PKO Bank Polski SA Group

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1 PKO Bank Polski SA Group LEADER ON THE STABLE MARKET October 2012

2 1. PKO Bank Polski: The Leading Polish and CEE Bank 2. Operating Environment 3. Continued Strong Financial Performance 4. Focused Strategy 5. Appendix

3 The leading bank in CEE and Poland Largest universal bank in Poland since 1919 and amongst the leading banks in CEE (1) by total assets, net income, total equity, loans and deposits, size of customer base and distribution network No. 1 in Polish banking sector in terms of all mentioned metrics Leading bank in CEE and one of Top 25 bank in Europe by market cap Robust funding, strong liquidity profile and strong capitalisation combined with strong and consistent financial performance Dividend payout ratio (2) at 40,15% of 2011 net profit Ranked among Top 10 out of 91 European Banks during 2011 EBA stress test (3) Strong credit rating by S&P (A-) and Moody s (A2) Listed on Warsaw Stock Exchange since 2004, the largest and most liquid exchange in the CEE 60 Share price performance since (IPO PO) ) to Rebased to PKO BP Share Price in PLN Ke y financial information (P LN bn) H'11 1H'12 1H'12/ 1H'11 Net loans % Total assets % Deposits % Equity % Total Banking Income % Ne t profit % Earnings per share, diluted (PLN) % Divide nd p e r Share (PLN) x x x Loan to Deposit Ratio 93.2% 98.3% 96.7% 97.5% 96.2% -1.4 pp. Imapaired Loans Ratio (4) 7.6% 8.0% 8.0% 7.6% 8.7% +1.0 pp. (Core ) Tie r 1 Ratio 13. 5% 11. 3% 11.2% 11.5% 12. 0% pp. Net Interest Margin (5) 3.9% 4.4% 4.6% 4.5% 4.7% +0.3 pp. Cost to Income Ratio 47. 9% 41. 7% 39.6% 39.9% 38. 8% pp. RoAE 14. 8% 14. 9% 17.5% 16.3% 17. 5% pp. Shareholders structure on 24 July 2012 r. (after settlement of transaction of shares sale by State Treasury) ry) % 23.2% Others % State Treasury % (64.8%) 0 PKO BP WIG 20 Euro STOXX Banks ING OFE 5.17% BGK % Notes: (1) Central and Eastern Europe ( CEE ) excludes Commonwealth of Independent States ( CIS ) and Turkey. (2) Payout ratio in % of stand-alone net profits of the Bank. (3) Under the severe stress scenario. (4) Impaired loans to total gross loans and advances to customers under IFRS. (5) Net interest income for the year divided by average interest bearing assets for the period calculated using ending quarterly balances. (6) Net profit attributable to equity holders of the parent company for the period divided by the average shareholders equity calculated using ending quarterly balances. 3

4 Leader amongst its regional peers Largest CEE bank by market cap (EUR bn) Net loan and deposit growth (CAGR Jun 09 Jun 12) % 96.2% 130.1% 91.2% 75.4% 84.4% 109.6% 105.0% % 16.6% 9.4% 10.3% 8.8% 7.3% 7.1% 4.5% 6.1% 4.9% 3.1% 2.5% 3.3% 2.5% 1.5% -1.1% 38.6% 38.8% 42.6% 43.5% 44.8% 47.5% 52.5% 53.3% 2.1% 2.1% 1.3% 1.5% 2.1% 0.7% 0.6% -0.4% 17.5% 16.9% 15.3% 14.5% 14.0% 10.8% 4.6% -6.3% Komercni (Soc Gen) PKO BP OTP BRE BZ WBK Pekao (UCG) Erste RBI PKO BP Pekao (UCG) Erste PKO BP BZ WBK BRE Komercni (Soc Gen) Pekao UCG) RBI OTP Erste Komercni (Soc Gen) Total Assets (EUR bn as of end-1h 12) RBI BZ WBK Market Capitalisation as of end -1H 12 OTP BRE RBI PKO BP BRE Pekao (UCG) Komercni (Soc Gen) Loan to Deposit Ratio (end-1h 12) net loans BZ WBK Erste deposits OTP Avg. 7.1% Avg. 6.2% Cost / income ratio (1) (1H 1H 12 12) RoAE (2 ) / RoAA (3 ) (1H 1H 12 12) Avg. 45.2% RoAA (%) Avg.10.9% Source: Respective companies consolidated financial statements as of 30 June 2012, Total assets exchanged at EUR/PLN, EUR/CZK, EUR/HUF FX rates as of 30 June Growth rates and ratios calculated in local currency. Notes: (1) Cost/income ratio calculated = Administrative expenses divided by result on business activities defined as operating profit before administrative expenses and net impairment allowances (2) RoAE = Net profit attributable to equity holders of the parent company for the last 12M period divided by the average shareholders equity calculated using ending quarterly balances. (3) ROAA = Net profit attributable to equity holders of the parent company for the last 12M period divided by the average total assets calculated using ending quarterly balances. 4

5 Market share Maintaining leadership in Poland #1 in Polish banking sector Deposits market share (%) Loans market share (%) Private individuals Total Institutional entities Private individuals Total Institutional entities Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q' Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 PLN bn Mutual funds market share Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 Total assets of mutuals funds (PLN bn) PKO TFI market share (%) Source: PFSA, Chamber of Fund and Asset Management as of 30 June 2012 Notes: PKO TFI is a fully owned subsidiary of PKO BP since October % Highest profitability, assets and capital in the sector PKO s s market share in net profit is 111 pp. higher than market share based on total assets Total Assets Total Equity Net Profit Market share (%) 1H

6 Largest distribution network in Poland Nationwide network largest in Poland with growing alternative distribution channels Russian Fed. Lithuania Germany Belarus Pekao (UCG) (1) BZ WBK (Santander) Online portal providing customers with access to their account details and certain functionalities Version for corporate clients branded ipko Biznes offering a transaction platform for clients 3.2 million users as of June 2012 Millennium (BCP) 447 Czech Rep. Number of branches 1,197 - Retail Slovakia 1,130 - Corporate 67 Franchised agencies 1,218 ATMs 2,525 Ukraine ING BSK (ING) BGZ (Rabo) Kredyt Bank (KBC) BRE Group (CBK) Source: Company information and PFSA as of 30 June 2012, respective companies documents. Note: (1) Pending merger of BZ WBK and Kredyt Bank after the acquisition of Kredyt Bank by Santander (1) Online distribution with distinctive branding providing a range of products Ca. 644,5 6 44,500 account holders as of June 2012 Key distribution channel in terms of accessing younger customers Targeting younger generation Other Channels Establishment of new Private Bank locations to access affluent customers Extension of brokerage house network Introduction of mobile banking (higher penetration of mobile phones than online banking) Use Call Centre for sale purposes post CRM implementation Franchised agencies work on exclusive long-term basis with PKO 6

7 PKO Bank Polski business lines.. supported by key subsidiaries Product factories Online Ukraine (1) (2) Asset management operations Gained full control from Credit Suisse in th by AuM as of end- 1H valued PLN 8.4bn Pension fund business 9 th by total assets As of end-1h 1H PLN 8.4bn of net assets Key strategic product in corporate banking 3 rd market position in terms of leased assets as of end-1h 1H 12. Lease investments valued PLN 3,1bn Internet banking platform Became a leading internet banking provider in Poland Widened product offering and functionalities Ukrainian subsidiary Focused on corporate banking Significant restructuring started in % share in Group s total assets and result on business activities Source: Company information, Chamber of Fund and Asset Management, Polish Bank Association, PFSA as of March Notes: (1) Bankowy Fundusz Leasingowy. (2) Consolidated accounts for Platforma Inteligo. 7

8 1. PKO Bank Polski: The Leading Polish and CEE Bank 2. Operating Environment 3. Continued Strong Financial Performance 4. Focused Strategy 5. Appendix

9 Poland: One of Europe s fastest growing markets Poland is the 8th largest economy in the EU (1) and 20th largest economy globally (2) accounting for 1/3rd of CEE s GDP and population Large domestic economy modestly reliant on exports (only ca %) compared to neighbouring countries and Western Europe Steady personal income growth and labour market dynamics supporting private consumption growth Continued increase in employment with above half of new jobs created in Europe during period being located in Poland Dynamically growing small and medium-sized enterprise ( SME SME ) sector in Poland which contributes close to 50% of Poland s GDP q2008 = 100 GDP at market prices Eurozone excl. Germany Germany Poland United States Poland is expected to continue its stable economic growth 2012E 2E 2013E E Cumulative Real GDP growth forecast Poland Romania Slovakia Bulgaria Czech Republic 2,7% 2,6% 1,8% 3,5% 3,3% 3,0% 2,5% 3,8% 3,8% 3,7% Population (mn) 5,4 10,5 7,5 10,0 38, Nominal GDP (EUR bn) Hungary 1,7% 2,9% 21, mar-08 mar-09 mar-10 mar-11 mar-12 EU-27 0,6% 1,7% 502,5 12,626 Source: Eurostat Notes: (1) Source: European Commission (2) Source: IMF. 2012E 2013E Source: IMF, FX Rates as of 31 Dec.2011: EUR/USD=

10 Macroeconomic environment In Q GDP slowdown along with relatively stable labour market GDP and decomposition of growth rate (% y/y) GDP household consumption expenditures external trade contribution (pp) gross fixed investments (RA) Labour market (%) Unemployment rate Unemployment rate, LFS 1) Employment growth (y/y) Wages growth in enterprises (% y/y) ) Percentage share of the number of unemployed population in the number of economically active population (i.e. employed and unemployed persons) according to EU methodology. 10

11 Macroeconomic environment Elevated inflation, stronger PLN, and lower yields Inflation rate (% y/y) 5 PLN exchange rates PLN/EUR PLN/USD PLN/CHF year yield WIBOR 3M Reference rate Interest rates (% eop) CPI inflation increased to 4.3% y/y in June 2012 (vs. 3.9% y/y in March) due to high growth of food prices whereas EURO 2012 effects were negligible. Inflation remains above NBP target (2.5%) Elevated CPI inflation prompted the NBP to rise interest rates by 25bp in May, to 4,75%. Given the continued growth moderation the MPC will most likely stay on hold in the next 3-6 months Zloty appreciation a result of global decrease in risk premium due to EBC s monetary easing (LTRO, rate cut) and dominant in Q market expectations of a Fed s third round of quantitative easing (QE3) 11

12 Financial Market Slightly weaker loans growth, stable deposits dynamics Loan growth rates (% y/y) Deposit growth rates (% y/y) Private individuals Corporate Total, Housing Consumer Total Corporates Mutual funds market (PLN bn) net inflow net mutual fund assets Loans trends in Q2 2012: (i) moderation in corporate credit growth (12.1% y/y in Q2 vs. 15.1% y/y in Q1), (ii) slower mortgages growth (11.9% vs. 15.9% y/y, respectively), and (iii) continued decline in consumer loans (-2.7% vs. -2.5% y/y) Deposits trends in Q2 2012: (i) stable retail deposits growth (13.5% y/y in Q2 vs. 12.5% y/y in Q1) and further decrease in growth of corporate deposits (3.4% in Q2 vs. 7.9% y/y in Q1) Increase in investment funds assets as a result of stabilization on the equity market and net inflows 12

13 1. PKO Bank Polski: The Leading Polish and CEE Bank 2. Operating Environment 3. Continued Strong Financial Performance 4. Focused Strategy 5. Appendix

14 Track record in loan and deposit growth while maintaining strong profitability Consistent and virtually uninterrupted loan and deposit growth Gross loans (PLN bn) Customer deposit (PLN bn) CAGR +12.3% % CAGR +12.5% % H'11 1H'12 Source: The Group s financial statements H'11 1H'12 Corporate and State Budget Retail Strong profitability levels through the cycle Return on Average Assets (1) Return on Average Equity (2) 2.6% 1.5% PKO BP 1.6% 0.8% Polish Banking Sector 2.0% 2.1% 2.1% 1.3% 1.2% 1.0% 24.0% 18.2% PKO BP(3) Polish Banking Sector 17.5% 17.5% 14.8% 14.9% 13.0% 12.2% 8.8% 10.3% H' (3) H'12 Source: The Group s financial statements, Polish Financial Supervision Authority for banking sector data. (1) Return on Average Assets = Net profit attributable to equity holders of the parent company for last 4quarters period divided by the average total assets calculated using ending quarterly balances. (2) Return on Average Equity = Net profit attributable to equity holders of the parent company for last 4quarters period divided by the average shareholders equity calculated using ending quarterly balances. (3) Drop in RoAE partially attributed to capital increase of ca. PLN5bn in Q

15 Strong revenue generation driven by core income and high margins Revenue growth driven by strong core income (1) generation capabilities (PLN mn) CAGR +5.9% % (1) Net F&C income breakdown by segment (2) % H'11 1H'12 Net interest income Net F&C income Net other income CAGR in the period Note: CAGR calculated as square root of (ending balance in 2011 divided by ending balance in 2008) 1. Total 1H 2012 = PLN 1,503 mn Net interest margins (3) strength Net interest income breakdown by segment (2) 5.8% 3.9% 4.4% 4.6% 4.7% H'12 Total 1H 2012 = PLN 4,042 mn Source: The Group s financial statements. Note: Numbers may not reconcile due to rounding differences. (1) Core income = Net interest income + Net fee and commission income. (2) Includes transfer centre and own activities. (3) Net interest income for last 4 quarters divided by average interest bearing assets for the period calculated using ending quarterly balances. 15

16 Cost discipline supporting operating efficiency Cost/Income (1) ratio improvement Continued improvement in productivity 45.8% 47.9% 41.7% (2) Cost to average assets % 2.9% # Employees ( 000) % 2.4% 2.4% 39.6% 38.8% H' H'12 Strict cost control (PLN mn) CAGR +0.9% Administrative expenses breakdown +5.8% H'11 1H'12 Administrative expenses Total 1H 2012 = PLN 2,246 mn % CAGR in the period Note: CAGR calculated as square root of (ending balance in 2011 divided by ending balance in 2008) 1. Source: The Group s financial statements. Note: Numbers may not reconcile due to rounding differences. (1) Administrative expenses divided by total operating income. (2) Administrative expenses for the period (for 1Q 12 annualized) divided by average total assets calculated using year end balances. 16

17 Maintenance of prudent approach to credit risk resulting in sound asset quality Contained growth of NPLs ratio 8.8% 7.6% 7.9% 8.0% 8.0% 8.2% 8.7% 8.6% 77.1%... achieved with improving NPLs coverage levels (1) 4.7% 3.6% 43.2% 44.6% 48.0% 47.0% H'12 PKO BP Group Polish Banking sector Source: The Group s financial statements, PFSA H'12 Source: The Group s financial statements. Stable cost of risk (2) 1.41% 1.37% 1.39% 1.14% 1.30% H'12 Source: The Group s financial statements. Prudent risk approach resulting in contained asset quality deterioration during the crisis and improving credit quality metrics and provision coverage in current environment Much stricter internal NPL classification compared to standard 90 days past due loans (in PKO Bank Polski share of loans with recognized impairment with delay past due over 90 days 3.5% for 1H 12 and 3.2% for 1H 11) More balanced provisioning levels reflected in relatively steady through the cycle cost of risk levels Mortgage geared loan book resulting in higher real NPL coverage ratio due to collateral Source: The Group s financial statements. Notes: (1) Impairment allowances on impaired loans and advances to customers. Cash coverage only i.e. does not include collateral. (2) Cost of risk = Net impairment allowance for last 4 quarters divided by average gross loans for the period calculated using ending quarterly balances 17

18 Quality of loan portfolio Standalone data Stable cost of risk in Q % 3.7% Share of loans with recognized impairment 7.3% 7.2% 3.8% 3.9% 7.7% 7.9% 4.2% 4.5% other premises Coverage of loans with recognized impairment by impairment allowance 71.1% 68.9% 69.9% 60.5% 72.7% 73.8% 74.2% 52.5% 53.2% 50.0% 52.4% 48.7% 47.9% 47.9% 47.1% 37.3% 38.2% 38.9% 39.2% 39.0% 3.2% 3.5% 3.3% 3.5% 3.5% delay past due over 90 days Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Total Corporate loans Mortgage loans Consumer loans Cost of risk for last 12M (bp.) Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Total Corporate loans Mortgage loans Consumer loans Share of loans with recognized impairment for PKO Bank Polski increased by 0.2 pp. q/q Coverage of loans with recognized impairment by impairment allowance at level 47.1%, lower than in previous quarter Drop of cost of risk in case of mortgage loans comparing to previous quarter Increase in cumulative cost in corporate loans (mainly due to one-offs concerning entities valued with individual method) 18

19 Funding sources Deposits are the primary source of funding Liabilities structure (total as at 30 June 12: PLN bn) Deposit structure (total as at 30 June 12: PLN bn) Debt securities structure (total as at 30 June 12: PLN 7.3 bn) Debt securities in issue 4% Subordinated liabilities 1% Other liabilities 2% Amounts due to banks 3% Derivative financial instruments 2% Amounts due to retail clients 72% Amounts due to corporate entities 24% From 1 year to 5 years 62% Less than 3 months 37% Amounts due to customers 88% Amounts due to state budget entities 3% From 3 months to 1 year 1% Stable development of Bank s deposit base 98% 92% 93% 90% 98% 95% 97% 93% 96% 93% H'12 Net loans to deposit ratio Net loans to deposit ratio (adjusted)1) 1) Adjusted ratio uses the aggregate of amounts due to customers together with amounts due to banks other than central banks for deposits Retail and corporate deposits are the primary source of funding Financing agreements as at end-1h 2012 included: July 2007 CHF 950 mn 5-year credit facility (credit matured in July 2012; the same month Bank opened a new CHF 410 mn 3-year credit facility) EUR 800 mn 5Y bonds raised in October st tranche of the EMTN Programme CHF 250 mn 5Y bonds issuance in July nd tranche of the EMTN Programme PLN 2,481 mn domestic issue (short term) Moreover: EUR 50 mn 10Y bonds issuance in July 2012 (EMTN, 3 rd tranche, private placement) CHF 500 mn 3.25Y bonds issuance priced in August with issue date in September 2012 (EMTN, 4 th tranche) and Stand-alone USD 1 bn 10Y 144A bonds issuance in September

20 Funding sources Long term funding Call option At the end of August 2012 the long term funding amounted c.a. PLN 11.1 bn Call option Long term outflows in 2012: CHF 950 mn syndicated 5Y loan (2007) PLN 1.6 bn - subordinated 10Y bonds issued in 2007 with call option maturing in October PLN 323 mn - credit maturing in December 20

21 Capital adequacy Secure level of capital adequacy ratio PLN bn % % 12.6% 12.3% 12.4% % 11.2% 11.2% 1H'11 3Q' Q'12 1H'12 Own funds Total capital requirement CAR Core Tier % % 14.5% 14.0% 13.5% 13.0% 12.5% 12.0% 11.5% 11.0% 10.5% 10.0% After Q capital adequacy ratio decreased by 0.8 pp. q/q due to growth of total capital requirement mainly in respect of credit risk; drop of CAR by about 0.5 pp. was a consequence of entry into force PFSA regulations concerning FX loans 21

22 1. PKO Bank Polski: The Leading Polish and CEE Bank 2. Operating Environment 3. Continued Strong Financial Performance 4. Focused Strategy 5. Appendix

23 PKO Bank Polski is implementing main goals and parameters of the Strategy according to plan Market leader in Poland by all metrics and top positioning in CEE with immense growth potential including deepening of distribution presence, further cost optimization, cross-selling and better use of CRM/databases Operates in a large, stable, under-banked and growing market Poland is the 8 th largest economy in the EU (1) and 20 th largest economy globally (2) accounting for 1/3rd of CEE s GDP and population Despite close to 20% loan CAGR over the last 5 years, banking sector has still low penetration levels vs. Western Europe (Loans/GDP of 50% in Poland vs 118% in the Euro Area) Strong leadership in Polish market and leading performance in CEE #1 universal bank in Poland by all metrics, top position in CEE by market cap >16% over-the the-cycle RoAE, ca. 13%-15% during economic slowdown in Poland (ca. 2x average of Polish banks) As of 1H 2012 Cost-income ratio of % (-1.2 pp. y/y), Core Tier 1 ratio of 12.0% 1 (+0.5pp. y/y) and Loan to Deposits ratio of % (-1.4 pp. y/y) Experienced management focused on execution of strategy for growth Main investments of previous years are delivering expected returns (e.g. #1 position in corporate) Focus on increasing revenues while maintaining high cost efficiency and robust liquidity and capital position Prudent risk management and sound asset quality Investment portfolio focused on government bonds (no toxic assets). Limited proprietary trading activity Loan portfolio structure focused on retail mortgage built across the cycle and stricter NPL classification Low mortgage loan book FX exposure ( 40%) compared to the market average ( 60%) Management team with a significant track record in the financial services industry Strong balance sheet combined with a superior and consistent financial performance Ranked among top 10 out of 91 European Banks during 2011 EBA stress test (3) Customer deposits represent ca. 93% of total funding (4) Notes: (1) Source: Eurostat (2) Source: IMF (3) Under the severe stress scenario (4) Retail & corporate (incl. budget) deposits to total deposits & debt (incl. subordinate debt) 23

24 Thank you!

25 Appendix

26 Key strategic initiatives for PKO Bank Polski development plan Build customer loyalty and attract new clients Increase business with existing customers Customer segmentation and product innovation Branch network optimisation: refreshed logo, style and marketing campaigns, growing in under-represented locations Focus on customer service as a competitive advantage Automation and centralisation of approval processes to provide rapid response to clients Enhance profitability per client via focus on cross-selling of non-loan products: Retail: asset management, brokerage, bancassurance Corporate: transactional services, leasing/factoring, investment banking Focus on enhancing CRM capabilities Incorporate cross-sell into employees KPIs Target generation Y, Y young professionals, new new generation of pensioners (IT savvy, experienced) Broad product range Maintain operational excellence Centralize key process function, reduction of back offices from #100 to #5 Automation of sales process, flexibility and swiftness of new technological solutions, simplifying procedures Enhancing and improving Risk Management and customer monitoring New internal scoring model Sustainable efficiency above peers Focus on core activities Maintain leadership in retail and corporate supplemented by a strong product factory Selling non core assets (e.g. real estate) Continue restructuring of Kredobank (Ukraine) Consistent with historical strategy Attract and retain experienced management and staff, and foster a dynamic organisational culture Streamlining of organisational structure Attracting and retaining the best talent in the country Improved remuneration, back office centralization and internal communication Optimise group structure Strong liquidity and capital base Detail strategic planning and budgeting process focused on capital allocation to units that improve the risk-return profile of the bank Retention of conservative liquidity position at the highest vs. European peers Prudent approach towards risks 26

27 Achieve long term sustainable growth and profitability through a secure and universal business model Core objectives of PKO Bank Polski strategic development plan Leverage existing leadership position to expand into new segments via cross-sell sell and up-sell effort Stable and continuous growth in profitability and efficiency Maintain robust capital adequacy ratio, liquidity and efficiency levels Cost/Income Ratio RoAE 1H 12 CEE Peer Group Position (1) #2 #1 Main investments of previous years are starting to deliver full potential A B C Significant investments and commitment in corporate allowed PKO Bank B Polski to achieve leadership position in corporate banking and strengthen leading position in retail banking Delivered ed consistent and improving profitability as well as strong net income growth Significant increase in productivity, cost savings led PKO Bank B Polski to achieve one of the lowest cost / income ratio among European peers RoAA Market value (PLN bn) #2 #1 Note: (1) Market position vs. CEE peer group consisting of: Pekao, Erste Group Bank, BRE Bank, Komercni Banka, BZ WBK, Raiffeisen Bank International, OTP (2) Compounded annual growth rate between June 30, 2009 and June 30,

28 Profit & Loss Account PKO Bank Polski Group Profit and Loss Account (PLN mn) CAGR Net interest income % % Net fee and commission income % % Other income % % Dividend income % 7 6 n.m. Net income from financial instruments designated at fair value (163) 61 (63) (75) -22.7% (35) 15 n.m. Gains less losses from investment securities (3) (3) n.m n.m. Net foreign exchange gains % % Net other operating income and expense % % Total income items % % Net impairment allowance and write-offs (1 130) (1 681) (1 868) (1 930) 19.5% (881) (1 101) 24.9% Administrative expenses (4 296) (4 244) (4 249) (4 411) 0.9% (2 123) (2 246) 5.8% Share in net profit (losses) of associates and jointly controlled 16 0 (1) (20) n.m. (4) 6 n.m. entities Profit before income tax % % Income tax expense (838) (631) (866) (976) 5.2% (470) (496) 5.6% Net profit attributable to non-controlling shareholders 19 6 (4) (2) n.m. (1) (1) -52.4% Net profit attributable to the parent company % % 1H'11 1H'12 1H'12/ 1H'11 Source: The Group s financial statements. Note: Numbers may not reconcile due to rounding differences. 28

29 Statement of financial position PKO Bank Polski Group Assets (PLN mn) CAGR Cash and balances with the Central Bank % % Amounts due from other banks % % Financial assets held for trading % % Derivative financial instruments % % Financial instruments valued at fair value through profit or loss % % Loans and advances to customers % % Investment securities available for sale % % Tangible fixed assets % % Other assets % % TOTAL ASSETS % % Liabilities and eqiuty (PLN mn) CAGR Amounts due to the Central Bank % % Amounts due to the other banks % % Derivative financial instruments % % Amounts due to customers % % Debt securities in issue % % Subordinated liabilities % % Other liabilities % % Total equity % % TOTAL LIABILITIES AND EQIUTY % % 1H'11 1H'11 1H'12 1H'12 1H'12/ 1H'11 1H'12/ 1H'11 Source: The Group s financial statements. Note: Numbers may not reconcile due to rounding differences, presented balances as of the last day of respective periods. 29

30 Dividend Dividend policy payout of excess capital Dividend policy adopted on 4 th April 2012 assumes: to maintain a stable level of dividend payments in the long term, in compliance with the principles of prudent bank management and with consideration of the financial strength of the Bank and the Bank s Capital Group as determined on the basis of the adopted criteria an optimization of the capital structure, taking into account the return on capital and its cost, capital needs for development, while ensuring an appropriate level of capital adequacy ratios to recommend in the future the payment of dividend in an amount ensuring that the capital adequacy ratios are maintained at the following levels: capital adequacy ratio above 12 per cent while maintaining the necessary capital buffer common equity Tier 1 ratio above 9 per cent while maintaining the necessary capital buffer Payment from the net profit of the year: DPS (PLN) Dividend yield (Div Day) Payout ratio % 40.15% % 74.75% % 97.65% % 34.71% % 40.07% % 47.87% % 47.71% % 66.18% 30

31 Retail segment Consolidated data Gross financial result of retail segment (PLN mn) % % % % % -813 Net interest income Net F&Cincome Other income Net impairment allowance Administrative expenses Housing market client SME Gross loans* (PLN bn) Mortgage banking +0.1% Retail and private banking -7.2% +6.7% -8.4% -9.7% 1H H 2012 Deposits* (PLN bn) +7.8% % +5.0% +8.5% New sales of loans* (PLN bn) % % -42.5% -24.4% % Housing SME Retail and private banking Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Housing market client Mortgage banking SME Retail and private banking Change y/y * Bank s management data 31

32 Retail segment- mortgage loans Standalone data Structure of mortgage loans porfolio PLN FX 39.5% 40.9% 40.4% 38.5% 38.4% Structure of new sales of mortgage loans PLN FX 1.3% 0.1% 9.8% 9.7% 9.3% 60.5% 59.1% 59.6% 61.5% 61.6% 90.2% 90.3% 90.7% 98.7% 99.9% % 81% 81% 80% 80% Average LTV of loans portfolio Average carrying value of mortgage loan (PLN '000) Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 70% 69% 69% 69% 68% Average LTV of new sales Average value of mortgage loan in new slaes (PLN '000) Total PLN FX Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Total PLN FX 32

33 Corporate segment Gross financial result of corporate segment (PLN mn) Consolidated data % +15.7% Net interest income Net F&Cincome Gross loans*(pln bn) % % % % -244 Other income Net impairment allowance Administrative expenses 1H H Comment : in 1H 2012 re-segmentation of SME and housing market client lines resulting with transfer of volumes to corporate segment together with assigned impairment allowance 28.1 Deposits* (PLN bn) % 27.9 New sales of loans* (PLN bn) +10.8% Q1'12 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Change y/y * Bank s management data 33

34 Overview of securities portfolio Securities portfolio over time % of Total Assets 10.9% 14.4% 13.3% 14.8% 14.7% Equity securities 3% Trading securities Other debt securuties 13% State Treasury debt securuties 84% Total 1H = PLN 0.4 bn Financial assets at fair value through profit and loss Local government debt securuties 2% State Treasury debt securuties 23% Investment securities available for sale (net) Equity securities 1% Other debt securuties 17% State Treasury debt securuties 55% NBP debt securities 75% Total 1H 12 12= PLN 14.9 bn Local government debt securuties 27% Total 1H = PLN bn Source: The group financial statements. Note: Numbers may not reconcile due to rounding differences. 34

35 Disclaimer This presentation (the Presentation ) has been prepared by Powszechna Kasa Oszczędności Bank Polski S.A. ( PKO BP S.A., Bank ) solely for use by its clients 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 solicitation of an offer to purchase any securities or recommendation to conclude any transaction, in particular with respect to securities of PKO BP S.A. The information contained in this Presentation is derived from publicly available sources which Bank believes are reliable, but PKO BP SA does not make any representation as to its accuracy or completeness. PKO BP SA shall not be liable for the consequences of any decision made based on information included 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 s disclosure of the data included in this Presentation is not a breach of law for listed companies, in particular for companies listed on the Warsaw Stock Exchange. The information provided herein was included in current or periodic reports published by PKO BP SA or is additional information that is not required 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, its representatives. 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 this Presentation. PKO BP SA does not undertake to publish any updates, modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of PKO BP SA, or should facts or events occur that affect PKO BP SA s strategy or intentions, unless such reporting 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 banks and PKO BP SA. Unless attributed exclusively to another source, such market information has been calculated based on data provided by third party sources identified herein and includes estimates, assessments, adjustments and judgments that are based on PKO BP SA s experience and familiarity with the sector in which PKO BP SA operates. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments and not verified by an independent third party, such market information is, unless otherwise attributed to a third party source, to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared is appropriately reflective of the sector and the markets in which PKO BP SA operates, there is no assurance that such estimates, assessments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will 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. 35

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