Financial Year 2003 Results and Outlook for the Future

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

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. Inflation • Interest rate • Poland • Total GDP in 2003: EURO 171.6 billion • 38.2 million inhabitants • GDP per capita: EURO 4,473 • PLN/EUR FX rate THE POLISH ECONOMY IS EXPECTED TO DEVELOP POSITIVELY • 2002 • 2003 • 2004F • 2005F • 2006F • 1.4% • 4.0% • 5.2% • 4.0% • 3.8% • Real GDP growth • 0.8% • 1.7% • 1.8% • 2.0% • 2.0% • 6.75% • 5.25% • 4.6% • 4.0% • 4.5% • 4.02% • 4.71% • N/A • N/A • 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 • Total assets • PLN billion • CAGR 03-08 9-11% • CAGR 1996-2003 14% • Room for growth as banking penetration still below relevant benchmarks • Hungary: 69% • Czech Republic: 113% • Portugal: 235% • 1996 • 2000 • 2003 • 2008F • Banking assets as percent of GDP • 54 • 63 • 65 • 76-86 Source: McKinsey estimate

5. PRODUCT PENETRATION COMPARISON SHOWS SIGNIFICANT COMMERCIAL POTENTIAL IN COMPARISON TO CEE AS WELL AS TO EU • Data for 2002 • Volume of mutual funds as percentage of total personal financial assets • Percent • Deposits with banks as percentage of GDP • Percent • Loans with banks as percentage of GDP • Percent • Volume of mortgages as percentage of GDP • Percent • Banking assets as percentage of GDP • Percent • Percentage of population with current account Percent, 2001 • Number of credit cards per 100 inhabitants • Poland • Czech Republic • N/A • Hungary • Spain • N/A • 26.40 • Portugal • N/A • 21.8 • Germany •  90 Source: Central bank statistics, GFK

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

7. Establishment of the bank • Initial growth by acquisitions • Change of ownership structure and growth by commercial capabilities • Consolidation • CAGR = 128% KREDYT BANK HAS OUTPERFORMED THE MARKET IN TERMS OF GROWTH, DRIVEN BY ACQUISITIONS AS WELL AS COMMERCIAL CAPABILITIES • Large acquisition in 1997 • Kredyt Bank – history overview • 1990 • 1997 • 2001 • Today • 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 • Total consolidated assets • PLN million • CAGR = -1.7% • CAGR = 24% • 23,047 • 18,884 • 16,046 • 12,028 • 8,694 • 4,997 • 1,826 • 1,068 • 714 • 27 • 98 • 185 • 385 • 1990 • 1991 • 1992 • 1993 • 1994 • 1995 • 1996 • 1997 • 1998 • 1999 • 2000 • 2001 • 2002 • 2003

8. THIS GROWTH PERIOD HAS TAKEN KREDYT BANK TO A SOLID NUMBER 7 POSITION IN DEPOSITS AND NUMBER 4 IN LOANS • Market share in number of branches • Percent • Market share in deposits • Percent • Market share in loans • Percent • 2000 • 2001 • 2002 • 2003 • 2000 • 2001 • 2002 • 2003 • 2000 • 2001 • 2002 • 2003 • Ranking on the market • 5 • 7 • 7 • 7 • 5 • 6 • 4 • 4 • 5 • 5 • 5 • 5

9. Retail (individuals) • Commercial clients KREDYT BANK’S MARKET POSITION IS SIMILAR IN CORPORATE AND IN RETAIL, WHERE THE HIGHER SHARE OF LOANS IS DUE TO ZAGIEL • Market share in deposits • Percent • Market share in loans • Percent • 2000 • 2001 • 2002 • 2003 • 2000 • 2001 • 2002 • 2003 • 2000 • 2001 • 2002 • 2003 • 2000 • 2001 • 2002 • 2003

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 • Core operations linked through KBC • Divestitures* Signed Sold In progress • Kredyt Bank, S.A. • Warta Insurance Company • Kredyt Bank Ukraine • 66.7% • Zagiel, S.A. • 100% • PTE Kredyt Bank, S.A. • 100% • Kredyt Lease, S.A. • 100% • Polski Kredyt Bank, S.A. • Agropolisa Insurance Company • Kredyt Bank, S.A. • Vilnius branch * Additionally, divestitures will include some supportcompanies

11. Area • Clients • Products • Distribution KREDYT BANK CAN BUILD ON ITS CLIENT BASE, MULTIPLE DISTRIBUTION CHANNELS AND UNIVERSAL PRODUCT RANGE • Concentrated on Polish market • Retail excluding private banking: ~750 000 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

12. Fitch ratings Moody’s investors service • Long-term • Outlook • Short-term • Individual • Support BBB+ Positive F2 D/E 2 • Long-term • Outlook • Short-term • Financial strength A2 Stable P-1 E+ 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