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Report on the Activities of The Report on the activities of Bank Pekao S.A. Group for the year 2019 Warsaw, February 20 20 This document is a free translation of the Polish original. Terminology current in Anglo -Saxon countries has been used where practicable for the purposes of this translation in order to aid understanding. The binding Polish original should be referred to in matters of interpretation. Report on the activities of Bank Pekao S.A. Group for the year 2019 1 Highlights of Bank Pekao S.A. Group .......................................................................................................... 3 2 Summary of Performance .............................................................................................................................. 4 3 External Activity Conditions .......................................................................................................................... 6 4 Important Events and Achievements ........................................................................................................... 6 4.1 Changes in the Group’s structure ...........................................................................................................14 4.2 Changes in the Statutory Bodies of the Bank .........................................................................................15 4.3 Organizational changes ..........................................................................................................................23 4.4 Awards and distinctions ..........................................................................................................................24 5 Information for the Investors .......................................................................................................................27 5.1 The Bank’s share capital and share ownership structure.......................................................................27 5.2 Performance of market valuation of Bank Pekao S.A.’s stock ...............................................................29 5.3 Dividend payment history........................................................................................................................30 5.4 Investor Relations ...................................................................................................................................31 5.5 Financial credibility ratings ......................................................................................................................32 5.5.1 Bank Pekao S.A. financial credibility ratings ............................................................................32 5.5.2 Pekao Bank Hipoteczny S.A. financial credibility ratings .........................................................33 6 Activity of Bank Pekao S.A. Group .............................................................................................................34 6.1 Important factors influencing the Group’s activities and results .............................................................34 6.2 Major sources of risk and threats ............................................................................................................37 6.3 Capital adequacy ....................................................................................................................................40 6.4 Bank Pekao S.A. on the Polish banking market .....................................................................................43 6.4.1 Individual clients........................................................................................................................45 6.4.2 Small and micro enterprises (SME) ..........................................................................................52 6.4.3 Corporate customers ................................................................................................................54 6.5 Major areas of activities of the Group’s subsidiaries ..............................................................................59 6.5.1 Banking activity .........................................................................................................................59 6.5.2 Assets management .................................................................................................................59 6.5.3 Leasing activity .........................................................................................................................60 6.5.4 Factoring activity .......................................................................................................................60 6.5.5 Transactional advisory ..............................................................................................................60 6.5.6 Other financial services ............................................................................................................60 6.6 Investing in human capital ......................................................................................................................62 6.7 Sponsorship and charity policy ...............................................................................................................67 7 Statement of Financial Position and Financial Results ............................................................................69 7.1 The consolidated income statement – presentation form.......................................................................69 7.2 The structure of the net profit ..................................................................................................................75 7.3 Structure of the consolidated statement of financial position – short form .............................................79 7.3.1 Assets .......................................................................................................................................80 7.3.2 Liabilities ...................................................................................................................................83 7.3.3 Off–balance sheet items ...........................................................................................................86 7.4 Consolidated income statement – long form ..........................................................................................88 7.4.1 Consolidated income statement – long form ............................................................................88 7.4.2 Consolidated statement of comprehensive income .................................................................90 7.4.3 Consolidated income statement – presentation form ...............................................................91 7.4.4 Reconciliation of income statement – presentation form and long form ..................................93 8 Other Information ..........................................................................................................................................95 9 Prospects for Development .......................................................................................................................101 9.1 Factors which will affect the results of the Group .................................................................................101 9.2 Strategic directions and business priorities ..........................................................................................102 10 Representations of the Bank’s Management Board ...............................................................................107 11 Statement of Bank Polska Kasa Opieki Spółka Akcyjna on application of Corporate Governance Standards in 2019 ...............................................................................................................................................108 12 Statement of Bank Pekao S.A. Group on Non-financial Data for 2019 .................................................126 Bank Pekao S.A. 2 Report on the activities of Bank Pekao S.A. Group for the year 2019 1 Highlights of Bank Pekao S.A. Group The Group has adopted International Financial Reporting Standard 9 “Financial Instruments” (IFRS 9) with a date of transition of 1 January 2018. The Group decided to take advantage of the exemption allowing it not to restate comparative information for prior periods with respect to classification and measurement (including impairment) changes. 2019 2018 2017 2016 2015 2014 INCOME STATEMENT – SELECTED ITEMS (in PLN million) Operating income 8,336 7,757 7,350 7,347 7,059 7,346 Operating costs (3,537) (3,444) (3,263) (3,212) (3,220) (3,286) Gross operating profit 4,799 4,313 4,087 4,135 3,839 4,060 Profit before income tax 3,003 3,047 3,153 2,897 2,831 3,360 Net profit for the period attributable to equity holders of the 2,165 2,287 2,475 2,279 2,293 2,715 Bank PROFITABILITY RATIOS Return on average equity (ROE) - nominally 9.5% 10.2% 11.0% 9.8% 9.7% 11.5% Return on assets (ROA) 1.1% 1.3% 1.4% 1.4% 1.4% 1.8% Net interest margin 2.9% 2.8% 2.8% 2.8% 2.8% 3.1% Non-interest income / operating income 34.4% 35.6% 37.5% 40.4% 41.0% 39.3% Cost / income 42.4% 44.4% 44.4% 43.7% 45.6% 44.7% Costs of risk 0.46% 0.36% 0.40% 0.45% 0.49% 0.56% STATEMENT OF FINANCI AL POSITION – SELECTED (in PLN million) ITEMS Total assets 203,323 191,090 185,466 174,215 168,786 167,625 Customers’ financing (*) 151,384 140,032 132,300 122,663 117,299 109,189 Amounts due to customers (**) 157,203 149,143 145,398 136,380 124,399 120,630 Debt securities issued and subordinated liabilities 9,072 7,243 4,029 1,523 2,903 3,857 Equity 23,398 22,808 23,268
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