CEO’s closing address

Willy DuronGroup Chief Executive and head of insurance business

5

2

Group focus and profit growth

Traditionalstrenghts:

- Belgium - retail /SME

Merger:• Cross selling

banking/insurance• Cost synergies

(1st phase)

Expansion to CEE:• New home

markets/ acquisitions

• Mitigated ‘wholesale’ profile

Consolidation (6 C dimensions):

• Cross selling• Customer

satisfaction• Canvassing

affluent customers• Control of risks• Cost efficiency

enhancement• Cross border

synergies

• Stronger organic growth (and add-on acquisitions)

• Refinement of C- programs

• Profit growth

Leading bancassurer in Belgium and CEE, delivering superior

return levels

“Consolidatingbusiness platform"

"Broadeningbusiness platform"

"Realising full potential

of the platform"

1998-2001

2001-2004

2004-…

Reconfirmed confidence in our strategy fundamentals

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Valuation still not too demanding

* Sources EPS forecasts for KBC: KBC (2004) and I.B.E.S. (2005)

Situation as of 31 May, 2004

P/E 04-05

CEE banks (1) 13.8

Eurozone banks (2) 12.3

CEE exposed banks (3) 11.5

KBC 10.3

Bel banks (4) 9.8

Unweighted IBES data :(1) OTP, Komercni, Pekao, BPH PBK, BRE(2) Top 25 of DJ Euro Stoxx banks (3) BACA, Erste, KBC, Unicredito, Soc Gen(4) KBC, Fortis, Dexia

Key figures : Price : 46.8 EUR Net Asset Value : 35.4 EUR EPS 2003: 3.68 EUR

Analysts estimates : EPS 2004 consensus : 4.35 EPS 2005 consensus : 4.75 P/E forward 2 years : 10.3

Recommendations : Positive : 10 Neutral : 7 Negative : 5

Valuation relative to peer group :

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Emile CelisChristian DefrancqJan Vanhevel Guido Segers

Herman AgneessensAndré BergenWilly Duron Frans Florquin

Looking forward to meeting you

5

•Group CEO•Head of insurance business

•Deputy Group CEO•Head of banking business

•Co-ordination CEE

•Retail bancassurance

•HRM and Communication

•Group CFRO•Transaction processing

•Non-life & reinsurance

•Claims management

•Corporate banking•West-European,US & SE Asian bank network

•Retail credit

• Information technology

• Insurance subsidiaries

•Treasury & markets•Asset Management• International credit

Emile CelisChristian DefrancqJan Vanhevel Guido Segers

Herman AgneessensAndré BergenWilly Duron Frans Florquin

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Contact information

Investor Relations Office :

Luc CoolNele Kindt

Tel. : +32 2 429 49 16 E-mail : investor.relations@kbc.com

Visit www.kbc.com for the latest update.