1. KBC Bank & Insurance Group Company presentation Winter 2004 www.kbc.com

2. 2 Contact information Investor Relations Office : Luc Cool Nele Kindt Marina Kanamori Tel.: +32 2 429 49 16 E-mail: investor.relations@kbc.cominvestor.relations@kbc.com Visit www.kbc.com for the latest update.www.kbc.com Ticker codes: KBC BB (Bloomberg) KBKBT BR (Reuters) B:KB (Datastream) ISIN code: BE0003565737

3. 3 Disclaimer THIS PRESENTATION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY. ALTHOUGH THE STATEMENTS OF FACT IN THIS PRESENTATION HAVE BEEN OBTAINED FROM AND ARE BASED UPON SOURCES THAT KBC BELIEVES TO BE RELIABLE, KBC DO NOT GUARANTEE THEIR ACCURACY, AND ANY SUCH INFORMATION MAY BE CONDENSED OR INCOMPLETE. THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS WITH RESPECT TO OUR STRATEGIES AND EARNINGS DEVELOPMENT BY THEIR NATURE, THESE FORWARD- LOOKING STATEMNTS INVOLVE NUMEROUS ASSUMPTIONS, UNCERTAINTIES AND OPPORTUNITIES. THE RISK EXISTS THAT THESE STATEMENTS MAY NOT BE FULFILLED AND THAT FUTURE RESULTS DIFFER MATERIALLY. BY RECEIVING THIS PRESENTATION EACH INVESTOR IS DEEMED TO REPRESENT THAT IT IS A SOPHISTICATED INVESTOR AND POSSESSES SUFFICIENT INVESTMENT EXPERTISE TO UNDERSTAND THE RISKS INVOLVED.

4. 4 Table of contents 1.Company profile 2.Strategy and earnings drivers 3.Financial highlights, year-to-date 4.Additional information 5.Closing remarks on dividend policy and valuation

5. Company profile Foto gebouw 1

6. 6 Top-20 player in Euroland banking (*) 1 BNP Paribas (35 bn)1 BNP Paribas (45 bn)1 BSCH (57 bn) 2 BSCH (31 bn)2 BSCH (45 bn)2 BNP Paribas (48 bn) 3 BBVA (29 bn)3 Deutsche Bank (38 bn)3 BBVA (42 bn) 4 Deutsche Bank (26 bn)4 BBVA (35 bn)4 Deutsche Bank (35 bn) 5 ABN AMRO (25 bn)5 Société Gén. (31 bn)5 Crédit Agricole (35 bn) 6 Société Gén. (24 bn)6 ABN AMRO (30 bn)6 Société Gén. (34 bn) 7 Unicredit (24 bn)7 Crédit Agricole (28 bn)7 ABN AMRO (32 bn) 8 Fortis (22 bn)8 Unicredit (27 bn)8 9 Crédit Agricole (14 bn)9 Fortis (21 bn)9 Fortis (26 bn) 10 Dexia (14 bn)10 Intesa BCI (18 bn)10 Intesa BCI (21 bn) 11 Intesa BCI (12 bn)11 Dexia (16 bn)11 Dexia (18 bn) 12 Allied Irish Banks (12 bn)12 San Paolo IMI (15 bn) 12 KBC (18 bn) 13 Bank of Ireland (10 bn) 13 KBC (11 bn) 13 San Paolo IMI (15 bn) 14 KBC (9 bn) 14 Bco Popular (11 bn)14 Allied Irish Banks (12 bn) 15 San Paolo IMI (9 bn)15 Allied Irish Banks (11 bn)15 HVB (12 bn) 16 Banco Popular (8 bn)16 Bank of Ireland (11 bn)16 Bank of Ireland (11 bn) 17 HVB (7 bn)17 HVB (10 bn)17 Bco Popular (10 bn) 18 Mediobanca (6 bn)18 Commerzbank (9 bn)18 Commerzbank (9 bn) 19 Bca MPS (6 bn)19 Mediobanca (7 bn)19 BA-CA (9 bn) 20 Bco Popular (5 bn)20 Bca MPS (6 bn)20 Mediobanca (9 bn) Dec 2002 Dec 2003 Nov 2004 (*) DJ Euro Stoxx Banks Constituents - Ranking by Market Capitalization – Situation as at 16 Nov 2004

7. 7 Prominent player in 2 core markets KBC is a top financial player in Belgium and has succesfully expanded its operations in the 5 most advanced countries in CEE (new EU members) Besides these core markets, KBC is active in selected ‘other’ areas: international mid-corporate banking (mostly in W. Eur.) and financial markets As investments in CEE have continued to increase, the ‘other’ activities have been progressively scaled down Breakdown of revenue : Treasury & other 9% CEE 25% Belgium 48% Financial markets 11% Internaternational corporate 7%

8. 8 Top-3 player in Belgium Market share: Consolidated banking landscape (80% of market held by Top-4 banks) Deposit base largely sufficient for funding lending activities Market highly receptive to cross-selling of AM & insurance products (the bancassurance model dominates)

9. 9 KBC is one of the largest international players in the region In contrast to the other players, KBC limits its presence to the new EU Member States (the Czech Republic, Slovakia, Hungary, Poland and Slovenia) and is active in both the banking and insurance fields Top-3 player in the CEE region International banks in CEE (by total assets, in bn EUR): Source: RZB – assets as at 31 Dec 03, ownership structure as at 30 Jun 04

10. 10 Banking Insurance Slovakia: Market share: 6% (No. 4) Inhabitants: 5 m Total assets: 2 bn EUR Czech Republic: Market share: 18% (No. 1) Inhabitants: 10 m Total assets:18 bn EUR Poland: Market share: 5% (No. 8) Inhabitants: 38 m Total assets: 5 bn EUR Slovenia: Minority interest (34%) Inhabitants: 2 m Market share: 42% (No. 1) Czech Republic: Life M share: 7% (No. 4) Non-life M share: 4% (no 6) Slovakia: Life M share: 4% (No. 8) Non-life M share: 1% (no 6) Hungary: Life M share: 2% (No. 13) Non-life M share: 4% (no 6) Poland: Life M share: 4% (No. 5) Non-life M share: 13% (No. 2) Slovenia: Life M share: 4% (No. 5) Top-3 position in the CEE region Hungary: Market share: 11% (No. 2) Inhabitants: 10 m Total assets: 6 bn EUR KBC invested ± 3.6 bn to acquire a prominent position in a growth market of ± 65 m inhabitants Especially in Poland, KBC is looking for external growth (lack of scale)

11. 11 Core targets: Cost/income ratio, banking 58% Combined ratio, non-life insurance 95% EPS growth (4-y CAGR)10% Return on equity, group 16% Return on allocated capital: - Retail in Belgium16% - Central and Eastern Europe17% - Corporates12% - Financial markets18% Tier-1 ratio, banking8% Solvency margin, insurance200% Challenging financial objectives Minimum targets for 2005

12. 12 Solid group performance Profitability Efficiency Solvency Tier-1, banking Solvency, insurance Cost/income, banking Combined ratio, insurance Return on equity Growth in EPS 8.8% 320% 65% 101% 13% Dec 02 +1% 9.5% 316% 65% 95% 13% Dec 03 +8% 9.6% 341% 60% 94% 17% +36% Sep 04 + + + + + + Trend

13. Strategy and earnings drivers Foto gebouw 2

14. 14 Do not underestimate the market:KBC is well positioned: Earnings drivers in Belgium - overview Consolidated banking market (80% of assets held by Top 4) Savings ratio amongst the highest in the world (every year, c15% of GDP flows into financial assets) Market highly receptive to cross- selling of AM & insurance products AM and life insurance business growing at c10% per year Mortgages growing at c10% p.a. (slightly above housing price inflation) Fee rates still ‘cheap’, allowing for (be it gradual) repricing Cost/income ratio still on the high side, allowing for further reduction Credit quality has proven to be solid over the cycle Top-3 market position, especially strong in the Northern region (one of the wealthiest regions in the EU) Innovative product offering in retail AM (market share has been steadily increasing over the past 10 yrs.) Outperforming bancassurance distribution model (life reserves grew >20% p.a. over the last 3 yrs.) Cost efficiency improvement potential (on the back of product simplication and co-sourcing of back offices with other banks) Compared to Belgian peers: exposure to above average growth potential in CEE

15. 15 Strong market growth momentum:KBC is well positioned:  Solid market positions in retail and corporate (temporarily excl. Poland)  Competitive advantage in enhancing cross-selling of insurance and asset management products (re Belgium) Cost-to-income still on the high side, allowing for further improvement Adequately provisioned balance sheet (risks under control)  Geographical exposure entirely within the EU, limiting the risk substantially  Availability of capital within the Group  Compared to other CEE peers: highly profitable Belgian franchise as a stable earnings factor Earning drivers in CEE - overview  Nominal GDP growth in 2005 expected at c 7%, outgrowing EMU level by c 3.5%  Ongoing catch-up in product penetration level (currently, an avg 45% for banking accounts, 30% for savings accounts and 5% for mortgages)  Mortgages volumes growing at double-digit pace (up 72% on avg in 2003)  Size of financial sector could multiply five-fold if financial assets to GDP were to reach current level of S. Europe  Unexploited cross-border (cost) synergies

16. 16 Czech RepublicSlovakia Above average GDP growth HungaryPoland Real GDP growth + inflation - KBC estimates 3.2% 6.5% 12.9% 12.3% 8.7% 7.6% 10.4% 7.6% 4.5% 8.7% 7.3%

17. 17 < 1 pp Czech RepublicSlovenia Increasing product penetration HungaryPoland Deposits as % of GDP (EMU avg = 100) +12 pp +7 pp +19 pp

18. Financial highlights, year-to-date Foto gebouw 3

19. 19 Overview of earnings headlines Earnings components Performance by areas of activities Outlook

20. 20 Strong 2004 earnings momentum Net profit in m EUR 1 022 1 119 1 034 Consensus estimate 3-y CAGR: +14% 9M 04 profit : +40% year-on-year Well on track to deliver on all our targets 1 500 1 201 Highlights — Earnings components — Areas of activity — Outlook

21. 21 Top-line growth, bankingPremium growth, insurance In bn EUR +15% org Cost/income ratio, bankingCombined ratio, insurance - 1 pp Key points, year-to-date - 5 pp +5% Highlights — Earnings components — Areas of activity — Outlook

22. 22 Loan-loss ratio, banking ROE, Group Key points, year-to-date - 55 bp +4 pp In bn EUR Solvency margin, insurance Tier-1 ratio, banking Highlights — Earnings components — Areas of activity — Outlook

23. 23 Key points, 3 rd quarter As anticipated, slowdown in rate of growth of revenue: Seasonal slowdown in trading, dividend and premium income Adverse climate for trading (flattening yield curve, low volatility, etc.) Somewhat hardening competitive environment in Belgium On the other hand: Further reduction in cost basis Sustained low loan-loss charges Sustained good technical results in non-life Net profit: 332 m (up 30% y-o-y, down 30% q-o-q) Highlights — Earnings components — Areas of activity — Outlook

24. 24 Overview of earnings headlines Earnings components Performance by areas of activities Outlook

25. 25 Growth in banking revenue Total 9M04 income up 5% y-o-y : Interest income up 2%, mainly driven by volume growth. NIM more or less stable y-o-y at 1.7% Sustained high commission income (+4%), mainly on the back of growth in investment management, bancassurance and corp. finance Robust financial market activity (+18%), although major slowdown in Q3 Q3 lower than Q2 mainly due to much lower trading income (seasonal slowdown and adverse market conditions) and some margin pressure in Belgium. 9M 2004 Banking income (in m EUR) 4 446 4 231 Highlights — Earnings components — Areas of activity — Outlook 4 338 3 553 * Extension of consolidation scope in 4Q01

26. 26 9M 2004 Growth in premium income 2 774 Sustained robust growth in Life: Organically, up 19% y-o-y, outgrowing the market on the back of the succesful business model Belgian market expected to continue to outgrow GDP driven by ‘underpenetration’ and the high savings rate Non-life: up 5% in organic terms Primary business in Belgium growing (+7%) slightly above claims inflation Expansion in CEE: premiums up 18% y-o-y (in organic terms) Drop in reinsurance exposure (premium income: -8% y-o-y) Highlights — Earnings components — Areas of activity — Outlook Premium income (in m EUR) 3 487 2 500 1 844 * Extension of consolidation scope in 1Q04

27. 27 Non-life claims charge Favourable levels in all markets 9M 2004 Highlights — Earnings components — Areas of activity — Outlook Year-to-date claims ratio (% of net premium income) Premium income (m EUR) Claims ratio 9M03 Claims ratio 9M04 Belgium53759%61% CR 5280%64% SR770%63% Hungary4270%66% Poland 240-61% R/I18777%66% Total1 06565%62%

28. 28 Net specific provisions to average gross customer loans Loan-loss charge Loan-loss provisions at historically low level (-68% y-o-y) 305 Loan-loss provisions (in m EUR) 9M 2004 425 Highlights — Earnings components — Areas of activity — Outlook 134 Customer loan book Gross loans (in bn EUR) Loss ratio FY03 Loss ratio 9M04 Belgium52.70.24%0.11% CR / SR6.80.34%0.12% Hungary4.40.32%0.64% Poland3.38.68%0.85% International34.80.48%0.11% Total102.00.71%0.16%

29. 29 Equity impairment charge Profitability of insurance division adversely impacted by additional impairments on equity portfolio (191 m o/w 27 m in 3Q) Partly offset by write-back of provision for financial risks (93 m in 1Q) and non-recurring capital gains (18 m). As a balance, net 9M impact of -79 m No additional impairments expected in Q4 (‘stable market assumption’) 9M 2004 Highlights — Earnings components — Areas of activity — Outlook Impairment charge on equity (insurance division) (in m EUR)

30. 30 9M 2004 2 461 2 782 Banking expenses (in m EUR) 2 683 2 757 Total cost basis down 3% y-o-y : In Belgium: -4% y-o-y (-73 m ), headcount reduced by 730 FTEs CEE: -3% y-o-y (-23 m ). In Poland, headcount will be reduced by 1 500 FTEs by yearend (above the initial target) Elsewhere: +6% (+22 m ), mainly related to trading bonuses Cost/income ratio significantly improved from 65% to 60% Q3 down 6% y-o-y (cost-savings programme) and 7% q-o-q (partly on the back of lower trading income) Highlights — Earnings components — Areas of activity — Outlook * Extension of consolidation scope in 4Q01 Banking expenses

31. 31 Non-life expense ratio (32%) has been steadily improving, though in 2004 negative impact of widening of consolidation scope (WARTA 34%) and of lower inbound R/I volumes Life expense ratio (5.7%) progressively improving on the back of the scale effect on admin costs and the high degree of lump-sum contracts 9M 2004 Highlights — Earnings components — Areas of activity — Outlook Expenses (% of net written premium) * Extension of consolidation scope in 1Q04 Insurance expenses

32. 32 Overview of earnings headlines Earnings components Performance by areas of activities Outlook

33. 33 Areas of activity Profit contribution % y-o-y -11%14% 223 m (19%) -15% 101 m (8%) +5% 284 m (24%) +99%19% 146 m (12%) +25%17% Contribution to Group result (excl. return on excess capital and minority interests) 9M 2004 322 m (27%) Retail, Belgium CEE Corporates Financial markets Asset management Operationally strong, depressed by equity impairments Strong operational performance and risks under control Low loan loss and non-life claims charges Very strong in 1H, but adverse climate in Q3 Sustained money inflow (but shift to lower margin products) Return Highlights — Earnings components — Areas of activity — Outlook

34. 34 Belgian retail Highlights — Earnings components — Areas of activity — Outlook Profit contribution (in m EUR) 322 252 9M 2004 9M 04 at a glance : Revenue Expenses Credit risk 9M profit: 322 m (ROAC 14%), down 11% due to a 58% drop in contribution from insurance Banking result up 37% y-o-y, driven by 5% income growth, maintained cost control (expenses -1% and C/I down from 78 % to 73 %) and sustained low level of problem loans (8 bp loan loss on RWA). Although strong premium income (+17%) and improving expense ratios, pressure on insurance contribution due to impairments on equity portfolio and higher taxes Q3 less favourable in insurance (low level of capital gains), but much better in banking (lower costs) 363

35. 35 CEE Highlights — Earnings components — Areas of activity — Outlook Profit contribution (in m EUR) 73 -4 193 9M 2004 9M 04 at a glance (organic): Revenue Expenses Credit risk 9M profit contribution: 223 m (ROAC 15%), up from –4 m in 9M03 Banking profit at 195m (vs –4m in 9M04), on the back of strong income growth (+12%), maintained cost reduction (C/I down from 76% to 67%) and sustained low level of problem loans (loan loss ratio 46 bp). Strong premium growth and improved technical results (CR 95%) are at the basis of the net profit of 28 m in insurance Q3 up 5% q-o-q in banking (income growth and better C/I), but down 18% in insurance due to the non-recurrence of technical gains in the life business

36. 36 Top-line growth KBC, 9M 04 Loan-loss ratio KBC, 9M 04 Cost/income ratio Return on allocated capital KBC, 9M 04 KBC CEE banking Highlights — Earnings components — Areas of activity — Outlook

37. 37 CR & SLK: return level of 17% driven by a) robust asset (RWA +10%) and revenue growth (+16%), b) a signicant improvement in efficiency (C/I down to 60%) and c) a sustained low loan-loss ratio (12 bp) Hungary : return level of 19% on the back of asset growth (RWA +8%) and favourable revenue development (+11%). Cost-income ratio stable and loan losses higher (no structural deterioration expected) Poland : strong turnaround on the back of a) the thorough cost-reduction program, expenses down 10%* y-o-y and b) a much lower loan loss ratio (85 bp) Contribution to Group: profit excl. minority interests and return on excess capital; incl. allocated Group overhead. In m EUR Stand- alone net profit Contribution to Group Contribution % y-o-y Return on allocated capital Return on invested capital CR/SLK (o/w SLK) 163 13 1247%17%12% Hungary 65255%19%16% Poland 3225-11%6% Slovenia 6522--7% * Adjusted for exchange-rate effects CEE banking Banking results – 9M04 Highlights — Earnings components — Areas of activity — Outlook

38. 38 9M profit contribution : 101 m (after allocation of distribution fee to retail business), up 5% thanks to higher AUM Assets (101 bn) up 13% ytd (of which 60% net inflow), but gradual shift to lower margin business Growth especially strong in capital- guaranteed funds and advisory mandats for HNW individuals Asset management Profit contribution (in m EUR) Belgium : 87% CEE : 5 % 87 97 9M 2004 9M 04 at a glance : Revenue Expenses 101 Highlights — Earnings components — Areas of activity — Outlook

39. 39 Profit contribution: 284 m, up 99% (ROAC 19%) mainly driven by lower loan loss and non-life claims charges and sustained cost control Turnaround in banking: Substantially lower cost of risk (16 bp on RWA versus 65 bp in 9M03) Gross income margin sligthly up from 2.5% to 2.6% Cost/income stable at 37% Profit increase most remarkable in Belgium, ‘corporate US’ and the global structured finance activities. Better return in re-insurance thanks to improved underwriting performance (CR 94 % versus 101% in 9M03) Profit contribution (in m EUR) Corporates 142 284 156 9M 2004 9M 04 at a glance : Revenue Expenses Credit risk Highlights — Earnings components — Areas of activity — Outlook

40. 40 Profit contribution: 146 m, up 25% (ROAC 17%) mainly driven by strong income growth (cost/income stable at 64%) 1H04 very strong, Q3 rather very poor due to: Seasonal slowdown trading activities Adverse climate: rate incertainty, flattening yield curve, low volatility, limited stock market momentum… Profit contribution (in m EUR) Financial markets 76 117 146 9M 2004 9M 04 at a glance : Revenue Expenses Highlights — Earnings components — Areas of activity — Outlook

41. 41 Overview of earnings headlines Earnings components Performance by areas of activities Outlook

42. 42 Outlook for 2004 FY04 net earnings expected to be up at least 35% (assuming stable economic and financial climate and stable stock levels) Top-line growth in 4Q: Significant volume growth in deposits/life insurance in Belgium on the back of successful ‘savings’ marketing campaign. Margin pressure not expected to lessen Potential gain on disposal of equity holdings Commitment to maintaining strict cost discipline Level of provisions in 4Q: loan losses expected to be much lower than in 2003 Claims ratio may increase depending on weather conditions (seasonal effect) No further equity impairments (insurance division) expected (‘stable market assumption’) Restructuring in Poland has been successful. FY profit expected to be > 30 m Highlights — Earnings components — Areas of activity — Outlook

43. 43 Highlights — Earnings components — Areas of activity — Outlook On 22 November 2004, Almanij / KBC confirmed that they are currently examing whether it is possible to carry out a structural change within the Group. At this stage of the investigation, it is not possible to comment on the outcome, the timing or the practical details of such an investigation. This statement is still valid.

44. Additional information Foto gebouw 4

45. 45 Year-to-date results In millions of EUR 6M 043Q 04q-o-q9M 04y-o-y Gross operating income3 5991 610-11%5 209+7% - banking3 0941 352-11%4 446+5% - insurance510264-5%774+21% Administrative expenses- 2 174- 1 004-6%- 3 178+1% - banking- 1 838-844-7%- 2 682-3% - insurance-335-158-3%-493+30% Operating result1 425606-17%2 031+17% - banking1 256508-17%1 764+20% - insurance175106-7%281+8% Loan-loss provisions Value adjust., non-recurring, extraordinary and other results - 120 - 15 - 14 - 91 -82% - - 134 - 106 -68% Pre-tax profit1 290501-27%1 791+41% Taxes- 333-123-24%-456+43% Minority interests- 88-46+1%-135+41% Net profit869332-30%1 201+40%

46. 46 1 9971 280167708579Gross operating income (m) +3%+23%+3%+6%+12%(% y-o-y) 614405122420206Net operating income (m) +11%66%+2%+9%14%(% y-o-y) 322223101284146Net profit, group share (m) -11%-+5%+99%+25%(% y-o-y) 33 13514 981-31 95210 255Risk-weighted assets (bn) +2%-1%--3%-8%(% y-o-y) 3 0051 966-2 0441 117Allocated capital (bn) +6%+1%--3%-6%(% y-o-y) 14%15%-19%17%ROAC Areas of activity RetailCEE AM CorporateMarkets 9M 2004

47. 47 CEE CSOBK&H KB NLBInsurance Expanded horizons in CEE paying off 9M 04 (in m EUR, % chg. y-o-y) 611 (+15%) 293 (+15%) 234 (+1%) 170Gross operating income - 346 (+2%) - 205 (+10%) - 181 (-10%) - 137General expenses - 22- 10- 25-Provisions - 80- 13- 11- 6Taxes & extraordinary 163 (+1%) 65 (+27%) 32 (n.r.) 6527Stand-alone profit - 25- 23- 3-+ 4Adjustments, o/w yield on excess capital - 14- 17- 4- 43- 5Minority interests 124 (+7%) 25 (+5%) 25 (n.r.) 2227 (n.r.) Profit contribution to Group 17%19%11%-9%ROAC

48. 48 Update on restructuring efforts in Poland Risk issue adequately dealt with in 2003 Historic loan book ‘cleaned-up’ (one of the highest provision coverage rates on the market and ytd 04 provisions below market avg.) Risk management procedures upgraded and distressed asset portfolio closely monitored Cost basis significantly reduced: Centralization of back offices, outsourcing of non-core functions and divestiture of non-core assets (Ukraine, Lithuania, etc.) Headcount reduced by 1 300 FTEs (-19%) Renewed focus on business development as of 2H04 Including intensive transfer of KBC know-how Acceleration in bancassurance and AM sales Key achievements : Clear profitability turnaround - Risk - Costs + Volumes

49. 49 Market value of securities portfolio In m EUR Book value Market value Non- realised Fixed-income49 02050 4481 429 - Banking39 60340 599996 - Insurance9 4179 849432 Equity4 7295 181352 - Banking1 7661 913147 - Insurance2 8773 081204 30 September 2004 * Excluding trading portfolio

50. 50 Non-audited simulation based on 31 Dec. 2003 figures. Impact partly to be reported in opening balance sheet as at 1 Jan. 2004 and partly as at 1 Jan. 2005. For more details, surf to www.kbc.com Simulated impact on own equityIn m EUR Profit appropriation+ 498 Value adjustment of financial instruments (IAS 32 / 39)+272 Reversal of provisions (IAS 4 / 37)+ 215 Correction of depreciations of tangible assets and capitalization of internally generated software (IAS 16/38) + 34 Inclusion of special purpose vehicles in consolidation scope+ 10 Reclassification from operational to financial leasing (IAS 17)+ 9 Adjustment of deferred tax assets and liabilities (IAS 12)+ 3 Impairment testing of goodwill (IAS 36) - 0 Translation differences- 2 Underfunding of defined benefit pension plans (IAS 19)- 402 Total equity correction+ 637 Impact of IFRS

51. 51 Quantitative impact simulation on required capital (Sept. 04): Credit risk: 84% of current required capital level (positive impact from the lower weight of retail/SME credit portfolio) Operational risk: additionaly 11% of current required capital (ca. 800 m EUR) On balance: 95% of current required capital level Methodology: Credit risk: IRB Foundation method Operational risk: Standardized method Implementation: 31 December 2006 Impact of Basle II regulation

52. Closing remarks on dividend policy and valuation Foto gebouw 5

53. 53 EPS Payout ratio DPS Dividend yield Steadily growing dividend EUR

54. 54 Valuation P/E 2005 CEE banks (1) 12.8 CEE-exposed banks (2) 12.2 Euro-zone banks (3) 11.9 KBC 11.3 BEL banks (4) 10.0 Key figures: Share price: 55.7 EUR Net Asset Value: 38.2 EUR Analysts’ estimates: EPS 2004 consensus: 4.82 EPS 2005 consensus: 5.17 P/E 2005: 11.3 Recommendations : Positive: 38% Neutral: 29% Negative: 33% Valuation relative to peer group : Unweighted average of IBES data : (1) OTP, Komercni, Pekao, BPH PBK, BRE (2) BA-CA, Erste, Unicredit, Soc Gen, Intesa BCI (3) Top 20 of DJ Euro Stoxx banks (4) Fortis, Dexia Situation as at 16 November 2004

55. 55 Sell-side coverage