Strategy and Positioning in Emerging Europe Gerhard Randa Member of the Board of Managing Directors. Berlin, September 16, 2003

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1 Strategy and Positioning in Emerging Europe Gerhard Randa Member of the Board of Managing Directors Berlin, September 16, 2003

2 Sustained financial turnaround and consistent execution of 2003 transformation March 27: HVB Analysts Meeting: Communication of all transformation details (incl. BA-CA IPO) May 14: AGM: Approval of Real Estate spin-off/ Q1 result: Strong operative turnaround July 8/9: BA-CA IPO: approx. 1bn proceeds July 16 Announcement of norisbank sale for 447m August 1 Release of Q2 results MAR APR MAY JUN JUL AUG SEP Q2 results: operational turnaround of first quarter continues Increase of core capital ratio and reduction of RWA fully on track First milestones of transformation: IPO of BA-CA and sale of norisbank HVB Share DAX Index Source: DATASTREAM 2

3 HVB Group s transformation program... Reminder: Targets of HVB Group s transformation Strict positioning HVB Group as The Bank in the Heart of Europe for private and corporate customers in our core markets Germany, Austria and Central and Eastern Europe Significant strengthening HVB Group s capital base: Tier 1 ratio (BIS) toward 7% in 2003 Improving HVB Group s risk profile: reduction of approx. 100bn riskweighted assets in 2003 including major shift in strategy to separate from commercial real estate finance (spin-off) Significant increase in core earnings power: leveraging HVB Group s diversified European franchise including Emerging Europe 3

4 ... consistently implemented so far in the course of 2003 Milestones Achievements as per July 2003 Sustainable improvement of earnings performance IPO Bank Austria Creditanstalt Spin-off Hypo Real Estate Group Package of measures to drastically reduce additional RWA incl. disposal of non-strategic activities Further cost-cutting and integration Operational turnaround in 1st half 2003: op. Profit 238m Successful transaction in July Scheduled execution in October 2003; reduction of approx. 57bn RWA Reduction of total 19bn RWA as per 30/06/03 Sale of norisbank Ongoing rigorous adjustments of capacity in 1st half 2003 (Admin. expenses -11% y.o.y.) Increase of Tier 1 (BIS) ratio to proforma 6.2% per 07/2003 4

5 Hypo Real Estate Group spin-off creates best of both worlds Advantages for HVB new Refocussing HVB on core strengths Improvement of risk profile and reduction of assets, capital and funding requirements Significant reduction of real estate financing exposure of HVB Advantages for Hypo Real Estate Group Focus on target clients/solutions Creation of leading real estate bank Expansion of successful international real estate business Restructuring potential in domestic business / focus on profitability Solid capital base and ratings Current HVB shareholders will get 1 additional Hypo Real Estate share for 4 HVB shares Spin-off economically effective for full fiscal year 2003, i.e. as of January 1,

6 New HVB Group: The Bank in the Heart of Europe for private and corporate customers Further increase of efficiency and exploiting all options to improve operating results Germany Profitable growth, further market penetration and expansion of leading market position CEE Concentration on approx. 8.8 million European private and corporate customers Supplemented by focused capital markets business and structured finance Stronger integration of all group entities Austria Qualitative expansion of leading market position HVB Group is the market leader in the Heart of Europe, the most dynamically growing region in Europe 6

7 Intensified economic interchange within our core markets: Germany, Austria, CEE 5 Germany No % No % Foreign trade with Germany out of CEE 5 Czech. Rep. Poland CEE 5 Slovakia 7 No % No % Foreign trade with Germany out of Austria Ranking and % of exports Ranking and % of imports Austria No % No % Slovenia Foreign trade with Austria out of CEE 5 Source: BA-CA Economic Research Hungary

8 HVB Group - the leading bank in Emerging Europe... ** * HVB Group in CEE 24.6 bn total assets 3.8 m customers 910 branches in 16 countries EU-Transition countries 2004 * brandname in Czech Rep., Hungary, Slovakia, Croatia and Romania ** brandname in Austria and Slovenia 8

9 ... with the broadest network throughout the region PL SK BG RO HU CZ YU SL HR BIH MK R R RU UA LIT LAT EST HVBHVB R 14 (+ 2 R) R R R 7 (+ 3 R) R 8 (+ 1 R) R R R 3 (+ 3 R) R = Representative office 9

10 HVB Group is conducting a 3-step expansion strategy in CEE Baltics 330 m 4 outlets Russia 2,200 m 17 outlets Level of business expansion Poland 10,200 m 534 outlets Ukraine 60 m 3 outlets Organic growth Selective retail expansion Czech Rep. 4,100 m 23 outlets Romania 350 m 7 outlets Universal banking Core CEE: countries managed by BA-CA Slovakia 1,000 m 19 outlets Hungary 2,300 m 33 outlets Bulgaria 540 m 155 outlets Serbia 100 m 1 outlet data as of June 30, 2003 * incl. CPB to be acquired 10 Slovenia 900 m 5 outlets Croatia 2,100 m 78 outlets Bosnia* 200 m 30 outlets Macedonia 1 outlet

11 Consistent risk management and cost control... Risk Provisions* 100 in m % -43% -9% +>100% Poland Region HU, CZ, SK Region South Eastern Europe Administrative Expenses* in m % % -1% +>100% / / / / *BA-CA s fully consolidated subsidiaries in Core CEE (in 06/2002 excl. Splitska Banka and Bulgaria). Results as reported by the local entity. 11

12 ... leading to higher profitability Net Profit before taxes* in m Return on Equity before taxes* in % % +48% Poland Region HU, CZ, SK Region South Eastern Europe % >100% / / PL HU, CZ, SK SEE Core CEE 06/ /2003 *BA-CA s fully consolidated subsidiaries in Core CEE (in 06/2002 excl. Splitska Banka and Bulgaria). Results as reported by the local entity. 12

13 CEE-Banking market offers a lot of potential... Degree of intermediation; total banking assets as percentage of GDP in % 198 Potential Germany Austria Euro zone Czech Rep. Slovakia Croatia Slovenia Hungary Poland Bulgaria Romania Ukraine CEE Total Source: BA-CA Economic Research 13

14 ... and is developing quickly in bn e Change in bn in % Total assets Total loans Total deposits Source: BA-CA Economic Research 14

15 HVB Group dedicated to realize EU conversion potential Increase number of customers 2002 Today 2005e Growth in % Poland 2.7m 2.8m 3.2m +20 Region HU, CZ, SK 160, , , Region SEE 450, , , Core CEE 3.3m 3.8m 4.5m +36 More than 700,000 additional new customers by

16 Integrated network approach secures further enhancement of profitability Network concept Region-wide integrated network is key to attracting top customers One-stop shop for the whole region as far as multinationals are concerned Hub for major international banking groups to access the region through sales co-operations (e.g. Nordea) Integrated infrastructure Product expertise Widely used common IT and processing platform enables faster roll out of new products across markets Capitalize on marketing and product manufacturing benefits (e.g. credit card platform established in the Czech Republic rolled out to other CEE markets) Central risk management using consistent standards throughout the region Leverage corporate and specific product expertise of the group Focus on products with competitive advantage, e.g. mortgages, asset management, leasing, credit cards Local knowledge Early mover advantage by establishing small local presence to gain market knowledge Experience gained facilitates successful acquisitions to establish universal banking presence Efficient use of experienced expat personnel pool across markets 16

17 Growing profit contribution from CEE will enhance HVB Group s core profitabiliy Targets Core CEE Significant increase of profitability Region-wide market share of close to 10% Total assets: approx. 30bn + 700,000 new customers Major objectives Strengthen position as leading network bank Targeted expansion of market position through organic growth and selective acquisitions Ongoing integration of all group entities to realize further economies of scale Retail banking: broaden customer base and market penetration Corporate Banking: expansion of mid-market customer segment and further leveraging of our German and Austrian corporate customer base Further optimization of risk management and improvement of risk/return profile based on local expertise 17

18 Statements made in this publication regarding our intentions, expectations, beliefs or predictions are forward-looking statements. They are based on informations, plans, estimates and projections available to us when we made the publication available publicly and therefore we undertake no obligation to update any of our statements because of new informations or future events. There are many important factors, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include conditions in the financial markets from which we derive a substantial portion of our trading revenues, governmental and regulatory trends and legislative developments, competitive pressures, potential defaults of borrowers or trading counterparties, reliability of our risk management policies, procedures and methods, management changes and changes to our business group. This information constitutes neither an offer to sell nor a solicitation of an offer to buy any securities. Shares of Hypo Real Estate Holding AG will be distributed only to existing shareholders of Bayerische Hypo- und Vereinsbank AG(HVB AG) in connection with the spinoff of the commercial real estate financing business of HVB AG into Hypo Real Estate Holding AG. No shares of Hypo Real Estate Holding AG are for sale in connection with such spin-off or the listing of such shares on a stock exchange. 18

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