1. FINANCIAL RESULTS AFTER 1Q 2008 RECORD HIGH NET PROFIT, FINALIZING INGEGRATION Warsaw, 8 May 2008

2. Stopka prezentacji 2 FINANCIAL RESULTS AFTER 1Q 2008 1Q 2008 Net income (PLN mil.) ROE (%) 1 138 22.8 1Q 2007 927 22.4 +22.8% +0.4p.p. Change 2007 results restated for comparable purpose

3. Stopka prezentacji 3 AGENDA MACROECONOMIC ENVIRONMENT Q1 2008 FINANCIAL PERFORMANCE INTEGRATION UPDATE

4. Stopka prezentacji 4 POLISH ECONOMY TRENDS GDP (% Y/Y)INVESTMENTS (% Y/Y)CONSUMPTION (% Y/Y) Stable growth driven mainly by investments Still reasonable export growth Consumption boom is still ahead of the economy

5. Stopka prezentacji 5 POLISH ECONOMY TRENDS CPI growth expected to pick in mid 2008, allowing for finishing tightening cycle at 6-6,25% level

6. Stopka prezentacji 6 BANKING SECTOR TRENDS DYNAMIC OF HOUSEHOLDS AND CORPORATE LENDING IN THE POLISH BANKING SECTOR (% Y/Y) DYNAMIC OF HOUSEHOLDS AND CORPORATE DEPOSITS IN THE POLISH BANKING SECTOR (% Y/Y) TOTAL SECTOR LENDING (% Y/Y)TOTAL SECTOR DEPOSITS (% Y/Y) Source: NBP

7. Stopka prezentacji 7 POLISH ECONOMY PRESENTS ATTRACTIVE MIX OF GROWTH AND RESILIENCE

8. Stopka prezentacji 8 RELATIVELY LOW SHARE OF EXPORT, SLIGHTLY EXPOSURE TO US ECONOMY MAIN DIRECTIONS OF EXPORT Share of export to US at around 2%, limiting direct impact of US slowdown Export to GDP at 41%, one of the lowest in CEE EXPORT/GDP US about 2%

9. Stopka prezentacji 9 AGENDA MACROECONOMIC ENVIRONMENT Q1 2008 FINANCIAL PERFORMANCE INTEGRATION UPDATE

10. Stopka prezentacji 10 NET INCOME AND OPERATING INCOME NET INCOME (PLN mil.) +22.8% +48.4% OPERATING INCOME (PLN mil.) +15.9% +51.5% 2007 results restated for comparable purpose 1Q 07 includes ca 144 mil. net gain on sale of CU PTE 1Q 08 includes ca 350 mil. net gain on sale of investment banking part of CDM Net income up +22.8% y/y Net income adjusted for one-off transactions kept at a very good level of Q1 07, despite adverse capital market conditions Profitability improved further with ROE at 22.8% ROE (%) +0,4 p.p.

11. Stopka prezentacji 11 REVENUES AND COSTS TOTAL REVENUES (PLN mil.) +10.7% +18.0% COST / INCOME RATIO (%) - 2.7 p.p. Revenues up by 10.7% y/y, at similar level as Q1 07 on adjusted basis Cost/income ratio below 40% 2007 results restated for comparable purpose 1Q 07 includes ca 178 mil. revenues on sale of CU PTE 1Q 08 includes ca 435 mil. revenues on sale of investment banking part of CDM +3.6% -11.6% OPERATING EXPENSES (PLN mil.)

12. Stopka prezentacji 12 STRUCTURE OF REVENUES REVENUES (PLN mil.) % ch 1Q 08/4Q 07 % ch 1Q 08/1Q 07 +50.0% -13.8% +12.4% +280.4% -8.6% -1.9% 2 115 1 983 2341 +10.7% +18.0% Growing of NII allowed offsetting pressure on fees, impacted by adverse capital market conditions 2007 results restated for comparable purpose 1Q 07 includes ca 178 mil. revenues on sale of CU PTE 1Q 08 includes ca 435 mil. revenues on sale of investment banking part of CDM

13. Stopka prezentacji 13 NET INTEREST INCOME AND NET INTEREST MARGIN +12.4% -1.9% NET INTEREST INCOME (PLN mil.) NET INTEREST MARGIN NII up by 12.4%y/y, driven by improved net interest margin 2007 results restated for comparable purpose

14. Stopka prezentacji 14 CUSTOMER SAVINGS CUSTOMERS SAVINGS (PLN mil.) - savings of retail customers 117 208 108 480 -7.4% -9.3% -19.2% +3.8% -6.0% 63 13967 201 * total PPIM mutual funds Retail deposits up 4,2% YTD, capturing redemptions from mutual funds Corporate deposits reflecting negative market dynamic Zloty strengthening in Q1 affected savings by ca. 1bl. PLN

15. Stopka prezentacji 15 MUTUAL FUNDS MUTUAL FUNDS – VOLUMES (PLN mil.) MARKET SHARE 1Q 2008 MUTUAL FUNDS ASSETS STRUCTURE STRUCTURE OF MF SOLD BY PEKAO Decrease in assets under management, caused by adverse capital markets conditions Market share stabilized, confirming leading position

16. Stopka prezentacji 16 LENDING 73 832 74 698 CUSTOMERS LOANS* (PLN mil.) +1.2% +1.5% +0.5% * Nominal value Customers loans up 1.2% YTD Selective growth in corporate volumes, reflecting focus on return on risk weighted assets Policy of zloty denominated mortgages maintained

17. Stopka prezentacji 17 FEE AND COMMISSION INCOME FEE AND COMMISSION INCOME (PLN mil.) -8.6% -37.6% -8.7% +12.8% +1.3% -38.1% +6.1% -7.3% 708 669 611 -13.8% -8.6% % ch 1Q 08/4Q 07 % ch 1Q 08/1Q 07 Fee income coming from mutual funds and brokerage activity impacted by adverse market conditions 2007 results restated for comparable purpose

18. Stopka prezentacji 18 COSTS COSTS (PLN mil.) -5.2% -5.4% -20.1% +3.5% +3.4% +4.1% 897 1051 929 % ch 1Q 08/4Q 07 % ch 1Q 08/1Q 07 +3.6% -11.6% Total costs growth at 3.6%, below inflation 2007 results restated for comparable purpose

19. Stopka prezentacji 19 ASSET QUALITY NPL RATIO PROVISION COVERAGE RATIO COST OF RISK Further improvement of assets quality thanks to effective risk management and positive macroeconomic scenario Further increase in coverage ratio to 87.1% 7.8% 7.4% -2.7% +1.5%

20. Stopka prezentacji 20 AGENDA MACROECONOMIC ENVIRONMENT Q1 2008 FINANCIAL PERFORMANCE INTEGRATION UPDATE

21. Stopka prezentacji 21 MIGRATION 198 of branches migrated (70%) 80% of retail customers migrated 100% of corporate customers migrated Migration process in line with timetable, will finish by the end of May

22. Stopka prezentacji 22 START OF OPERATIONAL INTEGRATION DID NOT CHANGE LOW CUSTOMER CHURN OBSERVED SO FAR Very limited customer churn Churn of customer accounts % Before spin-off announcementBefore spin-off announcementBefore spin-off announcementBefore spin-off announcement (1) 0.72 After spin-off announcementAfter spin-off announcementAfter spin-off announcementAfter spin-off announcement (2) 0.77 After Day OneAfter Day OneAfter Day OneAfter Day One (3) 0.76 (1) Monthly average of period April 2005 – March 2006 (2) Monthly average of period April 2006 – November 2007 (3) Monthly average of period December 2007 – March 2008

23. Stopka prezentacji 23 NEW PEKAO IS ENTERING SECOND PHASE, EXPLOITING POTENTIAL OF JOINT ORGANIZATION Phase II action plan following IT migration, finalization of 3 years strategic plan Enhancement of current account offering to increase acquisition in attractive segments Competitive savings products to enhance further Bank’s proposition Expansion of retail on-line presence Stepping-up SME distribution model – establishing new business centers and dedicated corners in selected branches and new dedicated internet platform for SMEs

24. Stopka prezentacji 24 SUMMARY Record high net profit crossed 1.1 bl PLN with ROE 22.8% Migration in the last phase with 80% of customers already on Pekao IT platform, allowing focus on business development Three years plan preparation progressing, confirming focus on 3 dimensions; growth, customers and employees satisfaction

25. Stopka prezentacji 25 APPENDIX

26. Stopka prezentacji 26 UNEMPLOYMENT (%) VS. WAGES (gr. y/y) Source: Central Statistical Office POLISH ECONOMY TRENDS (3)

27. Stopka prezentacji 27 BANKING SECTOR - MORTGAGE MORTGAGE FX/TOTAL MORTGAGE / GDP Source: NBP

28. Stopka prezentacji 28 BANKING SECTOR TRENDS DYNAMIC OF HOUSEHOLDS LENDING IN THE POLISH BANKING SECTOR (% YTD) DYNAMIC OF HOUSEHOLDS DEPOSITS IN THE POLISH BANKING SECTOR (% YTD) DYNAMIC OF CORPORATE DEPOSITS IN THE POLISH BANKING SECTOR (% YTD) DYNAMIC OF CORPORATE LENDING IN THE POLISH BANKING SECTOR (% YTD) Source: NBP