KBC Group

1

• KBC Group
• Company presentationWinter 2005

Web site www.kbc.comTicker codes KBC BB
(Bloomberg) KBKBT BR (Reuters)
2
Contact information

• Investor Relations OfficeLuc CoolNele
  KindtMarina Kanamoriinvestor.relations_at_kbc.com
• Surf to www.kbc.com for the latest update.

3
Important information

• 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
• KBC believes that this presentation is reliable,
  although some information may be condensed or
  incomplete
• This presentation contains forward-looking
  statements with respect to our earnings
  development involving assumptions and
  uncertainties. 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 possesses sufficient
  expertise to understand the risks involved

4
Table of contents

1. Company profile
2. Strategy and earnings drivers
3. Financial highlights
4. Closing remarks on the equity valuation

5
Foto gebouw
1
Company profile
6
Market cap ranking in Euroland
1 BSCH (66 bn)
2 BNP Paribas (59 bn)
3 BBVA (50 bn)
4 Deutsche Bank (45 bn)
5 Société Générale (44 bn)
6 Crédit Agricole (39 bn)
7 ABN AMRO (39 bn)
8 Unicredit (32 bn)
9 Fortis (32 bn)
10 KBC (27 bn)
11 Intesa BCI (243 bn)
12 Dexia (20bn)
13 HVB (20 bn)
14 San Paolo IMI (19 bn)
15 Allied Irish Banks (15 bn)
16 Bank Austria (15 bn)
17 Commerzbank (14 bn)
18 Bco Popular (13 bn)
19 Mediobanca (12 bn)
20 Bank of Ireland (12 bn)
DJ Euro Stoxx Banksconstituents
Data as at 14 Nov. 2005
7
Historic milestones
2005
2004
2003
2002
2001
2000
1999
1998
Merger with parent company to simplify
shareholder structure
Start of CEE expansion
Restructuring of Belgian business
Leading presence in CEE-5
Improving profitability in CEE -cross-selling-
cost efficiency- cross-border synergies
Creation of KBC (domestic merger in Belgium)
8
Shareholder structure
Free float
CERA/Almancora27.1
Free float47.3
MRBB11.6
Other committed shareholders 11.7
(own shares 2.3, including ESOP hedge)
Shareholder identification as at 31 Dec.
2004(before merger with Almanij)
Situation as at 30 Sept. 2005

• KBC is majority-owned by a group of committed
  shareholders, thereby providing continuity for
  the pursuit of long-term strategic goals
• Core shareholders include the Cera/Almancora
  Group (co-operative investment company), a
  Belgian farmers association (MRBB) and a
  syndicate of industrialist families

9
Business portfolio
Revenue -geographical breakdown(9M 2005)
Selected other markets (mostly in W. Europe)-
private banking- SME/corporate- capital markets
CEE- retail bancassurance- asset management-
private banking- SME/corporate
Belgium- retail bancassurance- asset
management- private banking- SME/corporate

• KBC is a top bancassurer and asset manager in
  Belgium and has successfully expanded its
  operations in CEE-5, its 2nd home market.
• Recently, Private Banking (76 bn AUM) has become
  more of a key focus. The PB business was expanded
  to include a Western European network.
• KBC is also active be it rather selective in
  commercial banking (mostly in W. Europe) and
  capital markets.

10
KBCs presence in CEE
CEE profit contribution to KBC Group
Share of business segments in gross income, CEE
Banking
Profit contribution, Poland Profit contribution, Poland
2004 9M 2005
25 m 61 m
Total assets, bank 5 bn EURMarket share, bank 5 (No. 8)Market share, life 3 (No. 7)Market share, non-life 11 (No. 2) Total assets, bank 5 bn EURMarket share, bank 5 (No. 8)Market share, life 3 (No. 7)Market share, non-life 11 (No. 2)
Profit contribution, CZ SK Profit contribution, CZ SK
2004 9M 2005
162 m 279 m
Slovakia
Total assets, bank 2 bn EURMarket share, bank 6 (No. 4)Market share, life 4 (No. 9)Market share, non-life 4 (No. 4)
Czech Republic
Total assets, bank 18 bn EURMarket share, bank 21 (No. 2)Market share, life 8 (No.4)Market share, non-life 4 (No. 6)
Profit contribution, Hungary Profit contribution, Hungary
2004 9M 2005
31 m 23 m
Total assets, bank 7 bn EURMarket share, bank 11 (No. 2)Market share, life 4 (No. 7)Market share, non-life 4 (No. 6) Total assets, bank 7 bn EURMarket share, bank 11 (No. 2)Market share, life 4 (No. 7)Market share, non-life 4 (No. 6)
Profit contribution, Slovenia Profit contribution, Slovenia
2004 9M 2005
26 m 18 m
Minority stake (34)Market share, bank 41 (No. 1)Market share, life 6 (No. 5) Minority stake (34)Market share, bank 41 (No. 1)Market share, life 6 (No. 5)
11
Total banking assets in CEE
In million euros
Source SP figures as at 31 Dec. 2004
12
KBCs European banking network
Commercial banking(credit exposure) Commercial banking(credit exposure)
Belgium 74 bn
CEE 27 bn
Western Europe 51 bn
Rest of the world 16 bn
TOTAL 168 bn

Netherlands

Ireland

Germany
U.K.

Poland

Belgium

Czech Rep.
Slovakia

Luxembourg

Hungary
Switserland

France

Slovenia
Private banking(Assets under Management) Private banking(Assets under Management)
Belgium 27 bn
CEE 3 bn
Western Europe 46 bn
TOTAL 76 bn
Italy

Monaco

Spain
Situation as of 30-Sep
13
Solid financial track record
Combined ratio, non-life
Cost/income, banking
In m EUR
Return on equity
Net profit growth
In m EUR
Pro forma figures, KBC Group (2003 figures are
based on B-GAAP)
14
Foto gebouw
2
Strategy and earnings drivers
15
We build a solid future

• Strategy headlines include
• Retail- and wealth-management-oriented, with
  focus on Belgium and CEE-5 and selected Western
  European markets
• Further enhancement of efficiency (with emphasis
  on - but not exclusively in - CEE and European
  private banking)
• Standalone basis (opportunistic operational
  alliances in certain areas to generate economies
  of scale, if needed)
• Steady dividend growth and solid level of
  financial strength/solvency
• Execution is key
• Primarily organic growth agenda in core markets
• Committment to further enhance efficiency
• Conservative risk culture
• Continuing to deliver a consistent financial
  performance
• ROE ? 16
• Double-digit EPS growth

16
We build a solid future

• The solid growth and value outlook is reflected
  in ambitious financial targets, valid until 2008

Efficiency Cost/income, banking Combined ratio, non-life max. 58 max. 95
Financial strength Tier-1, banking Solvency margin, insurance min. 8 min. 200
Value creation Adjusted ROE EPS growth (CAGR) min. 16 min. 10
17
Value drivers in Belgium overview
Do not underestimate market potential
KBC Group is well positioned

• Savings ratio amongst highest in the world (every
  year, ca. 15 of GDP flows into fin. assets)
• Market highly receptive to cross-selling of AM
  insurance, fueling strong growth trend in AM and
  life insurance business
• Strong mortgage growth trend (ca. 10 per year)
  expected to continue, as residential property
  price levels are still below other European
  markets
• After a temporary surge in price competition
  (late 2004/early 2005), price rationality is
  tending to be restored, epecially for
  interest-bearing products.
• Fee rates for retail banking services only 50 of
  European average (gradual increase expected)
• Credit quality has proven to be solid over the
  cycle

• Top-3 market position, esp. strong in Northern
  region (one of the wealthiest regions in the EU)
• Leading position in retail AM through innovative
  product offering (steadily increasing market
  share over the past 10 yrs.)
• Still high cross-selling potential for insurance
  products and well-performing bancassurance
  distribution model
• Well-diversified revenue structure (50 fee
  income) and further increase in fee income
  targeted (e.g., in SME segment)
• Of the top players, level of customer
  satisfaction is high(est)
• Further cost efficiency improvement potential,
  among other things, via co-sourcing of back
  offices with other banks

18
Mid-term financial outlook, Belgium
Gross income C/I, banking LLR Net profit
Retail 5 CAGR Low 60s lt 0.25 gt10 CAGR
Business customers gt2 on RWA lt 43 lt 0.35 gt10 CAGR
Related to parent-company operations only
excl. subsidiaries
19
Value drivers in CEE - overview
Strong market-growth momentum
KBC Group is well positioned

• Nom. GDP growth in 2005-07 at 6.5 yearly,
  outgrowing EMU by 3-3.5
• Ongoing catch-up in product penetration retail
  volumes growing at double-digit pace
• Mortgages up 28 ytd (9M05)
• AUM up 33 ytd (9M05)
• Written premiums, life up 23 ytd (9M05)
• Financial sector could grow five-fold if
  financial assets to GDP were to reach current
  levels of S. Europe

• Solid market position in retail and corporate
  businesses with nationwide branch networks
• Strong competitive position for enhancing
  cross-selling of asset management and insurance
  products and well positioned in HNWI and
  private-banking sectors through epb know-how
• C/I still on the high side in several countries,
  inducing further improvement, e.g., by setting up
  cross-border platforms
• Adequately provisioned balance sheets
• Availability of capital within the Group for
• buy-out of third-party interests or selective
  bolt-on MA
• more aggressive organic growth in Poland since
  immediate MA opportunies are not expected
• Potential entry into new markets (e.g., Romania,
  Croatia)

20
Value drivers in CEE bancassurance
Cross-selling results are encouraging

• Now the model is in place
• A unified management responsibility was put into
  place (joint management committee of bank and
  insurance company)
• KBCs bancassurance distribution model has been
  implemented and sales incentives and adequate
  sales approach for cross-selling set up
• Know-how has been transferred and business
  processes and IT systems are being adequately
  streamlined
• distinguishing factor vis-à-vis other CEE
  players

KBC Cross-sell rates2004 CZ HU PL SK BE
Consumer loanXLife 83 50 100 94 67
Mortgage loan XLife 45 50 100 75 67
Mortgage loanXProperty insurance 54 71 42 30 50
21
Value drivers in CEE asset management

• KBC is well positioned
• Strong appetite for risk-free investments in
  the market, fully in line with KBCs core
  competencies and successful track record in
  Belgium for capital-guaranteed funds
• Cost/AUM below average (around 15 bps vs. 20 bps
  for Europe)

• Results are encouraging
• In 9M05, AUM grew by 43 annualized. Continued
  high growth expected in coming years
• Via the funds business, new customers are being
  recruited. Existing customers who use deposits to
  buy funds replenish their deposit accounts after
  one year

Market share 2003 2004 1H05 Trend
CZ 19 22 26
HU 8 9 11
SK 6 7 8
SLO - 8 10
PL 3 4 4
22
Mid-term financial outlook, CEE
RWA CAGR Net profit CAGR Loan-loss ratio Cost/Incomeratio
Banking 10 15 10 15 lt 0.50 lt 60
Premium income CAGR Net profit CAGR Combined ratio
Insurance 15 25 25 - 35 95
AUM growth, mutual funds AUM growth, pension producs
AM 15 20 10 - 20
23
Value drivers in private banking
Business model integrated private banking
business in selected European markets focusing on
clients with gt1m of investable assets. The
network has been built over the past few years
via separate acquisitions. Operations will now be
further integrated. Total assets currently amount
to 76 bn (Sep-05)

• Dual brand strategy network-led vs.
  independent boutique
• Growth drivers network trade-up, extension of
  product offering and hiring of private bankers

• Integrated network of local pure-play private
  banking brands (boutique style with strong
  status/heritage, esp. in Germany, Spain,
  Netherlands, UK)
• Priority of reducing costs by creating synergies
  within a central hub
• Growth drivers increased share of wallets,
  hiring of PB managers and opportunistic MA

• Small today, but strong market growth expected
  (gt15 p.a.)
• Strengthening a network-led model, leveraging
  Belgian experience

• Low-growth market, focus on profitability
  (leveraging the hub)
• If possible, steer repatriated assets to KBC
  onshore

AUM 18 bn
AUM 3 bn
AUM 27 bn
AUM 28 bn
AUM expected to grow at 9 CAGR on an organic
basis Opportunistic acquisitions may imply
investments of 150-250 m per year
24
Mid-term financial outlook, private banking
AUM growth Net profit Cost/Income
Private Banking 9 CAGR 10 CAGR lt 55
14 Belgium, 15 CEE, 0 offshore and 10 W.
Eur. onshore
25
Foto gebouw
3
9M 2005Financial highlights
26
Financial highlights - At a glance - Group
financial performance - Headlines per segment FY
2005 profit outlook
Foto gebouw
27
Profit trend, 3rd quarter 2005
Net profit m EUR

• All major business units delivered excellent
  results in Q305, even though past Q3s have nearly
  always been weaker than other quarters (30 q/q
  on avg.)
• Profit in CEE was down somewhat q/q, despite
  higher banking income/lower costs, as credit
  losses returned to more normalized low levels
  (these were almost zero in Q2)
• Main drivers were
• Strong volume growth momentum, e.g.
• Mortgages 6 q/q
• Life insurance reserves 8 q/q (esp.
  unit-linked)
• Assets under management 6 q/q
• Net positive impact of developments in interest
  rate and equity markets
• Very low credit-risk provisioning

28
Profit trend, 9 months 2005
9M 2004pro forma 9M 2005 9M/9M 9M/9Mexcl. one-offs
Gross income, net of technical insurance charges 5 652 6 154 9 6
Operating expenses -3 520 -3 490 -1 -1
Operating result 2 132 2 664 25 17
Impairments -286 -54 -81 -81

Net profit(after tax and minorities) 1 175 1 796 53 32
Cost/income ratio, bankingLoan-loss ratio, bankingCombined ratio, non-lifeReturn on equity 620.209414 580.049519

• Notes
• One-offs include the disinvestment loss at Agfa
  Gevaert (net bottom-line impact of 80 m) in Q2
  2004, the income related to the settlement of a
  historic loan (68 m net) and the
  non-recurring value gains on shares of Irish
  insurer FBD (68 m net) in Q1 2005 .
• All 2004 figures exclude impact of IAS 32/39 and
  IFRS 4

29
Highlights, 9 months 2005

• Net profit at 1.8 bn, up 53 y/y, generating a
  return on equity of 19
• Underlying profit (excl. main one-offs) growing
  at 32
• Strong business volume growth across our
  activities and geographies, generating strong
  commission income (22) and highly offsetting
  impact of flattened yield curve on net interest
  income
• Profit from mark-to-market of financial
  instruments and capital gains realized on
  investments signifcantly lower than 2004 (though
  partly due to IFRS valuation rules)
• Downtrend in expenses (-1 y/y) - cost/income
  ratio (banking) at 58
• Sustained low combined ratio, non-life (95)
• Very low credit-risk provisioning (loan-loss
  ratio at 0.04)
• Reminder comparison of individual P/L lines with
  pro forma 2004 figures distorted by application
  of IFRS 32/39 and IFRS 4 as of 2005
• Business outlook for 2005 remains positive

30
Financial highlights - At a glance - Group
financial performance - Financial headlines per
segment FY 2005 profit outlook
Foto gebouw
31
Solid underlying revenue trend
IFRS 2005
IFRS 2004
1.0 bn
0.6 bn
0.5 bn
2.1 bn

• IFRS reclassifications distort y/y comparison
  (among other things, non-recognition of
  unit-linked premiums)
• H1s solid trend in FC income continued in Q3
  (452m, up 10 q/q and 40 y/y)
• Banking NIM up q/q from 1.63 to 1.69,
  benefiting from, among other things, 25 bps
  deposit rate cut in Belgium (however, other
  one-off impacts, as well)
• Record level of life insurance premium income
  (1.3 bn - mostly unit-linked, driven by low
  interest rates and good stock market performance)

• Down 511m y/y, due to non-recognition of 2.1 bn
  new unit-linked premium volume under IFRS 2005
• Apart from one-offs (173m in Q1), solid revenue
  quality
• NII volume growth and refinancing fees
  offsetting negative impact on NIM of flattened
  yield curve. NIM down -9 bps y/y to 1.65.
• High level of life insurance premium income (3.3
  bn)
• Strong FC income (29)

Sales of unit-linked life insurance, recognized
differently under IFRS 2005
32
Business volumes, growth trend
Total loans Of which mortgages Customer deposits Life reserves AUM
Outstanding (in bn) 113 32 158 16 171
Growth, 3Q 05 (q/q) 1 6 1 8 6
Belgium -1 4 -3 8 6
CEE - CZ/Slovakia - Hungary - Poland 578-6 1011109 5626 74528 117176
Rest of the world 2 9 4 - 6
Growth, 9M 05 (ytd) 8 17 8 19 19
Belgium 8 12 2 19 22
CEE - CZ/Slovakia - Hungary - Poland 71312-10 28273416 2229123 23175439 33319714
Rest of the world 10 25 12 - 14
Note growth trend excl. (reverse) repo and
interbank activity
33
NIM / IR sensitivity
Q1 05 (q/q trend) Q2 05(q/q trend) Q3 05(q/q trend) 9M 05(y/y trend)
NIM trend
Group, total 0.01 -0.02 0.06 -0.09
whereof Belgium 0.00 -0.10 0.06 -0.01
whereof CEE -0.10 -0.06 -0.13 -0.34

• In Q3, NIM went up 6 bps, benefiting from, among
  other things, a deposit rate cut in Belgium. YtD
  NIM is down 9 bps, impacted by margin erosion in
  CEE (offset by volume growth, FC income and
  lower cost of risk)
• The P/L impact of a 50-bps parallel upwards shift
  of the yield curve would have a positive impact
  of appx. 10 m euros (assuming deposit rate in
  Belgium remains stable) vs. the base scenario for
  2006 with a 2 ECB rate and 3.75 10-y Govi yield

For comparison purposes vis-a-vis 2004, impact
of IFRS 32/39 has been been neutralised
34
Sustained favourable y/y cost trend
-1

• As expected, cost level - down 32m q/q since Q2 -
  was negatively impacted by one-off merger-related
  costs (20 m) and catch-up on underusage of
  expense budgets in Q1 (20m)
• 3Q includes update of provisions for legal risks
• Y/y trend 3 since staff profit-sharing bonuses
  were very low in Q3 04 (very poor performance at
  KBC Financial Products)

• Ytd expenses down 30m (-1), mainly due to
  cost-cutting efforts in the Belgian banking
  business in 2004
• Cost/income ratio, banking, down from 62 to 58

35
Historic low impairment level
-81

• Impairments down 232 m (-81) on the back of
  limited credit risk and solid equity markets
• Loan-loss ratio down from 0.20 in FY 04 to 0.04

• Q3 impairments remain at historic low levels (net
  write-back of 3m)

LLR FY 03 FY 04 9M 05
Belgium 0.24 0.09 0.00
CR/Slovakia 0.34 0.26 0.21
Hungary 0.32 0.64 0.72
Poland 8.68 0.69 0.00
International 0.48 0.26 0.00
Total 0.71 0.20 0.04
36
Excellent underwriting result, non-life

• Combined ratio at 95 on the back of
• Sound risk management (claims ratio at 64)
• Good cost control (expense ratio at 31)
• Favourable claims environment in all markets

• Q3 sligthly higher q/q, mainly due to seasonal
  pattern in expense ratio

C/R FY03 FY04 9M05
Belgium 93 92 94
Czech Rep. 102 99 92
Slovakia 146 138 120
Hungary 103 98 95
Poland - 95 99
R/I 100 98 90
Total 96 95 95
37
Financial highlights - At a glance - Group
financial performance - Financial headlines per
segment FY 2005 profit outlook
Foto gebouw
38
Segment structure
KBC Group NV
KBCInsurance
KBCAM
KBL epb
Gevaert
KBCBank
Primary segmentation by business segment
39
Key points, business segments

• Banking
• Q3 05 profit contribution at 363 m
• Good top-line mix, commissions particularly
  strong, not boosted by gains and trading income,
  NII up (however, significant one-off positive
  impact)
• Costs flat q/q (incl. 40m provision related to
  legal files)
• Once again, very limited loan-loss charges (3m)
• 9M05 earnings at record level of 1.1 bn, driven
  by
• Strong commission income (22)
• Strict cost control -3 y/y (C/I at 58 incl.
  AM)
• Limited credit cost (4 bps)
• One-off income related to settlement of historic
  loan dispute in Slovakia in Q1 (68 m net)
• Insurance
• Strong Q3 05 results, in line with Q1/Q2 (without
  significant capital gains and dividend income as
  in the 2 previuos quarters), due to
• Record level of sales of life products (1.3 bn),
  mostly unit-linked (recognized as FC income)
• Limited M2M gain (9m) write-back of impairments
  (8m)
• 9M05 earnings increasing to 366m on the back of
• High sales of life insurance (3.3 bn euro),
  boosting life reserves by 19
• Excellent underwriting performance (CR, non-life,
  95)
• Higher investment income, partly due to the gain
  on the disposal of the participation of FBD (net
  non-recurring impact 68 m)
• Low impairment charges on portfolios (extremely
  high in 1Q 04)

BANKING
Net profit (in m)
4 Qs moving average
INSURANCE
4 Qs moving average
Net profit (in m)
40
Key points, business segments

• Asset management
• AUM in 3Q05 up 6 (o/w 40 new money inflows),
  boosting net profit contribution to 74m
• 9M05 earnings at 200m, 38m y/y (23) driven by
  increased AUM
• AUM in 9M05 up 22 to 102 bn (60 due to new
  inflows)
• C/I at 14
• Net margin on AUM at 2.9
• Note total AUM within the Group 186 bn
• Asset management segment 87 bn (3rd party) 15
  bn (group assets)
• Banking segment 24 bn (mostly private and HNWI
  assets in Belgium and CEE)
• European private banking segment 60 bn (o/w 52
  bn of private banking customers)
• European private banking
• 3Q05 profit contribution (39 m) in line with
  previous quarter
• M2M of trading instruments was compensated by
  better NII of trading instruments, the reversal
  of impaiments on AFS assets and a positive tax
  impact
• AUM increased by 9 (partly due to expansion of
  consolidation scope )
• 9M05 earnings at 133m, up 29 m (28)
• Sustained growth trend of FC income out of
  private banking and custody operations
• Even higher cost level (C/I at 72, but
  negatively impacted by 20 m in restructuring
  charges)

ASSET MANAGEMENT
Net profit (in m)
4 Qs moving average
EUROPEAN PRIVATE BANKING
Net profit (in m)
4 Qs moving average
41
Key points, business segments

• Gevaert
• Downsizing of non-core activities is progressing
  according to plan Gevaert to disappear as
  seperate business line
• 3Q05 negative profit contribution related to
• The unwinding process (8 m impairment loss and
  10 m taxes on intragroup dividend upstreaming )
• Earnings loss at Agfa Gevaert (-38 m impact)
  mainly due to rise in restructuring provisions
  (Agfa Photo)
• 9M05 profit contribution of 59 m largely driven
  by gains on disposals
• Holding company
• 3Q05 net holding company results (-14 m) at
  normalized level
• 9M05 net charge at 73 m, quite high due to
• One-off costs in Q2, related to Almanij-KBC
  merger expenses for redemption of stock option
  plan at KBL that was delisted (15 m) and
  external advisory services (5 m)
• Costs of debt related to minority buy-out of KBL
  (already partly reduced in Q3)
• Elimination of dividends received on own shares
  (IFRS 2005) (9 m in Q2)

GEVAERT
Net profit (in m)
4 Qs moving average
HOLDING COMPANY
Net profit (in m)
4 Qs moving average
42
Segment structure contd.
2
KBC Group NV
1
KBCInsurance
KBCAM
KBL epb
Gevaert
KBCBank
Retail
Business customers
CEE
Markets
European private banking
1 . Primary segmentation by business segment 2.
Additional breakdown by area of activity
Gevaert
43
Retail Belgium and CEE

• Retail Belgium
• Strong profitability trend continues in Q3.
  Profit contribution up 15 m q/q supported by
  deposit rate cut, among other things.
• 9M05 earnings at 799 m, up 440 m (x2.2),
  generating ROAC of 29 (15 in 9M04)
• sound revenue growth (esp. related to investment
  products and mortgages)
• sustained cost discipline (-3 y/y), C/I 57(67
  in 9M04)
• Solid PC underwriting performance C/R stable at
  94
• absence of credit provisioning (LLR 0) and
  normalization of value impairments on the
  investment portfolio (184 m impairments in 9M04)
• Private banking sub-segment contributes 49 m in
  9M05 (vs 32 m in 9M04)
• CEE
• Q305 profit contribution at 105 m. Compared with
  Q2 higher banking income, lower costs (C/I 60)
  but somewhat higher non-life claims (C/R 98) and
  loan losses (LLR 26 bps)
• 9M05 earnings at 416m, up 175m (73) generating
  a ROAC of 48 (32 in 9M04)
• In CR/Slovakia 9M05 earnings at 289 m (incl.
  one-off of 68 m in Q1), driven by steady loan
  growth, increased FC income and strong C/I ratio
  (48)
• Poland 9M05 profit contribution of 82 m (incl.
  deferred taxes of 18 m) due to sound cost trend,
  growing insurance business and absence of loan
  losses
• Hungary further positive trend of operating
  performance, but update of legal legacy provision
  and higher loan-loss provisions (LLR 0.72, still
  lower then major peer). 9M05 profit at 27 m

RETAIL (BELGIUM)
Net profit (in m)
4 Qs moving average
CEE
Net profit (in m)
4 Qs moving average
44
SME and wholesale activities

• SME/corporate customers
• 3Q05 profit contribution (182 m) boosted by
  strong income from corporate finance / private
  equity business (including IPO of Telenet) and
  writeback of loan losses
• 9M05 earnings at 408 m, up 107 m (36),
  generating ROAC of 25 (18 in 9M04)
• Succesful income growth, including in corporate
  finance. Gross margin (on RWA) 3.2 (2.9 in
  9M04)
• Low credit provisions LLR at 0.01 (0.16 in
  9M04)
• High cost efficiency C/I at 33 (36 in 9M04)
• Solid underwriting result of outbound R/I
  activities C/R 90 (94 in 9M04)
• Capital markets
• 3Q05 profit contribution (58 m), slightly higher
  then level registered in previous quarters and
  driven by enhanced trading activity in
  convertibles/equity derivatives
• 9M05 earnings at 164m, up 7 m (4)
• Interest-rate and FX activities, equity brokerage
  and equity derivatives trading brought about a
  result improvement
• Income from convertibles trading, structured
  credit business and AIM weaker then last year
• 9M05 key ratios
• Gross margin (on RWA) 6.9 (7.5 in 9M04)
• C/I at 58 (61 in 9M04)
• ROAC at 29 (31 in 9M04)

SME / CORPORATE
Net profit (in m)
4 Qs moving average
CAPITAL MARKETS
Net profit (in m)
4 Qs moving average
45
Financial highlights - At a glance - Group
financial performance - Financial headlines per
segment FY 2005 profit outlook
Foto gebouw
46
FY 2005 profit outlook

• KBC continues to be positive on business
  development in Q4, with a strong sales result, a
  better interest rate climate and favourable
  equity markets trend
• On the other hand, the cost level is expected to
  be higher in Q4 on the back of one-off expenses
  (including some 100 m euros (before tax), among
  other things, for the redesigning of staff
  pension schemes). However, for the full-year, the
  guidance for a decline in costs and historic low
  loan-loss ratio remains valid
• Based on the prevailing view vis-à-vis the
  relevant economic and financial parameters, KBCs
  2005 net profit is expected to be approx. 2.2 bn
  euros

47
Financial highlights - At a glance - Group
financial performance - Financial headlines per
segment FY 2005 profit outlook Additional
information
Foto gebouw
48
Group earnings, by quarter
(IFRS, in m euros) 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05
Net interest incomeGross earned premium, insuranceDividend incomeNet gains from FI at FV Net realised gains from AFS assetsNet fee and commission incomeOther income 9951 27525224193357106 9661 40412119160324113 9109013912393323128 9631 57746187157399132 1 04872934133168429215 1 0749781359297410118 1 1298102512349452112
Gross income 3 175 3 178 2 517 3 462 2 756 2 904 2 699
Operating expensesImpairments - of which on loans and receivables - of which on AFS assetsGross technical charges, insuranceCeded reinsurance resultShare in results, associated companies -1 269-152-33-119- 1 169-520 - 1 105-90-74 -12-1 240-22-60 -1 147-44-15-18-771-1234 -1 424-79-76-2-1 454-2928 -1 104-153-16-612-1721 -1 209-42-380-852-1713 -1 1773-513-696-1019
Profit before taxes 602 662 577 504 1 030 797 800
Income tax expense Minority interests -170-55 -177-51 -155-57 -35-29 -256-57 -212-48 -208-48
Net profit 376 434 365 440 717 536 543
Of which banking insurance asset management european private banking gevaert holding company 332-55514317-12 367585823-65-7 24630533812-13 3188966-3025-27 470122585332-18 314124684131-41 3631207439-38-14
49
3Q 2005 earnings, by business segment
(in m euros) Banking Insurance AM Epb Gevaert Holding Group
Net interest incomeGross earned premium, insuranceDividend incomeNet gains from FI at FV Net realized gains from AFS assetsNet fee and commission incomeOther income 9320191161329380 14181010929-6518 70-7701061 6503-2571147 30012006 -1300300105 1 1298102512349452112
Gross income 1 454 953 114 170 21 95 2 699
Operating expensesImpairments - o/w on loans and receivables - o/w on AFS assetsGross technical charges, insuranceCeded reinsurance resultShare in results, associated comp. -878-8-3-3009 -125808-696-100 -15000000 -14611-18001 -12-8-1000-29 -109000000 1 1773-513- 696-10-19
Profit before taxes 577 129 99 36 -29 -13 800
Income tax expense Minority interests -148-66 -2819 -250 4-1 -100 -10 -208-48
Net profit 363 120 74 39 -38 -14 543
50
3Q 2005 earnings, by area of activity
(in m euros) Retail CEE SME/Corp. Markets Epb Gevaert Total
Banking and AM (incl. KBL)
Gross incomeOperating expensesImparimentsIncome tax expenseMinority interestsNet profit group share 620-3553-830185 439-265-34-26-16100 313-8631-6417176 183-1100-15058 169-144114-139 21-12-8-100-38 1 757-1 04912-197-67438
Insurance
Gross income - tecbn. ch.Operating expensesImpairmentsIncome tax expenseMinority interestsNet profit group share 147-766-191775 53-430-3-25 18-72-606 245-1258-2819120
Holding Co
Net profit group share - - - - - - -14
Group total
Net profit Group share 260 105 182 58 39 -38 543
Excl. non-allocated results
51
9M 05 earnings, by business segment
(in m euros) Banking Insurance AM Epb Gevaert Holding Group
Net interest incomeGross earned premium, insuranceDividend incomeNet gains from FI at FV Net realized gains from AFS assetsNet fee and commission incomeOther income 2 74008623775898303 4072 5169613173-21347 5001512893 144010572832040 1032637055 -430000-2335 3 2512 5161943483141 290444
Gross income 4 340 3 041 313 598 122 290 8 359
Operating expensesImpairments - o/w on loans and receivables - o/w on AFS assetsGross technical charges, insuranceCeded reinsurance resultShare in results, associated companies -2 563-41-37-20026 -379-120-10-2 161-440 -45000000 -4336-29003 -54-70100-15 -361000000 -3 490-54-39-3-2 161-4414
Profit before taxes 1 762 445 268 174 46 -71 2 626
Income tax expense Minority interests -454-162 -9415 -680 -35-5 -220 -30 -677-153
Net profit 1 146 366 200 133 24 -73 1 796
Excl. intrasegment eliminations
52
9M 05 earnings, by area of activity
(in m euros) Retail CEE SME/Corp. Markets Epb Gevaert Total
Banking and AM
Gross incomeOperating expensesImpairmentsIncome tax expenseMinority interestsNet profit group share 1 908-1 08910-2610568 1 364-790-41-96-57382 821-269-2-14817384 593-345-2-820164 598-4336-35-5133 122-54-7-22024 5 3733 095-42-579-1671 503
Insurance
Gross income (- techn. ch.)Operating expensesImpairmentsIncome tax expenseMinority interestsNet profit group share 520-232-9-6516230 182-125-1-13-934 65-22-2-16-124 836-379-12-9415366
Holding Co
Net profit group share - - - - - - -73
Group total
Net profit Group shareShare in group resultROAC 7994429 4162348 4082325 164929 133715 2413 1 79610019
Excl. non-allocated results
53
Financial performance, analysis breakdown
Gross income minus technical charges, insurance
Return on adjusted equity
2004
2005
54
Financial performance, analysis breakdown (2)
Gross income minus technical chgs, insurance
Gross income minus technical charges, insurance
in 2005, only partly recognized as income
Gross income minus technical chgs, insurance
55
Banking performance in CR/Slovakia
Income statement, CSOB Bank (CR/Slovakia)(in m euros) Income statement, CSOB Bank (CR/Slovakia)(in m euros) 1Q04 2Q04 3Q04 1Q05 2Q05 3Q05
Statutoryaccounts Net interest income Dividend income Net gains from financial instruments at fair value Net realized gains from available for sale assets Net fee and commission income Other incomeGross income, total 1231655017202 120-12385114216 111129 -0538201 124419458114323 1282262579224 129-32676041259
Operating expenses -114 -120 -122 -122 -143 -120
Subtotal 88 96 79 200 81 140
ImpairmentsShare in result of associated companiesTaxes -40-28 -60-20 -140-19 50-54 20- 7 -230- 31
Net statutory profit 56 69 46 151 76 86
Profit contribution to Group Net statutory profitConsolidation adjustmentsMinority interests 56-1-8 69-1-4 46-1-4 15119 -17 76-0-7 86-1-7
Subtotal 48 65 41 154 69 78
Transfer of income on excess capital to Group item -6 -6 -5 -6 -6 -9
Profit contribution, Group share 42 59 35 148 63 68
Return Return on allocated capital, YtdReturn on investment, Ytd 4412 4914 4213 12034 8326 7324
56
Banking performance in Hungary
Income statement, KH Bank(in m euros) Income statement, KH Bank(in m euros) 1Q04 2Q04 3Q04 1Q05 2Q05 3Q05
Statutoryaccounts Net interest income Dividend income Net gains from financial instruments at fair value Net realized gains from available for sale assets Net fee and commission income Other incomeGross income, total 51020116491 54018-018190 630170233106 54025-0253106 540250184101 610230223109
Operating expenses -63 -66 -70 -68 -74 -84
Subtotal 28 24 37 38 28 25
ImpairmentsShare in result of associated companiesTaxes 91-7 -111-1 -101-5 -101-8 -161- 3 -51-5
Net statutory profit 31 13 23 21 10 16
Profit contribution to Group Net statutory profitConsolidation adjustmentsMinority interests 31-0-8 13-0-5 23-0-7 21-0-5 10-0-5 16-0-6
Subtotal 23 8 16 15 5 10
Transfer of income on excess capital to Group item -11 -1 -7 -8 3 -1
Profit contribution, Group share 12 7 10 7 7 9
Return Return on allocated capital, YtdReturn on investment, Ytd 2923 2216 23 16 1715 1811 1811
57
Banking performance in Poland
Income statement, Kredyt Bank(in m euros) Income statement, Kredyt Bank(in m euros) 1Q04 2Q04 3Q04 1Q05 2Q05 3Q05
Statutoryaccounts Net interest income Dividend income Net gains from financial instruments at fair value Net realized gains from available for sale assets Net fee and commission income Other incomeGross income, total 5403310474 5306-013476 4409911881 50012116383 5106-36566 5207213378
Operating expenses -60 -60 -51 -59 -54 -59
Subtotal 15 17 29 24 12 19
ImpairmentsShare in result of associated companiesTaxes -22-1 -71-1 -124-1 01-1 12-010 -609
Net statutory profit 14 9 20 23 34 23
Profit contribution to Group Net statutory profitConsolidation adjustmentsMinority interests 14-0-3 9-0-2 20-0-4 23-1-3 34-0-5 23-0-3
Subtotal 11 7 15 19 29 20
Transfer of income on excess capital to Group item -0 0 -1 -2 -1 -4
Profit contribution, Group share 10 7 14 17 28 16
Return Return on allocated capital, YtdReturn on investment, Ytd 256 235 25 6 3211 3211 4013
58
Positive growth gap in CEE
GDP, nominal growth (incl. inflation)
Source KBC Outlook, November 2005
59
No. of shares outstanding

• The no. of ordinary shares outstanding is 366.4
  million
• As in previous years, a limited share issue for
  staff members is planned before year-end(for
  your information, in the last 3 years, 0.2 m new
  shares per year were issued via similar plans)
• On 10 Dec. 2005, a 1998-2005 convertible bond
  comes to maturity convertible into max. 5.2
  million ordinary shares (but conversion price at
  80 euro/share !)

In millions 31/12/04 31/03/05 30/06/05 30/09/05
No of ordinary shares outstanding 366.4 366.4 366.4 366.4
Avg. no. of shares for basic EPS- ordinary shares- mandatory convertibles ()- treasury shares (-)- total, end of period- total, average most recent quarter- total, average year-to-date 366.42.6-9.6359.5259.5359.4 366.42.6-12.6356.5358.0358.0 366.42.6-9.1360.0358.3358.1 366.42.6-8.9360.2360.1358.8
Avg. no. of shares for dilutive EPS- basic no of shares- stock options ()- other convertible bonds ()- total, end of period- total, average most recent quarter- total, average year-to-date 359.55.05.2369.7370.1370.5 356.55.05.2366.7368.2368.2 360.04.05.2369.3368.0368.1 360.23.85.2369.2369.3368.5
60
Foto gebouw
4
Closing remarks on equity valuation
61
Valuation of the KBC share
Valuation relative to peer group

• Key figures
• Share price 73.2 euros
• Net asset value 42.4 euros
• 9M 2005 EPS 5.10 euros
• Analyst estimates 1
• 2005 EPS consensus 6.14 (36 y/y)
• 2006 EPS consensus 6.52 (6 y/y)
• 2006 P/E 11.2
• Recommendations
• Positive 64
• Neutral 27
• Negative 9

weighted P/E 2006 unweighted P/E 2006
CEE banks 2 14.4 14.3
CEE-exposed banks 3 12.3 13.4
Euro-zone banks 4 11.3 11.9
KBC 1 11.2 11.2
BEL banks 5 10.3 10.3
Weighted and unweighted averages of IBES data 2
OTP, Komercni, Pekao, BPH PBK, BRE 3 BA-CA,
Erste, Unicredit, Soc. Gen., Intesa BCI, RZB
Int. 4 Top-20 DJ Euro Stoxx Banks 5 Fortis, Dexia
Situation as at 14 November 2005
1 Smart consensus collected by KBC (22 estimates)
62
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