Home Credit Slovakia, a.s.

Interim Financial Statements for the six month period ended 30 June 2008

(unaudited)

Home Credit Slovakia, a.s. Interim Financial Statements

for the six month period ended 30 June 2008

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Contents Interim Balance Sheet 3

Interim Income Statement 4

Interim Statement of Changes in Equity 5

Interim Statement of Cash Flows 6

Notes to the Interim Financial Statements 7

Home Credit Slovakia, a.s. Interim Income Statement

for the six month period ended 30 June 2008

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6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 Note TSKK TSKK Interest income 13 553,862 450,418 Interest expense 13 (132,303) (119,268) Net interest income 421,559 331,150 Fee and commission income 14 108,292 63,307 Fee and commission expense 15 (77,691) (68,838) Net fee and commission income/(expense) 30,601 (5,531) Other operating income 16 4,814 1,393 Operating income 456,974 327,012 Impairment losses 17 (224,913) (78,754) Net expense related to credit risk insurance 18 (9,462) (21,034) General administrative expenses 19 (216,253) (172,058) Operating expenses (450,628) (271,846) Profit before tax 6,346 55,166 Income tax benefit/(expense) 20 2,017 (10,711) Net profit for the period 8,363 44,455

Home Credit Slovakia, a.s. Interim Statement of Changes in Equity

for the six month period ended 30 June 2008

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Share

capital

Share

premium

Statutory reserve

fund Retained earnings Total

TSKK TSKK TSKK TSKK TSKK Balance as at 1 January 2007 100,000 - - 79,250 179,250 Net profit for the period - - - 44,455 44,455 Balance as at 30 June 2007 100,000 - - 123,705 223,705

Share

capital

Share

premium

Statutory reserve

fund Retained earnings Total

TSKK TSKK TSKK TSKK TSKK Balance as at 1 January 2008 100,000 - 7,700 94,155 201,855 Capital contribution 1,000 119,000 - - 120,000 Net profit for the period - - - 8,363 8,363 Balance as at 30 June 2008 101,000 119,000 7,700 102,518 330,218

Home Credit Slovakia, a.s. Interim Statement of Cash Flows

for the six month period ended 30 June 2008

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6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 Note TSKK TSKK Operating activities Profit before tax 6,346 55,166 Adjustments for: Depreciation and amortization 19 5,725 4,910 Gain on disposal of property, equipment and intangible assets (635) (105) Foreign exchange revaluation (gain)/loss (87) 15,584 Discounting and compounding of non-interest bearing loans 873 (1,415) Impairment losses 17 224,913 78,754 Interest expense 13 132,303 119,268 Net operating cash flow before changes in working capital 369,438 272,162 Change in due from banks and other financial institutions (101,180) 412,186 Change in loans to customers (561,726) (294,757) Change in other assets 24,366 87,334 Change in other liabilities (28,039) (46,842) Cash flows (used in)/from operations (297,141) 430,083 Income tax paid (2,894) (7,146) Interest paid (132,381) (136,844) Cash flows (used in)/from operating activities (432,416) 286,093 Investing activities Proceeds from sale of property, equipment and intangible assets 635 105 Acquisition of property, equipment and intangible assets (9,071) (3,911) Cash flows used in investing activities (8,436) (3,806) Financing activities Proceeds from the issue of share capital and share premium 120,000 - Loans received from banks and other financial institutions 4,180,000 4,260,000 Repayment of loans from banks and other financial institutions (3,840,000) (4,528,829) Cash flows from/(used in) financing activities 460,000 (268,829) Net increase in cash and cash equivalents 19,148 13,458 Cash and cash equivalents at 1 January 4 69,467 3,209 Cash and cash equivalents at 30 June 4 88,615 16,667

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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1. Description of the Company

Home Credit Slovakia, a.s. (the “Company”) was incorporated and commenced trading in 1999. Registered office Home Credit Slovakia, a.s. Winterova 7 921 22 Piešťany Slovak Republic

Shareholders Country of incorporation Ownership interest (%) 30 June 2008 31 December 2007 Home Credit B.V. Netherlands 100.00 100.00 The ultimate controlling entity is PPF Group N.V. registered in the Netherlands. Board of Directors Supervisory Board Erich Čomor Chairman (since February 2007) Pavel Pfauser Chairman Luboš Berkovec Member Alena Tomanová Member Andrea Zatloukalová Member (since March 2008) Luděk Jírů Member Martin Vetýška Member (until March 2008) Principal activities

The principal activity of the Company is the provision of consumer financing to private individual customers in the Slovak Republic.

2. Basis of preparation The interim financial statements follow, in the context of measurement, all requirements of International

Financial Reporting Standards (IFRS), including International Accounting Standards (IAS), promulgated by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB as adopted for use in the European Union. The disclosures in these interim financial statements have been presented in accordance with IAS 34 Interim Financial Reporting, and therefore should be interpreted in conjunction with the Company’s financial statements for the year ended 31 December 2007, as these interim financial statements provide an update of previously reported financial information.

3. Significant accounting policies The significant accounting policies applied in the preparation of the interim financial statements are consistent

with those used in the preparation of the Company’s financial statements for the year ended 31 December 2007. The comparative figures have been regrouped or reclassified, where necessary, on a basis consistent with the current period.

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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4. Cash and cash equivalents

30 Jun 2008 31 Dec 2007 TSKK TSKK Cash 3,309 3,079 Current accounts 1,284 11,457 Placements with financial institutions due within one month 84,022 54,931 88,615 69,467

5. Due from banks and other financial institutions

30 Jun 2008 31 Dec 2007 TSKK TSKK Term deposits with banks due within one month 101,180 - 101,180 -

The term deposits above represent advance payment put in escrow in respect of the share purchase agreement described in Note 21.

6. Loans to customers

30 Jun 2008 31 Dec 2007 TSKK TSKK Gross amount Revolving loan receivables 2,070,615 1,935,046 Cash loan receivables 1,596,625 1,171,719 Consumer loan receivables 1,467,051 1,529,870 Loans to corporations 35,941 30,050 5,170,232 4,666,685 Collective allowances for impairment Consumer loan receivables (326,805) (286,181) Cash loan receivables (273,307) (136,009) Revolving loan receivables (127,503) (135,818) (727,615) (558,008) Specific allowances for impairment on loans to corporations (229) (229) (727,844) (558,237) 4,442,388 4,108,448

Gross loans to individuals of TSKK 4,311,010 (31 December 2007: TSKK 4,022,350) were pledged as security for bank loan facilities, as described in Note 10.

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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7. Intangible assets

30 Jun 2008 31 Dec 2007 TSKK TSKK Acquisition cost 6,055 6,234 Accumulated amortisation (4,413) (3,885) Carrying amount 1,642 2,349

8. Property and equipment

30 Jun 2008 31 Dec 2007 TSKK TSKK Acquisition cost 80,694 71,836 Accumulated depreciation (62,359) (57,103) Carrying amount 18,335 14,733

9. Other assets

30 Jun 2008 31 Dec 2007 TSKK TSKK Trade receivables 50,031 64,854 Prepaid expenses (other than insurance) 19,203 23,177 Goods held for resale, supplies and other inventories 2,614 14,446 Other 9,153 2,890 81,001 105,367 Specific allowances for impairment on settlement with suppliers (3,672) (4,444) Specific allowances for impairment on goods held for resale (287) (2,388) (3,959) (6,832) 77,042 98,535

10. Due to banks and other financial institutions

30 Jun 2008 31 Dec 2007 TSKK TSKK Secured bank loans 2,965,837 2,425,302 Unsecured loans 1,159,270 1,460,515 Bank overdrafts (secured) 114,665 9,281 Finance lease liabilities - 9 4,239,772 3,895,107

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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10. Due to banks and other financial institutions (continued)

Secured bank loans Amount outstanding Interest Final

rate maturity Security 30 Jun 2008 31 Dec 2007 TSKK TSKK

Syndicated loan facility of MSKK 2,000

BRIBOR + margin

March 2011

Pledge of revolving loan receivables 1,717,112 -

Club loan facility of MSKK 2,725

BRIBOR + margin

June 2009

Pledge of consumer and cash loan

receivables 1,248,725 -

Syndicated loan facility of MSKK 2,000

BRIBOR + margin

February 2008

Pledge of revolving

loan receivables - 1,412,360

Club loan facility of MSKK 2,000

BRIBOR + margin

August 2009

Pledge of consumer and cash loan

receivables - 1,012,942 2,965,837 2,425,302

Unsecured loans Amount outstanding Interest Final

rate maturity 30 Jun 2008 31 Dec 2007 TSKK TSKK

Subordinated inter-company loan of MSKK 1,000

BRIBOR + margin May 2009 1,007,805 1,008,765

Term loan facility of MSKK 150 BRIBOR + margin October 2008 151,465 151,425

Inter-company loan of MSKK 300 BRIBOR + margin June 2008 - 300,325

1,159,270 1,460,515

11. Other liabilities

30 Jun 2008 31 Dec 2007 TSKK TSKK Trade payables 119,180 167,120 Overpayments of loans from individual customers 46,930 39,652 Insurance liability, net 14,258 3,586 Accrued employee compensation 7,186 6,067 Other tax liability 2,452 5,966 Other 249 311 190,255 222,702

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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12. Share capital

At 30 June 2008 the authorized share capital comprised 101 ordinary shares (31 December 2007: 100) with a nominal value of SKK 1,000,000 each. All issued shares have been fully paid and bear equal voting rights. The holders of shares are entitled to receive dividends when declared. In May 2008 the Company issued one additional share with the nominal value of SKK 1,000,000. The newly issued share was subscribed by the Company’s sole shareholder at TSKK 120,000 and fully paid resulting in a total share premium of TSKK 119,000.

13. Interest income and interest expense

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Interest income Revolving loan receivables 226,931 219,917 Consumer loan receivables 167,204 158,768 Cash loan receivables 159,342 60,363 Due from banks and other financial institutions 311 11,250 Loans to corporations 74 120 553,862 450,418

Interest expense Due to banks and other financial institutions 132,301 119,251 Finance leases 2 17 132,303 119,268

14. Fee and commission income

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Penalty fees 64,539 26,750 Customer payment processing and account maintenance 24,118 23,201 Cash transactions 16,750 13,203 Insurance commissions 2,885 - Other - 153 108,292 63,307

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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15. Fee and commission expense

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Commissions to retailers 48,730 39,123 Payment processing and account maintenance 17,786 20,362 Cash transactions 11,175 9,353 77,691 68,838

16. Other operating income

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Sale of goods 107,649 126,943 Cost of goods sold (101,201) (119,743) Storage of goods and distribution expenses (2,159) (3,213) Net foreign exchange expense (212) (2,853) Other 737 259 4,814 1,393

17. Impairment losses

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Cash loan receivables 137,188 21,680 Consumer loan receivables 57,625 33,850 Revolving loan receivables 32,973 21,244 Loans to corporations - 274 Loans to customers 227,786 77,048 Other assets (2,873) 1,706 224,913 78,754

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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18. Net expense related to credit risk insurance

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Revolving loan receivables 11,991 24,250 Commission income for collecting defaulted receivables (2,529) (3,216) 9,462 21,034

19. General administrative expenses

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Telecommunication and postage 61,104 48,702 Professional services 43,902 34,634 Information technologies 35,516 18,198 Employee compensation 23,684 21,563 Payroll related taxes (including pension contributions) 7,436 6,079 Advertising and marketing 22,976 23,802 Depreciation and amortization 5,725 4,910 Travel expenses 3,510 3,358 Occupancy 3,046 3,743 Taxes other than income tax 2,059 94 Other 7,295 6,975 216,253 172,058

20. Income tax expense

6 months ended

30 Jun 2008

6 months ended

30 Jun 2007 TSKK TSKK Corporate income tax for current period 58,664 13,931 Correction related to prior periods (2,102) (618) Current tax expense 56,562 13,313 Deferred tax benefit (58,579) (2,602) Total income tax (benefit)/expense in the income statement (2,017) 10,711

Home Credit Slovakia, a.s. Notes to the Interim Financial Statements

for the six month period ended 30 June 2008

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21. Commitments

(a) Credit related commitments The Company has outstanding commitments to extend credit. These commitments take the form of approved credit limits related to customers’ revolving loan accounts, consumer loan facilities and cash loan facilities. 30 Jun 2008 31 Dec 2007 TSKK TSKK Revolving loan commitments 3,570,830 3,078,767 Cash loan commitments 80,617 117,990 Consumer loan commitments 56,248 61,017 3,707,695 3,257,774 The total outstanding contractual commitments to extend credit indicated above do not necessarily represent future cash requirements, as many of these commitments will expire or terminate without being funded. (b) Capital commitments In June 2008 the Company entered into a share purchase agreement. In accordance with the agreement the Company put TSKK 101,180 in escrow (refer to Note 5) as advance payment for 100% shares of GE Money, a.s. and GE Money Brokers, a.s. The completion of the transaction is pending an approval of Antimonopoly Office of the Slovak Republic. The final purchase price will be determined based on net assets of the acquired companies at the transaction closing.

22. Operating leases

Leases as lessee Non-cancellable operating lease rentals are payable as follows: 30 Jun 2008 31 Dec 2007 TSKK TSKK Less than one year 2,573 5,146 2,573 5,146 The Company leases premises under operating leases. Lease payments are usually increased annually to reflect market rentals. None of the leases includes contingent rentals.

During the six month period ended 30 June 2008 TSKK 2,630 (the six month period ended 30 June 2007: TSKK 3,297) was recognized as an expense in the income statement in respect of operating leases.