Trend of KBC’s stock price

Period mid-December beginning March

Gained about 6 to 7 euros

Jan 2013 Feb March

Increasing of the capital (2 billion €)

profit per share (-15%)

Jan 2013 Feb March

Improvement risk profile

Solvency

Penalty avoided: 580 million euros

Jan 2013 Feb March

Between 26 and 27 euros

Jan 2013 Feb March

Disposals Russia & Slovenia

Operation profit

Risky assets

Jan 2013 Feb March

Margin: 28 until 29

No important changes

Jan 2013 Feb March

Peak: 30 euros

Dividend: 1 euro

Jan 2013 Feb March

0

0.5

1

1.5

2

2.5

3

3.5

4

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1.52 1.641.84

2.51

3.313.78

0 00.75

0.011

From 30 to 28 euros

Ex-coupon effect

Jan 2013 Feb March

Development financial crisis?

2012 2013

PEG-ratio -0,65

Dividend yield 2,48 1,14

P/E – ratio 6,60 10,40

Ups and downs

Overall: positive

Recommendation: don’t buy KBC’s share