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FIRST QUARTER 2003 RESULTS

Decrease in total revenues by 5.6%

Assets grew in the first quarter by approximately 2%. As of March 2003, total assets of Pekao SA Capital Group reached PLN 65 993 299 thousand in comparison with PLN 67 340 639 thousand achieved during the same period, from January 1st to March 31st, of the year 2002.

Gross profit as of the end of March 2003 amounted to PLN 354 798 thousand while at the end of the same period in 2002 they amounted to PLN428 870 thousand.

The net profit for the period from 1 January 2003 to 31 March 2003 amounted to PLN 256 247 thousand; while as of the end of March 2002 the net profit amounted to PLN 292 200 thousand.

Operating profit at the end of the first quarter of the year 2003 amounted to PLN 350 886 thousand and at the end of the same period of 2002 it amounted to PLN 425 481 thousand.

2002 FINANCIAL RESULTS

As of December 2002, total assets of the Pekao SA Capital Group reached PLN 65,083.5 million, dropping 7.9% from PLN 70,657.8 million at the end of December 2001.
As of December 31st 2002, amounts due from clients amounted to PLN 29,925.3 million, and accounted for a share of 46.0% of Group assets total.
The operating profit of PLN 2,664.2 million was higher by PLN 258.4 million then the one recorded in 2001. It accounts for 10.7% growth.
The Bank�s net profit totaled PLN 769.6 million, with a Return on Equity rate of 11.4%. The net interest income totaled PLN 2,964.7 million, and was lower then the net interest income of 2001 by 5.1%.

2001 FINANCIAL RESULTS

At the end of December 2001 total assets amounted to PLN 74,121.3 million, higher by 6.3% against the end of December 2000. The main source of the increase was due to an increase in customers as well as shareholders� equity by PLN 2,463 million and PLN 1,260.4 million respectively.
Against the end of December 2000, the amounts due to clients grew by PLN 2,463.0 million, i.e. 11.9% but their share in liabilities fell down to 71.6% from 72.6% at the end of 2000.
The gross profit in 2001 was PLN 1,765.5 million. It was 50.8% higher than in the year 200o. Net profit amounting to PLN 1,252.2 million rose by 57.5% against the previous year.
In 2001 the net interest income reached the level of PLN 3,118.5 million and was higher by PLN 394.1 million i.e. by 14.5% than in the previous year.
Operating costs (including depreciation) in 2001 amounted to PLN 2,349.8 million and were by 11.2% lower against the last year.
Net profit of Bank Pekao SA Capital Group increased by PLN 457.3 million to PLN 1,252.2 million against PLN 794.9 million of the previous year.

2000 FINANCIAL RESULTS

The total assets at the end of December 2000 were PLN 69,716.8 million and were higher by 16.0% in comparison with the end of December 1999.
In 2000 the net profit of Bank Pekao SA capital group totaled PLN 794.9 million and was higher by 363.5% in comparison with 1999.
The net interest income, the largest contributor to the total income, in 2000 rose by PLN 616.0 million, i.e. by 30.1% and reached PLN 2,659.6 million.
In comparison with the end of December 1999, the largest category of the liabilities: the amounts due to clients, grew by PLN 5,370.8 million, i.e. 11.9% but their share in liabilities decreased by 2.7 p.p.