9 November 2015

Financial Results ofthe PKO Bank Polski Groupfor 3Q 2015Strong earnings recovery due to revenue growth and synergies from Nordea integration

Selected business achievements in Q3 2015

Kredobank remains the safest bank in Ukraine with ROE in 2015 above 15%Kredobank, a member of the PKO Bank Polski Group, has been listed first for the second consecutive time in the ranking of Ukrainianbanks compiled by the local Forbes edition. The aim of the ranking is to select the safest institutions in the market that have the largestpotential to live through the current period of financial system turbulence in Ukraine. The high score received for credibility of Kredobankconfirms that the restructuring actions taken there by PKO Bank Polski are effective. The Bank has a stable financial standing in 2015(in 3Q'15 net profit of PLN 18.4 mn and ROE at 27%).

Mobile Package for Companies at PKO Bank PolskiPKO Bank Polski offers entrepreneurs a new Mobile Package for Businesses which complements the umbrella of multiple business packages. It isan ideal solution for natural persons who are sole traders and who want to manage their business finances end to end in a state-of-the-artmobile application. With the package, clients can have their account maintained for free. They can use their account easily via the electronicbanking iPKO functionality and in the mobile application iPKO. Further, the package offers free transfers to the Social Insurance Institution andRevenue Office via the online service iPKO, free transfers to phone numbers in the mobile channels IKO and a free debit card.

Wrocław Payment CardOn 10 September, together with the Wrocław Municipality PKO Bank Polski launched the Wrocław Payment Card. It is a card with thepersonal account at PKO on which periodical public transport tickets can be coded. The new card is offered with all clearing accounts.Clients can use all the payment functionalities of the card. They can also code periodical public transport tickets in Wrocław there anduse other URBANCARD services.

PKO Bank Polski selected to process transactions of the Social Insurance Institution for the nextfour yearsPKO Bank Polski was selected in the tender procedure to maintain the consolidated accounts of the Funds and Social InsuranceInstitution accounts as well as make bulk payments. The Bank will run and service consolidated accounts of the Social InsuranceInstitution, Social Insurance Fund and Bridge Pension Fund for the next four years. Thanks to their well-stocked offer, moderntransactional and clearing systems, tailored approach to clients’ needs and professional service, PKO Bank Polski is the leading partnerto the top companies and entities from the public sector.

PKO Bank Polski a beneficiary of the acquisition Visa Europe by Visa Inc.On 2 November 2015 Visa Inc. concluded the agreement concerning the acquisition of Visa Europe Ltd. The transaction is expected to be closed in Q2 2016 and under the terms of the agreement, the value of the transaction amounts up to euro 21,2 billion. PKO Bank Polski being a member of Visa Europe Ltd. – as a beneficiary of the transaction - will participate proportionally to the share of the Bank in the adjusted revenues of the Visa Europe Ltd. Because of this share, Bank expects significant income from the closing of the transaction.

2

3

Executive summary of financial performance

� Consolidated net profit achieved in the third quarter of 2015 amounted to PLN 815 mn and was 16% higher than in previous quartermainly due to increase in net interest income and lower administrative expenses, among others thanks to the realization of synergies from the integration of Nordea

� Consolidated net profit earned in 3Q 2015 amounted to PLN 2,165 million and was under pressure of an increase in BGF contributions, reduced limits on interchange fees and historically low market interest rates, which negative effects were largely offset by the effective risk management resulting in significant improvement in net impairment

� The Q3 2015 consolidated result on business activity of PLN 2.7 bn (+4,0% q/q) was determined by increase in net interest income (+8.0% q/q) mainly due to increase in interest revenues by 3.3% q/q and reduced interest expense of 8.4% q/q

� Maintaining a leading market position

− asset base increased to PLN 254.9 bn (+4.3% y/y) with net loans growing to PLN 185.2 bn (+3.8% y/y), funded with customer deposits, which rose to PLN 178.3 bn (+4.1% y/y)

− maintaining a high market share of loans (17.5%) and deposits (16.8%) aa well as increase in market share of consumer loans− high new sales of consumer loans as well as loans for SMEs and corporates

� Portfolio quality improved considerably− risk cost declined by 31 bp y/y (-4 bp q/q) to reach 78 bp on annual basis− coverage ratio increased significantly by 5.4 pp y/y (+0.6 pp q/q) to reach 63.5%− NPL ratio declined by 0.11 pp y/y (+0.08 pp. q/q) to reach 6.94%

� High operational efficiency retained− Cost to Income ratio (C/I) at 52.2% (49.5% in Q3’15)− Return on Equity (ROE) at 10.2% (11.1% in Q3’15)− Return on Assets (ROA) at 1.1% (1.3% in Q3’15− interest margin at 3.1% (3.1 in Q3’15)

� Solid liquidity and improving of capital strength− Loans / Stable funding resources ratio at 88%− Capital Adequacy Ratio at 14.5% and Core Tier 1 at 13.2%; (for the Bank: 15.0% and Core Tier 1 13.7%) - an increase of 0.6 pp. q/q

resulting from the implementation in the Q3 2015 initiatives concerning capital optimization, which allowed for the reduction in risk-weighted assets and, consequently, decrease in the total capital requirement of 4.1% q/q.

� The fulfilment of the additional capital requirements of PFSA allows payment of dividends in subsequent years

3Q'15 3Q'14Change

y/yQ3'15 Q2'15

Change q/q

Net interest income 5 172 5 658 -8.6% 1 818 1 683 +8.0%

Net F&C income 2 157 2 216 -2.6% 721 757 -4.9%

Result on business activity 7 873 8 390 -6.2% 2 698 2 594 +4.0%

Administrative expenses -4 113 -3 806 +8.1% -1 335 -1 372 -2.7%

Net impairment allowance -1 111 -1 446 -23.2% -362 -375 -3.4%

Net profit 2 165 2 532 -14.5% 815 703 +16.0%

Assets 254.9 244.4 +4.3% 254.9 255.5 -0.2%

Net loans 185.2 178.3 +3.8% 185.2 185.3 -0.1%

Deposits 178.3 171.2 +4.1% 178.3 179.1 -0.5%

Stable financial resources 211.2 203.8 +3.6% 211.2 213.0 -0.8%

Total equity 29.6 27.0 +9.5% 29.6 28.7 +2.9%

P&L itemsP&L itemsP&L itemsP&L items(PLN mn)(PLN mn)(PLN mn)(PLN mn)

Balance sheet Balance sheet Balance sheet Balance sheet (PLN bn)(PLN bn)(PLN bn)(PLN bn)

4

Financial summary

3Q'15 3Q'14Change

y/yQ3'155) Q2'155) Change

q/q

ROE net (%) 10.2 13.5 -3.3 pp. 11.1 9.9 +1.2 pp.

ROA net (%) 1.1 1.6 -0.4 pp. 1.3 1.1 +0.2 pp.

C/I1) (%) 52.2 44.0 +8.2 pp. 49.5 52.9 -3.4 pp.

NIM2) (%) 3.1 3.6 -0.5 pp. 3.1 2.9 +0.2 pp.

NPL ratio3) (%) 6.94 7.05 -0.11 pp. 6.94 6.85 +0.08 pp.

Coverage ratio4) (%) 63.5 58.1 +5.4 pp. 63.5 62.9 +0.6 pp.

Cost of risk (bp.) 78 109 -31 pb. 63 80 -16 pb.

CAR (%) 14.48 12.72 +1.77 pp. 14.48 13.88 +0.60 pp.

Core Tier 1 (%) 13.17 11.50 +1.67 pp. 13.17 12.60 +0.57 pp.

Quality of loan Quality of loan Quality of loan Quality of loan pottfoliopottfoliopottfoliopottfolio

Capital positionCapital positionCapital positionCapital position

KeyKeyKeyKey financial financial financial financial indicatorsindicatorsindicatorsindicators

(1) Administrative expenses of last 4 quarters / result on business activity for last 4 quarters (2) Net interest margin = net interest income of last 4 quarters / average interest bearing assets at the beginning and the end of the period of last 4 quarters

(formula consistent with that applied in the PKO Bank Polski Group Directors’ Report)(3) Share of loans with recognised impairment in total gross loans(4) Coverage of loans with recognised impairment with impairment allowances(5) Ratios on quarterly basis; ROE, ROA, NIM and cost of risk - annualised

5

Key performance indicators

23.5

94.9

23.8

51.3

0%

10%

20%

30%

40%

50%

60%

-10% -5% 0% 5% 10% 15%

25.8185.8 187.2 190.3 192.8 193.5

3Q'14 2014 1Q'15 1H'15 3Q'15

Gross loans by business lines (as at 30.09.2015)

126.0

18.929.2

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

-15% -10% -5% 0% 5% 10% 15% 20%

SME

Gross loans (PLN bn) Customer deposits (PLN bn)

Corporate

Retail and private banking

Volume growth rate (y/y)

Mortgage

SME

Sh

are

in lo

an

po

rtfo

lio

Retail and private banking

Corporate

Customer deposits by business lines (as at 30.09.2015)

Sh

are

in d

epo

sits

po

rtfo

lio

Volume growth rate (y/y)

6

Business volumes

11.0167.5 170.1 174.5 174.9 174.2

3Q'14 2014 1Q'15 1H'15 3Q'15

+4.1%+0.4%

+4.0%-0.4%

Nordea Bank PolskaNordea Bank

Polska

24.225.1 24.9 24.7 24.8 24.6 24.2

21.422.2 21.9 21.7 21.6 21.4 21.1

9.4

11.9 11.6 11.5 11.8 12.011.0

16.317.7 17.4 17.3 17.5 17.5 16.8

5.0

10.0

15.0

20.0

25.0

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15

19.2

22.9 22.9 22.9 23.0 22.9 22.9

12.6

13.913.2 13.1 12.9 12.9

12.4

15.8

18.3 18.0 17.9 17.8 17.817.5

10.0

15.0

20.0

25.0

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15

Loans market share (%)

192203 210 206

220230 232

7.7 7.5 7.68.2 8.2 8.1 7.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0

40

80

120

160

200

240

1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15

%PLN bn

Total assets of mutuals funds (PLN bn)PKO TFI market share (%)

Total

Deposits market share (%)

Mutual funds market share

Private individuals

Institutional entities

7

PKO Bank Polski market share

The market share of deposits lower by 0.7 pp. q/q due to decrease in market share of corporate deposits (-1.0 pp. q/q) as well as retail deposits (-0.3 pp. q/q) ito optimize net interest margin

Focusing on the protection of loan margins. Decline in market share of loans by 0.3 pp. q/q due to a decrease in market share of corporate loans (-0.5 pp.), with a stable market share of retail loans

1

2

Total

Private individuals

Institutional entities

*) Share in the retail deposits market , including assets of private individuals in PKO TFI

Financial assets of private individuals **

3

The increase in PKO TFI’s share in the mutual funds market by 0.3 pp. y/y with maintaining the third position in it.

3

1

2

7.111.0

4.7

4.4

6.5

5.7 6.1

16.0

11.5

7.4 6.8

5.84.5

4.4

1.1

-3.4 -3.9

2.54.6

5.14.54.5

16.2

5.9

3.6

7.56.7

7.5

2010 2011 2012 2013 2014 2015F 2016F

TotalResidential MortgagesConsumerInstitutional entities

Deposits - FX adjusted growth rate (%)

Loans- FX adjusted growth rate (%)

Source: Bank’s forecasts

8

2015-2016 macroeconomic and banking sector outlook

1) ESA20102) According to domestic methodology.

2013 2014 2015F 2016F

GDP % y/y 1.3 3.3 3.3 3.5

Consumption % y/y 0.2 2.6 3.2 3.6

Investments % y/y -1.1 9.8 6.4 2.9

Public sector deficit1) % GDP -4.0 -3.3 -3.2 -3.0

Public debt2) % GDP 53.1 47.8 48.7 47.3

CPI % 0.9 0.0 -0.9 1.2

Unemployment rate % eop 13.4 11.4 10.0 9.5

WIBOR 3M % eop 2.71 2.06 1.75 1.70

Reference rate % eop 2.50 2.00 1.50 1.50

EURPLN PLN eop 4.15 4.26 4.27 4.13

USDPLN PLN eop 3.01 3.51 3.88 3.86

9.2

9.7

6.6 5.8

8.8

5.5

6.4

10.2

13.3

8.6

5.9

9.7

6.4 7.48.1

5.5

4.2 5.7

7.6

4.3

5.0

2010 2011 2012 2013 2014 2015F 2016F

TotalPrivate individualsInstututional entities

9

Financial results

PLN mn 3Q'14 3Q'15 Q2'15 Q3'15Change

y/y

Change

q/q

Net interest income 5 658 5 172 1 683 1 818 -8.6% +8.0%

Net F&C result 2 216 2 157 757 721 -2.6% -4.9%

Other income 516 544 154 160 +5.4% +3.9%

Result on financial operations

and didvidens152 97 12 9 -35.9% -23.4%

Net FX result 202 259 94 92 +28.3% -2.3%

Net other income 163 188 47 58 +15.4% +23.5%

Result on business activity 8 390 7 873 2 594 2 698 -6.2% +4.0%

67.4% 65.7% 64.9% 67.4%

26.4% 27.4% 29.2% 26.7%

6.2% 6.9% 5.9% 5.9%

3Q'14 3Q'15 Q2'15 Q3'15

Net interest income Net F&C result Other income

Split of result on business activity

Result on business activity

10

1 979 1 8651 671 1 683

1 818

3.63.3

3.0 2.9 3.1

0

500

1 000

1 500

2 000

2 500

0.0

1.0

2.0

3.0

4.0

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15Net interest income quarterly Net interest margin quarterly

5.4 5.3 5.14.8

4.6

1.6 1.5 1.5 1.3 1.2

3.6 3.6 3.4 3.2 3.1

0.0

1.0

2.0

3.0

4.0

5.0

6.0

3Q'14 2014 1Q'15 1H'15 3Q'15Average interest rate on loans 12M (1)Average interest rate on deposits 12M (1)Net interest margin 12M (2)

Drop of net interest margin by 0.5 pp. y/y due to decrease in annualized interest income (effect of decreased market interest rates) with increase of interest-bearing assets (mainly of housing loans and advances) An increase in interest margin of 0.2 pp. q/q thanks to growth of net interest income in Q3’15 of 8.0% q/q, at a stable level of interest-bearing assets.

In 3Q 2015 the net interest income decreased by PLN 485 mn (-8.6% y/y) mainly due to a decrease in interest income by PLN 857 mn, which is assessed a decrease in the level of market interest rates and lower interest expense of PLN 372 mn, mainly in effect bring offer to decrease market interest rates.

The increase of result in Q3’15 by 8% q/q mainly due to: the expiration of long-term deposits offered in higher rates period, increase in the volume of consumer loans with higher margins and a higher number of interest days

Net interest income (PLN mn)

(1) Interest income (expense) for last 4 quarters / average net loans (deposits) at the beginning and the end of the period of last 4 quarters(2) Net Interest income for last 4 quarters / average interest bearing assets at the beginning and the end of the period of last 4 quarters (formula consistent with that applied in the PKO Bank Polski Group Directors’ Report)

2

11

Net interest income (1)

1

2

Interest income and expense (PLN mn) and WIBOR 3M average in the period

Net Interest margin and average interest rates on loans and deposits (%)

2 834 2 6582 433 2 356 2 433

856 793 762 672 615

2.59

2.061.87 1.67 1.72

1.00

1.50

2.00

2.50

3.00

3.50

0

500

1 000

1 500

2 000

2 500

3 000

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15interest income interest expense WIBOR 3M (%)

1

+8.0%

2

1 9501 518

381

401

90

131

2 421

2 049

3Q'14 3Q'15Customer deposits Debt securities in issue Other

6 881 6 050

808

750

255

337

134

84

8 079

7 222

3Q'14 3Q'15Customer loans Securities Derivative hedging instruments Other

The decrease of interest expense by 15.4% y/y mainly due to:− the decrease in the cost of liabilities to customers (-22.1% y/y), resulting from a

lower average interest rates on deposits as a result of lower market rates and adjustment of pricing of deposit products,

− with an increase of expenses due to issue of own debt securities (+5.0% y/y) and of loan expenses from banks (+11.3% y/y) associated with funding received from Nordea Bank AB after acquisition of assets from Nordea Group

Decrease in interest income by 10,6% y/y, mainly due to:− the decrease in income from loans and advances to customers (+12.1% y/y) -

primarily a result of a decrease in zloty interest rates, and the lombard rate that determines the maximum interest rates on consumption loans,

− with an increase in income from derivative hedging instruments of 32.0% y/y, mainly as a result of the revaluation of transactions to lower market rates WIBOR and LIBOR CHF and the increase in the average volume of transactions to hedge accounting.

Structure of interest expense (PLN mn)Structure of interest income (PLN mn)

Interest rates on term deposits vs. WIBOR 3M (%)1

2

12

Net interest income (2)

0

1

2

3

4

5

6

7

Q1'

08Q

2'08

Q3'

08Q

4'08

Q1'

09Q

2'09

Q3'

09Q

4'09

Q1'

10Q

2'10

Q3'

10Q

4'10

Q1'

11Q

2'11

Q3'

11Q

4'11

Q1'

12Q

2'12

Q3'

12Q

4'12

Q1'

13Q

2'13

Q3'

13Q

4'13

Q1'

14Q

2'14

Q3'

14Q

4'14

Q1'

15Q

2'15

Q3'

15%

average interest rate on term depositsaverege WIBOR 3M

-10.6%

+32.0%

-7.2%

-12.1%

-15.4%

+5.0%

-22.1%

1 2

26

727 718679

757721

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

545 494

359 456

480 370

831 837

2 216 2 157

3Q'14 3Q'15Loans & insuranceMutual funds & brokerageCardsCustomer accounts & other

Net fee and commission income (PLN mn)

13

Net fee & commission income

The achieved net fee and commission income in 3Q 2015 was largely determined by:− fall on result on payment cards, which was a consequence of the reduction of interchange fee rates to 0.2% for debit cards and 0.3% for credit cards

since the beginning of the year 2015, − lower net income from loan insurance fees and commission (mainly as an effect of decrease in commission on consumer loans), partly offset by the

growth of income from granted loans due to an increase in new sales, − increase in income from investment and insurance products as a result of the enlargement of the Group of insurance company since second quarter

2014,

1

y/yq/q

1-2.6%

+0.6%

-22.8%

+27.0%

-9.5%

-4.9%

-3.8%

-17.9%

-1.2%

+1.8%

Nordeaeffect

2

The decrease as a result of payment cards in Q3 2015 due to the high reference base in the previous quarter due to one-off subvention from payment organisations as an effect of renegotiations of agreements with payment organisations

2

15297

202259

163 188

516544

3Q'14 3Q'15

Net other operating income

Net FX gains

Net income from financial instruments and didvidends

38

186174

231

154 160

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Net other income (PLN mn)

14

Net other income

A significant increase in net other income as compared to previous year, mainly due to an increase of net FX gains and result on insurance activity.

1

y/y q/q

+5.4%

+15.4%

+28.3%

-35.9%

+3.9%

+23.5%

-2.3%

-23.4%

Nordeaeffect

1

46.352.2 54.4 52.9

49.5

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

In 3Q 2015 administrative expenses increased by 8.1% y/y driven mainly by the changes affecting the PKO BP Group’s structure since the second quarter of 2014 (of which mainly the acquisition of the Nordea Group entities) and an increase in the contribution rate and payments to the Bank Guarantee Fund by PLN 160.5 mn y/y; mainly as a result of the growth of the fee contribution rates payable to BGF.

144

13371439 1405 1372 1335

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Administrative expenses (PLN mn)

C/I ratio quarterly

15

Administrative expenses

1

FTEs %

Bank 24 398 25 784 1 386 5.7%

Group 29 143 28 988 -155 -0.5%

Employment eop (FTEs) 3Q'153Q'14 Change y/y

1 962 2 040

1 292 1 462

552610

3 8064 113

3Q'14 3Q'15DepreciationNon-personnel & other expensePersonnel expense

y/y q/q1

+8.1%

+10.6%

+13.2%

+4.0%

-2.7%

+2.6%

-10.0%

+1.2%

Nordeaeffect

2

The employment growth in the Bank due to merger with Nordea Bank Polska from October 2014.2

PKO Bank Polski and Nordea integration cost and synergies

Cost synergies (PLN mn)

Integration expenditures (PLN mn)

• PKO Bank Polski foresees that the total expenditures on integration will be less than the assumed PLN 299 mn by around PLN 65 mn. In the years 2013-2015 total integration expenditures recognised in administrative expenses will amount to PLN 151 mn

• During 3Q 2015 expenditures on integration amounted to PLN 64 mn, of which PLN 43 mn recognised in administrative expenses (in 2014 PLN 104 mn and PLN 53 mn respectively)

• The key integration budget items include: IT system migration (over 44%), personnel costs (19%), marketing and communications (6%), real estates (5%) and other with a provision (26%)

• During 3Q 2015 cost synergies were realized in the amount of PLN 92 mn

• The Bank estimates that in 2016 the total cost synergies will amount to PLN 187 mn, and at PLN 220 mn per year as of 2017

• Key cost synergies will be delivered through: integration of the functions such as IT and support and reducing personnel costs

16

10

104

64

0

20

40

60

80

100

120

2013 2014 3Q'15

7

92

0

10

20

30

40

50

60

70

80

90

100

2013 2014 3Q'15

Net impairment allowance and write-offs (PLN mn)

Share of loans with recognised impairment3)

(1) management accounts data (2) Housing loans to individuals (3) Calculated by dividing the gross carrying amount of impaired loans and advances to customers by the gross carrying amount of loans and advances to customers

17

Net impairment allowance

The 23.2 y/y improvement in net impairment allowance is mainly a result of a decline in net impairment allowance on the corporate loans portfolio.

1

-160-258

-183-210

-928-574

-175

-70

-1 446

-1 111

3Q'14 3Q'15

Consumer loans 1) Mortgage loans 1) 2)Corporate loans 1) Other

3Q'14 3Q'15 Change y/y

Consumer loans 8.7% 8.5% -0.2 pp.

Mortgage loans 3.0% 2.7% -0.3 pp.

PLN 2.7% 2.3% -0.4 pp.

FX 3.5% 3.5% -0.1 pp.

Corporate loans 11.4% 11.8% +0.3 pp.

Total 7.1% 6.9% -0.1 pp.

y/yq/q

1

-23.2%-3.4%

-38.2% +3.5%

+14.8%-57.6%

+61.0%-21.4%

-475 -452-374 -375 -362

10996

9082 78 70

90

110

130

150

170

190

-800

-700

-600

-500

-400

-300

-200

-100

0Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Net impairment allowance (PLN mn)Cost of risk 12M (bp.)

PLN bn 30.09.14 30.09.15 Change y/y

Cash and balances with the Cen.Bank 8.6 8.2 -5.3%

Amounts due from other banks 3.2 4.1 +30.4%

Derivative financial instruments 4.5 4.4 -3.6%

Securities 40.6 43.7 +7.5%

Loans and advances to customers 178.3 185.2 +3.8%

Other assets 9.1 9.4 +2.5%

Total assets 244.4 254.9 +4.3%3.5% 3.2%

1.3% 1.6%1.9% 1.7%16.6% 17.1%

73.0% 72.6%

3.7% 3.7%

30.09.14 30.09.15

Other assets

Loans and advances tocustomers

Securities

Derivative financial instruments

Amoun ts due from other banks

Cash and balances with theCen.Bank

Total assets

Total equity and liabilities

18

Consolidated statement of financial position

8.1% 8.0%1.8% 1.9%

70.0% 69.9%

1.1% 0.9%5.3% 5.5%1.0% 1.0%1.7% 1.1%11.0% 11.6%

30.09.14 30.09.15

Total eqiuty

Other liabilities

Subordinated liabil ities

Debt securities in issue

Liabilities of insuranceactivitiesAmounts due to customers

Derivative financialinstrumentsAmounts due to banks

PLN bn 30.09.14 30.09.15 Change y/y

Amounts due to banks 19.8 20.3 +2.8%

Derivative financial instruments 4.5 4.9 +9.1%

Amounts due to customers 171.2 178.3 +4.1%

Liabilities of insurance activities 2.6 2.4 -9.5%

Debt securities in issue 13.0 14.1 +8.8%

Subordinated liabilities 2.4 2.5 +3.9%

Other liabilities 4.1 2.9 -28.0%

Total eqiuty 27.0 29.6 +9.5%

Total eqiuty and liabilities 244.4 254.9 +4.3%

(1) Amounts due to customers(2) Amounts due to customers and long-term external funding in the form of: securities issues (including funds raised through issuance under an EMTN

programme executed by PKO Finance AB); subordinated debt; and amounts due to financial institutions.

Gross loans (PLN bn) Deposits(1) (PLN bn)

Currency structure of gross loans portfolio Term structure of total deposits1)

Banking sector 3Q’15

19

Loans and deposits

3Q'14 2014 1Q'15 1H'15 3Q'15

186.0 187.5 190.6 193.7 193.7

3Q'14 2014 1Q'15 1H'15 3Q'15

171.2 174.4 178.4 179.1 178.3

104.2% 102.9% 102.3% 103.5% 103.9%

87.5% 86.4% 85.8% 87.0% 87.7%

3Q'14 2014 1Q'15 1H'15 3Q'15

Net loans/depositsNet loans/stable sources of funding (2)

44.8% 47.4% 46.8% 47.9% 48.3%

55.2% 52.6% 53.2% 52.1% 51.7%

3Q'14 2014 1Q'15 1H'15 3Q'15

current+O/N term+other

Reduction of FX loans share by 1.3 pp. q/q as a result of decline of share of loans in CHF due to the reduction in their volume mainy as a result of drop of CHF exchange rate (from PLN 4.04 on 30.06.15 to PLN 3.88 on 30.09.15)

1

1

74.5% 73.8% 72.2% 73.5% 74.8% 71.4%

25.5% 26.2% 27.8% 26.5% 25.2% 28.6%

3Q'14 2014 1Q'15 1H'15 3Q'15

FX PLN

92.165.2

49.9 57.931.5

86.2

60.1

45.7 25.9

47.1

178.3

125.3

95.683.8

78.5

PKO BP Bank 2 Bank 3 Bank 4 Bank 5

term deposits+other current deposits + O/N

74.2%

46.5%59.0% 66.8% 54.1%

22.2%

47.9%35.8% 31.1%

44.5%

3.6% 5.6% 5.3% 2.1% 1.5%

PKO BP Bank 2 Bank 3 Bank 4 Bank 5

deposits of retail clientsdeposits of corporate entitiesdeposits of State budget entites

Structure of total deposits by client type1)

(as at 30.09.2015)Term structure of deposits in Polish bank portfolios(as at 30.09.2015, in PLN bn)

Source: banks’ consolidated financial statements

(1) Amounts due to customers(2) As at 30 June 2015

Structure of deposit base as compared to competitors

20

1

2

PKO Bank Polski has the largest share of retail deposits in total deposit base; resulting in its lower short term responsiveness to changes in the financial conditions.

PKO Bank Polski has the highest volume of term deposits, including significant volume of deposit for a period of up to 12M, which - under conditions of declining interest rates - increases its interest costs in the short term.

21

48.0%

52.0%

48.3%

51.7%

47.8%

52.2%

59.9%

40.1%

30.9%

69.1%

2) 2)

Amounts due to corporate

entities22%

Amounts due to State budget entities

4%

Amounts due to retail clients

74%

Amounts due to banks

9%Derivative financial

instruments2%

Amounts due to customers

79%

Amounts concerning insurance

activity1%Deb t securities

in issue6%

Subordinated liab ilities

1%Other liab ilities

1%

Liabilities structureLiabilities structureLiabilities structureLiabilities structure(total as at 30 September 2015: PLN 225.3 bn)

Deposit structureDeposit structureDeposit structureDeposit structure(total as at 30 September 2015: PLN 178.3 bn)

• Retail and corporate deposits are the primary funding source.

• Financing agreements as at the end of 3Q 2015 included:

− EUR 800 mn 5Y Eurobonds raised in October 2010 (expired in October 2015)

− CHF 250 mn 5Y bond issued in July 2011

− CHF 500 mn 3.25 Y bond issued in September 2012

− USD 1,000 mn 10Y note issued in September 2012 on the US market under Rule 144A

− EUR 500 mn 5Y bond issued in January 2014

− multi-currency (CHF 3,645.8 mn, EUR 465.4 mn and USD 3.7 mn) credit from Nordea Bank AB opened in April 2014

− CHF 224 mn 10Y subordinated loan opened by Nordea Bank Polska in April 2012

− PLN 1,600.7 mn 10Y subordinated bond issued in September 2012

21

Funding sources

Issued by State

Treasury95%

Issued by banks

1%

Eqiuty securities

1%Issued by

local government

bodies2%

Other 2%

Trading assets Financial assets designated at fair value through P&L (ALPL)

Investment securities available for sale (AFS)

Structure as at the 3Q 2015-end

22

Securities portfolio breakdown

2.9 1.9 1.8 1.5 2.5

15.0 15.7 18.7 13.9 14.6

22.4 22.3 23.6

25.6 26.3

0.26 0.230.20

0.250.2940.6 40.2

44.3 41.3 43.7

3Q'14 2014 1Q'15 1H'15 3Q'15

Trading ALPL AFS HTM

48% 53%

25% 21%

11% 11%4% 4%

12% 13%

3Q'14 3Q'15

Other

Issued by banks

Local government debtsecuruties

NBP money market bills

Issued by State Treasury

Issued by State Treasury

24%

NBP money market bills

61%

Issued by local government

bodies2%

Other 12%

Issued by State

Treasury64%

Issued by banks

6%Issued by

local government

bodies16%

Equity securities

1%Other12%

23

Risk management

Continued increase in the impairment allowance coverage of loans with recognised impairment.

10996 90 82 78

104 100 96 86 81

7.1% 6.9%

6.8% 6.9% 6.9%7.7%

6.7%

6.6% 6.6% 6.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

75

95

115

135

155

175

195

3Q'14 2014 1Q'15 1H'15 3Q'15

Cost of risk for last 12M (bp) GroupCost of risk for last 12M (bp) BankShare of impaired loans (Group)Share of impaired loans (Bank)

58.1

% 61

.8%

62.8

%

62.9

%

63.5

%

55

.6% 6

1.0

%

62

.2%

62.6

%

63.1

%

3Q'14 2014 1Q'15 1H'15 3Q'15

Group Bank

2.0%

4.0%

6.0%

8.0%

10.0%

3Q'14 2014 1Q'15 1H'15 3Q'15Share of impaired loans (sector)Share of impaired loans (PKO BP)Share of loans delayed past due over 90 days (sector)Share of loans delayed past due over 90 days (PKO BP)

Maintenance of the share of loans with recognised impairment, both in the Bank and the Group at similar level q/q.

Share of loans with recognised impairment and cost of risk

Coverage of loans with recognised impairment by impairment allowance

Quality of loan portfolio vs. banking sector1

2

24

Loan portfolio quality

1

2

Source: Own calculations based on PFSA data for the banking sector

3

Maintenance in the positive loan portfolio quality gap between the Bank and the sector.

3

55

.6%

61

.0%

62

.2%

62

.6%

63

.1%

51.5

%

56

.3%

58.3

%

57.1

%

56

.9%

57.1

%

66

.2%

65

.5%

69

.0%

70

.0%

72.1

%

75.8

%

76

.7%

81

.1%

80

.8%

3Q'14 2014 1Q'15 1H'15 3Q'15

Total Corporate loans Mortgage loans Consumer loans

Share of loans with recognised impairment and of impairment allowance increased on q/q basis. The highest percentage increase here occurred in the mortgage loans portfolio.

5.5% 5.6%4.9% 5.0% 5.2%

2.2%1.1%

1.7% 1.6% 1.5%

7.7%

6.7% 6.6% 6.6% 6.7%

3Q'14 2014 1Q'15 1H'15 3Q'15

104 100 9686 81

186 184

164

144129

24 26 30 3227

126

104

127138

148

3Q'14 2014 1Q'15 1H'15 3Q'15

Total Corporate loans Mortgage loans Consumer loans

Loans in arrears of over 90 days

Other loans

Share of loans with recognised impairment

Cost of risk over the last 12M (bp.)

Coverage of loans with recognised impairment by impairment allowance

25

1

2

The declining trend in the costs of risk of corporate loans had been sustained over the past 12 months. The largest decline on y/y basis was registered in corporate loans (-67 bp).

2

1

Standalone data

Loan portfolio quality

Increase of the Total Capital Ratio (TCR) and core capital Tier 1 ratio by 0.6 pp q/q as a result of activities carried out in 3Q2015, which allowed for a reduction of risk-weighted assets and, consequently, decrease of the total capital requirement by 4.1% q/q.

Increase in the quality of data (i.a. inclusion of SME exposures meeting the segmentation criteria in the retail category) as well as review of off-balance sheet commitments, together with verification of risk weights attributed to the product, proved to be the primary sources of optimization.

24.9 24.7 25.427.3 27.3

15.7 15.3 15.5 15.7 15.1

12.7% 13.0% 13.1% 13.9% 14.5%

11.5% 11.7% 11.8% 12.6% 13.2%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

0

5

10

15

20

25

3Q'14 2014 1Q'15 1H'15 3Q'15

PLN

bn

Own funds Total capital requirementCAR CET1

Own funds (PLN bn) Total capital requirement (PLN bn)

26

Capital adequacy

11

22.53 22.35 22.94 24.77 24.82

2.38 2.39 2.482.51 2.47

3Q'14 2014 1Q'15 1H'15 3Q'15

Tier 2 Tier 1

14.45 13.92 14.16 14.39 13.90

0.80 0.76 0.76 0.74 0.69

0.41 0.59 0.59 0.590.49

3Q'14 2014 1Q'15 1H'15 3Q'15

Other risks Operating risk Credit risk

Bank

15.0%

13.7%

Group

CET1/T1 TCR1 Capital Reqiurements Regulation (CRR) 6.00% 8.00%2 PFSA Recommendation (21.03.2014) 9.00% 12.00%3 Recommendation regarding dividend payments 12.00% 12.50%4 Additional capital measures for PKO BP 0.57% 0.76%

5=2+4PFSA's Recommendation F (21.03.2014) + additional

capital measures9.57% 12.76%

6=3+4Recommendation regarding dividend payments +

additional capital measures12.57% 13.26%

6 PFSA's Recommendation (22.10.2015)* 10.25% 13.25%

7=6+4PFSA's Recommendation (22.10.2015) + additional

capital measures10.82% 14.01%

*As of 1 January 2016

27

• PFSA’s recommendations on the dividend policyPFSA recommends for the dividend payment of up to 50% of profit generated in 2014 to be available only to those Banks, with asignificant market share, for which:− the CET1 ratio is higher than 12% (9% + systemic buffer of 3%),− total capital ratio is higher than 12.5%.

• Minimum capital ratiosPFSA guidelines from October 2015, regarding minimum capital ratios as of 1 January 2016, together with a conservation buffer of 1.25%:− 10.25% T1,− 13.25% TCR.

• Additional own funds requirementsPFSA’s recommendation regarding additional own funds requirements related to foreign-denominated retail mortgages. Capital measuresfor PKO Bank Polski:− 0,57% for Tier 1 capital ratio,− 0,76% for TCR capital ratio.

Required capital ratio values

Capital adequacy – supervisory requirements

minimum valuesrecommended by PFSA

126% 127%118% 117%

30.06.2014 30.06.2015

Liquidity Coverage Ratio (LCR)

Net Stable Funding Ratio (NSFR)

According to Capital Requirements Directive IV / Capital Requirements Regulation ,implemented as at 31 March 2014, the minimum LCR levels to be maintained are:

− 60% as of 1 October 2015− 70% as of 1 January 2016 − 80% as of 1 January 2017 − 100% as of 1 January 2018

Liquidity ratiosCapital adequacy

• The Bank has adapted to the changes resulting from the enforcement of the Directive and the Regulation on prudential requirements and supervision (the CRD IV / CRR Package) and has been preparing mandatory reporting under the new rules since 31 March 2014.

• The implementation of the new regulations did not significantly affect the capital position of the Bank.

• The key changes from the Bank’s perspective include: − the definition of own funds, − the new capital requirements for CVA.

1

28

100% - level effective for LCR from 2018

Regulatory requirements

1

30.2 30.433.0 33.3 32.2

4.5 4.54.2 4.5 3.7

34.7 34.937.2 37.8

35.8

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

CHF pozostałe waluty

CHF denominated mortgage loans portfolio

Volume of FX mortgage loans (PLN bn eop)

Market share of FX mortgage loans

Structure of mortgage loans by currrency

29

Relief measures vis-a-vis the Bank’s customers with mortgage loans in CHF:1) Inclusion of negative CHF LIBOR rate values in setting of the mortgage banking

product rates;2) Interim relief measures effective until the end of 2015:

− Reduction of the currency spread rate to 1% for the mortgage banking products denominated in CHF;

− Enabling extension of lending tenors without any additional fee or charge;− Refraining from actions aimed at seeking additional loan collateral; − Enabling loan currency conversion at average NBP rate as at the date of the

loan agreement annex signature (at no additional charge); − An additional relief for CHF borrowers, including reimbursement to them of a

part of their principal repayments whenever the negative reference rate exceeds the Bank’s margin.

61.4% 61.8% 60.6% 60.8% 62.5% 55.0%

33.6% 33.3% 34.9% 34.5% 33.7%36.6%

5.0% 4.9% 4.5% 4.6% 3.8% 8.4%

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15 Bankingsector

30.09.15PLN CHF Other FX

* *

25.9% 25.9% 25.7% 25.6% 25.6%

29.8% 29.6% 29.4% 29.1% 28.8%

21.5% 21.5% 21.6% 21.6% 21.5%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

Total PLN FX

Current structure of the mortgage portfolio

The portfolio of loans denominated in CHF is characterized by a much better quality than PLN loans, regardless of the period in which it was run

1

30

1

3.0%

2.8%2.7% 2.7% 2.7%2.7%

2.5%2.3% 2.3% 2.3%

3.5%

3.3% 3.3%3.4% 3.5%

2.0%

2.5%

3.0%

3.5%

4.0%

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

Total PLN FX2

The higher level of the ratio for FX loans than PLN onthe balance sheet day is the result of "aging" of the portfolio due to cease of granting since 2012

2

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0%

2%

4%

6%

8%

10%

12%

Un

til 2

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Feb-

15

Mar

-15

Ap

r-1

5

May

-15

Jun-

15

Jul-

15

Au

g-1

5

Sep

-15

PLN

NP

L

Year of the loan

Share of loans with recognised impairment, mortgage portfolio

CHF

PLN

Other

CHF ex. rate

0%

20%

40%

60%

80%

100%

Until2004

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

sha

re

Year of the loan

Share of FX loans in the mortgage portfolio

CHF PLN Other

Share of loans with recognised impairment -mortgage portfolio

31

Business activity

119.0 122.3 125.5 125.7 126.0

16.6 17.5 17.2 17.9 18.9135.6 139.8 142.7 143.6 144.9

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

SME Retail and private banking

21.5 21.6 21.7 22.3 23.5

24.7 24.1 24.5 24.6 23.8

89.3 90.8 93.9 95.6 94.9

135.5 136.5 140.1 142.5 142.2

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

Mortgage banking SME Retail and private banking

-3 046 -3 390

-918 -866

163 188

1 692 1 620

4 689 4 584

2 580 2 135

3Q'14 3Q'15

Net interest income

Net F&C income

Other income

Net impairmentallowance

Administrativeexpenses

2.2 2.5 2.8 2.7 2.8 3.1 3.1

1.3 1.2 1.1 1.5 1.11.3 1.4

2.83.2 2.4 2.1 2.1

2.5 2.3

6.47.0

6.3 6.3 6.0

6.9 6.8

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15Mortgage banking SME Retail and private banking

Segment resultsRetail Banking

32

Gross financial result of retail segment (PLN mn) Gross loans (PLN bn)

Deposits (PLN bn) New sales of loans (PLN bn) - standalone data*

*) Does not include renewals of SME loans, which in 2014 amounted to ca PLN 4 bn and ca PLN 3 bn in 3Q 2015

-17.2%

-2.2%

-4.3%

+11.3%

-5.7%

+4.9% -0.2%

+6.3% -0.7%

-3.8% -3.1%

+9.0% +5.1%

+19.2% +1.5%

+4.1%

-19.2% -8.5%

+4.4%

-0.1% -1.5%+6.9% +0.9%

+14.0% +5.9%

+5.9% +0.2%

y/y q/q

3Q’15/3Q’14

y/y q/q

q/q

31.9 30.3 31.7 31.3 29.2

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

50.3 50.7 50.2 50.3 51.3

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

-760 -722

-528-245

386 358

525 537

808 859

430 787

3Q'14 3Q'15

Net interest income

Net F&Cincome

Other income

Net impairmentallowance

Administrative expenses

5.8

3.4 3.44.3

4.7

7.8 7.9

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

y/y

33

Segment resultsCorporate and Investment Banking

Gross financial result of the corporate and investment segment in PLN mn

Gross loans (PLN bn)

Deposits (PLN bn)

New loan sales (PLN bn), standalone data

+83.0%

+6.3%

+2.4%

-53.6%

-5.0%

-8.3% -6.7%

+2.0%+1.9%

q/q+1.3%

-7.1%

+59.8%

3Q’15/3Q’14

*) Part of the increase in new sales in Q2'15 related to the operational merger carried out in April 2015 - framework agreements related to exNoBP accounts were registered in the IT system with the April date, which increased the total amount of new sales

y/y q/q

q/q

*

34

Additional information

3.6

4.4

-2

-1

0

1

2

3

4

5

6

7

Nominal wages

Real wages

9.7

7.1

1.0

-2

-1

0

1

2

3

4

5

6

8

10

12

14

16

Registered unemployment rateEmployment growth (y/y) RHS

LFS unemployment rate, sa1)

3.3

-12

-8

-4

0

4

8

12

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

GDPhousehold consumption expendituresexternal trade contribution (pp)gross fixed investments (RA)

Real GDP growth and its drivers (% y/y) Labour market trends (%)

Wages growth in enterprises (% y/y)

Real wages

(1) Percentage share of the number of unemployed population in the number of economically active population (i.e. employed and unemployed persons); consistent with EU methodology.

35

Macroeconomic trendsSolid GDP growth driven by robust domestic demand

High-frequency economic activity indicators for July-September suggest that GDP growth in 3Q2015 was close to 3.3% y/y posted in 2Q2015. The Polish economy is still supported by low oil prices and undervalued exchange rate of the PLN. Main risk factors are: slowdown of the Chinese economy (adverse impact on German exports) and the Volkswagen dieselgate. GDP growth rate should reach 3.0-3.5% y/y in 4Q2015-1Q2016 and 3.3% in 2015 as a whole.

Stable economic growth translates into continuation of solid rise in labour demand. As a result the unemployment rate keeps trending down, reaching the lowest level at the end of 3Q2015 (9.7%, -1.8pp y/y).

Real wage growth slightly accelerated with nominal wage growth going up stronger than inflation. Solid real incomes growth supports consumption

3

2

1

1

2

3

4,24

3,78

3,88

2

3

4

5

-0.8

0.3

-2

-1

0

1

2

3

4

5

Core inflation

CPI inflation

2,39

1,50

1,73

1

2

3

4

5

6

7 CPI inflation rose in 3Q2015 (to -0.7% y/y from -0.9% y/y in 2Q2015) with deeper drop in fuel prices, reduced scale of decline in food prices and broadly stable core inflation. We expect that the headline inflation rate will return to zero by the end of 2015 and then go up to around 1.5% y/y during 2016.

After temporary PLN appreciation against the EUR in July, the local currency weakened, but performed much better than vast majority of other EM currencies. Rebound in EUR/CHF translated into PLN appreciation against CHF. USD/PLN was broadly stable amid limited fluctuations of EUR/USD.

PLN/CHF

PLN/USD

PLN/EUR

WIBOR 3M

2

CPI and core inflation (% y/y)

Interest rates (% eop)

PLN exchange rates

5-year yield

Reference rate

3

1

36

Macroeconomic trendsInflation has rebounded, confirming that rate cuts cycle has ended

NBP interest rates has remained stable since March 2015 when the MPC declared the end of policy easing cycle. Resumption of rate cuts before the current MPC ends its term in office seems unlikely given solid GDP growth, inflation rebound and lack of PLN appreciation

2

1

3

231.8

90

105

120

135

150

165

180

195

210

225

240

-5

-3

-1

1

3

5

7

9

11

13

net inflow

net mutual fund assets

6.0

7.67.9

7.4

-10

-5

0

5

10

15

20

25

30

Housing

Total

Corporate

Consumer

7.6

10.211.4

-7

-5

-3

-1

1

3

5

7

9

11

13

15

17

Total

Corporate

Private individuals

Deposit growth rates (% y/y)

Loan growth rates (% y/y) Mutual funds market (PLN bn)

37

Banking sector and mutual fundsStabilization in loans growth and stronger deposits growth

Loans growth stabilized in 3Q2015 (7.4% y/y; FX adj. 6.1% y/y) with stronger rise in corporate loans (7.9%; FX adj. 6.6%), slower mortgage loan growth (7.6%; FX adj. 5.3%) and stronger consumer loans’ growth (6.0%; FX adj. 5.8%).

Deposits growth was stronger in 3Q2015 (7.6% y/y), due to fasterrise in households deposits (10.2% y/y) and slower – but stillsubstantial - rise in corporate deposits growth (11.4%). The Loan-to-Deposit ratio decreased to 104.3% from 106.6% in 2Q2015

Small increase in mutual funds assets in 3Q2015 amid slight net inflows, stabilization of real disposable income and low interest rates on bank deposits, accompanied by decline of equity prices.

1

2

3

3

2

1

139 148 152 160 160

132 127 127 136 137

161

200216

229220

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

Total PLN FX

Standalone data

38

Retail segment – mortgage loans

Structure of mortgage loans portfolio

Average carrying value of mortgage loan (PLN’000)

Average LTV

Average value of mortgage loan in new sales (PLN’000)

69% 72% 74% 74%

73%71% 73% 70% 68%

69%

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Current average LTV of loans portfolio (eop)

Average LTV of new sales

196 197 206 213 213

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

72.1%61.8% 60.6% 60.8% 62.5%

55.0%

27.9%38.2% 39.4% 39.2% 37.5%

45.0%

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15 Bankingsector

30.09.15PLN FX

The highly diversified structure of the loan book points to low sector exposure concentration. At the end of 3Q 2015 the biggest share in the portfolio had a section „Industrial processing" (17.9%), whose share in the portfolio increased by 1.8 pp. y/y, which was the biggest increase on a yearly basis. The largest decline of the share in the portfolio (-3.4 pp. y/y) was on the section „Public administration”.The share of the section „Mining and quarrying” in the corporate loans portfolio is approx. 1.5%, while the share of loans for the automotive industry isless than 1%

16.1% 17.9%

15.5%16.1%

14.5%15.3%

8.9%8.7%

12.0% 8.6%

2.1% 2.0%

30.9% 31.3%

30.09.2014 30.09.2015

Other exposure

Electricity, gas, water, hot water and air to themechanical systems production and supply

Public administration and national defenceobligatory social security

Construction

Wholesale and retail trade, repair of motor vehicles,including motorcycles

Maintenance of real estate

Industrial processing

Structure of corporate1) loans by industry segment

(1) Gross loans of non-financial and state budget entities Change y/y

1

39

Credit risk concentration

Receiveables due from corporateReceiveables due from corporateReceiveables due from corporateReceiveables due from corporate1)1)1)1) entities (PLN bn)entities (PLN bn)entities (PLN bn)entities (PLN bn)1

69.6 69.9 69.8 69.9 69.7

13.5 14.1 14.2 14.0 14.5

83.2 84.0 83.9 84.0 84.2

30.09.14 31.12.14 31.03.15 30.06.15 30.09.15

Gross loans Corparate and municipal bonds

+1.2%

+7.3%

+0.1%

777854 877

650 662

2011 2012 2013 2014 3Q'15

52.6%36.5%

31.8% 32.5% 26.4%23.7% 24.3%

38.7%49.7% 59.0%

2011 2012 2013 2014 3Q'15Share of loans with recognized impairment

Coverage of loans with recognized impairment byimpairment allowance

88115 119 118 110

-17 -11 -3

16

49

2011 2012 2013 2014 3Q'15

Result on business activity Net operating result

22.0% 16.1% 19.8% 14.5% 11.0%

68.2%77.7% 84.2% 79.5% 76.7%

2011 2012 2013 2014 3Q'15Capital adequacy N2 by UAS (min 10%)Net loans/deposits

Net loans (PLN mn)

Deposits (PLN mn)

Financial results (PLN mn)

40

Activity in Ukraine – Kredobank

Adequacy and liquidity

Loan portfolio quality1 138 1 100 1 041

817 862

2011 2012 2013 2014 3Q'15

512

362

254 257 257

118 109 108 13282

2011 2012 2013 2014 3Q'15Capital exposure Subordinated loan

PKO BP’s exposure (PLN mn)

3 882

5 307

6 868

2010 2012 2014

Number of retail customers with access to e-banking ('000)

+77%

SME customers

PKO Bank Polski is a clear leader of Polish banking sector

449k

* FTEs

Retail segment customers (incl. SMEs)

8.9 mn

Users with access to e-banking (incl. SMEs)*

6.9 mn

Corporate segment custmers

14.1k

Agencies1k

Group employment*

29k

Branches1.3k

ATMs3.2k

6150 6220

6660

31.12.2010 31.12.2012 31.12.2014

Number of current accounts of induviduals ('000)

+8%

2.4 2.8

3.1

2010 2012 2014

Number of ATMs ('000)

+29%

3.1

2.3 2.3

2010 2012 2014

Number of retail agencies and branches ('000.)

-26%

7

121

442

1Q'13 4Q'13 4Q'14

63x

IKO - number of operations ('000)

9.7 10.1

17.0

2010 2012 2014

PKO TFI - value of assets under management(PLN bn)

+75%

5.9%

9.1%10.5%

2010 2012 2014

The share of DM PKO BP SA in trading on the secondary stock market

1,8x

6 084

8 720 9 615

2010 2012 2014

Number of corporate customers using iPKO Biznes

+58%

41

42

Summary operational data

y/y q/q

Current accounts ('000) 6 358 6 660 6 661 6 583 6 600 +3.8% +0.3%

Banking cards ('000) 7 441 7 468 7 452 7 450 7 489 +0.6% +0.5%

of which: credit cards 813 843 821 838 845 +3.9% +0.8%

Number transactions (mn)* 150 181 149 162 165 +10.0% +1.7%

Total value of transactions (PLN mn)* 28 966 29 472 26 446 29 076 29 613 +2.2% +1.8%

Branches: 1 189 1 319 1 323 1 311 1 290 +8.5% -1.6%

- retail 1 150 1 280 1 284 1 272 1 251 +8.8% -1.7%

- corporate 39 39 39 39 39 0.0% 0.0%

Agencies 1 027 1 001 965 926 887 -13.6% -4.2%

ATMs 3 056 3 202 3 210 3 217 3 214 +5.2% -0.1%

Active IKO applications ('000) 196 228 270 308 354 +80.7% +15.0%

ChangePKO Bank Polski operating data (eop) Q1'15Q3'14 Q4'14 Q2'15 Q3'15

* figures do not include contactless transactions

*

43

Consolidated income statement of the PKO BP Group

  Profit and loss account (PLN '000) 3Q'14 3Q'15 Change y/y

Net interest income 5 657 577 5 172 199 -8.6%

Net fee and commission income 2 215 790 2 157 080 -2.6%

Other income 516 380 544 090 +5.4%

Dividend income 6 406 10 658 +66.4%

Net income from financial instruments designated at fair value 73 410 10 875 -85.2%

Gains less losses from investment securities 71 884 75 738 +5.4%

Net foreign exchange gains 201 807 258 935 +28.3%

Net other operating income and expense 162 873 187 884 +15.4%

Total income itemsTotal income itemsTotal income itemsTotal income items 8 389 747 8 389 747 8 389 747 8 389 747 7 873 369 7 873 369 7 873 369 7 873 369 -6.2%-6.2%-6.2%-6.2%

Net impairment allowance and write-offs (1 446 350) (1 110 965) -23.2%

Administrative expenses (3 805 714) (4 112 563) +8.1%

Share in net profit (losses) of associates and jointly controlled entities 23 261 24 102 +3.6%

Profit before income tax Profit before income tax Profit before income tax Profit before income tax 3 160 944 3 160 944 3 160 944 3 160 944 2 673 943 2 673 943 2 673 943 2 673 943 -15.4%-15.4%-15.4%-15.4%

Income tax expense (638 444) (520 858) -18.4%

Net profit attributable to non-controlling shareholders (9 003) (12 222) +35.8%

Net profit attributable to the parent companyNet profit attributable to the parent companyNet profit attributable to the parent companyNet profit attributable to the parent company 2 531 503 2 531 503 2 531 503 2 531 503 2 165 307 2 165 307 2 165 307 2 165 307 -14.5%-14.5%-14.5%-14.5%

  Profit and loss account (PLN '000)  Profit and loss account (PLN '000)  Profit and loss account (PLN '000)  Profit and loss account (PLN '000) Q3'14Q3'14Q3'14Q3'14 Q4'14Q4'14Q4'14Q4'14 Q1'15Q1'15Q1'15Q1'15 Q2'15Q2'15Q2'15Q2'15 Q3'15Q3'15Q3'15Q3'15Q3'15/Q3'15/Q3'15/Q3'15/

Q3'14Q3'14Q3'14Q3'14

Q3'15/Q3'15/Q3'15/Q3'15/

Q2'15Q2'15Q2'15Q2'15

Net interest income 1 978 715 1 865 354 1 670 738 1 683 362 1 818 099 -8.1% +8.0%

Net fee and commission income 726 761 717 716 679 150 757 382 720 548 -0.9% -4.9%

Other income 185 711 173 747 230 859 153 632 159 599 -14.1% +3.9%

Dividend income 315 105 - 9 676 982 +211.7% -89.9%

Net income from financial instruments designated at fair value 20 447 1 778 23 118 (14 247) 2 004 -90.2% x

Gains less losses from investment securities 33 338 78 166 52 541 16 812 6 385 -80.8% -62.0%

Net foreign exchange gains 66 386 33 990 72 239 94 449 92 247 +39.0% -2.3%

Net other operating income and expense 65 225 59 708 82 961 46 942 57 981 -11.1% +23.5%

Total income itemsTotal income itemsTotal income itemsTotal income items 2 891 187 2 891 187 2 891 187 2 891 187 2 756 817 2 756 817 2 756 817 2 756 817 2 580 747 2 580 747 2 580 747 2 580 747 2 594 376 2 594 376 2 594 376 2 594 376 2 698 246 2 698 246 2 698 246 2 698 246 -6.7%-6.7%-6.7%-6.7% +4.0%+4.0%+4.0%+4.0%

Net impairment allowance and write-offs (475 209) (452 320) (373 579) (375 070) (362 316) -23.8% -3.4%

Administrative expenses (1 337 200) (1 439 427) (1 404 770) (1 372 317) (1 335 476) -0.1% -2.7%

Share in net profit (losses) of associates and jointly controlled entities 15 948 8 549 8 515 7 308 8 279 -48.1% +13.3%

Profit before income tax Profit before income tax Profit before income tax Profit before income tax 1 094 726 1 094 726 1 094 726 1 094 726 873 619 873 619 873 619 873 619 810 913 810 913 810 913 810 913 854 297 854 297 854 297 854 297 1 008 733 1 008 733 1 008 733 1 008 733 -7.9%-7.9%-7.9%-7.9% +18.1%+18.1%+18.1%+18.1%

Income tax expense (220 838) (153 303) (175 151) (152 676) (193 031) -12.6% +26.4%

Net profit attributable to non-controlling shareholders 513 (2 303) (11 419) (1 257) 454 -11.5% x

Net profit attributable to the parent companyNet profit attributable to the parent companyNet profit attributable to the parent companyNet profit attributable to the parent company 873 375 873 375 873 375 873 375 722 619 722 619 722 619 722 619 647 181 647 181 647 181 647 181 702 878 702 878 702 878 702 878 815 248 815 248 815 248 815 248 -6.7%-6.7%-6.7%-6.7% +16.0%+16.0%+16.0%+16.0%

44

Consolidated income statement of the PKO BP Group -quarterly

AssetsAssetsAssetsAssets (PLN '000) (PLN '000) (PLN '000) (PLN '000) 30.09.1430.09.1430.09.1430.09.14 31.12.1431.12.1431.12.1431.12.14 31.03.1531.03.1531.03.1531.03.15 30.06.1530.06.1530.06.1530.06.15 30.09.1530.09.1530.09.1530.09.15ChangeChangeChangeChange

y/y y/y y/y y/y

ChangeChangeChangeChange

q/qq/qq/qq/q

Cash and balances with the Central Bank 8 636 840 11 738 371 10 090 058 11 934 626 8 181 397 -5.3% -31.4%

Amounts due from other banks 3 153 197 2 486 686 4 567 158 3 673 220 4 113 135 +30.4% +12.0%

Trading assets 2 928 152 1 924 426 1 813 910 1 532 183 2 526 087 -13.7% +64.9%

Derivative financial instruments 4 539 493 5 494 822 5 598 132 3 976 774 4 376 549 -3.6% +10.1%

Financial assets designated at fair value through P&L 15 002 777 15 723 148 18 730 144 13 871 079 14 592 585 -2.7% +5.2%

Loans and advances to customers 178 333 300 179 497 384 182 440 406 185 336 089 185 193 115 +3.8% -0.1%

Investment securities available for sale and securities held to maturity 22 703 448 22 512 583 23 805 722 25 867 501 26 560 447 +17.0% +2.7%

Tangible fixed assets 2 762 259 2 653 555 2 480 800 2 493 423 2 519 689 -8.8% +1.1%

Other assets 6 387 492 6 669 614 7 057 596 6 838 732 6 857 426 +7.4% +0.3%

TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 244 446 958 244 446 958 244 446 958 244 446 958 248 700 589 248 700 589 248 700 589 248 700 589 256 583 926 256 583 926 256 583 926 256 583 926 255 523 627 255 523 627 255 523 627 255 523 627 254 920 430 254 920 430 254 920 430 254 920 430 +4.3%+4.3%+4.3%+4.3% -0.2%-0.2%-0.2%-0.2%

Liabilities and eqiutyLiabilities and eqiutyLiabilities and eqiutyLiabilities and eqiuty (PLN '000) (PLN '000) (PLN '000) (PLN '000) 30.09.1430.09.1430.09.1430.09.14 31.12.1431.12.1431.12.1431.12.14 31.03.1531.03.1531.03.1531.03.15 30.06.1530.06.1530.06.1530.06.15 30.09.1530.09.1530.09.1530.09.15ChangeChangeChangeChange

y/y y/y y/y y/y

ChangeChangeChangeChange

q/qq/qq/qq/q

Amounts due to the central bank 4 604 4 427 4 143 4 158 4 541 -1.4% +9.2%

Amounts due to banks 19 771 512 19 394 482 21 570 055 20 101 550 20 332 686 +2.8% +1.1%

Derivative financial instruments 4 450 053 5 545 141 6 300 141 5 096 870 4 855 943 +9.1% -4.7%

Amounts due to customers 171 173 601 174 386 766 178 367 476 179 137 778 178 256 829 +4.1% -0.5%

Liabilities of insurance activities 2 637 729 2 679 722 2 790 195 2 587 180 2 386 315 x -7.8%

Debt securities in issue 12 974 373 13 300 610 13 815 938 14 139 104 14 114 895 +8.8% -0.2%

Subordinated liabilities 2 378 835 2 413 985 2 478 949 2 521 227 2 471 649 +3.9% -2.0%

Other liabilities 4 053 988 3 359 905 2 992 193 3 204 909 2 920 069 -28.0% -8.9%

Total equity 27 002 263 27 615 551 28 264 836 28 730 851 29 577 503 +9.5% +2.9%

TOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIES 244 446 958 244 446 958 244 446 958 244 446 958 248 700 589 248 700 589 248 700 589 248 700 589 256 583 926 256 583 926 256 583 926 256 583 926 255 523 627 255 523 627 255 523 627 255 523 627 254 920 430 254 920 430 254 920 430 254 920 430 +4.3%+4.3%+4.3%+4.3% -0.2%-0.2%-0.2%-0.2%

45

Consolidated statement of financial position of the PKO BP Group

Shareholders structure (number of shares: 1 250 mn)

Basic information on shares• Listed: Warsaw Stock Exchange since 10.11.2004 r.• Indices: WIG, WIG20, WIG30, WIG Banki• ISIN: PLPKO0000016• Bloomberg: PKO PW• Reuters: PKOB WA

Rating

DividendPayment from the net profit

of the yearDPS (PLN)

Dividend yield (Div. Day)

Payout ratio

2014*** 0.00 x 0.00%

2013 0.75 1.9% 31.65%

2012 1.80 4.9% 61.12%

2011 1.27 3.9% 40.15%

2010 1.98 5.5% 74.75%

2009 1,90 4.2% 97.65%

2008 1.00 2.9% 34.71%

2007 1.09 2.2% 40.07%

2006 0,98 1.7% 47.87%

2005 0.80 2.1% 47.71%

2004 1.00 3.6% 66,18%

*) Share reported by ING OFE after exceeding the threshold 5% of total number of votes at GM of PKO Bank Polski by Nationale-Nederlanden OFE, former ING OFE (as at 24.07.12) and Aviva OFE (as at 29.01.13)**) Of which 1.96% BGK (State owned bank) as at 28.08.15***) According to the AGM resolution of 25 June 2015

46

Shares, rating and dividend policy

Dividend policy • The general assumption of the Bank’s dividend policy is to maintain a stable level of dividend payments in the long term, in compliance with the principle of

prudent management of the Bank and the PKO BP Group, and with consideration of the financial capacity of the Bank and the PKO BP Group as determined on the basis of the adopted criteria.

• The aim of the dividend policy is to optimise own funds of the Bank and of the PKO BP Group, taking into account the return on capital and its cost, capital needs for development, while ensuring appropriate capital adequacy ratio levels.

• The dividend policy assumes the possibility of the Bank’s net profit distribution to shareholders in the long-term perspective in the amount of the surplus of capital above the minimal capital adequacy ratios including the additional capital buffer.

• The dividend policy takes into account factors related to the operations of the Bank and the PKO BP Group companies, in particular, the requirements and supervisory recommendations concerning capital adequacy. Bank’s capital ratio account regarding capital requirement in the context of dividend policy recommended by PESA amount criterion for payment to 50% profit for the 2014: (Common Equity Tier 1) CET1=12+0,57=12,57%, (Total Capital Requirement) TCR=12,5+0,76=13,26%.

Rating:Agency:

Long-term

Short-term

Outlook

Moody’s A2/A3 P-1/P-2 Stable

Standard & Poor’s BBB+ A-2 Negative

State Treasury 29,43%

Aviva OFE*6,72%

Nationale-Nederalnden

OFE*5,17%

Others**58,68%

This presentation (the ”Presentation”) has been prepared by Powszechna Kasa Oszczędności Bank Polski S.A. (”PKO BP S.A.”, ”Bank”) solely for use by itsclients and shareholders or analysts and should not be treated as a part of any an invitation or offer to sell any securities, invest or deal in or a solicitationof an offer to purchase any securities or recommendation to conclude any transaction, in particular with respect to securities of PKO BP S.A. Theinformation contained in this Presentation is derived from publicly available sources which Bank believes are reliable, but PKO BP SA does not make anyrepresentation as to its accuracy or completeness. PKO BP SA shall not be liable for the consequences of any decision made based on informationincluded in this Presentation.

The information contained in this Presentation has not been independently verified and is, in any case, subject to changes and modifications. PKO BP SA’sdisclosure of the data included in this Presentation is not a breach of law for listed companies, in particular for companies listed on the Warsaw StockExchange. The information provided herein was included in current or periodic reports published by PKO BP SA or is additional information that is notrequired to be reported by Bank as a public company.

In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by PKO BP SA or, itsrepresentatives. Likewise, neither PKO BP SA nor any of its representatives shall be liable in any respect whatsoever (whether in negligence or otherwise)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 with thisPresentation.

PKO BP SA does not undertake to publish any updates, modifications or revisions of the information, data or statements contained herein should there beany change in the strategy or intentions of PKO BP SA, or should facts or events occur that affect PKO BP SA’s strategy or intentions, unless suchreporting obligations arises under the applicable laws and regulations.

This Presentation contains certain market information relating to the banking sector in Poland, including information on the market share of certain banksand PKO BP SA. Unless attributed exclusively to another source, such market information has been calculated based on data provided by third partysources identified herein and includes estimates, assessments, adjustments and judgments that are based on PKO BP SA’s experience and familiarity withthe sector in which PKO BP SA operates. Because such market information has been prepared in part based upon estimates, assessments, adjustmentsand judgments and not verified by an independent third party, such market information is, unless otherwise attributed to a third party source, to a certaindegree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market informationprepared is appropriately reflective of the sector and the markets in which PKO BP SA operates, there is no assurance that such estimates, assessmentsand judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sourceswill not differ materially from the market information included herein.

PKO BP SA hereby informs persons viewing this Presentation that the only source of reliable data describing PKO BP SA’s financial results, forecasts,events or indexes are current or periodic reports submitted by PKO BP SA in satisfaction of its disclosure obligation under Polish law.

This Presentation is not for release, directly or indirectly, in or into the United States of America, Australia, Canada or Japan.

47

Disclaimer

Contact:Contact:Contact:Contact:PKO Bank Polski SA Investor Relations Office PKO Bank Polski SA Investor Relations Office PKO Bank Polski SA Investor Relations Office PKO Bank Polski SA Investor Relations Office Lidia Wilk – DirectorPulawska 1502-515 WarsawPoland

Tel: +48 22 521 91 82Fax: +48 22 521 91 83E-mail: lidia.wilk@pkobp.plE-mail: ir@pkobp.pl

PKO Bank Polski websitePKO Bank Polski websitePKO Bank Polski websitePKO Bank Polski website: www.pkobp.pl

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7 March 2016 Publication of the 2015 Annual Report