Indicadores globales del área comercial Oriental

Towarzystwo Emerytalne

SA

1. As at 31 December 2010, the value of PTE BANKOWY SA’s equity amounted to PLN 237 442 thousand.

2. In 2010, PKO BP BANKOWY PTE SA earned a net profit of PLN 12 134 thousand (in 2009 the net profit of the Company amounted to PLN 23 619 thousand). The decrease in the result is due to the fact that in 2010 the maximum fee for the contributions transmitted by the Social Insurance Institution to the accounts of fund members was lowered from 7% to 3.5%.

3. As at the end of 2010, the net assets of PKO BP BANKOWY OFE managed by PKO BP BANKOWY PTE SA amounted to PLN 6 565 million, which is an increase of 33.7% in comparison to the end of 2009. An increase in value of PKO BP Bankowy OFE’s net assets results from positive trends at the Warsaw Stock Exchange.

4. As at 31 December 2010, the number of accounts maintained for participants of PKO BP OFE Bankowy amounted to 524 256.

5. As at the end of 2010, PKO BP BANKOWY OFE possessed the 9th largest net assets amongst pension funds and the 10th largest number of active member accounts, the same as at the end of the first half of 2010*. (As at the end of 2009: 10th largest net assets amongst pension funds and the 10th largest number of active member accounts).

* Source: www.knf.gov.pl

Inteligo Financial Services SA

1. The value of IFS SA Group’s (Inteligo Financial Services SA and its subsidiary PKO BP Finat Sp. z o.o.) equity amounted to PLN 152 724 thousand.

2. In 2010, the IFS SA Group earned a net profit of PLN 17 861 thousand (in 2009 the Group earned a net profit in the amount of PLN 13 462 thousand).

3. At the end of 2010, Inteligo Financial Services SA provided access to electronic banking systems to approximately 3.72 million PKO Bank Polski SA clients using iPKO services, and served more than 631 thousand holders of Inteligo accounts.

4. In 2010, the Company introduced a number of innovative solutions for the customers of PKO Bank Polski SA electronic banking, including: requests for a credit history report from Biuro Informacji Kredytowej SA, introduction of a credit card which combined the features of a debit and credit card and providing new tools for transaction authorization such as SMS codes and the use of a token application for a mobile phone.

5. In 2010, the Company paid dividend to PKO Bank Polski SA for 2009 in th amount of PLN 1 424 thousand (gross).

6. In 2010, PKO BP Finat Sp. z o.o., a subsidiary of Financial Services SA, obtained a positive opinion as regards the certification of the correct operations of the internal control system, in accordance with the international SAS 70 standard.

SUBSIDIARY SIGNIFICANT EVENTS OF 2010

Centrum Elektronicznych Usług Płatniczych

eService SA

1. As at 31 December 2010, the value of Company’s equity amounted to PLN 85 417 thousand. 2. In 2010 the company recorded a net profit of PLN 24 215 thousand (PLN 31 981 thousand in 2009).

The decrease in the profit is a result of a fierce competition on the market on which CEUP eService SA operates.

3. The number of terminals as at the end of December 2010 amounted to 53 590 units (including terminals enabling to withdraw cash), which is a decrease of 393 as compared to the end of 2009. 4. In terms of the number of installed terminals (including terminals enabling to withdraw cash), the

Company's estimated market share amounted to 22% as at the end of 2010.

5. In 2010, transactions amounting to PLN 21.5 billion were generated with the use of CEUP eService SA terminals, representing an increase of 2.8 % in relation to 2009.

6. In terms of the value of card transactions (including cash withdrawals), the Company's estimated market share as at the end of December 2010 amounted to approximately 25.4%.

7. In 2010, the Company expanded the network of its own ATMs to 94 devices.

8. In 2010 the company paid a dividend of PLN 29 million (gross) to PKO Bank Polski SA for 2009.

PKO BP Inwestycje Sp. z o.o.

1. As at the end of December 2010, the value of PKO BP Inwestycje Sp. z o.o. Group’s (PKO BP Inwestycje Sp. z o.o. and its subsidiaries) equity amounted to PLN 147 786 thousand. 2. The PKO Inwestycje Sp. z o.o. Group closed the year 2010 with a net loss of PLN 6 255 thousand

(net loss of PLN 1 031 thousand in 2009). The PKO Inwestycje Sp. z o.o. In 2010, the Group earned revenue of PLN 155 342 thousand and recorded the operating profit of PLN 6 093 thousand. The net loss for 2010 is the result of the loss on other operating activities due to the recognition of goodwill arising on shares in subsidiaries acquired before 2010.

3. The flagship projects realized by the PKO BP Inwestycje Sp. z o.o. Group include the ‘Nowy Wilanów’ project in Warsaw, the ‘Neptun Park’ project in Gdańsk-Jelitkowo and the ‘Rezydencja Flotylla’ project in Miedzyzdroje.

4. PKO BP Inwestycje is a banking developer with 11 years of experience in the execution of housing construction projects realized throughout the country. In its activities to date, the PKO Inwestycje Group sold and transferred to its customers ca. 3 thousand apartments in total. Its achievements are evidenced by 256.5 thousand square metres of the usable area of completed projects and 45.8 thousand square metres in the course of construction. The Group’s achievements include the ‘Marina Mokotów’ project in Warsaw, realized in 2003-2007 and the ‘Trzy Gracje’ project in Sopot, Monte Cassino Street, completed in 2003.

Fort Mokotów Inwestycje Sp. z o.o.

1. As at the end of December 2010, the value of Company’s equity amounted to PLN 105 609 thousand. 2. The Company recorded a net loss of PLN 261 thousand in 2010 (PLN 602 thousand in 2009).

The loss resulted from the fact that the Company only incurred start-up cost in the initial period of its operations.

3. In 2010, the Company continued to work on the organization of a development project on the plot of land located at 107 Racławicka Street in Warsaw.

Bankowy Fundusz Leasingowy SA

1. As at the end of December 2010, the value of BFL SA Group’s (Bankowy Fundusz Leasingowy SA and its subsidiaries) equity amounted to PLN 99 835 thousand.

2. In 2010, the BFL SA Group earned a net profit of PLN 10 532 thousand (in 2009 the net profit of the Group amounted to PLN 2 445 thousand).

3. In 2010, the BFL SA Group Companies leased out assets with a total value of PLN 1 250 million, which represents an increase of 33.3% compared with 2009. The increase in terms of the value of leased assets is due to the stable market situation and the improvement of the financial condition of entities which use lease services.

4. In terms of the value of assets leased, at the end of 2010, the Group ranked 9th_*.

5. The total carrying value of the BFL SA Group lease investments as at 31 December 2010 was PLN 2 398 million (as at the end of 2009: PLN 2 229 million).

6. In 2010, Bankowy Fundusz Leasingowy SA financed the development of small and medium enterprises (SMEs) from the funds of the loan obtained from the European Investment Bank of PLN 50 million.

* Company’s calculation based on the data published by the Polish Leasing Association.

Bankowe Towarzystwo Kapitałowe SA

1. As at the end of December 2010, the value of BTK SA Group’s (Bankowe Towarzystwo Kapitałowe SA and its subsidiary PKO BP Faktoring SA) equity amounted to PLN 5 124 thousand.

2. In 2010, the BTK SA Group recorded a net loss of PLN 4 439 thousand (in 2009, Bankowe Towarzystwo Kapitałowe SA recorded a net loss of PLN 4 556 thousand). The net loss for 2010 resulted from the costs incurred by the Group in connection with undertaking new activities by both Bankowe Towarzystwo Kapitałowe SA and PKO BP Faktoring SA.

3. In 2010, PKO BP Faktoring SA - a subsidiary of BTK SA – included new products to its offer, providing domestic factoring services and export factoring services, both with and without the acceptance of risk (with recourse).

4. In 2010, the value of factoring trade amounted to PLN 1 045 million. The Company acquired 75 customers in total.

5.5 Activities taken by PKO Bank Polski SA towards Kredobank SA

In 2010, the Management Board of PKO Bank Polski SA undertook a series of measures which directly contributed to securing the operations of KREDOBANK SA and strengthening corporate supervision over its investment in Ukraine.

Enhancing the safety of KREDOBANK SA operations

Increase in share capital of KREDOBANK SA

The 20th KREDOBANK SA share issue was registered on 22 July 2010. PKO Bank Polski SA participated in the increase in the share capital of KREDOBANK SA within the 20th share issue, acquiring shares with a nominal value of UAH 367 497 387.35, representing 99.83% of the new share issue. As a result of acquiring these shares, the interest of PKO Bank Polski SA in the share capital of KREDOBANK SA and the percentage of voting rights increased from 99.4948% to 99.5655%.

Subordinated loan

On 5 February 2010, PKO Bank Polski SA granted a second subordinated loan of USD 15 million to KREDOBANK SA. On 25 February 2010, the loan was registered by the National Bank of Ukraine and increased the regulatory capital of KREDOBANK SA.

Guarantee

On 30 June 2010, PKO Bank Polski SA granted a guarantee of repayment of liabilities of KREDOBANK SA’s borrowers in respect of selected loan agreements. The nominal value of the guarantee is USD 37 677 280.46. The guarantee expires on 10 January 2012.

PKO Bank Polski SA set a guarantee limit for granting KREDOBANK SA a guarantee of payment of debts in respect of selected loan agreements amounting to a USD equivalent of UAH 500 million. The limit is exclusive of the amount of the guarantee granted to KREDOBANK SA on 30 June 2010. The relevant decision of the Supervisory Board of PKO Bank Polski SA in this matter was made on 6 October 2010.

On 15 November 2010, PKO Bank Polski SA granted, as part of the limit granted, a second guarantee of repayment of liabilities of KREDOBANK SA’s borrowers in respect of selected loan agreements. The nominal value of the guarantee is USD 37 148 235.51. The guarantee expires on 17 January 2012. Deposits

On 30 December 2010, PKO Bank Polski SA placed deposits totalling USD 4.8 million on the account of KREDOBANK SA maintained by Bank of New York Mellon and established a pledge on these deposits for KREDOBANK SA as collateral for selected loan liabilities.

SUBSIDIARY SIGNIFICANT EVENTS IN 2010

PKO Finance AB

1. As at 31 December 2010, equity of PKO Finance AB amounted to PLN 425 thousand (SEK 962 thousand).

2. In 2010 the Company earned a net profit of PLN 28 thousand (SEK 65 thousand). In 2009 the Company’s net profit amounted to PLN 63 thousand (SEK 155 thousand).

3. The Company's core activity is to raise funds for PKO Bank Polski SA, deriving from the issue of Eurobonds. In October 2010 the Company has issued 5-year Eurobonds at the amount of EUR 800 million, and the earned funds were transferred to PKO Bank Polski SA, in accordance with the loan agreement.

Equity value was translated using the average NBP rate as at 31 December 2010 (1 SEK= 0.4415 PLN).

Net result for 2010 was translated using the rate 1 SEK = 0.4222 PLN and the net result for 2009 was translated using the rate 1 SEK = 0.4095 PLN, which were the average NBP rates prevailing as at the last day of each month of a given year.

Centrum Finansowe Puławska Sp. z o.o.

1. As at the end of 2010, the Company's equity amounted to PLN 210 299 thousand.

2. In 2010 the Company’s net profit amounted to PLN 11 920 thousand (in 2009 the Company earned a net profit of PLN 12 491 thousand).

3. As at 31 December 2010, the Company rented 100% of the office and commercial space in the managed by itself Centrum Finansowe Puławska building, 90.8% of which was rented by the entities of the PKO Bank Polski SA Group.

4. In 2010, the Company paid a dividend for the year 2009 in thel gross amount of PLN 12 491 thousand to PKO Bank Polski SA.

Investment policy towards KREDOBANK SA

In order to minimize the negative effects of the economic crisis, the investment policy adopted by PKO Bank Polski SA in 2009 for KREDOBANK SA assumed that the operations of KREDOBANK SA would be restructured in the period 2010-2011.

In 2010, the activities focused on the following areas:

1) debt collection and restructuring activities in respect of the loan portfolio of KREDOBANK SA; the following steps were undertaken in this area:

− in order to enable KREDOBANK SA to conduct effective debt collection of non-performing loans, PKO Bank Polski SA granted two guarantees to KREDOBANK SA, guaranteeing the repayment of debt to KREDOBANK SA by borrowers in respect of selected loan agreements, and placed deposits with KREDOBANK SA;

− the management of receivables covered with guarantees and secured with the deposits was changed; on 11 August 2010, PKO Bank Polski SA and KREDOBANK SA signed a cooperation agreement concerning collection of debts covered by a banking guarantee; the agreement enables working out the optimum strategy to be developed and effectively implemented in respect of the said receivables;

− a task force was appointed within PKO Bank Polski SA to cooperate in collecting receivables covered with the said guarantee and secured with the deposits;

− within the structures of KREDOBANK SA, the KREDOBANK SA Restructuring Committee was appointed, comprising three Polish representatives of the Management Board of KREDOBANK SA;

− KREDOBANK SA intensified its collection and debt restructuring activities;

2) cost control, procurement optimization and investments in tangible fixed assets of KREDOBANK SA; the following steps were undertaken in this area:

− cost restructuring as regards personnel costs and costs of renting operational space;

− centralization of the accounting system – improvements to the bank management system and its expenses, reduction of back office personnel costs and IT costs;

3) optimizing the network of KREDOBANK SA outlets, which consists in closing down unprofitable outlets – in 2010, the process of consolidating 19 branches of KREDOBANK SA into one Central branch, was completed;

4) change in lending policies of KREDOBANK SA:

− a new lending policy of KREDOBANK SA was approved; the policy implemented conservative requirements as regards an assessment of the risk of potential borrowers;

− the lending activities were resumed;

5) a further strengthening of supervision over KREDOBANK SA:

− establishing a separate organizational unit of the Head Office of PKO Bank Polski SA within the Risk and Debt Collection Area of PKO Bank Polski SA. The unit reports directly to the Vice- President of the Management Board of the Bank who is, at the same time, the Chairman of the Supervisory Board of KREDOBANK SA;

− extending the composition of the Supervisory Board of KREDOBANK SA;

− introducing 3 Polish representatives to the Management Board of KREDOBANK SA, to oversee the areas of business, restructuring, debt collection and financial controlling;

− As part of its supervision over the investment, PKO Bank Polski SA:

− conducted detailed monitoring of the financial and economic position of KREDOBANK SA; − continued cooperation in the area of implementing at Kredobank SA the procedures similar

to those applicable at PKO Bank Polski SA, including the development of amendments to already binding internal regulations;

− organized experience-sharing trips of its employees to KREDOBANK SA and traineeships for Kredobank SA’s employees at PKO Bank Polski SA.

These above mentioned activities are intended to ensure a sustainable basis for the rebuilding of the value of the shareholding of PKO Bank Polski SA in KREDOBANK SA.

Activities supporting the investment of PKO Bank Polski SA in Ukraine

In order to ensure direct and quick access to information on changes in policies introduced by the Ukrainian authorities, including in particular planned changes to the regulations governing the operations of financial institutions and enabling to respond, in an organized manner, to economic developments which hinder foreign investments, in November 2010 PKO Bank Polski SA:

− signed a cooperation agreement with the Polish-Ukrainian Business Chamber, − started cooperating with the Amicus Europae Foundation.

Significant events after the reporting period relating to Kredobank SA.

On 5 January 2011 roku General Shareholders’ Meeting of KREDOBANK SA made changes in the Supervisory Board of KREDOBANK SA.

5.6 Other subordinated entities7