Warsaw, 10 August 2015

Financial Results ofthe PKO Bank Polski Groupfor 1H 2015Solid growth and strengthening of leading position despite of challenging market conditions

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

ATMs3.1k

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%

2

Selected business achievements in Q2 2015

3

New features of the IKO applicationThe new feature of IKO application is a possibility to top up a pay-as-you-go phone (Plus, T-Mobile, Heyah, Play, NJU Mobile, Orange). IKO enables also to effect charges which were pre-defined in the web system as part of iPKO and Inteligo. The other new functions available in IKO are a possibility to view details of standing orders, loans (also mortgage loans), debit cards and credit cards, including the repayment of card debt. From 15 June it is also possible to send requests for transfer to another user of IKO.

Katowice to be a new customer of PKO Bank PolskiPKO Bank Polski has won the tender procedure for servicing the budget of the city of Katowice and its 63 organisational units. The contract has beenconcluded for 5 years. Apart from holding accounts and execution of banking operations, the services will cover among others comprehensive handling ofpayment cards, including pre-paid cards, holding a consolidated account, mass payments processing and making available fee payment machines(“opłatomaty”).

Completion of operational mergerIn April the integration with Nordea Bank Polska was finished. PKO Bank Polski carried out the merger effectively within 12,5 months from the moment of transaction closure. It involved mainly the change of brand and migration of data of more than 300 thousand customers to the modern operational platform of PKO Bank Polski. Currently all Bank customers have a uniform service standard. Total estimated synergies (gross) from the acquisition will amount to PLN 300 million annually until 2017 i.e. after the completion of the integration process.

Contact Center of PKO Bank Polski again the best in PolandAt the 11th wave of bank infolines survey covering the contact by telephone and email, the Bank has kept its leading position, achieving the score of 97.7 points out of 100, and overcame 12 bank competitors. The Contact Center of PKO Bank Polski has maintained the first place, winning thanks to the quality and the competences of employees. The pollsters gave a very high score to our consultants’ politeness, professionalism, involvement and knowledge relating to the Bank products.

Capital optimization programIn the second half of 2015 the Bank plans to implement identified capital optimization initiatives, including i.a.: an increase of capital absorption charge in incentive systems, improvement of data quality (e.g. inclusion in the category of retail exposures of all SMEs which satisfy segmentation criteria), review of the off-balance sheet liabilities (including verification of assigned conversion factors for customers’ limits), implementation of an advanced approach to capital allocation, focus on segments with lower capital requirement. The Bank considers that these measures would result with RWA reduction of nearly PLN 10 bn and with improving capital adequacy measures of approximately 0.7 pp.

PKO Bank Polski, card market leader in Poland and renegotiation of the terms of cooperation with Visa and MasterCardPKO Bank Polski with its portfolio of 7.5 million cards is at the same time the largest issuer of debit and credit cards in Poland with a market share of 21%. In a period of 12 months period (July 2014 - June 2015) Polish PKO Bank customers were using payment cards definitely more often as compared to the same period of previous years: the value of payments made at points of sale went up by 21%, and the number of transactions at points of sale by 40%. In the second quarter of 2015 Bank completed a comprehensive renegotiation of agreements with Visa and MasterCard. The new terms of cooperation should have a positive impact on revenues from fees and commission in subsequent periods

Innovations in the payments area

Selected implemented initiatives :

• IKO mobile banking application and domestic mobile payment system BLIK (PKO Bank Polski + 5 major retail banks)

• The new contactless debit cards in the form of: a sticker, keyringand watch

• The Junior account offer with a prepaid card (also sticker and pendant)

• New product concept: Transparent credit card - with transparent rules and an image

• Warsaw City Card - 2-in-1: debit card and city card in one

Selected planned projects:

• Wrocław City Card (Q3 2015, the further cities planned)

• A new version of the mobile banking applications IKO 3.0 (Q4 2015)

• Implementation of mobile contactless payments in IKO (HCE – Q4 2015)

4

2935

63 64

lipiec 2013 - czerwiec 2014 lipiec 2014 - czerwiec 2015

Value of PKO Bank Polski cards transactions (PLN bn)*

Punkt sprzedaży

Bankomat

348

486

229 241

lipiec 2013 - czerwiec 2014 lipiec 2014 - czerwiec 2015

Number of PKO Bank Polski cards transactions (mn)*

Punkt sprzedaży

Bankomat

PKO Bank Polski is a leader of card market in Poland

5

* Source: the Bank** Source: the Bank and and National Bank of Poland (NBP)

+5%

+40%

+2%

+21%

• 7.5 million of PKO Bank Polski payment cards represent 21% of all cards issued in Poland

• Market share of PKO Bank Polski for the year 2014 for debit and credit cards:

− 21% of POS transactions made by cards issued in Poland (by value; 23% by number of transactions)

− 25% of cash withdrawals made by cards issued in Poland (according to the value; 28% by number of transactions)**

• In a period of 12 months (July 2014 - June 2015) PKO Bank Polski customers were using payment cards definitely more often as compared with the same period of previous years:

− POS volume increase: 21%

− number of POS transactions increase: 40%

− the relatively low growth rate of ATM withdrawals as anelement of customers migration to POS transactions*

• In Q2 2015 Bank completed a comprehensive renegotiation of agreements with Visa and MasterCard. The new terms of cooperation should have a positive impact on revenues from fees and commission in subsequent periods

July 2013-June 2014

July 2013-June 2014 July 2014-June 2015

July 2014-June 2015

Point of sale

ATM

Point of sale

ATM

6

Executive summary of financial performance

� Consolidated net profit achieved in the second quarter of 2015 amounted to PLN 703 mn and was 8.6% higher than in previous quarter mainly due to increase in net fee and commission and lower administrative expenses

� Consolidated net profit earned in the first half of 2015 amounted to PLN 1,350 million and was under strong pressure of an increase in BGF contributions, new limits on interchange fees and falling market interest rates.

� The Q2 2015 consolidated result on business activity of PLN 2.6 bn (+0,5% y/y) was determined by:

− increase in net fee and commission income (+ 11.5% q/q), mainly due to an increase in net bank cards− increase in net interest income (0.8% q/q) mainly due to reduced interest expense of 11.8% q/q

� Maintaining a leading market position

− asset base increased to PLN 255.5 bn (+5.5% y/y) with net loans growing to PLN 185.3 bn (+4.1% y/y), funded with customer deposits, which rose to PLN 179.1 bn (+4.5% y/y)

− maintaining a high market share of loans (17.8%) and deposits (17.5%)− high new sales of cash loans as well as loans for SMEs and corporates

� Portfolio quality improved considerably− risk cost declined by 39 bp y/y (-8 bp q/q) to reach 82 bp− coverage ratio increased significantly by 7.2 pp y/y (+0.1 pp q/q) to reach 62.9%− NPL ratio declined by 0.3 pp y/y (+0.1 pp. q/q) to reach 6.9%

� High operational efficiency retained− Cost to Income ratio (C/I) at 51.3% (C/I for PKO Bank Polski: 48.3%)− Return on Equity (ROE) at 10.7%− Return on Assets (ROA) at 1.2%− interest margin at 3.2%

� Solid liquidity and capital position− Loans / Stable funding resources ratio at 87%− Capital Adequacy Ratio at 13.9% (Core Tier 1 at 12.6%; for the Bank 14,3% and Core Tier 1: 13.0%) - an increase of 0.8 pp. q/q

� Robust results of the Group companies− PKO TFI maintained a leading position among bank investment funds due to growth in assets under management, which reached PLN

18.6 bn (+21.7% r/r)− Kredobank generated a net profit of PLN 11 mn, despite Ukraine’s trying macroeconomic conditions

1H'15 1H'14Change

y/yQ2'15 Q1'15

Change q/q

Net interest income 3 354 3 679 -8.8% 1 683 1 671 +0.8%

Net F&C income 1 437 1 489 -3.5% 757 679 +11.5%

Result on business activity 5 175 5 499 -5.9% 2 594 2 581 +0.5%

Administrative expenses -2 777 -2 469 +12.5% -1 372 -1 405 -2.3%

Net impairment allowance -749 -971 -22.9% -375 -374 +0.4%

Net profit 1 350 1 658 -18.6% 703 647 +8.6%

Assets 255.5 242.3 +5.5% 255.5 256.6 -0.4%

Net loans 185.3 178.0 +4.1% 185.3 182.4 +1.6%

Deposits 179.1 171.4 +4.5% 179.1 178.4 +0.4%

Stable financial resources 213.0 203.7 +4.5% 213.0 212.7 +0.1%

Total equity 28.7 26.0 +10.4% 28.7 28.3 +1.6%

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)

7

Financial summary

1H'15 1H'14 Change y/y 1Q'15 Change q/q

ROE net (%) 10.7 13.4 -2.7 pp. 11.5 -0.8 pp.

ROA net (%) 1.2 1.6 -0.4 pp. 1.3 -0.1 pp.

C/I1) (%) 51.3 43.4 +7.9 pp. 49.4 +1.9 pp.

NIM2) (%) 3.2 3.6 -0.4 pp. 3.4 -0.2 pp.

NPL ratio3) (%) 6.9 7.2 -0.3 pp. 6.8 +0.1 pp.

Coverage ratio4) (%) 62.9 55.7 +7.2 pp. 62.8 +0.1 pp.

Cost of risk (bp.) 82 121 -39 pb. 90 -8 pb.

CAR (%) 13.9 12.3 +1.6 pp. 13.1 +0.8 pp.

Core Tier 1 (%) 12.6 11.1 +1.5 pp. 11.8 +0.8 pp.

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

Capital positionCapital positionCapital positionCapital position

Basic financial Basic financial Basic financial Basic 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) CAR for the Bank at 14.3% (Core Tier 1: 13.0%) – increase by 0.7 q/q

8

Key performance indicators

5)

5)

27.5 25.8184.2 185.8 187.2 190.3 192.8

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

Gross loans by business lines (as at 30.06.2015)

22.3

95.6

24.6

50.3

0%

10%

20%

30%

40%

50%

60%

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

125.7

17.9

31.3

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

-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 30.06.2015)

Sh

are

in d

epo

sits

po

rtfo

lio

Volume growth rate (y/y)

9

Business volumes

12.5 11.0167.4 167.5 170.1 174.5 174.9

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

+4.7%+1.3%

+4.5%+0.3%

Nordea Bank PolskaNordea Bank

Polska

19.2

22.9 22.9 22.9 23.0 22.9

12.6

13.913.2 13.1 12.9 12.9

15.8

18.3 18.0 17.9 17.8 17.8

10.0

15.0

20.0

25.0

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

Loans market share (%)

24.225.1 24.9 24.7 24.8 24.6

21.422.2 21.9 21.7 21.6 21.4

9.4

11.9 11.6 11.5 11.8 12.0

16.317.7 17.4 17.3 17.5 17.5

5.0

10.0

15.0

20.0

25.0

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

192203 210 206

220230

7.7 7.5 7.68.2 8.2 8.1

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

%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

10

PKO Bank Polski market share

The market share of deposits stable q/q, with a slight decrease in market share of retail deposits (-0.2 pp. q/q) offset by a higher share of the corporate market (+0.2 pp. q/q)

Stable market share in loans, both corporate and retail1

2Total

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 0.6 pp. y/y with maintaining the third position in it.

3

1

2

7.111.0

4.7

4.4

6.57.8

16.0

11.5

7.4 6.8

5.8

7.9

1.1

-3.4 -3.9

2.54.6

6.74.5

16.2

5.9

3.6

7.5 8.1

2010 2011 2012 2013 2014 2015F

TotalResidential MortgagesConsumer

Deposits - FX adjusted growth rate (%)

Loans- FX adjusted growth rate (%)

Source: Bank’s forecasts

11

2015 macroeconomic and banking sector outlook

1) ESA20102) According to domestic methodology.

2012 2013 2014 2015F

GDP % y/y 1.8 1.7 3.4 3.8

Consumption % y/y 1.0 1.2 3.1 3.2

Investments % y/y -1.5 1.1 9.2 8.6

Public sector deficit1) % GDP -3.7 -4.0 -3.2 -3.3

Public debt2) % GDP 52.0 53.1 47.8 48.7

CPI % 3.7 0.9 0.0 -0.9

Unemployment rate % eop 13.4 13.4 11.5 10.3

WIBOR 3M % eop 4.11 2.71 2.05 1.70

Reference rate % eop 4.25 2.50 2.00 1.50

EURPLN PLN eop 4.09 4.15 4.26 4.20

USDPLN PLN eop 3.10 3.01 3.51 3.75

9.2

9.7

6.6 5.8

8.8

5.1

10.2

13.3

8.6

5.9

9.7

6.78.1

5.5

4.2 5.7

7.6

2.9

2010 2011 2012 2013 2014 2015F

TotalPrivate individualsInstututional entities

12

Financial results

PLN mn 1H'14 1H'15 Q1'15 Q2'15Change

y/y

Change

q/q

Net interest income 3 679 3 354 1 671 1 683 -8.8% +0.8%

Net F&C result 1 489 1 437 679 757 -3.5% +11.5%

Other income 331 384 231 154 +16.3% -33.5%

Result on financial operations

and didvidens98 88 76 12 -9.9% -83.8%

Net FX result 135 167 72 94 +23.1% +30.7%

Net other income 98 130 83 47 +33.0% -43.4%

Result on business activity 5 499 5 175 2 581 2 594 -5.9% +0.5%

66.9% 64.8% 64.7% 64.9%

27.1% 27.8% 26.3% 29.2%

6.0% 7.4% 8.9% 5.9%

1H'14 1H'15 Q1'15 Q2'15

Net interest income Net F&C result Other income

Split of result on business activity

Result on business activity

13

1 939 1 979 1 8651 671 1 683

3.6 3.63.3

3.0 2.9

0

500

1 000

1 500

2 000

2 500

0.0

1.0

2.0

3.0

4.0

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

5.5 5.4 5.3 5.1 4.8

1.7 1.6 1.5 1.5 1.3

3.6 3.6 3.6 3.4 3.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1H'14 3Q'14 2014 1Q'15 1H'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 0.4 p.p. y/y to 3.2% due to increase of interest-bearing assets by 15% y/y (mainly of loans and advances to customers portfolio), which did not have an effect on the analogical increase of annualized interest income which is under the pressure of the exceptionally low interest rates.

In 1H 2015 the net interest income was PLN 325 mn y/y, mainly due to a decrease in interest income by PLN 457 mn, determined by the decrease of market interest rates and drop of an interest expenses by PLN 132 mn, mainly due to the adjustment of the deposit products pricing to the decrease of market interest ratesNet interest income was determined i.a. by the further fall in market rates (1M and 3M WIBOR in a year perspective by 0.84 pp. and 0.94 pp. respectively)

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

14

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 (%)

2 778 2 834 2 6582 433 2 356

839 856 793 762 672

2.712.59

2.061.87

1.67

1.00

1.50

2.00

2.50

3.00

3.50

0

500

1 000

1 500

2 000

2 500

3 000

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

1

+0.8%

1 2651 081

248

267

5385

1 5661 434

1H'14 1H'15Customer deposits Debt securities in issue Other

4 470 4 014

517

505

171 212

87 58

5 245 4 788

1H'14 1H'15

Customer loans Securities Derivative hedging instruments Other

The decrease of interest expense by 8.4% y/y mainly due to:− decrease of expenses due to customers (-14.5%), resulting from lower average

interest rate of deposits as an effect of the drop of market interest rates and the adjustment of the deposit products pricing to them,

− increase of expenses due to issue of own debt securities (+7.7% y/y and of loan expenses from banks (+36.5% y/y) connected with the financing from NordeaBank AB received from Nordea Group assets.

Decrease in interest income by 8.7% y/y, mainly as a result of:− lower income from loans and advances to customers by 10.2% y/y (an effect of

decrease of PLN interest rates) and the limitation of maximal interest rate of loans based om 4xLombard formula

− increase of income from derivative hedging instruments by 24.0% y/y, as an effect of recalculation of transactions to the lower WIBOR and CHF LIBOR rates and increase of average volume of transactions involved in hedge accounting

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

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

1

2

15

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

%

average interest rate on term depositsaverege WIBOR 3M

-8.7%

+24.0%

-2.4%

-10.2%

-8.4%

+7.7%

-14.5%

1 2

4426

784727 718

679

757

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

349 323

229 304

348 245

563564

1 489 1 437

1H'14 1H'15Loans & insuranceMutual funds & brokerageCardsCustomer accounts & other

Net fee and commission income (PLN mn)

16

Net fee & commission income

The achieved net fee and commission income in 1H 2015 was primarily determined by:− decrease on result on payment cards, which was a consequence of the reduction of interchange fee rates, − lower net income from loan insurance fees and commissions, largely offset by the growth of income from granted loans due to an increase in new

sales, − increase in commission income in respect of maintenance of investment funds and open pension funds as an effect of an increase of management

fees and commissions for sale and ransom at the IF assets value increase by 22%y/y. − increase of commission income due to securities transactions

1

y/yq/q1

-3.5%

+0.2%

-29.6%

+32.8%

-7.4%

+11.5%

+0.7%

+64.9%

+2.5%

+8.0%

Nordeaeffect

2

Increase in Q2 2015 due to increase card transaction volumes (see slide 42) and subvention from payment organisations as an effect of renegotiations of agreements with payment organisations

2

98 88

135 167

98

130

331

384

1H'14 1H'15

Net other operating income

Net FX gains

Net income from financial instruments and didvidends

29

38

228

186174

231

154

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

Net other income (PLN mn)

17

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

+16.3%

+33.0%

+23.1%

-9.9%

-33.5%

-43.4%

+30.7%

-83.8%

Nordeaeffect

1

43.4 44.0 47.1 49.4 51.3

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

In 1H 2015 administrative expenses increased by 12.5% 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 110 mn y/y; mainly as a result of the growth of the fee contribution rates payable to BGF.In 1H 2015 costs related to Nordea integration amounted to ca PLN 40 mn.

154 144

1343 13371439 1405 1372

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

Administrative expenses (PLN mn)

C/I ratio

18

Administrative expenses

1

FTEs %

Bank 24 421 25 741 1 319 5.4%

Group 29 386 28 909 -477 -1.6%

Employment eop (FTEs) 1H'151H'14 Change y/y

1 268 1 360

8421 012

359406

2 469

2 777

1H'14 1H'15Non-personnel & other expenseDepreciationTotal

y/y q/q1

+12.5%

+13.0%

+20.2%

+7.2%

-2.3%

-3.3%

-2.2%

-2.1%

Nordeaeffect

2

The employment growth in the Bank due to merger with Nordea Bank Polska from 1 October 2014.2

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

19

Net impairment allowance

The 22.9 y/y improvement in net impairment allowance is mainly a result of a decline in net impairment allowance on the corporate loans portfolio.

1

-107-184

-94

-167

-727 -382

-43

-17

-971

-749

1H'14 1H'15

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

1H'14 1H'15 Change y/y

Consumer loans 9.2% 7.5% -1.7 pp.

Mortgage loans 3.1% 2.7% -0.3 pp.

PLN 2.8% 2.3% -0.5 pp.

FX 3.5% 3.4% -0.1 pp.

Corporate loans 11.4% 11.8% +0.5 pp.

Total 7.2% 6.9% -0.3 pp.

y/yq/q

1-22.9% +0.4%

-47.5%-5.2%

+77.4%+59.0%

+71.4%+4.7%

-558-475 -452

-374 -375

121

109

9690

8280

90

100

110

120

130

140

150

-750

-650

-550

-450

-350

-250

-150

-50

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

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

PLN bn 30. 06.14 30.06.15 Change y/y

Cash and balances with the Cen.Bank 9.9 11.9 +20.4%

Amounts due from other banks 2.5 3.7 +48.7%

Derivative financial instruments 3.4 4.0 +17.5%

Securities 39.1 41.3 +5.5%

Loans and advances to customers 178.0 185.3 +4.1%

Other assets 9.4 9.3 -0.9%

Total assets 242.3 255.5 +5.5%4.1% 4.7%1.0% 1.4%1.4% 1.6%

16.1% 16.2%

73.5% 72.5%

3.9% 3.7%

30. 06.14 30.06.15

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

20

Consolidated statement of financial position

7.9% 7.9%1.5% 2.0%

70.7% 70.1%

1.0% 1.0%5.2% 5.5%1.1% 1.0%1.7% 1.3%10.7% 11.2%

30. 06.14 30.06.15

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. 06.14 30.06.15 Change y/y

Amounts due to banks 19.2 20.1 +4.5%

Derivative financial instruments 3.6 5.1 +42.9%

Amounts due to customers 171.4 179.1 +4.5%

Liabilities of insurance activities 2.5 2.6 x

Debt securities in issue 12.7 14.1 +11.3%

Subordinated liabilities 2.6 2.5 -3.9%

Other liabilities 4.2 3.2 -24.1%

Total eqiuty 26.0 28.7 +10.4%

Total eqiuty and liabilities 242.3 255.5 +5.5%

(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 1H’15

21

Loans and deposits

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

185.4 186.0 187.5 190.6 193.7

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

171.4 171.2 174.4 178.4 179.1

103.9% 104.2% 102.9% 102.3% 103.5%

87.4% 87.5% 86.4% 85.8% 87.0%

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

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

44.5% 44.5% 47.4% 46.8% 47.9%

55.5% 55.5% 52.6% 53.2% 52.1%

1H'14 3Q'14 2014 1Q'15 1H'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 currencies other than CHF by 2.0 pp. q/q

1

1

74.3% 74.5% 73.8% 72.2% 73.5% 70.5%

25.7% 25.5% 26.2% 27.8% 26.5% 29.5%

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

FX PLN

93.365.2

42.556.9

26.3

85.8

60.1

44.5 23.8

46.8

179.1

125.3

87.0 80.873.1

PKO BP Bank 2 Bank 3 Bank 4 Bank 5

term deposits+other current deposits + O/N

73.5%

46.5%58.5% 67.8% 56.7%

22.6%

47.9%37.4% 30.0%

40.6%

3.8% 5.6% 4.1% 2.1% 2.7%

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 30.06.2015)Term structure of deposits in Polish bank portfolios(as at 30.06.2015, in PLN bn)

Source: banks’ consolidated financial statements

(1) Amounts due to customers

Structure of deposit base as compared to competitors

22

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

55.9%

52.0%

47.9%

52.1%

48.0%

52.6%

64.0%

36.0%

29.5%

70.5%

Amounts due to corporate

entities23%

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 ilities1%

Liabilities structureLiabilities structureLiabilities structureLiabilities structure(total as at 30 June 2015: PLN 227.0 bn)

Deposit structureDeposit structureDeposit structureDeposit structure(total as at 30 June 2015: PLN 179.1 bn)

• Retail and corporate deposits are the primary funding source.

• Financing agreements as at the end of 1H 2015 included:

− EUR 800 mn 5Y Eurobonds raised in October 2010

− 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) 7-year 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

23

Funding sources

Less than 3M3%

From 3M to 1Y46%

From 1Y to 5Y22%

More than 5Y28%

Debt securities structureDebt securities structureDebt securities structureDebt securities structure(total as at 30 June 2015: PLN 14.1 bn)

Issued by State

Treasury92%

Issued by banks

1%Eqiuty

securities1%

Issued by local

government bodies

3%

Other 3%

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

Investment securities available for sale (AFS)

Structure as at the 1H 2015-end

24

Securities portfolio breakdown

1.2 2.9 1.9 1.8 1.5

16.1 15.0 15.7 18.7 13.9

21.7 22.4 22.3 23.6

25.6

0.21 0.26 0.230.20

0.2539.1 40.6 40.2

44.3 41.3

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

Trading ALPL AFS HTM

46% 51%

29% 21%

12%11%

3%4%

10% 14%

1H'14 1H'15

Other

Issued by banks

Local government debtsecuruties

NBP money market bills

Issued by State Treasury

Issued by State Treasury

22%

NBP money market bills

61%

Issued by local government

bodies2%

Other 14%

Issued by State

Treasury63%

Issued by banks

6%Issued by

local government

bodies17%

Equity securities

1%Other13%

25

Risk management

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

121109

96 90 82

115104 100 96 86

7.2% 7.1%

6.9% 6.8% 6.9%7.8% 7.7%

6.7% 6.6% 6.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

75

95

115

135

155

175

195

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

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

55.7

% 58.1

% 61.8

%

62.8

%

62.9

%

53.5

%

55.6

% 61.0

%

62.2

%

62.6

%

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

Group Bank

2.0%

4.0%

6.0%

8.0%

10.0%

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

26

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

53

.5%

55

.6%

61

.0%

62

.2%

62

.6%

49.0

%

51.5

%

56.3

%

58.3

%

57.1

%

54.

2%

57.

1% 66

.2%

65

.5%

69

.0%

71.5

%

72.

1%

75.8

%

76.7

%

81.1

%

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

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 consumer loans portfolio.

5.4% 5.5% 5.6%4.9% 5.0%

2.4% 2.2%1.1%

1.7% 1.6%

7.8% 7.7%

6.7% 6.6% 6.6%

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

115104 100 96 86

203186 184

164144

22 24 26 30 32

156

126104

127

159

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

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

27

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 (-59 pb).

2

1

Standalone data

Loan portfolio quality

The increase in the capital adequacy ratio (TCR) and Core Tier 1 ratio q/q due to increase in own funds after recognition of the remaining part of net profit for the year 2014, after the decision of the AGM not to pay a dividend for the year 2014After 1Q 2015 in own funds was recognized a part of Bank’s net profit of 1H 2014 and Q3 2014, based on consents granted by KNF (PFSA)

23.9 24.9 24.7 25.427.3

15.5 15.7 15.3 15.5 15.7

12.3% 12.7%13.0% 13.1% 13.9%

11.1% 11.5% 11.7% 11.8% 12.6%

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

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

PLN

bn

Own funds Total capital requirementCAR CET1

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

28

Capital adequacy

1

1

21.49 22.53 22.35 22.94 24.77

2.37 2.38 2.39 2.482.51

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

Tier 2 Tier 1

14.35 14.45 13.92 14.16 14.39

0.79 0.80 0.76 0.76 0.740.35 0.41 0.59 0.59 0.59

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

Other risks Operating risk Credit risk

Bank

14,3%

13,0%

27.3 27.3

15.7 14.9

13.9%14.6%

12.6%13.3%

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

1H'15 1H'15

mld

PLN

Own funds Total capital requirement

CAR CET1

• The Bank plans to implement in the second half of 2015 identified capital optimization initiatives, including i.a.:

− increase of capital absorption charge in incentive systems,

− improvement of data quality (e.g. inclusion in the category of retail exposures of all SMEs which satisfy segmentation criteria)

− review of off-balance sheet liabilities, including verification of assigned conversion factors for customers’ limits,

− implementation of an advanced approach to capital allocation,

− focus on segments with lower capital requirement

• The Bank considers that these measures would result with RWA reduction of nearly PLN 10 bn and with improving capital adequacy measures of approximately 0.7 pp.

Capital adequacy – optimization of the capital management process

Risk Weighted Assets –RWA (mld PLN)

1

29

1

Capital adequacy measures after RWA reduction

1

(+)0.7 pp.

Estimation after RWA reduction

Estimation after RWA reduction

196.5

186.5

100

120

140

160

180

200

1H'15 1H'15

30.4 30.2 30.433.0 33.3

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

CHF denominated mortgage loans portfolio

Volume of CHF mortgage loans (PLN bn eop)

Share of CHF mortgage loans in total loan portfolio

Structure of mortgage loans by currrency

*) Volumes include CHF mortgage loans of Nordea Bank Polska at ca PLN 12 billion30

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.

60.5% 61.4% 61.8% 60.6% 60.8% 53.1%

34.4% 33.6% 33.3% 34.9% 34.5%38.6%

5.1% 5.0% 4.9% 4.5% 4.6% 8.3%

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15 Bankingsector

30.06.15PLN CHF Other FX

16.3% 16.0% 15.7%16.8% 16.6%

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

* *

Current structure of the mortgage portfolio

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

1

31

1

CHF34%

OTHER5%

PLN61%

Currency structure of the mortgageportfolio

(as at 30.06.2015)

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%

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

32

Business activity

118.7 119.0 122.3 125.5 125.7

15.8 16.6 17.5 17.2 17.9134.5 135.6 139.8 142.7 143.6

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

SME Retail and private banking

21.0 21.5 21.6 21.7 22.3

24.9 24.7 24.1 24.5 24.6

87.9 89.3 90.8 93.9 95.6

133.7 135.5 136.5 140.1 142.5

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

Mortgage banking SME Retail and private banking

-1 970 -2 293

-609-615

109 149

1 152 1 086

3 089 2 993

1 770 1 321

1H'14 1H'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

1.3 1.2 1.1 1.5 1.11.3

2.83.2 2.4 2.1 2.1

2.5

6.47.0

6.3 6.3 6.0

6.9

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

Segment resultsRetail Banking

33

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 2 bn in 1H 2015

-25.4%

-3.1%

-5.7%

+16.4%

+1.0%

+6.6% +1.7%

+8.8% +1.9%

-1.4% +0.1%

+6.6% +3.0%

+23.1% +10.9%

-4.4%

-24.9% +18.5%

+16.4%

-3.9% +14.6%+6.8% +0.6%

+13.2% +3.7%

+5.9% +0.2%

y/y q/q

1H’15/1H’14

y/y q/q

q/q

32.9 31.9 30.3 31.7 31.3

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

50.5 50.3 50.7 50.2 50.3

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

-498 -484

-362-133

233 244

338 351

510 560

221537

1H'14 1H'15

Net interest income

Net F&Cincome

Other income

Net impairmentallowance

Administrative expenses

5.8

3.4 3.44.3

4.7

7.8

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

y/y

34

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

+142.5%

+9.7%

+3.8%

-63.2%

-2.9%

-4.8% -1.3%

+0.1%-0.4%

q/q+66.3%

+4.4%

+34.1%

1H’15/1H’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

35

Additional information

3.1

4.1

-2

-1

0

1

2

3

4

5

6

7Nominal wages

10.3

7.9

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)

3.6

-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.

36

Macroeconomic trendsSolid GDP growth driven by robust domestic demand

The recovery in 2Q2015 continued with GDP growth at 3.5% y/y (PKO est., vs. 3.6% y/y in 1Q2015) with a substantial shift of economic activity between April and March (Easter effect). The growth is broad based with strong consumption and investments and record-high foreign trade surplus (amid euro area rebound and slump in oil prices). We expect GDP growth acceleration to 3.8% in 2015 (vs. 3.4% in 2014).

Labour market conditions keep improving and the unemployment rate was falling at -1.7 pp y/y rate in 2Q2015.

Real wage growth remained robust amid moderation in nominal wages accompanied by still significant deflation. All in all the conditions for consumption growth remains favourable

3

2

1

1

2

3

-0.8

0.2

-2

-1

0

1

2

3

4

5

Core inflation

CPI inflation

2.74

1.50

1.72

1

2

3

4

5

6

7

4.19

3.76

4.04

2

3

4

5

CPI inflation rebounded from -1.5% y/y in 1Q2015 to -0.8% y/y in 2Q2015 –largely due to a partial normalization of food prices, but also as a result of stabilization in oil prices around 65$/bbl.. The headline inflation should remain fairly stable until September, then it should gradually go up to around zero in the remainder of this year.

April saw a rapid strengthening of the PLN against EUR, a move that was reversed during the remainder of the quarter. Finally, EURPLN ended 2Q2015 higher than 1Q2015. Depreciation against CHF was even more visible. Delay of coming policy normalization in the US resulted in mild appreciation against 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

37

Macroeconomic trendsInflation has bottomed, rate cuts cycle has been almostdefinitely ended

Deepening deflation induced the MPC to cut rates by 50bps in March, but at the same time the Council has announced that the monetary easing cycle has been ended. Resumption of rate cuts seems to be unlikely given lack of PLN apreciation, improving GDP growth outlook and inflation rebound.

2

1

3

229.6

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

5.8

9.9

5.5

7.6

-10

-5

0

5

10

15

20

25

30

Housing

Total

Corporate

Consumer

5.8

9.8

12.3

-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)

38

Banking sector and mutual fundsStabilization in loans growth and deceleration in depositsgrowth

Loans growth stabilized in 2Q2015 (7.6% y/y; FX adj. 6.0% y/y), accompanied by weaker rise in enterprises’ loans (5.5%; FX adj. 4.6%), faster mortgage loan growth (9.9%; FX adj. 6.7%) and faster consumer loans’ growth (5.8%; FX adj. 5.1%).

Deposits growth was weaker in 2Q2015 (5.8% y/y) accompanied by weaker households deposits growth (9.8%) and strong enterprise deposits growth (12.3%). The Loan-to-Deposit ratio increased to 106.6% from 104.4% in 1Q2015.

Further increase in mutual funds assets in 2Q2015 – due to strong net inflows, a stabilization of real disposable income and low interest rates on bank deposits, accompanied by small decline of equity prices.

1

2

3

3

2

1

138 139 148 152 160

130 132 127 127 136

161 161

200216

229

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

Total PLN FX

Standalone data

39

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% 69% 72% 74%

74%72% 71% 73% 70%

68%

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

Current average LTV of loans portfolio (eop)

Average LTV of new sales

202 196 197 206 213

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

71.3% 72.1%61.8% 60.6% 60.8%

53.1%

28.7% 27.9%38.2% 39.4% 39.2%

46.9%

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15 Bankingsector

30.06.15PLN FX

The highly diversified structure of the loan book points to low sector exposure concentration. At the end of 1H 2015 the biggest share in the portfolio had a section „Industrial processing" (16.7%), whose share in the portfolio has not changed on a yearly basis. The largest decline of the share in the portfolio (-3.0 pp. y/y) was on the section "Public administration (...)", and the biggest increase in the share recorded other exposures (+1.9 pp. Y / y).

16.7% 16.7%

15.4% 16.0%

14.5% 15.2%

8.9% 8.9%

11.9% 8.9%

2.1% 2.0%

30.5% 32.3%

30.06.2014 30.06.2015

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 motorvehicles, 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

40

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

70.7 69.6 69.9 69.8 69.9

11.9 13.5 14.1 14.2 14.0

82.6 83.2 84.0 83.9 84.0

30.06.14 30.09.14 31.12.14 31.03.15 30.06.15

Gross loans Corparate and municipal bonds

+1.6%

+17.9%

-1.1%

777854 877

650 630

2011 2012 2013 2014 1H'15

52.6%36.5% 31.8%

32.5% 28.9%23.7%

24.3% 38.7%

49.7% 49.8%

2011 2012 2013 2014 1H'15Share of loans with recognized impairment

Coverage of loans with recognized impairment byimpairment allowance

88115 119 118

63

-17 -11 -3

16 25

2011 2012 2013 2014 1H'15

Result on business activity Net operating result

22.0% 16.1% 19.8% 14.5% 11.9%

68.2%77.7% 84.2% 79.5% 76.8%

2011 2012 2013 2014 1H'15Capital adequacy N2 by UAS (min 10%)Net loans/deposits

Net loans (PLN mn)

Deposits (PLN mn)

Financial results (PLN mn)

41

Activity in Ukraine – Kredobank

Adequacy and liquidity

Loan portfolio quality1 138 1 099 1 041

817 820

2011 2012 2013 2014 1H'15

512

362

254 257 257

118 109 108 132 140

2011 2012 2013 2014 1H'15Capital exposure Subordinated loan

PKO BP’s exposure (PLN mn)

42

Summary operational data

y/y q/q

Current accounts ('000) 6 357 6 358 6 660 6 661 6 583 +3.6% -1.2%

Banking cards ('000) 7 174 7 160 7 468 7 452 7 450 +3.8% -0.0%

of which: credit cards 812 813 843 821 838 +3.2% +2.1%

Number transactions (mn)* 147 150 181 149 162 +10.3% +8.8%

Total value of transactions (PLN mn)* 28 506 28 966 29 472 26 446 29 076 +2.0% +9.9%

Branches: 1 186 1 189 1 319 1 323 1 311 +10.5% -0.9%

- retail 1 147 1 150 1 280 1 284 1 272 +10.9% -0.9%

- corporate 39 39 39 39 39 0.0% 0.0%

Agencies 1 054 1 027 1 001 965 926 -12.1% -4.0%

ATMs 3 040 3 056 3 202 3 210 3 217 +5.8% +0.2%

Active IKO applications ('000) 169 196 228 270 308 +82.3% +13.9%

ChangePKO Bank Polski operating data (eop) 20141H'14 3Q'14 1Q'15 1H'15

* figures do not include contactless transactions

*

43

Consolidated income statement of the PKO BP Group

  Profit and loss account (PLN '000) 1H'14 1H'15 Change y/y

Net interest income 3 678 862 3 354 100 -8.8%

Net fee and commission income 1 489 029 1 436 532 -3.5%

Other income 330 669 384 491 +16.3%

Dividend income 6 091 9 676 +58.9%

Net income from financial instruments designated at fair value 52 963 8 871 -83.3%

Gains less losses from investment securities 38 546 69 353 +79.9%

Net foreign exchange gains 135 421 166 688 +23.1%

Net other operating income and expense 97 648 129 903 +33.0%

Total income itemsTotal income itemsTotal income itemsTotal income items 5 498 560 5 498 560 5 498 560 5 498 560 5 175 123 5 175 123 5 175 123 5 175 123 -5.9%-5.9%-5.9%-5.9%

Net impairment allowance and write-offs (971 141) (748 649) -22.9%

Administrative expenses (2 468 514) (2 777 087) +12.5%

Share in net profit (losses) of associates and jointly controlled entities 7 313 15 823 +116.4%

Profit before income tax Profit before income tax Profit before income tax Profit before income tax 2 066 218 2 066 218 2 066 218 2 066 218 1 665 210 1 665 210 1 665 210 1 665 210 -19.4%-19.4%-19.4%-19.4%

Income tax expense (417 606) (327 827) -21.5%

Net profit attributable to non-controlling shareholders (9 516) (12 676) +33.2%

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 1 658 128 1 658 128 1 658 128 1 658 128 1 350 059 1 350 059 1 350 059 1 350 059 -18.6%-18.6%-18.6%-18.6%

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

Q2'14Q2'14Q2'14Q2'14

Q2'15/Q2'15/Q2'15/Q2'15/

Q1'15Q1'15Q1'15Q1'15

Net interest income 1 939 034 1 978 715 1 865 354 1 670 738 1 683 362 -13.2% +0.8%

Net fee and commission income 783 614 726 761 717 716 679 150 757 382 -3.3% +11.5%

Other income 227 737 185 711 173 747 230 859 153 632 -32.5% -33.5%

Dividend income 6 091 315 105 - 9 676 +58.9% x

Net income from financial instruments designated at fair value 39 740 20 447 1 778 23 118 (14 247) x x

Gains less losses from investment securities 31 907 33 338 78 166 52 541 16 812 -47.3% -68.0%

Net foreign exchange gains 86 782 66 386 33 990 72 239 94 449 +8.8% +30.7%

Net other operating income and expense 63 217 65 225 59 708 82 961 46 942 -25.7% -43.4%

Total income itemsTotal income itemsTotal income itemsTotal income items 2 950 385 2 950 385 2 950 385 2 950 385 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 -12.1%-12.1%-12.1%-12.1% +0.5%+0.5%+0.5%+0.5%

Net impairment allowance and write-offs (557 683) (475 209) (452 320) (373 579) (375 070) -32.7% +0.4%

Administrative expenses (1 342 754) (1 337 200) (1 439 427) (1 404 770) (1 372 317) +2.2% -2.3%

Share in net profit (losses) of associates and jointly controlled entities 12 945 15 948 8 549 8 515 7 308 -43.5% -14.2%

Profit before income tax Profit before income tax Profit before income tax Profit before income tax 1 062 893 1 062 893 1 062 893 1 062 893 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 -19.6%-19.6%-19.6%-19.6% +5.4%+5.4%+5.4%+5.4%

Income tax expense (213 262) (220 838) (153 303) (175 151) (152 676) -28.4% -12.8%

Net profit attributable to non-controlling shareholders (5 923) 513 (2 303) (11 419) (1 257) -78.8% -89.0%

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 855 554 855 554 855 554 855 554 873 375 873 375 873 375 873 375 722 619 722 619 722 619 722 619 647 181 647 181 647 181 647 181 702 878 702 878 702 878 702 878 -17.8%-17.8%-17.8%-17.8% +8.6%+8.6%+8.6%+8.6%

44

Consolidated income statement of the PKO BP Group -quarterly

AssetsAssetsAssetsAssets (PLN '000) (PLN '000) (PLN '000) (PLN '000) 30.06.1430.06.1430.06.1430.06.14 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 30.06.1530.06.1530.06.1530.06.15ChangeChangeChangeChange

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

ChangeChangeChangeChange

q/qq/qq/qq/q

Cash and balances with the Central Bank 9 910 908 8 636 840 11 738 371 10 090 058 11 934 626 +20.4% +18.3%

Amounts due from other banks 2 470 074 3 153 197 2 486 686 4 567 158 3 673 220 +48.7% -19.6%

Trading assets 1 184 220 2 928 152 1 924 426 1 813 910 1 532 183 +29.4% -15.5%

Derivative financial instruments 3 385 895 4 539 493 5 494 822 5 598 132 3 976 774 +17.5% -29.0%

Financial assets designated at fair value through P&L 16 058 563 15 002 777 15 723 148 18 730 144 13 871 079 -13.6% -25.9%

Loans and advances to customers 177 993 959 178 333 300 179 497 384 182 440 406 185 336 089 +4.1% +1.6%

Investment securities available for sale and securities held to maturity 21 872 268 22 703 448 22 512 583 23 805 722 25 867 501 +18.3% +8.7%

Tangible fixed assets 2 778 061 2 762 259 2 653 555 2 480 800 2 493 423 -10.2% +0.5%

Other assets 6 635 479 6 387 492 6 669 614 7 057 596 6 838 732 +3.1% -3.1%

TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 242 289 427 242 289 427 242 289 427 242 289 427 244 446 958 244 446 958 244 446 958 244 446 958 248 700 589 248 700 589 248 700 589 248 700 589 256 583 926 256 583 926 256 583 926 256 583 926 255 523 627 255 523 627 255 523 627 255 523 627 +5.5%+5.5%+5.5%+5.5% -0.4%-0.4%-0.4%-0.4%

Liabilities and eqiutyLiabilities and eqiutyLiabilities and eqiutyLiabilities and eqiuty (PLN '000) (PLN '000) (PLN '000) (PLN '000) 30.06.1430.06.1430.06.1430.06.14 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 30.06.1530.06.1530.06.1530.06.15ChangeChangeChangeChange

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

ChangeChangeChangeChange

q/qq/qq/qq/q

Amounts due to the central bank 3 739 4 604 4 427 4 143 4 158 +11.2% +0.4%

Amounts due to banks 19 239 394 19 771 512 19 394 482 21 570 055 20 101 550 +4.5% -6.8%

Derivative financial instruments 3 567 160 4 450 053 5 545 141 6 300 141 5 096 870 +42.9% -19.1%

Amounts due to customers 171 378 386 171 173 601 174 386 766 178 367 476 179 137 778 +4.5% +0.4%

Liabilities of insurance activities 2 541 254 2 637 729 2 679 722 2 790 195 2 587 180 x -7.3%

Debt securities in issue 12 699 201 12 974 373 13 300 610 13 815 938 14 139 104 +11.3% +2.3%

Subordinated liabilities 2 624 548 2 378 835 2 413 985 2 478 949 2 521 227 -3.9% +1.7%

Other liabilities 4 222 097 4 053 988 3 359 905 2 992 193 3 204 909 -24.1% +7.1%

Total equity 26 013 648 27 002 263 27 615 551 28 264 836 28 730 851 +10.4% +1.6%

TOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIES 242 289 427 242 289 427 242 289 427 242 289 427 244 446 958 244 446 958 244 446 958 244 446 958 248 700 589 248 700 589 248 700 589 248 700 589 256 583 926 256 583 926 256 583 926 256 583 926 255 523 627 255 523 627 255 523 627 255 523 627 +5.5%+5.5%+5.5%+5.5% -0.4%-0.4%-0.4%-0.4%

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)**) According to the AGM resolution of 25 June 2015

46

Shares, rating and dividend policy

Dividend policy approved by the Supervisory Board on 6 May 2015• 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. Capital adequacy ratios specifying the criteria for dividend payment are as follows:− total capital ratio above 12.5 per cent and− common equity Tier 1 ratio above 12 per cent.

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 31,39%

Aviva OFE*6,72%

Nationale-Nederalnden

OFE*5,17%

Others56,72%

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

Investor’sInvestor’sInvestor’sInvestor’s calendarcalendarcalendarcalendar::::

9 November 2015 Publication of the Quarterly 3Q 2015 Report

7 March 2016 Publication of the 2015 Annual Report