Let F be a field of characteristic zero and W an associative affine F -algebra satisfying a polynomial identity (PI). The codimension sequence {c n (W )} associated to W is known to be of the form Θ(n t d n ), where d is the well known PI-exponent of W . In this paper we establish an algebraic interpretation of the polynomial part (the constant t) by means of Kemer's theory. In particular, we show that in case W is a basic algebra (hence finite dimensional), t = q−d 2 + s, where q is the number of simple component in W/J(W ) and s + 1 is the nilpotency degree of J(W ) (the Jacobson radical of W ). Thus proving a conjecture of Giambruno.