Maria Wisniewska - CEO BANK PEKAO London, December 5 th, 2002 2 nd UCI INVESTOR DAY Focus on New...

Maria Wisniewska - CEO

BANK PEKAO

London, December 5th, 2002

2nd UCI INVESTOR DAYFocus on New Europe

2

Agenda

Key Highlights

Macroeconomic environment and banking industry

Key achievements

Financial results

Asset Quality & Credit Policy

2003 Strategic Focus

Conclusions

3

CHANGE SINCE 99

(1) Polish Accounting Standards (2) Capital (3) Investment funds 1EURO=4.09 PLN

BANK PEKAO ENJOYS LEADING MARKET POSITION AND EXCELLENT BRAND

Total Assets 16,261 2Market share 17%

Deposits(2) 12,359 2Market share 16%

Loans(2) 7,950 1Market share 14%

Asset Management 1,069 1Market share 24%(3)

Cards (market share) 27% 1

Net Income 112 1

Branches 828 +108ATM’s 1,087 +467Employees 17,233 -7,180Number of clients, mln 3.7 o/w retail, mln 3.4 o/w corporate, mln 0.3

Cost/Income, % 45.6ROE, % 9.1

Euro mln, unconsolidated figures as at Sep 02, PAS(1) RANK

4

Agenda

Key Highlights


Key achievements

Financial results



Conclusions

5

Year 2001 Country

Population, mln

Inflation rate, %

38.6

3.6

Per Capita GDP, Euro 4.6

2002E

Real GDP growth, %

Ref. interest rate(1)

1.1

6.75

Inflation rate, % 1.5

2003E

2.1

6.25

3.0

Ref. interest rate(1), % 11.5

2004E

3.6

5.5

3.6

S&P country rating BBB+

POLAND AT A GLANCE

After two years of weak macroeconomic scenario, economic growth will accelerate in 2003 thanks to increasing domestic demand (consumption and investments)

Inflation rate to stay in the range of 1,5-4,0%

Convergence process in realm of interest rate will continue (further cuts expected in Ref. interest rate(1): -125 bp by 2004)

Polish economy decelerated in 2H01 mainly due to a substantial decline in domestic capital expenditure

Personal consumption played a leading part in keeping economic growth in positive territory (Real GDP growth in 2001 +1.0%)

Inflation rate is comparable with the EU level and stabilized

Strong decrease in interest rates (e.g. Ref.interest rate(1) dropped from 19.0% in 2000 to 11.5% in 2001)

(1) Intervention Rate Source: Pekao estimates

6

2001

9.3

8.0

6.2

-0.8

2002E

8.7

3.9

2003E

11.2

9.8

BANKING SECTOR IN POLAND

224

EU*

580

Branches per mln inhabitants

(Loans+Deposits)/GDP

POLAND

72.1%

EU*

203%

POLAND

Loans growth, %

Deposits growth, %

2004E

19.3 11.3 10.5 9.8Rate on Loans(1), %

11.5 4.2 3.9 3.5Rate on Dep.(1), %

7.8 7.1 6.6 6.3Spread(1), %

(1) Average of end of period Banking System data; rates calculated based on local currency Loans and Deposits

The banking sector shows high growth potential to cover the gap in penetration ratios with EU

Strong presence of foreign banks (70% of banking sector assets)

Concentration of banking sector: 56% of assets held by top 5 players

Second wave of consolidation expected

Loans growth decelerated in 2002 due to weak macroeconomic environment, stronger investments will support lending already in 2003

Lower interest rates, introduction of tax on interest gains and "consumption smoothing" effect negatively impacted deposits in 2002; recovery expected from 2003

Spread expected to decrease in a convergence process

*Source: UCI NE Research NetworkSource: Pekao estimates

7

Agenda

Key Highlights


Key achievements

Financial results



Conclusions

8

PEKAO UNDERWENT A STRONG CULTURAL CHANGE ACHIEVING SIGNIFICANT RESULTS DURING THE LAST THREE YEARS

IMPROVEMENT OF SALES CAPABILITIES

Total Revenues per employee more than doubled in three years (to Euro 47.3 th. in 9M02)

NEW, EFFICIENT MOTIVATION SYSTEMS

Approx. 1,800 employees involved in MBO 54 Managers involved in Stock Option Plan

HEAVY INVESTMENTS ON IT AND DISTRIBUTION CHANNELS

Branches: +108 (+15%) from 1999 to 9M02 ATM’s: +467 (+75.3%) from 1999 to 9M02

RESULTS ORIENTED CORPORATE CULTURE

ROE: from 3.7% in 1999 to 15% expected for 2002 Cost/Income: from 67.5% in 1999 to 45.6% in 9M02

COST CONTROL AND COST CUTTING SYSTEM BUILT AS A CORE PART OF THE ORGANISATION

Total Costs: -5.6% from 9M99 to 9M02 in real terms N° of employees: -7,180 (-29.4%) in three years

DIVISIONALISATION

Market segmentation implemented New organisational structure in place

9

IMPROVED MARKET SEGMENTATION IS THE KEY PROJECT IN 2002 FOCUSED ON BETTER SERVICING OF EXISTING CUSTOMER BASE AND INCREASED CROSS-SELLING

2001 2002

VIP/SME VIP Micro Corporates Small Corporates

Mass Market

Private Banking

Corporate Banking Middle Corporates Large Corporates

UNIQUE JOINT SERVICE MODEL FOR RETAIL AFFLUENT AND MICRO AND

SMALL COMPANIES AIMED AT INCREASING THE BANK’S SHARE OF

WALLET

Retail Banking

VIP

Mass MarketPrivate Banking

Micro CorporatesSmall Corporates

Middle CorporatesLarge Corporates

Corporate Banking

10

Agenda

Key Highlights


Key achievements

Financial results



Conclusions

11

SELECTIVE LENDING POLICY FOCUSED ON MORTGAGES IN LOCAL CURRENCY

Mortgages show the highest growth in retail loans (Euro 87 mln, +18.3% on Dec.01)

Pekao’s selective lending led to lower growth than industry

+1.8

+6.2

Bank Pekao

Polish Banking Sector

TOTAL LOANS DYNAMIC(3)

(3)Polish Central Bank data (excl. foreign branches)

COMPARISON (9M02/2001)

RETAIL LOANS(1) (Euro mln)

(1)Capital

-33 -25

1,6691,698

2001 Other 9M02

+87

Overdraft

+1.7%

Mortgage

CORPORATE LOANS(1) (Euro mln)

-66 +161

6,193 6,252

2001 Other 9M02

-35

Szczecin Shipyard

+1.0%

Central Invest.(2)

(2)Loan totally guaranteed by State Treasury in repayment period

Other retail loans decreased due to cautious lending in difficult macroeconomic environment

-4.1%-5.7%18.3%

Corporate loans up 2.5% on Dec.01 excluding Shipyard & Central Invest. impact

12

COMPARISON (9M02/2001)

TOTAL DEPOSITS DOWN 4.9% ON DEC.01 MAINLYAFFECTED BY SEASONALITY IN CORPORATE DEPOSITSDEPOSITS INCL. INVESTMENT FUNDS (+53.4% on DEC.01) STABLE (-0.5% ON DEC.01)

Slight decrease in retail deposits (-0.7% on Dec01) compensated by growth in investment funds (Euro 372 mln in 9M02, +53.4% on Dec01)

Households savings market share (deposits + investment funds) stable at 18.4%.

Total assets managed by PPIM (Pekao Pioneer Investment Management) up to Euro 1,069 mln in Sep.02 (+241.8% y/y) with increased market share from 20.9 in Sep.01 to 24.9% in Sep02.

Equity linked deposits and tax-free products as a successful answer to customer needs in falling rates environment (approx. Euro 250 mln of Pekao tax free retail bonds sold in two weeks in November)

RETAIL DEPOSITS(1)

2001 9M02

-0.7%

FXPLN

5,378

4,236

5,314

4,228

(1)Capital

CORPORATE DEPOSITS(1)

2001 9M02

-11.4%2,740

440

2,506

310

(Euro mln)

9,614 9,542

3,180 2,816

TOTAL DEPOSITS(2)

-4.9-3.9

Bank Pekao

Polish Banking Sector

(2)Polish Central Bank data (excl. foreign branches)

13

Net Interest Income (with SWAP)/Interest Bearing Assets ratio slightly down at 4.9% in 9M02 (5% in 9M01 and 2001 pro forma)

*Preliminary data, industry estimates

TOTAL REVENUES DOWN 1.6% y/y DUE TO A DIFFICULT SCENARIO AND IN A CONTEXT OF SELECTIVE LENDING POLICY

-1.7 -7.8

-8.7%-0.9%

828.4815.5

9M01 Other 9M02

-3.4-0.6%

Net Interest Income

Net Fees & Comm.

(Euro mln)TOTAL REVENUES

-1.6

+3.3

BANK PEKAO

POLISH BANKING SECTOR*

Mainly a result of lower loan

growth

Fees and commissions/Total revenues up 20 bp y/y to 24.4% in 9M02

-1.6%COMPARISON

Other revenues: decrease of income from subsidiaries by 12 mln (-71.3% y/y), decrease of result on financial transactions(1) by 10.3 mln, increase of net FX income by 7,4 mln (+9.5% y/y) and increase of other operating income(1) 7.1 mln

(1)y/y % change n.m.

14

+5.7+4.4

200.4 198.7

9M01 Investment Funds

9M02

-10.3

Loans Account services

(Euro mln)NET FEES & COMMISSIONS

-0.9

+6.0

BANK PEKAO


Result of lower loan

growth

NEARLY STABLE TREND IN NET COMMISSIONS (-0.9% y/y) NEGATIVELY IMPACTED BY DECREASED FEES ON LOANS (-28.8% y/y) COMPENSATED BY GROWING FEES FROM OTHER SOURCES (+7% y/y)

Increase in other fees: commissions from account services up 7% (Euro +4.4 mln), fees from investment funds increased by 142.3% (Euro +5.7 mln)

Increased weight of fees and commissions from investment funds on Total fees and commissions from 0.1% in 9M01 to 3.0% in 9M02

-1.5

-0.9%

Other

COMPARISON


142.3%7.0%-28.8% -2.0%

15

-1.5-7.6

401.7 371.7

9M01 BFG(2) 9M02

-20.9

Personnel NonPersonnel(1)

(Euro mln)OPERATING COSTS

-7.5

+4.6

BANK PEKAO


COSTS DOWN 7.5% THANKS TO EXCELLENT RESULTS IN COST CUTTING

Conservative policy of cost control

Decrease of all categories of costs in both nominal (-7.5% y/y) and real terms (-8.8% y/y)

Lower cost of BFG caused by decrease of annual fee rate for BFG Fees & Commissions revenues covered 105% of personnel costs, above

internal target of 100% coverage

(1)Included depreciation (2)Bank Guarantee Fund

-38.7%-4.1%-9.9% -7.5%

COMPARISON


16

NET PROFIT for 9M02 amounted to Euro 111.5 mln (-49.5% y/y)

OPERATING INCOME UP 4.0% y/y; CONSERVATIVE PROVISIONING IMPACTSON PRE TAX PROFIT

OPERATING INCOME

9M01 9M02

+4.0%

426.7 443.8

(Euro mln)

PROVISIONS

9M01 9M02

+138.4%

112.7

268.7

+4.0

+1.6

Bank Pekao

Polish Banking Sector*

COMPARISON on Operating Income

(Euro mln)PRE TAX PROFIT

9M01 9M02

-44.2%

313.9175.1

(Euro mln)

OPERATING INCOME increased to Euro 444 mln in 9M02 (+4.0% y/y) despite difficult scenario, better than industry by 2.4 p.p.

Conservative PROVISIONS (+138.4% y/y, of which Euro 48.9 mln due to Szczecin Shipyard) determined a y/y PRE TAX PROFIT decrease of Euro 139 mln (-44.2% y/y)

ROE to 9.1% (-11.2 p.p. y/y)


17

Agenda

Key Highlights


Key achievements

Financial results



Conclusions

18

WEAK MACROECONOMIC ENVIRONMENT IMPACTED NEGATIVELY ON ASSET QUALITY. SIGNS OF STABILISATION IN 3Q02

Deteriorated macroeconomic environment impacted on retail and corporate loan portfolio mainly in 2Q02, stabilisation of quality in 3Q02

Irregular on Total Loans ratio 1.3 p.p. better than the sector (as at June 02(3))

Coverage ratio +5 p.p. than the sector (as at June 02(3)), improving significantly in 3Q02 reaching 53.5% as at Sep.02

Sub-standard +3,5%

+16,1%

% ch. on

Dec.’01

370.7

308.1

9M 2002

Doubtful

(Euro mln)

Loss 880.0 +58,1%

Irregular Loans(1) on Total Loans Provision Coverage Ratio

(1)Including non banking financial institutions (2)Pro forma

48.9%

2001

49.5%

1H02

53.5%

9M02Loss Doubtful Sub-standard

4.6%

7.1%

3.4%

2001(2)

15,0%

3.9%

4.7%

11.1%

9M02

19,6%

5.3%

10.6%

3.8%

1H02

19,7%

(3)Latest data available

358.2

265.3

Dec. 2001

556.7

425.2

305.9

1H02

854.0

19

POLISH CLASSIFICATION RULES ARE DEMANDING

18.0%

63.0%

0.6%

Sub-standard Doubtful Loss

SHARE OF LOANS WHICH ARE PERFORMING CLASSIFIED AS IRREGULAR LOANS (9M02)

Polish classification of irregular loans is based on:

performance of the borrower (interest/capital credits that are not re-paid on time)

financial standing of the borrower (e.g. loans to companies which report a loss are automatically considered irregular even if they pay on time)

In 9M02:

63.0% of Substandard loans 18.0% of Doubtful 0.6% of Loss

were classified as irregular due to weak financial standing of the borrower but are performing

22% of Pekao’s total classified as irregular loans are performing

20

SIGNIFICANT EFFORT PUT ON IMPROVEMENT OF CREDIT POLICY

MAIN ACTIONS PLANNED OR ALREADY IMPLEMENTED FOR IMPROVING CREDIT QUALITY IN 2002 AND FORWARD:

Training in the Credit and Corporate Area

Complete Credit Products review both in the Corporate and Retail Area

Strengthening of the lending criteria and increase of the requirements of collateral

Review of credit process to support new customer segmentation

Complete review of the monitoring process

Introduction of Application Processing System for Retail (Credit scoring system for Mass Market segment)

Introduction of a new Internal Rating System for Corporate Customers with better predictive capabilities

Introduction of Application Processing System for SME and Retail (VIP, Private Banking)

4Q01-1Q02

1Q-2Q02

1Q-2Q02

May 02

Oct. 02

May 02

1Q03

1Q03

21

Agenda

Key Highlights


Key achievements

Financial results



Conclusions

22

STRATEGIC FOCUS FOR 2003: PROFITABILITY GROWTH,CONSOLIDATION OF EXISTING POSITION…

FOCUS ON MOST PROFITABLE SEGMENT: VIP/SME New value added products to existing clients (i.e. Asset Management) Increase of Pekao’s “share of wallet” of existing clients New joint service for Small Business to cover both personal and business needs New customers acquisition

COMMERCIAL PRIORITY ACTIONS:

CORPORATE BANKING Selective approach for Large Corporates

MASS MARKET Cost control and cross-selling No customer base expansion

BY PRODUCTS, supported by improved sales force effectiveness

INTRODUCTION/FINE TUNE SERVICE MODEL BY SEGMENT (branch model, client acquisition model, sales support tools, commercial performance monitoring tools)

BEST AVAILABLE PEOPLE AT ALL LEVELS (assessment, training, recruiting)

BY SEGMENTS

COMMERCIAL PUSH ON EXISTING HIGHER MARGIN PRODUCTS (e.g. Equity linked products)

NEW PRODUCTS INTRODUCTION

23

… AND CONTROL OF CREDIT RISK

FOCUS ON FURTHER DEVELOPMENT OF CORPORATE RELATIONSHIP MANAGERS AND CREDIT OFFICERS SKILLS (assessment, training, recruiting)

IMPROVED MONITORING CAPABILITIES AND APPROPRIATE EVALUATION OF EARLY WARNING SIGNALS

IMPROVED RECOVERY PROCESS (timing, % of recovery)

DEVELOPMENT OF TWO PILOT CREDIT PROJECTS:

Underwriting for Retail and SME Work out

24

Agenda

Key Highlights


Key achievements

Financial results



Conclusions

25

PEKAO IS READY TO STRENGTHEN ITS POSITION, BENEFITING FROM RECOVERY IN ECONOMY

Consolidation of clear leadership in the Polish Banking Sector

Pekao recognised as one of the most efficient players in Central and Eastern Europe

Further improvement in profitability by more detailed customer segmentation and new product mix development

Strong support of strategic Shareholder

26

Annexes

27

ORGANISATIONAL STRUCTURE OF THE GROUP FULLY IN LINE WITH CUSTOMER SEGMENTATION

Brokerage HousePekao LeasingPekao FactoringAccessPekao UkrainaPekao Tel-Aviv

Pekao Pioneer IMPekao Pioneer PTEPekao InformatykaPekao DevelopmentPekao Fundusz KapitałowyPekao Financial ServicesTrinity Management

VIP/SME Private Banking

Standard Banking

and Network Management

Corporate and International

Banking

AlternativeDistribution

Channels

28

Affluent & Small Business

Retain affluent clients

Gain new clients

Increase share of wallet

Leverage on existing resources

800 fully dedicated Sales Managers

125 dedicated Branches

PEKAO COMPLETED AN INNOVATIVE DIVISIONALISATION PROCESS, AIMING AT SIGNIFICANTLY INCREASING COMMERCIAL EFFECTIVENESS

FOUR BUSINESS UNITS WITH DEDICATED CHANNELS AND SERVICE MODELS

Mass Private Corporate

Revenues growth by cross selling

Cost effectiveness/ Multichannel usage

828 Branches

4,700 mass Customers Service Representatives

Dedicated financial advisors

Separate location to provide “exclusive” service

25 corporate hubs and 5 corporate regions

Clear cost effectiveness

Improved service to clients through product specialists

Improved share of wallet/ profitability

Corp.Hubs

Corp.Hubs

Corp.Hubs

29

MACROECONOMIC ENVIRONMENT IN 2003

2001 2002e 2003e

Domestic Demand

Consumption

Investment

Gov. consumption

Stock building

External demand

Export

Import

GDP

-2,0%

1,3%

-2,4%

0,1%

-1,0%

3,0%

3,0%

0,0%

1,0%

0,4%

1,6%

-1,2%

0,1%

-0,1%

0,7%

0,5%

-0,1%

1,1%

2,6%

1,6%

0,9%

0,0%

0,1%

-0,5%

1,2%

1,7%

2,1%

Source: Pekao estimates

30

UNDER RESTRUCTURING

DOUBTFUL LOANS DEFINITIONS - RECONCILIATION BETWEEN ITALIAN AND POLISH RULES

ITALY POLAND

IN BONISSTANDARD

WATCH

RESTRUCTURED

WATCHLIST

NPL LOSS

SUBSTANDARD

DOUBTFUL

NOTE:

In UCI consolidated financial statement polish “Loss” are typically classified as “NPL”, and polish “Substandard” & “Doubtful” are typically “Watchlist”. A final credit assessment is in any case made on a single position evaluation basis

31

Polish classification criteria have three classes of irregular loans versus two in Italy

Polish presentation standards are based on gross loans while Italian ones on the net loans

POLISH CLASSIFICATION RULES ARE DEMANDING

* gross risk group loans and provisions include amounts of overdue interest, which under Polish accounting are presented separately

18.0%

63.0%

0.6%

Sub-standard Doubtful Loss

SHARE OF LOANS WHICH ARE PERFORMING CLASSIFIED AS IRREGULAR LOANS (9M02)

PAS ITAS

Gross Loans

Net Loans

Prov.

Loss

TotalNPL

TOTAL

0.9 0.7

1.6 0.8

8.2 0.8

0.2

0.8

7.3

Net Loans

Gross Loans*

Prov.*

NPL

Total Doubtful

TOTAL

0.2 1.1

0.8 1.2

7.3 1.2

1.3

2.0

8.5

Substand.

Doubtful 0.3 0.1

0.4 0.05

0.2

0.3 Watchlist 0.6 0.2 0.7

Euro bn9M02

Euro bn9M02

Watch

Standard 6.2 0.007

0.3 0.005

6.2

0.3 Perform. 6.5 0.01 6.5

32

18.9%

16.7%

5.2%

4.7%

4.6%

21.9%

7.9%7.7%6.1% 6.4%

Utilities Wholesale Construction TransportFinancial services Production of foodOther manufacturing Production of transport equipmentPublic administration Other

1H02

LOAN PORTFOLIO STRUCTURE BY INDUSTRIAL SECTORS

16.4%

15.2%

25.6%

6.3%

6.7%6.4%5.2%

8.2%

4.5%5.4%

1H01

33

PEKAO 9M02 UNCONSOLIDATED INCOME STATEMENT

Interest margin (incl. div.)

Net non interest income

Total revenues

Operating costs (incl. dep.)

Net operating income

Net income

- of which: Staff costs

Dec. 00

663.1

336.8

999.9

441.6

32.2%

186.6

-295.7

Net loan loss provisions -160.4

(Euro mln, PAS)

Taxes -88.5

-558.3

Dec. 01

745.6

396.0

1,141.6

603.9

308.3

-279.4

-161.1

-122.1

-537.7

Ch. % 2001/2000

12.4

17.6

14.2

36.7

65.2

-5.5

0.4

+37.9

-3.7

Sep. 01

537.7

290.7

828.4

426.7

220.8

-210.5

-106.6

-93.3

-401.7

Sept. 02

534.4

281.1

815.5

443.8

111.5

-189.6

-268.1

-56.3

-371.7

-0.6

-3.3

-1.6

4.0

-49.5

-9.9

-151.4

-39.6

-7.5

Ch. % Sept. 02/Sept. 01

Other provisions -6.3 -12.4 -96.9 -6.0 -0.5 -91.1

Extraordinary income/loss 0.05 0.12 140.0 0.0 0.0 n.m.

Pre-tax profit/loss 275.1 430.4 56.4 314.0 175.2 -44.2

Tax rate, % 28.4% 29.7% 33.5%

Balance due to roundings & share in net profit (loss) of subsidiaries evaluated at equity method

34

PEKAO9M02 UNCONSOLIDATED BALANCE SHEET

Cash and deposits with Central Banks

(Euro mln, PAS) Sept. 01

613.3 1,038.6 705.3

Sept. 02

15.0 -32.1


AS

SETS Loans due from:7,974.9 7,791.7 7,350.0 -7.8 -5.7- Customers

- Financial Institutions 2,320.8 2,183.7 1,726.4 -25.6 -20.9

Dec. 01Ch. %

Sept. 02/Dec. 01

Securities 5,380.4 5,133.1 5,541.5 3.0 8.0

Fixed assets 395.7 436.8 470.6 18.9 7.7

Other assets 1,546.5 1,362.2 467.6 -69.8 -65.7

LIA

BIL

ITIE

S

TOTAL ASSETS AND LIABILITIES 18,231.6 17,946.1 16,261.3 -10.8 -9.4

Deposits:12,627.9 12,689.3 12,237.5 -3.1 -3.6- Due to Customers

- Due to Central Bank 989.8 967.8 618.4 -37.5 -36.1

Reserve fund for possible loan losses 148.9 92.8 93.5 -37.2 0.8

Other liabilities 2,074.4 1,478.2 928.3 -55.2 -37.2

- Due to Financial Institutions 820.1 1,059.7 722.3 -11.9 -31.8

Shareholders’ equity 1,570.4 1,658.3 1,661.2 5.8 0.2

Balance due to roundings

35

PEKAO 9M02 CONSOLIDATED INCOME STATEMENT

Interest margin (incl. div.)

Net non interest income

Total revenues

Operating costs (incl. dep.)

Net operating income

Net income

- of which: Staff costs

Dec. 00

666.1

433.0

1,099.1

452.4

32.8%

194.4

-327.0

Net loan loss provisions -172.0

(Euro mln, PAS)

Taxes -94.0

-646.7

Dec. 01

762.5

407.4

1,169.9

595.4

306.2

-300.9

-157.9

-127.1

-574.5

Ch. % 2001/2000

14.5

-5.9

6.4

31.6

57.5

-8.0

-8.1

+35.2

-11.2

Sep. 01

536.7

333.5

870.2

412.2

206.6

-225.6

-104.0

-95.9

-457.9

Sept. 02

549.2

291.2

840.4

442.8

107.7

-204.1

-275.2

-58.5

-397.5

2.3

-12.7

-3.4

7.4

-47.9

-9.5

+164.6

-39.0

-13.2


Other provisions 9.5 -10.5 n.m. -5.1 -2.4 -52.9

Extraordinary income/loss -6.6 2.5 n.m. 0.0 0.0 n.m.

Pre-tax profit/loss 286.3 431.7 50.8 304.0 166.9 -45.1

Minorities 0.3 0.0 n.m. 0.0 1.3 n.m.

Tax rate, % 29.4% 31.6% 35.1%

Balance due to roundings, goodwill & share in net profit (loss) of subsidiaries evaluated at equity method

36

PEKAO9M02 CONSOLIDATED BALANCE SHEET

Cash and deposits with Central Banks

(Euro mln, PAS) Sept. 01

614.1 1,042.5 709.6

Sept. 02

15.5 -31.9


AS

SETS Loans due from:8,153.1 8,056.5 7,661.6 -6.0 -4.9- Customers

- Banks 2,190.7 2,117.3 1,523.9 -30.4 -28.0

Dec. 01Ch. %

Sept. 02/Dec. 01

Trading Securities 5,344.5 5,014.5 5,561.3 4.1 10.9

Fixed assets 522.1 454.0 478.4 -8.4 5.4

Other assets 1,577.5 1,437.7 453.9 -71.2 -68.4

LIA

BIL

ITIE

S

TOTAL ASSETS AND LIABILITIES 18,402.1 18,122.6 16,388.8 -10.9 -9.6

Deposits:12,713.3 12,790.9 12,346.6 -2.9 -3.5- Due to Customers

- Due to Central Bank 989.8 967.8 618.4 -37.5 -36.1

Reserve fund for possible loan losses 146.1 94.1 101.0 -30.8 7.4

Other liabilities 2,199.3 1,717.5 1,014.8 -53.9 -40.9

- Due to Banks 773.3 971.2 629.7 -18.6 -35.2

Minority interest 0 7.5 6.2 n.m. -17.3

Shareholders’ equity 1,580.0 1,573.5 1,672.0 5.8 6.3

Balance due to roundings

Maria Wisniewska - CEO BANK PEKAO London, December 5 th, 2002 2 nd UCI INVESTOR DAY Focus on New...

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