Polbank EFG Acquisition Overview. Conference Call 4th February 2011

Transcription

1 Polbank EFG Acquisition Overview Conference Call

2 Disclaimer Certain statements contained herein may be statements of future expectations and other forward-looking statements about RBI and its affiliates, which are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, words such as "may", "will", "should", "expects", "plans", "contemplates", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions typically identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As such, no forward-looking statement can be guaranteed. Undue reliance should not be placed on these forward-looking statements. Many factors could cause our results of operations, financial condition, liquidity, and the development of the industries in which we compete, to differ materially from those expressed or implied by the forward-looking statements contained herein. These factors include, without limitation, the following: (i) our ability to compete in the regions in which we operate; (ii) our ability to meet the needs of our customers; (iii) our ability to complete acquisitions or other projects on schedule in general and to integrate our proposed acquisition in Poland in particular; (iv) uncertainties associated with general economic conditions particularly in CEE; (v) governmental factors, including the costs of compliance with regulations and the impact of regulatory changes; (vi) the impact of currency exchange rate and interest rate fluctuations; and (vii) other risks, uncertainties and factors inherent in our business. Subject to applicable securities law requirements, we disclaim any intention or obligation to update or revise any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise. This document is for information purposes only and shall not be treated as giving investment advice and/or recommendation whatsoever. This presentation and any information (written or oral) provided to you does not constitute an offer of securities, nor a solicitation for an offer of securities, nor a prospectus or advertisement or a marketing or sales activity for such securities. The shares of RBI have not been registered according to the U.S. Securities Act of 1933 (the Securities Act ) nor in Canada, U.K. or Japan. No securities may be offered or sold in the United States or in any other jurisdiction, which requires registration or qualification, absent any such registration or qualification or an exemption therefrom. These materials must not be issued, disclosed, copied or distributed to U.S. persons (according to the definition under Regulation S of the Securities Act as amended from time to time) or publications with general circulation in the United States. The circulation of this document may be restricted or prohibited in other jurisdictions. For the United Kingdom: This presentation and related material, including these slides, (these "Materials") are for distribution only to persons who are members of RBI falling within Article 43(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order") or who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Promotion Order), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). These Materials are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which these Materials relate is available only to relevant persons and will be engaged in only with relevant persons. The presentation contains financial information and data relating to Polbank, which are pro-forma and extracted from the consolidated accounts of EFG Eurobank Ergasias S.A. Financial information relating to RBI herein are pro-forma and based on historical data of Raiffeisen International Bank-Holding AG and Raiffeisen Zentralbank Österreich AG prior to the effective date of the merger on 10 October Such information and data are presented for illustrative purposes only. We have exercised utmost diligence in the preparation of this presentation. However, rounding, transmission, printing, and typographical errors cannot be ruled out. We are not responsible or liable for any omissions, errors or subsequent changes which have not been reflected herein and we accept no liability whatsoever for any loss or damage howsoever arising from any use of this document or its content or third party data or otherwise arising in connection therewith. Slide No 1

3 Polbank: A Well-Positioned Retail Franchise Highlights Key Financials (in mn) Successful greenfield operation launched in 2006 and developed into 14th largest bank in Poland by total assets Focussed business model oriented to retail and small business customers In addition, strong complementary offering to affluent customers, primarily young and well-educated Countrywide branch network of 344 outlets serves ~800,000 customers Strong multi-channel distribution approach including over 130 telemarketing agents and 100 mobile advisers Experienced local core management team Retail Lending Consumer Lending Mortgages SME Retail Deposits Market Positioning Loan Book Profile (Q3 2010) #8 Player / 4.2% Market Share #7 Player / 2.7% Market Share #7 Player / 5.2% Market Share #5 Player / 6.4% Market Share #9 Player / 2.9% Market Share Source: Polbank (all data based on IFRS if not stated differently) /2010 Net interest income Net fee and commission inc Operating result Gen. admin. exp. (152) (130) (107) Prov. for imp. losses (37) (88) (72) Profit before tax 17 (49) (32) Loans to customers 4,059 4,489 5,007 Total assets 4,922 5,359 5,537 RWAs 3,334 3,738 4,173 Source: Eurobank EFG reporting (all data based on IFRS if not stated differently) Micro 13% Consumer 19% Asset split Corporate 2% Total: EUR 5.0 bn Mortgages 66% 0.59% NPL ratio Source: Eurobank EFG reporting (all data based on IFRS if not stated differently) Mortgages 10.67% 5.93% 4.03% Consumer Micro Total: EUR 144 mn Corporate Slide No 2

4 Convincing Strategic and Financial Rationale Acquisition of Polbank clears the way for RBI to reach a leading position with 1 mn customers in a major CE market with significant growth potential Growth potential Poland Important market with strong growth potential Attractive growth outlook for banks Largest economy in Central Europe Only economy in Europe which avoided recession Poland expected to outperform Eurozone economies in the mid-term Banking intermediation at 84% of GDP provides significant structural upside potential (Eurozone average 267% of GDP) Sizable and growing affluent and SME client base in Poland Creation of a leading market player Creation of a leading bank in Poland Significant synergy potential Perfect strategic fit Combined market share of RBPL and Polbank based on total loans amounts to 6.3% and a Top 4 position with 1 mn customers Strong distribution footprint with combined number of 443 outlets and a lean cost structure Polbank provides a well-positioned retail franchise with significant synergy potential High client cross-referral potential due to complementary strategic focus After operational merger cost synergies of EUR 60 mn p.a. estimated Strong deposit generating capabilities based on broad distribution capacities of Polbank (EUR 3.1 bn deposits from customers gathered since inception) Compelling merger logic of strong Corporate/SME business in Raiffeisen Poland and pure retail footprint in Polbank Slide No 3

5 Envisaged Transaction Structure Current Structure Acquisition of 70% Stake Contribution of Businesses Operational Merger RBI Eurobank EFG RBI Cash Eurobank EFG RBI Eurobank EFG RBI Eurobank EFG 100% 100% 1 100% 70% 30% 87% 13% 87% 13% RBPL Polbank RBPL Polbank RBPL Combined bank 100% Polbank Combined bank Polbank currently operating as branch of Eurobank EFG Process of transformation of branch into legal entity ongoing Transformation process dependent on change of law RBI acquires a 70% stake in Polbank against cash at closing Eurobank EFG remains a 30% shareholder in Polbank 1) Subject to completion of transformation of Polbank branch into a legal entity Eurobank EFG and RBI contribute their respective shareholdings in Polbank in exchange for new shares in RBPL Eurobank EFG becomes a 13% shareholder of RBPL Operational merger of RBPL and Polbank Put option for Eurobank EFG to dispose of stake in the combined bank at any time; call option for RBI starting from 31 March 2016; respective exercise prices dependent on performance, but no less than EUR 175 mn based on guaranteed minimum equity Slide No 4

6 Purchase Price & Valuation EUR 490 mn for 70% in Polbank payable at closing The remaining 30% Eurobank EFG stake in Polbank will be exchanged for 13% in the combined RBPL- Polbank operations Put option for Eurobank EFG to dispose of their 13% stake in the combined bank at any time; call option for RBI starting from 31 March 2016 Purchase Price Considerations Respective exercise price depends on business performance resulting in a price/book multiple in the range of 1.0x to 2.65x, with a minimum exercise price of EUR 175 mn Guaranteed minimum equity of EUR 400 mn for Polbank and EUR 750 mn for RBPL Implied price/book multiple would be 1.7x. However, final price/book multiple at closing might be different, depending on the final capital requirements. Both parties will contribute any additionally required capital in excess of the guaranteed minimum equity proportionally to their shareholdings without any premium In addition, a special indemnity has been agreed to mitigate potential risks stemming from the mortgage portfolio Closing Requirements Closing of the transaction dependent on successful transformation of Polbank branch into a legal entity (not expected before Q4 2011) and regulatory approvals from EU, Greece and Poland The transaction is expected to close in Q or Q Slide No 5

7 RBI s Growth Story Continues Greenfield Hungary Poland Slovakia Czech Republic Bulgaria Croatia Russia Ukraine Romania Serbia Bosnia and Herzegovina Slovenia Kosovo Belarus Ukraine Poland Acquired Romania Albania Czech Republic Russia Selective expansion strategy at reasonable prices RBI has a strong track record in terms of the integration and managing of businesses in CEE Slide No 6

8 Raiffeisen Poland: Focused Corporate Bank Highlights Raiffeisen Poland is a corporate focused bank Strong corporate banking platform Market leading leasing and factoring businesses Strong SME expertise Growing retail business focused on affluent customers and micro business Product specialist in client-related treasury solutions (FX transactions) Sound profitability, even through the crisis Successful Corporate Bank High quality corporate bank in Poland, servicing Polish mid-sized and larger corporates Market share of 5.0% in corporate lending (#5 corporate bank in Poland) Particular expertise in project finance with 25% market share of total customer loan volume Despite strong 20% CAGR in lending over the past decade, Raiffeisen Poland has a healthy loan portfolio NPL ratio for corporates just half of the banking sector average (banking sector: 11.9% as per Sept. 2010) Split Operating Income (1-9/2010) Operating Income in Corporate Segment (1-9/2010) Leasing 15% Private individuals 16% Other 10% SME 19% Total: EUR 241 mn Corporate 40% Cash Management 20% Treasury Products 29% Deposits 8% Loans 18% Total: EUR 96 mn Project Finance 13% Trade Financing and Factoring 12% Source: Based on RBI pro-forma Q figures (country data Poland) Source: RBPL Slide No 7

9 Enhanced Market Position Creation of universal bank with comprehensive product range Enhanced market position driven by diversified business and risk profile Leveraging of retail customer portfolio for cross selling initiatives Total Assets (in PLN bn) Customer Loans (in PLN bn) Customer Deposits (in PLN bn) PKO BP PKO BP PKO BP Pekao Pekao 82.8 Pekao BRE ING BSK BRE Combined #4 ING BSK BRE BZ WBK 55.5 Millennium 35.4 BZ WBK 39.5 Combined 48.2 #6 ING BSK 33.3 Getin Noble 34.3 Millennium 44.8 BZ WBK 33.2 Millennium 33.1 Kredyt 43.1 Getin Noble 30.9 Combined 26.9 #8 Citi Handlowy Getin Noble BPH Kredyt Kredyt Citi Handlowy BPH #10 BGŻ 20.1 BGŻ # # #12 BGŻ 19.4 BPH 13.9 Nordea 22.6 Nordea # #14 Deutsche Bank PBC 17.1 BOŚ 11.3 Deutsche Bank 19.6 BNPP Fortis 13.3 Deutsche Bank 10.1 Source: Rzeczpospolita (Q3 2010); commercial banks only Note: Figures relating to RBPL (Bank only) Slide No 8

10 Important Market with Strong Growth Potential Share of GDP in CE (2010e) GDP Growth Inflation and Interest Rates Hungary 14% Slovenia Slovakia 5% 10% Czech Republic 20% Poland 51% GDP per Capita (2010e in EUR 000) % 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 3.9% 5.3% 3.6% 6.2% 6.8% 5.1% 1.7% 3.9% 3.6% 4.5% e 2011f 2012f 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 4.4% 1.7% 0.7% % 1.4% % 3.5% 3.0% 3.3% 2.3% e 2011f 2012f Real GDP growth in Poland (%) CPI inflation in Poland (%) Hungary Poland Slovakia Czech Republic Slovenia Polish GDP growth rate spread above Euroland GDP growth rate (%) Largest and strongly growing economy in Central Europe NBP base rate in Poland (%) Resilient performance of Polish economy in the crisis avoiding recession Source: Raiffeisen Research Expected to outperform European economies strongly in mid-term Slide No 9

11 Attractive Growth Outlook for Banks Banking Market Underpenetrated Loan Growth in Poland (in PLN bn) 267% 38.7% % % x 132% 151% 84% 2.9x 5.3x 46% 2.0x 20% 40% 28% Q3/2010 Source: KNF (Polish Banking Supervision) Deposit Growth in Poland (in PLN bn) Total assets/gdp Loans/ GDP Poland Mortgages/ GDP Eurozone average Deposits/ GDP % % % Source: Raiffeisen Research (data as per 2009) Significant catch-up potential due to continued low level of bank intermediation Loan and deposit growth consistently outperformed GDP growth over the last few years Unemployment rate forecast to decline from 11.9% in 2010e to 10.0% in 2012f 5.1% 1.7% 3.6% Q3/2010 Source: KNF (Polish Banking Supervision) Real GDP growth y-o-y for 2008 and 2009 as well as 2010e % Source: Raiffeisen Research Slide No 10

12 Enhancement of Distribution Network Full Countrywide Presence Ranking of Banks in Poland by Outlets (Q3 2010) Poland: 38.2 mn 1.7 Warsaw Combined: 53 Market No. of outlets Position 1 1, , Łódź Combined: 12 / Kraków Combined: Cities with Raiffeisen presence Cities with Polbank presence Number of inhabitants (mn) Note: Bank outlets only 1) Including leasing: 467 outlets Source: Rzeczpospolita, KNF, Company information Slide No 11

13 Polbank: Strong Multi-Channel Distribution Strong retail brand High aided brand awareness of 66% Sponsoring of the Polish Ski Federation and Justyna Kowalczyk (Poland s most successful cross-country skier) further improved brand awareness Distribution network overview Nationwide distribution network of 344 outlets 323 branches 14 mortgage centres 7 SME business centres In-branch facilities State-of-the-art design of branches Specialist desk facilities including affluent customers desk Instant in-branch card issuance facilities 24 hour ATM lobby, with pay-in facilities SME business centres Located in major Polish business areas Business centres located in large business parks Other distribution channels E-banking services available to all clients (36% active E-banking users) Around 100 phone banking advisers Highly productive distribution workforce with over 130 telemarketing agents and over 100 mobile advisers Point-of-Sale network with over 7,000 terminals Source: Eurobank EFG Slide No 12

14 Recognised Innovation Leaders Polbank Raiffeisen Poland Successful co-branding strategy with ERA (one of the largest mobile carriers in Poland) Implementation of PayPass functionality in Polbank ERA cards Cutting edge fully transactable iphone/ipad banking apps at the forefront of the industry Golden banker awards 2010 (Bankier) Best small business bank 2010 (Forbes) 3 rd best innovation for Minikarta ERA PayPass (Bankier) Adviser to the Polish Banking Association on IT Security IT leader 2009 (Computerworld) Source: RBPL, Eurobank EFG Slide No 13

15 Key Financials Key Financials (1-9/2010) Raiffeisen Combined (IFRS, EUR mn) Poland Polbank bank Net interest income Net fee and comm. inc Net trading income Other net op. income Operating income General admin. exp. (133) (107) (240) Operating result Net inc. from fin. inv. and deriv Provisioning for imp. losses (52) (72) (124) Profit before tax 60 (32) 28 Consolidated profit 46 (26) 20 Equity (incl minorities) ,042 Loans to customers 5,084 5,007 10,091 Customers deposits 3,477 3,111 6,588 Total assets 6,516 5,537 12,053 RWA 5,026 4,173 9,199 Employees 3,074 2,867 5,941 Outlets ) Net income from financial investments and derivatives Note: Based on Eurobank EFG and RBI group reporting (country data Poland) 231 Polbank Gross Loan Growth (in mn) 1, , ,106 2, , ,078 2, , , Q3/2010 Mortgages Consumer Micro Corporate Polbank NPL Development vs. Market 7.7% 7.9% 8.3% 8.6% 2.4% 2.8% 3.0% 3.3% Dec 09 Mar 10 Jun 10 Sep 10 Polbank Polish market Strong increase in loan volumes up to mid-year 2010, to EUR 5.1 bn NPL ratios below average among others due to the high share of mortgages 120 Slide No 14

16 Polbank Market Polbank Market Polbank Market Polbank: Attractive Client Base Development Pick-up of Polbank s of Highlights growth [momentum] customer base ( 000) [Graph Attractive on revenue/branch Client Base For or Cross cross-selling] Selling % % 37% % 19% 11% Q Polbank Market Polbank Market Polbank Market Monthly Net Household Income >PLN5k University degree Less than 35 years old Source: Eurobank EFG Source: Eurobank EFG Attractive client base offers significant potential for continued cross-selling (funds, insurance) Slide No 15

17 Polbank: Lean Cost Structure Source: Eurobank EFG Development of Number of Outlets General Admin. Expenses per Outlet in EUR 000 (Q3 2010) Polbank Peer 1 Peer 2 Peer 3 Peer 4 Source: Eurobank EFG, Company reports Note: Peer group consists of Bank Millennium, BPH, Getin and Kredyt Bank Q3/2010 Split Administration Expenses (1-9/2010) Marketing 9% IT 11% Other office & infrastr. 17% Source: Eurobank EFG 1) Excluding depreciation Other 1% Premises 19% Total: EUR 98 mn 1 Staff 43% Significant expansion of branch network since inception of Polbank in 2006 completed Cost of expanding the network currently still impacts profitability Lean cost structure vs. peers despite ongoing expansion Platform ready to benefit from expected market growth Slide No 16

18 Polbank: Details on Mortgage Portfolio EUR 18% PLN 6% Mortgages Breakdown by Currency Existing Portfolio New Production PLN 9% CHF 11% 90+ dpd Development Mortgages 0.5% 0.3% 0.3% 0.2% 0.2% 0.6% CHF 76% Total as of Q3 2010: EUR 3.4 bn Source: Based on Eurobank EFG data EUR 80% Total 1-9/2010: EUR 368 mn Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Source: Based on Eurobank EFG data Loan-to-value Structure Mortgages 0.59% 102% 81% Weighted average LTV (at inception) Weighted average LTV (Q3 2010) NPL ratio (Q3 2010) Source: Based on Eurobank EFG data Polbank s mortgage portfolio mainly denominated in CHF Maturity profile of mortgage loans mitigates risks related to short-term FX fluctuations CHF mortgages have performed better in the crisis due to stricter regulatory underwriting requirements (e.g. lower debt-to-income ratio) and a better client profile Significant shift towards EUR and PLN in new production Slide No 17

19 Polbank: Funding Overview Structure of Funding (Q3 2010) 37% 2% Deposit Development (in bn) 169% 161% +17% % Customer deposits EFG funding Other liabilities Total: EUR 5.1 bn Source: Based on Eurobank EFG data Dec 09 Sep 10 Loan/deposit ratio Source: Based on Eurobank EFG data PLN 37% EUR 13% Assets and Liabilities by Currency (Q3 2010) Total Assets CHF 50% Source: Based on Eurobank EFG data PLN 53% EUR 10% CHF EUR PLN Other Total Liabilities Other 1% CHF 36% Strong focus on customer funding Successful additional deposit generation especially in Q (+16%) Currency position matched despite large CHF loan portfolio Current shareholder funding of Eurobank EFG amounting to EUR 1.9 bn to be replaced by EUR 1.0 bn RBI funding at time of closing of the transaction, with proportional funding to be adopted over time Slide No 18

20 Impact Analysis on Funding Base Deposits Raiffeisen Poland/Polbank (in mn) Loan and Deposit Generation in 1-9/2010 (in mn) 154% 167% 153% Mar 10 Jun 10 Sep 10 Raiffeisen Poland Polbank [x]% = Loan-to-Deposit Ratio Combined bank Source: Eurobank EFG and RBI group figures pro forma Q (country data Poland) RBI: Loan-to-Deposit Ratio Development 140% 139% 136% 137% (47) Raiffeisen Poland Change in Loans Polbank Change in Deposits Source: Eurobank EFG and RBI group figures pro forma Q (country data Poland) Very limited overlap of client base Focus on continued increase of deposit base Improved access to primary deposit funding through universal banking approach of combined bank Mar 10 Jun 10 Sep 10 RBI adjusted 1 Sep 10 1) Adjusted for loans and deposits of Polbank Source: RBI figures based on pro forma Q Loan-to-deposit ratio at Group level minimally affected Slide No 19

21 Value Creation through Potential Synergies Overview Cost/Income Ratios Key Areas for Synergy Potential % 55% % Branches / Head Office (~ EUR 35 mn p.a.) Streamlining of branch structure (~ EUR 12 mn p.a.) Optimisation of head office functions (~ EUR 17 mn p.a.) Consolidation of premises (~ EUR 6 mn p.a.) Raiffeisen Poland 1-9/2010 Cost base in EUR mn (1-9/2010) Polbank 1-9/2010 Combined bank 1-9/2010 Source: Eurobank EFG and RBI group figures pro forma Q (country data Poland) IT Infrastructure & Marketing (~ EUR 25 mn p.a.) Approx 20% of IT savings through integration of IT platforms and procurement synergies (~ EUR 15 mn p.a.) Reduction of marketing expenses and savings in treasury area (~ EUR 4 mn p.a.) Group & other synergies (~ EUR 6 mn p.a.) Key Assumptions Total: ~ EUR 60 mn Volume Integration cost Estimated savings of EUR 60 mn p.a. which represents approx 30% of Polbank s cost base in 2012 First year of synergies in : EUR 30 mn 2013 onwards: EUR 60 mn p.a. A total of EUR 90 mn is estimated for 2012/2013 Volume of estimated synergies fully in line with average of precedent transactions (30% of Polbank s cost base) Further synergies expected from additional cross-selling and client referrals Additional revenue synergies due to lower funding costs Extension of the successful cooperation with UNIQA (insurance company of Raiffeisen Banking Group Austria) Slide No 20

22 Acquisition Impact on RBI Pro-forma Core Tier 1 Capital Impact (based on Q3 2010) 9.7% (0.6)PP 9.1% With a pro-forma core tier 1 ratio (incl. profit but excl. accrued dividends) of 9.1%, we continue to feel comfortably capitalised No capital increase planned in the near term Insignificant impact on Basel III ratios No material impact on loan-to-deposit ratio and cost/income ratio Current shareholder funding of Eurobank EFG amounting to EUR 1.9 bn to be replaced by EUR 1.0 bn RBI funding at time of closing of the transaction, with proportional funding to be adopted over time Pro-forma Core Tier 1 1 ratio pre transaction RBI Pro-forma Core Tier 1 1 ratio post transaction RBI 1) Core tier 1 ratio including profit but excluding accrued dividends Note: All figures on this page are pro forma, based on Q Slide No 21

23 Perfect Strategic Fit Strengths of Raiffeisen Poland Business Model Strengths of Polbank Business Model Strong corporate banking platform Comprehensive product offering for corporates Market leader in leasing and factoring Focus on SME and mid-market Experience in providing comprehensive services to premium affluent customers Significant upside from expansion in retail business for Raiffeisen Poland 1 mn customers Significant upside from expansion in corporate banking for Polbank Focussed PI banking platform with nationwide branch network Strong product and sales capabilities in Retail Banking Leading market position with self-employed and small businesses Strong potential for cross-selling opportunities in retail Sizeable affluent customer base Strong deposit gathering capabilities Slide No 22

24 Appendix

25 Country Financials Poland in EUR mn Q3/2010 Q2/2010 change Q1/2010 Q4/2009 Q3/ / /2009 Total assets 6,516 6, % 6,408 6,241 6,155 6,516 6,155 Loans and advances to customers 5,084 4, % 4,983 4,820 4,784 5,084 4,784 - Hereof Corporate % 58.9% 66.7% (7.8)PP 67.9% 69.7% 70.4% 58.9% 70.4% - Hereof Retail % 40.1% 33.3% 6.8PP 32.1% 30.3% 29.6% 40.1% 29.6% - Hereof FCY % 36.3% 39.1% (2.8)PP 36.9% 38.4% 38.2% 36.3% 38.2% Deposits from customers 3,477 3, % 3,610 3,524 3,375 3,477 3,375 Operating income (7.7%) Net interest income % Net fee and commission income (0.5%) Net trading income 0 7 (98.7%) Other net operating income 0 2 (88.8%) 1 (5) (1) 3 2 Provisioning for impairment losses (17) (15) 12.6% (19) (24) (18) (52) (52) General administrative expenses (43) (45) (5.4%) (45) (39) (38) (133) (110) Net income from fin investm. and derivatives 0 (0) (0) 0 Profit before tax (9.9%) Profit after tax (17.2%) Return on equity before tax 1, % 11.9% 0.4PP 8.1% 8.2% 7.6% 12.3% 7.6% Return on equity after tax 1, 2 9.4% 9.4% 0.0PP 6.2% 6.1% 5.8% 9.4% 5.8% Loan/deposit ratio % 148.4% (2.1)PP 138.0% 136.8% 141.8% 146.2% 141.8% Cost/income ratio % 55.5% (0.4)PP 58.1% 54.8% 56.4% 55.1% 56.4% Business outlets (1.6%) Number of employees 3,074 3, % 3,028 3,007 2,969 3,074 2,969 Number of customers 240, ,333 (1.4%) 256, , , , ,143 Note: All data, except P/L, are dated to the end of the period 1) Ratios are based on cumulated (ytd) figures 2) Annualized Total Assets Share of Total Loan/Deposit Net Interest Margin Provisioning Ratio 1-9/2010 ( mn) Assets Ratio (annualized) (annualized) NPL Ratio Coverage Ratio Poland 6,516 4% 146% 2.68% 1.55% 6.5% 59.3% Slide No 24

26 Contact Susanne E. Langer Head of Spokesperson Raiffeisen Bank International AG A-1030 Vienna, Am Stadtpark 9 Tel.: Fax: ir@rbinternational.com susanne.langer@rbinternational.com www. rbinternational.com Slide No 25

27 H. Stepic CEE Charity A chance for a better life H. Stepic CEE Charity was founded to implement charity projects in CEE Assists disadvantaged women, children and youths by helping them to help themselves Projects are executed in an unbureaucratic, quick and cost-effective manner How you can help: Donate to help the underprivileged Become a member Spread the message Raiffeisenlandesbank Niederösterreich-Wien; H. Stepic CEE Charity; Sort Code: 32000, Acct. no.: ; BIC: RLNWATWW, IBAN: AT Slide No 26