Company presentation April 2004 Financial Year 2003 Results and Outlook for the Future

2 TABLE OF CONTENTS Company profile in the context of the Polish banking market 2003 results Key elements of the program to improve asset quality and manage credit risk Key elements of the restructuring process for 2004 Key retail commercial drivers for 2004

3 THE POLISH ECONOMY IS EXPECTED TO DEVELOP POSITIVELY Real GDP growth Poland Total GDP in 2003: EURO billion 38.2 million inhabitants GDP per capita: EURO 4, % % 2004F 5.2% 2005F 4.0% 2006F 3.8% Inflation 0.8%1.7%1.8%2.0% Interest rate 6.75%5.25%4.6%4.0%4.5% PLN/EUR FX rate 4.02%4.71%N/A Source: Central bank data, Merill Lynch, KB estimates

4 THE BANKING MARKET HAS BEEN GROWING BY YEARLY 14% OVER THE PAST 7 YEARS, AND IS EXPECTED TO KEEP GROWING FAST F Banking assets as percent of GDP Room for growth as banking penetration still below relevant benchmarks Hungary: 69% Czech Republic: 113% Portugal: 235% Total assets PLN billion CAGR % CAGR % Source: McKinsey estimate

5 PRODUCT PENETRATION COMPARISON SHOWS SIGNIFICANT COMMERCIAL POTENTIAL IN COMPARISON TO CEE AS WELL AS TO EU Poland Czech Republic Hungary Spain Portugal Germany Banking assets as percentage of GDP Percent Deposits with banks as percentage of GDP Percent Loans with banks as percentage of GDP Percent Percentage of population with current account Percent, 2001 Number of credit cards per 100 inhabitants Volume of mortgages as percentage of GDP Percent Volume of mutual funds as percentage of total personal financial assets Percent  90 N/A Source: Central bank statistics, GFK N/A Data for 2002

6 FOUR KEY PLAYERS ACCOUNT FOR ~ 45% OF BANKING ASSETS Assets PKO BP Pekao SA Bank Handlowy* Kredyt bank Others ROE in %*C/I in %** Irregular loans as percent of total loan book Comment State owned, traditional sav- ings bank focused on retail Percent, 2003 BPH PBK ING BSK BRE bank BZ WBK N/A Negative Traditional retail FX savings bank Universal bank Traditional corporate bank, recently targeting retail Universal bank Traditional corporate bank, strong in e-banking for retail Universal bank, strong in Western Poland N/A *** *Subordinated loans included in equity **Costs excluding depreciation ***Based on latest quarter available Source: Gazeta Bankowa, Notoria

7 KREDYT BANK HAS OUTPERFORMED THE MARKET IN TERMS OF GROWTH, DRIVEN BY ACQUISITIONS AS WELL AS COMMERCIAL CAPABILITIES Total consolidated assets PLN million Establishment of the bank Initial growth by acquisitions Change of ownership structure and growth by commercial capabilities Consolidation In 1990 Kredyt bank was established as private bank with capital of USD 3 million Acquisition of several smaller institutions –Bank Ziemski (1994) –Glob Bank (1996) –Geco Bank (1995, 86 million assets) –Bank Regionalny w Rybniku (1996) –Prosper Bank (1997, 448 million) Acquiring one large bank – PBI (1997, 4,549 million assets) KBC makes first investment into Kredyt Bank Creating Pension Fund Expanding into consumer lending Growing in corporate banking By 2001, KBC reached 54% stake Deterioration of loan portfolio Creation of significant bad loan provisions; recapitalization by KBC, which reaches a share of 81.4% Launching a transformation program Kredyt Bank – history overview ,028 CAGR = 128% 8,694 16,046 18,884 23,047 CAGR = 24% CAGR = -1.7% Large acquisition in ,068 1,826 4,997 Today

8 THIS GROWTH PERIOD HAS TAKEN KREDYT BANK TO A SOLID NUMBER 7 POSITION IN DEPOSITS AND NUMBER 4 IN LOANS Ranking on the market Market share in deposits Percent Market share in loans Percent Market share in number of branches Percent

9 KREDYT BANK’S MARKET POSITION IS SIMILAR IN CORPORATE AND IN RETAIL, WHERE THE HIGHER SHARE OF LOANS IS DUE TO ZAGIEL Retail (individuals) Market share in deposits Percent Market share in loans Percent 2000 Commercial clients

10 TODAY, THE BANK HAS REFOCUSED ON CORE ACTIVITIES AND – WITH ITS SISTER COMPANY WARTA – IS A STRONG BANKASSURANCE PLAYER Core operations of Kredyt Bank Kredyt Bank, S.A. Zagiel, S.A. 100% Kredyt Lease, S.A. 100% Divestitures* Kredyt Bank Ukraine 66.7% PTE Kredyt Bank, S.A. 100% Polski Kredyt Bank, S.A. Agropolisa Insurance Company Kredyt Bank, S.A. Vilnius branch *Additionally, divestitures will include some support companies Core operations linked through KBC Warta Insurance Company Signed Sold In progress

11 KREDYT BANK CAN BUILD ON ITS CLIENT BASE, MULTIPLE DISTRIBUTION CHANNELS AND UNIVERSAL PRODUCT RANGE Area Concentrated on Polish market Retail excluding private banking: ~ clients Private banking: ~8,000 clients SME served by the retail division: ~70,000 clients Corporate: ~4,000 clients Diversified and complete range of financial products Multi-channel distribution system using synergy of the Group: –Żagiel S.A.: retail loans agent –Kredyt Lease: leasing products distribution –Kredyt Bank Zarządzanie Aktywami S.A.: assets management –Investment Brokarage House: customer’s service on financial markets – KB 24: internet access to banking services - almost 100,000 customers using internet banking ClientsProducts Distributio n

12 KREDYT BANK’S RATING RECOGNIZES THE RESTRUCTURING PROGRAM UNDERWAY AND THE FUTURE POTENTIAL Long-term rating of KB = sovereign rating of Poland Positive impact of the major shareholder i.e., KBC Bank NV Long-term –Outlook Short-term Individual Support Fitch ratings BBB+ Positive F2 D/E 2 Moody’s investors service Long-term –Outlook Short-term Financial strength A2 Stable P-1 E+