13 September 2007] Vurdering af grunnfondsbeviset og grunnfondsbevisbankerne set fra London.
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Transcript of 13 September 2007] Vurdering af grunnfondsbeviset og grunnfondsbevisbankerne set fra London.
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)
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