1Q16 FINANCIAL RESULTS

1Q16 FINANCIAL RESULTS Towards the execution of our plan Warsaw, 10 May 2016

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 advice or recommendation in respect to such securities or financial instruments. The presented data are only general information and does not refer to an offer by the Bank for 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, risks and legal and tax consequences of the use of particular services or products. 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 reserved to the Bank. The Presentation is subject to the protection provided by law, in particular: the Act dated 4 February 1994 on Copyright and Related Rights (consolidated text in Journal. Laws of 2006, No. 90, item. 631, as amended); the Act dated 27 July 2001 on the protection of Databases (Journal of Laws No. 128, item. 1402, as amended); the Act dated 16 April 1993 on Combating Unfair Competition (consolidated text in Journal of Laws of 2003, No. 153, item 1503, as amended) and the Act dated 30 June 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, the 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 the 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 arise under applicable laws and regulations. Neither the Bank, nor any of its representatives shall be responsible for any loss or damage that 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 distribution in or into countries where the public dissemination of the information contained herein may be restricted or prohibited by law. 1

1Q16 highlights Net profit of PLN 573mn (PLN 654mn excluding banking tax, +4.7% yoy). PLN 1bn gross operating profit, at the highest quarterly performance of 2015. NIM improving q/q supported by optimization of assets mix. Sound yoy growth of retail volumes, both key loans and deposits. Strong cost and risk control. 2

Net profit and gross operating profit Net profit (PLN mn) Gross operating profit (PLN mn) +4.7% -0.1% 624 654 81 1 007 1 005-8.2% 573 1Q15 1Q16 1Q15 1Q16 Impact of new banking tax PLN 654mn in net profit excluding banking tax, +4.7% yoy. Gross operating profit exceeds PLN 1bn. 3 - dynamic excluding impact of new banking tax

Operating income PLN mn +0.5% 1 808 1 817 285 284 481 463 1 043 1 070 1Q15 1Q16 Net interest income F&C Other income PLN 1 817mn in operating income, +0.5% yoy, as growth in NII offsets the impact of weaker capital markets; other income at previous year s level. 4

Net interest income and net interest margin Net interest income (PLN mn) Net interest margin +2.6% 1 043 1 070 2,88% 2,76% 2,73% 2,73% 2,75% 1Q15 1Q16 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 NII at PLN 1 070mn, +2.6% yoy, supported by growth in customer volumes. NIM improved to 2.75% on positive developments in both the asset mix and liabilities pricing. 5

Loans Retail loans (PLN mn) Corporate loans (PLN mn) +11.4% +8.1% +1.8% -1.1% 42 839 46 906 47 739 40 546 44 296 43 828 26 658 25 015 24 695 7 627 7 038 6 752 Mar 15 Dec 15 Mar 16 Mar 15 Dec 15 Mar 16 Key retail loans Other retail loans Key corporate loans Other corporate loans * Solid growth in key retail lending +11.4% yoy. Key corporate lending +8.1% yoy. 6 * Other corporate loans without BSB and reverse repo transactions: 6.3 bn 1Q15; 4.8 bn 4Q15; 0.1 bn 1Q16

New key retail lending Consumer loans volume sale - avg. daily (PLN mn) New loans volume (PLN mn) +30.2% 2.8 bn in 1 quarter 20,9 27,2 1 122 949 865 980 338 433 523 569 1Q 16 Apr 16 PLN mortgage loans volume sale - avg. daily (PLN mn) 610 433 458 553 24,2 +9.0% 26,4 Jan 16 Feb Mar Apr Consumer loans PLN mortgage loans 1Q 16 Apr 16 PLN 2.8bn in new loans in the first quarter, acceleration in April. 7

Savings Retail savings (PLN mn) Corporate deposits* (PLN mn) +14.1% -9.8% +3.2% -9.2% 57 741 63 865 65 895 63 837 63 437 57 586 17 946 16702 16 338 Mar 15 Dec 15 Mar 16 Mar 15 Dec 15 Mar 16 Retail deposits MF Double-digit growth in retail deposits +14.1% yoy, supported by strong quarterly performance +3.2% qoq. Corporate deposits dynamic reflecting focus on margins, while preserving safe liquidity level. 8 * Corporate deposits presented without SBB and repo transactions: 4.1bn 1Q15; 4.5 bn 4Q15; 0.7 bn 1Q16

Net fees and commissions PLN mn -0.2% 381 380 75 122 83 122 184 175 1Q15 1Q16-16.6% 100 83 Other Lending Cards Capital Markets Banking fees and commissions flat yoy, capital markets down 16.6% affected by industrywide pressure. 9

Operating costs and other charges PLN mn +1.3% Cost 801 82 248 812 86 255 472 471 1Q 15 1Q 16 BGF + banking tax Cost incl. BGF, banking tax 69 148 870 960 Personnel costs Non-personel costs Depreciation PLN 812mn in operating costs, +1.3% yoy, C/I at 44.7%. Regulatory charges at 148mn. 10

Assets quality Loans (PLN mn) 7.2% 8 439 6.5% 6.5% 7 972 7 964 Cost of risk 108 565 114 706 114 538 Mar 15 Dec 15 Mar 16 NPL Performing NPL ratio 0.61% 0.53% 0.44% 0.47% Provision coverage ratio 1Q15 4Q15 1Q16 69.8% 73.3% 73.8% Mar 15 Dec 15 Mar 16 Cost of risk at 47bp. NPL ratio at 6.5%, coverage ratio at 73.8%. 11 Note: Performing loans without BSB and reverse repo transactions

Conclusions PLN 573mn in net profit, firmly on the path to fulfillment of the 2016 plan. Sound growth of retail volumes, both loans and deposits. Continuation of improvements in assets-liabilities mix supporting NIM. Good quarterly profit and visible commercial acceleration underscore our confidence in reiterating our 2016 ambition. 12

AGENDA Appendix 13

Polish economy 2015-2016 outlook 2014 2015 2016F GDP, % y/y 3.3 3.6 3.7 Consumption, % y/y 2.6 3.1 4.0 Investments, % y/y 10.0 5.8 4.7 Unemployment, % eop 11.4 9.8 9.0 CPI, % avg 0.0-0.9-0.4 3M Wibor, % avg 2.06 1.72 1.70 Reference rate, % eop 2.00 1.50 1.50 Exchange rate EUR, eop 4.26 4.26 4.20 Exchange rate USD, eop 3.51 3.90 3.75 Public sector balance, % GDP -3.3-2.6-3.1 Note: Internal macroeconomic scenario 14

Polish banking sector 2015-2016 outlook 2014 2015F 2016F (2) Loans, % y/y 6.5 6.8 2,6 Retail, % y/y 5.5 6.6 3,2 Mortgage loans PLN 11.9 10.4 6,0 Consumer loans (1) 6.1 6.8 5,8 Corporate, % y/y 7.4 8.1 5,2 SME loans 6.3 7,0 4,0 Savings (3),% y/y 9.0 7.1 4,4 Deposits, % y/y 8.7 7.4 4,3 Retail, % y/y 9.2 9.4 6,3 Corporate, % y/y 9.0 10.3 4,8 Mutual Funds (4),% y/y 10.6 3.9 5.0 15 (1) all non-mortgage retail loans (2) Internal scenario (3) deposits + assets in mutual funds dedicated to retail cliens (4) assets in mutual funds dedicated to retail clients

16 Polish economy trends Key parameters (1) GDP (% YoY) FIXED INVESTMENTS (% YoY) 1,9 1,5 7,7 7,3 6,9 6,9 8 3,7 5,5 4,9 1,9 2,7 2,1 4,2 3,6 4 4,8 4,8 4,9 0,9 0,1 5 2,3 3,3 0 0,5 5,3 6 1,8 2,6 3,3 3,3 3,3 3,3 3,6 3,1 3,4 4,3 3 5,4 7,8 10,4 9,6 4 5,0 5,3 6,7 2-0,7-4,7-2,9 24,0 22,6 0,7 0,1 2,5-0,1-3,2-4,9-2,5-3,5-0,2 0,3 12,0 9,6 9,79,711,8-2,5 5,8 4,4 4,4 0-9,3 19,2 15,9 13,014,5 0,0-2 -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 15 3Q 15 4Q 15 1Q 16F 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 15 3Q 15 4Q 15 1Q 16F GDP Pr Consumption contribution Net export contribution Investment contribution TRADE BALANCE ACCOUNT (bln EUR) PRIVATE CONSUMPTION (% YoY) 8,2 6,3 5,9 4,9 4 6 6,4 2,6 3,6 3,2 6 5,8 1,7 2,7 2,6 3,1 3,7 3,6 0,8 2,4 2,1 0,2 0 0,2 3,3-0,5 0,7 0,7 2,3 2,9 2,32,8 3,13,1 3,1 3 3-3,3-4,1-3,8-5,2-5,9-4,6-6,5-1,6-2,1-2,3-2,0-3,1-3,5-2,5-4,1-3,3-3,4-2,8-2,2-1,2 0,5-1,9-1,1 0,3-0,1-0,8-0,4-1,2 0,2-0,9 1,7 1, 1,3 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 15 3Q 15 4Q 15 1Q 16F 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 15 3Q 15 4Q 15 1Q 16F Source: Central Statistical Office; March 2007 March 2016

17 Polish economy trends Key parameters (2) CORPORATE EMPLOYMENT (ths. eop) 5 800 5 700 5 600 5,8 5,0 5,2 5 500 4,2 4,5 4,7 4,2 5 400 3,8 5 300 2,9 2,2 5 200 1,6 1,6 5 100 5 000-0,1 4 900 4Q 06 2Q 07 4Q 07 2Q 08 4Q 08 2Q 09 4Q 09 2Q 10 4Q10F 4 800-1,7-2,3-2,1-1,0 UNEMPLOYMENT (%) AVERAGE CORPORATE WAGES (% YoY) 5,4 7,8 8,99,8 11,8 10,1 12,0 7,8 6,3 3,5 3,43,6 11,0 2,7 3,8 3,3 4,3 4,35,25,3 3,8 5,4 4,6 2,3 2,6 2,0 2,23,03,0 4,1 4,1 3,5 3,43,9 3,1 3,63,43,7 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 3Q 15 4Q 15 1Q 16 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 3Q 15 4Q 15 1Q 16 Avg. Corporate Wages CPI 17,4 14,0 12,8 16,1 12,1 11,8 4,8 1,0 1,0 8,4 3,6 4,7 0,3 1,1 2,9 7,3 6,0 8,8 7,1 6,98,4 2,7 1,9-2,00,01,5 3,9 4,2 5,5 5,1 2,6 3,74,2 3,5 2,8 4,8 4,4 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 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 3Q 15 4Q 15 1Q 16 9,4 8,9 12,3 11,6 11,2 10,9 9,5 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 12,3 12,4 11,5 14,3 13,2 13,013,4 13,5 12,0 11,4 11,5 10,2 9,7 9,810 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 3Q 15 4Q 15 1Q 16 Source: Central Statistical Office; March 2007 March 2016

18 Polish economy trends Key parameters (3) EXCHANGE RATES INFLATION, INTEREST RATES 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 2,2 2,0 2,0 2,4 3,7 3,0 2,2 3,8 3,3 3,6 2,9 3,5 4,7 4,0 4,3 3,2 3,5 3,7 3,5 3,5 3,5 3,5 3,5 3,5 3,8 4,1 5,0 4,2 4,2 4,5 4,8 5,0 5,8 6,0 6,0 4,4 4,2 4,3 4,1 3,9 3,8 4,0 4,2 4,7 5,9 5,1 5,7 6,2 6,7 6,6 3Q 11 4,5 4,6 4,7 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 0,5 1,3 1,1 2,9 2,8 2,5 3,3 3,9 4,0 4,3 4,1 4,1 2,7 2,7 2,7 3,4 4,5 4,5 4,6 4,5 4,8 4,8 4,1 4,9 4,8 5,0 4,9 5,1 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16-0,3-0,7-1,5-0,9-0,7-0,5-0,9 0,3 0,6 0,7 1,5 2,0 1,5 1,5 1,5 1,5 2,5 2,5 2,5 2,5 1,73 1,72 1,67 1,72 2,3 2,1 1,9 2,7 2,7 Source: NBP CPI REF. RATE 3M WIBOR

19 Banking sector trends Key parameters - yoy (4) HOUSEHOLDS AND CORPORATE LENDING (% YoY) HOUSEHOLDS AND CORPORATE DEPOSITS (% YoY) 51 41 31 21 11 1-9 8 14 13 1 2-4 Households Corporate 38 33 26 3 14 24 45 28 12 14 12 10 8-4 0 19 18 15 15 4 9 0 3 4 5 5 8 7 5 5 5 6 8 3 6 2 2 0 2 9 7 8 9 8 6 4 7 31 26 21 16 11 6 1-4 -9 2 Corporate 26 24 25 26-2 -2 1 17 9 Households 14 10 11 4 15 10 10 12 8 14 12 13 13 2 2-8 8 9 10 11 11 12 12 8 7 7 6 6 5 6 7 9 8 9 10 5 5 9 9 7 10 9-1 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 3Q 15 4Q 15 1Q 16 TOTAL SECTOR LENDING (% YoY) TOTAL SECTOR DEPOSITS (% YoY) 36 33 30 27 24 21 18 15 12 9 6 3 0-3 5 3 13 23 30 36 8 9 14 13 11 9 9 7 8 8 7 4 5 2 4 4 4 5 5 22 17 12 7 2-4 3-4 8 13 15 15 21 10 9 12 9 10 12 5 7 7 6 6 5 6 8 8 8 8 9 9 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 3Q 15 4Q 15 1Q 16 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 3Q 15 4Q 15 1Q 16 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 3Q 15 4Q 15 1Q 16 Source: NBP; December 2002 March 2016

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 2016 35% 30% 25% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 2016 17% 12% 7% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 December 2015 20

9,3% 8,8% 8,2% 7,6% 12,7% 7,4% 12,4% 12,5% 11,5% 11,3% 3,2% 3,2% 3,1% 3,4% 14,4% 14,2% 3,4% 3,3% 13,9% 12,8% 13,0% 2,9% 2,9% 12,3% 12,2% 12,3% 12,4% 13,4% 12,6% 12,2% 13,2% 12,3% 13,1% 12,7% 12,3% 12,7% 8,7% 7,7% 7,6% 9,7% 9,8% 9,1% 9,4% 8,4% 9,0% 9,7% 11,2% 12,4% 14,1% 9,6% 7,5% 9,9% 6,6% Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Feb 16 17,2% 18,0% 17,8% 18,2% 17,8% 18,2% 17,8% 17,9% 17,3% 17,3% 16,1% 15,6% 14,7% 9,1% 10,0%11,3%13,1%14,8%15,8%16,9% 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% 3,1% 21 Banking sector trends Non-performing loans (6) HOUSEHOLDS NPL RATIO CORPORATE NPL RATIO Source: NBP SME Corporate 1,2% 1,3% 1,4% 1,5% 1,5% 1,6% Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Feb 16 Mortgage Cash 4,5% 4,9% 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% 6,5% 6,8% 6,6% 6,5% 6,2% 6,3% Mar 09 Jun 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 Jun 15 Sep 15 Dec 15 Feb 15 Total retail 8,4% 10,1% 9,6% 11,5% 11,2%12,2% 12,2% 12,4% 11,5% 10,9% 10,7% 10,5% 10,4% 11,1% 11,3% 11,7% 11,8% 11,8% 11,5% 11,5% 11,4% 10,7% 11,2% 11,3% 10,9% 10,6% 9,8% 9,6% 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 Jun 15 Sep 15 Dec 15 Feb 16 Total corporate

22 Selected data

Consolidated income statement mln PLN 1Q 15 4Q 15 1Q 16 Q/Q% Y/Y% Net interest income (1) 1 058 1 071 1 080 0,8% 2,0% Net fee and commission 481 504 463-8,1% -3,6% Operating income 1 808 1 768 1 817 2,8% 0,5% Operating costs (2) -801-799 -812 1,7% 1,3% OPERATING PROFIT 1 007 969 1 005 3,7% -0,1% Provisions -137-120 -129 7,6% -5,6% Guarantee funds charges -69-68 -67-2,2% -2,9% Banking tax 0 0-81 #DZIEL/0! #DZIEL/0! Extraordinary contribution to BGF (SK Bank) and Borrowers Support Fund -261 0 PROFIT BEFORE INCOME TAX 775 533 729 36,8% -6,0% Income tax -151-94 -155 65,2% 2,9% GROUP NET INCOME (3) 624 438 573 30,8% -8,2% Cost/Income Ratio (%) (4) 44,3% 45,2% 44,7% - 0,5 0,4 Cost of Risk (%) 0,53% 0,44% 0,47% 0,0-0,1 ROE (%) 10,3% 7,6% 9,7% 2,1-0,6 ROE normalised (%) (5) 15,1% 11,5% 14,9% 3,4-0,2 ROA (%) 1,5% --- 1,4% #ARG! - 0,1 TCR (%) - Basel 3 17,6% 17,7% 18,4% 0,7 0,8 NIM (%) (6) 2,88% 2,73% 2,75% 0,0-0,1 L/D (%) (7) 91,7% 92,1% 94,9% 2,8 3,2 23 (1) NII and dividends and other income from equity investments (3) Net profit attributable to equity holders of the Bank (5) ROE assuming TCR at 10% (6) NIM calculated based on average daily working assets (2) Costs excl. guarantee funds charges (4) Operating cost excluding guarantee funds charges (7) Loans excluding repo and buy-sell-back transactions, deposits includes only clients liabilities and debt issue excluding reverse repo transactions and sell buy-back

Activity by segments mln PLN Retail Banking Private Banking Corporate&Investment Banking Assets&Liabilities Management & Others Group 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % 3M 15 3M 16 Y/Y % Net interest income (1) 558 592 6% 6 9 50% 397 396 0% 98 84-15% 1 058 1 080 2% Non-interest income 382 370-3% 8 7-12% 359 203-43% 1 158 15297% 750 738-2% Operating income 939 961 2% 14 16 14% 756 599-21% 99 242 143% 1 808 1 817 1% Operating costs (2) -631-643 2% -13-13 3% -159-155 -2% 1,2-0,5-139% -801-812 1% OPERATING PROFIT 309 318 3% 1 3 161% 597 443-26% 100 241 140% 1 007 1 005 0% Net write-downs/provision -53-92 75% 0 1-227% -85-42 -51% 1 4 250% -137-129 -6% Guarantee funds charges -26-25 -2% 0 0-19% -43-39 -8% 0-2 -69-67 -3% Banking tax 0 0 0 0 0 0 0-81 0-81 PROFIT BEFORE INCOME TAX 230 201-13% 0,3 3,0 762% 469 362-23% 76 163 115% 775 729-6,0% (1) Total net interest income, dividends and other income from equity investments 24 (2) Operating cost excluding guarantee funds charges

The structure of the Group net profit mln PLN cumulative Group's share in capital % 3M 15 3M 16 Y/Y % Bank Pekao S.A. Banking - Poland 723,5 603,0-16,7% Entities - consolidated under full method 85,2 23,0-73% of which: (*) Pekao Leasing Sp. z o.o. Leasing 36% 9,2 9,5 3% Centralny Dom Maklerski Pekao S.A. Brokerage 100% 10,4 5,3-49% Pekao Bank Hipoteczny S.A. Mortgage Bank 100% 0,1 2,0 1900% Pekao Pioneer PTE S.A. Pension Fund 65% 0,4 0,2-50% Pekao Faktoring Sp. z o.o. Factoring 100% 1,7 1,7 0% Pekao Investment Banking S.A. Brokerage 100% 1,0 1,5 Centrum Bankowości Bezpośredniej Sp. z o.o. Call Centre 100% 0,3 0,2-33% Pekao Financial Services Sp. z o.o. Servicing MF/PF 100% 2,0 2,2 10% Centrum Kart S.A. Cards 100% -0,9 0,0-100% Pekao Fundusz Kapitałowy Sp. z o.o. Business consulting 100% 0,1 0,1 0% Pekao Property S.A. Real estate development 100% 0,0-0,1 Entities - valued under the equity method 15,5 10,0-35% Pioneer Pekao Investment Management S.A. Mutual Funds 49% 11,8 9,6-19% Krajowa Izba Rozliczeniowa S.A. Clearing Services 5,70% 3,3 --- #ARG! Dom Inwestycyjny Xelion Sp. z o.o. Financial Advisory 50% 0,4 0,4 0% Exclusions and consolidation adjustments -199,8-62,6-69% Group Net Profit (**) 624,4 573,4-8,2% 25 (*) 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 1Q 15 4Q 15 1Q 16 Q/Q% Y/Y% Lending incl. DCM 122 115 122 5,8% 0,0% Cards 75 95 83-12,9% 10,7% Mutual Funds 79 69 61-12,6% -22,8% Brokerage 21 31 22-26,8% 7,0% Payments 54 58 55-6,1% 0,3% Other 130 135 121-10,6% -6,9% Net fee and commission 481 504 463-8,1% -3,6% Other excl DCM incl brokerage and payments 205 224 198-11,7% -3,5% 26

Consolidated income statement Cost breakdown mln PLN 1Q 15 4Q 15 1Q 16 Q/Q% Y/Y% Payroll costs -472-472 -471-0,1% -0,2% Other administrative expenses (1) -248-242 -255 5,5% 3,0% Depreciation -82-85 -86 1,2% 5,0% Operating costs (1) -801-799 -812 1,7% 1,3% Guarantee funds charges (BGF) -69-68 -67-2,2% -2,9% Operating costs +BGF -870-867 -879 1,4% 1,0% Extraordinary contribution to BGF (SK Bank) and Borrowers Support Fund -261 0 Operating costs + BGF+ other contributions -870-1 128-879 -22,0% 1,0% (1) Operating cost excluding guarantee funds charges 27

Consolidated balance sheet mln PLN Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Cash and amounts due from Central Bank 6 672 7 882 5 882-25% -12% Loans and advances to banks 5 647 7 315 2 677-63% -53% Loans and advances to customers* 117 711 122 059 117 237-4% 0% Investment securities 21 713 21 182 26 615 26% 23% Assets held for sale 37 45 46 1% 23% Intangible assets 657 637 615-3% -6% Tangible fixed assets 1 515 1 461 1 429-2% -6% TOTAL ASSETS 163 528 168 786 159 695-5,4% -2,3% Amounts due to the Central Bank 1 1 6 558% 567% Amounts due to other banks 4 147 5 958 4 636-22% 12% Financial liabilities held for trading 165 611 267-56% 62% Amounts due to customers 121 440 128 868 121 819-5% 0% Debt securities issued 4 210 2 903 2 354-19% -44% Total liabilities 139 004 145 361 135 642-6,7% -2,4% Total Shareholders' equity 24 524 23 424 24 052 2,7% -1,9% (*) Including loans and advances from customers and receivables from finance leases 28

Customers financing mln PLN Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Loans* 105 479 110 027 109 635-0,4% 3,9% retail 50 466 53 945 54 491 1% 8% corporate 55 013 56 082 55 144-2% 0% Non quoted securities 11 269 12 337 12 511 1,4% 11,0% Other 443 537 628 17% 42% Nominal value adjustment 138 244 282 15% 104% Impairment losses -5 894-5 842-5 879 1% 0% Net loans and advances 117 705 122 055 117 233-4% 0% Securities issues by non monetary entities** Reverse repo and buy-sell-back transactions 923 892 869-2,6% -5,8% 6 270 4 753 57-98,8% -99,1% TOTAL CUSTOMERS FINANCING*** 123 940 128 009 123 072-4% -1% (*) Including debt securities eligible for rediscounting at Central Bank, net investments in financial leases to customers 29 (**) Securities issued by non monetary entities including local governments (***) Total customers financing includes Loans and advances at nominal value, Securities issued by non monetary entities, reverse repo transactions and buy-sell-back

Selected data Bank Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Outlets 1 022 975 959-1,6% -6,2% ATM's 1 816 1 759 1 750-0,5% -3,6% Employees 16 794 16 387 16 403 0,1% -2,3% No of PLN current accounts (ths)* 5 224 5 314 5 338 0,4% 2,2% No of mortgage loan accounts (ths)** 293 310 314 1,4% 7,3% No of clients holding a consumer loan accounts (ths)*** 583 576 573-0,6% -1,8% Number of individuals with an access to electronic banking Pekao24 (ths) 2 725 2 899 2 955 1,9% 8,4% Number of individuals with an access to mobile banking (ths) 657 1 015 1 117 10,1% 70,0% Number of business clients (SME) with an access to electronic banking systems (ths) 243 248 250 0,8% 2,9% Group Mar 15 Dec 15 Mar 16 Q/Q % Y/Y % Employees**** 18 751 18 327 18 315-0,1% -2,3% Outlets**** 1 022 975 959-1,6% -6,2% ATM's**** 1 816 1 759 1 750-0,5% -3,6% Number of MF accounts (ths)***** 904 850 826-2,7% -8,6% Number of Brokerage accounts (ths)****** 352 346 346 0,0% -1,5% (*) Number of accounts including pre-paid card accounts 30 (**) 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 31.12.2015 Wholesale and retail trade; repair of motor vehicles and motorcycles 12,9% 14,2% 15,2% Public administration and defence; compulsory social security 13,0% 11,9% 10,9% Real estate activities 12,6% 10,4% 10,5% Electricity, gas, steam and air conditioning supply 8,8% 9,0% 8,6% Finanace and Insurance activity 5,9% 9,6% 7,8% Transportation and storage 6,3% 6,8% 7,2% Construction 5,8% 5,1% 6,3% Mining and quarrying 3,0% 3,9% 4,4% Manufacture of metals, metal products and machinery 3,8% 3,8% 4,0% Manufacture of beverages and food products 3,4% 3,1% 3,8% Manufacture of chemicals, pharmaceuticals and refined petroleum products 3,8% 2,8% 2,9% Information and communication 4,3% 5,0% 2,7% Manufacture of rubber, plastic and non-metalic products 2,3% 1,9% 2,1% Other manufacturing 5,4% 4,5% 5,2% Other sectors 8,7% 8,0% 8,4% Total 100% 100% 100% Note: Based on the annual Group data including current exposure and commitment 31

Mutual funds Mutual funds volumes (mln PLN ) -7.2% -2.2% 22 907 5 388 21 755 21 267 5 391 5 266 Mutual funds - assets structure (PPIM SA) 17 519 16 364 16 002 16% 14% Third party funds distributed by the Group PPIM SA Mar 15 Dec 15 Mar 16 69% Market share (%) 18,4% 17,9% 17,4% Eguity funds Balance funds Money and bonds funds Mar 15 Dec 15 Mar 16 Note: Market share funds distributed by Pekao Group, compared with the market of retail investment funds available for individuals 32

Key lending products Stock PLN mortgage loans volumes (mln PLN) Consumer loans volumes (mln PLN) +11.8% +9.8% +2.0% +0.7% 34 631 35 661 36 808 37 955 38 729 8 208 8 444 8 708 8 951 9 009 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 33

Ratings of Bank Pekao S.A. FITCH RATINGS PEKAO*** 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 PEKAO POLAND Long-term rating BBB+ BBB+ Short-term rating A-2 A-2 Stand-alone bbb+ Outlook Negative* Negative* MOODY'S INVESTORS SERVICE LTD PEKAO (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** 34 NOTES: Bank Pekao S.A. s Viability rating at a- from Fitch Ratings, Stand-alone one at bbb+ from S&P and BCA at baa1 from Moody s are the highest individual ratings assigned by (**) these rating agencies to banks rated in Poland Stable for the economy and Negative for the banking sector in Poland (*) On January 15, 2016. Standard and Poor's Ratings Services ("Standard & Poor's") downgraded the ratings Poland to the following levels:(1) LTR in foreign currency from A- to BBB+ (2) STR in national currency - accordingly to A- and A-2 (3) Outlook for both the local and foreign currency ratings changed to Negative. On January 19, 2016 Rating agency reviewed and confirmed the ratings of Bank at unchanged levels. The negative outlook indicates rating agency view of the one-in-three probability of EU BRRD Directive implementation in Poland that could lead to an increased bail-in risk. (***) On April 1, 2016 agency Fitch Ratings confirmed the ratings of Bank at unchanged levels

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 9 February 2016 26 April 2016 10 May 2016 20 July 2016 3 August 2016 FINANCIAL CALENDAR Annual Report 2015 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 2016 10 November 2016 Start of Blackout Period Third Quarter Report and Webcasting 35 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