Investor Day (Bulgaria, 18 September, 2008)

investor’s handbook

Table of Contents

Schedule

Faces of the Conference

Presentations

Section I Plamen Oresharski (Minister of Finance, Bulgaria): Presentation will be available afterwards on OTP Bank’s website (www.otpbank.hu/investorday2008)

Ivan Iskrov (Governor of the Bulgarian National Bank): Presentation will be available afterwards on OTP Bank’s website (www.otpbank.hu/investorday2008)

Dr. Sándor Csányi (Chairman & CEO, OTP Bank): Reiterating medium term targets, adopting more focused strategy

Section II Tamás Schenk (Head of Strategy, OTP Bank), Gyula Barabás (Head of Asset-Liability Directorate, OTP Bank): Marching forward on the convergence path

Dr. László Urbán (CFO, OTP Bank): Managing growth and profitability in changing market environment

Section III Dr. Miklós Dietz (Principal of McKinsey & Company Inc.): Banking in Eastern Europe – Different but beautiful

Antal Kovács (Deputy CEO, OTP Bank): New momentum in Hungarian operations

Section IV Dmitry Zinkov (CEO, CJSC OTP Bank): Ukraine: leaping forward in a fast growing market

Alexey Korovin (CEO, OAO OTP Bank): Russia: building a universal bank in a high growth environment

Dorothea Nikolova (CFO, DSK Bank): DSK Bank - one step ahead of markets

Disclaimer

Practical information

OTP Bank Investor Day, September, 2008

Schedule

OTP Bank Investor Day Bulgaria, September, 2008 Wednesday, 17 September, 2008

19:00 - 22:00 Welcome dinner

Thursday, 18 September, 2008

08:00 - 09:00 Registration 09:00 - 09:05 Opening, introduction Sándor Pataki, Head of IR, OTP Bank 09:05 - 09:10 Welcome speech Violina Marinova, CEO, DSK Bank 09:10 - 09:35 Section I Plamen Oresharski Minister of Finance, Bulgaria 09:35 - 09:45 Q & A’s 09:45 - 10:10 Section I Ivan Iskrov Governor of the Bulgarian National Bank 10:10 - 10:20 Q & A’s 10:20 - 10:55 Section I Dr. Sándor Csányi, Chairman & CEO, OTP Bank 10:55 - 11:05 Q & A’s 11:05 - 11:15 Coffee break 11:15 - 12:00 Section II Tamás Schenk, Head of Strategy, OTP Bank Gyula Barabás, Head of Asset-Liability Directorate, OTP Bank 12:00 - 12:40 Section II Dr. László Urbán, CFO, OTP Bank 12:40 - 13:00 Q & A’s 13:00 - 14:30 Lunch - buffet 14:30 - 15:00 Section III Dr. Miklós Dietz, Principal of McKinsey & Company Inc. 15:00 - 15:30 Section III Antal Kovács, Deputy-CEO, OTP Bank 15:30 - 15:45 Q & A’s 15:45 - 16:00 Coffee break 16:00 - 16:30 Section IV Dmitry Zinkov, CEO, CJSC OTP Bank 16:30 - 17:00 Section IV Alexey Korovin, CEO, OAO OTP Bank 17:00 - 17:30 Section IV Dorothea Nikolova, CFO, DSK Bank 17:30 - 17:45 Q & A’s 17:45 - 18:05 Follow up and closing Dr. László Urbán, CFO, OTP Bank 18:05 - 18:15 Closing, technical information Sándor Pataki, Head of IR, OTP Bank 19:30 - 23:00 Dinner with entertainment

Friday, 19 September, 2008

9:00 - 12:00 Alternative program (Sight seeing)

OTP Bank Investor Day, September, 2008

Faces of the Conference

Dr. Sándor Csányi has served as Chairman and Chief Executive Officer of OTP Bank since 1992 and is responsible for the strategy and overall operations of the Bank. Dr. Csányi has held several other senior positions in the banking sector, including Head of Department at Hungarian Credit Bank Ltd. from 1986 to 1989 and Deputy Chief Executive Officer at K&H Bank from 1989 to 1992. Before that, he worked at the Revenue Directorate and at the Secretariat of the Hungarian Ministry of Finance and as Head of Division at the Hungarian Ministry of Food and Agriculture. Dr. Csányi gained a degree from the Financial and Accounting College in 1974 and from the Budapest University of Economics in 1980. He is a financial economist, a certified price analyst and a chartered accountant. He is a Member of the Board of Europay and of MOL, and holds a seat on the management committee of the Hungarian Banking Association. Dr. Sándor Csányi Chairman & CEO OTP Bank

Mr. Plamen Oresharski is the Minister of Finance in Bulgaria, elected on 17th August, 2005. In the years 2003-2005 he was the Vice Chancellor of the University of National and World Economy and the full time reader of the Finance Department teaching on Finance Management, Investments and Investment Analysis. From 1997 to 2001, Plamen Oresharski was a Deputy Minister of Finance, in charge state debt management, bond market in Bulgaria and the preparation of legislation on the currency board introduction. From 1993 to 1997, he was the director of the State Treasury and Debt Directorate at the Ministry of Finance, participated in the preparation and implementation of the state policy on debt management and the management of revenue and expenditure policy. From 1992 to 1997, he was Deputy Dean of the Finance Department at the University of National and World Economy. During his term of office, Mr. Oresharski headed the Bulgarian team working on the foreign debt restructuring and negotiation, the team on legislation and regulation currency board arrangements, the working group on the liberalization of the currency Plamen Oresharski regime in Bulgaria, the team on the preparation and introduction of the rules and Minister of Finance legislative framework for the securities market in Bulgaria. Mr. Oresharski has Bulgaria many scientific publications in investment analysis and finance, and more than a hundred articles, reviews and comments. In 1985 he earned his Master’s degree at the University of National and World Economy. He was born on 21 February, 1960.

Mr. Ivan Iskrov is the Governor of the Bulgarian National Bank, having being appointed to this position in October 2003. He was an MP at the Bulgarian National Assembly from 2001 to 2003, Chairman of the Budget and Finance Commission, Member of the European Integration Commission, and Member of the Bulgaria-EU Joint Parliamentary Commission. Ivan Iskrov was an Executive Director and member of the Management Board of Rosseximbank from 1999 to 2001. Over the period 1997-1999 he was an executive director and member of the Management Board of DSK Bank. He was previously an expert, examiner, and senior examiner at the BNB, Banking Supervision Department, from 1993 to 1997. From 1992 to 1993 he was a visiting lecturer at the University of National and World Economy, Sofia, in the field of Banking Management. In 1999 Ivan Iskrov completed his postgraduate studies on Mortgage Securities and Markets in USA, Washington, Minneapolis, Pittsburg. Before that, in 1995, he attended a Ivan Iskrov course held by Treuhand Agency, Sofia, on the subject of Banks and Financial Governor of the Bulgarian Institutions Valuation, Banking Supervision, at the Federal Deposit Insurance National Bank Corporation, Washington. A year earlier, in 1994, he specialised in Business Communications, organised by the US Treasury and the Chicago Reserve Bank, Sofia. In the same year he attended a course in Banking Supervision, organised by the Bank of England in Sofia. Ivan Iskrov graduated from the University of National and World Economy and obtained an MSc in Economics in the field of Finance and Credit, Sofia, in 1992. He is a co-author of a textbook, "Money, Banks, and Monetary Policy", University Publishing House "St. Clement of Ohrid". Ivan Iskrov was born on 26 March, 1967 in Pirdop. He is married with one child. He speaks English fluently.

OTP Bank Investor Day, September, 2008

Dr. Miklós Dietz, a CFA charterholder, is a Principal at McKinsey & Company’s Budapest Office. Since joining the firm in 2001, he has specialized in financial services, corporate finance and corporate strategy. He is also the leader of the McKinsey Global Banking Profit Pools Service Line, a major research institute responsible for sizing and modelling all banking markets and analyzing global banking trends. Prior to joining McKinsey, Mr. Dietz worked for 3 years at Merrill Lynch Investment Managers as an investment analyst and portfolio manager in London, Los Angeles and New York. He has a Master’s degree from Budapest University of Economics, a MPhil Degree in Finance from University of Cambridge and a Doctor Iuris Degree from Dr. Miklós Dietz, Eotvos Lorant University of Science, faculty of Law. McKinsey & Company

Dr. György Szapáry economist, graduated from the Louvain Catholic University (Belgium) in 1961 and gained a PhD in economics there in 1966. After graduation he started working in Brussels at the European Committee being responsible for customs policy and project analyses. From 1966 to 1990 he worked in Washington with IMF as an analyst, senior analyst and Deputy Director and until 1993 he was the Head of IMF mission in Hungary. From 1993 to 2007 – with a short break when he was an advisor to the Governor – he served as Deputy Governor of the National Bank of Hungary, also being member of the Monetary Council. Currently he is professor at the Economic Faculty of the Central European University, Budapest. Dr. György Szapáry Member of the Board of Directors Central European University

Mr. Péter Braun earned a degree in electrical engineering from the Budapest Technical University. Between 1954 and 1989 he worked for the Research Institute for Electrical Energy, with his last position there being Head of Department. After that, he was the managing director of K&H Bank, working in its Computer and Information Centre. He is a member of GIRO Zrt.’s Board of Directors, and was Deputy CEO of OTP Bank Plc. from 1993 until his retirement in 2001. He has been a member of OTP Bank’s Board of Directors since 1997.

Péter Braun Member of the Board of Directors Former Deputy CEO OTP Bank

Dr. István Gresa has served as Deputy Chief Executive Officer of the Credit Approval and Risk Management Division of OTP Bank since March 1, 2006. Dr. Gresa graduated from the College of Finance and Accounting in 1974 and from the Budapest University of Economics in 1980, where he went on to gain a PhD in 1983. He worked at Budapest Bank from 1989 to 1993. He has been employed by OTP Bank from 1993, initially as director for Zala County and then, from 1998, as managing director of the West Transdanubian Region.

Dr. István Gresa Deputy CEO Credit Approval and Risk Management Division OTP Bank

OTP Bank Investor Day, September, 2008

Dr. László Urbán has been a Deputy CEO at the OTP Bank since 15 January, 2007 and has been a member of Board since 2008. He graduated from the Budapest University of Economics in 1982. He has been working in the financial sector since 1995. He worked in Washington as an employee of World Bank, later he became the Planning and Controlling Director of ABN-AMRO Hungary. Between 1998-2000, he worked as Deputy CEO of Postabank; between 2000- 2005 he was responsible for global product development at Citigroup New York; from 2005, he was Director of the National Bank of Hungary.

Dr. László Urbán CFO Strategic and Financial Division OTP Bank

Mr. László Wolf has served as Deputy CEO of OTP Bank, with responsibility for managing the Commercial Banking Division, since 1994. Mr. Wolf gained a degree from the Budapest University of Economics in 1983. From 1983 he was employed for 8 years at the National Bank of Hungary, in the Division of International Banking Relations. From 1991 to 1993 he was Head of Treasury at BNP-KH-Dresdner Bank in Budapest, and from April 1993 to 1994 he served as Director of Treasury at OTP Bank.

László Wolf Deputy CEO Commercial Banking Division OTP Bank

Mr. Pál Kovács has been Chairman of the Supervisory Board of CJSC OTP Bank since 14th December, 2006 and Senior Managing Director of the Commercial Banking Directorate of OTP Bank and has worked for OTP Bank in various senior managerial positions since 1999. He graduated from the Budapest University of Economics, Faculty of Finance in 1982.

Pál Kovács Managing Director Commercial Banking Department OTP Bank

Mr. László Bencsik graduated from the Budapest University of Economics in 1999 and he also gained an MBA degree on INSEAD.

Between 1996 and 1999 he was employed at Strategic Services branch of Andersen Consulting, and from 2000 to 2003 he worked as a consultant at McKinsey & Company. Since Autumn 2003 he has run the planning and controlling field of OTP Bank as a Managing Director.

László Bencsik Managing Director Bank Operations Directorate OTP Bank

OTP Bank Investor Day, September, 2008

Mr. Tamás Schenk has been leading the strategy team of ~15 analysts at OTP Bank for three years. The directorate’s main responsibility is to synthesize OTP Group’s medium term strategic plan. In order to evaluate ideas proposed by different divisions and also to develop their own recommendations, the strategy team’s activity covers macroeconomic research, market sizing, competition analysis and studies on customer behaviour. Prior to joining OTP, Mr. Schenk worked as a consultant at McKinsey & Company and as an equity analyst at Concorde Securities. Mr. Schenk holds Master’s degrees in Economics from the Budapest University of Economic Sciences, Hungary and from CentER for Economic Research at Tilburg University, the Tamás Schenk Netherlands. Director Strategy and Economic Research Directorate OTP Bank

Mr. Gyula Barabás worked as a macroeconomic analyst at ING-Barings during his university studies. After graduating from Corvinus University of Budapest with finance major, he started working for the National Bank of Hungary (NBH). For more than ten years, he participated in the preparation of monetary policy decisions, initially as an expert, from 2003 as an executive of NBH. As a guest expert of IMF, he acted as advisor for several central banks (Ukraine in 2004 and 2006, Lebanon in 2005, Serbia in 2005 and 2006). Since April 2007, Mr. Barabás has been managing director of OTP Bank responsible for group level asset-liability and market risk management.

Gyula Barabás Managing Director Asset-Liability Department OTP Bank

Mr. Sándor Pataki graduated from the Institute of International Relations in Moscow, he started his career at the foreign service in 1985 and worked in China. In 1992 he joined the National Bank of Hungary’s International Capital Markets department and was responsible for sovereign borrowing and rating. From 2002 he became managing director at FBH Land Credit & Mortgage Bank where he was running the liability management and IR. In 2005 he joined OTP Bank as Head of Investor Relations.

Sándor Pataki Director Investor Relations OTP Bank

OTP Bank Investor Day, September, 2008

Mrs. Violina Marinova started her banking career at DSK Bank, which was then a State Savings Institution. She started as a chief accountant in one of the Bank’s branches and worked her way up to becoming a General Branch Manager, Member of the Management Board and Executive Director, Head of the Internal Control and Audit Directorate and currently a CEO and Chairperson of the Bank’s Management Board as of January 2005. Since 2005 she has been a Deputy Chair of the Bulgarian Trade Bank Association, Deputy Chair of the MB of the Bulgarian Automated Clearing House, Member of the

Board of Directors of Borica (National Bank Organization for Payments Initiated by Violina Marinova, Cards) and a Chair of the Management Board of the renowned Atanas Burov MB Chairperson and CEO Foundation. Since 2002 Mrs. Marinova has also been on the Board of Trustees of DSK Bank the National Music Theatre. In 2001 she won the Banker of the Year Award of Atanas Burov Foundation, in 2005 she was awarded the Andras Fay Award of OTP Bank and in 2006 became Banker of the Year in Bulgaria 2006 of Finance Central Europe magazine.

Ms. Diana Miteva has served as Executive Director of DSK Bank since 2003 initially in charge of the Corporate Banking Division and presently of the Retail Banking Division. Prior to that from 1992 to 2003 she worked at several other banks in Sofia, Bulgaria (Xiosbank as Head of Treasury Back Office, ING – Sofia branch as a Financial Controller and member of Management committee; and Demirbank – Bulgaria, where she held the position of an Executive Director and member of the Management Board.) Ms. Miteva has a Masters degree in Macroeconomics from the University of National and World Economy, Sofia. She has obtained a number of professional training qualifications by well known financial sector organizations from Diana Miteva, Great Britain, the Netherlands, Turkey and the Ministry of Finance of Luxembourg. Executive Director and As of 2004 Ms. Miteva has been a member of the Supervisory Board of DSK Asset member of the MB Management and since 2005 she is also a member of the Board of Directors Retail Division (currently Supervisory Board) of DSK Leasing and DSK Auto Leasing. DSK Bank

Ms. Dorothea Nikolova started working for DSK Bank in November 2003 as Head of the Planning and Controlling department. In December 2005 she became a Procurator of the Bank and Head of the Finance and Planning Division. In January 2007 she became an Executive Director of DSK Bank and member of the Bank’s Management Board. Previously, from 2000 to 2003, Ms. Nikolova had worked for Citibank N.A. Sofia Branch as a Chief Financial Officer and member of the Management Committee of the Branch. From 1993 to 2000 she also worked for the audit practice of PricewaterhouseCoopers at the Bulgarian office and at the Banking and capital markets division in London. She graduated the University of National Dorothea Nikolova, and World Economy in Sofia, major in Finance and Banking. In June 1997 Ms. Executive Director and Nikolova obtained ACCA qualification, among the first three qualified auditors in member of the MB Bulgaria. During her work as a CFO she participated in the economic policy Finance and Planning Division committee of the Association of Commercial Banks in Bulgaria and in the Bulgarian DSK Bank International Business Association. Since 2005 Ms. Nikolova has been involved as management member of a few companies within the group.

OTP Bank Investor Day, September, 2008

Mr. Damir Odak has been CEO of OTP banka Hrvatska since 2003. Prior to this he worked for Zagrebačka banka as Division Director for corporate banking between 1997-2000 and as Member of Board between 2000-2003. Before this, he managed the establishment and expansion of Trgovačka banka as CEO between 1990 and 1997. He graduated in Economics from University of Zagreb in 1987, after that he worked as research fellow in Zagreb Economic Institute until 1989.

Damir Odak, CEO OTP banka Hrvatska

Mr. Ernő Kelecsényi has served as CEO of OTP Banka Slovensko since 2003. He started his career in 1978 in a branch office of OTP Bank. He was promoted in 1988 to senior comptroller and became head of a regional business unit. Between 2000 and 2002 he held the position of Director of the Corporate Division at OTP Bank headquarter. In 2002 he was appointed Deputy Chief Executive Officer of OTP Banka Slovensko. Mr. Kelecsényi has a Master’s degree in Economics from the University of Economics, Budapest (1984) and qualification from International Course for Bank Managers (1993). He achieved further professional experience at Republic National Bank of New York and San Paolo di Torino.

Ernő Kelecsényi, CEO OTP Banka Slovensko

Mr. László Diósi has served as Chairman of the Management Board and CEO of OTP Bank Romania since May, 2007. He has been employed by the Bank from 2005, initially as Head of Retail Division and Deputy CEO. From 2000 to 2004 he worked for the K&H Bank, Hungary as Head of Budapest and Central Hungary Retail Region, he became integration project manager and in 2002 he was appointed Deputy CEO. Between 1995-2000 he was employed by OTP Bank, Hungary. He was responsible for coordination and leading of different projects and he served as Head of South Budapest Region. Mr. Diósi has held several senior positions in the banking and insurance sector, currently he is a Member of the Board of OTP Garancia Asigurari Insurance. László Diósi He has gained a degree from the College of Finance and Accountancy in 1993 and CEO earned a postgraduate degree in Management Studies from Buckinghamshire OTP Bank Romania Chilterns University College in 2002.

Mr. Dmitry Zinkov has served as Chairman of the Board of OTP Bank since June, 2006 and is responsible for the strategy and overall operations of the Bank. Before this Mr. Zinkov has been working at OTP Bank (previous RBUA) for 7 years, from September, 1999 with responsibility for managing the Corporate Clients and Loans Department. From 2001 he was in charge in Sales Network Management Division. In November, 2005 Mr. Zinkov was advanced to the position of OTP Bank Member of the Board. Dmitry Zinkov has more than 12 years of working experience in banking institutions. He began his banking career at JSCB “INKO” in 1993. After that, from 1996 to 1999, has held several other senior positions in the banking sector, including Vice Chairman of JSCB “Commercial and industrial bank” and “Ukrkharchprombank” in Dmitry Zinkov, Kyiv. Chairman of the Board Dmitry Zinkov graduated from Shevchenko Kyiv State University, in 1993 he gained CJSC OTP Bank honours degree in Economics as “Economist and teacher of economic disciplines”.

OTP Bank Investor Day, September, 2008

Mr. Alexey Korovin, before joining OTP Bank (named earlier as Investsberbank) in August 2007, used to hold the position of First Deputy Chairman in Impexbank (Raiffeisen Group) where he was responsible for small business development, operations with governmental sector and cash management. Alexey Korovin used to work in Impexbank since March 2000. He became Deputy Chairman later on in April being responsible for corporate business, international business development and transactional management. Before joining Impexbank Alexey Korovin was Deputy Head of International Division in JSC “Bank Rossiyskiy Kredit”. He started his career also in Rossiykskiy Kredit in 1993 as analyst. Alexey Korovin graduated Alexey Korovin with honours from Moscow Aviation Institute (Technical University) majoring in CEO “economics & manufacturing management” in 1994. Fluent in English and French. OAO OTP Bank

Dr. Károly Szász has been Director of OTP banka Srbija. In October 2006 he also became President of the Executive Board. Prior to that, he held different positions in Hungarian banks: between 1984 and 1995 he served in CIB Bank mostly engaged in corporate finance, after this he became Head of Corporate Banking Division and member of the Management Committee in MKB Bank. He held the same position once again in CIB Bank between 1996 and 1997. Then he was General Manager of Hypo-Bank Hungaria (1998-99) and of Konzumbank (1999-2000). Between 2000- 2004 he led the Hungarian Financial Supervisory Authority. He has served OTP Bank since 2004. He has a doctorate in economics from the Budapest University of Economics (1986). Dr. Károly Szász, CEO OTP banka Srbija

Mrs. Milka Ljumovic has been General Manager of the Bank since its establishment in January, 1997. Mrs. Ljumovic has a degree in Economics from the Faculty of Economics in Podgorica. She has 40 years of experience in working for various financial institutions, such as IBT Investment Bank, Titogradska banka, Montex banka. Between 1990 and 1996 she served as the Deputy Minister of Finance of the Government of Republic of Montenegro. Mrs. Ljumovic also held positions in the management boards of Telecom of Montenegro and CDA, and is presently a member of CKB Board of Directors.

Milka Ljumovic, General Manager Crnogorska komercijalna banka

OTP Bank Investor Day, September, 2008

Mrs. Aleksandra Popovic was appointed Deputy General Manager in November 2007 after having served five years as Assistant General Manager in CKB. Her previous positions in the Bank were Director of International Relations and Marketing and Executive Director for International Business of CKB. In four and a half years prior to her employment in the Bank she assisted CKB as a permanent consultant. Mrs. Popovic has a degree in Economics from the Faculty of Economics in Podgorica. Before joining CKB she worked in Telekom of Montenegro on projects of strategic importance for Montenegrin telecommunications. Mrs. Popovic also has experience in the areas of media and broadcasting, advertising, marketing and trade. Mrs. Popovic is presently a member of CKB Board of Directors.

Aleksandra Popovic, Deputy General Manager Crnogorska komercijalna banka

Mrs. Bose Tatar has been Deputy General Manager since the establishment of Crnogorska komercijalna banka AD Podgorica in January, 1997. Mrs. Tatar has a degree in Economics from the Faculty of Economics in Podgorica. She has more than 25 years of experience in working for various financial institutions (Investiciona banka, Titogradska banka, Montenegrobanka, Montex banka, Credit & Savings Organization “Mont”) and as Investment Manager in the Electric Power Company of Montenegro (EPCG). Mrs. Tatar is presently a member of CKB Board of Directors.

Bose Tatar, Deputy General Manager Crnogorska komercijalna banka

OTP Bank Investor Day, September, 2008 Section I Reiterating medium term targets, adopting more focused strategy

Investor Day, September 2008

Dr. Sándor Csányi, Chairman and CEO

By all major indicators OTP Group is on track to deliver what we promised

Before-tax profit of OTP Group 20072007

• Pre-tax profit marginally 2,000 below our forecast and analysts’ expectations due EUR mn to massive pre-cautionary provisioning in 4Q >1,090 999 991 774 827 597 1H1H 20082008

• All-time-high record-profit in 1H 2008

2005 2006 2007E 2007 2008E 1H 2008 2010E • Well on track to meet 2008 profit guidance of minimum 9 9 10% PAT growth

Investor Day, September 2008 2 Market conditions changed adversely, the near-term outlook in the global banking sector is highly challenging

Change in share price Asset write-downs & Capital increases OTP Group (between 29.06.2007 and credit losses since since July 2007, 25.08.2008) 2007, USD bn USD bn World total 503.8 352.5 Citi -66% 55.1 49.1 No ABS portfolio, ML -71% 51.8 29.9 consequently no UBS -65% 44.2 28.1 asset write-downs BoA -41% 21.2 20.7 MS -45% 14.4 5.6 JPM -25% 14.3 9.5 Tier 1 ratio is above DB -47% 10.6 3.2 11% after Garancia CS -43% 10.4 2.7 LB -82% 8.2 13.9 closing SG -51% 6.7 9.6 BNPP -34% 3.9 0.0 GS -28% 3.8 0.6 Double digit Unicredit -46% 2.5 0.0 expected EPS Erste -32% 0.1 0.0 growth in coming Intesa -38% 0.1 1.0 years Raiffeisen -37% 0.0 0.0 OTP -34% 0.0 0.0

Source: Bloomberg Changes in share prices are calculated without dividends.

Investor Day, September 2008 3

Negative sentiment around Hungary and the sub-prime crisis made OTP shares heavily oversold

Analysts’ target prices Recommendations

HUF Avg. of 12 month 13,000 target prices 11,000 HUF 9,641 9,000 Expected 7,000 +38% avg. return 12 m 5,000 HUF 6,971 BuyBuy / /Overweight Overweight Analyst A B … OTP share price HoldHold (25.08.2008) UnderperformUnderperform

Analyst statements and comments

• „Still mostly a value stock”; „we believe there is upside to (2008) management forecast” • On interview with CFO: „Asset disposals: a step in right direction”; „it will help solve the funding problem and improve capital position”. „Hooray! This is the change in strategy we have been calling for.” • „Funding might impede growth”; „OTP Core continues to be main driver of net profit” in 1H 2008. • „We highlight balance sheet slowdown, increased provisioning and good cost control…” in 1H 2008. • In 1H 2008 „earnings beat was driven by higher securities gain, lower operating costs, and lower tax than expected.” • After 1H results: „One-off gain, long-term pain”; „we expect to see NIM under pressure in OTP’s core Hungarian business and we expect excess capital (…) to be deployed through value-destructive M&A”.

Investor Day, September 2008 4 However, we still believe in the fundamentals and prospects of the CEE region; most of the countries remained resilient to the current crisis with significant growth potential…

Outstanding banking revenue growth is expected Higher growth is not inevitably coupled with to prevail in Eastern Europe (EE) higher risks, because of certain peculiarities... Banking revenue after risk costs CAGR 2000-2007 2006-2016 • Slower Hungarian GDP-growth did not lead to the downturn of retail lending; but in coming EE 25 18 years GDP-growth is expected to gradually India 22 16 pick up toward the potential rate

Australia&NZ 19 11 • Rapid real convergence process may be coupled in many cases with unsustainable China 17 17 imbalances at first sight, but these are Middle East 12 11 sustainable in our view (Bulgaria, Ukraine)

LatAm 11 11 • Our FX-lending products are designed to Africa 10 8 minimise the Bank’s risks. The remaining client/credit risk is acceptable, based on our Asia* 8 11 analysis and experience

WEU 7 5 • JPY lending means not an extra risk because NorthAm 5 5 of 2 main reasons: (1) declining proportion in newly granted loans, (2) much higher collateral Japan -1 6 requirements

Source: McKinsey & Company *Excluding India, China, and Japan

Investor Day, September 2008 5

The Hungarian banking environment remained resilient to fiscal stabilisation measures and OTP Bank achieved a turnaround in retail market positions

GDP growth, consumer confidence (r. s.) and net OTP’s share of mortgage loan gross flows household loan flows (in % of GDP) Percent, 3 quarters moving average % point 28 Launching ‘World Loan’ 10 0 26 26 24 24 8 -15 22 22 21 20 5 18 -30 3 0 -45 -3 -60 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006 2007 2008

A slight acceleration is expected in terms of OTP’s mutual fund market share** Hungarian GDP growth in coming years * Percent 36.6

4.1 3.9 3.3 31.9 32.2 30.8 2.6 29.7 2.0 1.3

2005 2006 2007 2008F 2009F 2010F 1H06 2H06 1H07 2H07 1H08

* Source: OTP Bank Research Department ** Retail and institutional. Duplications removed. Source: BAMOSZ, OTP FM

Investor Day, September 2008 6 Strongly growing presence, serving more than 13 million customers in the CEE Region

On the way of becoming a regional attacker… Number of potential banking customers in the OTP universe * (million) Serbia 250 New country in OTP Russia universe 200 Ukraine Montenegro 150

100 Croatia 50 Romania Bulgaria Slovakia 0 2000 2001 2002 2003 2004 2005 2006 2007 1H08 * 2007 and 1H 2008 figures equal to that of 2006. Consolidated gross customer loans (IFRS, EUR bn)

30 Donskoy OTP banka OAO OTP 25 OTP Banka DSK Bank Narodny Hrvatska Bank Slovensko (Bulgaria) Bank (Croatia) (Russia) 20 (Russia) CAGR: 36% 15 2002 2003 2004 2005 2006 2007 2008 10 5 OTP banka CJSC OTP OTP Bank CKB 0 Srbija Bank Romania (Montenegro) (Serbia) (Ukraine) 2000 2001 2002 2003 2004 2005 2006 2007 1H08

Investor Day, September 2008 7

OTP gained presence in exceptionally fast growing markets, and in line with its diversifying strategy, increased its exposure to foreign CEE markets gradually and significantly

Expected banking revenue growth in markets Share of foreign subsidiaries in consolidated after-taxprofit growth profit of current OTP universe (CAGR 2008-2016) 20052005 20062006 20072007 1H1H 20082008

11% 14% 18% Hungary 11% 25% 26% Other Foreign 4% 11% OTP Russia Bulgaria 13% 22% 89% 86% 75% 71% OTP Ukraine Ukraine 19% 49% DSK

Russia 18% Hungarian Foreign OTP Garancia

Montenegro 30% Share of foreign subsidiaries in consolidated assets 20052005 20062006 20072007 1H1H 20082008 Croatia 11%

24% Other Foreign 35% 42% Romania 14% 42% 41% OTP Russia 11% Slovakia 10% 76% 65% 20% OTP Ukraine 58% 58%

Serbia 22% 28% DSK

Source: McKinsey & Company Hungarian Foreign

Investor Day, September 2008 8 Key subsidiaries are on track to meet their targets

SME loans (in BGN million) • Maintaining market leadership in retail segments (market share in retail loans of DSKDSK 32%, in retail deposits of 20% as at 1H 2008) BankBank +68% • E-banking solutions for private individuals and corporate clients, significant 690 widening of offered investment products (6 funds offered currently, 3 new to 584 come in 2008), high growth in SME segment • State of the art IT solutions allow launching innovative products (i.e. DSK Tempo 412 deposit – differentiating interest rates for any new customer funds) 2006 2007 1H 2008 • Highly successful rebranding and image campaign

POS loans: sales volume (thousand) OTPOTP • Strong POS lending: 5th market position RussiaRussia +103% • Increasing cross-sale: channelling the POS customers into the bank’s branch 473 network 359 • Further branch network expansion coupled with successful re-branding 239 177 • IT developments offering a good basis for serving increasing client base • Fast loan portfolio growth, mortgage portfolio purchase 2H 2006 1H 2007 2H 2007 1H 2008

SME loans (in EUR million) • SME segment as a priority provided the highest growth rates, new mortgage OTPOTP products account for app. 80% of new volumes Ukraine Ukraine CAGR: • Collateralised loans lower risk profile (retail mortgages amounting to 70% of retail +107% loan book, SME loans mostly collateralised by mortgages as well) 348 • 82 branches opened in 2007, 80 more to open in 2008, OTP Direct (the #1 239 technology of Internet banking in Ukraine) 117 • Further efficiency gains are expected from on-going operational projects like Back 2006 2007 1H 2008 Office and accounting centralization

Investor Day, September 2008 9

Changing external conditions induced certain shifts in our strategic thinking…

Strategic shift at OTP Group Significantly changing external conditions • Doing the right business • In Hungary: shift of business mix from low-margin • Regional market share targets are still in place corporate to high margin retail business (high margin corporate clients and corporate client service remain) but focused on particular markets with • Focus on key markets with highest growth and outstanding growth potential or where we are in profitability potential dominant position • Stable presence in Bulgaria, Ukraine, Russia, Montenegro • For the rest of the Group more demanding profit and efficiency growth targets Liquidity crisis leading to… • Ongoing divestments in Slovakia and Serbia • Strategic thinking

• Substantial increase in funding costs • Active capital management with strong focus on risk- weighted profitability • Tighter sources of wholesale funding • Further fine tuning in the Group management model (more focused KPIs, higher importance of Group level cooperation) • Performance driven branch network enlargement

Investor Day, September 2008 10 Final Comments

• Based on 2007 results, as well as interim • Responding to changing external 1H performance, OTP Bank is still on environment we have already shifted our track to deliver its original targets. So far focus: along with profitability safe growth there is no plan to modify our mid-term and stable liquidity are equally important targets. The earliest we may do so is the end of 2008.

Investor Day, September 2008 11 Section II Marching forward on the convergence path

Investor Day, September 2008

Mr. Tamás Schenk, Director, Strategy & Economic Research Directorate Mr. Gyula Barabás, Managing Director, Asset-Liability Management

Investor Day, September 2008

The key drivers of the CEE region’s convergence are intact and likely fuel further the growth of financial intermediation despite recently emerged concerns

Often raised concerns about the CEE region’s Assessments and counter-arguments of concerns raised growth prospect • When the borders of a developed and a lagging economy collapse the convergence process Heavy imbalances may take surprisingly high speed, that can drive standard early warning indicators to extreme indicated by record high values. current account deficit • Strong FDI inflows, high investment ratios, larger FX reserves and the integration into the developed regions differentiate CEE economies from earlier crisis situations.

High speed of lending • Fast growth of retail lending volumes in the convergence period is not unprecedented, similar ratios characterized Portugal, Spain and Greece earlier. growth threats with over- • Lower customer interest rates, longer duration and more mortgage allow for volume growth indebted households while not raising the level of debt burden per disposable income.

FX-lending opens high risk • Real convergence almost inevitably leads to real appreciation. FX-position for • The real appreciation may take the form of higher local inflation and interest rate or nominally households appreciating local currency, both make FX borrowing a logical strategy for local players.

• Stemming from its fundamental advantages, the CEE region’s economic growth is likely to The subprime turmoil may outpace the growth of Western Europe. break the CEE growth • Nevertheless, the banking sectors of the region require external funding to finance the gap story between the faster growing lending and the slower deposit side.

Hungary likely remains an • Chance for a wiser, more balanced and more growth oriented economic policy has increased underperformer of the in Hungary, especially the political cycle will not deteriorate budget balance in 2009. region • The deepening of the financial intermediation has been steady despite the lower growth, driven by the inter-generational reallocation of households’ savings.

Investor Day, September 2008 2 Though classic early warning indicators signal threats, other key economic variables highlight the more robust nature of the region

(in % of Bulgaria Romania Russia Ukraine Latvia Mexico Argentina GDP) 2007 2007 2007 2007 2007 1994 1998

Current Account -21.5 -14.0 5.9 -4.2 -22.9 -7.0 -4.8

Main Budget indicators balance +3.4 -2.5 4.0 -1.1 0.0 -7.0 -3.8 of 1st generation FX crisis reserves 50.0 22.3 36.7 23.2 20.0 6.9 7.3

Main GDP indicators growth* 6.2 6.0 8.0 7.6 10.3 -2.2 1.0 of 2nd generation Public debt crisis 18.2 13.0 35.9 60.2 9.7 29.3 37.6

Main FDI 21.2 6.0 3.6 7.1 8.0 2.6 2.4 indicators of 3rd Corporate generation -28.5 -9.0 0.0 -2.0 -17.0** -3.4** n.a. crisis NFC***

*Growth rate in % **OTP estimation Investor Day, September 2008 ***Corporate Net Financing Capacity Source: Eurostat, IMF, National Statistical Offices, National Banks 3

A theoretical example with lessons to CEE’s situation: a hypothetical underdeveloped island merges with Australia – what is your forecast?

Theoretical example A floating island was swept to Australia and created an economic union with a fixed exchange rate regime

Australia (2007)

• Population: 20.8 million • Household credit to GDP: 119% • GDP / capita: 52,350 AUD • Inflation (5 year average): 2.1% • Real estate prices: 460 AUD/m2 • GDP growth (5 year average) : 4.2%

Investor Day, September 2008 Source: Bank of Australia, Australian Bureau of Statistics 4 The engines of convergence roar off and indicators seemingly warn about a crisis, in fact data reflect only fast real and nominal convergence

10 years ago Nowadays

1 million Population 1 million, mixed 7,900 AUD GDP / capita 35,000 AUD 1/AUD Exchange rate 1/AUD 32 AUD/m2 Real estate prices 280 AUD/m2 1% Household credit to GDP 50% 3% Inflation (10 year average) 7.5% 2% GDP growth (10 year average) 9% 0% Real appreciation (10 year average) 8% -3% of GDP Current account (10 year average) -25% of GDP

Investor Day, September 2008 5

Labor cost of unit output is still ~30% lower in CEE than in Western Europe, which attracts many investors

Labor cost of one unit output (Germany = 1) 1. • In CEE the level of capital is lower 33% Single market, than in the old member countries liberalized 1.0 capital flows • This results in lower level of labor productivity • But wages are low, even compared to 0.5 2. productivity level Low level of domestic capital 0.0 CEE Western Europe

3. Investment rate (in % of GDP) Strong capital • Low labor costs, 30 inflow • high return on capital, • low level of domestic capital 25

4. attract strong capital inflows and lead to 20 Investment boom an investment boom 15

10 1995 1997 1999 2001 2003 2005 2007 EU15 CEE4 Baltics Romania Bulgaria

Investor Day, September 2008 Source: Eurostat 6 FDI coverage of the current account deficit varies even within emerging Europe

C/A deficit and net FDI inflow (in % of GDP, 2000, 2007) 5. • Strong capital inflows and high Widening of the investment rate result in widening of current account the current account deficit deficit • Even extreme high deficits are not dangerous if caused by private investment and financed by FDI 6. Strong productivity growth in tradable sector

7. Labor productivity growth in manufacturing Productivity gap (%, 1995-2007 avg.) between tradable Strong investment activity leads to 12 and service convergence: sector 10 • in productivity and GDP / capita levels 8 8. • and in wages as well 6 4 Convergence EU15 in GDP / Capita 2 levels 0 Rep. Latvia Czech Poland Croatia Estonia Hungary Bulgaria Slovakia Romania Lithuania

Investor Day, September 2008 Source: Eurostat, National Statistical Offices 7

A relatively wide and diversified group of Western European banks built a presence in CEE and achieved higher returns in CEE than in Western Europe

Consequences of Tradable and service price levels and GDP/ convergence capita (EU15=100%) • Liberalized trade keeps difference in 9. tradable prices marginal Convergence in • Growing wages in the tradable sector wage levels lift demand for services with less flexible supply • Thus service price levels start to 10. increase pushing total price level Convergence in upwards (real appreciation pressure) price levels

Foreign ownership in banking system (%) 11. Strong income growth and expectations 100 Common on future wage growth: banking system • The common banking system provides 75

cross-border funding 50

• Allow households to take more debt 25 12. (inter-temporal optimalization) Convergence in 0 private sector • Convergence in indebtedness indebtedness Serbia Poland Croatia Hungary Bulgaria Slovakia Romania

Investor Day, September 2008 Source: Eurostat, National Banks 8 Spectacular evolution of retail lending volumes in the convergence period is not unprecedented, similar ratios characterized Portugal and Greece earlier… CAGR

Strong and enduring growth … recently in CEE … even in Eastern Europe earlier in Southern Europe … (Bulgaria & Hungary) … (Ukraine & Russia)

Retail loans – stock (EUR bn; CAGR calculated between 1996-2000 & 2000-2005 vs. 2005-2010)

80GRE: 31.8% 71 74 50 HU: 23.6% 43 250 RU: 49.7% 233

60 POR: 26.0% 47 40 BG: 33.9% 200 42 UKR: 69.2% 30 30 150 40 29 23 120 81 17 20 15 14 100 78 20 7 31 10 3 9 50 21 35 0 6 GRE 20002000 2003 2003 2005 2005 0 0 POR 1996 1998 2000 2005 2007 2008 2010 2005 2007 2009 2010

Greece Portugal Bulgaria Hungary Ukraine Russia

Retail savings* – stock (EUR bn; CAGR calculated between 1996-2000 & 2000-2005 vs. 2005-2010)

GRE: 7.7% HU: 12.0% 629 600 RU: 43.6% 200 POR: 8.4% 175 100 BG: 16.8% 88 500 145 UKR: 44.0% 80 70 150 121 116 61 400 95 308 84 60 50 100 40 300 217 40 25 30 50 200 18 103 81 20 100 29 39 0 13 0 GRE 20002000 2003 2003 2005 2005 0 POR 1996 1998 2000 2005 2007 2008 2010 2005 2007 2008 2010

Greece Portugal Bulgaria Hungary Ukraine Russia

*financial assets without shares Investor Day, September 2008 Source: Eurostat, National Banks, OTP Bank forecasts 9

…and similar evolution in flow figures

Strong and enduring growth … recently in CEE … even in Eastern Europe earlier in Southern Europe … (Bulgaria & Hungary)… (Ukraine & Russia)

Retail loans – flow in % of GDP (EUR bn; CAGR calculated between 1996-2000 & 2000-2005 vs. 2005-2010)

12% 11% 8% 12% 11% 10% 10% 7% 6% 10% 6% 6% 10% 9% 8% 6% 6% 5% 8% 6% 4% 8% 5% 5% 6% 4% 3% 6% 3.6% 4% 3% 4% 2.7% 2.9% 3.5% 2% 2% 2% 0% 0% 0% GRE 2000 2003 2003 2005 2005 2005 2007 2008 2010 2005 2007 2009 2010 POR 1996 1999 2000 Greece Portugal Bulgaria Hungary Ukraine Russia

Retail savings* – flow in % of GDP (EUR bn; CAGR calculated between 1996-2000 & 2000-2005 vs. 2005-2010)

18% 20% 12% 20% 16% 16% 10%10% 15% 10% 9% 15% 15% 8% 8% 9% 12% 9% 8% 8% 8% 10% 6% 6% 6% 10% 8% 6% 5% 7% 5% 4% 4% 0% 5% 2% -1% -5% 0% GRE 20002000 2003 2003 2005 2005 0% 2005 2007 2008 2010 POR 1996 1999 2000 2005 2007 2008 2010

Greece Portugal Bulgaria Hungary Ukraine Russia

*financial assets without shares Investor Day, September 2008 Source: Eurostat, National Banks, OTP Bank forecasts 10 Hungarian mortgage market still has massive upside potential

Proportion of mortgaged dwellings (%) and number of total dwellings (ths)**

Estimation 57,874 19,170 3,785 total dwellings: 100% 0.2% 0.4%

29.9%

mortgaged dwellings non-mortgaged dwellings 99.8% 99.6%

70.1% International examples*** PORTUGAL: mortgaged dwellings 39.1% GERMANY: mortgaged dwellings 51.8% 2006 RU 2006 UKR 2007 HU*

• Based on international benchmarks further expansion of Hungarian market to be expected • Russian and Ukrainian markets in early stages of development

*Hungary: marketable dwellings Investor Day, September 2008 **Source: KSH, OTP, MNB, OTP JZB, Bankadat, McKinsey ***Source: EMF Hypostat 2006, OTP; where the owner lives in dwelling 11

Due to the consistent rigorous budget analysis by loan scoring, income relative debt burden of OTP loan customers have not changed significantly

Debt burden by year of disbursement (for mortgage loans)

100% 90% 80% More rigorous budget analysis 70% 60% 2005 50% 2006 40% 2007 30% Less rigorous 2008 20% budget analysis 10% cumulated number customers of cumulated 0%

% % % % % % % % % % % % < 0 5 0 5 0 5 0 % < 5% -10% 2 -30% -3 5 6 7 -80% 9 0 5 5 0 5- 0- 5 0- 1 10-15% 15- 20-25 2 3 35-40 40-45 4 50-55% 55-60% 6 65- 70-75% 7 80-85 85-90 9 95- 100 (instalment + building society monthly inpayment) / monthly net income of primary debtor

• Due to restrictions of the government in 2006-2007 the conditions of mortgage loans were rendered more strict • However, no significant change of debt burden occurred in the past years

Investor Day, September 2008 Source: OTP TA, 07.2008. 12 Debtors with above 60% debt burden to income ratio have fellow debtors, grey income and sufficient savings, which reduces their default risk

Primary debtors with above 60% debt burden to income ratio might be in a more difficult financial situation, BUT…

100% 90% 80% 2005 70% 2006 60% 2007 50% 2008 40% 30% 20% 10%

cumulatedof number customers 0%

% % % % 0% 0% 5% 0% 5% 0% 5% 0% < 5 65% 70% 75% 80% -85% -90% -95% 0% < 5-1 -100% 0 0-15 5-20 0-25 5-3 0-3 5-4 0-4 5-5 0-5 5-6 0- 5- 0- 5- 0 5 0 1 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 95

(instalment + building society monthly inpayment) / monthly net income of primary debtor

… their position is improved by fellow debtors… … as well as some other factors:

100% 98% • 76% of primary debtors have one or more fellow 96% debtors 94% • Debtors’ OTP savings are sufficient for 9.7 92% primary debtor months on average 90% primary + fellow debtors total income • 49% of primary debtors have no dependants 88% declared income of households cumulated numbercumulated customers of 86%

% % % % % % % % < 5 0 5 0 5 0 5 00 % 0-6 5-7 0-7 5-8 0-8 5-9 0-9 -1 00 6 6 7 7 8 8 9 95 1 (instalment + building society monthly inpayment) / monthly net income

Investor Day, September 2008 Source: OTP TA, 07.2008. 13

Czech Republic Hungary In the emerging countries the real convergence could be followed… Poland Slovakia

GDP/capita (EMU12 = 100) Real-effective exchange rate (1995=100)

85 180

80 170

75 160

150 70 140 65 130 60 120 55 110 50 100

45 90

40 80 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Investor Day, September 2008 Source: Eurostat 14 …in two different ways: nominal appreciation of the currency or high interest level and inflation…

Relative price of the Czech koruna, the Base rate in Czech Republic, Poland, Slovakia Way 1: Polish zloty and the Slovakian koruna* and in the Euro-zone (%) Appreciation of the currency (low inflation, interest level)

Reasons: • Flexible FX-regime • Sound macro foundation • Low-level fixed inflation expectations • Credible fiscal policy

Relative price of the Hungarian forint Base rate in Hungary, in Romania and in Way 2: and the Romanian lei* (%) the Euro-zone (%) Higher nominal level (high inflation, interest level)

Reasons: • Fix or quasi-fix FX-regime • Unsound macro foundation • High-level fixed inflation expectations • Low credibility of the fiscal policy

* Higher values mean nominal appreciation Investor Day, September 2008 Source: Bloomberg 15

…and it affects the share of FX-lending…

CZ SLK PL HU BG LTU EST LAT

FX regime flex. flex. flex. flex. fix. fix. fix. fix.

Interest spread* (bp) low low <100 200< <100 200 200 200

Inflation** (%) 2.2 3.0 2.0 5.1 7.0 4.1 5.1 7.9 The share of FX-lending (%) % 90 86 79 80 66 70 2003 2007 55 58 60 50 50 40 28 28 30 23 20 20 9 4.3 10 1.0 0.2 1.0 2.7 0 Czech R. Slovakia Poland Hungary Bulgaria Lithuania Estonia Latvia

• The share of FX-lending basically depends on the interest rate spread • The less flexible FX-regime further increases the share of FX-lending via the lower FX-risk

*Difference between interest rates of local currency and Euro mortgage loans Investor Day, September 2008 **HICP Source: National Banks 16 …but FX indebtedness is rational as long as real convergence goes on

Way 1: Appreciation of the currency (low inflation, interest level)

• Low growth in nominal Slovakia variables • Decreasing instalments Poland in local currency

Czech Republic • Therefore FX indebtedness is rational • Main danger is permanent divergence Way 2: (only in case fiscal policy is not prudent) Higher nominal level (high inflation, interest level)

• Stable instalments vs. higher growth in Hungary nominal variables, including wages Bulgaria • Decreasing instalment to wage ratio

Investor Day, September 2008 17

Low interest rate makes JPY-loan the most appealing choice among FX-loans…

Amount of first year instalments by loan types Yearly instalments of JPY- and CHF-loan in (Hungarian conditions, HUF ths, 5 million HUF, 20-year maturity) baseline scenario (Hungarian conditions, HUF ths, 100,000 CHF, 10-year maturity) 40 38 38 38 33 -34% 1,200 30 841 904 865 30 900 778 25 677 642 456 20 600 466 218 300 275 10 192 210 165 0 63 -39 -87 0 -136 -300 -186 State State CHF-loanJPY-loan 28% HUF 55% HUF -237 subsidied subsidied depreciation depreciation Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 HUF-loan for HUF-loan for vs. CHF vs. JPY new estates used estates Cumulative saving on the JPY-loan vs CHF-loan Yearly saving on the JPY-loan vs. CHF-loan

Total payable amount in case of CHF-loan 23,000 22,816 and three alternative JPY-loan scenarios 22,244 (Hungarian conditions, HUF ths, 100,000 CHF, 10-year maturity) 22,000 6.5% 21,420 21,202 Three alternative scenarios investigated: 21,000 JPY I: flat 20,000 all remains unchanged as at 3 September 19,261 JPY II: interest rate shock 19,000 100 bp JPY interest rate hike JPY III: exchange rate shock 0 15% HUF depreciation against JPY in 2nd year CHF Baseline JPY I JPY II JPY III

Investor Day, September 2008 Source: Bloomberg, the web-site of the OTP Bank, OTP-analysis 18 …however, JPY denomination is riskier for two main reasons

Analysts’ consensus evolution (Bloomberg) (higher value means weaker JPY) 1. 170 • Analysts have been tending to forecast strong 160 appreciation of JPY nominal exchange rate 150

• Current consensus forecast shows 140

expectations on a 12% JPY appreciation 130 between 2008 and 2012 120

• However, expectations for appreciation 110 regularly disappeared with time in the past years 03.2006 05.2006 07.2006 09.2006 11.2006 01.2007 03.2007 05.2007 07.2007 09.2007 11.2007 01.2008 03.2008 05.2008 07.2008 spot 2006q4 2007q4 2008q4 2010q4 2012q4

CPI and base rate in Japan (yearly % change) 2. • Since headline CPI went above 2%, the Bank of Japan may increase base rate and roughly 25 bp rate hike is priced on the short run. • Nevertheless, CPI without food & energy is still almost negative and growth outlook remained modest. Therefore the tightening period (in case it will occur) is not expected to last long

Investor Day, September 2008 Source: Bloomberg, BoJ, OTP-analysis 19

GDP growth will only moderately slow down and the credit driven deepening in banking penetration will continue

GDP growth (%) – Forecasts by Consensus Economics • As the main drivers of regional growth are intact, chances for a major slow down are lower • Fast growing economies are expected to cool down somewhat, while Hungary can get closer to its potential growth in 2009 • No significant decrease in consensus growth forecasts for CEE countries since July 2007

Structural financing requirement of the region (EUR bn) 34 Russ ia • Credit driven deepening and convergence in 24 80 32 Hungary banking penetration financed from Western Romania European savings will continue 60 43 Slovakia 39 46 Ukraine • Financing requirement of the region without 40 Serbia 14 Russia is estimated at 2.7% of Western Montenegro 20 6 6 Bulgaria Europe’s financing capacity in 2009, while 0 Croatia 0 Russian funding will come via sizeable terms of Sum without Russia 2005 2006 2007 2008 2009 trade shock In pct. of GDP 0.6 1.7 5.3 2.1 1.2 of the region 0.1 0.2 0.8 0.4 0.3 of the EMU

Investor Day, September 2008 Sources: National Banks, McKinsey GBP, Consensus Economics 20 Interest on loans and deposits compared to the base rates reflect adjustment to higher funding costs

Household loan interest rates* (%) Corporate loan interest rates *(%)

Household deposit interest rates* (%) Corporate deposit interest rates *(%)

Investor Day, September 2008 * New contracts Source: National Banks 21

The fiscal adjustment pushed the Hungarian economy back to a sustainable path but growth sank temporarily below the potential rate

General government and current account balance (in % of GDP)

• Very fast and strong fiscal consolidation pushed back the budget (and the Hungarian economy) on a sustainable track

GDP growth (%, economy, and in the private sector)

• Growth slowed down in 2007 mainly due to fiscal restrictions • Potential 3-3.5% GDP growth is not high in regional comparison but still significantly over EU average • In 2008-2009 growth will gradually pick up toward the potential rate but will not reach this rate until 2010 due to the cyclical slowdown in the EU

Source: Hungarian Central Statistical Office, National Investor Day, September 2008 Bank Of Hungary, OTP Bank forecasts 22 Inflation is expected to moderate in the 2009-2010 period and healthy banking sector growth will continue

Inflation (year on year, %)

• Increasing inflation in 2006-2007 due to higher administrative prices, food and energy prices • 2H 2009 inflation is expected to moderate below 4% and reach 3% in 2010 • After 2009 secondary effects of current HUF appreciation strengthen the downward risks of the forecast

Net household credit demand (in % of GDP)

• Low potential growth in regional comparison resulted in relatively low (5% vs. 6-7% of GDP) credit flows • However, household decision on indebtedness mainly depends on expected income. Therefore credit demand remained relatively strong in the last 2 years, despite the very low growth numbers, the fall in real disposable income and the significant and permanent fall in consumer confidence

Investor Day, September 2008 Source: Hungarian Central Statistical Office, National Bank Of Hungary, OTP Bank forecasts 23

Similarly to the international traditional life-cycle curve there is an intergeneration regrouping of OTP clientele

Net wealth of OTP customers by age-bands United Kingdom benchmark

mln HUF (net wealth/client)/(GDP/capita) 1.5 250% average savings UK 2004 average volume of loan 200% OTP HU 2008 1.0 average net w ealth 150%

0.5 100%

50%

0.0 18-24 25-30 31-40 41-55 56-65 66-80 81-101 0% 18-24 25-30 31-40 41-55 56-65 66-80 81-101 -50% -0.5

-100%

-1.0 -150% age age

-200%

• Younger generation is rather borrowing and senior generation is rather saving due to intergeneration regrouping • The widening of net wealth band in Hungary is expected based on international examples

Investor Day, September 2008 Source: OTP TA, 02.2008., UK data based on CFC analysis 24 Managing growth and profitability in changing market environment

Investor Day, September 2008

Dr. László Urbán, CFO

Amid challenging environment OTP Group has successfully weathered the storm

Changes in operating environment Reactions and results of OTP Group

Global aspects of sub-prime crisis Prudence • No sub-prime exposure; stable CAR • Housing market meltdown • Stable asset quality, prudent • Short of liquidity, widening spreads provisioning • Falling profit figures • Strengthened capital position after • Declining sectorial EPS forecasts, Garancia sale target prices & recommendations • Asset write-downs, capital raisings Realignment …except • Refocusing of OTP’s acquisition Sofor far,the strategy, strengthening retail focus, Regional aspects soshare good! divestments price • Possible other divestments • No housing crisis in CEE region, still • Branch network expansion slow-down robust economies – decoupling effect • More stringent regulatory Growth environment in many markets • Well on track to meet 2008 targets: (Serbia, Romania) record profit in 1H 2008 • Macroeconomic imbalances • Seeking high returns; potentially • FX lending entering new CIS markets

Investor Day, September 2008 1 OTP Core as well as key foreign subsidiaries are well on track to meet 2008 financial targets

2007 2008 1H 2008 Actual Target Actual Comments

PAT growth 11.5% at least 10% 28.1% • All time high record profit of HUF 1 23.1% 129.6 bn in 1H 2008 representing OTP Group PAT growth, adj. 11.8% - C/I, adj.1 52.6% low 50s 51.4% 28% y-o-y growth 9 After-tax ROE, adj.1 24.7% lower than 2007 26.3% • Dynamic lending growth at foreign CAR2 11.0% above 9.5%3 9.8% subsidiaries in local currencies

PAT growth4 n.a. around 0% 16.2% • HUF 3.4 bn one-off tax-shield OTP Core C/I 48.8% stable 49.1% • Possibility to over-perform 2008 9 targets

PAT growth5 n/a around 50% 34.6% • NII grew by 89% in 1H 2008 y-o-y OTP Bank C/I 62.7% around 60% 57.3% • Despite of on-going network Russia After-tax ROE5 17.7% above 20% 15.7% expansion, costs are under control: 9 CIR below 60%

OTP Bank PAT growth4 n/a above 30% -5.9% • Substantial provisioning in 1H 2008 Ukraine C/I 45.6% slight increase 49.7% (excluding that PAT would grow by 9 After-tax ROE4 25.9% above 20% 20.5% 32% y-o-y)

PAT growth4 21.2% slightly moderating 22.7% • Despite of the negative impact of DSK Group C/I 35.6% similar to 2007 36.0% HUF strengthening in 2Q 2008, PAT 9 After-tax ROE4 24.7% stable 24.0% dynamics is above budgeted

(1) Excluding dividends, net cash transfers and the after- tax result of strategic open FX position; (2) OTP Bank only, according to HAR; (3) Without any further acquisition or divestment; (4) Without dividends and net cash transfers; (5) Without dividends, net cash transfers and one-off items

Investor Day, September 2008 2

OTP Core: robust (+16% y-o-y) profit growth above every expectation, superior retail performance suggesting possible over-performance of OTP Core’s 2008 profit target

OTP Core’s share in retail FX loan growth • Due to product innovations of 2H 2007, retail lending captured impressive Retail Housing Home equity 32% 26% results in 1H 2008. 20% 18% 17% 26% • Improving market positions both in FX housing and consumer lending 17% 23% 19% 14% 17% 17% (by +0.1% y-o-y to 21.5% and by +3.3% to 27.3% respectively).

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 • Stable retail deposit base.

OTP Core’s corporate loan volumes Corporate HUF bn -12% • Began deliberate shift from low-margin corporate lending to higher- 1,344 1,341 margin retail lending in 1H 2008. 1,198 1,209 1,176 1,146 • Refocusing the business mix to provide additional source of funding for loan growth in high margin markets and products. 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

OTP Core’s share of NPL and NPL coverage Risk • Stable quality of housing and consumer loans 4.4% 4.2% 3.9% 3.9% 3.8% 3.7% • NPL-increase of the corporate sector is the reflection of a more 66% 70% 71% 72% 73% 71% conservative classification practice. • Share of total qualified loans remained stable q-o-q at around 6.2% in 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 2Q 2008.

P/L impact of FX rate changes (OTP Core) 12.6 10.4 • Outstanding net non-interest income stemming mainly from securities, FX trading HUF bn -0.5 FX trading and hedging due to the increased market volatility in 1H 2008. & Asset 0.0 0.0 0.0 Liability • Strengthening of the HUF has a positive impact on the 2008 profit. Lower -2.2 -2.2 -2.0 Manage- -4.7 HUF-equivalent profit by the subs are more than compensated by the gains ment 1Q08 2Q08 3Q08 4Q08 2008 on the strategic open position. Strategic FX open pos. Sub’s profit

Investor Day, September 2008 3 FX risk: does it really threaten customers and OTP Bank?

Actual and forecasted FX movements… 1 „The Convergence Stories” (EUR/HUF, CHF/HUF, CHF/RON) 2004 – 1H 2008 (actual) 1H 2008 – 2012 (forecast) • FX lending in currencies of countries to which we are converging • Due to real convergence, either nominal appreciation of the 1 Appreciation 4% 3% domestic currency or higher wage-growth induced higher EUR/HUF Depreciation* inflation is supportive in terms of repayment capacity of borrowers

CHF/HUF 8% -3% 2 „The Quasi Hedged” RUB/USD, UAH/USD • The fact that GDP of either Russia or Ukraine are de facto indexed to dollar through export performance, creates natural CHF/RON 12% 7% hedge for corporate and quasi natural hedge for retail customers (dollar indexed revenues vs. dollar denominated liabilities) 2 RUB/USD 16% 10% 3 „The Unpredictable” JPY/HUF • Rational retail clients monetising the huge interest rate differential UAH/USD 15% 6% • In case trend would go against our customers, they still have the opportunity to shift to a „convergence” currency or to HUF • Built-in protecting elements of ‘World Loan’ 3 JPY/HUF 20% -24%

*Against core currencies. Source: OTP Bank Research Department

Investor Day, September 2008 4

Customers’ risk is significantly reduced by protecting elements of the ‘World loan’

Risk is reduced on both sides

Customer side Bank side

• Free of charge conversion opportunity • More rigorous budget-analysis for loan among the currencies of ‘World loan’ (once approval process (assuming the client has a month) to repay a CHF mortgage, even if (s)he applied for a JPY one) • Monthly SMS-notification about the currency ensuring the most favourable • Limitation of loan to value ratio at a lower instalment of the day level (at a maximum of 80% against 90% in case of other FX mortgages) • Also available by fix instalment in HUF terms • Mortgage registered on higher value (on 160% of loan amount instead of 140%) • Information and counselling covering all conditions at credit application meeting • Continuous monitoring of the loan amount, the mortgage value and their ratio, additional collateral requirement in case of deteriorating loan to mortgage value ratio

Investor Day, September 2008 5 JPY mortgage customers have more stable financial position and higher financial literacy

JPY mortgage Level of education degree debtors Higher level of JPY 4% 29% 38% 29% grammar school graduation education vocational school CHF 7% 38% 36% 19% max. elementary school

Living in cities and developed regions (%) Higher Living in cities, 39% JPY 65% living in shire-town developed regions financial 19% living in developed regions CHF 50% literacy

Age between 35-50 (%) Higher proportion in wealth-accumulating JPY 51% life stage CHF 41%

Income and savings of all debtors (HUF ths) 169 Higher income and JPY Stronger better wealth position 662 monthly income/loan 142 wealth CHF OTP savings/loan 265 and income Work as manager (%) Higher proportion of position managerial position JPY 16% CHF 10%

Method: • Primary debtors are included Investor Day, September 2008 • In case of CHF mortgage loans data include loans disbursed after the introduction of JPY loans 6

Loan quality: precautious re-classification and extra provisioning

Development of consolidated risk indicators Main drivers of consolidated NPLs and provisioning in 1H 2008: 7% 65% NPL ratio • Hungary: prudent ratings, cautious NPL coverage 63% 6% classification 61% • Russia: stricter classification rules in place; 5% product-mix impact (POS lending); 4.4% 4.4% 4.4% 4.3% 4.2% 4.2% 59% conservative approach to corporate credit 4% 57% (higher standards/lower risk appetite) • Ukraine: higher coverage requirement 3% 55% (precaution) 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 • Romania: special local standards in place

Delinquency Rates at OTP Bank Russia: Improving quality of newly originated (90 days after lending date) vintage portfolios at OTP Russia: 30% • Significant improvement in the quality of newly Cross-sold credit cards 25% cross-sold credit cards and newly disbursed 20% -5% cash-loans, which will lower provisioning in the future 15% Cash loans -8% 10% Further means to improve portfolio quality: POS loans 5% • Continuous development of soft collection Car loans 0% processes Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 • NPL sales & outsourcing to collection agencies

Investor Day, September 2008 7 Outstanding profit dynamics with exceptional efficiency in Bulgaria, new momentum in portfolio dynamics in Russia, robust PAT growth, if corrected for precautionary provisioning in Ukraine

Cost income ratios (1H 2008) 57.3% • Dynamic PAT growth (+23% y-o-y) 49.1% 49.7% • Strong loan portfolio dynamism fuelled by mortgages 36.0% and corporate loans, but still stable portfolio quality Cost/Income ratio is below the market average and OTP • DSK Bank OTP Core OTP Bank OTP Bank consolidated level as well Russia Ukraine OTP Group cons. Bulgarian banks, avg.

• Robust PAT growth without the substantial volume of Number of branches and CIR development provision made for precautionary reasons (+32% y-o-y) 52.5% 48.2% 48.7% 50.6% 42.6% • Continuous branch network expansion to achieve 37.7% 158 167 175 nationwide coverage 94 • Robust loan portfolio growth (+52% y-o-y, +65% in retail) 72 78 • Increasing operation expenses reflecting the effect of network expansion, and high inflation environment, yet Cost/Income ratio is under control 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

• Retail loan portfolio doubled during the last 12M Retail loan volumes (in EUR mn) 826 725 745 supported by successful expansion of POS loans in 2H 152 513 2007 and mortgage portfolio purchases in 2Q 2008 380 395 240 259 291 213 • Ongoing network expansion and the DNB 160 169 420 411 383 acquisition are the main building blocks of regional 185 184 253 flagship model 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 • Cost/Income ratio under control POS-loans Other consumer loans Mortgages

Investor Day, September 2008 8

Keeping the right direction in smaller foreign markets in 1H 2008

Actual 1H 2008 in HUF mn Change y-o-y PAT * Loans * C/I NIM

CKB 1,564 206,341 48.4% 2.17% • Outstanding profitability, robust PAT growth Montenegro +36% +59% -3.5% -0.08% • Strong NII backed by strong volumes • Steady loan growth (+59% y-o-y), somewhat slower deposit growth (+37%)

OBH 2,361 256,734 65.6% 3.18% • Impressive 1H profit growth, improving efficiency Croatia +44% +20% -4.8% +0.15% • Higher NIM despite fierce rivalry for deposits • Loan quality remained very good (NPL: 1.5% with high coverage ratio)

OBR -1,204 249,703 ** 95.9% 2.34% • Almost doubling total income in 1H 2008 Romania +54% -50.8% +0.43% -38% • One-off provision increase (due to cancellation of portfolio insurance)

* HUF million ** including loans sold to OTP Bank • Robust growth in lending and deposit volumes

Investor Day, September 2008 9 Delivering on the strategic fundamentals enables us to continue on the path we set last year

Responding to the external challenges we have been recalibrating our strategic focus on our main markets: 1 Group strategy - • geographically we started to apply the strategic markets vs. portfolio investments approach portfolio • in terms of products we are focusing more on high return portfolios and somewhat withdraw from low approach margin businesses (e.g. large corporate lending in more mature markets)

2 The Group had been investing in branch network and IT developments according to the plan presented in 2007: ƒ branch openings focused on the highest growth markets (Ukraine, Russia) CAPEX ƒ without engaging in large scale group wide IT core implementations we have mainly focused our efforts on the improvement of existing applications and to develop sales support systems

3 Scarce funds and higher risk premiums make doing business more difficult but still manageable: ƒ we have made business adjustments: e.g. re-focusing the business mix, re-pricing our loan portfolios Liquidity ƒ have strengthened our institutional capabilities in ALM and funding ƒ limited financial impact is expected due to higher costs of funding

4 ƒ Under the current market conditions we are particularly keen on maintaining a robust level of capitalization keeping the CAR around the 12% level which will further improve to above 14% after the Garancia closing Capital ƒ Further divestments and being cautious on the spending side – no large acquisitions – will provide exceptionally high levels of capitalization till the crisis ends… ƒ Potential further buy-back of treasury shares

Investor Day, September 2008 10

1a To maximize shareholder value creation potential in the current environment our „new” approach differentiates between strategic markets and portfolio investments

Strategic markets Portfolio markets

ƒ Typically larger and rapidly growing ƒ Typically smaller or lower growth markets with substantial potential or markets where we don’t have markets where OTP has dominant dominant positions positions and strong competencies

ƒ Profit contribution to group level can be low but shareholder value So far, creation opportunity must be ƒ Management and other group level so good! substantial resources are allocated with special focus on strategic markets ƒ Support from the Group is focused on selected areas with the highest impact

ƒ Bulk of long term profit generation is expected from these businesses ƒ May become strategic markets

Investor Day, September 2008 11 1b Different approaches in strategic and portfolio markets – focusing resources on strategic markets while actively managing portfolio markets which are also considered as financial investments

Short term priorities OBRu Retaining leading market position High Hungary Further improving profitability by refocusing OBU businesses and strict cost control DSK Retaining leading market position, defending Bulgaria margins, applying new sales approaches OBR OTP CKB Improving sales performance of the Ukraine expanded network, product and service Market OBH innovations, high margin but conservative potential risk taking Build portfolio for new branches, full OBSr OBS Russia integration of 4 legacy banks, reduced risk costs, maintain cost control Low Adding traditional consumer loan products Montenegro to the portfolio Maximize growth within the strict regulatory Low OTP High Croatia framework – be prepared for the „opening”, competencies improve profitability, lower C/I ratio Romania Turn investments into profitability – take Market potential illustrates: market size (total banking advantage of the high growth environment assets 2007), market growth (2007 y-o-y total banking assets), margins (loan margins before risk cost) and market risk are Slovakia Potential exit from a low margin highly considered competitive market OTP competences illustrates: 2007 market share, business mix, infrastructure (IT, network, processes etc.) are considered Serbia Potential exit from a low margin high risk market

Investor Day, September 2008 12

2 Upon significant investments in branch network and IT systems of foreign subsidiaries OTP Group is to improve profitability and efficiency of existing network

Branch developments Achievements Strategic objectives Number of branches* ƒ Considerable branch network ƒ Improve effectiveness and +253 1,155 extension – mostly in Ukraine, enhance sales activity in 17 15 Romania and Russia existing branches 38 ƒ Take advantage of extended 73 ƒ 253 new branches in the CEE region network in attracting client 110 deposits as source of 902 ƒ ~100 million EUR CAPEX on funding for loan growth branch network development ƒ Be more cautious and in 2008 (excluding Hungary) 2006 OBUOBRu OBR DSK Other 1H08 selective with further growth

IT developments Some of the achievements Strategic objectives

IT CAPEX (EUR million)* ƒ Siebel 8 implementation and ƒ OTP Hungary solutions VaBank XL upgrade in applied only selectively +27% 70 Russia (based on cost/benefit): e.g. 55 DW, Start-incentive system, ƒ Data Warehouse implementation in Ukraine, risk mgmt system Bulgaria and Croatia ƒ Core systems are best of ƒ Integration of the three bread for local needs 2007 2008 P Serbian Bank’s IT systems ƒ Best solution for particular accomplished needs * Excluding OTP Hungary

Investor Day, September 2008 13 3 Steady access to capital markets, while being transparent through intra group rates reflecting market conditions

Financial market turmoil resulted in higher funding cost Showing a prudent picture: OTP Bank’s intra group and created some new challenges funding rates are equal to ‘real’ market rates

Debt issues for institutional investors at Group level Subsidiaries net earnings in 1H 2008 Composition reflecting true underlying of intra group profitability 1. EMTN Program: transfer price at senior EUR 500 million – May 2008 OTP Group • OTP Group’s internal transfer prices incorporate OTP Bank’s incremental 2. EMTN Program: – March 2008 mortgage bond EUR 1,000 million funding costs as well as risk Sovereign premium for country risk 3. Syndicating loan of DSK Bank: – April 2008 spread of • Intra-group funding costs are close EUR 140 million the country – August 2008 to available market rates for the 4. Syndicating loan of OTP Bank Ukraine: over subsidiary USD 100 million Hungary

OTP Bank’s Our responses to funding incremental squeeze scenario: Other developments in debt issues in 2008: credit spread • Strategy refocus 1. Mortgage bond for retail investors: HUF 60 billion – YTD 2008 • Divestments 2. DSK is planning to set up an EMTN Program Money • Hungarian corporate exposure 3. OTP Bank acquired rating from S&P (BBB+) (same as sovereign) market reduction 4. On-going negotiations with deposit rich WEU banking partners rate (Libor) • Search for deposit rich partners 5. Upgrading existing EMTN documentation with 144A format

Investor Day, September 2008 14

4a The sale of OTP Garancia Insurance has been concluded. OTP Group gained an experienced insurance partner and ensured a safe capital position

Pillars of the transaction Content of the agreement Status

• Bancassurance Department set • 20 year renewable partnership in 9 countries. up in Retail Division. Bancassurance and • OTP Group will distribute Groupama’s insurance • Incentive scheme approved by assurbanking products offering exclusivity to Groupama. OTP AGM. agreement • Groupama will distribute OTP Group’s banking • Business initiatives starting after products. closing of the transaction.

• All needed regulatory approvals • Acquisition of OTP Garancia and its Bulgarian, obtained. Romanian and Slovakian subsidiaries by Sale of OTP Garancia Groupama International. • Bulgarian, Romanian and Slovakian transaction closed in and its subsidiaries • ~1 million customers generating EUR 376 million August and September. insurance premiums in 2007. • Hungarian transaction planned • Acquisition price was HUF 164 billion. to close on 17 September.

• Groupama acquires up to 8% in OTP Bank. 5% Groupama acquires from OTP Bank at closing. • The share transaction is scheduled to conclude next strategic stake in OTP • OTP Bank to supported the election of a week. Bank representative of Groupama at OTP Bank’s supervisory board.

Investor Day, September 2008 15 4b OTP Group has a favorable capital position which should improve considerably after the closing of Garancia transaction and other potential divestments

Capital Adequacy Ratio (OTP Group) – IFRS/BIS Tier I. ratios of major European banks

CAR (after Garancia sale) 11.2% CAR +298 bp

14.7% 11,8% 15% 13.4% 11.4% 11.7% 12.3% +181 bp 8.2% 10.1% 9.6% 9.8% 10.5% 10,1% 9.8% 10% 9.1% 9.5% 9.6% 9.0% 9.4% 9.5% 9.7% 9.2% 8.6% 9.2% „New” 8.8% 7.7% 8.5% 8.6% 12.9% Benchmark 8.6% 8.5% 8.3% 8.5% 8.6% 5% 8.1% 7.5%7.6% 8.0% 8.2% 7.3% 8% 7.0% 7.2% 7.5% 7.6% 7.6% 6.9% 7.0% 7.2% 7.4% 6.8% 7.1% 6.5% 6.8% 7.0% 0% 6.3% 6.6% 2006 2007 1H 2008 2008F* 6.1% 5.5%

Tier I. ratio (OTP Group) – IFRS/BIS

Tier I. ratio (after Garancia sale) Tier I. ratio

15% Bol AIB BPI A&L SEB B&B BES SHB BCP UBS RBS NBG MPS BPM Dexia Glitnir BBVA Intesa HSBC 11.2% HBOS Natixis Nordea Barclay Piraeus SocGen Banesto Hypo RE Hypo Popolare UniCredit Postbank Bankinter Raiffeisen Kaupthing DnB Bank Stan Char KBC Bank +176 bp Santander Swedbank

8.7% Irish Anglo UBI Banca UBI 10% 8.2% Erste Bank Lloyds TBS Lloyds Bank Alpha Landsbanki BNP Paribas BNP Danske Bank Credit Suisse Credit Commerzbank Banco Popular Agricole Credit

6.1% EFG Eurobank Deutsche Bank Deutsche Banco Sabadell 5% 9.4%

0% 2006 2007 1H 2008 2008F* Dashed areas represent pro-forma capitalisation OTP 2007

post announced capital increases OTP 2008F

* Forecast Source of non OTP data: Lehman Brothers

Investor Day, September 2008 16

Key takeaways…

Prudence Growth

• Risk profile of our CEE • New market environment is markets has not deteriorated full of challenges and as a consequence of sub- opportunities prime and global liquidity crisis

• Amid the crisis, we • The new operational significantly strengthened the environment provides an Group’s capital position, which opportunity to manage will be supported further by interest margin through re- possible other divestments pricing

Realignment • Medium-term targets revision is not on the agenda, but • Divestments will free up obviously will be affected by liquidity as well, which can be market developments then rechanelled to strategic markets

Investor Day, September 2008 17 Section III CONFIDENTIAL Banking in Eastern Europe – Different but Beautiful Dr. Miklós Dietz, Partner McKinsey & Company Global Banking Pools Service Line

Sofia, Bulgaria September 18, 2008

This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from McKinsey & Company. This material was used by McKinsey & Company during an oral presentation; it is not a complete record of the discussion.

EXECUTIVE SUMMARY ESTIMATE

• Against common wisdom, EE turned out to be the single fastest growing banking market in the world over the last 7 years • McKinsey Global Banking Pools believes that this trend will continue in the next decade, driven by – Outstanding GDP growth – Penetration catch-up – Unique risk patterns • In this high growth, high margin environment, however, there are many peculiarities all institutions need to understand – Wealth, although growing fast in relative terms, will take ages to catch-up – EE customers tend to have lower financial skills, but higher service expectations vs. their wealth than their WEU counterparts – Mortgage markets are by far not saturated yet – Consumer finance is likely to grow further driven by consumer and market peculiarities – Distribution structure is not simply converging to WEU – in some areas it is leapfrogging, in others diverging – Within the region, diversity is huge, requiring tailored strategies country by country

11 AGENDA

Eastern Europe, the global banking outperformer

Unique features of the region – 6 surprising facts

22

OVER THE PAST 7 YEARS, EE HAS BEEN A SMALL BUT SPARKLING BANKING MARKET GLOBALLY… ESTIMATE Heat maps: Banking revenue after risk cost CAGR 2000-2007

CAGR Revenue CAGR below 0% … 2000 - 2007 Revenue CAGR below 7% 6.9% 25.3% Revenue CAGR 7 - 15% Regional 738 91 revenues Revenue CAGR 15- 30% 462 19 20002007 Revenue CAGR above 30%

Eastern Europe Western Europe

-0.8%

5.2% 198 187

1,032 9.8% 725 45 Japan 23 12.6% Africa 11.9% 352 North 154 America 69 31 Asia wo Japan Middle East

10.6% 165 81 Global revenue pool 18.5% USD billions 7.0% 97 Latin America 748 30 2,776 1,724 Australia & Nz 3 OVER THE PAST 7 YEARS, EE HAS BEEN A SMALL BUT ESTIMATE SPARKLING BANKING MARKET GLOBALLY … Heat maps – Banking revenue after risk cost CAGR 2000 - 2007

Highest banking revenue growth … … coupled with one of the highest margins Banking revenue CAGR, 2000 - 2007 Banking revenue margins*, 2007

Eastern Europe 25.3 Eastern Europe 4.2

India 21.8 India 3.3

Australia and Australia and 18.5 2.1 New Zealand New Zealand

China 16.9 China 2.3

Middle East 11.9 Middle East 2.6

Latin America 10.6 Latin America 5.1

Africa 9.8 Africa 3.8

Asia* 8.0 Asia* 2.0

Western Europe 6.9 Western Europe 1.2

North America 5.2 North America* 1.6

Japan -0.8 Japan 1.0

** Fee margin + Interest margin = (fee revenue/yearly average volumes) + (interest rate to the client - refinancing rate) * Excluding India, China, and Japan 44

… COMBINED WITH RAPID EXPANSION IN P/E RATIOS, THIS HAS ESTIMATE DRIVEN OUTSTANDING VALUE CREATION Total banking sector value creation by region, USD, 2000 – 2006 December 31, percent

Annual growth of investment Banking sector after value volume* tax profit CAGR X P/E CAGR

Eastern Europe 52.6 31.4 16.2

India 31.8 22.5 7.6

Middle East 30.8 22.5 6.8

Latin America 24.1 20.3 3.1

China 22.1 29.0 -5.4 Australia and 20.6 New Zealand 20.2 0.4 North America 18.5 12.0 5.8

Africa 18.3 11.1 6.5

Western Europe 12.9 10.8 1.9 Few investors were able Rest of Asia 10.4 to participate in the EE 6.4 3.8 banking boom though, Japan -6.6 -6.4 -0.2 given the limited number of available pure plays

* Assuming dividend payouts to be reinvested at the same returns Source: Reuters Knowledge, based on universe of 2,000+ banks 55 … COMBINED WITH RAPID EXPANSION IN P/E RATIOS, THIS HAS ESTIMATE DRIVEN OUTSTANDING VALUE CREATION Total banking sector value creation by region, USD, 2000 - 2008 July 31, percent

Annual growth of investment Banking sector after value volume* tax profit CAGR X P/E CAGR

Eastern Europe 42.0 33.0 6.7

India 25.9 23.4 2.1

Middle East 26.9 21.0 4.9

Latin America 24.7 21.7 2.4

China 15.4 27.9 -9.7 Australia and 10.2 New Zealand 16.1 -5.1 North America 2.5 2.0 0.5

Africa 16.6 10.5 5.5

Western Europe 5.4 7.6 -2.1 Few investors were able Rest of Asia 9.4 to participate in the EE 7.5 1.8 banking boom though, Japan -0.9 2.5 -3.4 given the limited number of available pure plays

* Assuming dividend payouts to be reinvested at the same returns Source: Reuters Knowledge, based on universe of 2,000+ banks 66

McKINSEY FORECASTS EE TO KEEP ON OUTGROWING THE ESTIMATE WORLD DUE TO A COMBINATION OF THREE FACTORS …

Banking revenue growth, 2006 - 2016 Percent Profit growth** GDPGDP

ONE OF THE FASTEST GDP GROWTH IN THE WORLD… ESTIMATE

EE countries’ nominal GDP growth Nominal GDP growth (2008–2016) (2008–2016) Percent Percent

China 14.6 Russia 11.2 GDPGDP Ukraine 10.5 Eastern Europe India 13.0 17.7 18.7 Romania 8.8 EE 8.7 Latvia 7.2 Asia* 8.6 Serbia 6.8 PenetrationPenetration Africa 7.6 Lithuania 6.6 X MidE 6.8 Estonia 6.5

Au&Nz 5.8 Slovakia 6.1 Hungary 5.8 World Avg 5.8 Risk Risk Czech Rep 5.7 LatAm 4.8 Bulgaria 5.2 NAm 4.4 Croatia 5.1 4.4 Japan Slovenia 4.5

WEU 2.6 Poland 3.9

* Excluding India, China and Japan 6 China 16.5 18.5

India 16.0 17.7 Australia and PenetrationPenetration 11.2 12.2 …HUGE PENETRATION UPSIDE GUARANTEES QUICK CATCH-UP New Zealand Poorer… …less independent…

PFA/Disposable Income, 2007, % PFL/Disposable Income, 2007, %

NAM 4,1 LatAm 4,2 GDP Asia* 3,4 NAM 3,4 Au&Nz 3,2 Au&Nz 3,1 WEU 3,1 Africa 1,3 Africa 2,5 WEU 1,3 LatAm 2,1 Asia* 1,2 X Penetration EE 1,2 EE 1,1 XX X

…less leveraged …hence overall less banked than others Corporate loans/GDP, 2007, % Total banking revenue/GDP, 2007, % Middle East 11.2 12.2 Risk Risk China 87,9 Au&Nz 9,4 Japan 74,5 NAM 6,8 WEU 56,1 Asia* 4,8 Au&Nz 50,1 LatAm 4,7 Asia* 38,5 WEU 4,5 MidE 31,0 Africa 3,7 EE 23,6 EE 3,3

* Excluding India, China and Japan Source: Viewswire 7 Asia* 10.8 12.0

Latin America 10.6 12.2 RiskRisk

…WITH EU AS A STRONG “NON-FINANCIAL” FACTOR FURTHER REDUCING RISKS FDI flows to EE, USD billions Africa 8.4 9.4 +19% GDPGDP +34%

113 367 436

PenetrationPenetration 2000–2003 2004–2007 2008–2011 XX

Country spreads*, 2000–2015, % Emerging mkts EE WEU RiskRisk 8 6 4 2 0 -2 2000 2004 2008 2012 2016 Japan 5.6 11.2 * The difference of the 10 yr USD denominated risk free rate of a county and the US risk free rate; Arithmetic average of selected countries: Emerging markets (India, Indonesia, South Korea, South Africa), EE (Hungary, Czech Rep. Poland), WEU (Germany, UK, Spain, Italy) Source: Bloomberg 8 Western Europe 5.1 6.5

North America 4.6 5.2

* Excluding India, China, and Japan ** After tax profit 77 … ONE OF THE FASTEST GDP GROWTH RATES IN THE WORLD …

ESTIMATE

Nominal GDP growth CAGR, 2008 - 2016 Percent 14.6 GDPGDP 13.0

8.7 8.6 7.6 6.8 Penetration Penetration 5.8 World 4.8 average: 4.4 4.4 5.8 2.6

RiskRisk China India EE Asia* Africa MidE Au&NZ LatAm NAm Japan WEU

* Excluding India, China, and Japan 88

… HUGE PENETRATION UPSIDE … ESTIMATE

… hence overall … less … less less banked Poorer ... indebted ... leveraged ... than others

PFA/disposable income, 2007 Percent GDP GDP Japan 487.0

Western Europe 298.6

North America 250.8

China 217.0 Penetration Penetration Australia and 188.1 New Zealand Asia* 183.7

Middle East 166.1 India 117.5 RiskRisk Latin America 89.0

Africa 83.0

Eastern Europe 46.6

* Excluding India, China, and Japan Source: Viewswire 99 … HUGE PENETRATION UPSIDE … ESTIMATE

… hence overall … less … less less banked Poorer ,,, indebted ... leveraged ... than others

PFL/disposable income, 2007 Percent GDPGDP Australia and 154.3 New Zealand North America 136.3

Western Europe 107.6

Japan 80.2 PenetrationPenetration Asia* 49.1

Middle East 34.4

Africa 30.7 India 25.1 RiskRisk China 23.1

Eastern Europe 20.8

Latin America 19.8

* Excluding India, China, and Japan Source: Viewswire 1010

… HUGE PENETRATION UPSIDE … ESTIMATE

… hence overall … less … less less banked Poorer ... indebted ... leveraged ... than others

Corporate loans and deposits/GDP, 2007 Percent GDPGDP China 140.6

Japan 116.1 Australia and 115.2 New Zealand PenetrationPenetration Western Europe 88.6

Asia* 71.6

Middle East 53.9

India 43.3 RiskRisk Africa 42.7

Eastern Europe 36.0

Latin America 20.4

* Excluding India, China, and Japan Source: Viewswire 1111 … HUGE PENETRATION UPSIDE … ESTIMATE

… hence overall … less … less less banked Poorer ... indebted ... leveraged ... than others

Total banking revenue/GDP, 2007 Percent GDPGDP Australia and 9.4 New Zealand North America 6.8

Asia* 4.8

PenetrationPenetration Latin America 4.7 India 4.6

Western Europe 4.5

China 4.3

RiskRisk Japan 4.3 Africa 3.7

Middle East 3.6

Eastern Europe 3.0

* Excluding India, China, and Japan Source: Viewswire 1212

… WITH EU AS A STRONG "NON-FINANCIAL" FACTOR FURTHER ESTIMATE REDUCING RISKS

FDI flows to EE* USD billions +19% GDPGDP +34%

436 113 367

PenetrationPenetration 2000 - 2003 2004 - 2007 2008 - 2011

Difference of WEU's and other region's spreads**, 2000 - 2008 Percent May 2004: EU accession 8 of 10 EE countries Emerging RiskRisk 6 markets

4 Eastern 2 Europe

2000 01 02 03 04 05 06 07 08

* Aggregate of Bulg, Cro, CzRep, Est, Hun, Lat, Lit, Pol, Rom, Rus, Ser, Sloa, Sloe, Ukr ** Individual country spreads calculated as the difference of the 10 yr USD denominated risk free rate of a county and the US risk free rate adjusted with the inflation differential; Arithmetic average of selected countries: Emerging markets (India, Indon, SKorea, SAfrica), EE (Hun, CzR, Pol), WEU (Ger, UK, Sp, It) Source: Bloomberg; Global Insight 1313 EE IS EXPECTED TO LEAD THE RECOVERY ESTIMATE FROM GLOBAL CRISIS Global banking revenues* to GDP, 2005 - 2010, percent, 2005 = 100%

140 EE is less exposed to the EE 135 recent crisis • No major write-downs 130 announced, lack of toxic mortgage products (neither 125 India issued nor purchased) 120 • Less volatile banking revenues due to the Other 115 relatively low investment emerging banking and sales and countries 110 trading revenues • Strong balance sheets, 105 China conservative capital 100 adequacy ratios • Increasing consumption 95 driven by the commodity Developed boom (e.g., Russia) and 90 countries productivity growth, less affected by the slowing 85 U.S. and WE markets 2005 2006 2007 2008 2009 2010

* Before risk cost 1414

AGENDA

Eastern Europe, the global banking outperformer

Unique features of the region – 6 surprising facts

1515 THE REGION HAS A SERIES OF SURPRISING, NON-TRIVIAL CHARACTERISTICS

Myth Reality

EE catches up fast with the West in terms Even though it is improving, it will Financial I of product penetration and wealth take generations for EE to catch up with catch-up accumulation the West in terms of penetration

Customer EE customers have similar educational EE customers are financially less II characte- backgrounds and preferences to their knowledgeable, but affluents have higher ristics Western counterparts service level expectations

After the mortgage boom (50 - 100% CAGR) EE mortgage markets still have significant III Real estate of the last 5 years, CEE markets are mortgage penetration upside, leading to getting saturated further high growth

Consumption as well as consumer finance EE customers want to live like their WEU Consumer IV growth will slow down as customers counterparts and have to finance this from finance become more aware of indebtedness debt, which is likely to fuel further and market saturates indebtedness EE has a typical banking infrastructure Banking infrastructure has significantly different V Distribution converging to the western world patterns – there is clear leapfrogging in some areas, but structural differences in others

CEE markets are similar and develop CEE markets are significantly different and VI Diversity along the same trend develop along a divergent path

1616

I LOW PFA COUNTRIES TEND TO HAVE HIGH RELATIVE BUT ESTIMATE LOW ABSOLUTE PFA GROWTH … Annual PFA growth, 2007, PFA/disposable income, percent

Austria Hungary

Starting 246 94 PFA/DI

Yield effect 6 5

New savings 3 6

Ending 255 105 PFA/DI

Growth 8 11

EUR + 1,547 PFA per cap. = EUR + 401 PFA per cap. = 3.7% PFA CAGR 11.2% PFA CAGR

Due to the mathematics of PFA accumulation, Austria has a higher absolute, but a lower relative PFA growth than Hungary

Assumptions: Nominal yield effect: 3% of PFA, Savings: 1% of PFA for Austria and 5% and 6% for Hungary respectively 1717 I … LEADING TO AN EXTENDED CATCH-UP PERIOD, WITH HIGH GROWTH RATES SIMULATION

Although the catch-up takes decades ...... higher growth rate is guaranteed Hungarian Disposable Income and PFA per capita PFA growth Percentage of 2007 Austrian level 2007 - 2016, percent Normal case

100 80 Hungarian PFA 10.5 60 per capita reaches DI/Cap. Austrian 2007 40 PFA/Cap. level in ~26 years 4.8 20 0 2006 2034

Miracle case – Hungarian Disposable Income per capita matches Austrian level in 2007 100 DI/Cap. 17.6 80 Hungarian PFA per capita reaches 60 Austrian 2007 40 PFA/Cap. level in ~15 years 4.8 20 0 2006 2023

Simulation: Average savings effect: 6.3%, average nominal yield: 3.3% 1818

II EE CUSTOMERS ARE FINANCIALLY LESS EDUCATED, ESTIMATE STILL THEY HAVE HIGHER SERVICE LEVEL EXPECTATIONS

Western European affluents Eastern European affluents

FinancialFinancial ServiceService levellevel FinancialFinancial ServiceService levellevel WealthWealth WealthWealth literacyliteracy expectationexpectation literacyliteracy expectationexpectation

HNWI

Affluent

Mass

Examples

•• 80%80% ofof PFAPFA isis eithereither •• OnlyOnly 30%30% ofof PFAPFA isis eithereither securitiessecurities oror insuranceinsurance securitiessecurities oror insuranceinsurance •• 31%31% preferprefer expertexpert adviceadvice •• 42%42% preferprefer expertexpert adviceadvice basedbased salessales basedbased salessales •• 26%26% preferprefer personalizedpersonalized •• 36%36% preferprefer personalizedpersonalized productsproducts productsproducts •• ModerateModerate brandbrand awarenessawareness •• HighHigh brandbrand awarenessawareness

1919 III REAL ESTATE OWNERSHIP IS EXCEEDINGLY IMPORTANT ESTIMATE WHILE THE MORTGAGE MARKET IS FAR FROM SATURATED

Extensive home ownership … … combined with still low penetration On a GDP base, the mortgage market is Home ownership* less penetrated* ... Percent Mortgage volume/GDP, percent 53 99 World 72 BLG 18 98 1 6 ROM 2000 2006 2016 WEU, 2006 North 70 97 America CRO EE

95 . . . as well as real estate value based ... SER Western 64 Mortgaged sqr meter*/capita Europe 92 8 HUN

85 3 SLO 1 CEE 85 ~0 83 Mortgage 20002006 2016 WEU, 2006 SLE volume will tenfold in EE 10 years * Arithmetic average: Western Europe: UK, Germany, Italy, Netherlands, Spain, France, Portugal; EE: Czech Republic, Serbia, Slovenia, Hungary, Russia, Romania Source: Housing statistics in the European Union; country reports; Euroconstruct; Global Property Guide; ERA2006 Market Survey; McKinsey Global Profit Pools 2020

IV CULTURAL FACTORS DRIVE EE CONSUMPTION ESTIMATE AND BORROWING PATTERNS

Special supply and demand reasons ... Personal consumption** CAGR, 2006-2012, % EE: "I want to live like the Westerners NOW!" China 19.9 Demand EE 17.2 • EE customers start to build up their asset base now and India 16.6 focus on catching up with the West in consumption MidE 14.1 • External factors (EU, Russian oil) have driven their risk Africa 12.5 perception down and more open to borrowing Asia* 10.1 9.2 Supply LatAm Japan 5.9 Foreign banks are present and banks have full freedom • WEU 4.7 to offer lending products NAm 4.6 • Banks are forced to play lending as deposit business is Au&Nz 4.2 low margin in many countries Debt financing trends of consumption ASIA: "I am building the foundations of family wealth" (Consumer finance vol./Personal Cons., Demand average annual increase, 2006-12, bps) • Focus is on savings and financial stability first, EE 142 consumption Au&Nz 132 picking up but more in line with incomes LatAm 121 • No major changes in risk perception, borrowing is still India 63 culturally ambiguous Asia* 48 MidE 31 Supply Africa 17 • Banking market is not fully open and players not always WEU 11 encouraged to lend China -10 • Good margins and high savings balances provides Japan -22 attractive revenue alternatives NAm -40

* Excluding India, China and Japan ** Total personal consumption expenditure i.e. the purchase of currently produced goods and services out of income, savings, or borrowed fund Source: EIU 2121 V EE HAS DIFFERENT INFRASTRUCTURAL PATTERNS ESTIMATE THAN OTHER REGIONS Long term trend differences

Branch channel's share of transactions Percent Branches remain the most preferred channel of BranchesBranches interaction with banks and clearly dominate sales EE* 66 - 68 WEU* 40 - 42

Electronic channels patterns Although most clients in Eastern Europe have the Hungary as percentage of Germany tools and access i.e. cards, internet- and phone E-channelsE-channels banking, they tend to use them less than their Have contract 64 Western counterparts Actual user 55

Third parties are overweighed mainly due to low POS loan commissions to merchants level of customer information, and are selling at high Percentage of annual margins ThirdThird partyparty commissions, leaving banks with almost no profits. agentsagents The phenomenon can be observed in case of POS HUN 100 - 120 and auto loans, mortgages, insurance and GER 65-75 investment products Sales of mutual funds through IFA`s Classic independent financial advisory, such as for Percent IndependentIndependent eg. in the UK, practically does not exist. Brokers financialfinancial advertise themselves as independents, but focus on EE** ~0 advisersadvisers short-term profit goals rather than real independent need based advising WEU** 18 - 20

* CEE: Hungary, Croatia, Russia, Romania, Serbia; WEU: 31 European banks ** CEE: Hungary, Croatia, Russia, Romania, Serbia; WEU: Germany, Italy, UK, France, Netherlands Source: Press research; McKinsey; World Retail Banking report 2006, Commission of the European Communities, EIU 2222

VI EE MARKETS ARE VERY DIFFERENT IN ESTIMATE KEY CHARACTERISTICS

High RUS

LAT EST UKR Share of total in- LIT come of POL the popula- tion's top 10% EU15 2006, Percent ROM CRO

CZE HUN

Low SLE SLA

Low High (PFA + PFL)/GDP 2006, Percent

Source: UN Human Development Report 2006, CIA Factbook 2323 THE UNIQUE CHARACTERISTICS HAVE STRATEGIC IMPLICATIONS FOR ALL REGIONAL UNIVERSAL BANKS Key conclusions for universal banks

FinancialFinancial • Long-term investment in the growth story makes strategic sense catch-upcatch-up • Sophisticated pricing is needed with focus on transactions, not only assets

CustomerCustomer • More personalized, but low-cost financial service models are a characteristicscharacteristics must, WEU distribution economics do not work

• Focus on mortgage market both in distribution (branch and RealReal estateestate agents) and product innovation

ConsumerConsumer • Ensure you take part of the consumer finance story, especially financefinance that of Eastern/Southern countries, but with prudent risk practices • Build full branch coverage, develop deep third party relations DistributionDistribution and own the customer

• Customized strategies for each country, no DiversityDiversity "one-size-fits-all" solutions

2424 New momentum in Hungarian operations

Investor Day, September 2008

Mr. Antal Kovács, Deputy CEO, Retail Division

Economic growth in Hungary will hover around the 3.5% potential rate

Real GDP growth (Percent, annual)

4.8% • Due to structural problems, economic growth in 4.1% 3.9% Hungary will fluctuate around the 3.5% potential 3.5% 3.5% 3.3% rate 2.6% • The base rate will decrease only slowly, but the 2.0% introduction of the new floating exchange rate 1.3% regime will result in downward risks after 2010

2004 2005 2006 2007 2008 2009 2010 2011 2012 E E E E E Hungarian banking market – Revenues after risk cost (EUR billions)

Key interest rate (Percent, Central bank rate) CAGR: +9% 12 11.4 6.4

10 4.1 8.3 4.8 7.8 7.6 8 7.2 6.7 7.0 Retail 2.9 6.1 6 5.3 Wholesale 1.2 1.6

2004 2005 2006 2007 2008 2009 2010 2011 2012 2007 2012E E E E E E

Source: OTP Bank; McKinsey & Company

Investor Day, September 2008 1 Despite the regional moderate growth, credit driven Mortgage in % of GDP deepening on the financial markets will continue Consumer

EUR billions

Retail lending Retail deposit

CAGR*: CAGR*: 38.5% +9% 26.1% +19% 56.0 37.9 48.3 32.4 35.0 41.5 29.3 25.0 26.9 14.5% 35.2 27.8 24.7% 22.4 23.5 29.3 23.9 20.8 23.4 20.5 12.2 18.8 17.5 15.0 14.8 4.4 12.4 10.7 24.4 28.2 7.8 9.0 14.5 17.7 21.0 6.0 8.1 11.0

2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2004 2005 20062007 2008E 2009E 2010E 2011E 2012E

Corporate lending Corporate deposit

CAGR*: 44.5% CAGR*: 22.7% +12% +11% 64.7 33.0 58.5 29.6 52.8 26.4 47.1 23.5 30.9% 37.4 42.0 14.8% 19.6 21.2 33.4 17.6 29.3 26.0 12.4 13.9

2004 2005 2006 20072008E 2009E 2010E 2011E 2012E 2004 2005 20062007 2008E 2009E 2010E 2011E 2012E

* 2007–2012 Source: OTP Bank

Investor Day, September 2008 2

Key financials of OTP Core*

P&L and BS data (EUR billions) Key indicators (Percent)

Change 2007 1H 2008 1H 2008/2007 2007 1H 2008

Total revenue after Net interest margin 5.8 5.6 1.36 0.70 - risk cost C/I 48.8 49.1 After-tax profit 0.56 0.30 -

Retail loans 6.85 7.99 +16.7% After-tax ROA 3.1 3.3

Corporate loans** 5.31 4.99 -5.9% After-tax ROE 19.7 20.1 Retail deposits 8.68 9.35 +7.7% Risk cost per Corporate deposits*** 3.50 4.09 +17.1% average loan 0.52 0.35

Capital adequacy Equity 2.93 3.40 +16.3% 12.3 ratio (IFRS, cons.) 13.4 Total assets 18.21 20.00 +9.8% Key achievements • Continuous and dynamic growth of loan volumes Key indicators are better than banking market * Consolidated result of OTP Bank Plc, OTP Mortgage Bank, OTP Building • Society and OTP Faktoring. After tax profit of OTP Core without the after tax average: ROA and ROE increased, the result of strategic open FX position, dividend, net cash transfers, subsidiary financing and interest expenses of Tier2 Capital cost/income ratio was stable ** Corporate & Municipality

Investor Day, September 2008 3 The main goal of OTP Hungary is to turn the declining trend and start to gain market share …

After-tax profit market share turnaround (yearly moving avg., Percent)* 55.9% STRATEGIC OBJECTIVE 50.3% 49.6% 50.4% 46.8% Entrench leading position and gain revenue market share 42.7%

through 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 constant innovation Retail loan flow market share turnaround (Percent)** 28.8%

and 17.3% 20.7% 15.0% 14.1% 15.3% flawless execution 8.7%

4Q061Q07 2Q07 3Q07 4Q07 1Q08 2Q08

* OTP Bank + OTP Mortgage Bank + OTP Building Society + Merkantil, Hungarian Accounting Standards, not-consolidated; estimate for 2Q 2008 ** OTP Bank + OTP Mortgage Bank Source: HFSA, National Bank of Hungary

Investor Day, September 2008 4

… building on some unparalleled strengths …

• 409 branches, more than the next 2 banks together Largest branch Bank of the Year in • Largest talent pool: ~4,000 trained branch employees CEE network • 5 new modernized lean regions

Channel • # 1 in mobile banking (48% market share) Direct banking service of the Year leadership • # 1 in e-bank (36% market share) • # 1 in Call center services (32% market share)

• 46% ATM share Infrastructure Bank of the Year • 58% merchant POS terminal share leadership • Over 4 million issued cards

• Market leadership in all major categories (# 1 as of end 2007 in flat lease (59.1%), bank cards 1 2 Widest pro- (46.3%), mortgage loans (30.8%), investment funds (32.4%) , pension funds (22.3%) , bonds trading (19.8%)3 duct portfolio • World-class market winning product offer (international portfolio Retail loan product in cooperation with AMEX, UBS, BlackRock, Merrill Lynch, etc.) of the Year - 22 own new mutual funds introduced recently • Tailored savings programs for all age groups and situations

• Excellent relationship with over 60% of Hungarian households, more than 70% of Customer municipalities and 1/3rd of companies relations • Booming number of Private Banking customers • Continuous holder of the Best Bank in Hungary award by as well as by

(1) Investment and real estate funds’ net asset value; (2) Pension funds’ managed assets; (3) Primary trading of Hungarian Government Bonds

Investor Day, September 2008 5 … and ensuring that constant innovation builds and keeps momentum

1 2 3 Mortgage Savings Consumer Finance

Keep market leadership Regain market Exploit high margin and in the anchor product of share despite high growth market with Innovation in retail banking recent turmoil low risk costs products

4 5 6

Process Service Alternative channels Innovation in Ensure efficient and Offer sophisticated Keep leading distribution also customer- consulting services to position in the friendly transactions the emerging affluent various e-channels segment and launch new channels

Investor Day, September 2008 6

1 Innovation in products – Mortgages

Example: “WorldLoan”, the first multi-currency (EUR, CHF, JPY, HUF) mortgage loan in Hungary

Action Result • Introduced 3Q 2007 WorldLoan, acting as a hook product, brought by a • Flexible, free conversion trend change, also revitalizing sales of other products enables customers to achieve the most favorable monthly repayment OTP’s share of mortgage loan gross flows Percent, 3 quarters moving average • A major product innovation also Introduction of acknowledged by MasterCard 28 WorldLoan 26 26 24 24 22 22 Retail loan 21 20 product of the 18 Year 2007

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2006 2007 2008 WorldLoan is a hook product: its weight is decreasing (23% of new FX mortgage loans in 2Q 2008, down from 32% in 4Q 2007), with other mortgage products gaining momentum

Investor Day, September 2008 7 2 Innovation in products – Savings

Example: 22 newly introduced mutual funds ensure wide product base to serve each investor type

Action Result • Mass affluents and mass retail: High OTP presented a comeback, despite recent turmoil in number of guaranteed funds launched the mutual fund market continuously as a part of Hybrid products OTP mutual fund market share* • Affluents and private banking: Percent Several sophisticated and total return funds launched 36.6 • Institutional investors: Global solutions tailored to their needs 31.9 32.2 30.8 • Cooperation with industry leaders to 29.7 ensure best in class solutions (BlackRock, UBS, DWS)

1H06 2H06 1H07 2H07 1H08

OTP outperformed its competitors in the mutual funds arena amid a collapsing market and also maintained * Retail and institutional. Duplications removed its deposit market share at a strong 31% level Source: BAMOSZ, OTP FM

Investor Day, September 2008 8

3 Innovation in products – Consumer Finance

Example: Personal loans – results start materializing after 4 years of continuous product development, enabling OTP to benefit from the consumption boom Action Result

• Largest client database in Hungary OTP managed to increase its share significantly enables proactive sales and churn in the booming FX personal loan market management • Automatic cross sell of consumer OTP’s share of FX personal loan gross flows loans for clients with good credit history Percent • Loan protection program to reduce +27% pts risks for both the customers and the bank 61 59 60 – Payment protection insurance 53 – Loan consolidation opportunity 44 – Debt-settlement loans 33 34 • Newly introduced workflow system speeds up process and limits margin for error 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

FX denominated loans account for ~62% of OTP’s personal loan stock, the segment itself has been growing at an annual rate of 55% in the past 1.5 years Source: National Bank of Hungary

Investor Day, September 2008 9 4 Innovation in distribution – Processes

Example: JEGY initiative, a new, paperless, automated mortgage process with front-end advisory and fast-track execution option Action Result • Significantly reduced processing New sales tools and process redesign…

Dátum: 2008. 05. 14. Érdeklődési kód: ABC001/L01 time Lakáshitel-ajánlat Tisztelt Horváth Zsolt! Konstrukciókód: Köszönjük, hogy megtisztelte bankunkat bizalmával. WLH2AC Az Ön által választott hitel jellemzői: Termék: OTP Világ Lakáshitel Termékcsomag svájci Választott opciók: frankban • 1 db LTP szerződés Hitelösszeg: 20.000.000 Ft • Termékcsomag (jövedelemátutalás, Futamidő: 300 hónap 2 db csoportos beszedési megbízás) Devizanem: CHF (aktuális vételi/eladási árfolyam 150/151 Ft) Érdeklődőazonosító: ABC001 Akciós kamat és kezelési költség: 2,95%+ 1,2% (fix hiteldíj) Dátum: 2008. 05. 20. Nem akciós kamat és kezelési költség: 3,99% + 1,4% (változó hiteldíj) Ajánlat-összefoglaló A jelenlegi kondíciók alapján Bankunk ajánlata az Ön számára:Az összefoglalóban szereplő hitelek jellemzői: 1-6. havi törlesztőrészlet: 40.000 Ft ebből LTP: 20.000 Ft Induló 7-53. havi törlesztőrészlet: 80.000 Ft ebből LTP: 20.000 Ft törlesz- Induló Törlesztőrészlet az 54. hónaptól: 130.000 Ft tőrészlet költségek THM: 4,23%Hitel típusa Összeg Futamidő összesen THM (%) (Ft) LTP megtakarítási összeg: 2.500.000 Ft 1 OTP Világ Lakáshitel 20.000.000 Ft20 év 40.000 Ft 4,23% 103.000 Ft Paperless, redesigned process to Induló költségek: TermékcsomagAkciós költségek: svájci • Hitelkeret-beállítási jutalék: 50.000 Ft 0 Ft frankban Értékbecslési díj (ingatlanonként): 25.000 Ft 25.000 Ft Tulajdoni lap beszerzésének díja: 4.000 Ft 0 Ft Fedezetkezelési díj (ingatlanonként): 12.0002 OTP Ft Lakáshitel kiegészít12.000ő Ft 15.000.000 Ft20 év 35.000 Ft 6,05% 75.000 Ft LTP számlanyitási díj: 32.000kamattámogatással Ft 16.000 Ft Közjegyzői díj: 50.000 Ft 50.000 Ft Összesen: 173.000OTP Ft Világ Lakáshitel103.000 japán Ft 5.000.000 Ft30 év 20.000 Ft 3,50% 35.000 Ft jenben Akció leírása: 2008. május 1-31. között a hitelkeret-beállításiÖsszesen jutalékot, a tulajdoni lap beszerzésének 20.000.000 Ft55.000 Ft 110.000 Ft cut transaction time by 30% díját elengedjük, az LTP számlanyitási díját pedig megfelezzük.

Az Ön tanácsadója: Kiss3 EszterOTP deviza (486-0000) Lakáshitel 20.000.000 Ft25 év 50.000 Ft 7,10% 120.000 Ft Mobiltelefon: (30)-4282-685 e-mail:életbiztosítással [email protected] svájci A tőketartozás változása a futamidő alatt A törlesztfrankbanőrészlet alakulása a futamidő alatt Ft AFt törlesztőrészlet alakulása a futamidő alatt 20,000,000 140,000 Választott hitel, THM=5% Egyenletes törlesztés 120,00055,000 15,000,000 100,00054,000 Egyenletes törlesztés, 80,00053,000 THM=6,3% 10,000,000 Választott hitel 60,00052,000 1 5,000,000 40,00051,000 20,00050,000 3 0 49,0000 175150225300 48,000 1 75 150 225 300 Hónap 47,000 Hónap A közölt adatok tájékoztató jellegűek és nem minősülnek a bank hivatalos46,000 ajánlattételének. A ténylegesen nyújtható hitel a részletes ügyfél- és fedezetminősítés, valamint az aktuális kondíciós45,000 lista és árfolyamok alapján kerülnek meghatározásra 44,000 43,000 • Improved customer experience 42,000 41,000 2 40,000 0 1 240 300 360 Hónap A közölt adatok tájékoztató jellegűek és nem minősülnek a bank hivatalos ajánlattételének. A ténylegesen nyújtható hitel a részletes ügyfél- és fedezetminősítés valamint az aktuális kondíciós lista és árfolyamok during all interactions alapján kerülnek meghatározásra . . . lead to increased efficiency and improved client • Freed up resources for proactive service lead-generation to boost sales Standard process processing time*

JZB KJ Prop. Reg. Fast Percent document Customer Electronic Automated handover friendly data handling data transfer -30% process -30% 100

Unified, approval system Drawdown Account handling • Tailored 6 (back office) 70 advisory 24 Guranteed • Accurate pre- processing time Two sided New contract screening notarial deed change Communica • Date 15 wd tion of the management new service • Optional New back One sided office New Professional process • Approval process notarial deed interface prepayment service • New electronic 5 wd channels New run-out Before Automa- Process New Continuous client centered management tion redesign process * From handing in the request to contract signing

Investor Day, September 2008 10

5 Innovation in distribution – Services

Example: Premium personal financial advisory was launched for the emerging (mass) affluent customers, most endangered by churn Action Result

• Leveraged MiFID to better More than 23,000 advisory appointments in 7 understand and serve customers months… • Tailored investment advice in 30 Advisory appointments minutes Cumulative thousand pcs, 2008 23.5 • Long-term relationship building tool, 20.3 13.3 16.1 with churn reduction and volume 9.1 4.6 increase aspirations 0.5 • Full rollout by end July 2008 covering 227 branches Jan Feb Mar Apr May June July . . .contributed to increased client satisfaction and retention Change of total customer wealth (April – June) Percent 4.8 +6.0% pts -1.2 Control Advised by group OTP

Investor Day, September 2008 11 6 Innovation in distribution – Alternative channels

Example: Direct bank (OTPdirekt) is providing unparalleled services to clients including online micro-payment solution called Abaqoos

Action Result • Unique convenience e-services: Innovation in electronic channels…. parking fees payment, newspaper subscription, purchase of motorway stickers • EBPP: bill payment via internet banking in cooperation with all Hungarian EBPP consolidators • Abaqoos: micro-payment solution via internet …leads to rapid growth in usage and customer • Property planning: calculator and satisfaction! investment consultation as required NetBank contracts MobileBank contracts Market Market 36% 48% Thousand share Thousand share

Direct Banking +484% Service of the Year +161% 1,104 1,174 892 2007 673 726 552 561 312 418 278 201 270

2003 2004 2005 2006 2007 1H08 2003 2004 2005 2006 2007 1H08

Investor Day, September 2008 12

Best practice transfer is ensured through constant flow of ideas to foreign subsidiaries

Romania Ukraine Russia

Slovakia • Pension fund experience • Branch development • Branch development • Debt settling loan know-how know-how • Profit structured deposit introduced • Agent network expansion • Consumer finance risk introduced • Local AM – first structured • Investment products, management fund in Romania – hybrid private banking • Mortgage products product • Local AM with local fund • Investment products Croatia offering • Account packages similar to new Hungarian ones

Montenegro

• Direct Marketing and cross-selling techniques

Bulgaria Fine-tuning the international management model • Local, market-leader AM • Hungarian mutual funds Initial focus Next steps available* • Initial best • Common group strategy • CRM techniques practice and • Strategic pricing • EU funding management product • Channel management • Pricing and marketing of transfer consumer loans and deposits * DSK Growth Bulgarian Equity Fund made available in Hungary

Investor Day, September 2008 13 Motivation system – Human resources

HQ Network

• CARMA - Career Management Program • Sales performance measuring reports – Objectives: to maintain the competitiveness – Received by weekly/monthly by 4,000 branch of the bank by retaining ambitious and employees on number of products sold, motivated employees who possess transaction numbers and time outstanding potentials and high level of – Received by 409 branch managers performance weekly/monthly/quarterly/yearly on sales – Number of participants: 96 employee results, customer waiting time, – Regional extension of the program to the product penetration and churn analysis foreign subsidiaries has started Compensation is based on performance criteria presented in the reports

• Sales motivation – START point – 35-40% of the earning is in connection with the sales performance – START scoring is determined by product profitability ranking

New salary system Target: motivation by providing life-span models adjusted to market-based salary range

• Headquarters: wage categories according to job • Network: standard basic-wages and performance level and seniority based salary elements

Investor Day, September 2008 14

Aspirations/Challenges

Aspirations Key challenges – actions for the future

• Market share turnaround amid tough • Strengthen OTP’s position in the affluent conditions segment with tailored product offering and advisory services • Improved client retention through second to none services • Increase branch effectiveness to optimize sales capacity and improve • Improvement of financials sales culture – Potentially over performing flat 2008 PAT target • Develop a common blueprint throughout – Further decrease of C/I ratio the Group for major product features and core (e.g., risk) processes; • Investments Further increase pricing sophistication – Branch modernization • and introduce lifecycle management – Alternative channels based on dynamic client segmentation

Investor Day, September 2008 15 Section IV Ukraine: leaping forward in a fast growing market

Investor Day, September 2008

Mr. Dmitry Zinkov, CEO, OTP Bank Ukraine

Highlights

ƒ Real GDP growth will remain above the EU average, inflation will likely moderate to single digit Market ƒ Impressive loan flows driven by the buoyant domestic demand

ƒ Keeping pace with the very dynamic market growth by: ƒ substantial investments have been done in Bank infrastructure ƒ product innovation and service excellence ƒ While maintaining high levels of profitability

Aspirations ƒ Boosting retail sales based on the growing franchise ƒ Strategic pricing and segmentation to capture high margin but & challenges sound lending opportunities and optimizing deposit taking

Investor Day, September 2008 2 Real GDP growth is expected to be highly above the EU average in the coming years

Real GDP growth (Percent, annual)

12.1% ƒ Real GDP growth will stabilize at around 6%

ƒ Inflation will likely moderate to single digit 7.1% 7.6% 6.3% ƒ Ukraine banking market will provide above 25% annual 6.0% 5.5% 6.1% 5.4% revenue growth in mid term 2.7%

2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E Ukraine banking market – Revenues after risk cost (EUR billions)

CPI (Percent, annual) CAGR: +26% % 25.0% 7.7 25 20 16.0% 13.5% 12.8% 4.1 15 9.0% 9.1% 9.0% 8.5% 8.5% 3.1 10 Retail 1.4 5 3.6 Wholesale 1.7 0 2004 2005 2006 2007 2008F 2009E 2010E 2011E 2012E 2006 2010E

* Source: OTP Bank; McKinsey & Company

Investor Day, September 2008 3

The expected long term growth of the banking sector volumes is also in % Mortgage impressive of GDP Consumer EUR billions Retail lending Retail deposit

37.4% 30.8% CAGR*: CAGR*: 94.9 115.3 +32% +39% 78.0 90.9 27.1 62.3 69.2 21.2 46.7 4.3% 49.0 16.2 12.1% 32.2 22.6 33.4 11.9 88.2 12.2 23.8 2.2 5.3 5.9 69.7 16.6 2.8 8.5 52.9 11.5 0.3 1.1 37.2 6.3 16.6 24.9 2.0 4.1 9.4 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E

Corporate lending Corporate deposit

44.3% 17.0% CAGR*: CAGR*: 136.5 52.3 +28% +26% 111.4 43.5 89.1 35.1 67.9 27.1 20.2 50.1 12.0% 16.8 21.4% 39.4 12.0 25.9 9.4 17.3 6.3 11.2

2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E *2007–2012 Source:OTP Bank

Investor Day, September 2008 4 OTP Bank Ukraine: achieving highly profitable fast growth in a modern universal bank

Ranking in markets Awards gained in 2007 Bank of the Year 7th Assets volume 6th Retail lending Banker of the Year 4th Mortgage 8th Corporate loans Best Employer Bank

Best Commercial Bank

Data as of 01.06.08., Best Service Quality Bank Source: Ukr. Association of Banks, Ukraine National Mortgage Association (for Mortgage only)

Total assets of OTP Bank Ukraine (EUR billions) Branch network of OTP Bank Ukraine OTP OTP acquisition acquisition CAGR: +51% 3.2 203 CAGR: +123% 2.5 138 123 1.7 1.2 35 41

2005 2006 2007 1H 2008 2005 2006 2007 1H 2008 2008P

Investor Day, September 2008 5

In order to increase our footprint and support the robust retail lending growth substantial investments have been made to the branch network, which temporary weakened the profitability ratios

P&L and BS data, EUR million Key indicators, %

2006** 2007 1H 2008 CAGR* 2006 2007 1H 2008

Total revenue after 85.7 117.7 69.9 51.7% Net interest margin 6.6 5.5 5.9 risk cost

Pre-tax profit 66.1 76.5 36.5 21.8% C/I 35.6 45.8 49.8

After-tax profit 48.7 55.7 27.1 10.4% After-tax ROA 3.3 2.6 2.0

After-tax ROE 31.7 24.8 20.3 Total customer loans 1,451.5 2,096.0 2,714.8 66.0%

Total customer Risk cost per 590.4 680.4 743.3 29.3% 0.9 0.0 0.9 deposits average loan, %

Equity 172.6 259.2 291.7 45.4% Capital adequacy 12.2 13.5 14.5 ratio (IFRS data) Total assets 1,716.9 2,467.0 3,190.1 61.5%

Key achievements • keeping profitability while size of network expanded 5 times (from 41 to 203 in 2006 and 2008) *CAGR is calculated in UAH in order to eliminate FX effect, period: 1H 2006 - 1H 2008 • fast growing loan volumes, increasing deposits ** Total year

Investor Day, September 2008 6 A major transformation effort has been successfully executed

1 2 3

Retail SME Corporate 50% growth in Mortgage The highest growth rates Corporate lending: the main and 28% growth in the Car among business lines growth driver and the Innovation in financing segment, (+107%) in the last 1.5 years highest proportion (45.4%) products innovative products in the with an intensive product in the loan portfolio domestic market development

4 5 6

Branch network Internet service Efficiency Projects Innovation in distribution and Five times growth in the Implemented Call Center, Back office and Accounting operation number of branches in two SMS and internet banking Centralizations help to grow years, highly motivated and services based on highly efficiency, thoroughly trained network successful OTP software New Regional Management staff standards structure to optimize decision-making process

Investor Day, September 2008 7

1 Mortgages and car loans have been the engines of strong retail growth

Mortgage Expansion of mortgage product range: EUR mn* • new products have been launched (Primary Market Loan, Refinance of Home Equity, Land Loan) CAGR: +50% • 20% additional mortgage portfolio growth per month 763 and an 8.5% EoY market share is expected 613 414 Improvements in car financing segment: • new services launched to increase granting loans with non-risks parameters • set up operational center with autodealers-partners to 2006 2007 1H 2008 speed up the car loans processing

Car finance OTP Direct, the #1 technology of Internet banking in EUR mn* Ukraine: • providing an 24 hrs access to all the accounts CAGR: +28% • 80,000 customers as of 2008 targeted 252 219 173 Flexible payment cards: • more flexible card products to increase credit card portfolio and commission income for the bank • more than 500 credit cards sales per day expected 2006 2007 1H 2008

Investor Day, September 2008 8 SME segment has been a particular priority since acquisition and so 2 provided the highest growth rates

New Mortgage products: • new products were successfully launched (Long term loan, Long Term Credit Line, Commercial Mortgage, Lombard loan), resulted in the highest share in SME loan portfolio and approximately 80% in new volumes SME loans EUR mn* Investment Loans for SME: CAGR: +107% 348 • focus on lending (Car Loan, Equipment Loan) for SME’s in the vehicle dealing and logistics segment 239

117 Working Capital Loans: • provide full-scale solution (Term Loan, Credit Line, 2006 2007 1H 2008 Overdraft) for hundreds of SME’s in the trade industry

Liability side programs: • new deposit products launched (Deposit Line, Active Deposit, Interest Bearing Accounts, 5 special Tariff Packages) to increase SME liability volumes

Investor Day, September 2008 9

Corporate lending – being the traditional strength of OTP Bank Ukraine 3 – remained a major growth driver

Interest bearing current account: • different types of interest rates were launched (fixed, floating, combined, tiered, threshold) for corporate clients and insurance companies in March, 2007, • more than 800 new customers acquired

Corporate loans Deposit program (launched in 2007): EUR mn • corporate deposits volume increased by 35% (Jan- CAGR: +40% May, 2008) 1,153 995 • wide range of deposit products (‘Term deposit’, ‘Deposit Line’, ‘Accumulative Deposit’, ‘Call Deposit’) 694

Internet Banking for corporate clients: • providing on-line Internet solution for corporate clients and insurance companies helping to increase cross- selling 2006 2007 1H 2008

Improving corporate margins / reprising: • as cost of funding increases corporate contracts are pushed into increasingly higher price levels

Investor Day, September 2008 10 82 new branches opened in 2007 and we plan to open another 80 4 branches in 2008 – number of branches has grown 5 times in two years

Branch network of OTP Bank Ukraine Modern and flexible branch development concept have been applied to achieve an outstanding coverage of business needs and customer experience

31 Flagship branches • full range of transactional, sales and advisory services including treasury customer operations • corporate sales and customer account management center Number of Branches • regional retail sales coordination 2006 4141 2Q 2007 46 46 2007 123123 107 Retail and SME branches 2Q 2008 138 • full transactional, sales and advisory services • separated SME service zone, meeting room Characteristics of branch network Total branch ‘000 m2 • differentiated sitting or standing service points according to No. of branches Total branch staff customer transaction 138 2,808 123 38 2,495 35 37 Representative offices 25 1,533 1,307 • sales point for customer acquisition 41 46 14 • cashless operation • further servicing customers in assigned branches 2006 2Q07 2007 2Q08 2006 2Q07 2007 2Q08 2006 2Q07 2007 2Q08

• average expected term to break even is 12 month • 29% of the new branches reached break even earlier than planned

Investor Day, September 2008 11

Extraordinary branch staff and zone-based branch layouts – following the successful 4 OTP standards – ensures customer satisfaction experience and best effectiveness

24/7 zone – automated services • 1-3 ATM machines currently according to branch type • prepared for extension with Internet self- service panels • separated area, authorization for entry by bankcard

Teller zone – basic operations • cash transactions, safe cashier’s desks • quick operations with queue control • private cash room available • mostly standing service point coupled with sitting service at selected branches Motivated and talented branch staff • young people with average age of 29 • English-speaking 43% Advisory zone – sales and consultation • sales operations for more complex Targeted and high quality training banking products • product-based training • comfortable sitting service points • special sales training focusing on sales • spacious waiting zone with effectiveness armchairs/sofas • sophisticated training facilities • meeting room available

Investor Day, September 2008 12 State of the art Call Center, SMS and internet banking services have been 5 implemented in 2008

Internet banking

• accounts information (balance, detailed account data) • accounts history and statements • bank's products information • UAH money transfers inside OTP Bank and outside • FCY money transfers inside OTP Bank, Ukraine • on-line deposit and SMS banking (launch in 3rd Quarter, 2008) • first wave of mass sales started on 07/07/2008

Call-center

• all year round 7/24 Bank's cardholders support, Information line for Private Individuals and SME clients, VIP Call Centre for private banking clients, Transaction Call Center for OTPdirekt service, Outbound Sale Call Center • 3,500 calls per day, 1,000 arranged meeting per month • volume of product sales for the 2nd Quarter 2008

- assets: EUR 4.25 mn (average monthly share – 1.40%)

- liabilities: EUR 2.43 mn (average monthly share – 0.96%) • total number of staff: 90 employees

Investor Day, September 2008 13

In order to further improve efficiency range of operational projects are in 6 the pipeline

Scope Impact on Operations Impact on PL

1. Rearrangement of Back Office functions for Expected financial effect of Back Office Back Office Centralization the purpose of efficiency increase. centralization is about EUR 2 mn in 2008- 2. Minimization of operations risk and 2009. maximization of operations quality.

Optimization of Accounting processes (tax, Expected decrease of Internal accounting administrative activity, management reporting, staff is 37 employees. Expected decrease Accounting Centralization purchases, central control over the expenses, of expenses is approximately EUR 336.8 salary calculation, procurement centralization, thn. per annum. post-control).

1. Simple document flow. 1. Decrease of expenses at approx. EUR 223 2. Much faster issue of debit cards. thn. per annum. 3. More fast servicing of transaction. 2. Decrease of expenses for debit cards due Migration of Cards processing 4. High ability to improve cards product to host-to-host connection between OTP to OTP Bank Plc. settlements (Bank could propose more Bank Ukraine & OTP banka Hrvatska. flexible card products to customers). 3. Receiving additional income from additional 5. Simple preparation of card business statistic functionality of ATMs. reports.

Separated regional and sales management. Impact will be estimated exactly after final New regional management Optimization of Decision-making process of decision on a new branch management structure business and administrative issues in branch structure type. Preliminary financial impact is network (more flexible and quick in time). estimated on staff optimization and cost- saving on procurement.

Investor Day, September 2008 14 Our aspiration is to continue to build a state of the art bank in Ukraine with robust profitability

Aspirations Key challenges – actions for the future

1. Market share: Continue to build balanced and • Increase in retail lending efficient universal banking operation: segment • Utilize network capacity fully in • Increase in deposit markets order to further boost retail operations 2. Volume • Improve sales efficiency of the • Increasing customer loans by newly built branches > 35%, customer deposits by > 30% yearly • Capturing the market potential in corporate lending by targeting high 3. Profit growth above 20% in the margin deals with sound risk next 5 years profiles 4. C/I ratio to stabilize below 50% till 2012

Investor Day, September 2008 15 Russia: building a universal bank in a high growth environment

Investor Day, September 2008

Mr. Alexey Korovin, CEO, OTP Bank Russia

OTP Bank Russia aims to build a stable universal banking franchise in Russia

ƒ Dynamic growth in all banking products as a result of currently low penetration Market ƒ Margins and external interest rates increased because of tighter liquidity

ƒ The Bank is positioned to take full advantage of growth in Russian banking due to its universal business model Bank ƒ Special strength in consumer lending, robust country-wide distribution platform supported by cross-sales

ƒ Strengthen the Bank’s presence in products that are sold Aspirations through branches & challenges ƒ Integrate Omsk and Donskoy Narodny Bank ƒ Upgrade the Bank’s geographical coverage

Investor Day, September 2008 2 Robust economic growth with a few aspects to worry about: political tensions, rising inflation, declining fiscal and current account surpluses

Real GDP growth (Percent, annual)

8.1 ƒ GDP growth is supported by expanding 7.2 7.4 7.4 manufacturing (7.6% y-o-y, share: 18.3%; 1Q08) and 6.7 6.4 by very high oil prices (price/barrel will likely remain 5.9 5.5 5.6 three digit throughout the whole 5 year horizon). ƒ As inflation will constantly moderate, we expect the key interest rate of the Central bank to decrease to one digit by end 2009. ƒ The Russian banking market is attractive not just because of its sheer size, but as margins tend to exceed those in Western Europe.

2004 2005 2006 2007 2008E 2009E 2001E 2011E 2012E Russian banking market – Revenues after risk cost Government sector balance and current account (Percent) (EUR billions)

10.0%11.0% 9.6% CAGR: 6.0% 5.9% +20% 73.6 7.5% 7.5% 3.4% 1.9% 0.9% 4.3% 4.0% 4.0% -0.1% 31.4 1.5% 0.0% 29.3 -1.0% -2.0% Retail 10.4 42.2 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E Wholesale 18.9 Government sector balance Current account 2007 2012E

Source: OTP Bank; McKinsey & Company

Investor Day, September 2008 3

The Russian market promises one of the fastest growth in financial CAGR in % intermediation in the world 2007-2012 of GDP

Size of the major market segments in Russia (EUR billions) Retail lending Retail deposit

15.1% 22.4% Consumer 394 585 Mortgage +36% 305 +32% 463

229 249 354 165 197 260 151 190 117 11.8% 148 3.2% 84 112 113 55 84 145 56 80 15 30 63 108 2 4 45 10 53 78 14 26 21 34 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E

Corporate lending Corporate deposit 41.6% 23.2% 1,089 607

+32% 862 +25% 488 665 387 298 490 231 352 199 20.0% 12.1% 270 134 185 85 95 128 58

2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E

Source: OTP Bank

Investor Day, September 2008 4 Current characteristics of OTP Bank Russia qualifies the bank to be a solid platform for future expansion

Ranking in markets of OTP Bank Russia (including Donskoy Narodny Bank) 2007 5th POS lending 17th Retail deposits 19th Retail lending 24th Number of branches 37th Total assets 2nd Retail and corporate loans in Omsk region

Total assets of OTP Bank Russia (EUR billions) Branch network of OTP Bank Russia CAGR: Number of +32% 1.7 1.7 branches, 2008 June 1.2 1.0 256 branches 0.5 0.6 including: - 39 Moscow network - 82 Regional network - 89 POS back-office 2003 2004 2005 2006 2007 1H 2008 - 46 Donskoy Narodny

Investor Day, September 2008 5

OTP Bank Russia more than doubled its retail loan portfolio

P&L and BS data (EUR millions) Key indicators* (%)

Change 1H 2007 2007 1H 2008 1H 07 - 1H 08 1H 2007 2007 1H 2008 Total revenue after 76.4 179.7 100.0 30.8% risk cost Net interest margin 9.3 10.7 14.6

14.5 40.0 17.9 23.7% Pre-tax profit C/I 66.1 62.7 57.3

After-tax profit** 9.7 28.2 12.7 31.9% After-tax ROA** 1.4 1.9 1.6

Total customer loans 961.1 1,201.5 1,386.1 44.2% After-tax ROE** 12.3 17.7 15.7 Retail loans 396.5 722.9 830.4 109.4% Risk cost per 7.0 average loan 3.8 4.2 Corporate loans 564.5 478.6 555.7 -1.6%

Total customer Capital adequacy 1,063.2 1,149.3 952.2 -10.4% 12.2 11.6 12.4 deposits ratio Retail deposits 681.9 660.8 583.4 -14.4% Key achievements Corporate deposits 381.3 488.6 368.8 -3.3% • 31.9% growth of after-tax profit coupled with dynamic asset Shareholders’ equity 163.2 164.0 174.8 7.1% growth • Above-market retail loan growth mostly fuelled by Total assets 1,503.3 1,705.2 1,715.2 14.1% increased effectiveness of agents and expansion into federal networks • Drastically decreasing cost / income ratio from over 65% in *based on HUF amounts **PAT without dividends, net cash transfer and one-off items 1H 2007 to close to 55% in 1H 2008

Investor Day, September 2008 6 OTP Bank Russia aims to build a full-fledged universal banking franchise

STRATEGIC OBJECTIVES

• Focused player on consumer finance and mortgage • Protecting POS position and increasing car-/cash-loan clientele • Enhancing cross-sales to POS-loan customers • Exploiting the high risk-relative margin opportunities in corporate segment • Gradual development of country-wide coverage

1 2 3 4

POS loan Customer base Re-branding Branch network Building on its Rapidly growing volumes Growing retail Re-branding to the Ongoing program to current based on agent sales, high clientele at OTP Group gaining gradually reach country- strengths… and stable margin branches more recognition wide coverage

5 6 7 8

Sales method Consumer loans Mortgage IT …and use new methods and Cross-selling methods Increasing share of cash- New products at the IT system ready to channel the POS and car-loans in the Russian market (e.g. made to take products customers into the bank’s loan portfolio MoneyBurger home advantage of the bank’s branch network equity, CHF-based market opportunity mortgage, large loans for PB customers)

Investor Day, September 2008 7

Current strengths – POS loan has remained a key product to gain new 1 customers

Example: POS loan sales ensure access to more than 1.6 million customers, increasing the Bank’s cross- sales potential and helped to become No. 5th by POS lending

Action Result

• The effectiveness of agents have been Increased access to customers (over 1.6 million) and 1H 2008 sales increased by introducing a new motivation volumes are encouraging scheme and training • OTP started to co-operate with federal Number of clients and sales volume (thousand) retailers such as Expert, Bely Veter, 900 1800 which offer a high number of potential and Number of clients (right) 800 1600 cross-sales customers Sales volume (left) 700 1400 • Costs have been kept under control using rd 3 party agents 600 +103% 1200 500 1000 Number of points of sales 400 800 12,000 10,891 10,551 300 600 10,000 200 400 8,000 5,702 100 200 6,000 4,820 4,000 3,139 0 0 1H 2006 2H 2006 1H 2007 2H 2007 1H 2008 2,000 0 The sales volume has been significantly boosted due to increased 1H 2006 2H 2006 1H 2007 2H 2007 1H 2008 effectiveness and expansion into new stores

Investor Day, September 2008 8 Current strengths – Customer base keeps increasing continuously both 2 in retail and corporate segments

The retail client base could be used for later actions to increase profitability

Action Result

• The untapped deposit customer base is Number of retail loan customers increased by 42% in the last 12 increasingly targeted as sales of cash-loans months and number of corporate customers also increases and mortgage loans started in branches steadily

• The product-line offered in branches to retail Number of retail loan customers without POS clients and number customers have been extended to include of corporate deposit customers (thousand) credit-cards 423 • POS clients are increasingly channeled into 396 branches through cross-sales of cash-loans 351 327 +42% • Employees of corporate partners 293 298 increasingly take part in pay-roll projects after the overhaul of the package offer, and a change in the motivation scheme of the corporate business • The corporate clientele has changed significantly as stricter underwriting and anti- 56 59 60 64 65 65 money laundering policies have been introduced • The main targets are large corporates and 1Q 2007 2Q 2007 3Q 2007 4Q 2007 1Q 2008 2Q 2008 SMEs

Investor Day, September 2008 9

Current strengths – After re-branding OTP Bank Russia seeks improving 3 recognition

In 2007 ISB has been renamed to OTP Bank Russia with a corresponding change of the corporate image

Action Result

• The re-branding was based on two Customer recognition ideas: the new brand expresses that the th bank belongs to OTP Group, and also in OTP Bank Russia ranked as 15 in Moscow in 2008 based on Customer Russia foreign owned banks are Experience Index measured by Senteo and PWC – an improvement of 8 associated with stability and reliability places from last year after the re-branding campaign, overtaking some Western brands introduced earlier and also many Russian players • The outside surfaces of branches were completely brought in line with the new logo and colors of the OTP Brand Branch before and after re-branding • A combined campaign of national TV- ads and outdoor advertising was used, which coincided with product launches

Average satisfaction with the brands of Russian banks became lower, but OTP Bank Russia’s brand image got better by 10%

Investor Day, September 2008 10 Current strengths – Branch network ensuring already wide geographical 4 coverage

Branch expansion is key in becoming a real universal bank

Action Result

• The bank expands mainly in cities with more Experience accumulated in the branch opening drive of this year, than a million inhabitants, opened 21 branches together with the strengthening product offering of the bank increases in 1H 2008 and plans to open 17 more this branch productivity year Branches of OTP Bank Russia • Re-branding was successful +80% • Regional flagship model – designed to bridge vast distances and conform to local regulation 256 • Newly opened branches have been relatively 46 quick to churn out loans 189 • Donskoy Narodny Bank (DNB) was acquired 142 89 in 2008, which has a very good coverage in the DNB 86 Rostov region (46 branches / USD 40.95 mn) POS back-office 72 7 21 Other 6 61 61 Omsk 37 Moscow 27 35 39 2006 2007 1H 2008

OTP Bank Russia has increased its geographical coverage – entered into 15 new regions in 2008 – and intends to have presence in all cities with more than 1 million inhabitants

Investor Day, September 2008 11

Innovations – Cross-selling is one of the best sales methods to stabilize 5 POS customer base

Example: Cross-selling credit card to POS customers with the aim of increasing the profitability and channeling the POS customers into the bank’s branch network

Action Result

• The cross-selling builds on the High customer interest rates allow sustaining attractive profitability of success of expansion of POS loans, credit cards cross sales to POS customers despite high risk cost we have sent DM with credit cards to involved POS clientele Cross-selling efficiency Number of cards in use • Margins in cross-sold credit cards are very high still New active card clients 400,000 • The product portfolio offered to POS clients is being extended: the bank will 300,000 start offering cash-loans as well • The expanded branch network is yet 200,000 another way to improve the bank’s +85% outreach to clients 100,000

0 1H 2006 2H 2006 1H 2007 2H 2007 1H 2008

Via the record number of cards sent to POS customers the bank managed to gain around 100,000 new clients per a half-year

Investor Day, September 2008 12 6 Innovations – Successful sales of consumer loans in branches

Example: Cash-loan and car-loan sales started successfully

Action Result

• Retail branches catering for only deposit Real branch-based retail banking has started taking full advantage of customers started offering retail loan products the bank’s branch network • IT has been made capable of dealing with the Volume of cash- and car-loan (EUR mn) increased client flow and internal processes have been re-engineered under the aegis of the +120% Siebel 8.0 introduction project

• New motivational system have been put in 175 place based both on sales and branch P/L

• Loosely attached POS customers are 135 Cash loans increasingly invited into the branches to take out cash-loans 80 Cash loans • The agent network in car financing has been 59 with collateral established Car loans

2006 1H 2007 2007 1H 2008

Increasing share of cash- and car-loans in the bank’s loan portfolio

Investor Day, September 2008 13

7 Innovations – Focus on increasing the retail mortgage volume

New mortgage product portfolio with innovative products – MoneyBurger home equity, CHF-based mortgage, large loans for PB customers

Action Expected result

• A sales model based on Mortgage-centers With the forecasted significant growth in Russian lending market and have been put in place – 3 mortgage centers the improvements of OTP Bank Russia’s sales model and processes opened in Moscow, with specialized staff together result in an expected dynamic increase in volume of mortgage and home equity of OTP Bank Russia • The internal processes have been completely reorganized as a part of the Siebel 8.0 project Volume of mortgages and home equity (EUR mn) • Pioneering products have been introduced: OTP was one of the first banks to offer CHF- based mortgages, sales of home-equity started 1,720 • New processes for newly build homes • The volume of the portfolio purchased is at +200% USD 100 mn 997 1,240 Mortgages • Agent network has been launched and trained (The number of agents is at 591 at the end of 507 731 July) 372 Home equity 64 152 480 114 38 265 (new + old) 29 34 134 2007 1H 2008 2008P 2009P 2010P

Investor Day, September 2008 14 8 Innovations – IT for improving the sales support

IT system and risk-management are the fundamentals of future growth

Action Expected result

• Siebel 8 gives a very good basis for the bank’s New sales support for branch staff for more intensive sales… branch expansion as it serves as an excellent tool of state-of-the-art sales support • Upgrading to Vabank XL increased the productivity of bank, as it is a very reliable backbone system • The integration of the newly acquired Donskoy Narodny Bank and the Omsk filial …and better customer service because of drastically decreasing is under way. The change of the main bank’s processing time systems coincided with integration, which meant relatively low extra costs Processing time of approval for mortgage loans (in days) • The IT side of a special task, that of mortgage portfolio purchases has been handled 14 successfully • Key challenge was the streamlining and 10 -71% improvement of scoring in POS lending 4 resulting in lower risk costs • New system implemented for branch-based lending, which started real lending Before Impact of New process Siebel 8

Investor Day, September 2008 15

Aspirations/Challenges

Aspirations Key challenges – actions for the future

ƒ The bank seeks to become a full-fledged ƒ The expansion of the bank’s branch network universal bank serving both retail and while keeping it efficient corporate clients with a broad product ƒ The integration of Omsk and DNB needs to take offering place without loosing local market franchise ƒ Protecting the POS position through ƒ The POS business is viewed in the long term as further intensive cross-selling to channel a basis for cross-sales. Thus the enhancement customers into the branch network of cross sales efficiency and the expansion of ƒ Increasing the bank’s deposit base is of products offered are a must. Also as the branch crucial importance both as a source of network of the bank expands more and more funding and as deposits mean valuable clients should be accessed through the client relations. We plan to cover ~70% of traditional channels our loan growth by deposits ƒ Significant increasing of retail mortgage volume ƒ The bank’s cost / income ratio has ƒ Risk management – using state-of-the-art risk reached a lower level, which is to be management is key for product profitability and maintained despite the aggressive network for the sake of solid expansion of the bank’s expansion retail and corporate businesses

Investor Day, September 2008 16 DSK Bank - one step ahead of markets

Investor Day, September 2008

Ms. Dorothea Nikolova, CFO, DSK Bank

Message

ƒ Despite the gloomy outlook on the world economy the Market Bulgarian banking market remains sound and highly competitive

ƒ Most efficient bank in Bulgaria, largest lender DSK Bank ƒ Excellent above average profitability indicators ƒ Widest branch network

ƒ Maintain leadership in the retail market Aspirations ƒ Improve existing and develop new products – private & challenges banking, fund management, e-banking ƒ Retain customer confidence and loyalty

Investor Day, September 2008 2 Apparently high external imbalances will not lead to sustainability problems due to healthy fundamentals

Real GDP growth (Percent, annual)

ƒ Macroeconomic stability and currency board 6.1 6.2 6.0 5.9 6.1 6.0 5.9 expected to be kept in foreseeable future 5.6 5.5 ƒ Prudent fiscal and credible monetary policy in place, strong political support to maintain currency regime ƒ Current account deficit declined in line with FDI, which is an indication of investment driven current account deficit

2004 20052006 2007 2008E 2009E 2010E 2011E 2012E

Bulgarian banking market – Revenues after risk cost Government sector balance and current account (Percent) (EUR billions)

40 -25 -21.4 -20.0 -18.0 CAGR: -16.0 -14.0 -15.7 36.8 35.7 -14.0 +15% 2.5 34.6 -12.2 33.6 31.7 1.1 -5.8 32.6 31.6 1.2 28.0 Investment rate Retail 0.6 Current account balance (reversed, r.h.s.) 1.3 20 23.1 -5 Wholesale 0.6 2004 20052006 2007 2008E 2009E 2010E 2011E 2012E 2006 2012E

* Source: OTP Bank; McKinsey & Company

Investor Day, September 2008 3

Outstandingly strong growth of both retail and corporate lending volumes is expected to continue in Bulgaria

Size of the major market segments in Bulgaria (EUR billions) in % of GDP Retail lending Retail deposit

34% Consumer 42% CAGR*: CAGR*: Mortgage +16% +21% 20.6 17.0 18.3 14.4 16 10% 12.2 13.7 8.4 10.2 7.2 23% 11.6 6.5 6.4 9.6 2.0 3.2 4.8 5.5 7.5 4.2 4.9 4.6 6.0 1.5 2.2 3.6 8.1 9.8 3 4.2 5.3 6.7 0.5 1 1.8 2.9 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2004 20052006 2007 2008E 2009E 2010E 2011E 2012E

Corporate lending Corporate deposit

52% 34% CAGR*: CAGR*: +16% +17% 26.0 23.0 20.3 17.9 16.6 15.7 14.9 11.9 11.8 13.2 23% 14% 10.1 6.3 7.8 7.9 4.6 5.6 2.8 3.8

2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E 2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E *2007–2012 Source: OTP Bank

Investor Day, September 2008 4 Excellent financial performance of DSK continues to prevail in 1H 2008

P&L and BS data, EUR millions Key indicators, %**

2006 2007 1H 2008 CAGR* 2006 2007 1H 2008 Total revenue after 181 208 117 15% risk cost Net interest margin 5.83 4.94 4.74

Pre-tax profit 96 116 66 18% C/I 38.4 35.7 36.0

After-tax profit 83 105 60 22% After-tax ROA 3.1 2.9 2.9

Total customer After-tax ROE 26.0 24.9 23.2 2,181 3,078 3,522 38% loans Risk cost per average Total customer 1.7 1.4 1.2 2,076 2,567 2,702 19% loan deposits Capital adequacy Equity 355 490 547 33% 13.0 12.2 17.8 ratio

Total assets 3,080 4,064 4,280 25% Key achievements

• Most efficient bank in Bulgaria • Above average profitability * In case of flow indicators CAGR is calculated between periods 1H 2006 and 1H 2008 • Moderate risk profile ** Calculated from BGN denominated financials

Investor Day, September 2008 5

Strong growth in all market segments, leading position on the retail market, maintaining net interest margins and market shares

Mortgage loans Consumer loans Retail deposits (EUR mn) (EUR mn) (EUR mn) 21% 19% 60% 1,049 1,428 2,048 1,277 1,901 852 1,070 1,577 518

2006 2007 1H 2008 2006 2007 1H 2008 2006 2007 1H 2008

Market 29% 29% 29% 36% 36% 35% 22% 21% 20% share Corporate loans Corporate deposits (EUR mn) (EUR mn) 47% 19% The level of product margins 682 642 has not changed significantly 389 370 amid higher mandatory reserve 381 284 requirements imposed by BNB in September 2007.

2006 2007 1H 2008 2006 2007 1H 2008 CAGR Market 7% 6% share 6% 7% 7% 6%

Investor Day, September 2008 6 Market leader in most retail segments, serving over 3.5 million retail customers

DSK’s Market Ranking Recent Awards

2007 • The Best Bank in CEE 1st Retail lending • The Best Bank in Bulgaria by Capital 1st Mortgage lending Strength 1st Consumer loans • The Best Bank in Bulgaria 1st Retail deposits • The Best Bank in Bulgaria by Asset 7th Corporate loans Strength and by Gross Profit 5th Corporate deposits • The CEO – Banker of the year

Total assets of DSK Bank (EUR billions) Branch network of DSK Bank

CAGR: +32% 4.3 Number of 4.1 branches, June 2008 3.1 2.3 #1 DSK: 1.2 1.6 - 383 branches - 919 rep. offices #2 Bulbank: 312 2003 2004 2005 2006 2007 1H 2008 #3 Postbank: 234 #4 UBB: 205

Investor Day, September 2008 7

DSK achieved significant results and continues to leverage on its strengths

STRATEGIC OBJECTIVES

• Maintain market leadership in retail business through further improved service/sales • Achieve top 3 positions in wholesale through full-scale product portfolio, streamlined credit process • Maintain and develop the widest product offering on the market • Superior customer relationship • Channel leadership

1 2 3 4

Modern Private Distribution Rebranding Sales and services banking, channels products Asset Management, SME

5 6 7 8

Modernisation IT product Centralizations Staff Process and efficiency packaging motivation automation

Investor Day, September 2008 8 Accelerating sales through focus on customers and products by 1 providing outstanding modern services

Example: Modern e-banking solutions for private individuals and corporate clients in Bulgaria, on-line integrated channels – loan applications via internet, response within 4 hours

Action Result

• Internet banking was introduced for individuals in • Most widely used internet banking in Bulgaria 1Q 2006 and for corporate clients in 2Q 2008 Number of private individuals using internet banking • Services offered through internet banking: services • for retail clients: personal loan, overdraft and 104,038 credit cards online applications and deposits may 86,483 also be made through the internet 67,633 • for corporate clients: in addition to the common 40,661 electronic banking services, the internet channel was introduced in May 2008 allowing inter alia for 13,590 commercial payments, pay-roll payments, FX rates information, etc. 2Q06 4Q06 2Q07 4Q07 2Q08 • Internet payment options for the growing e-

commerce market: virtual POS with the highest • 453 new SME and corporate e-banking customers in three months, security standard for corporate clients many of them coming from other banks e-commerce market • Over 1,100 personal loans, overdrafts and credit cards totalling acquisition EUR 2.9 mn granted based on online applications in 1H 2008 • The target of e-channels is to decrease the customer’s queue at the branch network Coming soon: secure e-commerce issuing Continuously improving e-channel products. Self service cash deposit function at KIOSK device is coming soon.

Investor Day, September 2008 9

Special approach to certain client segments like SME and private banking 2 customers has paid off

DSK Bank started to develop in new areas, such as private banking and asset management, and increased its efforts to improve its position in the SME market

Action Result

ƒ Successfully implemented Private Banking ƒ Increasing market share in private banking and growing number of private strategy banking customers (currently over 1,000) Market share of assets under management ƒ PB value proposition 14.7% ƒ The DSK Asset Management 11.7% ƒ Action plan for new PB locations ranked 1st at the end of 2007, starting from almost 0 ƒ Investment advisory service at the end of 2005: 1.6% ƒ Setting up incentive system for PB Advisors 2005 2006 2007 ƒ Significant widening of the offered ƒ Based on a market survey, DSK Bank was the only one among major banks investment products to significantly increase the number of its SME customers. DSK ranked ƒ 4 own plus 2 OTP funds offered currently third in the segment, marking a high growth of clients, using DSK as their main bank (unlike the other banks in the top five that followed a negative trend) ƒ Further enhancing the range of offered funds SME loans (BGN million) (3 new funds to come by 12/08) SME customer accounts (‘000) 690 68.4 584 ƒ The SME segment was recognized as one of 66.0 53.5 412 the priorities of retail banking because of the +28% +68% huge potential on the market

2006 2007 1H 2008 2006 2007 1H 2008

Investor Day, September 2008 10 Continuous efforts to enhance both new and traditional distribution 3 channels guarantee outstanding sales performance

DSK Bank continues to maintain market leadership through all channels of distribution: traditional branches, agents, mobile bankers, internet banking

Action Result

ƒ The widest branch network in Bulgaria, ƒ 18 new branches have been opened this year by the end of comprising 374 branches and 919 July 2008, and 21 have been renovated, of which 6 Financial representative offices – №1 in the country, Centres with 13% market share ƒ 20% of sales growth is provided by external agents around ƒ New branch openings and renovations the country, with a focus on mortgage loans (30% of growth follow strict schedule along a 3-year strategy is provided by agents in mortgage lending)

ƒ The external agent network continued to ƒ 8% of sales growth coming from mobile bankers (8% in develop in 2008, reaching over 1,000 mortgage lending) partners

ƒ The mobile banker network now operates in 23 cities around the country, with 65 employees

Investor Day, September 2008 11

The rebranding campaign in 1Q 2008 significantly improved customer 4 perception of DSK Bank

DSK Bank was scheduled to align its logo with the new logo of OTP Bank in the spring of 2008. A detailed action plan and a budget ensured a smooth transition

Action Result

ƒ Introduced on the 10th of March 2008 after an Findings of the marketing survey prior to and after the campaign: extensive preliminary preparation ƒ Most remembered advertising of all banks with 75% recall rate ƒ Well liked campaign – rating at 3.9 on a 1 to 5 scale; 83% positive ƒ comprehensive internal communication emotional perceptions ƒ Road Show by Management Board Members ƒ Believable, consistent, fresh ad and slogan – 71% consider the ad through the branch network appropriate for DSK Bank ƒ Very successful PR and advertising ƒ “The bank you can trust” is the image dimension marking highest ƒ Intense schedule for changing the logo throughout growth after the rebranding campaign – up to 40% from 30% for the pre- the branch network campaign survey (up to 28% from 19% for potential customers)

Bank awareness – Top of mind The image campaign 39.0 DSK Bank 43.5 has influenced prospective bank 6.3 Unicredit Bulbank 8.8 customers in their

United Bulgarian 12.6 choice of bank in Bank 14.9 favour of DSK Bank 4.8 Before Campaign Raiffeisenbank – up to 54% from 8.1 After Campaign 45% prior to the 7.7 Post Bank 7.8 campaign

Investor Day, September 2008 12 Modern IT solutions allow launching innovative products and represent a 5 competitive advantage

Example: DSK Tempo – a newly launched deposit product, allowing to differentiate interest rates for any new customer funds flowing into the bank.

Action Result

ƒ Retail product packaging backed by new IT ƒ In just a couple of months DSK Tempo accounted for infrastructure allows DSK to offer competitive more than half of the newly collected funds by complex products and packages with highly individual customers, avoiding any “cannibalisation” automated sales and IT control support from existing deposits

Concept for further development

ƒ New products for individuals will be launched to encourage cross-sale of fee generating products with low costs for the bank, thus improving the return on assets and the proportion of fee income within the revenues from banking activities

Investor Day, September 2008 13

Improving cost efficiency and controls by centralising non-sales related 6 functions

DSK pursues a strategy of gradual and uninterrupted centralisation of non-sales and customer service related processes, continuously increasing the level of automation

Action – Centralisation timeline ’05 ’06 ’07 ’08 Result

Consumer loan approval ƒ Remarkable improvement in controls and efficiency, Loan credit administration leaving the focus in the branch network on the sales Early deficiency soft collection effort and improving customer service quality.

Procurement contracts ƒ Lowest cost/income ratio in Bulgaria and in OTP Mass payments (salary, utilities) Group, despite decreasing interest margins. Exceptions control Customer liabilities administration Cost/Income ratios in 1H 2008 SME loan approval OTP Group consolidated Bulgarian Banks, avg. Mortgage loan approval 51.4% 49.1% Credit control and monitoring

Subsequent control on fee collection 57.3% 49.1% 49.7% 36.0% Partial automation of incentive system Web-based corporate credit process DSK OTP Core OTP Russia OTP Ukraine CRM for corporate and private banking

Investor Day, September 2008 14 Significant enhancement of sales performance was achieved by adequate 7 staff motivation

Example: Sales of EUR personal loans – in just couple of months - reached 30% of new sales (from app. 0%) after a promotional increase of points and sales competition

Action Result

ƒ An incentive scheme was introduced The incentive system and the competitions: based on the START in 2007, which ƒ provide ca. 20% on top of monthly ƒ are proved to be valuable motivation wages for branch employees tools continues to be developed and improved Quarterly sales of Stimul, Motive and Monthly sales of current accounts Specter deposits in 2Q 2008 (EUR mn) in 2Q 2008 (‘000) ƒ It covers over 2,000 employees.Over 22.5 50% of branch employees consistently 56.5 20.0 qualify for monthly bonuses and it provides some 20% on top of monthly 2.5

wages Before campaign During campaign Before campaign During campaign

ƒ Promotional price increase of points in Revenue per employee (BGN ‘000) the incentive system for specific +124% products proved to be very effective for 122 130 109 significant sales increases 87 58

ƒ Sales competitions 2004 2005 2006 2007 1H 2008

Investor Day, September 2008 15

Higher efficiency and control through automation and streamlined 8 processes

Example: A loan collection process from the 7th day of delay until court procedures with personal responsibility for individualised loans, transparent trail and adequate motivation. Action Result

ƒ Complete loan collection cycle with clear ƒ Sound loan quality: despite maturing portfolio, proportion of responsibilities, prompt actions, transparent and regular loans was above 95% at the end of June 2008, and has up-to-date information been showing stability since 2005 (no written-off loans)

ƒ Implementation of electronic procedures manual, ƒ Improved customer service as well as reinforced sales efforts accessible to all officers with quick links to relevant sales improving efficiency and profitability, as a result revenue per processes, regulations etc. employee has more than doubled since 2004 until June 2008 ƒ Daily sales information as well as monthly targets and (from BGN 58k to BGN 130k) variance from the target are available for branches on the intranet

ƒ Further automation of fee collection and other important processes

ƒ Backup centre completed as part of disaster recovery strategy – as a result of Business Impact Analysis the MB approved a set of critical systems; At present equipment is installed and testing is on its way

ƒ Monthly branch efficiency monitoring with actions proposed and enforced quarterly

Investor Day, September 2008 16 Aspirations/Challenges

Aspirations Key challenges – actions for the future

ƒ Market share aspiration – leader in ƒ Keep excellent performance retail indicators

ƒ Number of clients > 4 mn ƒ Retain market shares ƒ Revenue growth ~ 17%, CAGR 2012

ƒ Net interest margin ~ 4.3%, 2012 ƒ Increase proportion of fee generating transactions through active cross-sell and innovative products ƒ C/I ~ 35%

ƒ Investments, CAPEX in IT and branch network which reflects our ƒ Development of innovative products, market share enhancing e-banking

Investor Day, September 2008 17

Disclaimer

This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and businesses environment of OTP Group based on the management's current views and assumptions. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are plenty of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Forward-looking statements are not guarantees of future performance. Undue reliance should not be placed on these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

We do not intend and do not assume any obligations, to update forward-looking statements set forth herein.

This document neither constitutes an offer of securities, nor a solicitation for an offer of securities, or marketing or sales activity for such securities.

General note

For presentation purposes we used OTP Bank Russia and OTP Bank Ukraine when referring to OAO OTP Bank and CJSC OTP Bank throughout the Investor Day presentations.

OTP Bank Investor Day, September, 2008

Practical Information

Location

The welcome dinner and the conference will take place in the

Kempinski Hotel Zografski Sofia 100, James Bourchier Blvd. 1407 Sofia Bulgaria phone: +359 2 969 2222 fax: +359 2 969 2223 e-mail: [email protected] website: www.kempinski-sofia.com; www.kempinski.com

Dinner with Entertainment

Bulgarian Restaurant "CHEVERMETO"

Sofia, 31, Cherni Vrah Blvd. (Hemus Hotel- Green House)

Contacts

OTP Bank Investor Relations

H-1051 Budapest, Nádor utca 16.

tel: +36-1-473-5460 +36-1-473-5457 fax: +36-1-473-5951

E-mail: [email protected] Web: www.otpbank.hu

If you have any problem, please, feel free to contact us:

Sándor Pataki +36-70-70-80-029

OTP Bank Investor Day, September, 2008