2 1 3-3- 1-1- 0 4 5 77 8 13 12 15 13 12 10 15 18 1515 15 15 21 19 19 16 11 10 6 10 8 9 12 10 8 12 9 12 10 5 77 6 5 6 6 8 88 8 1Q 01 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 1Q 01 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 4Q 00 4Q 01 4Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15

Banking sector trends Key parameters - YTD (5) HOUSEHOLDS LENDING (% YTD) HOUSEHOLDS DEPOSITS (% YTD) 50% 45% 40% 35% 2007 2008 2009 2010 2011 2012 2013 2014 2015 35% 30% 25% 2007 2008 2009 2010 2011 2012 2013 2014 2015 30% 25% 20% 15% 20% 15% 10% 10% 5% 0% 5% 0% -5% XII' I II III IV V VI VII VIII IX X XI XII -5% XII' I II III IV V VI VII VIII IX X XI XII CORPORATE LENDING (% YTD) CORPORATE DEPOSITS (% YTD) 35% 30% 25% 20% 2007 2008 2009 2010 2011 2012 2013 2014 2015 17% 12% 7% 2007 2008 2009 2010 2011 2012 2013 2014 2015 15% 2% 10% 5% 0% -3% -8% -5% I II III IV V VI VII VIII IX X XI XII -13% XII' I II III IV V VI VII VIII IX X XI XII Source: NBP; January 2007 June 2015 27

17,2% 18,0% 17,8% 18,2% 17,8% 18,2% 17,8% 17,9% 17,3% 17,3% 16,1% 14,7% 15,6% 14,4% 14,2% 13,9% 12,8% 13,0% 12,7% 3,1% 3,2% 3,2% 3,1% 3,4% 3,3% 1,5% 1,6% 1,8% 1,9% 2,0% 2,1% 2,2% 2,3% 2,5% 2,6% 2,7% 2,8% 2,9% 3,0% 3,0% 3,1% 13,0% 12,7% 12,3% 12,7% 12,7% 12,6% 12,4% 13,9% 14,1% 14,3% 13,4% 12,9% 12,6% 12,5% 12,2% 12,2% 12,3% 13,0% 13,2% 13,3% 13,1% 9,4% 9,6% 8,8% 8,4% 9,0%9,3% 9,2% 9,7% 9,5% 8,7% 8,2% 7,7% 7,5% 7,6% 9,4% 9,7% 9,8% 9,8% 9,1% 9,6% 11,8% 9,9% 13,3% 11,2% 6,6% 8,1% 7,5% 9,2% 9,6% 9,9% Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 May 15 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 28 Banking sector trends Non-performing loans (6) HOUSEHOLDS NPL RATIO CORPORATE NPL RATIO Source: NBP SME Corporate 9,1% 10,0%11,3%13,1% 14,8% 15,8% 16,9% 1,2% 1,3% 1,4% 1,5% Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 May 15 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Mortgage Cash 6,5% 6,8% 6,6% 11,2% 11,3% 11,2% 8,4% 10,1% 9,6% 11,5% 11,2% 12,2% 12,4% 11,5% 10,9% 10,70% 10,50% 10,40% 11,30% 11,74% 11,81% 11,79% 11,47% 11,5% 11,4% 10,9% 10,7% 6,3% Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 May 15 3,5% 4,5% 4,9% 5,4%6,0% 6,6% 6,7% 7,2% 7,2% 7,4% 7,2% 7,3% 7,2% 7,5% 7,3% 7,5% 7,4% 7,5% 7,2% 7,1% 7,1% 7,0% 7,0% 6,9% Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 May 15 Total retail Total corporate

29 Selected data

Consolidated income statement mln PLN 2Q 14 1Q 15 2Q 15 Q/Q% Y/Y% IH 2014 IH 2015 Y/Y % Net interest income (1) 1 164 1 058 1 043-1,4% -10,3% 2 313 2 102-9,1% Net fee and commission 526 481 513 6,8% -2,5% 1 039 994-4,4% Operating income 1 855 1 808 1 774-1,9% -4,4% 3 645 3 582-1,7% Operating costs (2) -831-801 -811 1,2% -2,3% -1 651-1 613-2,3% OPERATING PROFIT 1 025 1 007 963-4,4% -6,0% 1 994 1 969-1,3% Provisions -143-137 -130-5,1% -8,8% -290-267 -7,9% Guarantee funds charges -34-69 -69-0,5% 99,3% -71-138 93,1% PROFIT BEFORE INCOME TAX 845 775 763-1,6% -9,7% 1 629 1 539-5,6% Income tax -155-151 -144-4,7% -7,1% -301-295 -2,0% GROUP NET INCOME (3) 685 624 619-0,8% -9,6% 1 319 1 244-5,7% Cost/Income Ratio (%) (4) 44,8% 44,3% 45,7% 1,4 1,0 45,3% 45,0% - 0,3 Cost of Risk (%) 0,58% 0,53% 0,50% - 0,0-0,1 0,59% 0,51% - 0,1 ROE (%) 11,4% 10,3% 10,3% - - 1,1 11,1% 10,3% - 0,8 CAR (%)- Basel 3 18,1% 17,6% 17,8% 0,2-0,3 18,1% 17,8% - 0,3 NIM (%) 3,3% 2,9% 2,8% - 0,1-0,5 3,3% 2,8% - 0,5 L/D (%) 92,7% 93,7% 93,4% - 0,3 0,7 92,7% 93,4% 0,7 (1) NII and dividends and other income from equity investments 30 (2) Costs excl. guarantee funds charges (3) Net profit attributable to equity holders of the Bank (4) Operating cost excluding guarantee funds charges

Activity by segments mln PLN Retail Banking Private Banking Corporate&Investment Banking Assets&Liabilities Management & Others Group IH 14 IH 15 Y/Y % IH 14 IH 15 Y/Y % IH 14 IH 15 Y/Y % IH 14 IH 15 Y/Y % IH 14 IH 15 Y/Y % Net interest income (1) 1 205 1 169-3% 15 12-19% 803 761-5% 290 159-45% 2 313 2 102-9% Non-interest income 831 777-7% 15 16 8% 442 566 28% 45 122 170% 1 332 1 480 11% Operating income 2 035 1 946-4% 30 28-6% 1 245 1 327 7% 335 282-16% 3 645 3 582-2% Operating costs (2) -1 321-1 265-4% -25-26 2% -305-318 5% 0,4-3,7-1046% -1 651-1 613-2% OPERATING PROFIT 714 681-5% 4 2-51% 940 1 008 7% 336 278-17% 1 994 1 969-1% Net write-downs/provision -117-105 -11% 0,1-0,7-577% -172-169 -2% -1 8-1351% -290-267 -8% Guarantee funds charges -30-52 73% -0,3-0,4 51% -41-86 108% 0 0-71 -138 93% PROFIT BEFORE INCOME TAX 566 524-7% 4,3 0,7-84% 725 753 4% 333 260-22% 1 629 1 539-5,6% (1) Total net interest income, dividends and other income from equity investments 31 (2) Operating cost excluding guarantee funds charges

The structure of the Group net profit mln PLN cumulative Group's share in capital % IH 14 IH 15 Y/Y % Bank Pekao S.A. Banking - Poland 1 354,1 1 348,8-0,4% Entities - consolidated under full method 84,7 121,9 44% of which: (*) Pekao Leasing Sp. z o.o. Leasing 36% 35,5 18,8-47% Centralny Dom Maklerski Pekao S.A. Brokerage 100% 20,2 23,5 16% Pekao Bank Hipoteczny S.A. Mortgage Bank 100% 5,4 3,3-39% Pekao Pioneer PTE S.A. Pension Fund 65% 13,1 1,0-92% Pekao Faktoring Sp. z o.o. Factoring 100% 4,0 4,0 0% Pekao Investment Banking S.A. Brokerage 100% --- 5,5 Centrum Bankowości Bezpośredniej Sp. z o.o. Call Centre 100% 1,3 0,9-31% Pekao Financial Services Sp. z o.o. Servicing MF/PF 100% 3,6 4,1 14% Centrum Kart S.A. Cards 100% 0,9-0,3-133% Pekao Fundusz Kapitałowy Sp. z o.o. Business consulting 100% 0,1 0,1 0% Pekao Property S.A. Real estate development 100% -0,4-0,1 Entities - valued under the equity method 34,7 30,1-13% Pioneer Pekao Investment Management S.A. Mutual Funds 49% 28,9 23,7-18% Krajowa Izba Rozliczeniowa S.A. Clearing Services 34% 5,3 5,5 4% Dom Inwestycyjny Xelion Sp. z o.o. Financial Advisory 50% 0,5 0,9 80% Exclusions and consolidation adjustments -154,2-257,2 67% Group Net Profit (**) 1 319,3 1 243,6-5,7% 32 (*) Entities in liquidation, sold or indirect ownership not presented (**) Group net profit attributable to equity holders of the Bank (reported) NOTE: Data as reported

Consolidated income statement F&C breakdown mln PLN 2Q 14 1Q 15 2Q 15 Q/Q% Y/Y% IH 2014 IH 2015 Y/Y % Lending 119 116 116 0,0% -2,6% 217 232 6,8% Cards 109 75 99 32,3% -9,0% 217 175-19,7% Mutual Funds 71 79 79 1,0% 12,2% 146 158 8,4% Brokerage 15 21 30 43,4% 101,4% 32 51 57,9% Transactions and custody 56 54 56 2,9% -0,3% 111 110-0,5% Other 156 136 133-2,2% -15,1% 316 268-15,1% Net fee and commission 526 481 513 6,8% -2,5% 1 039 994-4,4% 33

Consolidated income statement Cost breakdown mln PLN 2Q 14 1Q 15 2Q 15 Q/Q% Y/Y% IH 2014 IH 2015 Y/Y % Payroll costs -484-472 -480 1,7% -0,8% -955-952 -0,3% Other administrative expenses (1) -266-248 -248 0,1% -6,6% -532-496 -6,9% Depreciation -81-82 -83 1,6% 2,4% -163-165 1,1% Operating costs (1) -831-801 -811 1,2% -2,3% -1 651-1 613-2,3% Guarantee funds charges -34-69 -69-0,5% 99,3% -71-138 93,1% (1) Operating cost excluding guarantee funds charges 34

Consolidated balance sheet mln PLN June 14 Dec 14 Mar 15 Jun 15 Q/Q % Y/Y % YTD % Cash and amounts due from Central Bank 5 056 9 226 6 672 6 682 0% 32% -28% Loans and advances to banks 6 836 7 170 5 647 5 156-9% -25% -28% Loans and advances to customers* 109 681 114 984 117 711 120 814 3% 10% 5% Investment securities 25 813 24 713 21 713 27 362 26% 6% 11% Assets held for sale 33 37 37 63 69% 92% 69% Intangible assets 601 627 657 645-2% 7% 3% Tangible fixed assets 1 538 1 544 1 515 1 484-2% -4% -4% TOTAL ASSETS 156 873 167 625 163 528 170 897 4,5% 8,9% 2,0% Amounts due to the Central Bank 1 1 1 1 0% -5% -6,69% Amounts due to other banks 6 662 5 345 4 147 8 867 114% 33% 66% Financial liabilities held for trading 224 591 165 81-51% -64% -86% Amounts due to customers 114 710 125 609 121 440 125 311 3% 9% 0% Debt securities issued 3 580 3 857 4 210 3 980-5% 11% 3% Total liabilities 134 275 143 579 139 004 148 779 7,0% 10,8% 3,6% Total Shareholders' equity 22 598 24 046 24 524 22 118-9,8% -2,1% -8,0% (*) Including loans and advances from customers and receivables from finance leases 35

Customers financing mln PLN June 14 Dec 14 Mar 15 Jun 15 Q/Q % Y/Y % YTD % Loans* 101 305 104 109 105 479 106 697 1,2% 5,3% 2,5% retail 46 586 49 264 50 466 51 739 3% 11% 5% corporate 54 719 54 845 55 013 54 958 0% 0% 0% Non quoted securities 9 454 10 400 11 269 11 178-0,8% 18,2% 7,5% Reverse repo transactions 3 834 5 786 6 270 8 279 32,0% 116,0% 43,1% Other 395 348 445 515 16% 31% 48% Nominal value adjustment 96 107 138 103-25% 7% -4% Impairment losses -5 410-5 770-5 894-5 963 1% 10% 3% Net loans and advances 109 674 114 977 117 705 120 809 3% 10% 5% Securities issues by non monetary entities** 836 899 923 980 6,2% 17,1% 8,9% TOTAL CUSTOMERS FINANCING*** 115 430 121 193 123 940 127 133 3% 10% 5% (*) Including debt securities eligible for rediscounting at Central Bank, net investments in financial leases to customers 36 (**) Securities issued by non monetary entities including local governments (***) Total customers financing includes Loans and advances at nominal value and Securities issued by non monetary entities

Selected data Bank June 14 Dec 14 Mar 15 Jun 15 Q/Q % Y/Y % YTD % Outlets 998 1 034 1 022 1 013-0,9% 1,5% -2,0% ATM's 1 837 1 825 1 816 1 789-1,5% -2,6% -2,0% Employees 16 888 16 914 16 794 16 631-1,0% -1,5% -1,7% No of PLN current accounts (ths)* 5 128 5 214 5 224 5 248 0,4% 2,3% 0,6% No of mortgage loan accounts (ths)** 279 288 293 299 2,0% 7,2% 3,8% No of clients holding a consumer loan accounts (ths)*** 612 594 583 578-0,9% -5,6% -2,7% Number of individuals with an access to electronic banking Pekao24 (ths) 2 550 2 661 2 725 2 788 2,3% 9,3% 4,7% Number of individuals with an access to mobile banking (ths) 474 596 657 729 11,0% 53,7% 22,4% Number of business clients (SME) with an access to electronic banking systems (ths) 236 241 243 243 0,2% 3,1% 1,0% Group June 14 Dec 14 Mar 15 Jun 15 Q/Q % Y/Y % YTD % Employees**** 18 684 18 765 18 751 18 629-0,7% -0,3% -0,7% Outlets**** 998 1 034 1 022 1 013-0,9% 1,5% -2,0% ATM's**** 1 837 1 825 1 816 1 789-1,5% -2,6% -2,0% Number of MF accounts (ths)***** 914 907 904 894-1,2% -2,2% -1,5% Number of Brokerage accounts (ths)****** 359 353 352 350-0,4% -2,4% -0,8% (*) Number of accounts including pre-paid card accounts 37 (**) Retail clients accounts (***) Pożyczka Ekspresowa (Express Loan) (****) Credit Union (SKOK) Kopernik included since Dec 2014 (****) Pioneer Pekao Investment Management S.A. (*****) Including: Dom Maklerski Pekao (Dom Maklerski), subsidiarycentralny Dom Maklerski Pekao S.A. (CDM), and associated entity Dom Inwestycyjny Xelion Sp. z o.o. (Xelion)

Loans exposure - sectors SECTOR DESCRIPTION* 31.12.2013 31.12.2014 Wholesale and retail trade; repair of motor vehicles and motorcycles 12,9% 14,2% Public administration and defence; compulsory social security 13,0% 11,9% Real estate activities 12,6% 10,4% Financial and insurance activities 5,9% 9,6% Electricity, gas, steam and air conditioning supply 8,8% 9,0% Transportation and storage 6,3% 6,8% Construction 5,8% 5,1% Information and communication 4,3% 5,0% Mining and quarrying 3,0% 3,9% Manufacture of metals, metal products and machinery 3,8% 3,8% Manufacture of beverages and food products 3,4% 3,1% Manufacture of chemicals, pharmaceuticals and refined petroleum products 3,8% 2,8% Manufacture of rubber, plastic and non-metalic products 2,3% 1,9% Other manufacturing 5,4% 4,5% Other sectors 8,7% 8,0% Total 100% 100% Note: Based on the annual Group data including current exposure and commitment 38

Mutual funds Mutual funds volumes (mln PLN ) +12.0% +0.1% 20 469 4 721 22 907 22 925 5 388 5 553 Mutual funds - assets structure (PPIM SA) 15 748 17 519 17 372 17% 18% 65% Jun 14 Mar 15 Jun 15 Third party funds distributed by the Group PPIM SA Market share (%) 18,9% 18,4% 18,2% Eguity funds Balance funds Money and bonds funds Jun 14 Mar 15 Jun 15 Note: Market share funds distributed by Pekao Group, compared with the market of retail investment funds available for individuals 39

Key lending products Stock PLN mortgage loans volumes (mln PLN) Consumer loans volumes (mln PLN) +12.7% +9.2% +3.0% +2.9% 31 640 32 703 33 852 34 631 35 661 7 731 7 869 8 052 8 208 8 444 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 40

Ratings of Bank Pekao S.A. FITCH RATINGS BANK PEKAO S.A. POLAND Long-term rating (IDR) A- A- Short-term rating F2 F2 Viability rating a- Support rating 2 Outlook Stable Stable STANDARD AND POOR'S BANK PEKAO S.A. POLAND Long-term rating BBB+ A- Short-term rating A-2 A-2 Stand-alone bbb+ Outlook Negative* Positive MOODY'S INVESTORS SERVICE LTD BANK PEKAO S.A. (unsolicited rating) POLAND Long-term foreign-currency deposit rating A2 A2 Short-term deposit rating Prime-1 Prime-1 BCA baa1 Outlook Stable Stable/ Negative** 41 Notes: Bank Pekao S.A. s Viability rating at a- from Fitch Ratings, Stand-alone one at bbb+ from Standard and Poor s and BCA at baa1 from Moody s are the highest individual ratings assigned by these rating agencies to banks rated in Poland (*) On 30th of June 2015 Standard & Poor's confirmed Bank's ratings at unchanged levels and changed Outlook to negative. The negative Outlook indicates rating agency view of a one-in-three probability that implementation of EU Bank Recovery and Resolution "BRRD" in Poland could lead to an increased bail-in risk. (**) Stable for the economy and Negative for the banking sector in Poland

Investor relations team s contact and calendar CONTACT DETAILS Q&A related to the presentation: Dariusz Choryło Executive Director ph.: +48 22 524 55 27 e-mail: dariusz.chorylo@pekao.com.pl Wioletta Reimer Director of IR Office ph.: +48 22 524 55 27 e-mail: wioletta.reimer@pekao.com.pl 11 February 2015 28 April 2015 12 May 2015 21 July 2015 4 August 2015 FINANCIAL CALENDAR Annual Report 2014 and Webcasting Start of Blackout Period First Quarter Report and Webcasting Start of Blackout Period Semi-annual Report and Webcasting Dorota Faszczewska-Ward ph.: +48 22 524 55 30 e-mail: dorota.faszczewska-ward@pekao.com.pl Iwona Milewska ph.: +48 22 524 55 28 e-mail: iwona.milewska@pekao.com.pl Krzysztof Szlichciński ph.: +48 22 524 55 29 e-mail: krzysztof.szlichcinski@pekao.com.pl 27 October 2015 10 November 2015 Start of Blackout Period Third Quarter Report and Webcasting 42 Visit us at: www.pekao.com.pl Blackout Period two weeks period before publication of financial statements. During this period we do not organise meetings with investors and analysts