13 September 2007]

Vurdering af grunnfondsbeviset og grunnfondsbevisbankerne set fra London

Introduction

3

4

Net interest income in % of total income, European retail (2006)

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Spa

reb

ank

1 S

R B

an

kB

ES

Com

me

rzb

ank

Pri

vate

& B

usin

ess

Cap

italia

Ret

ail

SE

B R

eta

il S

wed

en &

Ge

rma

ny

Cre

dit

Agr

ico

le D

omes

tic R

eta

ilS

anta

nd

er B

ane

sto

Ban

ca I

nte

sa R

eta

il B

an

kin

gS

anta

nd

er S

CH

Ban

kin

ter

Soc

Ge

n D

ome

stic

Re

tail

BP

I D

om

est

ic R

eta

ilS

anta

nd

er A

bbe

yS

abad

ell

RB

S R

eta

ilN

ord

ea

Ret

ail

Sw

ed

enU

niC

red

it R

eta

il A

ustr

iaU

niC

red

it R

eta

il It

aly

BN

P P

arib

as

Do

me

stic

Ret

ail

Ers

te B

an

k R

eta

il &

Mo

rtga

ge

HS

BC

Eur

op

e R

eta

ilS

pare

ba

nk 1

No

rd-N

org

eB

anca

In

tesa

Do

me

stic

Ba

nks

San

tan

der

Por

tuga

lU

niC

red

it R

eta

il G

erm

an

yS

pare

ba

nk 1

Mid

t-N

org

eB

arcl

ays

Bar

cla

ycar

dB

BV

A D

omes

tic R

eta

il B

ank

ing

Han

del

sban

ken

Bra

nch

ou

tsid

e S

ED

ansk

e B

ank

Den

ma

rkB

arcl

ays

UK

Ret

ail

Ban

king

Nor

de

a R

eta

il D

enm

ark

Dan

ske

Ba

nk N

orw

ay

BC

P P

ort

ug

uese

Re

tail

Nor

de

a R

eta

il F

inla

ndM

on

te d

ei P

asc

hi R

eta

ilP

opul

ar

AB

N A

MR

O N

eth

erla

nds

Dan

ske

Ba

nk S

am

poA

ll. &

Lei

cest

er

Re

tail

Ba

nki

ng

Pos

tban

k R

eta

il B

an

kin

gE

rste

Ba

nk

Sa

vin

gs b

ank

sS

we

dba

nk R

eta

ilL

loyd

s T

SB

UK

Ret

ail

Ban

king

Nor

de

a R

eta

il N

orw

ay

DnB

NO

R R

eta

ilD

ansk

e B

ank

Sw

ede

nH

and

elsb

anke

n B

ran

chH

BO

S I

nte

rna

tiona

lS

anta

nd

er C

onsu

me

r F

inan

ceD

ansk

e B

ank

Nor

ther

n B

an

kH

BO

S R

eta

il B

anki

ngS

pare

ba

nke

n M

ore

Ban

k of

Ire

land

Ret

ail

Irel

and

RB

S U

lste

r B

ank

Alli

ed I

rish

Ba

nks

Re

tail

Ire

lan

dD

ansk

e B

ank

NIB

B&

BN

orth

ern

Roc

kB

ank

of I

rela

nd U

K F

ina

ncia

lD

ansk

e B

ank

Mo

rtg

age

Source: Companies, FPK

5

Net interest income in % of lending, European retail (2006)

Source: Companies, FPK

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Dan

ske

Ban

k M

ortg

age

Nor

ther

n R

ock

San

tand

er A

bbey

Dan

ske

Ban

k S

wed

enB

&B

Ban

kint

erS

pare

bank

1 S

R B

ank

All.

& L

eic

este

r R

etai

l Ban

king

Han

dels

bank

en B

ranc

h ou

tsid

e S

ED

ansk

e B

ank

Nor

way

Sw

edba

nk R

etai

lB

ank

of Ir

elan

d U

K F

inan

cial

Ers

te B

ank

BC

RN

orde

a R

etai

l Sw

eden

Nor

dea

Ret

ail N

orw

ayH

BO

S R

etai

l Ban

king

Nor

dea

Ret

ail D

enm

ark

Dan

ske

Ban

k N

IBS

EB

Ret

ail S

wed

en &

Ger

man

yD

nB N

OR

Ret

ail

Spa

reba

nk 1

Mid

t-N

orge

BP

I Dom

estic

Ret

ail

Dan

ske

Ban

k S

ampo

Sab

adel

lC

omm

erzb

ank

Priv

ate

& B

usin

ess

San

tand

er B

anes

toR

BS

Uls

ter

Ban

kH

BO

S In

tern

atio

nal

San

tand

er S

CH

Nor

dea

Ret

ail F

inla

ndS

pare

bank

en M

ore

BE

SS

anta

nder

Por

tuga

lS

EB

Ret

ail B

altic

sU

niC

red

it R

etai

l Ger

man

yS

pare

bank

1 N

ord-

Nor

geB

BV

A D

omes

tic R

etai

l Ban

king

AB

N A

MR

O N

ethe

rlan

dsE

rste

Ban

k R

etai

l & M

ortg

age

Pop

ular

Alli

ed Ir

ish

Ban

ks R

etai

l Ire

land

Sw

edba

nk In

tern

atio

nal

Dan

ske

Ban

k N

orth

ern

Ban

kE

rste

Ban

k S

avin

gs b

anks

Soc

Gen

Dom

estic

Ret

ail

BC

P P

ortu

gues

e R

etai

lLl

oyds

TS

B U

K R

etai

l Ban

king

Dan

ske

Ban

k D

enm

ark

Cre

dit A

gric

ole

Dom

estic

Ret

ail

BN

P P

arib

as D

omes

tic R

etai

lB

arcl

ays

UK

Ret

ail B

anki

ngB

anca

Inte

sa R

etai

l Ban

king

San

tand

er C

onsu

mer

Fin

ance

BC

P E

urop

ean

Ret

ail

Ers

te B

ank

Cro

atia

Pos

tban

k R

etai

l Ban

king

Uni

Cre

dit

Ret

ail A

ustr

iaB

ank

of Ir

elan

d R

etai

l Ire

land

Ban

ca In

tesa

Dom

estic

Ban

ksH

SB

C E

urop

e R

etai

lR

BS

Ret

ail

Uni

Cre

dit

Ret

ail I

taly

Uni

Cre

dit

Oth

er C

EE

Mon

te d

ei P

asch

i Ret

ail

Ers

te B

ank

Hun

gary

Alli

ed Ir

ish

Ban

ks P

ola

ndB

anca

Inte

sa F

orei

gn B

anks

Cap

italia

Ret

ail

Ers

te B

ank

Ces

ka s

porit

elna

Ers

te B

ank

Nov

osad

ska

bank

aE

rste

Ban

k S

love

nska

spo

ritel

naU

niC

red

it P

olan

dB

arcl

ays

Bar

clay

card

6

Loan losses and provisions % of lending, European retail (2006)

Source: Companies, FPK

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

Bar

clay

s B

arcl

ayca

rdE

rste

Ban

k N

ovos

adsk

a ba

nka

Uni

Cre

dit R

etai

l Aus

tria

HS

BC

Eur

ope

Ret

ail

RB

S R

etai

lS

anta

nder

Con

sum

er F

inan

ceLl

oyds

TS

B U

K R

etai

l Ban

king

Ban

ca In

tesa

For

eign

Ban

ksM

onte

dei

Pas

chi R

etai

lE

rste

Ban

k H

unga

ryU

niC

redi

t Ret

ail I

taly

Uni

Cre

dit P

olan

dC

apita

lia R

etai

lE

rste

Ban

k S

avin

gs b

anks

Ban

ca In

tesa

Ret

ail B

anki

ngB

ES

Com

mer

zban

k P

rivat

e &

Bus

ines

sH

BO

S R

etai

l Ban

king

Ban

ca In

tesa

Dom

estic

Ban

ksE

rste

Ban

k C

eska

spo

ritel

naE

rste

Ban

k S

love

nska

spo

ritel

naU

niC

redi

t Oth

er C

EE

Ers

te B

ank

Ret

ail &

Mor

tgag

eP

ostb

ank

Ret

ail B

anki

ngH

BO

S In

tern

atio

nal

Ers

te B

ank

Cro

atia

Pop

ular

Uni

Cre

dit R

etai

l Ger

man

yB

CP

Eur

opea

n R

etai

lS

anta

nder

SC

HS

abad

ell

San

tand

er B

anes

toB

arcl

ays

UK

Ret

ail B

anki

ngB

anki

nter

AB

N A

MR

O N

ethe

rland

sB

BV

A D

omes

tic R

etai

l Ban

king

Cre

dit A

gric

ole

Dom

estic

Ret

ail

All.

& L

eice

ster

Ret

ail B

anki

ngS

wed

bank

Inte

rnat

iona

lS

ocG

en D

omes

tic R

etai

lS

anta

nder

Abb

eyB

ank

of Ir

elan

d R

etai

l Ire

land

RB

S U

lste

r B

ank

San

tand

er P

ortu

gal

BC

P P

ortu

gues

e R

etai

lB

NP

Par

ibas

Dom

estic

Ret

ail

Alli

ed Ir

ish

Ban

ks P

olan

dA

llied

Iris

h B

anks

Ret

ail I

rela

ndB

PI D

omes

tic R

etai

lE

rste

Ban

k B

CR

SE

B R

etai

l Sw

eden

& G

erm

any

Nor

ther

n R

ock

SE

B R

etai

l Bal

tics

Dan

ske

Ban

k N

orth

ern

Ban

kD

ansk

e B

ank

Sw

eden

Ban

k of

Irel

and

UK

Fin

anci

alH

ande

lsba

nken

Bra

nch

outs

ide

SE

DnB

NO

R R

etai

lB

&B

Nor

dea

Ret

ail S

wed

enS

pare

bank

en M

ore

Dan

ske

Ban

k N

IBD

ansk

e B

ank

Mor

tgag

eD

ansk

e B

ank

Nor

way

Nor

dea

Ret

ail F

inla

ndD

ansk

e B

ank

Den

mar

kD

ansk

e B

ank

Sam

poS

wed

bank

Ret

ail

Spa

reba

nk 1

Nor

d-N

orge

Spa

reba

nk 1

SR

Ban

kS

pare

bank

1 M

idt-

Nor

geN

orde

a R

etai

l Nor

way

Nor

dea

Ret

ail D

enm

ark

7

Cost:income, European retail (2006)

Source: Companies, FPK

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

Dan

ske

Ba

nk M

ortg

age

Nor

ther

n R

ock

San

tan

der

Con

sum

er F

ina

nce

Pop

ula

rB

arcl

ays

Bar

cla

ycar

dH

BO

S R

eta

il B

ank

ing

All.

& L

eice

ste

r R

etai

l Ban

kin

gH

BO

S In

tern

atio

nal

San

tan

der

Ban

est

oS

anta

nde

r S

CH

B&

BLl

oyd

s T

SB

UK

Ret

ail B

anki

ngB

anca

Inte

sa D

omes

tic B

ank

sB

BV

A D

om

estic

Ret

ail B

anki

ng

San

tan

der

Por

tuga

lN

orde

a R

eta

il F

inla

nd

Spa

reba

nk

1 N

ord

-No

rge

RB

S R

etai

lA

llied

Iris

h B

anks

Re

tail

Irel

and

Dan

ske

Ba

nk D

enm

ark

Nor

dea

Re

tail

Den

ma

rkS

we

dban

k R

etai

lS

pare

ban

ken

Mo

reS

pare

ban

k 1

SR

Ba

nkB

anca

Inte

sa R

etai

l Ban

kin

gB

anki

nte

rS

aba

dell

RB

S U

lste

r B

ank

Ban

k o

f Ire

land

UK

Fin

anci

al S

ervi

ces

BE

SB

ank

of I

rela

nd R

etai

l Ire

land

DnB

NO

R R

eta

ilN

orde

a R

eta

il N

orw

ay

Dan

ske

Ba

nk S

amp

oD

ansk

e B

ank

Sw

ede

nN

orde

a R

eta

il S

we

den

HS

BC

Eu

rope

Ret

ail

Mon

te d

ei P

asc

hi R

eta

ilU

niC

redi

t Ret

ail I

taly

BC

P P

ort

ugu

ese

Ret

ail

Han

del

sba

nke

n B

ran

ch o

uts

ide

SE

Spa

reba

nk

1 M

idt-

Nor

geP

ostb

ank

Ret

ail B

anki

ngD

ansk

e B

ank

Nor

ther

n B

ank

San

tan

der

Abb

ey

Dan

ske

Ba

nk N

orw

ayS

ocG

en D

om

estic

Ret

ail

BN

P P

arib

as D

omes

tic R

eta

ilE

rste

Ban

k S

avi

ngs

ba

nks

AB

N A

MR

O N

ethe

rlan

ds

BP

I D

om

estic

Re

tail

Cre

dit A

gric

ole

Dom

estic

Re

tail

SE

B R

eta

il S

we

den

& G

erm

any

Ers

te B

ank

Re

tail

& M

ortg

age

Bar

clay

s U

K R

etai

l Ban

kin

gC

apita

lia R

eta

ilD

ansk

e B

ank

NIB

Uni

Cre

dit R

etai

l Aus

tria

Com

me

rzb

ank

Priv

ate

& B

usin

ess

Uni

Cre

dit R

etai

l Ger

man

y

8

Income growth, European retail (2006)

Source: Companies, FPK

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Sw

ed

ba

nk

Re

tail

Da

nsk

e B

an

k M

ort

ga

ge

Dn

B N

OR

Re

tail

AB

N A

MR

O N

eth

erl

an

ds

Ers

te B

an

k S

avi

ng

s b

an

ksS

pa

reb

an

ken

Mo

reU

niC

red

it R

eta

il G

erm

an

yU

niC

red

it R

eta

il A

ust

ria

Sp

are

ba

nk

1 M

idt-

No

rge

All.

& L

eic

est

er

Re

tail

Ba

nki

ng

HB

OS

Re

tail

Ba

nki

ng

RB

S R

eta

ilE

rste

Ba

nk

Re

tail

& M

ort

ga

ge

Llo

yds

TS

B U

K R

eta

il B

an

kin

gN

ord

ea

Re

tail

No

rwa

yC

red

it A

gri

cole

Do

me

stic

Re

tail

No

rde

a R

eta

il S

we

de

nB

an

ca I

nte

sa R

eta

il B

an

kin

gH

SB

C E

uro

pe

Re

tail

Sa

nta

nd

er

Ab

be

yB

&B

Mo

nte

de

i Pa

sch

i Re

tail

BP

I D

om

est

ic R

eta

ilS

pa

reb

an

k 1

No

rd-N

org

eB

arc

lays

UK

Re

tail

Ba

nki

ng

Sa

nta

nd

er

SC

HB

NP

Pa

rib

as

Do

me

stic

Re

tail

BB

VA

Do

me

stic

Re

tail

Ba

nki

ng

Ba

rcla

ys B

arc

layc

ard

Un

iCre

dit

Re

tail

Ita

lyB

ES

So

cGe

n D

om

est

ic R

eta

ilN

ord

ea

Re

tail

De

nm

ark

BC

P P

ort

ug

ue

se R

eta

ilC

ap

italia

Re

tail

Sa

nta

nd

er

Po

rtu

ga

lC

om

me

rzb

an

k P

riva

te &

Bu

sin

ess

Sp

are

ba

nk

1 S

R B

an

kN

ord

ea

Re

tail

Fin

lan

dS

ab

ad

ell

Sa

nta

nd

er

Ba

ne

sto

Ba

nca

In

tesa

Do

me

stic

Ba

nks

Po

pu

lar

Ba

nk

of

Ire

lan

d U

K F

ina

nci

al

Sa

nta

nd

er

Co

nsu

me

r F

ina

nce

No

rth

ern

Ro

ckB

an

k o

f Ir

ela

nd

Re

tail

Ire

lan

dH

BO

S I

nte

rna

tion

al

Ba

nki

nte

rR

BS

Uls

ter

Ba

nk

Alli

ed

Iri

sh B

an

ks R

eta

il Ir

ela

nd

Da

nsk

e B

an

k S

we

de

nD

an

ske

Ba

nk

No

rth

ern

Ba

nk

Da

nsk

e B

an

k N

orw

ay

Da

nsk

e B

an

k N

IBD

an

ske

Ba

nk

De

nm

ark

Po

stb

an

k R

eta

il B

an

kin

g

9

Deposit funding, group (2006)

Source: Companies, FPK

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

Sw

edba

nkD

ansk

e B

ank

Pop

ular

Com

mer

zban

kH

ande

lsba

nken

Sab

adel

lS

pare

ban

k 1

SR

Ban

kD

nB N

OR

Ban

kint

erS

pare

ban

k 1

Mid

t-N

orge UB

IM

onte

dei

Pas

chi

Ban

k of

Ire

land

BE

SN

orde

aH

BO

SS

pare

ban

k 1

Nor

d-N

orge

Dex

iaB

CP

B&

BS

pare

ban

ken

Mor

eC

apita

liaA

ll. &

Lei

cest

erIn

tesa

San

paol

oS

anta

nder

Ban

co P

opo

lare

SE

BA

llied

Iris

h B

anks

BB

VA

Lloy

ds T

SB

BN

P P

arib

asA

nglo

Iris

h B

ank

AB

N A

MR

OR

BS

Bar

clay

sS

ocG

enE

rste

Ban

kH

SB

CS

t. C

hart

ere

dU

niC

redi

tP

ostb

ank

Cre

dit A

gric

ole

KB

C

Dep

ost

is/l

end

ing

(%

)

10

Market cap (Eur bn)

Source: Companies, FPK

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

HS

BC

(E

ur

146bn)

Santa

nder

RB

SU

BS

Inte

sa S

anpaolo

BN

P P

aribas

AB

N A

MR

OU

niC

redit

Barc

lays

BB

VA

SocG

en

HB

OS

Cre

dit

Suis

seD

euts

che B

ank

Llo

yds

TS

BC

redit

Agrico

leK

BC

Nord

ea

St. C

hart

ere

dD

exi

aD

ansk

e B

ank

Com

merz

bank

Capita

liaA

llied Irish

Banks

Ers

te B

ank

Popula

rS

EB

Monte

dei P

asc

hi

Handels

banke

nD

nB

NO

RB

ank

of Ir

ela

nd

BC

PU

BI

Sw

edbank

Banco

Popola

reA

nglo

Irish

Bank

Kaupth

ing

Post

bank

Sabadell

BE

SA

ll. &

Leic

est

er

Nort

hern

Rock

Banki

nte

rB

&B

Spare

bank

1 S

R B

ank

Spare

bank

1 M

idt-

Norg

eS

pare

bank

1 N

ord

-Norg

eS

pare

banke

n M

ore

11

Total income, European retail (Eur mn) 2006

Source: Companies, FPK

0

2,000

4,000

6,000

8,000

10,000

12,000S

pare

ba

nke

n M

ore

Dan

ske

Ba

nk N

IBS

pare

ba

nk 1

Mid

t-N

org

eS

pare

ba

nk 1

No

rd-N

org

eS

pare

ba

nk 1

SR

Ba

nk

Dan

ske

Ba

nk N

orth

ern

Ba

nk

Dan

ske

Ba

nk N

orw

ay

Dan

ske

Ba

nk S

we

den

Dan

ske

Ba

nk M

ort

gag

eH

and

elsb

anke

n B

ran

ch o

uts

ide

SE

Dan

ske

Ba

nk S

am

poN

ord

ea

Ret

ail

Nor

wa

yB

PI

Do

me

stic

Re

tail

Ban

kin

ter

Ers

te B

an

k R

eta

il &

Mo

rtga

ge

B&

BB

ank

of I

rela

nd U

K F

ina

ncia

l Ser

vice

sS

anta

nd

er P

ortu

gal

SE

B R

eta

il S

wed

en &

Ge

rma

ny

Ers

te B

an

k S

avi

ngs

ba

nks

BC

P P

ort

ug

uese

Re

tail

Uni

Cre

dit

Re

tail

Aus

tria

Nor

de

a R

eta

il F

inla

ndA

ll. &

Lei

cest

er

Re

tail

Ba

nki

ng

DnB

NO

R R

eta

ilN

orth

ern

Roc

kN

ord

ea

Ret

ail

Den

mar

kR

BS

Uls

ter

Ban

kN

ord

ea

Ret

ail

Sw

ed

enB

ES

Han

del

sban

ken

Bra

nch

Ban

k of

Ire

land

Ret

ail

Irel

and

Ban

ca I

nte

sa D

om

est

ic B

ank

sU

niC

red

it R

eta

il G

erm

an

yS

abad

ell

Sw

edb

ank

Re

tail

San

tan

der

Con

sum

er

Fin

ance

Dan

ske

Ba

nk D

enm

ark

San

tan

der

Ban

est

oH

BO

S I

nte

rna

tiona

lC

omm

erz

ban

k P

riva

te &

Bus

ines

sM

on

te d

ei P

asc

hi R

eta

ilC

apita

lia R

eta

ilA

llied

Iris

h B

ank

s R

eta

il Ir

ela

nd

Pop

ula

rS

anta

nd

er A

bbe

yP

ostb

ank

Re

tail

Ba

nki

ng

Cre

dit

Agr

ico

le D

omes

tic R

eta

ilS

anta

nd

er S

CH

Bar

clay

s B

arcl

ayc

ard

BB

VA

Dom

estic

Re

tail

Ba

nkin

gA

BN

AM

RO

Ne

ther

land

sU

niC

red

it R

eta

il It

aly

Bar

clay

s U

K R

eta

il B

anki

ngB

anca

In

tesa

Re

tail

Ba

nki

ng

BN

P P

arib

as

Do

me

stic

Ret

ail

HS

BC

Eur

op

e R

eta

ilS

ocG

en

Dom

est

ic R

eta

ilL

loyd

s T

SB

UK

Ret

ail

Ban

king

HB

OS

Re

tail

Ban

king

RB

S R

eta

il

12

Economies of scale? European retail (2006)

Source: Companies, FPK

RBS Retail

HBOS Retail Banking

Lloyds TSB UK Retail Banking

SocGen Domestic Retail

HSBC Europe Retail

BNP Paribas Domestic Retail

Banca Intesa Retail Banking

Barclays UK Retail Banking

UniCredit Retail Italy

ABN AMRO Netherlands

BBVA Domestic Retail Banking

Barclays Barclaycard

Santander SCH

Credit Agricole Domestic Retail

Postbank Retail BankingSantander Abbey

Popular

Allied Irish Banks Retail Ireland

Capitalia Retail

Monte dei Paschi Retail

Commerzbank Private & Business Customers

HBOS InternationalSantander Banesto

Danske Bank Denmark

Santander Consumer Finance

Swedbank RetailSabadell

UniCredit Retail Germany

Banca Intesa Domestic Banks

Bank of Ireland Retail IrelandBES

Nordea Retail Sweden

RBS Ulster Bank

Nordea Retail Denmark

Northern Rock

DnB NOR Retail

All. & Leicester Retail Banking

Nordea Retail Finland

UniCredit Retail Austria

BCP Portuguese Retail

Erste Bank Savings banks

SEB Retail Sweden & Germany

Santander Portugal

Bank of Ireland UK Financial Services

B&B

Erste Bank Retail & Mortgage

Bankinter

BPI Domestic Retail

Nordea Retail NorwayDanske Bank Sampo

Handelsbanken Branch outside SE

Danske Bank Mortgage

Danske Bank Sweden

Danske Bank NorwayDanske Bank Northern Bank

Sparebank 1 SR Bank

Sparebank 1 Nord-Norge

Sparebank 1 Midt-Norge

Danske Bank NIB

Sparebanken More

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

0 2,000 4,000 6,000 8,000 10,000 12,000

Income (EURm)

Co

st:i

nco

me

(%)

13

Size vs. valuation

Sparebanken More

Sparebank 1 Nord-Norge

Sparebank 1 Midt-NorgeSparebank 1 SR Bank

B&B

Bankinter

Northern Rock

All. & Leicester

BES

Sabadell

Postbank

Kaupthing

Anglo Irish Bank

Banco Popolare

Swedbank

UBI

BCP

Bank of Ireland

DnB NORHandelsbanken

Monte dei Paschi

SEBPopular

Erste Bank

Allied Irish Banks

Capitalia

CommerzbankDanske BankDexia

St. Chartered

Nordea

KBC

Credit Agricole

Lloyds TSB

Deutsche Bank

Credit Suisse

HBOS

SocGen

BBVA

Barclays

UniCredit

ABN AMRO

BNP Paribas

Intesa Sanpaolo

UBS

RBS

SantanderHSBC

4.00

6.00

8.00

10.00

12.00

14.00

16.00

0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

M Cap (EURbn)

PE

(200

8)

Small cap minus large cap index performance

100

150

200

250

300

350

400

Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

1998-2001, large cap modestly outperformed. Since 2001, small cap has steadily

outperformed. After a period of weakness in the middle of 2006, small cap resumed outperformance.

Source: FPKe, Bloomberg

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

BE

SB

CP

Cap

italia

St.

Cha

rter

edA

BN

AM

RO

Ban

kint

erS

abad

ell

Ers

te B

ank

Spa

reba

nken

Mor

eK

aupt

hing

Mon

te d

ei P

asch

iIn

tesa

San

paol

oS

pare

bank

1 N

ord-

Nor

geP

opul

arN

orde

aS

EB

Spa

reba

nk 1

Mid

t-N

orge

Spa

reba

nk 1

SR

Ban

kU

BI

KB

CS

wed

bank

San

tand

erA

nglo

Iris

h B

ank

All.

& L

eice

ster

Han

dels

bank

enH

SB

CB

BV

ALl

oyds

TS

BD

nB N

OR

Com

mer

zban

kD

ansk

e B

ank

Dex

iaB

anco

Pop

olar

eP

ostb

ank

Soc

Gen

UB

SC

redi

t Sui

sse

Uni

Cre

dit

Cre

dit A

gric

ole

Alli

ed Ir

ish

Ban

ksR

BS

BN

P P

arib

asB

arcl

ays

Ban

k of

Irel

and

Deu

tsch

e B

ank

HB

OS

B&

BN

orth

ern

Roc

k

14

Size vs. valuation

Source: FPKe, Bloomberg

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Rin

gkjo

ebin

g La

ndbo

bank

(D

K)

Ban

co (

ITA

L)

Cre

dem

(IT

AL)

BP

ER

(IT

AL)

BP

Spo

leto

(IT

AL)

Syd

bank

(D

K)

BP

R (

ITA

L)

BP

M (

ITA

L)

Jysk

e B

ank

(DK

)

Spa

reba

nk 1

SR

Ban

k

Spa

reba

nk 1

Mid

t-N

orge

Cre

berg

(IT

AL)

UB

I (I

TA

L)

Ros

kild

e B

ank

(DK

)

Am

ager

bank

en (

DK

)

Spa

reba

nk 1

Nor

d-N

orge

BA

NIF

SG

PS

SA

-RE

G (

PO

)

Bco

Sar

degn

a (I

TA

L)

Spa

reba

nken

Mor

e

Rin

gkjo

ebin

g B

ank

(DK

)

Ban

co P

asto

r (S

P)

Des

io (

ITA

L)

BP

Etr

uria

(IT

AL)

Cre

Val

(IT

AL)

BP

S (

ITA

L)

Car

ige

(IT

AL)

BP

Int

ra (

ITA

L)

BA

NC

O D

E V

ALE

NC

IA S

A (

SP

)

BA

NC

O G

UIP

UZ

CO

AN

O -

RE

GD

(S

P)

PE

(20

08)

15

Grunnfondsbeviset

Primary ..What?

16

IMPORTANT INFORMATION

This presentation has been prepared by Fox-Pitt, Kelton Limited (“FPK”) exclusively for the benefit and internal use of the FPK client to whom it is delivered (such client hereinafter, “you” or the “Company”) in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. The information in this presentation includes certain analyses that are based on information that is proprietary to us. It has been produced solely for your use and should not be reproduced or disclosed, in whole or in part, to any other person without our prior written consent. This document remains our property, and at our request this copy and any copies that you have made must be returned to us and/or destroyed. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by FPK. FPK is affiliated with J.C. Flowers I LP and J.C. Flowers II, LP (“J.C. Flowers Funds)”, investment funds managed by J. Christopher Flowers and entities controlled by him (“J.C. Flowers Group”). The J.C. Flowers Funds hold controlling or non-controlling interests in public and privately owned companies primarily in the financial services sector. In addition, FPK, directly or through its foreign affiliates, itself may have proprietary investments in public and privately owned companies. FPK was, until recently, an affiliate of the Swiss Re group of companies, which still holds a minority voting interest in FPK. Swiss Re and its subsidiaries, divisions, branches and affiliates (the “Swiss Re Group”) are involved in a range of investment and financial business, both for their own accounts and for the account of their clients. Such business includes reinsurance (including financial reinsurance), trading, investment and research, investment management and corporate finance. The activities of companies having an interest in FPK may give rise to situations where FPK or a member of the J.C. Flowers Group or the Swiss Re Group may have an interest which may conflict with the interests of the Company or which may be affected by the Transaction, or where FPK or a member of the J.C. Flowers Group or the Swiss Re Group may provide services to other clients whose interests may conflict with the interests of the Company. FPK or any member of the J.C. Flowers Group or the Swiss Re Group may (i) hold or effect transactions in securities for clients and/or its own account, and/or (ii) issue research or provide investment advice and/or (iii) provide corporate finance, investment management or reinsurance services, which in any of these situations may have a bearing, directly or indirectly, on the Transaction or may result in a member of the J.C. Flowers Group or the Swiss Re Group receiving a benefit from the Transaction.

The information in this presentation reflects our views as well as prevailing conditions as of the date of this presentation. The information in the presentation is subject to change without notice and FPK assumes no duty to update the information. FPK’s opinions and estimates (including financial statements or forecasts or suggestions of accounting, tax, regulatory or other treatments) constitute FPK’s judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of certain information available from public sources or which was provided to us by or on behalf of the Company. In addition, our analyses are not and do not purport to be appraisals of any of the assets, securities, or businesses of the Company or of any other entity. FPK makes no representations as to the actual value which may be received in connection with any particular transaction, nor the legal, tax and/or accounting effects of consummating such a transaction. Execution of any transaction contemplated in this presentation may involve other affiliates of FPK and may result in perceived or actual self-dealing intended to generate revenue for our firm.

Nothing in this presentation should be construed as regulatory, valuation, legal, tax, accounting or investment advice and it does not constitute a recommendation, solicitation, offer or commitment to purchase, sell or underwrite any securities to you, from you, or on your behalf, or to extend any credit or provide any insurance to you or to enter into any transaction. Unless otherwise agreed in writing, we are not acting as your financial adviser or fiduciary. Before you enter into any transaction you should ensure that you fully understand the potential risks and rewards of that transaction and you should consult with such advisers as you deem necessary to assist you in making these determinations including but not limited to your accountants, investment advisors and legal and/or tax experts.

Kim BergoeBanks Analyst Research+44 (0)20 7663 6041

Fox-Pitt Kelton Cochran Caronia Waller 25 Copthall Avenue +44 (0)20 7663 6000 www.fpk.com