Polbank EFG Acquisition Overview - Conference Call 4th February 2011

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Polbank EFG Acquisition Overview - Conference Call 4th February 2011
Polbank EFG Acquisition Overview

             Conference Call
            4th February 2011
Polbank EFG Acquisition Overview - Conference Call 4th February 2011
Disclaimer
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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
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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
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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 2010. 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
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Group Investor Relations                                                                4th February 2011                                                                                    Slide No 1
Polbank EFG Acquisition Overview - Conference Call 4th February 2011
Polbank: A Well-Positioned Retail Franchise

                                    Highlights                                                            Key Financials (in € mn)
     Successful greenfield operation launched in 2006 and                                                                2008                   2009                1-9/2010
      developed into 14th largest bank in Poland by total assets
                                                                                 Net interest income                       132                       130               112
     Focussed business model oriented to retail and small
                                                                                 Net fee and commission inc.                74                       39                31
      business customers
                                                                                 Operating result                           53                       39                40
     In addition, strong complementary offering to affluent
      customers, primarily young and well-educated                               Gen. admin. exp.                         (152)                 (130)                 (107)
                                                                                 Prov. for imp. losses                     (37)                      (88)              (72)
     Countrywide branch network of 344 outlets serves ~800,000
      customers                                                                  Profit before tax                          17                       (49)              (32)
                                                                                 Loans to customers                       4,059                 4,489                 5,007
     Strong multi-channel distribution approach including over 130
      telemarketing agents and 100 mobile advisers                               Total assets                             4,922                 5,359                 5,537
                                                                                 RWAs                                     3,334                 3,738                 4,173
     Experienced local core management team
                                                                                 Source: Eurobank EFG reporting (all data based on IFRS if not stated differently)

                              Market Positioning                                                     Loan Book Profile (Q3 2010)
                                                                                             Asset split                      NPL ratio
     Retail Lending                    #8 Player / 4.2% Market Share
                                                                                                                                         10.67%
                                                                                      Micro Corporate                                                       5.93%       4.03%
                                                                                      13%      2%
  Consumer Lending                     #7 Player / 2.7% Market Share
                                                                                                                           0.59%
       Mortgages                       #7 Player / 5.2% Market Share             Consumer

                                                                                                                                                             Micro
                                                                                                                             Mortgages

                                                                                                                                                                          Corporate
                                                                                                                                          Consumer
                                                                                   19%
           SME                         #5 Player / 6.4% Market Share                                        Mortgages
                                                                                                              66%
     Retail Deposits                   #9 Player / 2.9% Market Share                        Total: EUR 5.0 bn                             Total: EUR 144 mn
Source: Polbank (all data based on IFRS if not stated differently)              Source: Eurobank EFG reporting (all data based on IFRS if not stated differently)

Group Investor Relations                                               4th February 2011                                                                              Slide No 2
Polbank EFG Acquisition Overview - Conference Call 4th February 2011
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

                                                    Largest economy in Central Europe
Growth potential

                        Important market        
                        with strong growth         Only economy in Europe which avoided recession
                             potential
    Poland

                                                   Poland expected to outperform Eurozone economies in the mid-term

                                                   Banking intermediation at 84% of GDP provides significant structural upside potential
                        Attractive growth           (Eurozone average 267% of GDP)
                        outlook for banks
                                                   Sizable and growing affluent and SME client base in Poland

                           Creation of a           Combined market share of RBPL and Polbank based on total loans amounts to 6.3% and a
                         leading bank in            Top 4 position with 1 mn customers
Creation of a leading

                             Poland                Strong distribution footprint with combined number of 443 outlets and a lean cost structure
   market player

                                                   Polbank provides a well-positioned retail franchise with significant synergy potential
                        Significant synergy
                                                   High client cross-referral potential due to complementary strategic focus
                              potential
                                                   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)
                        Perfect strategic fit
                                                   Compelling merger logic of strong Corporate/SME business in Raiffeisen Poland and pure retail
                                                    footprint in Polbank

 Group Investor Relations                                                  4th February 2011                                                 Slide No 3
Polbank EFG Acquisition Overview - Conference Call 4th February 2011
Envisaged Transaction Structure

        Current Structure                       Acquisition of 70% Stake                 Contribution of Businesses         Operational Merger

                           Eurobank                            Cash Eurobank                                Eurobank                          Eurobank
      RBI                                          RBI                                    RBI                              RBI
                              EFG                                      EFG                                     EFG                               EFG

         100%             100%1                 100%     70%            30%                 87%              13%                 87%              13%

                                                                                                                                       Combined
     RBPL                   Polbank             RBPL           Polbank                              RBPL
                                                                                                                                         bank

                                                                                                  100%      Combined
                                                                                                              bank
                                                                                                  Polbank

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

Group Investor Relations                                                   4th February 2011                                                      Slide No 4
Polbank EFG Acquisition Overview - Conference Call 4th February 2011
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

                              Respective exercise price depends on business performance resulting in a price/book multiple in the
 Purchase Price                range of 1.0x to 2.65x, with a minimum exercise price of EUR 175 mn
 Considerations
                              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 of the transaction dependent on successful transformation of Polbank branch into a legal
    Closing                    entity (not expected before Q4 2011) and regulatory approvals from EU, Greece and Poland
  Requirements
                              The transaction is expected to close in Q4 2011 or Q1 2012

Group Investor Relations                                      4th February 2011                                                Slide No 5
Polbank EFG Acquisition Overview - Conference Call 4th February 2011
RBI’s Growth Story Continues

                                         Czech
                Hungary     Poland                    Bulgaria   Russia       Romania      Serbia
                                        Republic
Greenfield

                            Slovakia                 Croatia     Ukraine

                1987
                1987      1991
                          1991       1993
                                     1993     1994
                                              1994        1996
                                                          1996   1998
                                                                 1998        2000
                                                                             2000       2001
                                                                                        2001        2002
                                                                                                    2002     2003
                                                                                                             2003         2004
                                                                                                                          2004   2005
                                                                                                                                 2005      2006
                                                                                                                                           2006      2011
                                                                                                                                                     2011

                                                                             Bosnia and
                                                                                           Slovenia        Kosovo     Belarus    Ukraine                  Poland
                                                                             Herzegovina
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

Group Investor Relations                                                   4th February 2011                                                            Slide No 6
Raiffeisen Poland: Focused Corporate Bank

                                  Highlights                                                          Successful Corporate Bank

    Raiffeisen Poland is a corporate focused bank                                   High quality corporate bank in Poland, servicing Polish
        Strong corporate banking platform                                            mid-sized and larger corporates
        Market leading leasing and factoring businesses                                Market share of 5.0% in corporate lending
        Strong SME expertise                                                            (#5 corporate bank in Poland)
                                                                                        Particular expertise in project finance with 25%
        Growing retail business focused on affluent customers
                                                                                         market share of total customer loan volume
         and micro business
                                                                                     Despite strong 20% CAGR in lending over the past
    Product specialist in client-related treasury solutions
                                                                                      decade, Raiffeisen Poland has a healthy loan portfolio
     (FX transactions)
                                                                                     NPL ratio for corporates just half of the banking sector
    Sound profitability, even through the crisis
                                                                                      average (banking sector: 11.9% as per Sept. 2010)

                  Split Operating Income (1-9/2010)                                    Operating Income in Corporate Segment (1-9/2010)
                             Other
                                                                                                                            Loans
                              10%                                                                                            18%
                                                                                                   Cash
                        Leasing                                                                 Management
                                                     Corporate                                     20%
                          15%                                                                                                      Project
                                                        40%
                                                                                                                                  Finance
                                                                                                                                     13%
                    Private                                                                Treasury Products
                  individuals                                                                     29%                        Trade Financing
                      16%
                                        SME                                                                         Deposits and Factoring
                                                                                                                      8%           12%
                                         19%
                                Total: EUR 241 mn                                                              Total: EUR 96 mn

Source: Based on RBI pro-forma Q3 2010 figures (country data Poland)             Source: RBPL

Group Investor Relations                                               4th February 2011                                                       Slide No 7
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                                        166.9             PKO BP                          126.7          PKO BP                             131.6

         Pekao                                134.6                      Pekao                 82.8                     Pekao                     101.0
            BRE                        84.4                                 BRE             54.6                      ING BSK              47.7
       ING BSK                   62.2                                Combined          40.6        #4                     BRE             44.5
        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             41.3                                            BPH       28.3                              Kredyt       25.7
    Getin Noble            39.0                                          Kredyt      26.6                        Citi Handlowy     23.6
           BPH            36.1                                                      20.3           #10                    BGŻ      20.1
           BGŻ          26.6                                                        20.3                                          14.4             #11
                                                                                                   #11
                        26.0                  #12                          BGŻ      19.4                                  BPH    13.9
        Nordea          22.6                                                                                                     12.4              #13
                                                                        Nordea      18.8
                        22.1                  #14                                                                         BOŚ    11.3
                                                              Deutsche Bank PBC     17.1
Deutsche Bank          19.6                                                                                     Deutsche Bank    10.1
                                                                     BNPP Fortis   13.3

Source: Rzeczpospolita (Q3 2010); commercial banks only
Note: Figures relating to RBPL (Bank only)

 Group Investor Relations                                               4th February 2011                                                            Slide No 8
Important Market with Strong Growth Potential

              Share of GDP in CE (2010e)                                                    GDP Growth                                                                    Inflation and Interest Rates

                           Slovenia                                8.0%                                                                             7.0%
                Slovakia
                              5%                                                                       6.8%
                   10%                                             7.0%                                                                             6.0%
                                                                                                6.2%
             Hungary                                               6.0%
                                                                                  5.3%                        5.1%                                  5.0%
               14%                                  Poland                                                                                                                            4.0%
                                                                                                                                      4.5%                        4.4%
                                                     51%           5.0%
                                                                                                                               3.9%                 4.0%
                                                                          3.9%
                                                                   4.0%                  3.6%                               3.6%
                Czech                                                                                                                               3.0%                                         3.3% 3.5%     3.3%
               Republic                                            3.0%                                                                                                                                   3.0%
                 20%
                                                                                                                     1.7%                           2.0%                                                                        2.3%
                                                                   2.0%
   GDP per Capita (2010e in EUR ‘000)                                                                                                                      1.7%
                                                                   1.0%                                                                             1.0%                             1.4%
                                                        22.1                                                                                                              0.7%
                                         19.2                      0.0%                                                                             0.0%
                              17.1
  15.4            15.5

                                                                                                                                                           2003

                                                                                                                                                                   2004

                                                                                                                                                                           2005

                                                                                                                                                                                   2006

                                                                                                                                                                                          2007

                                                                                                                                                                                                  2008

                                                                                                                                                                                                         2009

                                                                                                                                                                                                                        2011f

                                                                                                                                                                                                                                2012f
                                                                                                                                                                                                                2010e
                                                                           2003
                                                                                  2004
                                                                                         2005
                                                                                                2006
                                                                                                       2007
                                                                                                              2008
                                                                                                                     2009
                                                                                                                            2010e
                                                                                                                                    2011f
                                                                                                                                            2012f
                                                                          Real GDP growth in Poland (%)                                                                           CPI inflation in Poland (%)

                                                                          Polish GDP growth rate spread above Euroland GDP                                                        NBP base rate in Poland (%)
                                                                          growth rate (%)
                  Poland
   Hungary

                              Slovakia

                                                        Slovenia
                                         Republic
                                          Czech

                                                                           Largest and strongly growing economy in Central Europe
                                                                           Resilient performance of Polish economy in the crisis avoiding recession

Source: Raiffeisen Research                                                Expected to outperform European economies strongly in mid-term

Group Investor Relations                                                                  4th February 2011                                                                                                             Slide No 9
Attractive Growth Outlook for Banks

                  Banking Market Underpenetrated                                               Loan Growth in Poland (in PLN bn)
                                                                                                                  5.8%     627.9     4.8%        658.3
                                                                                                        593.4
           267%
                                                                                             38.7%
                                                                                   427.7

    3.2x
                                                                  151%
                               132%

                       2.9x                                5.3x
    84%

                       46%                  2.0x
                                                   40%                                2007              2008               2009                 Q3/2010
                                            20%            28%
                                                                             Source: KNF (Polish Banking Supervision)

                                                                                             Deposit Growth in Poland (in PLN bn)
       Total             Loans/            Mortgages/      Deposits/
    assets/GDP            GDP                 GDP            GDP                                                           560.0      2.0%       571.4
                                                                                                                 13.3%
                                                                                             17.8%      494.1
                                                                                   419.3
                              Poland    Eurozone average

Source: Raiffeisen Research (data as per 2009)

                                                                                              5.1%                1.7%                3.6%
     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                                              2007              2008               2009                 Q3/2010

     Unemployment rate forecast to decline from 11.9% in                    Source: KNF (Polish Banking Supervision)
                                                                                     Real GDP growth y-o-y for 2008 and 2009 as well as 2010e
      2010e to 10.0% in 2012f                                                  %     Source: Raiffeisen Research

Group Investor Relations                                          4th February 2011                                                               Slide No 10
Enhancement of Distribution Network

                        Full Countrywide Presence                            Ranking of Banks in Poland by Outlets (Q3 2010)
                                                                                                           Market
                                                                                                                      No. of outlets
                                                                                                           Position
                             Poland: 38.2 mn
                                                       1.7                                                    1           1,211

                                                     Warsaw                                                   2           1,016
                                                                                                              3            612
                                                    Combined:
                                                       53                                                     4            546
                                                                                                              5            513
                                                       0.8                                                    6            472
                                                      Łódź                                                    7            463

                                                    Combined:                    /                                        4431
                                                       12                                                     8            441
                                                                                                              9            440
                                                                                                             10            383
                                                                                                             11            344
                                                                                                             12            307
    0.8
                                                                                                             13            276
  Kraków
                                                                                                             14            235
 Combined:
                                                                                                             15            200
    18
                                                                                                             16            160
                                                                                                             17            155
                                                                                                             18            99
     Cities with Raiffeisen presence                                                                         19            99
     Cities with Polbank presence
                                                                   Note: Bank outlets only
          Number of inhabitants (mn)                               1) Including leasing: 467 outlets
                                                                   Source: Rzeczpospolita, KNF, Company information

Group Investor Relations                                 4th February 2011                                                       Slide No 11
Polbank: Strong Multi-Channel Distribution

                              High aided brand awareness of 66%
   Strong retail brand        Sponsoring of the Polish Ski Federation and Justyna
                               Kowalczyk (Poland’s most successful cross-country
                               skier) further improved brand awareness

                              Nationwide distribution network of 344 outlets
  Distribution network          323 branches
        overview                14 mortgage centres
                                7 SME business centres

                              State-of-the-art design of branches
                              Specialist desk facilities including affluent customers
   In-branch facilities        desk
                              Instant in-branch card issuance facilities
                              24 hour ATM lobby, with pay-in facilities

                              Located in major Polish business areas
  SME business centres
                              Business centres located in large business parks

                              E-banking services available to all clients (36%
                               active E-banking users)
                              Around 100 phone banking advisers
    Other distribution
       channels               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

Group Investor Relations                                            4th February 2011                           Slide No 12
Recognised Innovation Leaders

                             Polbank                                                        Raiffeisen Poland

       Successful co-branding strategy with ERA (one of the            Cutting edge fully transactable iPhone/iPad banking
        largest mobile carriers in Poland)                               apps at the forefront of the industry
       Implementation of PayPass functionality in Polbank –
        ERA cards

       Golden banker awards 2010 (Bankier)                             Adviser to the Polish Banking Association on IT Security
       Best small business bank 2010 (Forbes)                          IT leader 2009 (Computerworld)
       3rd best innovation for Minikarta ERA PayPass (Bankier)

Source: RBPL, Eurobank EFG

Group Investor Relations                                  4th February 2011                                                 Slide No 13
Key Financials

                           Key Financials (1-9/2010)                                                Polbank Gross Loan Growth (in € mn)
                                                                                                                                                                    5,103
                                      Raiffeisen                 Combined                                                                        4,573                       120
                                                                                                                             4,097                        99         686
(IFRS, EUR mn)                         Poland       Polbank        bank                                                                83         630
                                                                                                                                606                                  945
Net interest income                      129          112            241                                                                         1,078
                                                                                                                             1,106
Net fee and comm. inc.                   95            31            126                                  1,670
                                                                                                           313       31                                             3,352
Net trading income                       14            0             14                                                      2,302               2,766
                                                                                                           730
Other net op. income                      3            2              5                    231
                                                                                                           596
Operating income                         241          146            387               2006               2007                 2008              2009              Q3/2010
General admin. exp.                     (133)        (107)          (240)                         Mortgages          Consumer          Micro          Corporate

Operating result                         108           40            148
Net inc. from fin. inv. and deriv.1       3            0              3                             Polbank NPL Development vs. Market
Provisioning for imp. losses            (52)          (72)          (124)
                                                                                                                                               8.3%                   8.6%
Profit before tax                        60           (32)           28                          7.7%                 7.9%
Consolidated profit                      46           (26)           20
Equity (incl minorities)                 652          390           1,042
                                                                                                              2.8%                    3.0%                  3.3%
Loans to customers                      5,084        5,007         10,091             2.4%

Customers deposits                      3,477        3,111          6,588
Total assets                            6,516        5,537         12,053                  Dec 09               Mar 10                  Jun 10                    Sep 10
RWA                                     5,026        4,173          9,199
                                                                                                                     Polbank     Polish market
Employees                               3,074        2,867          5,941
                                                                                    Strong increase in loan volumes up to mid-year 2010,
Outlets                                  123          344            467
                                                                                     to EUR 5.1 bn
1) Net income from financial investments and derivatives                            NPL ratios below average among others due to the high share of
Note: Based on Eurobank EFG and RBI group reporting (country data Poland)            mortgages

 Group Investor Relations                                              4th February 2011                                                                            Slide No 14
Polbank: Attractive Client Base

          Development of Polbank’s
                 Pick-up of Highlights
                                    customer base (‘000)
                            growth [momentum]                                     [Graph
                                                                                    Attractive
                                                                                         on revenue/branch
                                                                                               Client Base For or
                                                                                                               Cross
                                                                                                                  cross-selling]
                                                                                                                      Selling

                                                       793

                                           656                                                                                 45%

                                                                                                                                             37%
                               486
                                                                       29%

                                                                                                  19%
                   203
                                                                                   12%                             11%

     45

                                                                                                                                              Market
                                                                                                   Polbank
                                                                                    Market

                                                                                                                   Market
                                                                        Polbank

                                                                                                                                Polbank
    2006           2007        2008        2009       Q3 2010
                                                                                                                         t
                                                                                                                         e
                                                                                                                         rk
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                                                                    Monthly Net House-                      University         Less than
                                                                    hold Income >PLN5k                       degree           35 years old
Source: Eurobank EFG                                                Source: Eurobank EFG

   Attractive client base offers significant potential for continued cross-selling (funds, insurance)

Group Investor Relations                                   4th February 2011                                                              Slide No 15
Polbank: Lean Cost Structure

                  Development of Number of Outlets                                                  Split Administration Expenses (1-9/2010)
                                                                                                                            Other
                                                                       344                                  Marketing        1%
                                        330             335
                       252                                                                                     9%
                                                                                                               IT
                                                                                                              11%
                                                                                                                                          Staff
                                                                                                                                          43%
                                                                                                         Other
                                                                                                        office &
                                                                                                        infrastr.
                                                                                                          17%
                                                                                                                                    Premises
                                                                                                                                      19%
      2006             2007            2008            2009          Q3/2010
                                                                                                                    Total: EUR 98 mn1
Source: Eurobank EFG                                                                  Source: Eurobank EFG
                                                                                      1) Excluding depreciation
   General Admin. Expenses per Outlet in EUR ’000 (Q3 2010)
                                                                                          Significant expansion of branch network since
                       847
                                                                                           inception of Polbank in 2006 completed
                                       634              595
                                                                           512            Cost of expanding the network currently still
      418                                                                                  impacts profitability
                                                                                          Lean cost structure vs. peers despite ongoing
                                                                                           expansion

    Polbank          Peer 1           Peer 2          Peer 3           Peer 4
                                                                                          Platform ready to benefit from expected market
                                                                                           growth
Source: Eurobank EFG, Company reports
Note: Peer group consists of Bank Millennium, BPH, Getin and Kredyt Bank

 Group Investor Relations                                                   4th February 2011                                                     Slide No 16
Polbank: Details on Mortgage Portfolio

                Mortgages Breakdown by Currency                                          90+ dpd Development Mortgages
        Existing Portfolio                  New Production
                                                                                                                                  0.6%
             PLN                              PLN       CHF
                                                                                                                        0.5%
             6%                               9%        11%
      EUR
      18%
                                                                                                     0.3%     0.3%

                                                                                  0.2%    0.2%

                             CHF
                             76%                        EUR
                                                        80%
                                                                              Q2/2009    Q3/2009   Q4/2009   Q1/2010   Q2/2010   Q3/2010
Total as of Q3 2010: EUR 3.4 bn         Total 1-9/2010: EUR 368 mn
Source: Based on Eurobank EFG data                                     Source: Based on Eurobank EFG data

                   Loan-to-value Structure Mortgages
                                                                           Polbank’s mortgage portfolio mainly denominated
                                                0.59%                       in CHF
                                                102%
                                                                           Maturity profile of mortgage loans mitigates risks
                   81%                                                      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
Weighted average LTV (at inception) Weighted average LTV (Q3 2010)         Significant shift towards EUR and PLN in
                                NPL ratio (Q3 2010)                         new production
Source: Based on Eurobank EFG data

 Group Investor Relations                                     4th February 2011                                                    Slide No 17
Polbank: Funding Overview

                  Structure of Funding (Q3 2010)                                                     Deposit Development (in € bn)
                                    2%                                                              169%                               161%
                                                                                                                      +17%
                                                                                                                                        3.1
                                                                                                     2.7
                     37%

                                                   61%

              Customer deposits     EFG funding    Other liabilities                               Dec 09                              Sep 10
                           Total: EUR 5.1 bn                                                                      Loan/deposit ratio
Source: Based on Eurobank EFG data                                                   Source: Based on Eurobank EFG data

          Assets and Liabilities by Currency (Q3 2010)
         Total Assets                                Total Liabilities
        EUR                                          EUR Other                         Strong focus on customer funding
        13%                                          10% 1%
                                                                                       Successful additional deposit generation
                                                                         CHF
                                                                         36%
                                                                                        especially in Q3 2010 (+16%)
                              CHF                                                      Currency position matched despite large CHF
                              50%                                                       loan portfolio
  PLN
  37%                                                                                  Current shareholder funding of Eurobank EFG
                                                  PLN
                                                  53%
                                                                                        amounting to EUR 1.9 bn to be replaced
                                                                                        by EUR 1.0 bn RBI funding at time of closing of the
                        CHF       EUR    PLN      Other
                                                                                        transaction, with proportional funding to be
Source: Based on Eurobank EFG data
                                                                                        adopted over time

Group Investor Relations                                                  4th February 2011                                                     Slide No 18
Impact Analysis on Funding Base

            Deposits Raiffeisen Poland/Polbank (in € mn)                                     Loan and Deposit Generation in 1-9/2010 (in € mn)

          154%                       167%                      153%                                                                  518
           6.4                                                  6.6                                                                                  456
                                       5.9
           2.8                                                    3.1                          269
                                       2.6

           3.6                         3.3                        3.5

         Mar 10                      Jun 10                   Sep 10                                         (47)
                                                                                               Raiffeisen Poland                           Polbank
                       Raiffeisen Poland         Polbank
                    [x]% = Loan-to-Deposit Ratio Combined bank                                            Change in Loans      Change in Deposits
Source: Eurobank EFG and RBI group figures pro forma Q3 2010 (country             Source: Eurobank EFG and RBI group figures pro forma Q3 2010 (country
        data Poland)                                                                      data Poland)

                 RBI: Loan-to-Deposit Ratio Development

       140%                 139%                                                      Very limited overlap of client base
                                                  136%              137%

                                                                                      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
                                                                    Sep 101
                                                                                      Loan-to-deposit ratio at Group level minimally
1) Adjusted for loans and deposits of Polbank
                                                                                       affected
Source: RBI figures based on pro forma Q3 2010

 Group Investor Relations                                                4th February 2011                                                            Slide No 19
Value Creation through Potential Synergies

                     Overview Cost/Income Ratios                                                      Key Areas for Synergy Potential
                                                                                                           Streamlining of branch structure
          133                           107                    240                    Branches /            (~ EUR 12 mn p.a.)
                                                                                      Head Office          Optimisation of head office functions
                                        74%
          55%                                                  62%                                          (~ EUR 17 mn p.a.)
                                                                                      (~ EUR 35 mn
                                                                                          p.a.)            Consolidation of premises
                                                                                                            (~ EUR 6 mn p.a.)

                                                                                                           Approx 20% of IT savings through
   Raiffeisen Poland              Polbank               Combined bank             IT Infrastructure         integration of IT platforms and procure-
        1-9/2010                  1-9/2010                 1-9/2010                 & Marketing             ment synergies (~ EUR 15 mn p.a.)
                                                                                      (~ EUR 25 mn         Reduction of marketing expenses and
       Cost base in EUR mn (1-9/2010)
                                                                                          p.a.)             savings in treasury area (~ EUR 4 mn p.a.)
Source: Eurobank EFG and RBI group figures pro forma Q3 2010 (country
        data Poland)
                                                                                                           Group & other synergies (~ EUR 6 mn p.a.)

                                                                                  Total: ~ EUR 60 mn
                            Key Assumptions

                      Estimated savings of EUR 60 mn p.a. which                      Volume of estimated synergies fully in line with average
                       represents approx 30% of Polbank’s cost                         of precedent transactions (30% of Polbank’s cost base)
                       base in 2012                                                   Further synergies expected from additional cross-selling
  Volume                                                                               and client referrals
                      First year of synergies in 2012
                      2012: EUR 30 mn                                                Additional revenue synergies due to lower funding costs
                      2013 onwards: EUR 60 mn p.a.                                   Extension of the successful cooperation with UNIQA
                                                                                       (insurance company of Raiffeisen Banking Group Austria)
Integration           A total of EUR 90 mn is estimated for
    cost               2012/2013

Group Investor Relations                                                4th February 2011                                                   Slide No 20
Acquisition Impact on RBI

    Pro-forma Core Tier 1 Capital Impact (based on Q3 2010)
                                                                                     With a pro-forma core tier 1 ratio (incl. profit but
                                                                                      excl. accrued dividends) of 9.1%, we continue to
                  9.7%
                                          (0.6)PP                                     feel comfortably capitalised
                                                            9.1%
                                                                                     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 11 ratio              Pro-forma Core Tier 11 ratio
        pre transaction RBI                       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 Q3 2010

 Group Investor Relations                                               4th February 2011                                          Slide No 21
Perfect Strategic Fit

         Strengths of Raiffeisen Poland Business Model                       Strengths of Polbank Business Model

                                                                                 Focussed PI banking platform
                                                                                  with nationwide branch network
           Strong corporate banking
            platform                                 Significant upside          Strong product and sales
                                                    from expansion in             capabilities in Retail Banking
           Comprehensive product
            offering for corporates
                                                       retail business           Leading market position with
                                                   for Raiffeisen Poland          self-employed and small
           Market leader in leasing and                                          businesses
            factoring                                1 mn customers
                                                                                 Strong potential for cross-selling
           Focus on SME and mid-market             Significant upside
                                                                                  opportunities in retail
                                                    from expansion in
           Experience in providing                                               Sizeable affluent customer base
            comprehensive services to
                                                    corporate banking         

            premium affluent customers                 for Polbank               Strong deposit gathering
                                                                                  capabilities

Group Investor Relations                                 4th February 2011                                         Slide No 22
Appendix
Country Financials Poland

in EUR mn                                              Q3/2010          Q2/2010         change            Q1/2010         Q4/2009            Q3/2009          1-9/2010       1-9/2009
Total assets                                            6,516            6,375           2.2%              6,408           6,241              6,155            6,516           6,155
Loans and advances to customers                         5,084            4,956           2.6%              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            3,340           4.1%              3,610           3,524              3,375            3,477           3,375
Operating income                                          79               86           (7.7%)               77               77                71              241             196
- Net interest income                                     46               44            4.9%                39               39                32              129              84
- Net fee and commission income                           33               33           (0.5%)               30               36                33               95              85
- Net trading income                                       0                7          (98.7%)                 7               7                 7               14              25
- 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                 0               (0)              0
Profit before tax                                         22               25           (9.9%)               13               14                13               60              31
Profit after tax                                          16               20          (17.2%)               10               10                10               46              24
                                1, 2
Return on equity before tax                            12.3%            11.9%           0.4PP              8.1%             8.2%              7.6%            12.3%            7.6%
                             1, 2
Return on equity after tax                              9.4%             9.4%           0.0PP              6.2%             6.1%              5.8%             9.4%            5.8%
                    1
Loan/deposit ratio                                    146.2%           148.4%          (2.1)PP           138.0%          136.8%             141.8%        146.2%             141.8%
                    1
Cost/income ratio                                      55.1%            55.5%          (0.4)PP            58.1%            54.8%             56.4%            55.1%           56.4%
Business outlets                                         123              125           (1.6%)              126              124               125              123             125
Number of employees                                     3,074            3,008           2.2%              3,028           3,007              2,969            3,074           2,969
Number of customers                                   240,959          244,333          (1.4%)          256,193          274,567            290,143       240,959            290,143
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%

 Group Investor Relations                                                        4th February 2011                                                                          Slide No 24
Contact

 Susanne E. Langer

 Head of Group Investor Relations
 Spokesperson

 Raiffeisen Bank International AG

 A-1030 Vienna, Am Stadtpark 9

 Tel.: +43 1 71707 2089
 Fax: +43 1 71707 2138

 ir@rbinternational.com
 susanne.langer@rbinternational.com

 www. rbinternational.com

Group Investor Relations              4th February 2011   Slide No 25
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

                                                                                                www.stepicceecharity.org

        Raiffeisenlandesbank Niederösterreich-Wien; H. Stepic CEE Charity; Sort Code: 32000, Acct. no.: 100099; BIC: RLNWATWW, IBAN: AT483200000000100099

Group Investor Relations                                              4th February 2011                                                                Slide No 26
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