European BankStats 2011 (14-Jun-11)

THIS REPORT IS NOT RESEARCH AND IS INTENDED FOR QUALIFIED INSTITUTIONAL BUYERS ONLY
Investment Grade Credit

Sector Strategy
Europe
15 June 2011
Banks
Pieter Fyfer (+44 20 7883 4279) / Stephane Suchet (+44 20 7883 4278)
European Banks: BankStats

European Banks Profit & Loss and Balance Sheet Data and related Key Ratios
Please find attached our BankStats publication which details the key profit & loss and balance sheet data and related key
ratios for 68 European banks including comparative tables and graphs.
PLEASE REFER TO THE DISCLAIMER SECTION FOR IMPORTANT DISCLAIMERS AND CONTACT YOUR CREDIT SUISSE
REPRESENTATIVE FOR MORE INFORMATION.
June 15, 2011
Alphabetical Index .....................................................................................................................................4

Ratings Overview.......................................................................................................................................5
FY10 Key Figures Summary .....................................................................................................................7
Market Capitalisation...............................................................................................................................10
Total Assets .............................................................................................................................................10
Profitability ...............................................................................................................................................11
FY10 Key Figures Summary ...................................................................................................................12
Capital .......................................................................................................................................................14
Asset Quality............................................................................................................................................18
Funding.....................................................................................................................................................20
Comparative Tables.................................................................................................................................22
UK Banks ..................................................................................................................................................30
Barclays [BACR] ................................................................................................................................................... 31
Bradford & Bingley [BRADBI]................................................................................................................................ 32
HBOS [HBOS]....................................................................................................................................................... 33
HSBC [HSBC] ....................................................................................................................................................... 34
Lloyds Banking Group [LLOYDS] ......................................................................................................................... 35
Nationwide Building Society [NWIDE]................................................................................................................... 36
Northern Rock Asset Management [NRKLN]........................................................................................................ 37
Royal Bank of Scotland [RBS] .............................................................................................................................. 38
Standard Chartered [STANLN] ............................................................................................................................. 39
Irish Banks ...............................................................................................................................................40

Allied Irish Banks [AIB].......................................................................................................................................... 41
Anglo Irish Bank [ANGIRI]..................................................................................................................................... 42
Irish Life & Permanent Group Holdings [IPBS] ..................................................................................................... 43
Nordic Banks............................................................................................................................................44
Danske Bank [DANBNK]....................................................................................................................................... 45
DnB NOR [DNBNOR]............................................................................................................................................ 46
Nordea Bank [NBHSS].......................................................................................................................................... 47
Skandinaviska Enskilda Banken [SEB]................................................................................................................. 48
Svenska Handelsbanken [SHBASS]..................................................................................................................... 49
Swedbank [SWEDA] ............................................................................................................................................. 50
German Banks .........................................................................................................................................51

Commerzbank [CMZB].......................................................................................................................................... 52
Deutsche Bank [DB].............................................................................................................................................. 53
Deutsche Postbank [DPB]..................................................................................................................................... 54
Eurohypo [EURHYP]............................................................................................................................................. 55
HSH Nordbank [HSHN]......................................................................................................................................... 56
Hypo Real Estate Holding [HYPORE]................................................................................................................... 57
NORD/LB [NDB].................................................................................................................................................... 58
UniCredit Bank AG [HVB] ..................................................................................................................................... 59
WestLB [WESTLB]................................................................................................................................................ 60
June 15, 2011
Austrian Banks ........................................................................................................................................61

BAWAG P.S.K. [BAWAG] ..................................................................................................................................... 62
Erste Group Bank [ERSTBK] ................................................................................................................................ 63
Hypo Alpe-Adria-Group [HAA] .............................................................................................................................. 64
Oesterreichische Volksbanken [AUSTVB] ............................................................................................................ 65
RZB Group [RZB].................................................................................................................................................. 66
Swiss Banks .............................................................................................................................................67

Credit Suisse Group [CS]...................................................................................................................................... 68
UBS [UBS]............................................................................................................................................................. 69
Benelux Banks .........................................................................................................................................70

ABN AMRO [ABNANV] ......................................................................................................................................... 71
Dexia [DEXGRP]................................................................................................................................................... 72
ING Groep [INTNED] ............................................................................................................................................ 73
KBC Groep [KBC] ................................................................................................................................................. 74
Rabobank [RABOBK]............................................................................................................................................ 75
SNS Bank [SNSSNS]............................................................................................................................................ 76
Van Lanschot [LANSNA]....................................................................................................................................... 77
French Banks ...........................................................................................................................................78

Banque Fdrative du Crdit Mutuel [BFCM] ....................................................................................................... 79
BNP Paribas [BNP] ............................................................................................................................................... 80
Crdit Agricole [ACAFP]........................................................................................................................................ 81
Groupe BPCE [BPCEGP] ..................................................................................................................................... 82
Natixis [KNFP]....................................................................................................................................................... 83
Socit Gnrale [SOCGEN]................................................................................................................................ 84
Italian Banks.............................................................................................................................................85
Banca Popolare di Milano [PMIIM]........................................................................................................................ 86
Banco Popolare [BPIM]......................................................................................................................................... 87
Mediobanca [BACRED]......................................................................................................................................... 88
Monte dei Paschi di Siena [MONTE] .................................................................................................................... 89
UBI Banca [UBIIM] ................................................................................................................................................ 90
UniCredit [UCGIM] ................................................................................................................................................ 91
Spanish Banks .........................................................................................................................................92

Banco Bilbao Vizcaya Argentaria [BBVASM]........................................................................................................ 93
Banco de Sabadell [BANSAB] .............................................................................................................................. 94
Banco Pastor [PASTOR]....................................................................................................................................... 95
Banco Popular Espanol [POPSM] ........................................................................................................................ 96
Banco Santander [SANTAN]................................................................................................................................. 97
Bankinter [BKTSM]................................................................................................................................................ 98
Caja de Ahorros y Monte de Piedad de Madrid [CAJAMM].................................................................................. 99
Caja de Ahorros de Valencia, Castellon y Alicante [CAVALE] ...........................................................................100
Caja de Ahorros y Pensiones de Barcelona [CAIXAB].......................................................................................101
Portuguese Banks .................................................................................................................................102

Banco Espirito Santo [BESPL]............................................................................................................................103
Caixa Geral de Depositos [CXGD]......................................................................................................................104
Esprito Santo Financial Group [ESF] .................................................................................................................105
Greek Banks ...........................................................................................................................................106

Alpha Bank [ALPHA] ...........................................................................................................................................107
EFG Eurobank Ergasias [EUROB] .....................................................................................................................108
National Bank of Greece [ETEGA]......................................................................................................................109
Appendix 1: Glossary ............................................................................................................................110
June 15, 2011
Alphabetical Index
Company [Bond Ticker]
Page #
Company [Bond Ticker]
Page #
ABN AMRO [ABNANV]
71
HBOS [HBOS]
33
Allied Irish Banks [AIB]
41
HSBC [HSBC]
34
Alpha Bank [ALPHA]
107
HSH Nordbank [HSHN]
56
Anglo Irish Bank [ANGIRI]
42
Hypo Alpe-Adria-Group [HAA]
64
Banca Popolare di Milano [PMIIM]
86
Hypo Real Estate [HYPORE]
57
Bancaja [CAVALE]
100
ING Groep [INTNED]
73
Banco Bilbao Vizcaya Argentaria [BBVASM]
93
Irish Life & Permanent [IPBS]
43
Banco de Sabadell [BANSAB]
94
KBC Groep [KBC]
74
Banco Espirito Santo [BESPL]
103
La Caixa [CAIXAB]
101
Banco Pastor [PASTOR]
95
Lloyds TSB [LLOYDS]
35
Banco Popolare [BPIM]
87
Mediobanca [BACRED]
88
Banco Popular Espanol [POPSM]
96
Monte dei Paschi di Siena [MONTE]
89
Banco Santander [SANTAN]
97
National Bank of Greece [ETEGA]
109
Bankinter [BKTSM]
98
Nationwide Building Society [NWIDE]
36
Banque Federative du Credit Mutuel [BFCM]
79
Natixis [KNFP]
83
Barclays [BACR]
31
Nordea [NBHSS]
47
Bawag [BAWAG]
62
NORD/LB [NDB]
58
BNP Paribas [BNP]
80
Northern Rock [NRKLN]
37
BPCE [BPCE]
82
sterreichische Volksbanken-AG [AUSTVB]
65
Bradford & Bingley [BRADBI]
32
Rabobank [RABOBK]
75
Caixa Geral de Depositos [CXGD]
104
Royal Bank of Scotland [RBS]
38
Caja Madrid [CAJAMM]
99
RZB Group [RZB]
66
Commerzbank [CMZB]
52
Skandinaviska Enskilda Banken [SEB]
48
Credit Agricole SA [ACAFP]
81
SNS Bank [SNSSNS]
76
Credit Suisse Group [CS]
68
Socit Gnrale [SOCGEN]
84
Danske Bank [DANBNK]
45
Standard Chartered [STANLN]
39
Deutsche Bank [DB]
53
Svenska Handelsbanken [SHBASS]
49
Deutsche Postbank [DPB]
54
Swedbank [SWEDA]
50
Dexia [DEXGRP]
72
UBI Banca [UBIIM]
90
DnB NOR [DNBNOR]
46
UBS [UBS]
69
EFG Eurobank Ergasias [EUROB]
108
UniCredit [UCGIM]
59
Erste Bank [ERSTBK]
63
UniCredit Bank AG [HVB]
91
Espirito Santo Financial Group [ESF]
105
Van Lanschot Bankiers [LANSNA]
77
Eurohypo [EURHYP]
55
WestLB [WESTLB]
60
June 15, 2011
Ratings Overview
Exhibit 1: Ratings Overview
Issuer
Moodys
(Senior)
S&P
(Senior)
Fitch
(Senior)
Barclays Bank
A1, Negative
A+, Negative
AA-, Stable
Bradford & Bingley
Aa3, Stable
NR
A+, Stable
A-, Rev. f. Downgrade
A, Stable
AA-, Stable
UK Banks
HBOS
HSBC Bank
Aa2, Negative
AA, Stable
AA, Stable
Lloyds TSB Bank
A1, Rev. f. Downgrade
A, Stable
AA-, Stable
Nationwide Building Society
Aa3, Rev. f. Downgrade
A+, Negative
AA-, Negative
Aa3, Stable
A, Stable
A+, Stable
A+, Stable
AA-, Stable
A2, Stable
A, Stable
AA-, Stable
Allied Irish Banks
Ba2, Negative
BB, CW Negative
BBB, Negative
Anglo Irish Bank
Caa1, Rev. f. Downgrade
CCC+, Negative
BB-, RW Negative
Ba2, Negative
BB+, CW Negative
NR
Danske Bank
A2, Negative
A, Negative
A+, Stable
DnB NOR
Aa3, Stable
A+, Stable
A+, Stable
Nordea
Aa2, Stable
AA-, Stable
AA-, Stable
Northern Rock Asset Management

Royal Bank of Scotland
Standard Chartered Bank
Irish Banks
Irish Life & Permanent

Nordic Banks
Skandinaviska Enskilda Banken
A1, Stable
A, Stable
A+, Stable
Svenska Handelsbanken
Aa2, Stable
AA-, Stable
AA-, Stable
Swedbank
A2, Stable
A, Stable
A, Stable
Commerzbank
A2, Stable
A, Negative
A+, Stable
Deutsche Bank
Aa3, Stable
A+, Stable
AA-, Negative
Deutsche Postbank
A1, Negative
A, Stable
A+, Stable
A3, Stable
A-, Negative
A-, Stable
A3, Negative
NR
A-, RW Negative
A3, Stable
BBB, Stable
A-, Stable
Aa2, Negative
A-u, Negative
A, Stable
German Banks
Eurohypo
HSH Nordbank
Hypo Real Estate
NORD/LB
UniCredit Bank AG
WestLB
A, Stable
A+, Stable
A3, Developing
BBB+u, Negative
A-, RW Negative
Austrian Banks
Bawag
Erste Bank
Hypo Alpe-Adria-Bank International
sterreichische Volksbanken-AG
Raiffeisen Bank International
Baa2, Stable
NR
NR
A1, Stable
A, Stable
A, Stable
Baa3, Negative
NR
NR
Baa2, Stable
NR
A, Stable
A1, Stable
A, Negative
A, Stable
Swiss Banks
Credit Suisse Group
Aa2, Negative
A, Stable
AA-, Stable
UBS
Aa3, Negative
A+, Stable
A+, Stable
Ratings as at 13 Jun 2011

Source: Moody's, S&P, Fitch, Credit Suisse
June 15, 2011
Exhibit 1: Ratings Overview (cont.)

Issuer
Moodys
(Senior)
S&P
(Senior)
Fitch
(Senior)
Benelux Banks
ABN AMRO
Aa3, Stable
A, Stable
A+, Stable
A, CW Negative
A+, Stable
ING Groep
A1, Stable
A, Stable
A, Stable
KBC Groep
A1, Negative
A-, Stable
A, Stable
Rabobank
Aaa, Negative
AAA, Negative
AA+, Stable
SNS Bank
Baa1, Stable
A-, Negative
BBB+, Stable
NR
A-, Stable
A-, Stable
Dexia Crdit Local
Van Lanschot Bankiers

French Banks
Banque Federative du Credit Mutuel
Aa3, Stable
A+, Stable
AA-, Stable
BNP Paribas
Aa2, Stable
AA, Negative
AA-, Stable
Crdit Agricole
Aa1, Stable
A+, Stable
AA-, Stable
BPCE
Aa3, Stable
A+, Stable
A+, Stable
Natixis
Aa3, Stable
A+, Stable
A+, Stable
Socit Gnrale
Aa2, Stable
A+, Stable
A+, Stable
A-, Stable
A-, Negative
A2, Negative
A-, Negative
A-, Negative
NR
A+, Negative
NR
A2, Stable
A-, Stable
A-, Stable
UBI Banca
A1, Stable
A, Negative
A, Stable
UniCredit
A, Stable
A, Stable
Italian Banks
Banca Popolare di Milano
Banco Popolare
Mediobanca
Monte dei Paschi di Siena
Spanish Banks
Bancaja
Baa1, Rev. f. Downgrade
NR
A-, Stable
Aa2, Negative
AA, Negative
AA-, Stable
Banco de Sabadell
A3, Negative
A, Negative
A, Stable
Banco Pastor
Ba1, Negative
NR
NR
Banco Popular Espanol
A2, Negative
A-, Negative
A, Stable
Bankinter
A2,Negative
A, Negative
A, Negative
Banco Bilbao Vizcaya Argentaria
Caja Madrid
NR
A-,Stable
La Caixa
Aa2, Negative
A+, CW Negative
A+, RW Negative
Banco Santander
Aa2, Negative
AA, Negative
AA, Stable
Portuguese Banks
Banco Espirito Santo
BBB-, Negative
NR
Caixa Geral de Depositos
BBVB-, Negative
BBB-, RW Negative
Espirito Santo Financial Group
NR
NR
Alpha Bank
B3, Negative
B, CW Negative
B+, RW Negative
EFG Eurobank Ergasias
B3, Negative
B, CW Negative
B+, RW Negative
National Bank of Greece
B3, Negative
B, CW Negative
B+, Negative
Greek Banks
Ratings as at 13 Jun 2011.

Source: Moody's, S&P, Fitch, Credit Suisse
June 15, 2011
FY10 Key Figures Summary

Exhibit 2: European Banks FY10 Key Figures
Net profit
FY10
Net profit
FY09
Net profit %
change yoy
4,549
9,993
-54.5
819
-98
-933.4
$m
-2,351
-10,491
-77.6
5,834
Return on
equity %
LLP/NII %
Total assets
Core Tier 1 %
Tier 1 % Total capital % Market cap (m)
9.25
44.51
1,489,645
10.07
13.50
16.90
31,683
45.50
45.50
45,359
n/a
n/a
n/a
-9.27
129.96
641,752
10.20
11.40
14.10
125.6
9.92
35.49
2,454,689
10.50
12.10
15.20
110,183
32,449
UK Banks
Barclays
Bradford & Bingley
HSBC
13,159
Nationwide Building Society (2010/11)
-320
2,827
-111.3
-0.72
87.29
991,574
10.20
11.60
15.20
Northern Rock
248
264
-6.1
4.14
23.30
188,878
12.50
15.70
19.50
410
-277
-248.1
nm
64.51
66,277
n/a
n/a
n/a
Standard Chartered
$m
-1,001
-2,672
-62.5
-1.48
65.14
1,453,576
10.70
12.90
14.00
44,797
Allied Irish Banks
-10,232
-2,413
324.0
-147.33
326.02
145,222
4.00
4.30
9.20
2,143
Anglo Irish Bank
-17,651
-12,705
38.9
-366.63
1046.77
72,183
9.96
10.90
12.40
-141
-313
-55.0
-7.77
135.92
75,705
10.60
10.60
10.60
18
Lloyds TSB
Irish Banks
Nordic Banks
Danske Bank
DKr m
3,660
1,727
111.9
3.56
57.95
3,213,886
10.10
14.80
17.70
DKr 93,174
DnB NOR
NKr m
14,815
8,585
72.6
14.12
12.79
1,861,620
9.20
10.10
12.40
NKr 126,965
Nordea
2,657
2,314
14.8
11.36
17.04
580,839
10.30
11.40
13.40
SKr 276,834
SKr m
6,745
1,114
505.5
6.79
11.36
2,179,821
12.20
14.20
13.80
SKr 112,747
SKr m
11,025
10,244
7.6
12.86
7.00
2,153,530
13.29
16.50
20.85
SKr 120,867
SKr m
7,444
-10,511
-170.8
8.07
17.21
1,715,681
13.90
15.20
18.40
SKr 119,857
Swedbank
Market capitalisation as at 13 June 2011, nm: not meaningful
Source: Company Reports, the BLOOMBERG PROFESSIONAL service, Credit Suisse
June 15, 2011
Exhibit 2: European Banks FY10 Key Figures (cont.)
German Banks
Commerzbank
Deutsche Bank
Deutsche Postbank
Eurohypo
HSH Nordbank
HVB Group
Hypo Real Estate
NORD/LB
WestLB
Austrian Banks
Bawag
Erste Bank
Hypo Alpe-Adria-Group
sterreichische Volksbanken-AG
RZB Group
Swiss Banks
Credit Suisse Group
UBS
Benelux Banks
ABN AMRO
Dexia
ING Groep
KBC Groep
Rabobank
SNS Bank
French Banks
Banque Federative du Credit Mutuel*
BNP Paribas
Credit Agricole
Groupe Caisse dEpargne
Natixis
Societe Generale
Net profit
FY10
Net profit
FY09
Net profit %
change yoy
Return on
equity %
LLP/NII %
m
m
m
m
m
m
m
m
m
1,430
2,310
138
-857
-3
1,703
-910
218
-240
-4,537
4,973
76
-902
-734
819
-2,236
-149
-531
-131.5
-53.5
81.6
-5.0
-99.6
107.9
-59.3
-246.3
-54.8
5.31
5.40
2.54
-22.96
-0.06
7.45
-17.87
3.77
-6.90
35.43
8.18
20.54
105.16
7.75
14.88
52.98
39.82
16.61
754,299
1,905,630
214,684
229,010
150,930
371,909
328,119
228,586
191,523
9.20
8.70
5.67
8.95
11.86
15.91
27.35
5.83
8.70
11.90
12.30
8.11
10.40
15.40
16.60
34.70
9.15
11.40
15.30
14.10
11.31
14.10
22.40
19.10
47.70
11.06
15.90
15,749
36,999
4,895
-
m
m
m
m
m
122
1,015
-1,061
55
714
-30
903
-1,581
-1,084
433
506.0
12.4
-32.9
-105.1
64.7
6.19
7.72
-87.99
4.68
10.23
21.22
37.67
137.60
49.68
33.31
38,556
205,938
38,753
46,465
136,497
7.23
9.19
6.08
6.50
8.54
8.87
10.20
6.60
9.37
9.34
11.79
13.50
10.30
12.78
12.59
12,879
-
Sfr m
Sfr m
5,098
7,534
6,724
-2,728
-24.2
376.2
14.40
17.15
-1.21
1.06
1,032,005
1,317,247
10.73
15.30
17.25
17.76
21.86
20.39
Sfr 41,374
Sfr 58,664
m
m
m
m
mn
mn
mn
-417
723
3,220
1,860
2,682
-431
66
272
1,010
-935
-2,466
2,099
-99
-16
-253.3
-28.4
-444.4
-175.4
27.8
335.4
-522.2
-4.00
7.56
7.54
10.69
9.00
-20.23
4.87
17.06
16.17
13.97
23.38
14.33
81.17
24.31
379,599
566,735
1,247,110
320,823
652,536
78,918
20,325
10.40
12.07
9.62
10.88
12.83
8.10
9.60
12.80
13.10
12.25
12.62
15.70
10.70
11.90
16.60
14.70
15.30
16.45
16.30
16.70
13.90
4,263
30,323
9,491
1,169
m
m
m
m
m
m
1,405
7,843
1,263
3,640
1,733
3,917
808
5,832
1,125
537
-1,707
678
73.9
34.5
12.3
577.8
-201.5
477.7
14.16
12.25
2.77
17.96
11.18
10.04
25.12
20.45
24.00
12.82
5.74
33.85
375,264
1,998,158
1,593,529
1,048,442
458,009
1,132,072
9.25
9.20
8.40
8.10
7.90
8.50
10.80
11.40
10.60
10.10
11.40
10.60
10.80
14.50
12.80
11.60
15.70
12.10
61,967
24,269
10,138
29,219
Market capitalisation as at 13 June 2011. *Capital ratios of CMCEE
Total assets Core Tier 1 (%)
Tier 1 % Total capital % Market cap (mn)
June 15, 2011
Exhibit 2: European Banks FY10 Key Figures (cont.)

Net profit
FY10
Net profit
FY09
Net profit %
change yoy
Return on Cost/income %
equity %
LLP/NII %
Total assets
Tier 1 %
Total capital % Market cap (mn)
Italian Banks
Banco Popolare
Mediobanca (1H08/09)
UBI Banca
Unicredito
m
m
m
m
m
m
106
308
263
986
172
1,323
104
267
270
220
270
1,702
2.2
15.4
-2.6
347.7
-36.3
-22.3
2.74
2.67
7.72
5.74
1.54
2.14
27.34
35.90
34.42
29.47
32.57
40.72
54,053
135,156
75,766
244,279
130,559
929,488
7.07
5.68
11.10
7.37
6.95
8.58
7.78
7.16
11.10
8.40
7.47
9.46
10.83
10.70
14.26
12.90
11.17
12.68
684
2,839
6,054
5,059
3,850
28,534
Spanish Banks
Bancaja
Banco de Sabadell
Banco Pastor
Bankinter
Caja Madrid
La Caixa
Santander
m
m
m
m
m
m
m
m
m
102
4,606
151
380
62
590
231
1,307
8,181
155
4,210
254
522
101
766
505
1,510
8,943
-34.0
9.4
-40.8
-27.3
-38.6
-23.0
-54.1
-13.4
-8.5
4.41
14.12
5.84
6.96
4.32
7.11
3.00
7.04
13.65
24.27
32.95
38.32
26.83
59.88
44.93
6.52
58.55
34.70
87,852
552,738
54,152
97,099
31,135
130,140
186,517
285,724
1,217,501
n/a
9.60
7.22
8.20
8.46
9.43
7.10
8.60
8.80
n/a
10.50
7.31
9.36
10.63
9.63
9.11
9.90
10.00
n/a
13.70
9.59
11.08
11.59
9.66
11.03
11.80
13.10
34,387
2,094
3,910
819
5,269
65,075
Portuguese Banks
m
m
m
511
251
122
522
279
157
-2.2
-10.2
-22.4
8.42
4.10
11.79
25.92
22.89
24.46
83,655
125,862
87,150
7.90
8.80
6.90
8.80
8.90
8.20
11.30
12.30
10.60
2,956
1,074
Greek Banks
Alpha Bank
m
m
m
86
68
406
350
305
923
-75.5
-77.7
-56.0
1.97
1.63
4.88
48.58
60.24
32.84
66,798
87,188
120,745
9.00
6.97
11.41
11.80
10.60
13.10
13.50
11.70
13.70
1,683
1,664
4,541
Market capitalisation as at 13 June 2011
BNP Paribas
Deutsche
HSBC
Barclays
RBS
Crdit
ING
Santander
LBG
Socit
UBS
BPCE
UniCredit
CS
Commerzbank
HBOS
Rabobank
Dexia
BBVA
Natixis
Danske Bank
Standard Ch.
ABN AMRO
BFCM
HVB Group
Hypo
KBC
La Caixa
Monte
SEB
Svenska
DnB NOR
Eurohypo
NORD/LB
*Nationwide
DPB
Erste Bank
WestLB
Swedbank
Caja Madrid
HSH
Allied Irish
RZB Group
Popolare
UBI Banca
BPE
Caixa Geral
NBG
Sabadell
Bancaja
EFG
ESFG
BES
SNS Bank
Northern Rock
**Mediobanca
IL&P
Anglo Irish
Alpha Bank
Nordea
Bankinter
Milano
B&B
AUSTVB
HAA
Bawag
Pastor
Van Lanschot
Total Assets (bn equiv.)

20
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-
*Market capitalisation as at 13 June 2011
*FY10/11, **1H10/11
10
1.2
0.8
0.7
Pastor
Milano
1.2
Piraeus
1.6
1.6
Sondrio
Valiant
1.7
EFG
125.1
140
Van Lans.
1.7
Alpha Bank
2.1
1.9
Romagnia
2.8
Popolare
2.1
3.0
AIB
3.0
3i
BES
Bankinter
3.9
3.0
Carige
Sabadell
UBI Banca
4.3
3.9
Dexia
4.5
4.9
NBG
5.1
MPS
Postbank
5.9
5.3
BPE
KBC
Julius Baer
Natixis
6.7
10.1
9.5
SEB
6.1
12.4
Danske
RZB
12.5
Erste
Mediobanca
13.1
12.9
Swedbank
15.8
13.3
Svenska
16.1
Commerz.
DnB NOR
28.5
24.3
UniCredit
Credit Ag.
30.3
29.2
CS
Nordea
ING
34.4
30.4
BBVA
SocGen
36.0
34.4
Barclays
36.8
36.8
LBG
42.1
48.7
50.9
Deutsche
Stan. Chart.
UBS
RBOS
62.0
40
BNP
60
65.1
HSBC
80
Santander
100
1,998
1,906
1,834
1,737
1,695
1,594
1,247
1,218
1,157
1,132
1,053
1,048
929
825
754
749
653
567
553
458
431
386
380
375
372
328
321
286
244
243
240
239
229
229
220
215
206
192
191
187
151
145
136
135
131
130
126
121
97
88
87
87
84
79
77
76
76
72
67
65
54
54
53
46
39
39
31
20
Market Capitalisation bn
June 15, 2011
Market Capitalisation
Exhibit 3: 50 European Banks by Market Capitalisation*
120
Market Cap. bn
Source: the BLOOMBERG PROFESSIONAL service, Credit Suisse
Total Assets
Exhibit 4: Total Assets, FYE10
Total Assets bn
Source: Company Reports, Credit Suisse
HSBC
Santander
BNP
UBS
Barclays
BBVA
CS
Socit
BPCE
Standard
ING
Rabobank
Deutsche
DnB NOR
KBC
Natixis
HVB Group
Commerzb
BFCM
UniCredit
La Caixa
Crdit
Svenska
Erste Bank
Monte
B&B
Swedbank
SEB
Dexia
RZB Group
BPE
BES
Danske
Northern
NBG
Sabadell
Popolare
Nordea
*Nationwide
**Medioban
Caixa Geral
Caja
NORD/LB
UBI Banca
Bankinter
DPB
ESFG
Bawag
Milano
Bancaja
Alpha Bank
EFG
Van
Pastor
AUSTVB
HSH
IL&P
WestLB
LBG
ABN
SNS Bank
Eurohypo
Hypo
HAA
RBS
HBOS
Allied Irish
Anglo Irish
Net Income (bn equiv.)

-10
-15
-10.2
-17.7
-5
-0.1
-0.2
-0.4
-0.4
-0.4
-0.9
-0.9
-1.1
-1.2
-2.7
10
9.8
8.2
7.8
6.0
5.3
4.6
4.1
3.9
3.6
3.2
3.2
2.7
2.3
1.9
1.9
1.7
1.7
1.4
1.4
1.3
1.3
1.3
1.2
1.0
1.0
1.0
0.8
0.8
0.7
0.7
0.6
0.5
0.5
0.5
0.4
0.4
0.3
0.3
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.0
June 15, 2011
Profitability
Exhibit 5: Net Income, FY10
15
Net Income bn
-20
*FY10/11, **1H10/11
11
B&B
HBOS
Bancaja
Eurohypo
BPE
Santander
**Mediobanca
LBG
DnB NOR
BBVA
Svenska
EFG
BES
HSH
Alpha
Nordea
HVB
Pastor
ING Groep
Sabadell
Erste
KBC Group
NBG
HSBC
NORD/LB
AUSTVB
Standard Ch.
Danske
Caja Madrid
La Caixa
BFCM
SNS Bank
ESFG
BNP
Bankinter
Swedbank
UniCredit
SocGen
Anglo Irish
SEB
RZB
Caixa Geral
Barclays
Bawag
*Nationwide
Cred. Ag.
Rabobank
RBS
BPCE
Popolare
MPS
IL&P
HAA
Commerz
ABN
Dexia
V. Lanschot
UBI Banca
Natixis
AIB
CS
WestLB
UBS
Postbank
Deutsche
Milano
Hypo RE
Northern
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
Cost/Income %
2.0
1.5
1.0
0.5
*FY10/11, **1H10/11
350
300
100
50
Cost/Income Ratio
*FY10/11, **1H10/11
12
63
60
60
83
65
2.5
299
3.0
2.95
2.91
2.86
2.86
2.77
2.76
2.68
2.53
2.40
2.17
2.10
2.05
2.01
1.98
1.92
1.91
1.89
1.86
1.86
1.83
1.81
1.80
1.79
1.79
1.79
1.77
1.74
1.63
1.45
1.42
1.41
1.39
1.34
1.32
1.32
1.31
1.30
1.30
1.29
1.29
1.28
1.24
1.20
1.17
1.10
1.08
1.07
1.05
1.04
1.02
1.02
0.96
0.96
0.91
0.86
0.85
0.84
0.81
0.80
0.77
0.75
0.72
0.71
0.70
0.56
0.52
0.29
1.54
1.33
1.53
1.57
1.51
3.5
nm
NBG
Alpha
Erste
Santander
EFG
RZB
BBVA
HSBC
BPCE
HAA
KBC Group
LBG
Standard Ch.
RBS
BPE
UniCredit
Milano
UBI Banca
Popolare
V. Lanschot
BES
NRAM
MPS
**Mediobanc
ESFG
Bawag
Sabadell
AUSTVB
Pastor
Rabobank
ING Groep
Caixa Geral
La Caixa
ABN
DnB NOR
BFCM
AIB
BNP
B&B
Postbank
Anglo Irish
HBOS
SocGen
HVB
SNS Bank
Svenska
Cred. Ag.
Bankinter
HSH
Deutsche
Nordea
Swedbank
Caja Madrid
Barclays
Commerz
IL&P
Danske
*Nationwide
CS
Bancaja
SEB
Natixis
NORD/LB
Dexia
WestLB
Eurohypo
UBS
Hypo RE
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
4.04
4.5
19
39
39
39
39
45
46
47
47
47
48
49
49
51
51
52
52
53
54
54
55
55
55
55
56
56
56
56
56
57
58
58
60
60
61
61
63
63
63
63
63
63
64
64
64
66
66
67
69
69
69
69
70
70
70
70
70
72
73
74
75
75
77
77
82
89
Net Interest Margin %
June 15, 2011
FY10 Key Figures Summary

Exhibit 6: Net Interest Margin, FY10
4.0
Net Interest Margin
0.0
Exhibit 7: Cost/Income Ratio, FY10
250
200
150
0.0
-100.0
-50.0
-150.0
-200.0
-400.0
*FY10/11, **1H10/11
13
-8
-4
50.0
14
nm
*FY10/11, **1H10/11
-4
100.0
-88
50
-147
100
132
128
106
103
98
90
90
88
82
81
78
77
77
76
76
76
75
75
72
69
69
69
69
69
68
68
67
67
66
65
65
63
62
61
60
60
59
59
58
57
57
57
57
57
56
56
55
55
55
54
53
53
52
52
52
52
51
50
49
48
47
44
43
40
39
22
19
70
62
69
67
63
150
-1
-1
-4
-7
-8
-9
-18
-20
-23
Hypo RE
Anglo Irish
Eurohypo
WestLB
HAA
HSH
B&B
NBG
SNS Bank
AIB
Alpha
Northern
Cred. Ag.
EFG
KBC Group
NORD/LB
*Nationwide
Dexia
AUSTVB
Postbank
BPE
Rabobank
Santander
Svenska
Popolare
**Medioban
Erste
ABN
Bawag
Milano
HVB
Sabadell
BBVA
UniCredit
Pastor
UBI Banca
ING Groep
DnB NOR
La Caixa
HSBC
BES
HBOS
BFCM
V. Lanschot
Swedbank
Caja Madrid
Nordea
Commerz
BNP
Deutsche
RZB
Standard
MPS
RBS
BPCE
Caixa Geral
Danske
Bankinter
LBG
ESFG
Natixis
SocGen
SEB
Bancaja
Barclays
IL&P
CS
UBS
U. Ave.2010
Median
U.Ave.2009
U.Ave.2008
U.Ave.2007
391
400
46
18
17
14
14
14
14
14
13
13
12
12
11
11
11
10
10
10
9
9
8
8
8
8
8
7
7
7
7
7
6
6
6
5
5
5
5
5
5
4
4
4
4
4
4
3
3
3
3
3
2
2
2
2
0
NII/Op. Revenues %
450
B&B
BPCE
UBS
CS
BFCM
BBVA
DnB NOR
Santander
Standard Ch.
Svenska
BNP
ESFG
Nordea
Natixis
KBC Group
RZB
SocGen
HSBC
Barclays
Rabobank
BES
Swedbank
Erste
Dexia
ING Groep
HVB
BPE
La Caixa
Sabadell
SEB
Bawag
Bankinter
*Mediobanca
Deutsche
Commerz
Popolare
NBG
V. Lanschot
AUSTVB
Bancaja
Pastor
*Nationwide
Caixa Geral
NORD/LB
Danske
Caja Madrid
Cred. Ag.
Milano
MPS
Postbank
UniCredit
Alpha
EFG
UBI Banca
HSH
LBG
RBS
ABN
WestLB
IL&P
HBOS
Hypo RE
SNS Bank
Eurohypo
HAA
AIB
Anglo Irish
-367
Northern
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
ROAE %
June 15, 2011
Exhibit 8: Net Interest Income/Operating Revenues, FY10

Net Interest Income/Op. Revenues
350
300
250
200
Exhibit 9: Return on Average Equity (RoAE), FYE10
Return on Avg. Equity
-250.0
-300.0
-350.0
Hypo RE
HVB
UBS
Swedbank
Svenska
Rabobank
*Nationwide
SEB
Dexia
HSH
Standard Ch.
NBG
KBC Group
CS
RBS
IL&P
HSBC
ABN
Nordea
HBOS
LBG
Danske
Barclays
Anglo Irish
ING Groep
BBVA
V. Lanschot
BPE
BFCM
Commerz
BNP
DnB NOR
HAA
Alpha
Eurohypo
Erste
Santander
Caixa Geral
WestLB
Deutsche
La Caixa
UniCredit
SocGen
Pastor
Cred. Ag.
Sabadell
BPCE
SNS Bank
Natixis
Popolare
BES
**Mediobanc
Bawag
Bankinter
Caja Madrid
Milano
EFG
UBI Banca
ESFG
RZB
AUSTVB
NORD/LB
MPS
Postbank
AIB
B&B
Bancaja
Northern
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
n/a
n/a
n/a
Core Tier 1 % Basel II
-20.0
20.0
15.0
10.0
5.0
B&B
Standard Ch.
BBVA
DnB NOR
Santander
BPCE
BES
KBC Group
UBS
HSBC
Northern
Svenska
RZB
Erste
CS
Nordea
La Caixa
HVB
BPE
Rabobank
Swedbank
Sabadell
**Mediobanca
Popolare
BNP
Natixis
SocGen
BFCM
NBG
V. Lanschot
Barclays
Bawag
SEB
Bankinter
ING Groep
MPS
Milano
Caixa Geral
Pastor
Commerz
UniCredit
ESFG
UBI Banca
Deutsche
*Nationwide
Dexia
Alpha
Caja Madrid
Danske
AUSTVB
Bancaja
NORD/LB
Cred. Ag.
EFG
Postbank
HSH
LBG
RBS
ABN
WestLB
IL&P
Hypo RE
HBOS
Eurohypo
SNS Bank
HAA
AIB
Anglo Irish
-17.9
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
-10.0
-6.4
-5.0
*FY10/11, **1H10/11
*FY10/11, **1H10/11
14
-0.1
Return on Avg. Assets

0.1
0.7
-0.1
-0.1
0.0
-0.1
-0.1
-0.1
-0.2
-0.3
-0.3
-0.4
-0.5
-2.7
1.7
0.9
0.8
0.8
0.8
0.7
0.6
0.6
0.6
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.0
5.0
9.6
9.2
8.4
6.6
6.9
27.3
30.0
15.9
15.3
13.9
13.3
12.8
12.5
12.2
12.1
11.9
11.8
11.4
10.9
10.7
10.7
10.6
10.5
10.4
10.3
10.2
10.2
10.1
10.1
10.0
9.6
9.6
9.6
9.4
9.3
9.2
9.2
9.2
9.2
9.0
9.0
8.9
8.8
8.8
8.7
8.7
8.6
8.6
8.5
8.5
8.4
8.2
8.1
8.1
7.9
7.9
7.9
7.4
7.2
7.2
7.1
7.1
7.0
7.0
6.9
6.5
6.1
5.8
5.7
5.7
4.0
ROAA %
June 15, 2011
Exhibit 10: Return on Average Assets (RoAA), FYE10
-15.0
Capital
Exhibit 11: Core Tier 1 Ratio Basel II, FYE10
25.0
0.0
Hypo RE
HSH
CS
Svenska
UBS
*Nationwide
HVB
Standard Ch.
Swedbank
Danske
Barclays
SNS Bank
ABN
KBC Group
Rabobank
WestLB
Natixis
Commerz
ING Groep
HSBC
LBG
Dexia
BNP
HBOS
Deutsche
Eurohypo
RBS
V. Lanschot
SEB
BBVA
NBG
Erste
Alpha
Nordea
Popolare
Santander
**Mediobanca
Cred. Ag.
AUSTVB
UniCredit
RZB
Anglo Irish
DnB NOR
Caixa Geral
SocGen
La Caixa
Bawag
EFG
BPCE
Pastor
Postbank
BES
UBI Banca
Sabadell
NORD/LB
Caja Madrid
Milano
BFCM
MPS
IL&P
ESFG
HAA
BPE
Bankinter
AIB
B&B
Northern
Bancaja
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
n/a
n/a
n/a
Total Capital % Basel II

5.0
50.0
n/a
n/a
n/a
20.0
15.0
10.0
*FY10/11, **1H10/11
30.0
20.0
10.0
*FY10/11, **1H10/11
15
11.4
10.7
10
8.1
8.6
17.8
17.2
16.6
16.5
15.7
15.7
15.4
15.2
14.8
14.2
14.0
13.5
13.1
13.1
12.9
12.8
12.6
12.3
12.3
12.1
11.9
11.9
11.8
11.6
11.4
11.4
11.4
11.4
11.4
10.9
10.8
10.7
10.6
10.6
10.6
10.6
10.4
10.2
10.1
10.1
9.6
9.5
9.4
9.4
9.4
9.3
9.2
8.9
8.9
8.8
8.8
8.6
8.5
8.4
8.2
8.2
8.1
7.8
7.5
7.2
7.2
7.1
6.6
4.3
25.0
14.5
13.5
13.0
11.3
12.2
Hypo RE
UBS
CS
HVB
Svenska
*Nationwide
Rabobank
HSH
Swedbank
Danske
SEB
Standard Ch.
Barclays
Dexia
NBG
RBS
ABN
KBC Group
Deutsche
ING Groep
HSBC
Commerz
V. Lanschot
Alpha
LBG
HBOS
WestLB
BNP
Natixis
Nordea
Anglo Irish
BFCM
SNS Bank
IL&P
Cred. Ag.
SocGen
EFG
Eurohypo
Erste
BPCE
DnB NOR
BBVA
UniCredit
BPE
Popolare
AUSTVB
RZB
NORD/LB
Caixa Geral
Bawag
Santander
BES
La Caixa
Pastor
**Mediobanca
Sabadell
ESFG
Postbank
Milano
UBI Banca
Bankinter
MPS
Caja Madrid
HAA
AIB
B&B
Northern
Bancaja
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
34.7
35.0
47.7
40.0
22.4
21.9
20.9
20.4
19.5
19.1
18.4
18.4
17.7
16.9
16.7
16.6
16.5
16.3
15.9
15.7
15.3
15.3
15.2
15.2
14.7
14.5
14.1
14.1
14.1
14.0
13.9
13.8
13.7
13.7
13.5
13.5
13.4
13.2
13.1
12.9
12.8
12.8
12.7
12.6
12.4
12.4
12.3
12.1
11.8
11.8
11.7
11.6
11.6
11.3
11.3
11.2
11.1
11.1
11.0
10.8
10.8
10.7
10.6
10.6
10.3
9.7
9.6
9.2
Tier 1 % Basel II
June 15, 2011
Exhibit 12: Tier 1 Ratio Basel II, FYE10
30.0
0.0
Exhibit 13: Total Capital Ratio Basel II, FYE10
60.0
40.0
0.0
IL&P
HVB
UBI Banca
Dexia
HAA
Nordea
DnB NOR
Caixa Geral
Swedbank
RZB
Anglo Irish
BES
Milano
UniCredit
HBOS
Santander
**Mediobanca
LBG
NBG
BPE
HSBC
AIB
KBC Group
UBS
Eurohypo
BFCM
SEB
Popolare
Bankinter
BBVA
Commerz
Standard Ch.
Erste
RBS
Svenska
Sabadell
Rabobank
Bawag
ABN
BNP
BPCE
*Nationwide
Pastor
MPS
SocGen
Hypo RE
ING Groep
ESFG
HSH
WestLB
Barclays
SNS Bank
Alpha
Cred. Ag.
Deutsche
Postbank
Natixis
La Caixa
AUSTVB
V. Lanschot
Danske
EFG
NORD/LB
CS
B&B
NRAM
Bancaja
Caja Madrid
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
Hybrid Tier 1 Capitall %

5.0
4.0
3.0
2.0
5.0
6.4
6.3
6.3
6.3
6.3
6.2
6.1
6.1
6.0
5.9
5.8
5.7
5.7
5.6
5.5
5.4
5.2
5.1
5.1
5.0
4.9
4.9
4.9
4.9
4.7
4.6
4.5
4.5
4.5
4.4
4.3
4.1
4.0
3.9
3.8
3.8
3.7
3.7
3.6
3.5
3.4
3.3
3.3
3.2
3.2
3.1
3.1
3.1
3.0
2.9
2.7
2.7
2.6
2.5
2.2
2.1
2.1
2.0
1.9
1.9
1.9
1.7
1.5
1.1
1.1
4.2
4.2
4.1
3.3
3.9
6.0
*FY10/11, **1H10/11
35.0
30.0
25.0
20.0
15.0
10.0
*FY10/11, **1H10/11
16
18.1
16.1
18.9
20.9
18.4
RZB
BES
La Caixa
ESFG
Alpha
NBG
Standard Ch.
HVB
Erste
V. Lanschot
Milano
Bawag
BPE
UBI Banca
DnB NOR
Caixa Geral
MPS
BBVA
Popolare
Pastor
Sabadell
UniCredit
HSBC
KBC Group
Rabobank
Anglo Irish
B&B
Swedbank
Santander
LBG
**Mediobanca
Bankinter
EFG
AUSTVB
SEB
HBOS
RBS
Svenska
Nordea
HAA
BPCE
ING Groep
Commerz
HSH
*Nationwide
SocGen
Barclays
BNP
ABN
Caja Madrid
Natixis
CS
UBS
AIB
Danske
NORD/LB
BFCM
SNS Bank
Deutsche
IL&P
Hypo RE
WestLB
Cred. Ag.
Postbank
Dexia
Eurohypo
Bancaja
NRAM
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
7.0
n/a
n/a
n/a
n/a
40.0
4.2
6.8
7.7
7.9
7.9
8.1
8.1
8.4
8.6
8.7
9.9
10.0
10.1
11.3
12.0
12.2
12.4
12.9
13.1
13.4
13.5
13.7
13.9
13.9
14.3
14.4
14.4
15.2
15.7
15.7
16.1
16.1
16.8
16.9
17.7
18.3
18.4
18.5
19.3
19.5
20.3
20.4
20.6
20.9
21.2
21.5
22.5
23.0
23.7
25.1
25.1
25.9
26.0
29.6
30.1
30.2
30.4
30.6
33.8
33.8
34.2
36.3
37.8
7.8
7.8
7.3
8.0
0.0
Tangible Equity/Total Assets %
June 15, 2011
Exhibit 14: Tangible Equity/Total Assets, FYE10

9.0
1.0
0.0
Exhibit 15: Hybrid Tier 1 Capital/Tier 1 Capital, FYE10
0.0
Anglo Irish
IL&P
Deutsche
HVB
BPCE
Natixis
Milano
Popolare
UBI Banca
Santander
Caixa Geral
ESFG
Dexia
ING Groep
Rabobank
V. Lanschot
DnB NOR
Svenska
Swedbank
Nordea
RZB
HBOS
HSBC
UniCredit
LBG
AIB
UBS
SEB
BES
Eurohypo
Alpha
**Mediobanc
MPS
Standard
HAA
Erste
BFCM
Sabadell
RBS
Hypo RE
Commerz
KBC Group
NBG
SocGen
BNP
AUSTVB
Bawag
ABN
Barclays
Cred. Ag.
SNS Bank
Pastor
BPE
BBVA
Bankinter
NORD/LB
**Nationwide
Postbank
Danske
HSH
WestLB
CS
La Caixa
EFG
B&B
NRAM
Bancaja
Caja Madrid
U.Ave.2010
Median
U.Ave.2009
U.Ave.2008
U.Ave.2007
5.0
0.0
*FY10/11, **1H10/11
35.0
25.0
20.0
15.0
10.0
5.0
0.0
*FY10/11, **1H10/11
17
8.1
5.9
8.7
9.9
7.2
10.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
2.3
3.4
3.6
4.2
5.9
6.2
6.3
6.4
6.7
6.8
6.8
7.0
7.1
7.7
7.7
7.7
7.8
7.8
8.1
8.1
8.1
8.2
8.3
8.7
8.9
9.2
9.2
9.3
9.3
9.4
9.6
9.9
9.9
10.0
10.1
10.6
12.0
12.5
13.0
13.3
14.0
14.3
14.4
16.9
18.3
19.1
19.4
20.8
21.5
22.5
n/a
n/a
n/a
n/a
8
7.9
8.5
10.4
8.8
15.0
n/a
n/a
n/a
n/a
*Nationwide
IL&P
HAA
Deutsche
HSH
WestLB
BPCE
Natixis
Bankinter
BPE
La Caixa
Santander
ING Groep
BBVA
NBG
EFG
KBC Group
HVB
Nordea
BFCM
Commerz
RZB
ABN
UBI Banca
Bawag
UniCredit
**Mediobanca
Pastor
CS
Dexia
Swedbank
RBS
Erste
DnB NOR
Caixa Geral
Standard Ch.
BNP
Anglo Irish
Sabadell
HBOS
LBG
Eurohypo
Postbank
AIB
UBS
BES
SEB
Milano
SocGen
HSBC
Hypo RE
SNS Bank
Danske
Barclays
MPS
Cred. Ag.
Popolare
Svenska
Rabobank
AUSTVB
NORD/LB
Alpha
V. Lanschot
ESFG
B&B
NRAM
Bancaja
Caja Madrid
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
20.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
2.0
2.1
2.2
2.9
3.1
3.2
4.1
4.3
4.4
4.5
4.6
5.1
5.1
6.6
7.8
7.9
8.1
8.1
8.8
9.0
9.2
9.4
10.1
10.7
10.7
11.0
11.5
11.6
11.8
11.8
11.8
12.6
12.8
13.1
14.9
15.2
16.9
20.3
20.8
20.8
23.0
23.7
Step-Up Hybrid Tier 1 %

25.0
30.1
30.4
30.8
Non Step-Up Hybrid Tier 1 %
June 15, 2011
Exhibit 16: Step-Up Hybrid/Tier 1 Capital, FYE10
Exhibit 17: Non Step-Up Hybrid/Tier 1 Capital, FYE10
30.0
40.0
20.0
10.0
0.0
33.8
60.0
ABN 0.3
Svenska 0.6
Hypo RE 0.6
UBS 0.7
CS 0.8
SEB 1.3
1.3
WestLB
1.3
Postbank
1.5
Nordea
Dexia 1.6
1.7
Standard Ch.
1.9
ESFG
1.9
*Nationwide
2.0
BES
2.0
Rabobank
2.1
Deutsche
2.1
V. Lanschot
2.2
ING Groep
2.3
DnB NOR
2.6
Caixa Geral
2.9
Swedbank
2.9
HSBC
3.0
Bankinter
3.4
NORD/LB
3.5
BPCE
3.8
Santander
3.8
La Caixa
3.8
SNS Bank
4.1
Natixis
4.5
BBVA
4.7
Bawag
4.8
HVB
5.3
BNP
5.3
Sabadell
5.4
MPS
5.4
Bancaja
5.5
Danske
5.5
Cred. Ag.
5.8
BFCM
6.1
Caja Madrid
6.1
B&B
6.1
BPE
6.3
SocGen
6.4
Commerz
6.8
RBS
6.9
Pastor
7.0
IL&P
7.1
Eurohypo
7.1
UBI Banca
7.2
Barclays
7.4
KBC Group
7.6
Milano
7.9
Erste
8.5
Alpha
8.5
NBG
8.7
RZB
9.4
Popolare
9.6
EFG
10.6
LBG
11.5
UniCredit
11.7
HSH
11.8
**Mediobanc
12.8
HBOS
14.0
AIB
14.8
AUSTVB
HAA
Anglo Irish
NRAM n/a
6.4
U.Ave.2010
5.3
Median 2010
6.0
U.Ave.2009
2.9
U.Ave.2008
1.9
U.Ave.2007
NPL %
400.0
200.0
800.0
1046.8
1000.0
*FY10/11, **1H10/11
Non-Performing Loan Ratio
*FY10/11, **1H10/11
18
55.4
28.4
77.0
33.7
18.1
-1.2
1.1
5.7
6.5
7.0
7.7
8.2
10.4
11.4
12.8
12.8
14.0
14.3
14.9
16.2
16.6
17.0
17.1
17.2
20.5
20.5
21.2
22.9
23.3
23.4
24.0
24.3
24.3
24.5
25.1
25.4
25.9
26.8
27.3
29.5
32.6
32.8
32.9
33.3
33.9
34.7
35.4
35.5
35.9
37.7
38.3
39.8
40.7
44.5
44.9
45.5
48.6
49.7
53.0
58.0
58.6
59.9
60.2
64.5
65.1
81.2
87.3
105.2
130.0
135.9
137.6
326.0
600.0
51.8
CS
UBS
Natixis
Caja Madrid
Svenska
HSH
Deutsche
Standard Ch.
SEB
DnB NOR
BPCE
ING Groep
Rabobank
HVB
Dexia
WestLB
Nordea
ABN
Swedbank
BNP
Postbank
Bawag
Caixa Geral
*Nationwide
KBC Group
Cred. Ag.
Bancaja
V. Lanschot
ESFG
BFCM
Popolare
BES
Sabadell
Milano
**Mediobanca
UBI Banca
NBG
BBVA
RZB
SocGen
Santander
Commerz
HSBC
MPS
Erste
Bankinter
NORD/LB
UniCredit
Barclays
BPE
B&B
Alpha
AUSTVB
Hypo RE
Danske
La Caixa
Pastor
EFG
NRAM
RBS
SNS Bank
LBG
Eurohypo
HBOS
IL&P
HAA
AIB
Anglo Irish
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
LLP/NII %
June 15, 2011
Asset Quality
Exhibit 18: Loan Loss Provisions/Net Interest Income, FY10
1200.0
Loan Loss Provisions/Net Interest Income
0.0
-200.0
Exhibit 19: Non-Performing Loan Ratio, FYE10
50.0
30.0
Cost of Risk %
0
50.00
45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
Cost of Risk
517.92
100
173
171
117
117
109
82
81
77
73
73
71
70
70
70
69
69
68
68
66
65
64
63
63
61
60
58
58
57
57
56
55
54
54
52
52
51
50
50
49
49
46
46
45
44
44
43
43
42
41
40
40
39
39
39
38
38
38
38
37
36
34
33
31
28
26
15
n/a
65
54
61
66
96
200
22.51
ABN
BES
ESFG
Postbank
Caixa Geral
SEB
WestLB
Dexia
V. Lanschot
HVB
Bawag
HSBC
BNP
Bancaja
La Caixa
Bankinter
Santander
BFCM
Caja Madrid
RZB
Standard Ch.
Cred. Ag.
UBS
Swedbank
Svenska
BBVA
Erste
SocGen
Natixis
AIB
BPCE
CS
Sabadell
Anglo Irish
Nordea
NBG
Alpha
Hypo RE
NORD/LB
HBOS
Pastor
RBS
**Mediobanca
KBC Group
UniCredit
AUSTVB
Rabobank
Popolare
Commerz
EFG
BPE
DnB NOR
Deutsche
B&B
Barclays
Danske
SNS Bank
Eurohypo
ING Groep
HSH
UBI Banca
IL&P
HAA
Milano
LBG
*Nationwide
MPS
NRAM
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
518
600
CS -0.03
0.02
UBS
0.10
Caja Madrid
0.10
Svenska
0.13
HSH
0.15
Natixis
0.16
SEB
0.18
Dexia
0.22
Hypo RE
0.23
Swedbank
0.24
*Nationwide
Bancaja
0.25
0.26
DnB NOR
0.27
WestLB
Rabobank
0.28
0.29
ING Groep
0.29
Nordea
Deutsche
0.38
0.40
Standard Ch.
0.44
HVB
0.46
Caixa Geral
0.51
Postbank
0.52
Bankinter
0.53
V. Lanschot
0.56
BPCE
0.58
Sabadell
0.59
NORD/LB
0.65
ESFG
0.66
Bawag
0.70
Milano
BES
0.70
0.71
UBI Banca
0.72
BNP
**Mediobanc
0.73
0.73
B&B
0.74
Commerz
0.75
Popolare
0.75
Danske
0.78
BFCM
0.82
MPS
1.00
Cred. Ag.
1.02
KBC Group
1.07
SNS Bank
1.07
SocGen
1.12
IL&P
1.14
Eurohypo
BPE
1.16
1.20
UniCredit
1.20
La Caixa
Barclays
1.33
1.35
Pastor
1.38
BBVA
Santander
1.44
1.44
RBS
1.45
NRAM
1.51
HSBC
1.62
AUSTVB
1.62
Erste
1.66
RZB
1.76
Alpha
1.80
NBG
1.80
LBG
2.43
EFG
2.77
HBOS
4.61
HAA
AIB
5.71
Anglo Irish
ABN
8.9
U.Ave.2010
0.73
Median 2010
5.60
U.Ave.2009
1.93
U.Ave.2008
1.55
U.Ave.2007
Coverage Ratio %
June 15, 2011
Exhibit 20: Coverage Ratio, FY10

Coverage Ratio
500
400
300
*FY10/11, **1H10/11
Exhibit 21: Cost of Risk, FY10
*FY10/11, **1H10/11
19
*Nationwide
V. Lanschot
Postbank
BPE
Standard Ch.
Erste
Sabadell
Bawag
NBG
Bancaja
ABN
Alpha
Caixa Geral
EFG
Santander
HSBC
BBVA
La Caixa
Pastor
SNS Bank
KBC Group
Caja Madrid
Rabobank
UBI Banca
Bankinter
Milano
UniCredit
RZB
ING Groep
MPS
**Mediobanca
LBG
BPCE
BES
AIB
ESFG
RBS
Commerz
DnB NOR
HBOS
Popolare
HSH
SEB
Cred. Ag.
Swedbank
BFCM
Nordea
SocGen
HVB
BNP
Deutsche
CS
Danske
NORD/LB
Svenska
UBS
Barclays
Dexia
HAA
IL&P
AUSTVB
Anglo Irish
Eurohypo
Hypo RE
Natixis
WestLB
NRAM
B&B
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
80
70
60
50
40
30
20
CS
Deutsche
Cred. Ag.
HSBC
Standard Ch.
UBS
Postbank
KBC Group
Bawag
Erste
RBS
*Nationwide
NBG
V. Lanschot
BNP
SocGen
Santander
ING Groep
BPE
Caixa Geral
BBVA
Barclays
Commerz
RZB
EFG
La Caixa
HVB
ABN
Caja Madrid
Bancaja
Alpha
Sabadell
BFCM
UniCredit
BPCE
Pastor
Milano
LBG
SEB
Rabobank
**Mediobanca
BES
AIB
ESFG
Popolare
SNS Bank
MPS
UBI Banca
Bankinter
HBOS
Nordea
DnB NOR
NORD/LB
HSH
Natixis
Danske
Anglo Irish
Swedbank
Svenska
IL&P
Dexia
AUSTVB
HAA
WestLB
Eurohypo
Hypo RE
B&B
NRAM
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
0
0
100
80
60
40
*FY10/11, **1H10/11
*FY10/11, **1H10/11
20
70
71
69
67
71
107
101
92
92
90
88
86
85
84
84
83
83
83
81
81
80
79
79
79
78
77
76
76
75
74
73
72
70
69
67
66
66
66
63
61
59
58
58
58
58
58
57
57
56
55
54
51
47
47
46
45
37
37
36
33
32
29
28
21
120
38
36
37
35
36
71
67
64
61
59
57
57
56
56
56
56
55
54
51
51
50
50
50
48
48
48
47
46
45
45
44
43
42
41
40
40
40
38
37
36
36
35
35
34
34
34
33
33
31
31
31
30
30
29
29
28
28
27
27
25
25
23
22
21
18
16
15
14
13
13
12
Deposits/Net Loans %
131
131
131
128
128
126
124
140
0
0
Deposits/Total Liabilities %
June 15, 2011
Funding
Exhibit 22: Deposits/Net Loans, FY10
Deposits/Net Loans
20
Exhibit 23: Deposits/Total Liabilities, FY10
Deposits/Total Liabilities
10
Deutsche
Cred. Ag.
Anglo Irish
ABN
HSBC
Standard Ch.
BFCM
B&B
*Nationwide
Rabobank
UBS
BPCE
Swedbank
V. Lanschot
CS
RBS
SEB
SocGen
HVB
HAA
Popolare
Commerz
Barclays
MPS
Svenska
Danske
ING Groep
Bawag
Santander
WestLB
Bankinter
Caja Madrid
BPE
Natixis
Bancaja
UniCredit
Erste
NORD/LB
LBG
UBI Banca
KBC Group
SNS Bank
Dexia
Postbank
RZB
BES
ESFG
HBOS
AUSTVB
La Caixa
BBVA
NRAM
HSH
Hypo RE
BNP
Milano
**Mediobanca
Caixa Geral
Eurohypo
Sabadell
IL&P
EFG
DnB NOR
Alpha
Pastor
NBG
Nordea
AIB
U.Ave.2010
Median 2010
U.Ave.2009
U.Ave.2008
U.Ave.2007
Interbank %
250
200
150
100
50
404
450
235
228
191
188
182
171
170
152
143
138
134
122
110
108
102
96
91
89
82
81
80
80
80
76
72
71
69
67
65
65
65
64
64
63
63
62
60
60
58
56
54
54
54
53
47
46
46
45
45
41
40
39
38
37
35
34
32
28
27
21
19
19
15
13
11
9
6
80
64
71
64
80
June 15, 2011
Exhibit 24: Interbank Ratio, FY10
400
Interbank Ratio
350
300
*FY10/11, **1H10/11
Source: Company reports, Credit Suisse
21
June 15, 2011
Comparative Tables
Exhibit 25: FY10 Comparative Ratios UK Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Hybrid Tier 1/Tier 1
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Deposits/Liabilities
Avg.
Median
2.05
56.18
13.22
1.67
51.30
8.82
1.81
55.70
6.70
10.70
12.90
14.00
16.77
7.76
9.01
12.57
4.80
11.80
14.00
18.40
16.07
8.24
7.83
16.04
7.46
10.85
13.03
16.19
16.48
8.32
8.16
9.22
4.43
10.50
12.90
15.20
16.07
9.16
7.83
7.91
4.73
64.51
1.45
n/a
n/a
65.14
1.44
46.02
6.84
10.36
0.40
64.77
1.70
56.23
1.30
45.43
6.26
45.50
1.44
42.51
6.48
0.00
0.00
91.97
35.13
127.72
59.43
71.28
34.69
80.80
35.13
Barcl.
B&B
HBOS
HSBC
Lloyds
Nationw.*
North. R.
RBOS
Stan. Ch.
A1/A+
Aa3/NR
A-/A
Aa2/AA
A1/A
Aa3/A+
Aa3/A
A1/A
A2/A
0.96
63.52
9.25
1.30
18.80
45.50
1.28
38.54
-9.27
2.68
55.22
9.92
2.10
46.60
-0.72
0.84
64.24
4.14
1.81
nm
nm
2.01
67.26
-1.48
10.07
13.50
16.90
25.05
13.30
11.76
12.69
3.65
n/a
n/a
n/a
n/a
n/a
n/a
6.06
4.86
10.20
11.40
14.10
11.32
9.16
2.16
6.93
4.12
10.50
12.10
15.20
13.43
10.56
2.87
15.12
5.90
10.20
11.60
15.20
12.40
9.20
3.20
7.91
4.73
12.50
15.70
19.50
20.29
0.00
20.29
4.19
3.31
n/a
n/a
n/a
n/a
n/a
n/a
1.49
1.08
44.51
1.33
38.84
7.24
45.50
0.73
39.00
6.12
129.96
2.77
48.65
12.80
35.49
1.51
71.49
2.87
87.29
1.80
28.44
10.57
23.30
0.24
26.21
1.94
80.80
23.21
0.00
0.00
56.74
33.72
128.11
50.02
66.43
39.70
89.76
71.01
*FY10/11, nm = Not Meaningful, n/a = not available

Source: Company reports, Moody's, S&P, Credit Suisse
Exhibit 26: FY10 Comparative Ratios Irish Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
AIB
Ba2/BB
Anglo Irish
Caa1/CCC+
IL&P
Ba2/BB+
Avg.
Median
1.31
73.62
-147.33
1.29
62.70
-366.63
0.86
69.33
-7.77
1.15
68.55
-173.91
1.29
69.33
-147.33
4.00
4.30
9.20
13.52
9.42
4.10
4.44
2.70
9.96
10.90
12.40
8.66
8.66
0.00
14.51
4.90
10.60
10.60
10.60
0.00
0.00
0.00
4.43
2.14
8.19
8.60
10.73
7.39
6.03
1.37
7.79
3.25
9.96
10.60
10.60
8.66
8.66
0.00
4.44
2.70
326.02
5.71
56.54
14.04
1,046.77
22.51
53.76
51.75
135.92
1.12
33.84
6.96
502.90
9.78
48.05
24.25
326.02
5.71
53.76
14.04
59.34
36.08
45.53
15.37
36.58
17.68
47.15
23.04
45.53
17.68
22
June 15, 2011
Exhibit 27: FY10 Comparative Ratios Nordic Banks

Danske
A1/A
DnB
Aa3/A+
Nordea
Aa2/AA-
SEB
A1/A
SHB
Aa2/AA-
Swedb.
A2/A
Avg.
Median
0.85
56.21
3.56
1.32
46.97
14.12
1.02
51.96
11.36
0.77
62.87
6.79
1.10
48.00
12.86
1.02
61.12
8.07
1.02
54.52
9.46
1.02
54.08
9.71
10.10
14.80
17.70
33.78
12.95
20.83
5.67
3.26
9.20
10.10
12.40
8.11
8.11
0.00
9.50
5.97
10.30
11.40
13.40
7.95
5.93
2.02
7.81
4.22
12.20
14.20
13.80
14.35
9.93
4.42
9.26
4.57
13.29
16.50
20.85
16.91
16.91
5.97
4.10
13.90
15.20
18.40
8.40
7.75
0.65
8.00
5.54
11.50
13.70
16.09
14.92
10.26
4.65
7.70
4.61
11.25
14.50
15.75
11.38
9.02
1.33
7.91
4.40
57.95
0.75
38.44
5.46
12.79
0.26
40.02
2.34
17.04
0.29
52.26
1.53
11.36
0.16
108.73
1.26
7.00
0.10
60.70
0.62
17.21
0.23
62.57
2.87
20.56
0.30
60.45
2.35
14.91
0.24
56.48
1.94
46.58
26.79
54.85
34.48
56.14
30.37
66.20
32.64
36.86
25.36
45.00
31.14
50.94
30.13
50.72
30.75
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Exhibit 28: FY10 Comparative Ratios German Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
CMZB
A2/A
DB
Aa3/A+
DPB
A1/A
EURHYP
A3/A-
HSH
A3/NR
HVB
A1/A
HYPORE
A3/BBB
NORD/LB
Aa2/A-
WestLB
A3/BBB+
Avg.
Median
0.91
69.84
5.31
1.04
81.52
5.40
1.29
77.11
2.54
0.56
38.65
-22.96
1.05
50.88
-0.06
1.20
52.35
7.45
0.29
298.60
-17.87
0.72
55.64
3.77
0.70
74.67
-6.90
0.86
88.81
-2.59
0.91
69.84
2.54
9.20
11.90
15.30
15.70
6.28
9.42
8.74
3.80
8.70
12.30
14.10
29.57
12.36
2.64
5.67
8.11
11.31
30.11
9.29
20.81
5.11
2.62
8.95
10.40
14.10
13.90
9.27
4.63
3.02
1.53
11.86
15.40
22.40
22.99
0.00
22.99
5.18
3.38
15.91
16.60
19.10
4.18
4.18
0.00
16.99
6.36
27.35
34.70
47.70
21.19
12.01
9.18
3.20
2.02
5.83
9.15
11.06
36.30
19.38
16.93
5.27
2.58
8.70
11.40
15.90
23.67
0.00
23.67
4.51
1.91
11.35
14.44
19.00
21.96
7.55
13.45
7.15
2.98
8.95
11.90
15.30
22.99
7.77
13.17
5.18
2.62
35.43
0.74
42.05
6.44
8.18
0.38
39.08
2.05
20.54
0.51
117.44
1.34
105.16
1.14
37.75
7.08
7.75
0.13
36.74
11.72
14.88
0.44
73.32
4.78
52.98
0.22
50.30
0.63
39.82
0.59
49.63
3.42
16.61
0.27
82.45
1.34
33.48
0.49
58.75
4.31
20.54
0.44
49.63
3.42
80.19
34.84
130.97
28.02
124.05
63.57
27.76
14.10
51.25
33.42
77.86
29.17
20.88
13.17
54.39
26.57
29.24
12.40
66.29
28.36
54.39
28.02
23
June 15, 2011
Exhibit 29: FY10 Comparative Ratios Austrian Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
BAWAG
Baa2/NR
Erste Bank
A1/A
HAA
Baa3/NR
AUSTVB
Baa2/NR
RZB
A1/A
Avg.
Median
1.79
63.61
6.19
2.91
54.94
7.72
2.40
69.72
-87.99
1.74
56.14
4.68
2.77
63.13
10.23
2.32
61.51
-11.83
2.40
63.13
6.19
7.23
8.87
11.79
18.45
6.85
11.60
11.08
6.19
9.19
10.20
13.50
16.11
8.06
8.06
13.53
8.32
6.08
6.60
10.30
7.91
0.00
7.91
5.80
3.74
6.50
9.37
12.78
30.62
19.14
11.48
9.32
4.43
8.54
9.34
12.59
8.60
6.45
2.15
15.31
8.24
7.51
8.88
12.19
16.34
8.10
8.24
11.01
6.18
7.23
9.34
12.59
16.11
6.85
8.06
11.08
6.19
21.22
0.66
72.67
4.66
37.67
1.62
58.35
7.90
137.60
4.61
33.45
33.79
49.68
1.62
43.68
14.76
33.31
1.66
66.25
8.73
55.90
2.03
54.88
13.97
37.67
1.62
58.35
8.73
100.93
56.37
92.42
56.82
32.45
20.95
33.10
15.74
78.84
42.44
67.55
38.46
78.84
42.44
Exhibit 30: FY10 Comparative Ratios Swiss Banks

Avg.
Median
0.52
76.54
17.15
0.67
75.60
15.78
0.67
75.60
15.78
10.73
17.25
21.86
37.77
7.69
30.08
18.22
3.86
15.30
17.76
20.39
13.88
9.57
4.31
17.86
3.57
13.02
17.51
21.12
25.82
8.63
17.20
18.04
3.71
13.02
17.51
21.12
25.82
8.63
17.20
18.04
3.71
-1.21
-0.03
54.59
0.85
1.06
0.02
62.94
0.65
-0.07
0.00
58.77
0.75
-0.07
0.00
58.77
0.75
131.40
27.86
126.41
25.23
128.91
26.55
128.91
26.55
Credit Suisse Group
UBS
Aa2/A
Aa3/A+
0.81
74.66
14.40
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
24
June 15, 2011
Exhibit 31: FY09 Comparative Ratios Benelux Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Avg.
Median
1.86
70.44
4.87
1.46
62.32
3.24
1.44
61.96
7.55
8.10
10.70
16.70
25.08
12.50
12.58
2.82
2.33
9.60
11.90
13.90
21.49
21.49
0.00
9.37
7.24
10.52
12.71
15.56
17.96
10.60
3.79
7.15
4.34
10.25
12.44
15.80
19.87
10.11
0.00
7.63
4.54
14.33
0.28
43.24
2.02
81.17
1.07
38.34
3.85
24.31
0.53
76.68
2.08
28.89
0.56
53.62
3.18
19.78
0.41
44.09
2.15
65.53
45.78
58.27
48.00
86.22
66.64
72.66
45.25
74.46
46.72
ABN AMRO
Aa3/A
Dexia
A1/A
ING
A1/A
KBC
A1/A-
Rabobank
Aaa/AAA
SNS Bank Van Lanschot

Baa1/ANR/A-
1.34
70.00
-4.00
0.71
70.35
7.56
1.42
54.20
7.54
2.17
55.00
10.69
1.45
65.97
9.00
1.17
57.95
-20.23
10.40
12.80
16.60
18.47
6.72
11.75
4.39
3.19
12.07
13.10
14.70
7.71
7.71
0.00
2.71
1.68
9.62
12.25
15.30
21.45
0.00
0.00
7.71
3.79
10.88
12.62
16.45
13.73
3.59
10.14
12.75
5.71
12.83
15.70
16.30
18.29
18.29
0.00
7.56
5.28
17.06
0.30
517.92
0.30
16.17
0.18
80.95
1.56
13.97
0.29
37.55
2.23
23.38
1.02
44.94
7.37
76.62
55.66
36.07
22.42
83.39
41.00
106.52
47.66
Exhibit 32: FY10 Comparative Ratios French Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
BFCM*
BNP
ACA
BPCE
Natixis
SocGen
Aa3/A+
Aa2/AA
Aa1/A+
Aa3/A+
Aa3/A+
Aa2/A+
Avg.
Median
1.32
57.91
14.16
1.30
60.43
12.25
1.08
65.51
2.77
2.53
68.74
17.96
0.75
73.36
11.18
1.24
62.63
10.04
1.37
64.76
11.40
1.27
64.07
11.71
9.25
10.80
10.80
14.35
6.24
8.11
8.51
3.62
9.20
11.40
14.50
19.28
8.33
10.96
11.06
3.79
8.40
10.60
12.80
26.04
14.27
11.77
12.87
3.09
8.10
10.10
11.60
19.54
7.73
4.15
7.90
11.40
15.70
30.25
0.00
0.00
13.07
3.65
8.50
10.60
12.10
20.85
10.14
10.71
11.08
3.93
8.56
10.82
12.92
21.72
7.80
8.31
10.72
3.71
8.45
10.70
12.45
20.20
8.33
10.71
11.07
3.72
25.12
0.78
68.18
5.80
20.45
0.72
70.35
5.33
24.00
1.00
64.39
5.48
12.82
0.56
56.20
3.49
5.74
0.15
57.07
4.10
33.85
1.07
57.88
6.34
20.33
0.71
62.35
5.09
22.23
0.75
61.14
5.40
72.91
31.00
84.84
29.07
130.82
31.46
70.03
37.58
46.76
13.07
84.15
29.81
81.59
28.67
78.53
30.40
*Capital ratios of CMCEE

25
June 15, 2011
Exhibit 33: FY10 Comparative Ratios Italian Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Milano
Medio*
MPS
Popolare
UBI Banca
UniCredit
A1/A-
NR/A+
A2/A-
A2/A-
A1/A
Aa3/A
Avg.
Median
1.91
88.63
2.74
1.65
45.60
7.72
1.79
69.09
5.74
1.80
68.92
2.67
1.89
72.15
1.54
1.92
62.61
2.14
1.83
67.83
3.76
1.84
69.00
2.70
7.07
7.78
10.83
9.99
9.99
0.00
11.19
7.37
11.10
11.10
14.26
0.00
17.35
9.22
7.37
8.40
12.90
12.21
7.08
5.13
11.15
7.13
5.68
7.16
10.70
20.61
13.98
6.62
12.64
8.83
6.95
7.47
11.17
6.78
6.78
0.00
11.73
9.15
8.58
9.46
12.68
10.09
7.03
3.06
12.18
7.28
7.79
8.56
12.09
9.95
8.97
2.96
12.71
8.17
7.22
8.09
11.93
10.04
7.08
3.06
11.96
8.10
27.34
0.70
31.28
7.59
34.42
1.06
71.64
3.21
29.47
0.73
46.01
11.84
35.90
0.82
14.95
5.42
32.57
0.71
36.49
7.14
40.72
1.20
44.43
11.50
33.40
0.87
40.80
7.78
33.49
0.78
40.46
7.36
67.07
44.15
36.75
19.53
62.58
40.02
57.77
40.38
57.62
44.93
72.30
43.22
59.02
38.71
60.18
41.80
*1H10/11
Exhibit 34: FY10 Comparative Ratios Spanish Banks

Bancaja
BBVA
Pastor
BPE
Aa2/AA
Aa2/AA
Ba1/NR
Aa3/A
Bankinter Caja Madrid

A2/A-
Aa2/A
La Caixa
Sabadell
Santander
Aa2/A+
A3/A
Aa2/AA
Avg.
Median
Profitability %
Net Interest Margin
0.80
2.76
1.07
1.77
1.63
1.98
0.96
1.39
2.86
1.69
1.63
Cost/Income Ratio
38.59
47.26
60.91
54.35
53.03
39.43
56.37
56.77
45.09
50.20
53.03
RoAE
4.41
14.12
5.84
6.96
4.32
7.11
3.00
7.04
13.65
7.38
6.96
8.53
Capital Adequacy %
Core Tier 1 Ratio
n/a
9.60
7.22
8.20
8.46
9.43
7.10
8.60
8.80
8.43
Tier 1 Ratio
n/a
10.50
7.31
9.36
10.63
9.63
9.11
9.90
10.00
9.56
9.77
Total Capital Ratio
n/a
13.70
9.59
11.08
11.59
9.66
11.03
11.80
13.10
11.44
11.34
n/a
15.70
15.16
17.73
20.42
13.11
n/a
30.41
12.00
17.79
15.70
Step-Up /Tier 1
n/a
0.76
0.00
8.90
7.65
0.00
n/a
0.00
2.88
0.38
Non Step-Up/Tier 1
n/a
14.94
15.16
8.83
12.77
13.11
n/a
30.41
15.87
14.02
Equity/Net Loans
1.51
11.06
6.07
7.69
7.42
8.59
4.97
12.15
11.05
7.83
7.69
Equity/Total Assets
1.12
6.78
4.76
5.86
5.16
6.34
3.06
7.69
6.65
5.27
5.86
34.70
Asset Quality %
LLP/NII
24.27
32.95
38.32
26.83
59.88
44.93
6.52
58.55
34.70
36.33
Cost of Risk
0.25
1.38
0.52
0.58
1.35
1.16
0.10
1.20
1.44
0.89
1.16
Coverage Ratio
69.74
59.90
69.07
54.24
48.54
40.43
67.83
69.52
69.06
60.93
67.83
NPL Ratio
5.43
4.50
3.03
5.35
6.89
6.15
6.06
3.84
3.79
5.00
5.35
Liquidity %
Deposits/Net Loans
75.67
81.39
56.85
74.47
69.41
82.66
75.82
78.55
84.14
75.44
75.82
56.30
49.90
44.65
56.74
48.27
61.00
46.71
49.72
50.63
51.55
49.90
26
June 15, 2011
Exhibit 35: FY10 Comparative Ratios Portuguese Banks

BES
Caixa Geral
ESFG
Baa2/BBB-
Baa1/BBB-
Baa1/NR
Avg.
Median
Profitability %
Net Interest Margin
1.83
1.41
1.79
1.67
1.79
Cost/Income Ratio
49.41
63.47
60.06
57.65
60.06
RoAE
8.42
4.10
11.79
8.10
8.42
7.90
Capital Adequacy %
Core Tier 1 Ratio
7.90
8.80
6.90
7.87
Tier 1 Ratio
8.80
8.90
8.20
8.63
8.80
Total Capital Ratio
11.30
12.30
10.60
11.40
11.30
9.91
8.14
22.52
13.52
9.91
Step-Up /Tier 1
9.91
8.14
22.52
13.52
9.91
Non Step-Up/Tier 1
4.46
0.00
0.00
1.49
0.00
Equity/Net Loans
13.00
8.89
11.01
10.97
11.01
Equity/Total Assets
7.90
5.79
6.74
6.81
6.74
24.46
Asset Quality %
LLP/NII
25.92
22.89
24.46
24.42
Cost of Risk
0.70
0.46
0.65
0.61
0.65
Coverage Ratio
173.00
117.41
170.76
153.72
170.76
NPL Ratio
1.95
2.63
1.94
2.17
1.95
Deposits/Net Loans
60.63
82.63
58.50
67.25
60.63
36.84
53.77
35.81
42.14
36.84
Liquidity %
Exhibit 36: FY10 Comparative Ratios Greek Banks
Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Alpha
EFG
NBG
Baa3/B+
Baa3/B+
Baa3/B+
Avg.
Median
2.95
51.06
1.97
2.86
48.77
1.63
4.04
55.03
4.88
3.29
51.62
2.83
2.95
51.06
1.97
9.00
11.80
13.50
25.94
20.81
5.13
8.69
6.41
6.97
10.60
11.70
34.24
3.44
30.80
7.74
4.99
11.41
13.10
13.70
12.94
2.28
10.66
12.62
8.07
9.13
11.83
12.97
24.37
8.84
15.53
9.68
6.49
9.00
11.80
13.50
25.94
3.44
10.66
8.69
6.41
48.58
1.76
50.95
8.46
60.24
2.43
41.33
9.62
32.84
1.80
51.84
8.50
47.22
1.99
48.04
8.86
48.58
1.80
50.95
8.50
74.84
55.24
78.65
50.76
88.06
56.35
80.52
54.11
78.65
55.24
27
June 15, 2011
Exhibit 37: FY10 Comparative Ratios: European Countries

Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Nordic Germany
Austria
Switz France
Portugal Greece Average
Italy
Spain
1.37
64.76
11.40
1.83
67.83
3.76
1.69
50.20
7.38
1.67
57.65
8.10
3.29
51.62
2.83
1.58
62.89
-9.80
13.02
17.51
21.12
25.82
8.63
17.20
18.04
3.71
8.56
10.82
12.92
21.72
7.80
8.31
10.72
3.71
7.79
8.56
12.09
9.95
8.97
2.96
12.71
8.17
8.43
9.56
11.44
17.79
2.88
15.87
7.83
5.27
7.87
8.63
11.40
13.52
13.52
1.49
10.97
6.81
9.13
11.83
12.97
24.37
8.84
15.53
9.68
6.49
9.56
11.52
14.31
17.35
8.46
8.42
10.00
5.00
55.90
2.03
54.88
13.97
-0.07
0.00
58.77
0.75
20.33
0.71
62.35
5.09
33.40
0.87
40.80
7.78
36.33
0.89
60.93
5.00
24.42
0.61
153.72
2.17
47.22
1.99
48.04
8.86
71.63
1.63
62.15
7.00
67.55
38.46
128.91
26.55
81.59
28.67
59.02
38.71
75.44
51.55
67.25
42.14
80.52
54.11
72.38
36.81
Switz France
Italy
Spain
UK
Ireland
Benelux
1.67
51.30
8.82
1.15
68.55
-173.91
1.46
62.32
3.24
1.02
54.52
9.46
0.86
88.81
-2.59
2.32
61.51
-11.83
0.67
75.60
15.78
10.85
13.03
16.19
16.48
8.32
8.16
9.22
4.43
8.19
8.60
10.73
7.39
6.03
1.37
7.79
3.25
10.52
12.71
15.56
17.96
10.60
3.79
7.15
4.34
11.50
13.70
16.09
14.92
10.26
4.65
7.70
4.61
11.35
14.44
19.00
21.96
7.55
13.45
7.15
2.98
7.51
8.88
12.19
16.34
8.10
8.24
11.01
6.18
56.23
1.30
45.43
6.26
502.90
9.78
48.05
24.25
28.89
0.56
53.62
3.18
20.56
0.30
60.45
2.35
33.48
0.49
58.75
4.31
71.28
34.69
47.15
23.04
72.66
45.25
50.94
30.13
66.29
28.36

Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Nordic Germany
Austria
UK
Ireland
Benelux
1.51
51.67
-1.27
1.39
56.70
-94.98
1.30
62.97
-0.36
1.09
50.91
4.21
0.80
66.94
-31.31
2.09
64.68
-33.53
0.62
85.48
5.93
1.13
76.05
2.66
2.07
63.02
3.51
1.98
44.52
9.89
1.71
54.92
11.10
3.37
49.46
10.20
1.59
60.61
-9.50
8.09
10.47
14.69
17.79
9.47
8.32
7.92
3.68
8.32
8.37
10.73
6.35
3.59
2.76
9.20
4.55
9.02
11.22
13.57
20.49
13.91
6.59
6.60
4.10
10.62
12.74
15.95
16.12
10.20
5.91
7.26
4.41
7.87
9.84
12.84
21.95
8.69
12.16
6.78
2.60
7.27
8.70
12.22
17.33
8.48
8.86
11.07
5.94
10.97
15.87
20.23
30.61
13.60
17.00
17.59
3.80
8.30
9.88
11.58
27.10
11.72
13.84
10.77
3.43
7.76
8.57
12.01
10.55
10.02
2.64
12.80
8.57
8.01
9.39
11.58
19.79
2.51
17.99
8.62
5.77
7.73
8.17
11.50
13.21
13.21
0.00
10.87
6.58
8.67
11.37
12.30
24.99
9.32
15.67
9.44
6.46
8.55
10.38
13.27
18.86
9.56
9.31
9.91
4.99
112.76
2.14
47.50
5.75
425.45
9.53
37.99
29.10
34.70
0.64
49.99
2.63
59.29
0.94
59.45
2.29
73.63
1.12
52.77
4.68
94.82
2.98
56.03
10.80
17.88
0.41
54.88
1.49
45.05
1.41
62.22
5.07
37.77
1.06
40.31
7.11
50.17
1.29
58.79
4.67
35.86
0.91
164.97
1.92
38.20
1.62
49.90
6.25
85.46
2.00
61.23
6.81
73.14
36.74
64.81
32.77
68.23
43.14
49.74
29.85
62.25
24.66
68.21
36.37
124.10
26.55
79.71
26.47
56.39
38.66
69.65
46.90
62.01
38.05
86.05
58.92
72.02
36.59
28
June 15, 2011

Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Nordic Germany
Austria
Switz France
Italy
Spain
0.74
96.20
-1.36
2.37
64.46
2.51
1.92
49.66
13.59
1.94
55.34
9.64
3.71
49.12
19.17
1.66
106.30
-3.82
8.19
12.16
16.49
31.80
14.24
17.56
14.56
2.77
6.58
8.54
10.26
29.88
12.23
17.65
9.85
2.72
6.61
7.34
10.88
12.78
11.61
3.73
11.47
7.70
7.01
8.06
10.81
18.27
5.85
12.42
7.75
5.50
5.95
6.71
10.03
16.52
16.52
0.00
7.55
4.85
6.91
8.67
10.17
21.25
9.66
11.59
7.59
5.39
6.91
8.63
11.73
21.60
11.51
10.20
8.01
4.10
35.47
1.15
59.24
5.61
29.76
0.61
60.96
1.26
36.68
0.81
80.43
3.10
28.49
0.87
53.75
4.71
33.05
0.82
74.83
3.08
21.58
0.60
189.47
1.40
27.06
1.25
60.71
3.95
31.55
0.80
71.66
2.80
67.44
36.37
132.73
24.47
76.88
22.37
54.82
37.14
64.82
46.13
63.18
40.99
85.27
60.79
71.27
36.45
Switz France
Italy
Spain
UK
Ireland
Benelux
1.64
61.26
-6.28
1.76
41.35
9.01
1.31
77.05
-5.93
1.12
55.32
11.92
0.74
64.94
-42.64
2.14
138.10
-14.03
0.58
522.83
-41.44
5.87
8.27
13.49
26.02
12.34
13.68
5.46
2.30
7.67
9.03
11.27
19.49
7.78
11.71
6.13
4.03
8.27
10.47
12.93
22.00
14.90
6.56
5.53
3.48
8.25
9.48
13.10
12.99
12.42
0.56
6.11
3.76
6.08
7.96
11.11
27.93
9.65
17.59
5.40
1.92
5.50
6.87
10.25
20.23
10.92
9.32
8.68
4.80
48.32
1.28
48.32
3.27
34.00
0.89
63.97
1.86
20.16
0.42
54.11
1.56
18.31
0.29
50.54
1.10
45.71
0.66
63.58
2.68
71.46
33.72
59.37
40.22
70.27
43.96
48.42
29.23
60.56
22.04

Profitability %
Net Interest Margin
Cost/Income Ratio
RoAE
Capital Adequacy %
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Step-Up /Tier 1
Non Step-Up/Tier 1
Equity/Net Loans
Equity/Total Assets
Asset Quality %
LLP/NII
Cost of Risk
Coverage Ratio
NPL Ratio
Liquidity %
Deposits/Net Loans
Nordic Germany
Austria
UK
Ireland
Benelux
1.75
54.65
13.34
1.73
44.16
23.30
1.18
63.75
16.62
1.10
52.38
19.23
0.72
105.34
5.92
1.86
72.31
3.46
0.53
86.64
2.88
0.45
75.02
10.13
2.27
58.63
12.23
1.90
50.73
21.21
1.87
53.12
19.85
6.43
8.57
12.80
26.84
11.92
14.92
6.95
3.50
5.34
8.00
10.90
21.93
5.54
6.98
6.84
4.32
7.86
10.47
14.57
17.15
12.83
4.36
7.68
4.16
7.80
8.93
12.66
12.13
11.51
0.62
6.51
4.03
4.86
6.94
9.53
22.15
6.70
13.96
7.65
2.61
5.71
7.02
10.50
15.47
6.07
9.23
10.38
4.94
8.66
9.96
12.85
15.41
14.82
0.59
18.00
3.02
6.26
8.03
10.05
20.65
13.33
3.77
11.10
3.05
10.29
10.29
11.87
10.40
8.45
4.03
12.80
8.22
7.47
8.84
12.63
17.42
5.95
11.46
8.59
6.12
#DIV/0!
#DIV/0!
#DIV/0!
17.28
17.28
0.00
9.55
5.97
6.89 #DIV/0!
9.21 #DIV/0!
11.27 #DIV/0!
24.38
18.43
11.56
10.50
12.82
6.89
10.30
9.70
6.88
4.73
26.32
0.62
50.52
1.69
4.73
0.10
58.60
0.82
2.90
0.06
72.59
1.11
2.07
0.03
86.56
0.49
9.61
0.19
68.09
2.30
39.93
1.13
66.64
4.22
3.65
0.09
65.57
0.62
41.07
0.30
83.79
2.50
16.21 21.61
0.51
0.53
61.41 237.69
3.76
0.83
17.07
0.47
191.59
1.31
14.92
0.77
75.73
3.15
16.67
0.40
93.23
1.90
75.98
40.89
59.44
39.06
74.23
40.94
51.74
31.46
71.69
22.96
71.61
34.95
165.30
26.44
80.07
23.11
54.71
35.86
63.48
39.98
85.52
57.04
76.22
36.36
29
60.86
43.66
3.78
48.73
25.43
1.59
63.79
14.47
June 15, 2011
UK Banks
30
June 15, 2011
Barclays [BACR]
Company Rating*:
A1, Negative (Moodys) / A+, Negative (S&P) / AA-, Stable (Fitch)
Market cap:
32.2bn
UK
Country:
Description: Barclays is a global universal bank and through Barclays Capital (BarCap), Barclays Wealth, Barclaycard and Barclays Bank, the group has substantial
franchises in investment banking, private banking, credit cards, UK mortgage lending and UK retail and corporate banking. FY10 PBT was UK Retail Banking
989m, Barclaycard 791m, Western Europe Retail Banking -139m,Barclays Africa 188m, Absa 616m, Barclays Capital 4,780m, Barclays Corporate -631m,
Wealth 163m and Investment Management 67m. The UK accounted for 34% of the groups credit risk at FY10, Other European Union countries 21%, the US 28%,
Africa 6% and Rest of the World 11%.
Asset Quality
Barclays
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Income Statement
11,675
11,611
9,636
Net Fee & Commission Income
8,871
8,418
6,491
7,708
Net Trading Income
9,439
7,271
1,754
4,949
373
341
853
519
485
227
Total Revenues
31,440
27,839
21,129
23,000
21,595
17,333
Operating Expenses
19,971
16,712
13,387
13,464
13,092
10,527
Operating Profit
Income from Insurance Business
9,158
LLP/NII
65.0
8,097
60.0
7,177
5,705
55.0
4,561
3,157
50.0
11,127
7,742
9,536
8,503
6,806
30.0
7,358
4,913
2,782
2,068
1,567
25.0
Pre-Tax Profit
6,065
11,336
5,698
7,076
7,136
5,280
20.0
Net Income
4,549
9,993
4,846
4,417
4,571
3,447
15.0
1,489,645 1,379,148 2,053,029 1,227,361
996,787
924,357
398,031
382,653
433,302
353,476
297,833
269,148
Gross Customer Loans
440,326
430,959
468,338
349,170
285,635
272,346
31,882
22,388
15,700
9,641
5,088
5,210
2.0
1.0
12,384
10,735
6,523
3,772
3,335
3,450
100.0
322,455
335,533
294,987
256,754
238,684
90.0
Senior Secured & Unsecured Debt
153,426
120,228
111,137
103,328
19,079
22,307
15,306
12,206
11,989
Hybrid Tier 1 Capital
14,724
15,201
16,004
10,080
7,486
5,900
Shareholders' Equity
50,858
47,461
32,733
23,291
19,799
17,426
6,219
6,232
7,625
7,014
6,092
6,022
Ratios
Profitability %
2008
2009
30.0
25.0
70.0
20.0
60.0
50.0
15.0
40.0
10.0
30.0
Net Interest Margin
0.96
0.73
0.76
0.96
1.07
1.11
Cost/Income Ratio
63.52
60.03
63.36
58.54
60.63
60.73
20.0
Deposits/Net Loans
9.25
24.92
17.30
20.50
24.56
21.07
10.0
Return on Avg. Equity (ROAE)

Return on Avg. Assets (ROAA)
0.32
0.58
0.30
0.40
0.48
0.42
40.20
41.94
54.95
41.90
42.41
46.71
2010
80.0
135,902
21,712
2007
156,623
2006
Funding Profile
345,788
Subordinated Debt
0.0
2005
Customer Deposits
Goodwill
3.0
10.0
Risk-Weighted Assets***
Loan Loss Reserves
4.0
35.0
5,625
Impaired Loans******
5.0
40.0
11,469
Total Assets
6.0
45.0
Loan Loss Provisions
Balance Sheet
7.0
NPL %
12,639
LLP/NII %
Net Interest Income
8.0
70.0
5.0
0.0
0.0
2005 2006 2007 2008* 2009 2010
Capital Adequacy %
Tier 1 Ratio Basel I
Total Capital Ratio Basel I
7.75
7.72
7.02
12.06
11.65
11.33
Capital Adequacy
Core Tier 1 Ratio Basel II
10.07
9.31
5.59
5.10
Tier 1 Ratio Basel II
13.50
13.00
8.60
7.56
Total Capital Ratio Basel II
16.90
16.60
13.60
11.24
Hybrid Tier 1 Capital/Tier 1 Capital****
25.05
28.14
34.94
36.78
30.96
31.95
Equity/Net Loans
12.69
11.95
7.60
7.31
7.61
7.07
Equity/Total Assets
3.65
3.64
1.71
2.06
2.16
2.06
Tangible Equity/Total Assets
3.23
3.19
1.34
1.48
1.54
1.40
44.51
63.02
42.31
28.87
22.58
19.35
1.33
1.67
1.22
0.89
0.75
0.66
38.84
47.95
41.55
39.12
65.55
66.22
4.0
7.24
5.19
3.35
2.76
1.78
1.91
2.0
Deposits/Net Loans
80.80
76.73
72.66
85.40
90.95
88.76
23.21
23.38
16.34
24.03
25.76
25.82
Interbank Ratio
80.25
67.06
59.91
85.85
94.69
97.55
18.0
Asset Quality & Liquidity %

LLP/NII
Cost of Risk
Coverage Ratio
Core Tier 1 Ratio

Total Capital Ratio
16.0
Tier 1 Ratio
14.0
12.0
%
10.0
8.0
*Ratings listed are for Barclays Bank plc. **Balance sheet as at 1 January 2005. FY04 Income statement ex IAS 32, IAS
39 and IFRS 4. ***Risk weighted assets (RWA) from 2008 onwards under Basel II, previously under Basel I.
****Accounting split used for FY07 instead of the regulatory split. *****Core Tier 1 ratio calculated as per glossary; ******
Impaired loans as per Barclays potential credit risk loans definition. Source: Credit Suisse, Company Reports, CML,
Moodys, S&P, Fitch
31
6.0
0.0
2005
2006
2007
2008*
2008 and 2009 under Basel II, previously Basel I
2009
2010
June 15, 2011
Bradford & Bingley [BRADBI]

Company Rating:
Aa3, Stable (Moodys) / NR (S&P) / A+, Stable (Fitch)
Market cap:
n/a
Country:
UK
Description: On 29 September 2008, Bradford & Bingley (B&B) was nationalised and the UK and Isle of Man retail deposit business was sold to Abbey National.
B&B is to run down its balance sheet over a number of years in an orderly fashion. B&Bs strategy was to focus on the groups specialist retail mortgage lending
activities (e.g., buy-to-let, self certified). Through Mortgage Express, B&B was the largest buy-to-let provider in the UK. B&Bs loan book consists of 35.7bn
residential mortgages and commercial lending of 0.7bn as at FYE10. Residential mortgage book breakdown: Buy-to-let 64%, Self-certified 21%, Other 15%.
Asset Quality
Bradford & Bingley

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010****
2009
2008
2007
2006
2005
Net Interest Income
607.9
612.4
737.4
547.7
510.2
80.0
63.3
81.7
91.7
92.3
-43.5
81.2
-66.7
2.1
2.9
70.0
0.0
0.0
0.0
0.0
0.2
0.0
60.0
Total Revenues
672.5
622.6
886.7
572.3
609.4
572.5
Operating Expenses
126.4
137.1
276.9
280.2
271.6
272.7
Operating Profit
546.1
485.5
609.8
292.1
337.8
299.8
276.6
593.7
507.7
22.5
7.4
5.7
1,081.5
-196.0
134.3
126.0
246.7
263.5
819.2
-98.3
18.2
93.2
177.7
188.8
45,358.5
49,394.6
55,922.6
51,984.6
45,354.2
40,840.2
na
19,810.2
20,156.0
16,655.0
20,419.0
19,035.6
37,292.5
39,922.5
42,324.4
40,499.4
36,181.1
31,175.5
2,283.7
3,316.3
2,794.0
828.2
551.6
420.3
890.7
936.3
498.4
54.9
49.4
48.4
LLP/NII %
52.6
40.6

Impaired Loans**
Loan Loss Reserves
Customer Deposits
Senior Secured & Unsecured Debt*****
Subordinated Debt
0.0
457.5
828.1
24,152.6
22,201.0
21,050.1
39,528.1
42,087.6
41,355.9
22,308.1
17,841.3
14,577.6
1,309.2
1,348.7
1,253.7
1,247.0
1,164.7
56.0
170.3
193.4
161.6
165.2
174.3
2,206.5
1,394.1
1,158.1
1,210.8
1,419.9
1,340.3
0.0
0.0
0.0
0.0
0.0
0.0
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.30
1.17
1.38
1.14
1.19
1.19
18.80
22.02
31.23
48.96
44.57
47.63
45.50
-7.70
1.54
7.09
12.88
14.66
1.73
-0.19
0.03
0.19
0.41
0.47
90.39
98.36
83.16
95.70
83.72
81.97
7.60
7.90
13.20
13.50

Core Tier 1 Basel II
na
7.90
8.16
7.73
na
8.70
8.90
8.63
na
16.10
14.90
15.11
Hybrid Tier 1 Capital/Tier 1 Capital
na
8.65
8.31
10.36
Step-Up Hybrid/Tier 1 Capital
na
8.65
8.31
10.36
Non Step-Up Hybrid/Tier 1 Capital
na
0.00
0.00
0.00
Equity/Net Loans
6.06
3.58
2.77
Equity/Total Assets
4.86
2.82
4.86
10.0
1.0
0.0
Funding Profile
80.0
60.0
70.0
50.0
60.0
40.0
50.0
40.0
30.0
30.0
20.0
Deposits/Net Loans
20.0
10.0
10.0
0.0
2005
18.0
9.60
9.87
2.99
3.93
4.31
2.07
2.33
3.13
3.28
2.82
2.07
2.33
3.13
3.28
45.50
96.95
68.85
4.11
1.45
1.21
2006
2007
2008
2009
2010
0.73
1.47
1.23
0.06
0.02
0.02
39.00
28.23
17.84
6.63
8.96
11.52
4.0
6.12
8.31
6.60
2.04
1.52
1.35
2.0
1.17
1.98
59.72
61.44
67.63
Core Tier 1
Tier 1 Ratio
Total Capital Ratio
16.0
14.0
12.0
%
10.0
8.0
Deposits/Net Loans
Interbank Ratio
2.0
Capital Adequacy
Coverage Ratio
20.0
0.0
Cost of Risk
3.0
2005 2006 2007 2008 2009 2010
Capital Adequacy %
LLP/NII
4.0
40.0
337.9
5.0
50.0
0.0
6.0
30.0
Balance Sheet
Total Assets
7.0
NPL %
21.1
Net Income
8.0
469.3
Net Trading Income
Pre-Tax Profit
9.0
90.0

LLP/NII
100.0
Income Statement
170.37
0.93
1.48
46.46
48.95
51.54
122.52
35.94
115.32
218.29
186.15
*Pro forma. Balance sheet as at 1 January 2005. **Include arrears over 3 months and possessions. ***Risk weighted
assets for 2007 and 2008 calculated under Basel II. ****Regulatory status changed to MIPRU in 2010 and hence no bank
capital ratios at FYE10.*****Includes the HM Treasury Working Capital Facility. Source: Credit Suisse, Company Reports,
Moodys, S&P, Fitch
32
6.0
0.0
2005
2006
2007
2008
2008 and 2007 under Basel II, previously Basel I
2009
June 15, 2011
HBOS [HBOS]
Company Rating*:
A1, Rev. f. Down. (Moodys) / A, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
n/a
Country:
UK
Description: HBOS was acquired by the Lloyds TSB Group to form the Lloyds Banking Group in January 2009. The UK accounted for 86% of FYE10 total assets, with
non-UK making up 14%.
Asset Quality
HBOS
IFRS
IFRS
IFRS
IFRS
IFRS
2010 2009 rest. 2008 rest.
IFRS
2007
2006
2005
412.0

Net Trading Income
8,370
5,689
10,054
7,304
7,400
6,829
516
485
880
1,260
1,163
1,034
8,859
-12,895
178
279
218
-5,502
-6,408
9,678
2,561
2,674
2,693
Total Revenues
14,606
12,584
9,906
13,607
13,013
11,920
Operating Expenses
5,629
6,106
6,722
6,381
5,815
5,547
Operating Profit
8,977
6,478
3,184
7,226
7,198
6,373
10,878
21,077
9,857
2,012
1,742
1,599
Pre-Tax Profit
-2,051
-13,088
-10,825
5,478
5,711
4,808
Net Income
-2,351
-10,491
-7,499
4,045
3,879
3,230
Total Assets
641,752
719,183
704,808
667,017
591,029
540,873
Risk-Weighted Assets****
252,613
324,645
328,023
330,838
276,012
255,065
346,706
12.0
312.0
10.0
262.0
8.0
NPL %
9,095
362.0
LLP/NII %
Net Interest Income
14.0
LLP/NII
Income Statement
212.0
6.0
162.0
4.0
112.0
2.0
62.0
Balance Sheet
425,347
461,114
433,380
379,897
52,038
47,019
23,670
10,362
8,202
8,164
Loan Loss Reserves
25,316
21,272
10,693
3,373
3,089
2,938
Customer Deposits
216,404
232,023
237,449
243,221
211,857
200,948
101,834
120,138
189,405
207,401
184,507
158,791
Subordinated Debt
15,251
23,297
17,409
15,073
16,117
3,260
3,827
6,822
6,544
5,883
5,062
25,860
24,885
11,482
20,585
19,421
17,340
850
850
1,556
1,940
1,889
1,666
Goodwill
Ratios
Profitability %
Net Interest Margin**
1.28
0.83
1.66
1.62
1.78
1.80
Cost/Income Ratio
38.54
48.52
67.86
46.89
44.69
46.54
-9.27
-57.70
-46.77
20.22
21.10
19.08
-0.35
-1.47
-1.09
0.64
0.69
0.63
57.31
45.21
101.49
53.68
56.87
60.0
40.0
58.0
38.0
56.0
36.0
54.0
34.0
52.0
32.0
50.0
30.0
48.0
28.0
46.0
26.0
Deposits/Net Loans
44.0
24.0
42.0
57.29
22.0
40.0
7.37
8.13
8.10
11.08
12.01
12.44
Core Tier I Ratio Basel II
10.20
7.70
4.10
5.70
11.40
9.10
6.00
7.68
2006
2007 2008* 2009* 2010
Capital Adequacy
Core Tier 1 Ratio
Total Capital Ratio
16.0
14.10
11.30
10.30
10.95
Hybrid Tier 1 Capital/Tier 1 Capital***
11.32
12.95
31.94
24.72
9.16
12.95
15.71
13.31
2.16
0.00
16.23
11.40
Equity/Net Loans
6.93
6.47
2.84
4.88
5.28
5.10
Equity/Total Assets
4.12
3.64
1.81
3.14
3.37
3.24
3.98
3.52
1.59
2.85
3.05
2.93
129.96
370.49
98.04
27.55
23.54
23.41
2.77
4.93
2.24
0.50
0.48
0.49
Coverage Ratio
48.65
45.24
45.18
32.55
37.66
35.99
12.80
11.05
5.13
2.39
2.16
2.35
Deposits/Net Loans
56.74
57.42
52.72
56.56
56.22
58.45
25.02
24.23
Tier 1 Ratio
14.0
12.0
33.72
32.26
33.69
36.44
35.85
37.15
Interbank Ratio
45.53
55.02
17.29
18.51
37.94
54.17
*Pro forma; balance sheet as at 1st January 2005. **Net interest margin as disclosed by HBOS for 2008 and earlier.
***Hybrid debt based on data excluding the Placing & Open Offer of 8.3bn ordinary shares and 3bn Preference shares.
****Risk weighted assets from 2008 onwards under Basel II, previously Basel I. Source: Credit Suisse, Company Reports,
Moodys, S&P, Fitch
33
20.0
2005
10.0
%
Cost of Risk
2007 2008* 2009* 2010
Funding Profile
Capital Adequacy %
LLP/NII
2006
13,414
0.0
2005
406,681
Impaired Loans
12.0
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008*
2008* onwards under Basel II, previously Basel I
2009*
2010
June 15, 2011
HSBC [HSBC]
Company Rating*:
Aa2, Negative (Moodys) / AA, Stable (S&P) / AA, Stable (Fitch)
Market cap:
110.1bn
UK
Country:
Description: HSBC has a global franchise with its international network comprising some 8,000 branches in 87 countries. Personal Financial Services accounted for
$21,317m of FY10 net operating income, Commercial Banking $12,029m, Global Banking & Markets $18,957m, Private Banking $3,105m and Other $4,663.
Geographical split based on FY10 net income: Europe $3,296m, Hong Kong $4,705m, Rest of Asia-Pacific $4,940m, Middle East $754m, North America $-726m and
Latin America $1,222m.
Asset Quality
HSBC Holdings plc

$m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
70.0
3.5
60.0
3.0
50.0
2.5
40.0
2.0
30.0
1.5
39,553
40,856
42,835
38,119
34,826
31,489
17,355
17,664
20,024
22,002
17,182
14,456
9,398
6,852
10,609
15,873
9,848
7,590
-621
-1,979
3,961
468
964
1,369
Total Revenues
68,247
66,181
79,237
77,901
65,366
57,637
Operating Expenses
37,688
34,395
38,535
39,042
33,553
29,514
Operating Profit
30,559
31,786
40,702
38,859
31,813
28,123
14,039
26,488
24,937
17,242
10,573
7,801
Pre-Tax Profit
19,037
7,079
9,307
24,212
22,086
20,966
Net Trading Income

Net Income
13,159
5,834
5,728
19,133
15,789
20.0
15,081
1.0
LLP/NII
10.0
2,454,689 2,364,452 2,527,465 2,354,266
1,103,113 1,133,168 1,147,974 1,123,782
938,678
827,164
881,711
751,359
978,449
921,773
Impaired Loans
28,091
30,606
25,352
18,304
13,785
11,446
Loan Loss Reserves
20,083
25,542
23,909
19,205
13,578
11,357
1,227,725 1,159,034 1,115,327 1,096,140
896,834
739,419
956,777 1,000,753
185,104
214,662
285,166
263,492
216,410
Subordinated Debt
47,704
44,073
44,934
42,439
36,224
30,418
19,480
17,073
14,165
13,886
13,637
11,088
140,411
124,761
90,053
126,710
106,902
92,432
22,406
23,241
21,855
34,253
32,472
29,225
Ratios
Profitability %
Net Interest Margin***
Cost/Income Ratio
2.68
2.94
2.90
2.91
3.10
3.14
55.22
51.97
48.63
50.12
51.33
51.21
9.92
5.43
5.29
16.38
15.84
16.83
125.0
105.0
100.0
45.0
95.0
0.94
1.05
90.0
Deposits/Net Loans
53.28
54.63
85.0
80.0
9.40
7.00
9.36
8.99
13.58
13.54
12.75
7.50
2006
2007
2008
2009
2010
Capital Adequacy
8.30
9.00
11.77
13.43
12.91
15.67
13.43
10.56
9.80
11.98
10.01
2.87
3.11
3.69
3.46
15.12
14.44
10.11
13.40
12.78
12.98
Equity/Total Assets
5.90
5.47
3.73
5.58
5.96
6.39
4.99
4.49
2.87
4.13
4.22
4.45
35.49
64.83
58.22
45.23
30.36
24.77
1.51
2.90
2.61
1.86
1.31
1.06
71.49
83.45
94.31
104.92
98.50
99.22
16.0
15.38
Core Tier 1 Ratio

Total Capital Ratio
14.96
Tier 1 Ratio
14.0
12.0
2.87
3.32
2.65
1.83
1.56
1.52
128.11
129.32
119.56
111.67
103.31
99.92
50.02
49.02
44.13
46.56
48.20
49.23
188.34
143.97
118.21
179.58
185.77
180.65
*Ratings listed are for HSBC Bank plc. **Balance sheet as at 1 January 2005. Note: senior/sub debt split based on FYE04
figures. *** Net interest margin as disclosed by HSBC. **** RWA of 2008 under Basel II, previously Basel I. Source: Credit
Suisse, Company Reports, Moodys, S&P, Fitch
34
40.0
2005
10.0
%
10.50
9.34
11.40
Interbank Ratio
110.0
0.91
10.80
50.0
115.0
48.93
13.70
Deposits/Net Loans
120.0
0.23
12.10
55.0
130.0
54.06
15.20
Coverage Ratio
2010
135.0
0.24
Cost of Risk
2009
61.73
LLP/NII
2008
0.55
Equity/Net Loans
2007
57.96
2006
Funding Profile
Capital Adequacy %
0.0
2005
191,492
Goodwill
0.0
1,860,758 1,501,970
Total Assets
Customer Deposits
0.5
Balance Sheet
NPL %
Net Interest Income
LLP/NII %
Income Statement
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2008 onwards under Basel II, previously Basel I
2009
2010
June 15, 2011
Lloyds Banking Group [LLOYDS]

Company Rating*:
Aa3, Rev. f. Down. (Moodys) / A+, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
33.3bn
UK
Country:
Description: Lloyds TSB acquired HBOS in January 2009 to form the Lloyds Banking Group. Lloyds is one of the largest providers of retail financial services in the
UK with significant positions in retail banking, mortgage lending and through Scottish Widows & Clerical Medical, the UK life assurance, pensions and investment
markets. Divisional FY10 PBT split: UK Retail Banking 4,716m, Wholesale Banking 3,257m, Wealth & International Banking -4,824m, Insurance 1,102m and
Other -2,039m. The UK government holds 41% of the Lloyds Banking Group.
Lloyds Banking Group
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
200.0

Net Trading Income
12,546
9,026
7,120
5,563
5,434
5,671
2,733
2,737
2,537
2,624
2,270
2,148
160.0
15,724
19,098
-9,186
198
396
75
140.0
-10,363
-13,073
8,869
1,211
2,021
1,673
10,540
24,956
23,278
9,868
10,636
11,104
Operating Expenses
13,270
15,984
6,100
5,567
5,301
5,483
Operating Profit
11,686
7,294
3,768
5,069
5,803
5,057
10,952
15,783
2,584
1,726
1,555
1,299
281
1,042
760
4,000
4,248
3,802
-320
2,827
772
3,289
2,803
2,475
Pre-Tax Profit
Net Income
991,574
1,027,255
436,033
353,346
343,598
309,754
Risk-Weighted Assets**
406,372
493,307
170,490
172,000
156,043
144,921
177,016
610,970
641,770
243,803
212,222
190,478
Impaired Loans
64,606
58,833
8,542
5,311
4,914
4,122
Loan Loss Reserves
18,373
14,801
3,459
2,408
2,193
2,072
Customer Deposits
393,633
406,741
170,938
156,555
139,342
131,070
228,866
233,502
75,710
51,572
54,118
39,346
11,760
8,927
9,115
9,853
18,619
9,235
9,047
5,703
7,061
5,496
3,031
2,957
2,549
46,061
43,278
9,393
12,141
11,155
10,195
2,016
2,016
2,256
2,358
2,377
2,373
40.0
2.0
2.10
0.0
0.0
2005
2006
2007
2008
2009
2010
Funding Profile
1.77
2.73
2.46
2.44
2.81
Cost/Income Ratio
46.60
48.40
61.30
52.00
47.70
51.90
-0.72
10.73
7.17
28.24
26.26
25.15
-0.03
0.39
0.20
0.94
0.86
0.82
50.27
38.77
72.15
52.30
48.94
53.80
Profitability %
76.0
50.0
74.0
48.0
72.0
44.0
70.0
42.0
40.0
68.0
38.0
66.0
36.0
64.0
34.0
Deposits/Net Loans
62.0
32.0
60.0
Capital Adequacy %
30.0
2005
8.11
8.22
7.90
10.98
10.66
10.90
10.20
8.10
5.60
7.40
11.60
9.60
8.00
9.50
15.20
12.40
11.20
11.00
Hybrid Tier 1 Capital/Tier 1 Capital*****
12.40
16.04
37.65
21.95
9.20
10.47
23.23
10.56
3.20
5.57
14.41
11.39
Equity/Net Loans
7.91
7.03
4.04
5.92
6.11
6.08
Equity/Total Assets
4.73
4.29
2.22
3.52
3.35
3.43
4.53
4.10
1.71
2.85
2.66
2.67
2007
2008
87.29
174.86
36.29
31.03
28.62
22.91
1.80
3.64
1.15
0.87
0.86
0.77
Coverage Ratio
28.44
25.16
40.49
45.34
44.63
50.27
10.57
9.17
3.50
2.50
2.58
2.33
Deposits/Net Loans
66.43
64.87
71.12
74.62
74.01
74.92
39.70
39.59
39.20
44.31
40.55
42.31
Interbank Ratio
60.11
42.89
58.23
89.14
111.66
100.41
Core Tier 1 Ratio

Total Capital Ratio
16.0
23.25
2009
2010
Tier 1 Ratio
21.68
14.0
12.0
*Ratings listed are for Lloyds TSB Bank plc. **RWA for 2008 under Basel II, previously Basel I. ***Net interest margin on
statutory basis as disclosed by Lloyds TSB. ****Core Tier 1 ratio as defined per glossary and not equivalent to the
definition as per the ECN securities.*****Hybrid capital for 2008 is based on regulatory disclosure. Source: Credit Suisse,
Company Reports, CML, Moodys, S&P, Fitch
35
2006
Capital Adequacy
Core Tier 1 Ratio Basel II****
10.0
%
Cost of Risk
4.0
46.0
Ratios
LLP/NII
6.0
80.0
21,294
Contingent Convertible Capital
100.0
20.0
Total Assets
Goodwill
8.0
120.0
60.0
Balance Sheet
Subordinated Debt
10.0
NPL %
Total Revenues
NPL Ratio
180.0
LLP/NII %
Net Interest Income
12.0
LLP/NII
Income Statement
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Nationwide Building Society [NWIDE]

Company Rating:
Aa3, Rev. f. Down. (Moodys) / A+, Negative (S&P) / AA-, Negative
Market cap:
n/a
UK
Country:
Description: Nationwide is the largest UK building society with about 6.1% of current account stock and the third largest mortgage lender in the UK with an
approximate 8.5% share of gross lending. In December 2008, Nationwide completed mergers with The Derbyshire and The Cheshire Building Societies and
acquired parts of Dunfermline Building Society in March 2009. FY10/11 loan book split: Prime residential mortgages 70%, Specialist residential mortgages 13%,
Commercial lending 15% and Consumer banking 2%.
Asset Quality
Nationwide Building Society (Year end 4 April)

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010/11
2009/10
2008/09
2007/08
2006/07
2005/06
35.0
1,715.0
1,774.0
1,821.0
1,502.4
1,242.2
436.0
373.0
355.0
331.5
331.8
306.4
54.0
-2.0
-41.0
-132.9
5.8
14.5
0.0
0.0
0.0
41.9
55.0
70.5
Total Revenues
2,036.0
2,133.0
2,211.0
2,064.8
1,931.0
1,659.1
Operating Expenses
Net Trading Income

30.0
2.5
25.0
2.0
20.0
NPL %
1,541.0
LLP/NII %
Net Interest Income
3.0
LLP/NII
Income Statement
1.5
1,308.0
1,346.0
1,378.0
1,292.1
1,108.9
991.2
Operating Profit
728.0
787.0
833.0
772.7
822.1
667.9
359.0
549.0
394.0
105.9
133.6
76.6
Pre-Tax Profit
317.0
341.0
190.0
686.1
652.0
559.2
Net Income
248.0
264.0
146.0
495.3
463.6
397.2
5.0
188,878
191,397
202,353
179,027
137,379
120,586
0.0
47,408
50,073
49,818
76,638
72,500
63,600
150,182
153,179
155,939
143,016
116,142
101,504
2,919
3,034
2,100
600
400
300
765
750
470
212
204
157
134,123
130,537
138,336
121,816
93,128
86,688
37,808
36,802
34,794
33,772
28,872
20,768
Subordinated Debt
1,973
2,166
2,233
2,058
1,617
1,446
1,510
1,524
1,526
1,245
1,045
741
6,254
5,716
4,278
6,008
5,464
5,031
15.0
1.0
10.0
0.5
Balance Sheet
Impaired Loans**
Loan Loss Reserves
Customer Deposits
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
0.84
0.91
0.96
1.17
1.18
1.09
64.24
63.10
62.32
62.58
57.43
59.74
4.14
5.28
2.84
8.63
8.83
8.26
0.13
0.13
0.08
0.31
0.36
0.34
75.69
80.40
80.24
88.19
77.80
74.87
8.72
8.80
10.98
11.00
12.50
12.20
12.00
8.10
15.70
15.30
15.10
9.70
19.50
19.40
19.50
12.40
20.29
19.89
20.29
14.06
70
90
0.00
0.00
0.00
20.29
14.06
Equity/Net Loans
4.19
3.75
2.75
4.21
4.71
Equity/Total Assets
3.31
2.99
2.11
3.36
3.98
4.17
3.31
2.99
2.11
3.36
3.98
4.17
85
60
55
80
50
Deposits/Net Loans
75
45
23.30
32.01
22.21
5.82
8.89
6.17
0.24
0.36
0.26
0.08
0.12
0.08
26.21
24.72
22.38
35.35
50.95
52.20
1.94
1.98
1.35
0.42
0.34
0.30
06/07
07/08
08/09
09/10
10/11
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
4.96
Deposits/Net Loans
89.76
85.64
88.98
85.30
80.33
85.54
71.01
68.20
68.36
68.04
67.79
71.89
152.26
25.12
37.89
49.11
40.56
50.57
*Pro forma. Balance sheet as at 5 April 2005. [Note, financial year-end is 4 April.] **Based on Nationwide's definition of
impaired loans (including Commercial & Specialist lending from FY07/08 onwards). ***All the Tier 1 hybrid securities of
Nationwide (PIBS) have step ups but are deemed non innovative from a regulatory perspective and hence deemed as non
step up in above classification. ****RWA from FY07/08 onward under Basel II, previously under Basel I. Source: Credit
Suisse, Company reports, CML, Moodys, S&P, Fitch
36
40
05/06
20.0
Interbank Ratio
65
12.51
19.89
75
95
25.0
16.53
0.00
Coverage Ratio
10/11
Capital Adequacy
20.29
Cost of Risk
09/10
15.0
%
LLP/NII
08/09
70
Non Step-Up Hybrid/Tier 1 Capital***
07/08
Funding Profile
Capital Adequacy %
Step-Up Hybrid/Tier 1 Capital***
06/07
Goodwill
0.0
05/06
Total Assets
10.0
5.0
0.0
05/06
06/07
07/08
08/09
09/10
*From FY07/08 onward under Basel II, previously Basel I
10/11
June 15, 2011
Northern Rock Asset Management [NRKLN]

Company Rating:
Aa3, Stable (Moodys) / A, Stable (S&P) / A+, Stable (Fitch)
Market cap:
n/a
UK
Country:
Description: Northern Rock was taken into temporary public ownership with effect from 22 February 2008. Prior to this it was the fifth-largest mortgage lender
in the UK. On 1 January 2010, a restructured Northern Rock emerged with two separate companies: Northern Rock (Asset Management) plc, the renamed
existing company, and Northern Rock plc, a new savings and mortgage bank. At FYE10, Northern Rocks loan book consisted of Residential loans 93%,
Commercial secured loans 1% and Unsecured loans 6%.
Asset Quality
Northern Rock Asset Management

IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Income Statement
Net Interest Income
Net Trading Income
Total Revenues
Operating Expenses
Operating Profit
1,259.1
-17.4
716.9
769.6
703.7
3.2
-57.8
1.6
137.4
150.3
128.1
70.0
352.9
-13.2
153.6
-201.5
47.0
-56.4
60.0
0.0
0.0
0.0
0.0
0.0
0.0
1,623.1
1,200.6
142.0
677.9
968.3
776.3
432.9
344.1
453.3
418.1
308.9
274.1
1,190.2
856.5
-311.3
259.8
659.4
502.2
812.8
1,044.8
894.4
471.9
81.2
56.6
Pre-Tax Profit
400.5
-257.5
-1,543.2
-212.1
578.2
445.6
Net Income
409.6
-276.6
-1,497.0
-243.5
394.5
300.7
66,276.7
87,445.5 104,346.0 109,321.0 101,010.6
82,708.5
26,233.6
27,471.4
20,768.0
30,826.5
26,295.9
49,343.8
65,441.1
73,169.1
99,077.6
86,811.1
70,364.2
2.5
20.0
0.5
10.0
1,172.9
869.7
243.0
126.0
124.3
0.0
20,607.6
20,722.7
11,562.8
26,867.6
23,672.6
35,883.3
41,973.7
57,736.3
61,641.3
64,294.3
52,134.6
Subordinated Debt
983.5
2,076.8
2,251.4
1,898.3
1,498.9
1,521.8
688.3
929.4
947.5
903.3
905.2
523.2
712.9
-782.4
-798.6
1,267.1
1,778.3
1,575.6
0.0
30.7
30.7
95.8
90.4
30.7
Goodwill
Ratios
Profitability %
Net Interest Margin
1.81
1.45
-0.02
0.69
0.85
0.96
Cost/Income Ratio
nm
nm
nm
61.68
31.90
35.31
nm
nm
nm
-15.99
23.52
20.25
0.53
-0.29
-1.40
-0.23
0.43
0.41
77.62
104.87
-12.25
105.75
79.48
90.65
0.0
2005
2006
2007
2008
2009
2010
Funding Profile
35
Deposits/Net Loans
50
45
30
40
35
25
30
25
20
20
15
15
1,585.3
Customer Deposits
1.0
30.0
Impaired Loans (see note below)

Loan Loss Reserves
1.5
40.0
0.0
Risk-Weighted Assets*
2.0
50.0
Balance Sheet
Total Assets
80.0
1,259.9
3.0
LLP/NII
NPL %
90.0
LLP/NII %
IFRS
10
10
5
2005
2006
2007
2008
2009
2010
Capital Adequacy %
8.47
7.70
11.64
12.30
Capital Adequacy
14.0

n/a
1.87
-0.40
7.70
11.73
Total Capital Ratio Basel II**
n/a
9.87
10.80
14.70
17.47
nm
nm
nm
56.75
34.68
25.84
Equity/Net Loans
1.49
-1.22
-1.10
1.28
2.05
2.24
Equity/Total Assets
1.08
-0.89
-0.77
1.16
1.76
1.91
1.08
-0.93
-0.79
1.07
1.67
1.87
64.51
82.98
nm
65.83
10.55
8.04
1.45
1.53
1.05
0.51
0.10
0.09
0.00
0.00
2.92
0.47
0.00
0.00
Deposits/Net Loans
0.00
32.07
28.66
11.70
30.99
33.70

LLP/NII
Cost of Risk
Interbank Ratio
Total Capital Ratio
10.0
8.0
6.0
4.0
2.0
Coverage Ratio
Tier 1 Ratio
12.0
Tier 1 Ratio Basel II**
0.00
23.57
19.86
10.58
26.60
28.62
39.67
61.48
73.17
173.68
263.14
330.15
*RWA for 2007 and 2008 under Basel II, previously Basel I. FYE10 RWAs are not provided as under MIPRU assets are
unweighted for capital calculation. **Regulatory status changed to MIPRU in 2010. ***nm: not meaningful. FYE10 hybrid
split is not provided as under MIPRU there is no differentiation between forms of capital. Note: Northern Rock does not
disclose arrears percentage in terms of balance outstanding and only based on percentage of cases. Source: Credit
Suisse, Company Reports, CML, Moodys, S&P, Fitch
37
0.0
-2.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Royal Bank of Scotland [RBS]

Company Rating*:
Aa3, Rev. f. Down. (Moodys) / A+, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
45.3bn
UK
Country:
Description: On 17 October 2007, RBS, together with Fortis and Banco Santander through a consortium, acquired the majority of ABNs share capital. On 22
December 2009, RBS entered into the Asset Protection Scheme with HM Treasury. Divisional FY10 Operating profit split: UK Retail 1,372m, UK Corporate 1,463m,
Wealth 304m, Global Banking & Markets 3,364m, Global Transaction Services 1,088m, Ulster Bank -761m, US Retail & Commercial 306m and RBS Insurance 295m. Geographical FY10 split by total assets: UK 64%, US 24%. Europe (ex UK) 7% and RoW 5%. The UK government holds 83% of RBSs total share capital.
m
Asset Quality
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008 rest
2007
2006
2005
120.0
100.0
14,209
13,388
18,675
12,668
10,596
9,918
5,982
5,948
7,445
6,154
5,194
4,909
Net Trading Income**
5,070
7,551
-8,477
1,327
2,675
2,343
909
1,896
1,457
1,515
1,466
27,085
28,669
21,438
26,463
23,544
21,589
Operating Expenses
18,218
19,202
21,621
14,435
12,480
11,946
Operating Profit
8,867
9,467
-183
12,028
11,064
9,643
9,256
13,899
8,072
2,128
1,878
1,707
Pre-Tax Profit
-1,032
-2,752
-36,865
9,900
9,186
7,936
Net Income
-1,001
-2,672
-23,710
7,712
6,202
5,392
6.0
80.0
5.0
60.0
4.0
3.0
40.0
2.0
20.0
1.0
Balance Sheet
1,453,576
1,696,486
2,401,652
1,840,829
871,432
776,827
465,500
541,000
695,800
609,000
400,300
371,000
421,110
745,519
885,611
834,987
470,826
39,231
39,258
21,487
11,402
6,389
5,956
Loan Loss Reserves
18,055
17,126
10,889
6,449
3,933
3,884
Customer Deposits
510,693
614,202
639,512
682,363
384,222
342,867
218,372
267,568
300,289
274,172
85,963
90,420
Subordinated Debt
22,716
29,126
40,204
31,720
22,709
22,422
11,373
20,363
25,250
16,599
10,447
10,282
68,652
66,563
44,400
44,740
36,546
32,426
Goodwill
12,528
14,264
15,562
42,953
17,889
18,823
Ratios
Profitability %
Net Interest Margin****
2.01
1.76
2.10
2.34
2.47
2.55
Cost/Income Ratio
67.26
66.98
100.85
54.55
53.01
55.33
-1.48
-4.82
-53.20
18.97
17.98
17.65
-0.06
-0.13
-1.12
0.57
0.75
0.73
52.46
46.70
87.11
47.87
45.01
45.94
7.28
7.50
7.60
11.16
11.73
11.70
10.70
11.00
6.60
12.90
14.40
10.00
14.00
16.30
14.10
16.77
21.15
34.55
94
32.49
35.54
7.76
6.69
10.61
14.61
9.01
14.46
23.94
23.80
12.57
11.37
7.34
9.81
8.56
7.94
Equity/Total Assets
4.80
4.88
2.67
4.42
4.59
4.26
3.94
4.04
2.03
2.08
2.54
1.84
65.14
103.82
43.22
16.80
17.72
17.21
Interbank Ratio
55
50
90
45
86
40
82
35
78
30
74
25
20
2005
2006
2007
2008
2009
2010
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
16.0
14.0
Deposits/Net Loans
2010
Deposits/Net Loans
18.0
38.41
2009
Capital Adequacy
Coverage Ratio
2008
12.0
10.0
%
Cost of Risk
2007
70
LLP/NII
2006
Funding Profile
Capital Adequacy %
Equity/Net Loans
0.0
2005
8.0
1.44
1.73
0.95
0.33
0.42
0.43
46.02
43.62
50.68
56.56
61.56
65.21
6.84
5.27
2.43
1.37
1.36
1.41
91.97
84.32
73.11
82.36
82.29
82.18
35.13
36.20
26.63
37.07
44.09
44.14
101.75
64.55
53.56
70.27
62.51
63.93
*Ratings listed are for Royal Bank of Scotland plc. **In 2009, includes 3,790m gain on redemption of own debt. ***RWA in
2008 under Basel II, previously under Basel I, 2009 figure is gross. APS reduces RWA by 127.6bn. ****Net interest
margin as disclosed by Royal Bank of Scotland Group Plc. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
38
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
573,315
Impaired Loans
0.0
Total Assets
NPL %
345
Total Revenues
7.0
LLP/NII %
Net Interest Income
8.0
LLP/NII
Income Statement
June 15, 2011
Standard Chartered [STANLN]

Company Rating*:
A1, Stable (Moodys) / A+, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
37.1bn
UK
Country:
Description: Standard Chartered is active in retail, wholesale, consumer and private banking. Its presence in the UK banking market is limited to the provision of
services to multinational and international clients operating in emerging markets. Consumer Banking accounted for 22% of FY10 PBT while Wholesale Banking
contributed 78%. Geographical split based on customer loans at FY10: Asia-Pacific 69%, Middle East & Other S. Asia 7%, India 5%, Africa 2% and Americas, UK &
Europe 17%. Temasek Holdings owns 18.3% of ordinary share capital.
Standard Chartered
$m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006*
2005
Asset Quality
8,523
7,732
7,590
6,525
5,386
4,397
4,238
3,370
2,941
2,661
1,881
1,495
Net Trading Income
2,877
3,478
2,678
1,459
1,095
876
15,184
13,968
10,991
8,586
6,861
Operating Expenses
9,023
7,952
7,611
6,215
4,796
3,811
Operating Profit
7,039
7,232
6,357
4,776
3,790
3,050
883
2,000
1,321
761
629
319
Pre-Tax Profit
6,122
5,151
4,568
4,016
3,159
2,681
Net Income
4,332
3,380
3,241
2,841
2,278
1,946
2.0
20.0
1.5
15.0
1.0
10.0

516,542
436,653
435,068
329,871
266,047
215,096
245,077
213,923
188,821
171,833
153,443
125,924
201,153
176,159
156,075
141,518
113,545
4,136
3,504
2,673
2,162
2,779
2,694
Loan Loss Reserves
2,679
2,861
1,981
1,809
2,188
1,754
306,992
251,244
234,008
179,760
147,382
119,931
31,381
29,272
23,447
27,137
23,514
25,913
Subordinated Debt
11,905
12,045
13,883
13,278
10,316
8,748
4,355
5,009
3,430
4,292
3,466
2,265
38,212
27,340
22,140
19,351
16,103
11,554
6,239
6,016
5,745
5,785
5,577
3,937
Ratios
Profitability %
Net Interest Margin
2.05
2.03
2.27
2.45
2.51
2.76
Cost/Income Ratio
56.18
52.37
54.49
56.55
55.86
55.55
13.22
13.66
15.62
16.03
16.47
19.50
0.91
0.78
0.85
0.95
0.95
1.07
53.06
50.92
54.34
59.37
62.73
64.09
9.77
8.36
7.70
16.72
14.33
13.60
11.80
8.90
7.50
6.60
14.00
11.50
9.90
8.80
18.40
16.50
15.60
15.20
60
140
59
120
57
100
56
80
55
60
54
16.07
22.58
24.81
25.07
8.24
11.63
10.56
13.92
7.83
10.95
14.25
11.15
16.04
13.92
12.84
12.72
Equity/Total Assets
7.46
6.32
5.14
6.25
4.94
3.82
10.36
25.87
0.40
1.07
64.77
Interbank Ratio
52
Deposits/Net Loans
20
51
50
2005
2006
2007
2008
2009
2010
Capital Adequacy
26.3
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
18.0
22.8
16.0
14.0
11.71
10.44
5.95
6.13
5.43
4.19
4.04
3.59
17.40
11.66
11.68
7.25
0.80
0.52
0.50
0.35
81.65
74.11
83.67
78.73
65.11
4.0
1.70
1.74
1.52
1.39
1.96
2.37
2.0
127.72
126.70
134.35
116.53
105.78
107.28
Deposits/Net Loans
53
40
20.0
2010
58
Total Capital Ratio Basel II Capped
Coverage Ratio
2009
160
Tier 1 Ratio Basel II Capped
Cost of Risk
2008
LLP/NII
2007
12.0
%
Equity/Net Loans
2006
Funding Profile
Capital Adequacy %
0.0
2005
243,037
Impaired Loans
0.0
Total Assets
Goodwill
0.5
LLP/NII
5.0
Balance Sheet
Customer Deposits
NPL %
0
16,062
Total Revenues
25.0
LLP/NII %
Net Interest Income
2.5
30.0
Income Statement
10.0
8.0
59.43
57.54
53.79
54.49
55.40
55.76
182.33
132.30
145.99
136.65
75.19
115.22
*Ratings listed are for Standard Chartered Bank plc. **The 2006 figures have not been restated to the restated figures as
per Standard Chartered's 2007 annual report. ***RWA for 2008 under Basel II, previously Basel I. ****Hybrid Tier 1 Capital
in 2009 is on a regulatory and not accounting basis. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
39
6.0
0.0
2005
2006
2007
2008
2007* onwards under Basel II, previously Basel I
2009
2010
June 15, 2011
Irish Banks
40
June 15, 2011
Allied Irish Banks [AIB]

Company Rating:
Ba2, Neg. (Moodys) / BB, CW Neg. (S&P) / BBB, Neg. (Fitch )
Market cap:
2.1bn
Ireland
Country:
Description: Allied Irish Banks (AIB) is the second-largest financial services group in Ireland by total assets. Divisional performance based on FY10 profit before tax was:
AIB Bank ROI (-10,750m), Capital Markets (71m), AIB Bank UK (-1,377m) and Group (-15m). AIB operates in the Republic of Ireland (74% of FY10 loan book), the UK
(23%), North America (2%) and RoW (1%). The Irish Government currently holds 3.7bn of AIBs preference shares and 92.8% of its capital via the National Pensions
Reserve Fund Commission (NPRFC).
Asset Quality
Allied Irish Banks

m
IFRS
IFRS
IFRS*
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
350.0

Net Trading Income
1,845
2,876
3,894
3,401
2,974
2,499
497
452
1,041
1,256
1,074
916
-201
-40
-73
74
173
112
2,240
3,483
5,068
4,820
4,278
3,599
Operating Expenses
1,649
1,522
2,357
2,521
2,314
2,011
Operating Profit
12.0
250.0
10.0
200.0
8.0
150.0
591
1,961
2,711
2,299
1,964
1,588
6,015
5,242
1,822
106
118
115
Pre-Tax Profit
-11,872
-2,707
1,034
2,460
2,683
1,704
Net Income
-10,232
-2,413
772
1,949
2,185
1,343
50.0
145,222
174,314
182,174
177,862
158,526
133,214
0.0
14.0
NPL %
Total Revenues
300.0
LLP/NII %
Net Interest Income
16.0
LLP/NII
Income Statement
6.0
100.0
4.0
2.0
Balance Sheet
98,768
120,380
133,899
139,386
123,034
101,656
95,903
129,705
131,781
128,345
107,820
85,906
Impaired Loans
13,469
17,453
2,991
1,049
933
868
7,616
7,152
2,292
742
705
674
Loan Loss Reserves
52,389
83,953
92,604
81,308
74,875
62,580
15,664
30,654
37,814
41,866
28,531
17,611
4,193
4,450
3,662
3,464
3,539
3,546
566
564
2,351
2,628
2,692
1,697
3,420
10,470
8,472
9,330
8,108
6,672
442
437
389
389
390
Subordinated Debt
Hybrid Tier 1 Capital***
Goodwill
Ratios
Profitability %
Net Interest Margin
1.31
1.68
2.23
2.09
2.15
2.26
Cost/Income Ratio
73.62
43.70
46.51
52.30
54.09
55.88
-147.33
-25.48
8.67
22.35
29.57
21.24
-6.40
-1.35
0.43
1.16
1.50
1.14
82.37
82.57
76.84
70.56
69.52
69.44
7.53
8.22
7.16
10.11
11.09
10.70
Funding Profile
80
70
40
50
40
30
30
20
20
Deposits/Net Loans
4.00
7.90
5.80
5.74
Tier 1 Ratio Basel II*****
4.30
7.20
7.40
7.70
9.20
10.20
10.50
10.20
13.52
6.51
23.73
25.05
2006
2007
2008
2009
2010
Capital Adequacy
12.0
26.61
Core Tier 1
Tier 1 Ratio
Total Capital Ratio
23.33
10.0
9.42
3.85
10.04
11.09
4.10
2.65
13.69
13.96
Equity/Net Loans
4.44
8.90
6.82
7.59
7.87
8.13
Equity/Total Assets
2.70
6.26
4.84
5.45
5.31
5.20
2.70
6.00
4.60
5.23
5.07
4.91
326.02
182.27
46.79
3.12
3.97
4.60
5.71
4.16
1.42
0.09
0.12
0.15
Coverage Ratio
56.54
40.98
76.63
70.73
75.56
77.65
14.04
13.46
2.27
0.82
0.87
1.01
Deposits/Net Loans
59.34
68.50
71.51
63.72
69.90
73.42
36.08
48.16
50.83
45.71
47.23
46.98
5.90
27.28
24.50
31.15
38.58
24.31
8.0
%
Total Capital Ratio
10
2005
Tier 1 Ratio
50
60
10
Capital Adequacy %
Total Capital Ratio Basel II*****
60
Customer Deposits
0.0
2004 2005 2006 2007 2008 2009
Total Assets
6.0

LLP/NII
Cost of Risk
Interbank Ratio
*2008 restated due to change in accounting policy for insurance policies. **RWA in 2008 under Basel II, previously Basel I.
***Hybrid Tier 1 Capital for 2008 is based on the regulatory and not accounting disclosure. ****Core Tier 1 includes 3.7bn
in preference shares from the Minister for Finance.*****Tier 1 & Total Capital Ratio are under Basel II with transitional
floors. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
41
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
FromFY07 under Basel II (with transitional floors), previously Basel

I
June 15, 2011
Anglo Irish Bank [ANGIRI]

Company Rating:
Caa1, Rev. f. Down. (Moodys) / CCC+, Neg. (S&P) / BB-, RW Neg.

(Fitch )
Market cap:
n/a
Country:
Ireland
Description: On 15 January 2009, the Irish government nationalised Anglo Irish Bank and intends to wind-down the bank over an extended period. Also, Anglo Irish
is going to be combined with Irish Nationwide Building Society. Anglo Irish operates in three core areas as of FY10: Business lending (-16,487m), Financial
Markets (-109m) and Wealth Management (-151m). Geographically, Ireland accounted for 47% of customer lending at FY10, the UK 31% and the US 22%. The
Minister for Finance provided the Bank with a total of 25.3bn of promissory notes, bringing total capital contributions to the bank to 29.3bn.
Asset Quality
Anglo Irish Bank (2008/09 year end at 31 Dec, previously at 30 Sept)

IFRS
IFRS**
IFRS
IFRS
IFRS
IFRS*
2009/10
2008/09
2007/08
2006/07
2005/06
2004/05
1,200.0
Net Interest Income
742
1,525
1,888
1,566
1,069
723
1,000.0
-11
-44
132
161
133
217
Net Trading Income
-64
-480
-124
-54
27
16
563
1,016
1,942
1,694
1,240
972
Operating Expenses
353
386
328
393
328
265
210
630
1,614
1,301
912
707
7,767
15,105
724
82
66
30
Operating Profit
60.0
50.0
NPL %
Total Revenues
70.0
800.0
LLP/NII %
80.0
LLP/NII
Income Statement
600.0
40.0
30.0
400.0
20.0
Pre-Tax Profit
-17,619
-12,835
784
1,243
850
680
Net Income
-17,651
-12,705
670
998
657
495
200.0
Total Assets
72,183
85,212
101,321
96,652
73,290
49,582
0.0
36,668
73,055
85,798
78,677
57,358
40,225
33,990
10.0
Balance Sheet
33,756
45,818
73,023
66,244
49,412
Impaired Loans
17,469
31,661
883
335
263
217
9,392
14,966
872
295
270
216
Loan Loss Reserves
Funding Profile
27,214
51,499
52,686
36,858
25,194
95
6,912
15,148
17,280
23,588
15,060
9,774
90
Subordinated Debt
152
1,767
2,498
2,569
1,866
1,182
357
616
2,450
2,705
2,339
1,775
3,534
4,169
4,125
4,052
2,684
1,747
46
66
67
Goodwill
Ratios
Profitability %
Net Interest Margin
1.29
1.67
1.99
1.93
3.66
1.82
Cost/Income Ratio
62.70
37.99
16.89
23.20
26.45
27.26
-366.63
-245.09
16.39
29.63
29.65
33.15
-17.94
-10.90
0.68
1.17
1.07
1.18
131.79
150.10
97.22
92.44
86.21
74.38
8.60
8.40
8.50
12.00
12.10
11.50
5.77
5.90
4.94
10.90
6.60
8.40
8.30
12.40
10.70
12.00
11.60
8.66
12.55
34.74
40.75
46.08
52.18
8.66
6.93
13.31
0.00
5.62
21.44
14.51
13.52
5.73
6.16
5.47
5.18
20
60
Deposits/Net Loans
55
10
0
04/05 05/06 06/07 07/08 08/09 09/10
Core Tier 1
Total Capital Ratio
Tier 1 Ratio
12.0
10.0
4.90
4.89
4.08
4.21
3.67
3.53
4.90
4.89
4.08
4.16
3.58
3.39
1,046.77
990.49
38.35
5.24
6.17
4.15
Cost of Risk
22.51
23.46
1.05
0.14
0.16
0.18
Coverage Ratio
53.76
47.27
98.75
88.06
102.66
99.54
51.75
69.10
1.21
0.51
0.53
0.64
Deposits/Net Loans
45.53
88.21
71.38
79.89
75.00
74.60
15.37
31.94
50.83
54.51
50.29
50.81
228.45
79.22
108.89
158.54
120.91
89.77
Interbank Ratio
65
14.0
Equity/Total Assets
30
70
Capital Adequacy
9.96
LLP/NII
40
75
8.0
%
Equity/Net Loans
80
45
50
50
Capital Adequacy %
60
85
11,092
Customer Deposits
0.0
04/05 05/06 06/07 07/08 08/09 09/10
6.0
*FY04/05 Income Statement excluding IAS 32 & 39. FYE04/05 balance sheet as at 1 October 2005. Note that financial
year-end is 30 September. **Reporting year-end changed to 31 Dec, previously at 30 Sep. ***RWA from 2008 onwards
under Basel II, previously Basel I. ****Core Tier 1 ratio calculated as defined in the glossary. Source: Credit Suisse,
Company Reports, Moodys, S&P, Fitch
42
4.0
2.0
0.0
04/05
05/06
06/07
07/08
From FY07/08 under Basel II, previously Basel I
08/09
09/10
June 15, 2011
Irish Life & Permanent Group Holdings [IPBS]

Company Rating*:
Ba2, Neg. (Moodys) / BB+, CW Neg. (S&P) / NR (Fitch)
Market cap:
20m
Ireland
Country:
Description: Irish Life & Permanent (IL&P), the product of the 1999 merger of a life assurer and a former building society, enjoys leading market shares in Irish life,
pension and residential mortgages. Divisional performance based on FY10 net income was as follows: Banking Ireland (-278m), Banking UK (-39m), Life
Assurance (134m), Fund Management (14m) and General Insurance (9m). 37.6bn FYE10 loan book split 70% RoI residential, 20% UK residential, 6%
Commercial and 4% Consumer. On 25 February FY11 IL&P took over 3.6bn in Irish Nationwide Building Society.
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
160.0
8.00
Income Statement
309
363
486
480
409
366
-47
-80
-54
-54
-19
-10
-3
-4
12
-4
Net Trading Income
543
403
618
673
566
549
Total Revenues
802
682
1,055
1,104
968
901
Operating Expenses
556
603
640
629
568
526
Operating Profit
246
79
415
475
400
375
420
376
82
28
14
12
Pre-Tax Profit
-170
-310
63
477
441
422
Net Income
-141
-313
49
449
358
353
Total Assets
75,705
80,021
74,349
80,062
76,136
61,242
15,809
16,411
22,353
23,494
20,636
17,100
37,464
39,069
40,214
39,195
33,789
26,392
2,609
1,855
841
441
304
276
883
477
139
75
57
52
Customer Deposits
13,382
14,562
14,118
13,576
13,643
12,808
10,034
13,262
10,899
15,371
18,432
15,226
Balance Sheet
Loan Loss Reserves
Subordinated Debt
1,644
1,699
1,599
1,391
1,385
1,622
2,006
2,347
2,630
2,385
2,075
70
75
71
203
207
198
Goodwill
Ratios
Profitability %
0.86
0.83
1.05
1.17
1.19
1.29
69.33
88.42
60.66
56.97
58.68
58.38
-7.77
-14.38
1.97
17.91
16.05
18.30
-0.18
-0.41
0.06
0.57
0.52
0.64
38.53
53.23
46.07
43.48
42.25
40.62
10.36
10.40
12.60
10.36
10.40
12.60
Cost/Income Ratio
Total Capital Ratio Basel I*****

Core Tier 1 Ratio Basel II*****
10.60
11.30
10.60
11.30
11.30
10.60
11.30
11.30
11.30
0.00
0.00
0.00
0.00
Step-Up Hybrid/Tier 1 Capital*****
0.00
0.00
0.00
0.00
Non Step-Up Hybrid/Tier 1 Capital*****
0.00
0.00
0.00
0.00
Equity/Net Loans
4.43
5.20
5.86
6.76
4.00
60.0
3.00
40.0
2.00
20.0
1.00
0.00
2006
2007 2008 2009
2010
Funding Profile
60
25
50
20
40
15
30
10
20
Deposits/Net Loans
10
0
2005
2006
2007
2008
Core Tier 1
Total Capital Ratio
14.0
2009
2010
Tier 1 Ratio
12.0
7.11
7.91
Equity/Total Assets
2.14
2.51
3.16
3.30
3.15
3.40
Tangible Equity/Tangible Assets
2.05
2.41
3.06
3.05
2.88
3.08
135.92
103.58
16.87
5.83
3.42
3.28
1.12
0.96
0.21
0.08
0.05
0.05
33.84
25.71
16.53
17.01
18.75
18.84
6.96
4.75
2.09
1.13
0.90
1.05
10.0
8.0
%
80.0
Capital Adequacy
Hybrid Tier 1 Capital/Tier 1 Capital*****
Coverage Ratio
5.00
Tier 1 Ratio Basel I*****
Cost of Risk
100.0
2005
Capital Adequacy %
LLP/NII
6.00
1,686
120.0
0.0
Impaired Loans***
7.00
NPL %
140.0
LLP/NII %
Net Interest Income
LLP/NII
Deposits/Net Loans
36.58
37.73
35.23
34.70
40.45
48.63
17.68
18.20
18.99
16.96
17.92
20.91
Interbank Ratio
20.79
26.32
25.75
25.25
152.53
281.50
*Ratings listed are for Irish Life & Permanent Plc. ***Total balances outstanding with in excess of three months arrears.
****Net interest margin as calculated by Irish Life and Permanent. *****Capital Ratios only for the bank (Permanent TSB)
rather than the Group. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
43
6.0
4.0
2.0
0.0
2005
2006
2007
2008
From 2008 under Basel II, previously Basel I
2009
2010
June 15, 2011
Nordic Banks
44
June 15, 2011
Danske Bank [DANBNK]

Company Rating: A2, Negative (Moodys) / A, Negative (S&P) / A+, Stable Fitch)
Market cap: DKr95.0bn
Country:
Denmark
Description: Danske Bank is the largest banking group in Denmark. Profit split of the group based on FY10 PBT was: Banking Activities (DKr -1,720m), Danske
Markets (DKr 4,710m), Danske Capital (DKr 820m), Danica Pension (DKr 2,146m) and Other divisions (DKr 578m). Geographically, Denmark accounts for 60% of the
groups lending, Finland, 9%, Sweden 11%, Norway 10%, Northern Ireland 3%, Ireland 4%, Baltics 1% & RoW 1%. AP & Chastine Moller holds 17.07% of Danske.
Asset Quality
Danske Bank
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
23,842
27,524
27,005
24,260
19,501
17,166
8,510
7,678
8,110
8,788
7,301
7,288
Net Trading Income
7,921
18,244
6,076
7,887
6,631
6,504
2,146
2,810
-1,733
1,118
1,355
1,677
Total Revenues
46,276
59,339
43,043
45,063
37,486
34,891
Operating Expenses
26,010
28,907
28,726
25,070
19,485
18,198
DKrm
LLP/NII
100.0
Net Interest Income*

Operating Profit
20,266
30,432
14,317
19,993
18,001
16,693
13,817
25,677
12,088
687
-496
-1,096
Pre-Tax Profit
6,449
4,755
2,229
19,306
18,497
17,789
Net Income
3,660
1,727
1,011
14,813
13,539
12,818
3,213,886
3,098,477
3,543,974
3,349,530
2,739,361
2,432,045
LLP/NII %
Income Statement
6.00
80.0
5.00
60.0
4.00
40.0
3.00
20.0
2.00
0.0
1.00
NPL %
IFRS
Balance Sheet
Impaired Loans**
Loan Loss Reserves
Customer Deposits
844,209
834,242
960,079
1,312,906
1,118,990
944,163
1,888,095
1,849,920
2,034,419
1,992,832
1,660,899
1,403,560
103,149
88,140
43,809
13,046
6,315
6,599
39,649
34,305
15,125
4,610
3,993
4,865
859,580
874,690
923,995
702,943
631,184
1,031,656
1,006,140
921,084
700,010
689,774
Subordinated Debt
32,732
36,219
40,487
39,961
37,487
37,461
44,604
43,783
17,373
19,064
11,464
6,376
104,727
100,659
98,225
104,223
95,126
74,463
18,773
18,250
19,573
23,301
5,809
1,872
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
0.85
0.92
0.86
0.88
0.85
0.86
56.21
48.72
66.74
55.63
51.98
52.16
3.56
1.74
1.00
14.86
15.97
18.16
0.12
0.05
0.03
0.49
0.52
0.57
51.52
46.38
62.74
53.84
52.02
49.20
Funding Profile
48.0
30.0
47.0
29.0
46.0
28.0
6.42
8.63
7.32
9.28
11.44
10.32
25.0
43.0
10.10
9.50
8.05
7.70
14.80
14.10
9.20
8.73
17.70
17.80
13.01
12.57
33.78
34.94
15.44
15.40
23.0
41.0
Deposits/Net Loans
22.0
21.0
39.0
20.0
Capital Adequacy
Core Tier 1 Ratio
Total Capital Ratio
20.0
11.94
9.15
Step-Up Hybrid/Tier 1 Capital***
12.95
12.81
15.44
15.40
20.83
22.13
0.00
0.00
Equity/Net Loans
5.67
5.54
4.87
5.25
5.74
5.33
Equity/Total Assets
3.26
3.25
2.77
3.12
3.47
3.06
2.67
2.66
2.22
2.42
3.26
2.99
57.95
93.29
44.76
2.83
-2.54
-6.38
18.0
Tier 1 Ratio
16.0
14.0
12.0
10.0
8.0
6.0
0.75
1.34
0.60
0.04
-0.03
-0.09
38.44
38.92
34.52
35.34
63.23
73.72
5.46
4.76
2.15
0.65
0.38
0.47
2.0
Deposits/Net Loans
46.58
47.34
43.32
46.47
42.43
45.13
0.0
26.79
27.74
24.68
27.59
25.66
25.95
Interbank Ratio
71.73
65.03
38.35
51.07
48.76
57.71
24.0
42.0
40.0
Coverage Ratio
26.0
44.0
2005 2006 2007 2008 2009 2010
Cost of Risk
27.0
45.0
Capital Adequacy %
LLP/NII
0.00
2005 2006 2007 2008 2009 2010
*Net interest income as per Danske Banks highlighted disclosure which excluded certain items, mainly net interest income from
Danica Pensions & Danica Markets. **Based on Danske's definition of individual impairments. ***In FY08, only DKK13,640m of
eligible hybrids of DKK17,373m included in tier 1 regulatory capital due to capacity constraints. ****RWA from 2008 onwards is under
Basel II, previously Basel I.
Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
45
4.0
2005
2006
2007
2008
2009
2010, 2009 and 2008 under Basel II, previously Basel I
2010
861,053
1,005,705
-20.0
Total Assets
June 15, 2011
DnB NOR [DNBNOR]

Company Rating*:
Aa3, Stable (Moodys) / A+, Stable (S&P) / A+, Stable (Fitch)
Market cap:
NKr 128.4bn
Country:
Norway
Description: DnB NOR is Norways leading financial services group, formed through the merger of Den Norske Bank and Union Bank of Norway in 2003. Market
shares in Norway are around 28% for household lending, 24% for corporate lending, 33% for deposits, 32% for life insurance and 34% for mutual funds. Divisional
FY10 PBT split was: Retail Banking NKr 6,719m, Corporate Banking NKr 6,124m, Markets NKr 3,638m, Insurance & Asset Management NKr 1,913m and DnB NORD
NKr 1,481m. The Norwegian government holds a 34% stake in DnB NOR.
Asset Quality
DnB NOR
NKrm
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
40.0
23,436
22,633
21,909
17,866
15,289
13,610
7,041
6,655
6,894
7,084
6,710
6,342
Net Trading Income
4,961
6,286
3,185
3,610
2,778
1,409
897
462
2,220
1,537
1,365
39,412
37,534
33,715
31,589
28,322
25,213
Operating Expenses
18,510
18,911
18,720
16,450
14,427
12,864
Operating Profit
20,902
18,623
14,995
15,139
13,895
12,349
2,997
7,710
3,509
220
-258
133
Pre-Tax Profit
18,184
11,112
12,170
17,409
14,689
13,109
Net Income
14,815
8,585
9,211
14,780
11,665
10,131
Total Assets
1,861,620
1,823,453
1,831,699
1,473,919
1,320,242
1,081,191
1,028,404
1,052,566
1,200,590
1,037,747
880,292
714,039
701,767
2.5
30.0
25.0
2.0
20.0
1.5
15.0
10.0
NPL %
Total Revenues
35.0
LLP/NII %
Net Interest Income
3.0
LLP/NII
Income Statement
1.0
5.0
0.5
0.0
Balance Sheet
1,125,528
1,198,108
973,655
831,207
27,682
26,876
16,292
6,225
5,768
7,101
Loan Loss Reserves
11,079
10,642
6,473
3,151
3,260
4,263
Customer Deposits
641,914
590,745
597,242
538,151
474,526
410,991
501,668
493,732
606,222
371,784
326,806
236,588
Subordinated Debt
30,396
35,280
24,264
28,374
20,298
8,423
8,655
9,945
8,962
5,603
5,698
111,197
98,648
77,065
73,314
64,211
57,407
5,378
5,405
6,665
6,660
5,823
5,623
Goodwill
Ratios
Profitability %
Net Interest Margin
1.32
1.30
1.39
1.33
1.33
1.43
Cost/Income Ratio
46.97
50.38
55.52
52.08
50.94
51.02
14.12
9.77
12.25
21.49
19.18
18.78
0.80
0.47
0.56
1.06
0.97
1.02
59.46
60.30
64.98
56.56
53.98
53.98
60.0
6.90
6.70
7.40
9.30
10.00
10.20
8.50
5.80
6.30
10.10
9.30
6.70
7.60
12.40
12.10
9.50
10.20
8.11
8.84
12.36
12.21
8.11
8.84
12.36
12.21
0.00
0.00
0.00
0.00
Equity/Net Loans
9.50
9.10
6.82
7.83
50.0
54.0
52.0
45.0
50.0
40.0
48.0
35.0
46.0
44.0
14.0
9.09
10.34
8.02
8.37
30.0
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio

12.0
10.0
5.97
5.56
4.44
5.15
5.03
5.40
5.68
5.26
4.07
4.70
4.59
4.88
12.79
34.07
16.02
1.23
-1.69
0.98
8.0
6.0
55.0
56.0
Capital Adequacy
Equity/Total Assets
Coverage Ratio
9.20
Cost of Risk
60.0
Deposits/Net Loans
58.0
2005 2006 2007 2008 2009 2010
LLP/NII
2009 2010
Funding Profile
Capital Adequacy %
2006 2007 2008
25,056
0.0
2005
1,181,420
Impaired Loans
-5.0
0.26
0.67
0.32
0.02
-0.03
0.02
40.02
39.60
39.73
50.62
56.52
60.03
2.34
2.39
1.36
0.64
0.69
1.01
Deposits/Net Loans
54.85
52.99
50.12
55.45
57.31
58.92
34.48
32.40
32.61
36.51
35.94
38.01
Interbank Ratio
18.53
20.59
33.39
44.65
57.16
37.81
*Rating for DNB NOR Bank ASA. **Pro forma Balance sheet as at 1 January 2005. **RWA from 2008 onwards under
Basel II, previously Basel I.
46
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Nordea Bank [NBHSS]

Company Rating:
Aa2, Stable (Moodys) / AA-, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
SKr 27.9bn
Country:
Sweden
Description: Nordea is the largest financial services group in the Nordic and Baltic Sea region and offers retail, corporate and institutional banking as well as asset
management and life insurance. FY10 divisional split by net income: Nordic banking 66%, New European Markets 8%, Financial Institutions 7%, Shipping, Oil
Services & International 9% and Other 10%. Geographical split by assets: Sweden 23%, Finland 16%, Norway 12%, Denmark 38%, Baltic 1% , Other 10%. The
Swedish state owns a 13.5% stake in Nordea and Sampo Plc holds 21.4%.
Asset Quality
Nordea
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
5,159
5,281
5,093
4,304
3,875
3,674
LLP/NII
30.0
Net Interest Income

2,156
1,693
1,883
2,140
2,074
1,935
Net Trading Income
1,837
1,946
1,028
1,187
1,036
615
9,268
9,025
8,176
7,845
7,297
6,506
Operating Expenses
4,816
4,512
4,338
4,066
3,822
3,668
Operating Profit
4,452
4,513
3,838
3,779
3,475
2,838
879
1,486
466
-60
-257
-137

Pre-Tax Profit
3,639
3,075
3,396
3,883
3,820
3,048
Net Income
2,657
2,314
2,671
3,121
3,145
2,263
Total Assets
580,839
507,544
474,074
389,055
346,890
325,549
185,131
171,724
168,572
171,482
185,398
169,028
189,941
1.6
25.0
1.4
20.0
1.2
15.0
1.0
10.0
0.8
5.0
0.6
0.0
0.4
-5.0
0.2
NPL %
Total Revenues
LLP/NII %
Income Statement
Balance Sheet
284,596
266,247
245,629
215,083
4,816
4,205
2,191
1,321
1,860
1,820
Loan Loss Reserves
2,498
2,185
1,147
947
1,098
1,481
Customer Deposits
176,390
153,577
148,591
142,329
126,452
115,550
151,578
130,519
108,989
99,792
83,417
82,609
5,799
5,353
6,803
6,230
6,764
6,300
Subordinated Debt
1,962
1,832
1,406
1,326
1,413
1,522
24,454
22,340
17,725
17,082
15,276
12,919
2,585
2,446
2,143
2,408
2,083
2,100
Goodwill
Ratios
Profitability %
Net Interest Margin
1.02
1.15
Cost/Income Ratio
51.96
49.99
53.06
51.83
52.38
56.38
11.36
11.55
15.35
19.29
22.31
17.69
0.49
0.47
0.62
0.85
0.94
0.75
55.66
58.52
62.29
54.86
53.10
56.47
6.60
7.10
6.80
8.70
9.80
9.20
1.25
1.23
1.21
1.28
Funding Profile
62.0
37.0
36.0
60.0
35.0
58.0
34.0
56.0
33.0
54.0
32.0
52.0
31.0
Deposits/Net Loans
50.0
Capital Adequacy %

10.30
10.30
8.50
7.40
11.40
11.40
9.30
8.30
13.40
13.40
12.10
10.90
9.22
9.25
9.23
12.45
6.88
6.79
6.15
8.03
2.34
2.46
3.08
4.42
Equity/Net Loans
7.81
7.94
6.72
Equity/Total Assets
4.22
4.42
3.78
17.04
30.0
2005 2006 2007 2008 2009 2010
Capital Adequacy
16.0
11.08
12.81
7.01
7.16
6.88
3.76
4.41
4.42
3.98
3.94
3.30
3.79
3.82
3.34
28.14
9.15
-1.39
-6.63
-3.73
14.0
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
12.0
10.0
%
0.0
2005 2006 2007 2008 2009 2010
316,709
Impaired Loans
-10.0
8.0

LLP/NII
Cost of Risk
Coverage Ratio
0.29
0.54
0.18
-0.03
-0.13
-0.08
51.87
51.96
52.35
71.69
59.03
81.37
1.52
1.48
0.82
0.54
0.86
0.96
Deposits/Net Loans
56.14
54.38
56.05
58.17
59.09
61.31
30.37
30.26
31.34
36.58
36.45
35.49
8.95
12.08
16.09
17.05
21.19
27.33
Interbank Ratio
*RWA from 2008 onwards under Basel II, previously Basel I

6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
47
2010
June 15, 2011
Skandinaviska Enskilda Banken [SEB]

Company Rating:
A1, Stable (Moodys) / A, Stable (S&P) / A+, Stable (Fitch)
Market cap:
SKr 114.7bn
Country:
Sweden
Description: SEB is Swedens second largest bank based on assets and has operations in Sweden, Norway, Denmark, Finland, Germany and the Baltic region. FY10
operating profit split was: Merchant Banking SKr 8,498m, Retail SKr 2,484m, Wealth Management SKr 1,651m, Life SKr 2,202m, Baltic SKr -121m. Geographical
credit portfolio split: Sweden 51%, Germany 24%, Baltics 9%, Other Nordics 12%, Other 4%. SEBs largest shareholder is Investor AB with 21.02% stake.
Asset Quality

IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Net Interest Income
16,173
18,154
18,832
16,077
14,344
14,358
SKrm
LLP/NII
70.0
1.6
Income Statement
13,285
15,254
17,051
16,146
13,559
3,275
4,419
4,200
3,892
5,074
3,664
Income from Insurance Business**
3,255
3,597
2,375
2,933
2,661
2,352
36,879
41,572
41,027
40,312
38,703
34,166
Operating Expenses
23,187
22,229
25,407
23,194
22,537
22,147
Operating Profit
13,692
19,343
15,620
17,118
16,166
12,019
1,837
12,030
3,231
1,016
718
914
Pre-Tax Profit
9,319
3,660
12,471
17,018
15,562
11,191
Net Income
6,745
1,114
10,041
13,618
12,605
8,401
1.0
40.0
0.8
30.0
0.6
20.0
0.4
10.0
0.2
Balance Sheet
2,179,821 2,308,227 2,510,702 2,344,462 1,934,441 1,889,738

716,126
730,492
817,789
892,473
740,513
704,625
1,089,798 1,205,914 1,305,996 1,073,730
953,047
908,284
Impaired Loans*****
13,721
18,157
13,911
8,391
8,526
9,101
Loan Loss Reserves
14,919
18,077
9,219
6,389
6,404
7,023
Customer Deposits
711,541
801,088
841,034
750,481
641,758
570,001
456,043
525,219
510,564
388,822
353,205
10,959
20,140
38,859
33,082
35,906
36,241
14,593
16,223
12,371
10,907
7,543
7,962
99,277
99,417
83,537
76,528
67,137
56,684
Goodwill
10,491
10,829
13,692
12,419
11,668
11,773
Ratios
Profitability %
Net Interest Margin
0.77
0.79
0.83
0.80
0.79
0.86
62.87
53.47
61.93
57.54
58.23
64.82
6.79
1.22
12.55
18.96
20.36
15.70
0.30
0.05
0.41
0.64
0.66
0.48
43.85
43.67
45.90
39.88
37.06
42.02
7.32
8.15
8.19
7.53
11.47
10.83
Cost/Income Ratio
0.0
2005 2006 2007 2008 2009 2010
Funding Profile
35.0
72.0
34.5
70.0
34.0
68.0
33.5
33.0
66.0
32.5
64.0
32.0
31.5
62.0
31.0
Deposits/Net Loans
60.0
Capital Adequacy %
58.0
9.29
10.42
12.20
11.69
8.57
8.65
14.20
13.91
10.08
9.87
13.80
14.69
12.81
12.62
14.35
15.97
15.01
15.00
9.93
10.92
15.01
15.00
4.42
5.05
0.00
0.00
Equity/Net Loans
9.26
8.39
6.46
Equity/Total Assets
4.57
4.32
4.09
30.5
30.0
2005 2006 2007 2008 2009 2010
Capital Adequacy
16.0
12.44
15.01
7.19
7.11
6.30
3.33
3.27
3.48
3.01
3.85
2.79
2.74
2.87
2.38
11.36
66.27
17.16
6.32
5.01
6.37
0.16
0.97
0.27
0.10
0.08
0.11
108.73
99.56
66.27
76.14
75.11
77.17
14.0
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
10.0
%
530,483
Subordinated Debt
0.0
Total Assets
NPL %
Total Revenues
1.2
50.0
LLP/NII %
14,160
Net Trading Income
1.4
60.0
8.0

LLP/NII
Cost of Risk
Coverage Ratio
Deposits/Net Loans
1.26
1.51
1.07
0.78
0.89
1.00
66.20
67.44
64.86
70.31
67.79
63.24
32.64
34.71
33.50
32.01
33.18
30.16
Interbank Ratio
96.03
83.40
62.03
62.42
49.00
44.45
**Operating profit from insurance operations (before goodwill amortisation). ***RWA from 2008 onwards under Basel II,
previously Basel I. *****In FY09 and FY10 impaired loans only include individually assessed and not portfolio assessed
impaired loans.
48
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Svenska Handelsbanken [SHBASS]

Company Rating:
Aa2, Stable (Moodys) / AA-, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
SKr 123.0bn
Country:
Sweden
Description: SHB is the fourth largest universal banking group in the Nordic region based on assets and offers a full range of retail, commercial and investment
banking services. Divisional FY10 operating income split: Branch operations in Sweden SEK 10,368m, Branch operations outside Sweden SKr 2,784m, Capital
Markets SKr 1,519m and Other SKr-574m. FYE10 assets in Sweden accounted for 67.3% of total assets and outside Sweden 32.7%.
Asset Quality
SKrm
IFRS
IFRS
IFRS
IFRS
IFRS**
IFRS
2010
2009
2008
2007
2006
2005
21,527
22,141
19,448
15,782
15,165
15,248
14.0
8,022
7,393
6,795
7,745
9,232
7,055
12.0
Net Trading Income
1,377
2,457
3,169
3,054
4,261
3,459
205
171
215
151
571
209
31,285
32,309
29,811
27,023
29,454
26,279
Operating Expenses
15,018
15,220
13,229
12,368
12,451
10,938
Operating Profit
16,267
17,089
16,582
14,655
17,003
15,341
1,507
3,392
1,605
27
-55
-261
Pre-Tax Profit
14,987
13,763
15,513
19,386
17,164
15,665
Net Income
11,025
10,244
12,131
15,507
13,128
11,365
532,136
602,330
722,002 1,069,290
876,178
769,239
1,487,270 1,482,563 1,484,216 1,294,856 1,102,531
986,113
5,367
2,494
2,872
3,689
Loan Loss Reserves
5,592
5,380
2,741
1,868
1,993
2,432
Customer Deposits
546,173
549,748
543,760
512,841
533,885
407,617
963,501
966,075
895,709
706,478
595,001
486,344
29,749
44,160
49,855
46,078
46,314
41,114
14,199
14,845
11,579
6,831
5,358
5,681
88,391
83,087
74,962
74,491
66,226
65,651
6,371
6,759
6,499
6,032
9,425
9,542
Ratios
Profitability %
Net Interest Margin
1.10
1.11
1.03
0.92
0.99
1.15
Cost/Income Ratio
48.00
47.11
44.38
45.77
42.27
41.62
12.86
12.96
16.23
22.04
19.91
17.89
0.52
0.48
0.60
0.85
0.78
0.78
-4.0
68.81
68.53
65.24
58.40
51.49
58.02
Funding Profile
7.30
7.30
6.20
6.20
6.80
7.60
9.30
10.30
9.50
9.80
9.50
11.61
13.41
11.74
8.90
9.52
16.50
14.21
10.51
10.62
20.85
20.21
16.00
16.92
16.17
17.35
15.26
10.31
12.87
11.91
15.00
10.31
30.0
40.0
28.0
30.0
26.0
20.0
24.0
Deposits/Net Loans
10.0
22.0
0.0
20.0
Capital Adequacy
Core Tier 1 Ratio
8.99
9.72
3.30
5.43
0.26
0.00
Equity/Net Loans
5.97
5.62
5.06
5.76
6.02
6.67
Equity/Total Assets
4.10
3.91
3.47
4.01
3.70
4.15
3.81
3.60
3.17
3.68
3.17
3.55
7.00
15.32
8.25
0.17
-0.36
-1.71
Tier 1 Ratio
Total Capital Ratio

20.0
15.0
10.0
0.10
0.23
0.12
0.00
-0.01
-0.03
60.70
62.45
51.07
74.90
69.39
65.93
0.62
0.58
0.36
0.19
0.26
0.37
Deposits/Net Loans
36.86
37.22
36.70
39.66
48.51
41.44
25.36
25.90
25.19
27.58
29.83
25.79
Interbank Ratio
76.48
70.10
51.70
63.09
55.28
47.24
50.0
25.0
Coverage Ratio
32.0
Cost of Risk
60.0
2005 2006 2007 2008 2009 2010
LLP/NII
0.0
2005 2006 2007 2008 2009 2010
Capital Adequacy %
0.1
8,615
0.2
0.0
2,153,530 2,122,843 2,158,784 1,859,382 1,790,008 1,580,733
9,212
Goodwill
0.3
-2.0
Impaired Loans
Subordinated Debt
6.0
2.0
0.4
8.0
4.0
Balance Sheet
Total Assets
0.5
NPL %
Total Revenues
0.6
10.0
LLP/NII %
Income from Insurance Business*
0.7
16.0
Income Statement
Net Interest Income
LLP/NII
18.0
*Operating profit in insurance operations. **2006 numbers have not been restated. ***RWA from 2008 onwards under
Basel II, previously under Basel I. ****In FY07, Core Tier 1 is calculated as defined in the glossary. Source: Credit Suisse,
49
5.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Swedbank [SWEDA]
Company Rating:
A2, Stable (Moodys) / A, Stable (S&P) / A, Stable (Fitch)
Market cap:
SKr 122.1bn
Country:
Sweden
Description: Swedbank is a retail focused bank in Sweden and has a wide distribution network and a particularly strong mortgage franchise through its mortgage bank,
Swedbank Mortgage. Divisional FY10 operating profit spit: Retail Skr 7,261m, Large Corporates & Institutions Skr 3,105m, Baltic Banking Skr-189m, Russia & Ukraine Skr
400m, Asset Mgmt & Insurance Skr 515m. Loan book split (FYE10) was: Sweden 86%, the Baltic region 9.7%, Ukraine 0.6%, Russia 0.6% and Other 3.1%.
Asset Quality
Swedbank
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006***
2005
16,329
20,765
21,702
19,157
15,504
15,539
9,525
7,825
8,830
9,880
8,869
7,170
Net Trading Income
2,400
2,770
2,351
1,691
3,211
2,957
SKrm
Income Statement
612
647
452
548
264
154
Total Revenues
28,866
32,007
35,951
32,500
28,975
29,159
Operating Expenses
17,642
17,848
18,085
16,719
15,139
14,156
Operating Profit
11,224
14,159
17,866
15,781
13,836
15,003
2,810
24,641
3,156
619
-205
294

Pre-Tax Profit
9,955
-9,461
13,819
15,586
14,263
15,010
Net Income
7,444
-10,511
10,887
11,996
10,880
11,879
100.0
2.0
60.0
1.5
40.0
600,238
726,712
616,052
1,208,941 1,316,498 1,293,778 1,138,978
541,327
603,431
696,505
949,768
826,173
39,951
10,578
1,752
1,711
2,427
Loan Loss Reserves
21,715
25,831
6,354
3,691
3,449
3,748
Funding Profile
46.0
534,237
504,424
508,456
458,375
400,035
338,894
45.0
686,517
703,258
593,365
673,116
561,208
517,582
44.0
20,272
28,765
35,045
32,458
28,886
25,982
6,915
9,218
9,710
7,278
5,539
6,239
89,670
86,230
68,008
59,974
53,637
13,733
15,368
17,308
18,523
13,889
14,229
Ratios
Profitability %
Cost/Income Ratio
1.02
1.25
1.38
1.41
1.32
1.50
31.0
94,897
Goodwill
42.0
39.0
55.76
50.30
51.44
52.25
48.55
-11.95
14.12
18.75
19.15
24.29
37.0
-0.58
0.64
0.81
0.85
1.07
60.37
58.94
53.51
53.29
28.0
40.0
8.07
64.88
29.0
41.0
61.12
0.42
30.0
43.0
38.0
56.57
32.0
27.0
Deposits/Net Loans
0.0
2005 2006 2007 2008 2009 2010
Customer Deposits
Net Interest Margin
0.5
0.0
-20.0
34,703
Hybrid Tier 1 Capital*****
1.0
20.0
1,715,681 1,794,687 1,811,690 1,607,984 1,352,989 1,197,283
Impaired Loans*****
Subordinated Debt
2.5
80.0
Balance Sheet
Total Assets
3.0
NPL %
3.5
120.0
LLP/NII %
Net Interest Income
LLP/NII
140.0
26.0
36.0
25.0
2005 2006 2007 2008 2009 2010
Capital Adequacy %
6.50
6.50
9.80
9.70
13.90
12.00
9.70
15.20
13.50
11.10
8.48
18.40
17.50
15.20
12.74
8.40
11.32
12.56
9.41
11.78
14.96
Equity/Net Loans
8.00
6.97
6.72
6.02
6.37
6.55
5.54
5.01
4.77
4.25
4.46
4.50
Tangible Equity/Tangible Assets
4.74
4.16
3.82
3.10
3.43
3.31
17.21
118.67
14.54
3.23
-1.32
1.89
Cost of Risk
Coverage Ratio
Deposits/Net Loans
Interbank Ratio
Core Tier 1 Ratio
18.0
Total Capital Ratio
Tier 1 Ratio
16.0
Equity/Total Assets
LLP/NII
20.0
7.26
14.0
12.0
%
Capital Adequacy
10.0
8.0
0.23
1.91
0.26
0.06
-0.02
0.04
6.0
62.57
64.66
60.07
210.67
201.58
154.43
4.0
2.87
3.03
0.82
0.15
0.18
0.29
45.00
39.08
39.49
40.38
42.27
41.21
31.14
28.11
28.07
28.51
29.57
28.31
121.68
39.77
40.58
106.25
123.31
138.42
**Operating profit in insurance operations. ***2006 numbers are not restated. ****Risk weighted assets from 2007 onwards
based on Basel II, previously Basel I. *****Hybrid Tier 1 debt at FY09 and FY10 under regulatory and not accounting
measure. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
50
2.0
0.0
2005
2006
2007
2008
2009
2010
2010, 2009, 2008 and 2007 under Basel II, previously Basel I
June 15, 2011
German Banks
51
June 15, 2011
Commerzbank [CMZB]
Company Rating:
A2, Stable (Moodys) / A, Negative (S&P) / A+, Stable (Fitch)
Market cap:
16.1bn
Germany
Country:
Description: Commerzbank completed the acquisition of Dresdner Bank in January 2009 and legally merged in May 2009. The combination created a bank with 1,535
branches in Germany. Divisional pre tax profit split for 2010 was: Private Customers 48m, Mittelstands 1,598m, CEE 53m, Corporates & Markets 786m, Asset
Based Finance -1,303m, Portfolio Restructuring Unit 675m and Others -104m. Geographical split of loan book at FY10 was: Germany 65%, Europe ex Germany
28%, US 5% and Asia 2%.
Asset Quality
Commerzbank
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Net Interest Income
7,054
7,174
4,729
4,007
3,937
3,167
3,647
3,773
2,846
3,150
2,927
2,415
Net Trading Income
2,066
-1,119
1,005
1,881
1,332
12,767
10,955
6,456
8,914
8,952
7,112
Operating Expenses
8,917
9,026
4,983
5,922
5,425
4,834
Operating Profit
3,850
1,929
1,473
2,992
3,527
2,278
LLP/NII
70.0
Income Statement
Total Revenues
2,499
4,214
1,855
479
878
521
Pre-Tax Profit
1,353
-4,659
-407
2,505
2,396
1,720
Net Income
1,430
-4,537
1,917
1,604
1,187
754,299
844,103
625,224
616,474
608,278
444,893
5.0
50.0
2.0
20.0
280,100
221,800
234,576
231,481
149,683
336,872
361,483
290,148
289,409
294,471
153,674
21,682
21,804
12,634
11,254
14,696
5,703
9,117
9,289
5,333
5,940
7,356
5,161
Customer Deposits
262,827
264,618
170,203
159,187
141,214
102,846
131,356
161,779
165,827
205,649
228,753
96,920
Subordinated Debt
15,850
11,836
11,046
11,274
8,143
4,181
4,079
3,158
3,414
3,540
27,873
26,006
19,185
15,135
14,235
12,571
2,081
2,061
1,006
894
1,287
758
Ratios
Profitability %
Net Interest Margin
0.91
1.01
0.79
0.68
0.77
0.76
69.84
82.39
77.18
66.43
60.60
67.97
5.31
-20.08
0.00
13.05
11.97
10.63
0.18
-0.62
0.00
0.31
0.30
0.27
55.25
65.49
73.25
44.95
43.98
44.53
Cost/Income Ratio
6.96
6.70
8.00
10.80
11.10
12.50
9.20
9.20
8.80
11.90
10.50
10.10
15.30
14.80
13.90
15.70
12.99
13.56
18.85
6.28
10.86
10.88
15.18
9.42
2.13
2.68
3.67
Equity/Net Loans
8.74
7.55
6.97
5.69
5.31
9.10
Equity/Total Assets
3.80
3.15
3.17
2.62
2.51
3.04
3.52
2.90
3.01
2.47
2.30
2.87
35.43
58.74
39.23
11.95
22.30
16.45
Coverage Ratio
Deposits/Net Loans
2009
2010
30
85
Deposits/Net Loans
80
28
75
70
26
65
24
60
55
22
50
20
2005
2006
2007
2008
2009
2010
Capital Adequacy
18.79
18.0
0.00
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
16.0
14.0
12.0
10.0
%
Cost of Risk
2008
45
LLP/NII
2007
Funding Profile
Capital Adequacy %
Core Tier 1 Ratio Basel lI**
0.0
2006
12,910

Goodwill
1.0
2005
267,500

Loan Loss Reserves
3.0
10.0
Impaired Loans
4.0
40.0
30.0
Balance Sheet
Total Assets
6.0
60.0
LLP/NII %
7.0
NPL %
IFRS
8.0
0.74
1.32
0.65
0.17
0.40
0.36
6.0
42.05
42.60
42.21
52.78
50.05
90.50
4.0
6.44
6.03
4.35
3.89
4.99
3.71
80.19
75.13
59.76
56.16
49.18
69.25
34.84
31.35
27.22
25.82
23.22
23.12
Interbank Ratio
80.37
75.86
49.01
59.18
59.74
66.35
*RWA from 2008 under Basel II, previously Basel I. ** SOFFIN Silent participations treated as Core Tier 1 capital and
Shareholders equity. Excluding the SOFFIN silent participations, adjusted Core Tier 1 ratio amounted to 3.85%
(2009:2.89%, 2008: 5.05%). Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
52
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Deutsche Bank [DB]

Company Rating:
Aa3, Stable (Moodys) / A+, Stable (S&P) / AA-, Neg. (Fitch)
Market cap:
36.8bn
Germany
Country:
Description: Deutsche Bank is one of the largest global investment banks with a presence in 74 countries. Deutsche Banks three main divisions and relevant FY10
pre tax profit split were: Corporate & Investment Banking 5,999m, Private Clients & Asset Management 989m, and Corporate Investments -2,649m. The
geographical split of the loan book is: Germany 50%, Western Europe ex Germany 27%, North America 13%, Asia Pacific 6%, Eastern Europe 2% and Rest of World
2%. Deutsche Bank gained a controlling stake of 51.98% in Deutsche Postbank in 2010.
Asset Quality
Deutsche Bank
m
IFRS
IFRS
IFRS
IFRS
IFRS
US GAAP
2010
2009
2008
2007
2006
2006
25.0
4.0
LLP/NII
Income Statement
15,583
12,459
12,453
8,849
7,008
6,919
10,669
8,911
9,741
12,289
11,195
11,544
1,551
6,765
-9,280
7,968
9,483
8,654
Net Trading Income

Income from Insurance Business*
129
308
134
47
28,567
27,952
13,613
30,392
28,075
27,826
Operating Expenses
23,289
20,254
17,693
21,269
19,634
19,660
Operating Profit
5,278
7,698
-4,080
9,123
8,441
8,166
1,274
2,630
1,076
612
298
330
Pre-Tax Profit
3,975
5,202
-5,741
8,749
8,339
8,125
Net Income
2,310
4,973
-3,835
6,474
6,070
5,986
1,905,630 1,500,664 2,202,423 2,020,349 1,584,493
1,126,230
3.0
273,476
307,732
328,818
275,459
275,637
411,025
261,448
271,219
200,597
180,194
169,888
Impaired Loans
8,435
8,913
4,555
3,144
3,214
3,302
Loan Loss Reserves
3,296
3,343
1,938
1,705
1,670
1,754
Customer Deposits
533,984
344,220
395,553
457,946
411,916
408,782
0.5
167,079
164,769
171,967
148,847
136,530
12,353
7,600
8,202
8,146
10,949
11,262
12,250
10,577
9,729
6,345
4,771
4,496
48,843
36,647
30,703
37,044
32,758
36,265
Goodwill
10,762
7,420
7,533
7,232
7,270
7,144
Ratios
Profitability %
Net Interest Margin
1.04
0.76
0.66
0.57
0.66
1.53
Cost/Income Ratio
81.52
72.46
129.97
69.98
69.93
70.65
5.40
14.77
-11.32
18.55
18.34
1.20
0.14
0.27
-0.18
0.36
0.47
1.06
54.55
44.57
91.48
29.12
24.96
24.87

Core Tier 1 Ratio Basel II***
8.70
8.70
8.61
8.50
8.90
11.60
12.50
12.80
12.30
12.60
10.10
14.10
13.90
12.20
29.57
30.81
30.96
19.78
19.20
18.33
Equity/Net Loans
12.36
14.71
11.85
19.34
18.75
21.57
Equity/Total Assets
2.64
2.53
1.45
1.90
2.11
3.22
2.08
2.04
1.11
1.55
1.65
2.59
270
LLP/NII
8.18
21.11
8.64
6.92
4.25
4.77
Cost of Risk
0.38
1.00
0.46
0.32
0.33
0.21
39.08
37.51
42.55
54.23
51.96
53.12
2.05
3.41
1.68
1.57
1.78
1.94
130.97
133.36
146.89
230.25
230.73
243.13
28.02
22.94
17.96
22.67
26.00
36.30
403.77
118.81
84.95
19.70
32.74
84.56
Deposits/Net Loans
Interbank Ratio
2008
2009
2010
40
Deposits/Net Loans
250
35
230
30
210
190
25
170
20
150
130
15
2005
2006
2007
2008
2009
2010
Capital Adequacy
Core Tier 1 ratio
Total Capital Ratio
16.0
*Insurance premiums **RWA from 2008 under Basel II, previously Basel I. ***Core Tier 1 Ratio calculated as defined in
the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
53
Tier 1 Ratio
14.0
12.0
10.0
%
2007
7.00
Coverage Ratio
2006
Funding Profile
Capital Adequacy %
0.0
2005
Deposit/Total Liabilities %
222,297
Subordinated Debt
1.5
1.0
346,204
2.0
10.0
0.0
2.5
15.0
5.0
Balance Sheet
Total Assets
3.5
NPL %
252
Total Revenues

20.0
LLP/NII %
Net Interest Income
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2008 onwards under Basel II, previously Basel I.
2009
2010
June 15, 2011
Deutsche Postbank [DPB]

Company Rating:
A1, Negative (Moodys) / A, Stable (S&P) / A+, Stable (Fitch)
Market cap:
4.55bn
Germany
Country:
Description: Postbank is among Germanys major retail banks, but it is also active in corporate banking as well as in transaction banking and financial markets.
Divisional FY10 PBT split: Retail banking 897m, Corporate Banking 382m, Transaction Banking 61m, Financial Markets 85m and Others -1,110m. Deutsche
Bank gained a controlling stake of 51.98% in Deutsche Postbank in 2010.
Deutsche Postbank
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
2,405
2,495
2,240
2,173
1,675
1,316
1,338
1,431
1,429
1,407
699
-242
-646
-1,638
575
537
457
Total Revenues
3,805
3,097
2,288
4,244
4,117
2,831
Operating Expenses
2,934
2,864
2,969
2,937
2,875
1,936
Operating Profit
871
233
-681
1,307
1,242
895
561
678
498
338
337
205
Pre-Tax Profit
315
-398
-1,064
992
941
719
Net Income
138
76
-886
856
695
492
214,684
226,609
231,219
202,913
184,887
140,280
66,363
74,001
76,165
95,576
93,765
69,892
52,873
1.4
25.0
1.2
20.0
LLP/NII %
2,731
1.0
0.8
15.0
0.6
10.0
0.4
5.0
LLP/NII
Balance Sheet
111,783
111,043
105,318
92,064
87,182
Impaired Loans
1,502
1,566
951
918
926
612
Loan Loss Reserves
1,764
1,641
1,323
1,154
1,155
776
136,476
131,988
117,472
110,696
101,316
78,481
Customer Deposits
12,860
16,722
16,342
9,558
15,886
14,613
Subordinated Debt
3,775
3,813
4,011
4,040
3,954
2,603
Hybrid Tier 1 Capital**
1,802
1,694
1,725
1,563
1,094
1,180
5,623
5,247
4,949
5,223
5,205
5,185
Goodwill
1,651
1,651
1,631
1,631
1,626
51
1.29
1.09
1.20
1.20
1.38
1.28
77.11
92.48
129.76
69.20
69.83
68.39
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
0.0
2005
2006
2007
2008
2009
2010
Funding Profile
180
68
Deposits/Net Loans
170
64
160
60
150
56
140
52
130
48
44
2.54
1.49
-17.42
16.42
13.38
9.89
0.06
0.03
-0.41
0.44
0.43
0.37
71.77
77.66
109.05
52.78
52.78
59.17
120
110
0.2
0.0
Total Assets
NPL %
Net Interest Income

Net Trading Income
1.6
30.0
Income Statement
Capital Adequacy %
5.50
8.30
8.10
10.70
5.67
4.45
4.23
5.19
8.11
6.63
6.35
6.92
6.60
11.31
9.15
10.37
9.60
9.60
8.10
6.60
6.50
6.50
6.60
11.30
9.20
9.20
9.20
9.60
Hybrid Tier 1 Capital/Tier 1 Capital*
30.11
32.88
33.39
24.97
22.32
9.29
10.60
10.75
7.56
20.81
22.28
22.64
17.41
Equity/Net Loans
5.11
4.80
4.76
5.75
6.05
9.95
Equity/Total Assets
2.62
2.32
2.14
2.57
2.82
3.70
1.85
1.59
1.44
1.77
1.94
3.66
20.54
28.19
19.96
15.09
15.51
12.24
0.51
0.64
0.51
0.38
0.49
0.41
117.44
104.79
139.12
125.71
124.73
126.80
1.34
1.41
0.90
1.00
1.06
1.16

2006
2007
2008
2009
2010
Capital Adequacy
Core Tier 1 Ratio
Total Capital Ratio
12.0
Tier 1 Ratio
19.84
10.0
8.0
%
40
2005
6.0

LLP/NII
Cost of Risk
Coverage Ratio
Deposits/Net Loans
124.05
120.64
112.96
121.76
117.77
150.64
63.57
58.24
50.81
54.55
54.80
55.95
Interbank Ratio
54.15
36.79
29.76
40.17
34.55
57.84
*Risk-weighted assets from 2007 onwards based on Basel II, previously based on Basel I. **Silent participations, which are
deemed Tier 1 under German regulatory rules, are included in Hybrid Tier 1 Capital. ***Core Tier 1 Ratio is calculated as
defined in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
54
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Eurohypo [EURHYP]
Company Rating:
A3, Stable (Moodys) / A-, Negative (S&P) / A-, Stable (Fitch)
Market cap:
n/a
Germany
Country:
Description: Eurohypo, 100% owned subsidiary of Commerzbank, is to be disposed of within the next three years as condition imposed by the EU Commission for
approving state support to Commerzbank. In November 2004, Commerzbank announced the acquisition of Eurohypo, although it remains a separate legal entity.
Eurohypos FY10 divisional split based on PBT was as follows: CRE Banking (-607m), Public Finance (-204m) and Retail Banking (-23m). Germany accounted
for 71% of the segment assets, Rest of Europe 27% and America 2%.
Asset Quality
Eurohypo
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
1,338
1,288
1,149
1,179
1,249
1,340
120.0
8.0
Income Statement

Net Trading Income
Operating Expenses
Operating Profit
185
149
251
227
177
145
-441
-203
-1,466
-28
157
1,048
1,239
-83
1,464
1,637
1,510
405
434
460
615
592
531
643
805
-543
849
1,045
979
1,407
1,174
858
259
360
291
6.0
80.0
5.0
60.0
4.0
3.0
40.0
2.0
Pre-Tax Profit
-785
-515
-1,409
588
653
604
Net Income
-857
-902
-1,240
355
434
418
20.0
0.0
LLP/NII
Balance Sheet
229,010
256,061
291,600
214,215
224,332
234,228
Risk-Weighted Assets
62,263
72,737
81,613
88,429
89,330
87,765
149,378
132,544
152,604
131,242
138,448
8,460
8,080
6,642
5,371
4,300
4,300
Loan Loss Reserves
3,194
2,849
2,341
2,281
2,632
2,499
Customer Deposits
32,287
34,630
36,867
30,446
34,937
37,416
80,031
102,788
133,285
98,633
107,083
126,744
3,334
3,379
3,610
3,186
3,117
3,192
Subordinated Debt
900
900
900
900
900
900
3,514
3,951
4,021
5,576
6,168
6,048
58
58
128
135
135
135
Goodwill
Ratios
Profitability %
Net Interest Margin
0.56
0.47
0.46
0.54
0.56
0.59
Cost/Income Ratio
38.65
35.03
nm
42.01
36.16
35.17
-22.96
-22.63
-25.84
6.05
7.11
7.05
-0.35
-0.33
-0.49
0.16
0.19
0.18
127.67
103.95
nm
80.53
76.30
88.74
Core Tier 1 Ratio Basel II*
8.95
7.40
7.20
7.50
10.40
10.70
10.40
8.64
7.80
14.10
12.61
11.60
13.90
14.32
14.14
13.75
13.99
3.02
3.05
2.68
4.32
4.54
4.12
Equity/Total Assets
1.53
1.54
1.38
2.60
2.75
2.58
1.51
1.52
1.34
2.54
2.69
2.52
16
28
15
26
105.16
91.15
74.67
21.97
28.82
21.72
Coverage Ratio
Deposits/Net Loans
14
13
24
12
22
Deposits/Net Loans
11
20
10
2006
2007
2008
2009
2010
Capital Adequacy
0.84
0.61
0.20
0.25
0.19
35.26
35.25
42.47
61.21
58.12
7.08
6.10
4.35
4.09
3.11
2.88
27.76
26.70
24.53
23.61
25.72
25.47
14.10
13.52
12.64
14.21
15.57
15.97
Interbank Ratio
28.24
31.36
36.59
32.70
40.23
56.69
*Core Tier 1 ratio calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
55
Tier 1 Ratio
12.0
10.0
%
1.14
37.75
Core Tier 1 Ratio

Total Capital Ratio
14.0
13.67
Cost of Risk
2010
17
16.0
Equity/Net Loans
LLP/NII
2009
6.70

7.40
10.70
2008
30
2005
2007
Funding Profile
Capital Adequacy %
2006
119,493
Impaired Loans
1.0
0.0
2005
Total Assets
NPL %
Total Revenues
7.0
100.0
LLP/NII %
Net Interest Income
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
HSH Nordbank [HSHN]

Company Rating*:
A3, Neg. (Moodys) / NR (S&P) / A-, RW Neg (Fitch)
Market cap:
n/a
Germany
Country:
Description: HSH Nordbank, a wholesale-oriented commercial bank, offers banking services in several niches, including shipping financing. In FY09 HSH went
through a strategic realignment involving a new segment structure: Sector Specialist Bank (FY10 net profit before restructuring 363m), Regional Bank (130m),
Other (-192m), Restructuring Unit (-29m). The bank is owned by City of Hamburg & the State of Schleswig-Holsteins (with combined shareholding of 83.3%) the
Savings Banks Association of Schleswig-Holstein (6.0%) and nine investor groups advised by J.C Flowers (10.7%).
Asset Quality
HSH Nordbank
IFRS
IFRS
IFRS
IFRS
IFRS
German GAAP
2010
2009
2008
2007
2006
2006
1,665
1,746
2,051
1,601
1,465
1,472
218
211
270
326
351
424
140
-117
544
-2,164
-978
371
141
120
1,704
2,531
-9
1,098
2,284
2,190
Operating Expenses
867
830
899
984
865
970
Operating Profit
837
1,701
-908
114
1,419
1,221
LLP/NII
180
Income Statement

Net Trading Income
12.0
2,794
1,888
-15
207
237
40
-1,166
-2,617
129
1,195
955
20
Net Income
-3
-734
-2,809
275
830
458
150,930
174,484
208,370
204,827
194,341
189,382
41,400
90,700
111,775
129,300
123,600
123,600
102,858
110,557
117,610
104,064
101,315
102,389
12,054
9,322
4,718
2,243
2,249
3,022
4,429
4,348
2,341
1,522
1,803
1,397
Customer Deposits
50,446
49,803
52,469
50,394
46,076
46,351
44,726
53,121
58,200
70,230
74,637
69,964
Subordinated Debt
7,253
7,543
8,014
6,761
5,619
5,433
1,466
1,341
1,720
2,535
2,505
3,923
5,097
4,411
1,960
4,280
4,472
4,372
76
135
272
239
Ratios
Profitability %
Net Interest Margin
1.05
0.93
1.01
0.81
0.78
0.80
Cost/Income Ratio
50.88
32.79
nm
89.62
37.87
44.27
-0.06
-23.04
-90.03
6.28
18.77
11.16

0.00
-0.38
-1.36
0.14
0.43
0.24
98
69
nm
145.81
64.14
67.19
5.94
6.00
6.00
9.98
9.90
9.90
2007
2008
2009
2010
54
36
52
34
32
50
30
48
28
46
26
44
24
Deposits/Net Loans
42
22
40

Core Tier 1 Basel II***
11.86
8.02
2.97
15.40
9.50
5.10
22.40
14.50
8.30
Hybrid Tier 1 Capital/Tier 1 Capital**
22.99
15.56
41.84
20
2005
2006
2007
2008
2009
2010
Capital Adequacy
25.0
28.65
40.64
52.89
0.00
0.00
0.00
0.00
22.99
15.56
41.84
28.65
Equity/Net Loans
5.18
4.18
1.74
4.26
4.50
4.33
Equity/Total Assets
3.38
2.55
0.96
2.13
2.30
2.31
3.38
2.50
0.90
2.00
2.18
2.31
7.75
160.02
92.05
-0.94
14.13
16.07
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
20.0
15.0
%
2006
Funding Profile
Capital Adequacy %
0.0
2005
Goodwill
2.0
-20
Loan Loss Reserves
4.0
Balance Sheet
Impaired Loans
6.0
60
17
8.0
80
129
10.0
100
Pre-Tax Profit
Total Assets
14.0
NPL %
Total Revenues
160
LLP/NII %
Net Interest Income

LLP/NII
Cost of Risk
0.13
2.52
1.73
-0.01
0.42
0.25
Coverage Ratio
36.74
46.64
49.62
67.86
80.15
46.21
11.72
8.43
4.01
2.16
2.22
2.95
Deposits/Net Loans
51.25
46.89
45.52
49.14
46.30
45.90
33.42
28.54
25.18
24.60
23.71
24.48
Interbank Ratio
39.10
39.31
37.29
53.10
57.62
60.50
*Unguaranteed ratings. **Silent participations are included in Hybrid Tier 1 Capital. ***Core Tier 1 ratio calculated as
56
10.0
5.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Hypo Real Estate Holding [HYPORE]

Company Rating:
NR (Moodys) / NR (S&P) / A-, Stable (Fitch)
Market cap:
n/a
Country:
Germany
Description: Hypo Real Estate (HRE) was created in FY03 out of the spin-off of parts of the commercial real estate financing of the HVB Group. In FY07 HRE took over
Depfa, a provider of financial services to the public sector. During 2009 the German Financial Markets Stabilisation Fund (SoFFin) took full control of the HRE
group. On 1 October 2010, the group transferred assets and liabilities to FMS Wertsmanagement regulated under the bank rescue legislation (FMStFG). The group
consists of the ultimate part HRE Holding and the two main operating companies Deutsche Pfandbriefbank AG and DEPFA Bank plc.
Asset Quality
Hypo Real Estate Group

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
LLP/NII
Non-Performing Loan Ratio*
160.0
Income Statement
840
1,396
1,633
1,105
804
722
140.0
-319
-642
32
198
145
125
120.0
Net Trading Income
-406
-272
-2,332
-398
131
94
215
496
-547
931
1,096
961
Operating Expenses
642
618
643
460
349
332
-427
-122
-1,190
471
747
629
445
2,091
1,656
-61
159
151
Operating Profit
Pre-Tax Profit
-859
-2,221
-5,375
587
571
443
Net Income
-910
-2,236
-5,461
457
542
380
4.0
3.0
NPL %
Total Revenues
5.0
100.0
LLP/NII %
Net Interest Income
6.0
80.0
2.0
60.0
1.0
40.0
0.0
20.0
-1.0
0.0
Balance Sheet
328,119
359,676
419,654
400,174
161,593
152,339
20,400
80,200
87,300
109,100
71,225
58,350
207,605
198,344
222,048
213,173
81,602
76,294
1,314
10,345
4,979
1,730
661
3,898
2,277
905
940
889
Impaired Loans
Loan Loss Reserves
Customer Deposits
Funding Profile
13,259
15,936
27,106
12,225
10,080
156,376
197,978
218,080
102,511
95,333
Subordinated Debt
3,237
2,961
3,459
3,638
2,262
2,028
1,408
1,299
1,325
1,977
6,616
3,566
-1,508
6,074
3,445
3,079
2,233
20
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
0.29
0.47
0.46
0.41
0.53
0.50
20
16
12
14
10
12
8
10
8
nm
298.60
124.60
49.41
31.84
34.55
-17.87
-217.30
-239.20
9.60
16.62
12.81
-0.26
-0.57
-1.33
0.16
0.35
0.25
390.70
281.45
-298.54
118.69
73.36
75.13
14
18
4
Deposits/Net Loans
43,216
107,898
-2.0
2005 2006 2007 2008 2009 2010
Total Assets
-20.0
2005 2006 2007 2008 2009 2010
Capital Adequacy %
6.47
6.50
7.49
9.16
9.34
10.79
Capital Adequacy
Core Tier 1 Basel II**
27.35
5.87
1.62
34.70
7.80
3.40
47.70
10.60
5.70
21.19
24.78
52.22
21.95
60.0
12.01
13.59
28.64
12.04
9.18
11.19
23.58
9.92
Equity/Net Loans
3.20
1.83
-0.69
2.86
4.27
4.08
Equity/Total Assets
2.02
0.99
-0.36
1.52
2.13
2.02
2.02
0.99
-0.36
0.96
2.12
2.02
52.98
149.79
101.41
-5.52
19.78
20.91
0.22
1.01
0.77
-0.04
0.20
0.20
50.30
37.68
45.73
52.31
0.63
5.22
2.24
0.81
1.50
2.00
Deposits/Net Loans
20.88
6.82
7.25
12.77
15.16
13.37
13.17
3.69
3.80
6.77
7.57
6.62
Interbank Ratio
37.93
27.32
33.64
46.72
73.18
87.06
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
50.0
40.0
30.0

LLP/NII
Cost of Risk
Coverage Ratio
10.0
*From FY04 to FY06 as disclosed by Hypo Real Estate in relation to the overall real estate credit portfolio. **Core Tier 1
ratio calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
57
20.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
NORD/LB [NDB]
Company Rating*:
Aa2, Negative (Moodys) / A-u, Negative (S&P) / A, Stable (Fitch)
Market cap:
n/a
Germany
Country:
Description: NORD/LB bank is a leading bank in Germany with its business concentrated in the North and North-East of Europe. FY10 PBT split is as provided:
Private and Commercial Customers (71m), Savings Bank Network (19m), Financial Markets/Institutional Customers (93m), Corporate Customers (122m),
Energy and Infrastructure Customers (119m), Ships and Aircraft Customers (230m), Real Estate Banking Customers (95m) and Group Management/Others
(-371m).
Asset Quality
NORD/LB
m
IFRS
IFRS
IFRS
IFRS
IFRS
German GAAP
2010
2009
2008
2007
2006
2006
100
Income Statement
1,380
1,462
1,478
1,040
1,239
210
177
180
162
165
169
Net Trading Income
183
442
-558
-445
686
58
37
76
63
37
56
Total Revenues
2,180
2,222
1,287
1,334
2,093
2,260
Operating Expenses
1,213
1,119
1,028
926
941
1,574
Operating Profit
967
1,103
259
408
1,152
686
657
1,045
266
38
17
-18
Pre-Tax Profit
236
-88
22
503
1,219
592
Net Income
218
-149
150
296
939
281
3.0
2.5
60
2.0
40
1.5
1.0
20
0.5
Balance Sheet
Total Assets
3.5
80
0
228,586
238,600
244,329
201,584
194,871
203,093
86,850
92,575
89,825
98,156
83,560
113,605
112,083
112,172
88,442
81,326
80,482
0.0
2005* 2006
2007
2008
2009
2010
Funding Profile
3,887
2,920
2,001
1,537
2,191
1,046
Loan Loss Reserves
1,929
1,623
1,168
1,089
1,498
1,521
Customer Deposits**
60,742
61,303
61,998
47,562
35,075
51,035
65
28
74,699
82,972
80,242
64,369
85,891
62,444
60
26
Subordinated Debt
4,152
3,542
3,605
3,308
3,686
3,545
2,421
2,389
2,024
1,967
1,969
1,773
5,884
5,694
5,629
6,204
5,363
5,282
11
11
11
Profitability %
Net Interest Margin
0.72
0.58
0.67
0.75
0.54
0.66
55.64
50.36
79.88
69.42
44.96
69.65
3.77
-2.63
2.54
5.12
17.64
5.68
0.09
-0.06
0.07
0.15
0.47
0.14
75.69
62.11
113.60
110.79
49.69
54.83
Cost/Income Ratio
Ratios
24
55
22
50
20
45
18
40
16
35
14
Deposits/Net Loans
30
12
25
10
20
Capital Adequacy %
8
2005*
Impaired Loans*
Goodwill
NPL %
1,650
LLP/NII %
Net Interest Income
4.0
LLP/NII
2006
2007
2008
2009
2010

Core Tier 1 Basel II
5.83
5.59
5.40
4.53
5.64
Tier 1 Ratio Basel II***
9.15
8.70
8.10
6.96
7.66
11.06
9.70
10.00
9.45
10.75
36.30
35.78
33.37
34.90
26.31
19.38
19.12
Capital Adequacy
12.0
Tier 1 Ratio
Total Capital Ratio
10.0
16.66
5.27
5.25
5.13
7.21
6.85
6.83
Equity/Total Assets
2.58
2.43
2.33
3.13
2.80
2.65
2.57
2.43
2.33
3.13
2.80
2.65
39.82
75.72
18.19
2.57
1.63
-1.43
0.59
0.94
0.27
0.05
0.04
-0.02
49.63
55.58
58.37
70.85
68.37
145.34
3.42
2.61
1.78
1.74
2.69
1.30
Deposits/Net Loans
54.39
55.50
55.85
54.45
43.94
64.63
26.57
25.69
25.37
23.59
18.00
25.13
Interbank Ratio
60.11
67.88
67.56
69.98
99.12
85.37
8.0
%
16.93
Equity/Net Loans
6.0

LLP/NII
Cost of Risk
Coverage Ratio
58
4.0
2.0
0.0
2006
2007
2008
2009
2010
June 15, 2011
UniCredit Bank AG [HVB]

Company Rating:
A1, Rev. f. Down. (Moodys) / A, Stable (S&P) / A+, Stable (Fitch)
Market cap:
n/a
Germany
Country:
Description: UniCredit Bank AG is wholly owned subsidiary of UniCredit. UniCredit Bank AG has three main reporting divisions with FY10 PBT as follows: Corporate
& Investment Banking (1,500m), Retail (33m) and Private Banking (123m). Germany is the groups core market, with Austrian and Central and Eastern Europe
businesses transferred to UniCredit.
Asset Quality
UniCredit Bank AG
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Net Interest Income
4,248
4,528
4,259
4,129
3,399
3,425
1,312
1,187
1,453
1,721
1,753
1,723
998
1,215
-1,735
761
1,439
445
40.0
7.0
35.0
6.0
Income Statement
6,558
6,930
3,977
6,611
6,813
5,734
Operating Expenses
3,433
3,462
3,495
3,576
3,885
4,337
Operating Profit
3,125
3,468
482
3,035
2,928
1,397
5.0
25.0
4.0
20.0
3.0
15.0
632
1,601
760
536
933
979
Pre-Tax Profit
1,882
1,266
-595
2,962
4,398
662
Net Income
1,703
819
-671
2,050
4,420
642
5.0
0.0
2.0
10.0
LLP/NII
Balance Sheet
371,909
363,420
458,602
422,129
508,033
493,659
124,500
115,100
148,200
145,500
230,300
244,700
274,643
144,410
151,141
180,359
165,339
170,099
Impaired Loans
6,900
8,800
6,200
5,900
6,600
12,900
Loan Loss Reserves
5,059
5,222
4,841
5,016
5,967
12,342
108,494
96,490
114,962
108,626
92,751
158,421
44,544
55,178
54,424
68,564
75,426
105,982
Customer Deposits
2,833
4,437
7,411
8,628
9,133
13,820
1,299
1,671
1,804
2,376
3,009
3,792
22,866
22,870
22,217
23,190
16,690
12,358
424
424
424
421
422
2,055
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.20
1.14
0.99
1.10
0.84
0.75
52.35
49.96
87.88
54.09
57.02
75.64
7.45
3.63
-2.96
10.28
30.43
5.39
0.46
0.20
-0.15
0.44
0.88
0.13
64.78
65.34
107.09
62.46
49.89
59.73
13.68
8.00
7.00
17.79
11.80
10.60

Core Tier 1 Ratio Basel II*
15.91
16.77
13.12
16.60
17.80
14.30
19.10
21.20
17.80
4.18
5.79
8.25
8.57
4.18
5.79
8.25
2.98
33
78
31
29
74
27
70
25
66
23
62
21
58
19
Deposits/Net Loans
54
17
15
2005
2006
2007
2008
2009
2010
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio

20.0
0.00
5.59
13.12
14.97
12.18
5.88
Equity/Total Assets
6.36
6.50
5.02
5.68
3.93
3.12
6.25
6.39
4.93
5.59
3.85
2.71
14.88
35.36
17.84
12.98
27.45
28.58
0.44
1.00
0.45
0.33
0.44
0.37
73.32
59.34
78.08
85.02
90.41
95.67
4.78
5.82
3.44
3.57
3.88
4.70
Deposits/Net Loans
77.86
66.13
65.50
67.75
56.51
60.40
29.17
26.55
25.07
25.73
18.26
32.09
Interbank Ratio
89.29
85.31
49.43
56.27
50.53
50.17
15.0
%
0.00
16.20
82
21.61
0.00
Coverage Ratio
2010
25.0
14.69
16.99
Cost of Risk
2009
Capital Adequacy
LLP/NII
2008
50
Equity/Net Loans
2007
Funding Profile
Capital Adequacy %
2006
Subordinated Debt
1.0
0.0
2005
Total Assets
NPL %
Total Revenues
LLP/NII %
Net Trading Income
30.0
*Core Tier 1 ratio calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
59
10.0
5.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
WestLB [WESTLB]
Company Rating*:
A3, Develop. (Moodys) / BBB+u, Negative (S&P) / A-, RW Neg (Fitch)
Market cap:
n/a
Germany
Country:
Description: WestLB is an international wholesale bank that offers corporate and investment banking services. WestLBs ownership is split across five entities: two
North Rhine-Westphalia savings banks, Rheinischer Sparkassen-und Giroverband (RSGV), 25.032%, and Westflisch-Lippischer Sparkassen- und Giroverband
(WLSGV), 25.032%, NRW.BANK 30.862%, State of North Rhine Westphalia 17.766% and the Regional Association of the Rhineland and Regional Association of
Westphalia-Lippe 0.654% each. WestLB is to be sold by the end of 2011 according to the EU Commission ruling; a non discriminatory bidding procedure. In 2010,
assets and liabilities were transferred from WestLB to Erste Abwicklunganstalt, a workout entity established in 2009.
Asset Quality
WestLB
m
IFRS
IFRS
IFRS
IFRS**
IFRS
IFRS
2010
2009
2008
2007
2006
2005
1,457
1,868
1,216
1,109
1,012
1,331
368
381
341
410
325
318
-566
-198
28
-1,344
1,112
600
LLP/NII
50.0
Net Interest Income

Net Trading Income
1,370
2,012
1,987
383
3,157
2,950
Operating Expenses
1,023
1,256
1,341
1,677
2,160
2,150
Operating Profit
347
756
646
-1,294
997
800
242
796
479
238
-202
-75
Pre-Tax Profit
-133
-503
26
-1,498
1,006
875
Net Income
-240
-531
18
-1,597
800
715
4.0
40.0
3.5
30.0
3.0
20.0
2.5
10.0
2.0
0.0
1.5
-10.0
1.0
-20.0
0.5
NPL %
Total Revenues
LLP/NII %
Income Statement
Balance Sheet
191,523
242,311
288,122
287,416
285,287
294,440
48,550
83,023
88,513
104,296
95,872
85,613
82,146
96,897
112,233
85,865
65,819
57,351
1,100
3,000
1,500
1,600
1,100
2,100
907
1,667
1,219
985
830
1,596
Impaired Loans***
Loan Loss Reserves
23,756
27,643
29,722
24,851
46,842
35,994
21,387
31,639
35,237
43,819
41,604
41,637
Subordinated Debt
3,200
3,690
5,467
5,972
6,433
6,921
1,310
1,310
1,338
1,535
1,452
1,361
3,666
3,292
3,352
3,798
6,162
5,465
Goodwill
Ratios
Profitability %
Net Interest Margin
0.70
0.73
0.43
0.39
0.35
0.50
74.67
62.43
67.49
437.86
68.42
72.88
-6.90
-15.98
0.50
-32.07
13.76
15.67
-0.11
-0.20
0.01
-0.56
0.28
0.26
106.35
92.84
61.20
289.56
32.06
45.12
Cost/Income Ratio
Total Capital Ratio Basel I*****

8.70
4.82
4.89
11.40
6.40
6.40
15.90
9.10
10.10
23.67
24.65
23.62
70
16
10
40
8
30
20
4
Deposits/Net Loans
10
5.28
7.56
7.83
8.57
12.06
14.03
0
2005
2006
2007
2008
2009
2010
Capital Adequacy
18.0
27.89
20.04
20.31
Core Tier 1 Ratio
0.00
0.00
27.89
Equity/Net Loans
4.51
3.46
3.02
4.47
9.50
9.81
Equity/Total Assets
1.91
1.36
1.16
1.32
2.16
1.86
1.91
1.36
1.16
1.32
2.16
1.86
16.61
42.61
39.39
21.46
-19.96
-5.63
0.27
0.77
0.49
0.32
-0.33
-0.27
82.45
55.57
81.27
61.56
75.45
76.00
4.0
1.34
3.10
1.34
1.86
1.67
3.66
2.0
Deposits/Net Loans
29.24
29.03
26.77
29.28
72.08
64.56
12.40
11.41
10.32
8.65
16.42
12.22
Interbank Ratio
65.08
28.65
33.04
41.92
19.01
38.99
Tier 1 Ratio
Total Capital Ratio
16.0
23.62
14.0
12.0
10.0
8.0
12
50
0.00
Coverage Ratio
14
60
24.65
Cost of Risk
2010
18
0.00
LLP/NII
2009
80
23.67
2008
2007
Tier 1 Ratio Basel I*****
2006
Funding Profile
Capital Adequacy %
Core Tier 1 Ratio Basel II******
0.0
2005
Customer Deposits
-30.0
Total Assets
*Unguaranteed ratings. **Restated FY07 income statement and balance sheet. ***Non performing loans after deduction of
collateral. ****Silent participations, which are deemed Tier 1 under German regulatory rules, are included in Hybrid Tier 1
Capital except those from SOFFIN (FY10; 3,000m,FY09 672m) was treated as Core Tier 1. *****Tier 1 ratios including
market risk. ******Core Tier 1 calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys,
S&P, Fitch
60
6.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Austrian Banks
61
June 15, 2011
BAWAG P.S.K. [BAWAG]

Company Rating:
Baa2, Stable (Moodys) / NR (S&P) / NR (Fitch)
Market cap:
n/a
Austria
Country:
Description: BAWAG, Austrias sixth-largest bank, with distribution through some 153 branches and 1,230 post office branches, provides retail banking services. The
Retail Banking accounted for -39.2m (FY10 PBT), Corporates 136.1m, Financial Markets 49.4m, International Business 59.3m. The loan book (FY10) split was
Austria 77%, Western Europe 14%, CEE 6%, North America 2% and Others 1%. On 15 May FY07, a consortium led by US private equity firm Cerberus officially
completed the acquisition of BAWAG.
BAWAG P.S.K.
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005 PF
Asset Quality
140.0
564.3
652.5
602.9
606.2
663.2
159.4
154.8
143.9
145.5
152.0
177.5
Net Trading Income
167.1
325.5
-595.8
-0.5
64.5
13.6
0.0
0.0
0.0
0.0
0.0
0.0
Total Revenues
972.0
1,074.5
214.7
849.2
853.6
909.4
Operating Expenses
618.3
608.1
704.9
656.3
647.3
637.7
Operating Profit
353.7
466.4
-490.2
192.9
206.3
271.7
137.9
182.4
159.5
688.5
126.6
280.6
Pre-Tax Profit
149.3
221.7
-804.1
-566.0
19.2
-8.9
Net Income
121.8
-30.0
-547.5
-452.5
40.4
6.2
Total Assets
38,556
41,225
41,578
44,847
50,806
57,898
24,700
22,450
23,163
24,905
28,137
28,196
22,288
21,066
20,697
20,023
25,022
29,273
1,039
1,217
926
1,015
n/a
n/a
755
852
707
708
583
628
21,733
22,674
22,585
22,080
23,194
29,127
120.0
LLP/NII %
649.9
6.0
100.0
5.0
80.0
4.0
60.0
3.0
40.0
2.0
20.0
1.0
NPL %
Net Interest Income
7.0
LLP/NII
Income Statement
Balance Sheet
Loan Loss Reserves

Customer Deposits
8,255
9,201
9,390
11,473
10,766
757
1,055
952
1,115
1,195
1,237
404
404
404
404
404
404
2,016
1,919
1,138
1,752
1,673
1,638
77
85
88
101
188
205
Shareholders' Equity***
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.79
1.46
1.66
1.38
1.18
1.28
63.61
56.59
328.32
77.28
75.83
70.12
6.19
-1.96
-37.89
-26.42
2.44
0.42
0.31
-0.07
-1.27
-0.95
0.07
0.01
66.86
52.52
303.91
71.00
71.02
72.93
Funding Profile
58
56
110
54
105
52
100
50
95
48
46
90
7.23
7.33
8.30
7.60
7.90
11.80
10.90
11.60
8.87
9.13
6.19
11.79
12.90
9.65
28.19
19.54
7.32
10.47
7.26
11.60
12.40
17.73
11.56
Equity/Net Loans
11.08
11.34
6.63
Equity/Total Assets
6.19
5.56
5.99
5.35
18.89
18.14
11.03
8.49
7.07
21.22
0.66
Deposits/Net Loans
2010
3.19
4.75
4.08
3.50
2.98
4.52
3.71
3.14
32.32
24.44
114.20
20.88
42.31
0.91
0.81
3.15
0.48
0.98
72.67
70.01
76.35
69.75
4.66
5.78
4.47
5.07
100.93
112.17
112.98
114.32
12.0
8.0
6.0
4.0
2.0
94.91
101.68
56.37
55.00
54.32
49.23
45.65
50.31
Interbank Ratio
69.25
109.95
124.02
161.29
76.52
55.81
Note: FY05 figures first statement since the merger of BAWAG and P.S.K. on 1 October FY05 and therefore not directly
comparable with FY04 figures. *Risk-weighted assets for 2008 and onwards calculated from disclosed capital requirement,
include market and credit risk. **Only includes impaired loans with specific or general provisions . ***The government
owned hybrids (profit participations) of 550m has been included in Shareholder Equity and Core Tier 1 capital
respectively. ****Core Tier 1 Ratio calculated as defined in the glossary. ****Capital ratios for 2008 and onwards include
requirements for market risk and operational risk, in addition to credit risk and thus different to the group's disclosed capital
ratios. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
62
Tier 1 Ratio
10.0
2009
19.72
Coverage Ratio
2008
Core Tier 1 Ratio

Total Capital Ratio
14.0
6.85
Cost of Risk
2007
Capital Adequacy
18.45
LLP/NII
2006
4.44

42
40
2005
PF

44
Deposits/Net Loans
115
80
60
85
Capital Adequacy %
120
7,824
Subordinated Debt
0.0
2005 2006 2007 2008 2009 2010
PF
Impaired Loans**
0.0
0.0
2005
PF
2006
2007
2008
2009
2010
June 15, 2011
Erste Group Bank [ERSTBK]

Company Rating:
A1, Stable (Moodys) / A, Stable / A, Stable (Fitch)
Market cap:
12.7bn
Austria
Country:
Description: Erste Bank, Austrias largest bank, acts as the central bank of a group of Austrian savings banks and is a savings bank and universal commercial bank in its
own right. Erste is a listed group with circa 25.3% of the group held by DIE ERSTE. The FY10 net profit by core business was as follows: Retail & SME 664m, Group
Corporate & Investment Banking 248m and Group Markets 245m. The groups Central and Eastern European (CEE) operations accounted for 49% of net profit in FY10.
CEE credit risk exposure was 41% (FY10), with Czech Republic, Romania and Hungary 16%, 8% and 5%, respectively.
Erste Group Bank
Asset Quality
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS*
2010
2009
2008
2007
2006
2005 rest.
45.0
9.0
Net Interest Income
5,391
5,208
4,892
3,922
3,161
2,769
40.0
8.0
1,936
1,773
1,971
1,858
1,446
1,257
35.0
7.0
454
487
-456
355
380
299
30.0
6.0
35
36
37
25.0
5.0
20.0
4.0
15.0
3.0
Net Trading Income

7,939
7,664
6,649
6,369
5,191
4,497
Operating Expenses
4,362
4,331
4,444
4,010
3,259
2,879
Operating Profit
3,577
3,333
2,205
2,359
1,933
1,618
2,031
2,057
1,071
455
439
422
Pre-Tax Profit
1,515
1,261
1,216
1,928
1,522
1,222
Net Income
1,015
903
860
1,175
932
717
10.0
201,710
201,441
200,519
181,703
152,681
119,844
123,891
119,975
95,091
94,129
75,078
132,729
129,134
126,185
113,956
97,107
80,419
10,486
8,961
6,345
4,763
4,363
3,833
6,119
4,954
3,783
3,296
3,133
2,817
117,016
112,042
109,305
100,116
90,849
72,793
31,299
29,612
30,484
31,078
21,814
21,291
4,638
4,968
4,791
4,341
3,960
3,390
Customer Deposits
Subordinated Debt
Goodwill
1,200
1,180
1,256
1,248
1,250
900
13,585
12,709
8,079
8,452
7,979
4,065
4,326
3,320
3,411
4,390
4,429
381
Ratios
Profitability %
Net Interest Margin
2.91
2.88
2.80
2.42
2.20
2.11
54.94
56.51
66.84
62.97
62.77
64.01
7.72
8.69
10.40
14.30
15.48
19.14
0.50
0.45
0.43
0.61
0.56
0.49
67.91
67.96
73.57
61.58
60.88
61.58
6.60
6.80
10.30
11.00
Cost/Income Ratio

9.19
8.29
5.16
10.20
9.20
6.20
7.02
13.50
12.70
9.80
10.50
Hybrid Tier 1 Capital/Tier1 Capital
16.11
15.76
16.86
18.70
8.06
7.88
13.96
8.69
51
94
49
92
45
2006
2007
2008
2009
2010
Capital Adequacy
20.12
16.0
17.63
10.30
11.60
8.22
12.0
Equity/Total Assets
8.32
7.99
5.51
5.69
6.00
4.18
10.0
6.22
6.35
3.81
3.50
3.56
3.93
37.67
39.49
21.90
11.59
13.89
15.22
1.62
1.67
0.92
0.44
0.51
0.57
58.35
55.29
59.62
69.21
71.80
73.48
4.0
7.90
6.94
5.03
4.18
4.49
4.77
2.0
92.42
90.23
89.30
90.47
96.68
93.80
10.01
56.82
55.55
54.26
49.93
50.00
47.68
Interbank Ratio
62.01
49.97
41.37
42.48
44.09
49.71
*Restated to reflect the effects of the retrospective application of IAS 19 and in preparation for the application of IFRS 7. **Risk
weighted assets in 2007 based on Basel II; preceding years based on Basel I. ***The government owned hybrids (profit
participations) of 1,220m and privately held private participations of 540m issued in 2009 have been included in Shareholder
Equity and Core Tier 1 capital respectively. Source: ****Core Tier 1 ratio as calculated in the glossary. *****Basel II ratios
factor in transitional rules in FY07 and FY08. Credit Suisse, Company Reports, Moodys, S&P, Fitch
63
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
14.0
9.06
Deposits/Net Loans
Deposits/Net Loans
2005
rest.
2.90
47
90
7.88
Coverage Ratio
53
96
12.98
Cost of Risk
55
98
8.06
LLP/NII
2010
100
13.53
Equity/Net Loans
2009
5.71
2008
88
2007
Funding Profile
Capital Adequacy %
Core Tier 1 Basel II****
2006
0.0
2005
rest.
205,938
Loan Loss Reserves
1.0
0.0
Total Assets
Impaired Loans
2.0
LLP/NII
5.0
Balance Sheet
NPL %
Total Revenues
LLP/NII %
Income Statement
8.0
6.0
0.0
2005
rest.
2006
2007
2008
2009
2010
June 15, 2011
Hypo Alpe-Adria-Group [HAA]

Company Rating*:
Baa3, Negative (Moodys) / NR (S&P) / NR (Fitch)
Market cap:
n/a
Austria
Country:
Description: Hypo Alpe-Adria-Group (HAA) is an institutional and private bank, also active in project and real estate financing and leasing. Since 1993, HAA has
expanded outside Austria, with a geographic split (based on total assets) in FYE10 as follows: South East Europe (SEE) core countries (37%), Austria (13%), Italy
(12%), Croatia (16%), Write down financial (20%), Write down participations (1%) and Group/Head Office (18%). On 14 December 2009, BayernLB sold its 67.08%
shareholding in HAA to the Republic of Austria for 1. The shareholder structure remained unchanged in 2010.
Asset Quality
Hypo Alpe-Adria-Group
m
IFRS
IFRS
IFRS
IFRS
IFRS
Austrian GAAP
2010
2009
2008
2007
2006
2006
250.0
40.0
LLP/NII
Income Statement
869.0
702.2
599.2
506.3
458.8
107.9
121.2
117.6
121.3
90.6
130.5
Net Trading Income
-69.0
-15.1
-220.8
-115.0
60.2
26.5
0.0
0.0
0.0
0.0
0.0
0.0
853.1
836.9
645.3
651.3
687.5
751.6

Total Revenues
Operating Expenses
594.8
541.4
585.6
491.1
418.6
465.5
Operating Profit
258.3
295.5
59.7
160.2
268.9
286.1
Loan Loss Provisions**
1,213.5
1,672.3
533.3
274.1
127.1
112.9
-983.9
-1,394.6
-472.4
-56.1
141.6
176.2
-1,060.7
-1,581.0
-519.7
3.1
83.5
71.7
Total Assets
38,753.2
41,078.7
43,336.1
37,938.5
31,007.0
30,594.6
27,092.4
30,322.3
34,960.0
28,695.4
22,320.1
21,818.5
20,407.8
21,033.1
Pre-Tax Profit
Net Income
35.0
200.0
30.0
LLP/NII %
881.9
150.0
25.0
20.0
100.0
NPL %
Net Interest Income
15.0
50.0
10.0
Balance Sheet
30,116.6
30,566.7
25,574.6
9,536.0
7,266.0
3,187.0
1,507.0
Loan Loss Reserves
3,189.6
2,450.1
1,086.2
629.1
Customer Deposits
Subordinated Debt
8,120.4
7,649.8
8,716.9
8,473.6
6,629.3
6,349.8
20,141.8
20,761.0
21,415.3
20,282.6
17,604.7
17,599.3
1,473.1
1,126.6
894.1
899.2
130.2
117.3
206.7
205.6
224.9
945.5
1,465.5
2,020.7
1,154.5
475.5
626.8
0.0
0.0
3.5
3.5
3.5
0.0
Ratios
Profitability %
Cost/Income Ratio
2.25
1.91
1.93
1.82
1.85
69.72
64.69
90.74
75.41
60.89
61.93
-87.99
-90.70
-32.74
0.39
15.15
13.52
-2.66
-3.75
-1.28
0.01
0.27
0.26
103.38
103.84
108.81
92.00
73.65
61.03
40.0
23.0
35.0
22.0
21.0
25.0
20.0
20.0
19.0
15.0
18.0
Deposits/Net Loans
10.0
17.0
5.0
16.0
2005*
6.17
5.28
5.40
10.00
8.90
9.00
2006
2007
2008
2009
2010
Capital Adequacy
6.08
5.89
7.18
6.60
6.60
7.80
10.30
9.90
11.90
Hybrid Tier 1 Capital /Tier 1 Capital
7.91
10.69
7.98
12.56
0.00
0.00
0.00
0.00
7.91
10.69
7.98
12.56
Equity/Net Loans
5.80
7.19
8.58
6.65
14.0
18.86
18.86
4.38
4.87
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
10.0
Equity/Total Assets
3.74
4.84
5.84
4.37
2.82
3.35
3.74
4.84
5.83
4.36
2.81
3.35
137.60
192.44
75.94
45.75
25.10
24.61
1.27
0.59
8.0
%
Total Capital Ratio Basel I***
6.0
Cost of Risk
2010
0.0
Tier 1 Ratio Basel I***
LLP/NII
2009
30.0
Capital Adequacy %
2008
1,076.9
141.4
2.40
2007
Funding Profile
1,046.4
Net Interest Margin
2006
400.2

Goodwill
5.0
2005*
28,217.5
Impaired Loans
0.0
4.61
5.85
1.96
1.22
Coverage Ratio
33.45
33.72
34.08
41.74
33.79
24.13
10.43
5.89
2.0
Deposits/Net Loans
32.45
27.65
29.57
33.97
33.13
30.19
20.95
18.62
20.11
22.34
21.38
20.75
Interbank Ratio
81.55
54.08
61.79
89.58
86.83
82.25
*Ratings for Hypo Alpe Adria Bank International. **Comprise net gains/losses on disposal or revaluation of receivables,
contingent liabilities, loan exposures and securities held as current assets. ***Capital ratios under the Austrian Banking Act
and including market risk. Excluding market risk: Tier 1 8.3% and Total Capital 12.7%. ****Core Tier 1 ratio calculated as
64
4.0
0.0
2005*
2006
2007
2008
2009
2008 onwards under Basel II, previously under Basel I
2010
June 15, 2011
Oesterreichische Volksbanken [AUSTVB]

Company Rating:
Baa2, Stable (Moodys) / NR (S&P) / A, Stable (Fitch)
Market cap:
n/a
Country:
Austria
Description: Oesterreichische Volksbanken-AG (VBAG), Austrias fourth-largest banking group, is the central institution of 63 Austrian Volksbanks. VBAG also operates
in retail banking in Central & Eastern Europe (CEE) via 583 branches. FY10 Profit before Tax across segments: Corporates -45.8mn, Retail -15.1mn, Real Estate
18.6mn, Financial Markets 71.2mn. Regional distribution of exposure: Austria 32%, CEE 45%, European Economic Area plus Switzerland 12%, Non-EU CEE 9%,
USA, Canada 1%, Others 1%. VBAG is 58% owned by the Volksbanken and 25% plus one share by DZ Bank. In April 2009, VBAG received 1.0bn of participation
capital from the Austrian government.
Oesterreichische Volksbanken
Asset Quality
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009 rest.
2008 rest.*
2007
2006
2005
160.0
Net Interest Income
733
595
552
561
487
351
140.0
14.0
167
201
185
176
135
102
120.0
12.0
77
-192
-257
24
42
77
100.0
10.0
80.0
8.0
60.0
6.0
40.0
4.0
20.0
2.0
LLP/NII
Net Trading Income**

977
604
480
761
665
530
Operating Expenses
549
538
624
581
507
396
Operating Profit
428
66
-144
180
158
135
364
852
144
96
62
52
Pre-Tax Profit
91
-943
-402
388
309
220
Net Income
55
-1,084
-152
219
155
160
Total Assets
46,465
49,146
55,815
78,641
67,429
54,800
27,881
29,507
35,220
39,245
34,550
26,907
31,110
24,825
16.0
NPL %
Total Revenues
LLP/NII %
Income Statement
Balance Sheet
24,134
26,028
24,764
3,485
2,390
1,408
1,002
Loan Loss Reserves****
1,523
1,234
497
501
443
403
Customer Deposits
7,312
7,467
8,628
10,191
8,087
7,039
16,122
17,329
14,954
13,436
30,846
24,358
1,064
1,130
1,101
1,115
1,393
868

Subordinated Debt
800
853
855
342
425
430
1,193
1,178
1,231
1,600
1,517
1,350
72
72
72
255
341
307
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.74
1.37
1.33
1.16
0.94
1.02
56.14
89.13
129.97
76.31
76.27
74.57
4.68
-90.03
-10.74
14.08
10.82
14.16
0.12
-2.07
-0.23
0.30
0.25
0.41
75.06
98.52
114.95
73.69
73.35
66.27
2008
2009
2010
45.0
18.0
40.0
16.0
35.0
14.0
30.0
12.0
25.0
10.0
20.0
8.0
15.0
6.0
Deposits/Net Loans
10.0
4.0
5.0
2.0
0.0
Total Capital Ratio

Core Tier 1 Ratio Basel II*****
6.50
6.31
4.71
9.37
9.20
7.14
12.78
12.48
9.72
30.62
31.43
34.02
19.14
20.38
22.09
11.48
11.05
11.93
7.05
7.71
7.33
10.85
11.91
10.17
0.0
2005
2006
2007
2008
2009
2010
Capital Adequacy
14.0
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
Equity/Net Loans
9.32
9.26
8.71
12.15
9.28
9.16
Equity/Total Assets
4.43
4.32
3.98
3.75
4.22
4.08
4.27
4.17
3.86
3.42
3.71
3.52
49.68
143.18
26.04
17.18
12.66
14.91
0.22
0.27
10.0
8.0
%
Tier 1 Ratio
Cost of Risk
2007
Funding Profile
Capital Adequacy %
LLP/NII
2006
0.0
2005
LLP/NII %
23,615
Impaired Loans
0.0
6.0
1.62
3.52
0.58
0.35
Coverage Ratio
43.68
51.63
35.27
49.98
14.76
9.90
5.41
4.05
Deposits/Net Loans
33.10
32.61
33.79
42.00
26.37
28.82
15.74
15.19
15.46
12.96
11.99
12.85
Interbank Ratio
44.74
43.38
30.36
29.72
44.98
57.34
2.0
*2008 accounts were restated to reflect the disposal of Kommunalkredit. **Impairments on the banking book assets have
been included in trading income, in the VBAG P&L statement they are included under financial investments ***Risk
Weighted Assets have been calculated using the Tier 1 based on total risk. ****Loan Loss Reserves also include Loan
Loss Reserves for financial institutions *****Core Tier 1 ratio includes participation capital securities issued to international
investors and the Republic of Austria. Source: Credit Suisse, Company reports, Moodys, S&P, Fitch
65
4.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
RZB Group [RZB]

Company Rating:
A2, Stable (Moodys) / A, Negative (S&P) / NR (Fitch)
Market cap:
n/a
Austria
Country:
Description: The Raiffeisen Banking Group (RBG) is Austrias third largest banking group, with total assets of 136.5bn. It is a three-tiered cooperative banking group
consisting of RZB, the central institution of the Austrian Raiffeisen Banking Group, 8 autonomous regional Raiffeisen central banks and 535 local Raiffeisen banks.
RZB Group consists of Raiffeisen Zentralbanks operations, mostly the corporate banking, investment banking and asset management businesses and Raiffeisen
International (RI), RZBs unit focusing on retail clients in the CEE. The loan book split in FYE10 was Raiffeisen Bank International group (RBI) 91%, Raiffeisen
banking group 8%, and other participations 1%. RI is in the process of being merged with principal parts of RZBs operations.
Asset Quality
RZB Group
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Net Interest Income
3,595
3,370
3,963
2,812
2,108
1,606
1,492
1,422
1,768
1,516
1,177
819
380
901
-1,030
-143
357
213
60.0
50.0
80.0
Income Statement
6,645
6,847
6,666
5,437
4,671
3,403
Operating Expenses
4,195
3,868
4,974
3,782
3,019
2,251
Operating Profit
2,450
2,978
1,692
1,655
1,653
1,152
1,198
2,247
1,150
308
346
207
Pre-Tax Profit
1,292
824
597
1,485
1,882
930
714
433
48
778
1,169
451
Net Income
156,921
99,573
93,949
106,310
93,638
70,656
55,783
78,270
74,855
84,918
73,071
53,106
39,613
Impaired Loans
6,829
5,419
2,310
1,406
1,189
736
Loan Loss Reserves
4,525
3,767
2,099
1,442
1,277
1,063
Customer Deposits
57,936
55,423
59,120
55,369
44,728
32,158
16,569
19,935
20,700
14,678
11,323
6,217
3,435
3,745
3,375
3,008
2,076
1,631
30.0
4.0
Goodwill
137,402
115,629
819
819
1,075
819
819
6,215
7,734
5,912
5,667
4,743
3,519
616
589
620
783
865
555
Profitability %
Net Interest Margin
2.77
2.47
3.00
2.41
2.23
2.23
Cost/Income Ratio
63.13
56.50
74.62
69.57
64.62
66.15
10.23
6.35
0.83
14.95
28.31
14.56
0.50
0.28
0.03
0.62
1.12
0.56
54.10
49.22
59.44
51.72
45.12
47.21
7.70
9.00
8.30
11.00
10.80
9.30
Total Capital Ratio

8.54
8.53
Funding Profile
90
9.34
9.38
7.00
12.59
13.10
10.20
8.60
9.08
14.11
85
6.45
6.81
8.06
8.32
2.27
6.05
2.77
15.31
14.58
10.39
11.76
12.81
12.85
8.24
6.97
5.47
6.13
5.74
5.27
7.79
6.57
5.08
5.56
4.99
4.68
30
Deposits/Net Loans
70
25
2005
2006
2007
2008
2009
2010
33.31
66.67
29.03
10.94
16.44
12.86
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
10.0
8.0
1.66
2.93
1.49
0.50
0.77
0.63
66.25
69.52
90.87
102.54
107.41
144.49
8.73
7.24
2.72
1.92
2.24
1.86
Deposits/Net Loans
78.84
78.42
71.56
77.31
86.32
83.45
42.44
37.46
37.68
40.30
38.68
34.26
Interbank Ratio
52.83
67.89
53.77
63.21
72.53
68.28
*RWA on a total risk (including market and operational risk) basis for 2007, 2008 and 2009. Source: **Participation capital
of 2.5bn (2008: 0.75bn) has been included in shareholders equity and core tier 1. ***Core tier 1 ratio calculated as
defined in the glossary. Credit Suisse, Company Reports, Moodys, S&P, Fitch
66
35
75
14.0
Equity/Total Assets
Coverage Ratio
80
Capital Adequacy
2.15
Cost of Risk
40
11.10
LLP/NII
45
6.01

Equity/Net Loans
0.0
65
Tier 1 Ratio
1.0
2005 2006 2007 2008 2009 2010
Capital Adequacy %
2.0
10.0
93,864
Ratios
3.0
20.0
Shareholders' Equity**
6.0
5.0
147,938
7.0
0.0
136,497
Subordinated Debt
8.0
40.0
Balance Sheet
Total Assets
9.0
NPL %
Total Revenues
70.0
LLP/NII %
Net Trading Income
10.0
LLP/NII
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Swiss Banks
67
June 15, 2011
Credit Suisse Group [CS]

Company Rating:
Aa2, Negative (Moodys) / A, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
CHF 41.6bn
Switzerland
Country:
Description: Credit Suisse Group is based in Switzerland and has an integrated business model focusing on Private Banking, Investment Banking and Asset
Management on a global basis. The bank has a presence in all major financial centers with operations in over 50 countries.
Asset Quality
Credit Suisse Group

CHF m
US GAAP
US GAAP
US GAAP
US GAAP
US GAAP
US GAAP
2010
2009
2008
2007
2006
2005 rest.
LLP/NII
12.0
Income Statement
6,891
8,536
8,453
6,566
6,918
11,753
12,518
16,717
15,375
12,443
9,338
12,151
-9,880
6,148
9,428
5,634
Total Revenues
29,238
31,297
6,974
37,123
38,603
30,489
Operating Expenses
21,830
22,714
21,063
23,135
24,414
23,232
7,408
8,583
-14,089
13,988
14,189
7,257
-79
506
813
240
-111
-144
Net Trading Income

Operating Profit
1.6
10.0
1.4
8.0
1.2
6.0
1.0
4.0
0.8
2.0
Pre-Tax Profit
7,468
8,246
-15,433
13,748
17,346
8,725
0.0
Net Income
5,098
6,724
-8,218
7,760
11,327
5,850
-2.0
-4.0
0.6
0.4
0.2
Balance Sheet
1,032,005
1,031,427
1,170,350
1,360,680
1,255,956
1,339,052
218,702
221,609
257,467
312,068
253,676
232,891
207,912
219,859
238,575
237,436
241,768
209,611
Impaired Loans
1,863
2,297
2,725
1,946
2,131
3,319
Loan Loss Reserves
1,017
1,395
1,639
1,234
1,484
2,241
Customer Deposits
287,564
286,694
296,986
335,505
290,864
274,879
172,214
142,451
136,045
161,065
151,475
134,885
12,123
12,361
13,493
14,346
17,913
17,562
14,248
13,940
13,841
4,199
2,167
2,170
33,282
37,517
32,302
43,199
43,586
42,118
8,585
9,267
9,330
10,882
11,023
12,932
Goodwill
Ratios
Profitability %
Net Interest Margin
0.81
0.81
0.85
0.79
0.61
0.67
Cost/Income Ratio
74.66
72.58
302.02
62.32
63.24
76.20
14.40
19.26
-21.77
17.88
26.43
14.93
0.49
0.61
-0.65
0.59
0.87
0.48
22.37
22.02
122.40
22.77
17.01
22.69
11.13
13.86
11.30
14.45
18.43
13.70
10.73
10.05
7.78
8.66
17.25
16.34
13.29
9.96
21.86
20.63
17.90
12.85
37.77
38.50
41.46
12.09
6.17
7.69
10.11
11.75
28.39
29.70
0.18
Equity/Net Loans
18.22
19.64
19.30
24.85
28.30
24.29
Equity/Total Assets
3.86
4.52
3.89
4.39
4.69
3.73
25
135
20
130
15
125
10
Deposits/Net Loans
120
5
0
2005
2006
2007
2008
Core Tier 1 Ratio
3.03
3.62
3.09
3.59
3.81
2.77
25.0
11.91
2009
2010
Tier 1 Ratio
Total Capital Ratio
20.0
15.0
%

LLP/NII
-1.21
7.34
9.52
2.84
-1.69
-2.08
Cost of Risk
-0.03
0.21
0.34
0.11
-0.05
-0.07
Coverage Ratio
54.59
60.73
60.15
63.41
69.64
67.52
0.85
0.96
1.15
0.80
1.02
1.60
131.40
120.88
125.95
139.48
139.75
133.65
27.86
27.80
25.38
24.66
23.16
20.53
107.81
92.44
89.88
76.80
84.77
89.79
Interbank Ratio
140
115
8.25
30.08
30
Capital Adequacy
Deposits/Net Loans
145
110
2008 2009 2010
Funding Profile
Capital Adequacy %
2007
Subordinated Debt
0.0
2005 2006
Total Assets
NPL %
6,541
11,930
LLP/NII %
Net Interest Income
1.8
*RWA for 2008 onwards under Basel II, previously Basel I. **Hybrid Tier 1 Capital is defined as per glossary and based on
regulatory valuation and not accounting valuation. ***Core Tier 1 Ratio is calculated as defined in the glossary (and is not the
definition used in the BCN securities). The Core Tier 1 ratio under FINMA regulatory rules amounted to 12.2% at FYE10 (10.8%
at FYE09). Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
68
10.0
5.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
UBS [UBS]
Company Rating:
Aa3, Negative (Moodys) / A+, Stable (S&P) / A+, Stable(Fitch)
Market cap:
CHF 58.8bn
Switzerland
Country:
Description: UBS was formed through the 1998 merger of SBC and the then UBS. UBS is a global universal bank with FY10 divisional PBT as follows: Wealth
Management & Swiss Bank (CHF 4,080m), Wealth Management Americas (-CHF130m), Global Asset Management (CHF516m), Investment Banking (CHF2,197m) and
Corporate Center (CHF793m).
Asset Quality
UBS
CHF m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
60.0
Income Statement

Net Trading Income
6,215
6,445
5,992
5,337
6,521
9,528
17,160
17,712
22,929
30,634
25,456
21,436
7,656
-491
-25,319
-4,978
15,283
8,201
32,060
24,432
3,794
31,959
46,899
39,437
Operating Expenses
24,540
24,039
28,214
35,463
33,203
29,923
7,520
393
-24,420
-3,504
13,696
9,514
66
1,832
2,996
238
-156
-375
Pre-Tax Profit
7,457
-2,561
-27,559
-3,597
15,536
17,239
Net Income
7,534
-2,728
-21,292
-5,247
12,257
14,029
Operating Profit
2.0
40.0
0.5
-10.0
206,525
302,273
374,421
341,892
310,409
263,964
269,125
343,213
336,867
299,068
281,521
Impaired Loans
1,727
5,402
4,703
1,481
1,918
2,363
Loan Loss Reserves
1,087
2,648
2,905
1,003
1,226
1,611
332,301
339,263
474,774
641,892
555,886
466,907
222,481
232,761
282,832
399,801
321,056
268,110
Subordinated Debt
8,546
11,244
15,968
14,129
14,774
10,001
4,903
7,224
7,393
6,387
5,633
4,975
46,820
41,015
32,800
36,875
49,686
44,015
9,115
10,115
11,585
12,829
12,464
11,313
Ratios
Profitability %
Net Interest Margin
0.52
0.43
0.31
0.27
0.36
0.60
Cost/Income Ratio
76.54
98.39
743.65
110.96
70.80
75.88
17.15
-7.39
-61.12
-12.12
26.16
35.99
0.57
-0.16
-0.99
-0.23
0.56
0.74
19.39
26.38
157.93
16.70
13.90
24.16
Funding Profile
250
9.88
9.11
11.85
12.83
12.73
12.23
14.73
14.11
20
150
15
100
10
50
15.30
11.90
8.59
17.76
15.40
11.04
20.39
19.82
15.08
13.88
22.72
22.15
18.73
9.57
17.10
16.73
17.73
4.31
5.61
5.42
1.00
12.49
9.82
11.15
16.84
16.67
3.09
1.66
1.65
2.14
2.27
2.87
2.33
1.08
1.08
1.61
1.72
LLP/NII
1.06
28.43
50.00
4.46
-2.39
-3.94
Cost of Risk
0.02
0.60
0.89
0.08
-0.05
-0.14
62.94
49.02
61.77
67.72
63.92
68.18
0.65
2.01
1.37
0.44
0.64
0.84
126.41
127.31
139.51
191.12
186.64
166.81
25.23
25.31
23.56
28.22
23.69
22.68
137.53
138.91
126.69
96.94
60.90
72.67
Interbank Ratio
2007
2008
2009
2010
Tier 1 Ratio
Total Capital Ratio
Total Capital Ratio
15.0
%
15.54
3.57
0
2006
20.0
17.86
Deposits/Net Loans
25.0
13.90
Equity/Total Assets
Deposits/Net Loans
Capital Adequacy
Core Tier 1 Ratio Basel II**
Coverage Ratio
25
2005
Equity/Net Loans
30
200
Capital Adequacy %
2008 2009 2010
Customer Deposits
0.0
2005 2006 2007
198,875
Goodwill
1.0
0.0
1,317,247 1,340,537 2,014,815 2,274,891 2,346,362 2,058,348
20.0
10.0
Balance Sheet
Total Assets
1.5
30.0
NPL %
Total Revenues
50.0
LLP/NII %
Net Interest Income
2.5
LLP/NII
10.0
*RWA from 2008 onwards under Basel II, previously Basel I. **Core Tier 1 Ratio is calculated as defined in the glossary.
*** Hybrid Tier 1 Capital is defined as per glossary and based on regulatory valuation and not accounting valuation. Source:
Credit Suisse, Company Reports, Moodys, S&P, Fitch
69
5.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Benelux Banks
70
June 15, 2011
ABN AMRO [ABNANV]

Company Rating**:
Aa3,Stable (Moodys) /A Stable(S&P) / A+, Stable (Fitch)
Market cap:
n/a
The Netherlands
Country:
Description: ABN AMRO Holding is the holding company of ABN AMRO Bank NV which is the result of a legal merger on 1 July 2010 between ABN AMRO Bank N.V
and Fortis Bank (Nederland) NV. The group has 508 branches in the Netherlands. ABN AMRO has a domestic 20% market share in retail deposits and mortgages.
The split of assets between Retail & Private Banking and Commercial & Merchant Banking is 57:43.
Asset Quality
ABN AMRO
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007*
2006
2005
2.5
70.0
Income Statement
4,905
4,268
5,783
8,352
10,575
8,785
1,766
1,933
2,629
4,275
6,062
4,691
634
342
-11,008
2,824
4,066
3,902
Net Trading Income

103
150
7,305
6,543
-2,596
15,451
22,085
18,434
Operating Expenses
6,093
5,542
10,351
14,736
17,029
13,782
Operating Profit
1,212
1,001
-12,947
715
5,056
4,652
837
1,585
3,387
1,704
1,855
635
Pre-Tax Profit
-269
215
1,329
10,503
5,682
5,585
Net Income
-417
272
3,595
9,848
4,715
4,382
379,599
386,524
666,817 1,025,213
987,064
880,804
2.0
50.0
30.0
0.5
10.0
176,028
232,212
280,704
257,854
284,910
275,025
399,763
446,901
383,235
837
1,585
5,863
3,840
7,288
4,736
4,335
4,181
4,518
3,001
3,646
2,987
211,277
210,748
209,004
330,352
362,383
317,083
86,591
70,837
111,296
174,995
202,046
170,619
Subordinated Debt
5,286
6,396
10,232
11,356
13,091
13,811
2,799
5,351
3,317
4,260
6,122
5,261
12,099
8,733
17,077
29,575
23,597
22,221
178
231
301
474
7,150
2,326
Customer Deposits
Long-Term Debt
Goodwill
Funding Profile
84
Profitability %
Net Interest Margin
1.34
0.86
0.75
0.92
1.22
1.18
Cost/Income Ratio**
70.00
75.00
nm
83.50
77.11
74.76
-4.00
2.11
15.41
37.04
20.58
23.66
-0.11
0.05
0.42
0.98
0.50
0.54
67.15
65.23
-222.77
54.05
47.88
47.66
10.88
12.42
8.45
10.62
14.43
14.61
11.14
13.14
10.40
na
12.80
na
16.60
na
18.47
na
6.72
na
76
72
70
26.91
2010
Tier 1 Ratio
Total Capital Ratio
14.0
na
6.31
7.45
5.32
5.84
Equity/Total Assets
3.19
2.26
2.56
2.88
2.39
2.52
17.06
37.14
58.57
20.40
17.54
7.23
517.92
263.79
77.06
78.15
50.03
63.07
6.0
0.30
0.56
2.13
0.96
1.63
1.24
4.0
76.62
75.07
77.26
83.26
81.75
83.39
12.0
10.0
%
Interbank Ratio
2009
20.31
3.11
Core Tier 1 Ratio
16.0
14.75
2008
Capital Adequacy
4.39
Deposits/Net Loans
18.0
17.32
10
Deposits/Net Loans
11.75
20
74
Equity/Net Loans
Coverage Ratio
30
2005* 2006* 2007*
LLP/NII
40
80
Capital Adequacy %
50
82
78
Ratios
60
86
na
280,090
0.0
2005* 2006* 2007* 2008 2009 2010
116,328

Loan Loss Reserves
LLP/NII
0.0
Impaired Loans
1.0
20.0
Balance Sheet
Total Assets
1.5
40.0
NPL %
Total Revenues
60.0
LLP/NII %
Net Interest Income
8.0
55.66
54.52
31.34
32.22
36.71
36.00
2.0
190.92
120.53
79.86
73.41
71.72
64.73
0.0
2005*
Note: 2008 and earlier relate to ABN AMRO Holding on a consolidated basis whereas 2009 and onwards relate to ABN
AMRO Group NV on a consolidated. *Prior years have not been restated to reflect Antonveneta, LaSalle, Bouwfonds,
ABN Amro Mortgage group and BU Asset Management being reported as discontinued operations. **Cost income ratio
for 2007 as disclosed by ABN. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
71
2006*
2007*
2008
2009
2010
June 15, 2011
Dexia [DEXGRP]
Company Rating*:
A1, Rev. f. Down. (Moodys) / A, CW Neg. (S&P) / A+, Stable (Fitch)
Market cap:
4.3bn
Belgium
Country:
Description: Dexia focus primarily on public finance lending in France and Belgium. It operates as a universal bank in Europe and through subsidiary, Dexia Credit
Local, it is the leading provider of medium- and long-term financing and infrastructure/other project finance to local governments in Europe. Key shareholders are
the French government (5.73%) , the Belgian government (5.73%), Caisse des Depots et Consignations (17.61%), Le Holding Communal (14.14%) and Arcofin CV
control (13.8%) of Dexia respectively. Dexia sold Financial Security Assurance Holding (FSA) to Assured Guaranty in 2009.
Asset Quality
Dexia
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Net Interest Income
3,963
5,144
6,244
4,673
4,081
3,779
1,333
1,228
1,431
1,502
1,307
1,172
298
84
-4,129
557
1,483
656
LLP/NII
60.0
Income Statement
-356
22
-40
50
153
5,264
6,117
3,515
6,742
6,860
5,832
Operating Expenses
3,703
3,601
4,077
3,812
3,431
3,174
Operating Profit
1,561
2,516
-562
2,930
3,429
2,658
1.4
40.0
1.2
1.0
30.0
0.8
20.0
641
1,096
3,292
163
124
52
Pre-Tax Profit
924
1,403
-3,877
2,875
3,407
2,695
Net Income
723
1,010
-3,326
2,516
2,750
2,038
10.0
0.0
0.6
0.4
0.2
Balance Sheet
566,735
577,630
651,006
604,564
566,743
508,761
140,834
143,170
152,837
159,383
133,369
115,002
356,803
358,059
372,369
243,856
227,801
193,828
Impaired Loans
5,554
4,808
3,535
1,218
1,359
1,473
Loan Loss Reserves
4,496
4,072
3,524
1,237
1,299
1,426
127,060
120,950
114,728
126,680
109,484
97,379
210,473
213,065
188,120
204,013
184,726
175,685
Subordinated Debt
3,679
3,879
4,175
4,653
4,140
4,486
1,423
1,428
1,428
1,423
1,442
1,216
8,945
10,181
3,916
14,525
16,299
14,084
1,740
1,750
2,050
1,937
517
Goodwill
Ratios
Profitability %
Net Interest Margin
0.71
0.86
1.03
0.82
0.78
0.86
70.35
58.87
115.99
56.54
50.01
54.42
7.56
14.33
-36.07
16.32
18.10
15.57
0.13
0.16
-0.53
0.43
0.51
0.45
75.28
84.09
177.64
69.31
59.49
64.80
9.13
9.77
10.30
9.63
10.31
10.90
Cost/Income Ratio
25
20
40
15
30
Deposits/Net Loans
20
10
10
0
2005 2006 2007 2008 2009 2010
11.28
9.60
13.10
12.30
10.60
14.70
14.10
11.80
7.71
8.07
8.77
9.78
7.71
8.07
8.77
9.78
0.00
0.00
0.00
0.00
Equity/Net Loans
2.71
3.05
1.20
6.27
7.60
7.79
Equity/Total Assets
1.68
1.87
0.68
2.51
3.04
2.94
1.68
1.57
0.41
2.18
2.70
2.84
16.17
21.31
52.72
3.49
3.04
1.38
0.18
0.30
1.08
0.07
0.06
0.03
80.95
84.69
99.69
101.56
95.58
96.81
4.0
2.0
Capital Adequacy
16.0
10.92
1.56
1.34
0.95
0.50
0.60
0.76
34.17
31.10
52.21
48.34
50.61
22.42
20.94
17.62
20.95
19.32
19.14
Interbank Ratio
54.20
38.33
29.02
30.66
44.76
52.33
72
Tier 1 Ratio
Total Capital Ratio
14.0
36.07
*Ratings of Dexia Bank Belgium. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
Core Tier 1 Ratio
10.27
12.0
10.0
%
Deposits/Net Loans
2010
50
12.07
2009
60
Coverage Ratio
2008
Cost of Risk
2007
Funding Profile
Capital Adequacy %
LLP/NII
2006
Customer Deposits
0.0
2005
Total Assets
NPL %
-362
Total Revenues
1.6
50.0
LLP/NII %
Net Trading Income
1.8
8.0
6.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
ING Groep [INTNED]

Company Rating:
A1, Stable (Moodys) / A, Stable (S&P) / A, Stable (Fitch)
Market cap:
27.52bn
Netherlands
Country:
Description: Following the ECs approval of INGs restructuring plan, ING will divest the entire insurance operation by the end of 2013. As at FY10 net profit
divisional split was: Retail Netherlands 1,029m, Retail Belgium 460m, ING Direct 985m, Retail CE 104m, Retail Asia 43m, Commercial Banking 1,853m, ING
Real Estate -117m,Corporate Banking -35m and Insurance -519m. Geographic FY10 split by total assets was: Netherlands (39%), Belgium (10%), Rest of Europe
(20%), North America (21%), Latin America (1%), Asia (6%) and Australia (3%).
ING Groep
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
12,531
11,659
10,064
7,874
8,176
8,098
4,578
4,613
4,965
4,827
4,316
3,747
217
-3,551
1,551
558
1,261
473
Asset Quality
30.0

Net Trading Income
2,850
-1,009
11,337
9,554
9,483
21,016
16,526
16,232
25,911
23,779
22,511
Operating Expenses
13,990
14,049
15,571
15,486
14,347
13,973
Operating Profit
7,026
2,477
661
10,425
9,432
8,538
1,751
2,973
1,280
125
103
109
Pre-Tax Profit
4,477
-1,525
-1,487
11,043
9,940
8,894
Net Income
3,220
-935
-729
9,241
7,692
7,210
20.0
1.5
15.0
1.0
10.0
Balance Sheet
321,103
332,375
343,388
402,727
337,926
319,653
618,378
583,299
622,317
554,952
477,075
442,487
13,779
11,983
8,592
5,219
6,299
3,776
Impaired Loans**
Loan Loss Reserves
5,174
4,353
2,526
1,988
2,638
3,306
Customer Deposits
511,362
469,508
522,783
525,216
496,680
465,712
142,994
127,662
110,746
79,376
93,049
97,943
13,780
14,430
15,869
13,663
13,591
14,310
Subordinated Debt
11,766
11,139
11,352
8,360
7,361
7,653
46,555
38,863
27,334
37,208
38,266
36,736
2,765
3,071
3,070
2,245
305
0.0
1.32
1.07
0.94
1.06
1.16
Cost/Income Ratio*****
54.20
54.30
65.80
68.30
64.00
63.90
7.54
-2.82
-2.26
24.49
20.51
22.22

0.27
-0.07
-0.06
0.73
0.65
0.68
59.63
70.55
62.00
30.39
34.38
35.97
7.39
7.63
7.32
10.32
11.02
10.86

9.62
7.81
7.26
12.25
10.23
9.32
9.90
15.30
13.46
12.78
13.80
21.45
23.70
22.14
21.49
0.00
5.59
5.94
6.84
0.00
18.11
16.19
14.65
41
110
40
105
39
100
38
95
37
90
36
35
2006
2007
2008
2009
2010
Capital Adequacy
22.21
24.63
18.0
Core Tier 1 Ratio
16.0
7.71
6.87
4.67
7.15
8.69
8.75
14.0
Equity/Total Assets
3.79
3.42
2.17
3.01
3.36
3.32
12.0
3.57
3.15
1.94
2.84
3.34
3.32
13.97
25.50
12.72
1.59
1.26
1.35
8.0
0.29
0.50
0.22
0.02
0.02
0.03
6.0
37.55
36.33
29.40
38.09
41.88
87.55
4.0
Tier 1 Ratio
Total Capital Ratio
10.0
%
42
2005
Equity/Net Loans
Coverage Ratio
2010
80
8.31
Cost of Risk
2009
85
LLP/NII
2008
Deposits/Net Loans
115
Capital Adequacy %
2007
120
Profitability %
1.42
2006
Funding Profile
Ratios
Net Interest Margin****
0.0
2005

Goodwill
0.5
5.0
1,247,110 1,163,643 1,331,663 1,312,510 1,226,307 1,158,639
Total Assets
2.0
NPL %
2,745
Total Revenues
25.0
LLP/NII %
Net Interest Income
2.5
LLP/NII
Income Statement
2.23
2.05
1.38
0.94
1.32
0.85
Deposits/Net Loans
83.39
81.10
84.35
94.98
104.69
106.04
2.0
41.00
40.35
39.26
40.02
40.50
40.19
0.0
Interbank Ratio
71.14
51.52
31.82
29.27
32.99
38.83
*RWA in 2008 is under Basel II, previously under Basel I. **Impaired loans for 2007 and 2006 as disclosed by ING (as
impaired or outstanding more than 90 days), but no comparative figures were provided for preceding years based on this
definition. Impaired loans for 2003 to 2005 are based on ING's disclosure of loans past due 90 days and still accruing
interest and non-accrual loans. ***Includes 10bn of preference shares at FY08 and 5bn at FY09 & FY10 deemed Core
Tier 1. *****Cost/Income (as stated by company). 2008 and 2009 are underlying cost/income ratios, excluding the impact of
divestments and special items. ******Hybrid Tier 1 capital as % of regulatory capital is calculated for ING Bank and not on a
group wide basis. *******Core Tier 1 for 2007 calculated as defined in the glossary. Source: Credit Suisse, Company
Reports, Moodys, S&P, Fitch.
73
2005
2006
2007
2008
2009
2010
June 15, 2011
KBC Groep [KBC]

Company Rating:
A1, Negative (Moodys) / A-, Stable (S&P) / A, Stable (Fitch)
Market cap:
8.66bn
Belgium
Country:
Description: KBC is an integrated bancassurance group, catering mainly for retail, SME and mid-cap customers. Profit after tax at FY10 was as follows: Belgium
business unit 39%, Central & Eastern Europe & Russia (CEER) 24% and Merchant banking 8% . Geographically Belgium accounts for 65% of FY10 total assets,
CEER 19% and RoW 16%. A group of core shareholders (including KBC Ancora, Cera, KBC Group Inc and MRBB) control 48% of KBCs shares.
KBC Groep
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Net Interest Income
6,342
5,955
5,252
4,345
4,369
4,583
1,224
1,132
1,714
1,993
1,865
1,819
13
-3,261
-3,386
2,324
1,883
971
347
373
630
521
415
422
Asset Quality
LLP/NII
35.0
Net Trading Income

6.5
30.0
5.5
25.0
4.5
20.0
3.5
15.0
2.5
10.0
1.5
0.5
Total Revenues
8,378
4,626
4,827
9,802
9,651
8,369
Operating Expenses
4,436
4,779
5,515
5,249
4,961
4,837
Operating Profit
3,942
-153
-688
4,553
4,690
3,532
1,483
1,901
822
185
177
35
Pre-Tax Profit
1,970
-2,804
-3,008
4,372
4,595
3,368
Net Income
1,860
-2,466
-2,484
3,279
3,430
2,249
5.0
Total Assets
320,823
324,231
355,317
355,597
325,400
325,801
0.0
132,034
143,359
141,370
154,053
128,968
117,730
148,485
151,131
154,992
139,379
134,542
122,220
10,950
8,982
5,118
3,446
3,324
3,977
4,921
3,933
2,469
2,125
2,142
2,745
152,920
145,319
146,964
137,347
136,744
139,507
35,816
38,735
40,042
47,218
43,287
32,065
Subordinated Debt
6,817
6,894
5,461
6,864
5,689
5,761
2,683
2,874
5,276
1,694
1,600
1,642
18,147
16,662
14,210
17,348
17,219
15,751
2,517
2,918
3,479
3,094
1,692
1,260
NPL %
LLP/NII %
Income Statement
Balance Sheet
Loan Loss Reserves

Customer Deposits
Goodwill
Ratios
Profitability %
Net Interest Margin
2.17
1.86
1.56
1.33
1.39
1.56
Cost/Income Ratio***
55.00
55.00
64.00
58.00
58.00
58.00
10.69
-15.98
-15.74
18.97
20.81
16.02

0.58
-0.73
-0.70
0.96
1.05
0.74
75.70
128.73
108.80
44.33
45.27
54.76
8.50
8.10
8.73
9.40
11.40
11.00
11.74
12.46
10.88
9.23
7.20
7.40
12.62
10.76
9.70
8.70
16.45
14.24
13.50
12.70
13.73
14.24
32.49
13.58
40
30
60
20
40
Deposits/Net Loans
20
10
0
2005
2006
2007
2008
2009
2010
Capital Adequacy
13.87
Core Tier 1 Ratio

Total Capital Ratio
18.0
14.86
3.59
19.42
13.58
10.64
13.08
0.00
Equity/Net Loans
12.75
11.43
9.42
12.75
13.16
13.71
Equity/Total Assets
5.71
5.19
4.04
4.92
5.35
5.03
12.0
4.92
4.29
3.06
4.05
4.83
4.64
10.0
23.38
31.92
15.65
4.26
4.05
0.76
Tier 1 Ratio
16.0
14.0
1.02
1.27
0.57
0.14
0.14
0.03
44.94
43.79
48.24
61.67
64.44
69.02
7.37
5.94
3.30
2.47
2.47
3.25
8.0
6.0
4.0
106.52
98.72
96.36
100.07
103.28
116.77
2.0
47.66
44.82
41.36
38.62
42.02
42.82
0.0
Interbank Ratio
55.65
46.66
60.72
73.65
67.47
74.50
Deposits/Net Loans
50
80
3.59
60
100
10.14
Coverage Ratio
2010
120
Non Step-Up Hybrid/Tier 1 Capital****
Cost of Risk
2009
LLP/NII
2008
140
Capital Adequacy %
Step-Up Hybrid/Tier 1 Capital****
2007
2006
Funding Profile
Impaired Loans
-0.5
2005
*RWA in 2008 is under Basel II, previously under Basel I. **Hybrid Capital is under regulatory disclosure and not accounting.
***Cost/Income (Banking) basis on an underlying basis as stated by KBC. Source: ****Hybrid split for KBC Bank. Credit
74
2005
2006
2007
2008
2009
2010
June 15, 2011
Rabobank [RABOBK]
Company Rating:
Market cap: n/a
Aaa, Negative (Moodys) / AAA, Negative (S&P) / AA+, Stable

(Fitch)
Netherlands
Country:
Description: Rabobank Group is a cooperative organization whose core comprises of 141 local Rabobanks in the Netherlands with over 911 branches. It has a 29%
market share in mortgages (in the Netherlands), 40% in savings, 43% in Trade, Industry and Services sector and 84% in food and agriculture. Rabobank is
organised in five divisions: domestic retail banking (accounting for 54% of FY10 net income), wholesale banking and international retail banking (23%), asset
management & investment (5%), leasing (6%), real estate (1%) and other (11%) and has operations in 48 countries. Rabobank owns 31% of Dutch insurer, Eureko.
Rabobank
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
28.0
2.5
LLP/NII
Net Interest Income
8,614
8,075
8,517
6,771
6,362
6,150
2,831
2,575
2,889
2,857
2,296
2,060
336
-284
-1,206
-451
244
-108
Net Trading Income

11,842
11,678
10,269
9,374
8,673
Operating Expenses
8,196
8,038
7,611
7,709
6,887
6,242
Operating Profit
4,228
3,804
4,067
2,560
2,487
2,431
1,234
1,959
1,189
265
441
524
Pre-Tax Profit
3,286
2,437
2,852
3,048
2,602
2,493
Net Income*
2,682
2,099
2,599
2,359
2,034
2,288
Balance Sheet
Total Assets
652,536
607,483
612,120
570,503
556,455
506,573
219,568
233,221
238,080
266,573
247,458
213,901
306,808
23.0
2.0
18.0
1.5
13.0
1.0
8.0
0.5
3.0
459,955
437,926
429,413
375,250
357,173
9,284
9,294
6,573
4,198
4,355
4,814
Loan Loss Reserves
4,014
4,569
3,130
2,282
2,249
2,357
Customer Deposits
298,761
286,338
304,214
231,452
216,180
186,698
74
234,885
207,154
169,220
168,078
154,055
139,565
72
1,971
902
1,105
1,121
1,162
6,306
6,573
4,767
3,968
3,288
3,575
31,332
28,278
26,310
25,883
23,234
21,261
2,363
2,363
2,408
2,046
1,056
154
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.45
1.40
1.51
1.25
1.24
1.29
65.97
67.88
65.17
75.07
73.47
71.97
2007
2008
50
70
68
40
66
30
64
62
20
60
9.00
7.69
9.96
9.61
9.14
11.70
58
Deposits/Net Loans
0.43
0.34
0.44
0.42
0.38
0.46
56
69.33
68.19
72.93
65.94
67.87
70.91
54
Capital Adequacy %
10.69
10.66
11.62
10.94
10.96
11.81
12.46
14.38
12.83
10.98
10.70
15.70
13.80
12.70
16.30
14.10
13.00
18.29
20.42
15.77
13.93
18.29
20.42
15.77
13.93
0.00
0.00
0.00
0.00
Equity/Net Loans
7.56
7.32
7.03
7.67
7.73
7.97
Equity/Total Assets
5.28
5.22
4.89
5.01
4.93
4.79
4.92
4.83
4.50
4.65
4.74
4.76
14.33
24.26
13.96
3.91
6.93
8.52
0.28
0.46
0.30
0.07
0.13
0.18
43.24
49.16
47.62
54.36
51.64
48.96
Cost of Risk
Coverage Ratio
2008
2009
2010
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
16.0
12.0
%
10.0
8.0
2.02
2.12
1.53
1.12
1.22
1.57
Deposits/Net Loans
65.53
66.07
71.36
62.06
60.91
61.32
45.78
47.14
49.70
40.57
38.85
36.86
142.75
158.91
141.38
46.71
43.19
48.35
Interbank Ratio
2007
14.0

LLP/NII
2006
Capital Adequacy
18.0
10
0
2005
2010
60

2009
Funding Profile
2,482
2006
Subordinated Debt
0.0
2005
Impaired Loans**
NPL %
0
12,424
Total Revenues
LLP/NII %
Income Statement
*Net profit is shown before distributions to holders of Member certificates, Capital securities and Trust preferred securities.
**Impaired Loans not restated for 2007. ***Shareholders Equity includes Rabobank Member Certificates. ****Core Tier 1 Ratio
is calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
75
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2008 under Basel II, previously Basel I
2009
2010
June 15, 2011
SNS Bank [SNSSNS]

Company Rating:
Baa1, Stable (Moodys) / A-, Negative (S&P) / BBB+, Stable (Fitch)
Market cap:
n/a
Netherlands
Country:
Description: SNS Bank is part of SNS Reaal Groep (with market cap. of 1.0bn), which includes Reaal Verzekeringen, an insurance arm. SNS Bank focuses on providing
savings, mortgages and services to individuals and SMEs. The FY10 PBT split of the bank was Retail Banking 217m and Property Finance -749m. The Stichting Beheer
SNS Reaal foundation owns a 50% stake of SNS Reaals listed shares.
SNS Bank
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
LLP/NII
90
Income Statement
871
672
773
783
567
595
92
99
116
129
120
114
Net Trading Income
27
178
33
26
82
59
994
950
924
940
769
764
Operating Expenses
576
626
600
566
481
457
Operating Profit
418
324
324
374
288
707
437
151
29
36
307
50
Pre-Tax Profit
-532
-99
183
337
251
258
Net Income
-431
-99
144
272
214
204
2.0
60
80,251
76,695
70,584
64,382
53,098
22,131
25,885
28,055
30,744
28,454
20,175
65,986
67,914
66,039
60,443
56,458
45,392
2,538
1,771
985
752
641
0.5
435
245
207
210
167
37,880
34,270
32,043
27,025
20,697
19,827
29,523
30,739
30,282
32,182
30,841
25,465
1,388
938
1,185
1,187
953
573
634
621
504
491
495
279
1,836
2,425
2,394
2,209
2,097
1,738
114
184
237
233
197
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.17
0.90
1.10
1.21
0.99
1.22
0.0
2005
2006
2007
2008
2009
2010
Funding Profile
70
60
60
50
50
40
40
30
30
57.95
65.89
64.94
60.21
62.55
59.82
-20.23
-4.11
6.26
12.63
11.16
12.18
-0.54
-0.13
0.20
0.40
0.36
0.41
87.63
70.74
83.66
83.30
73.73
77.88
10
0
20
20
Deposits/Net Loans
973
Customer Deposits
Hybrid Tier 1 Capital****
1.0
20
78,918
Subordinated Debt
1.5
40
10
Total Assets
Loan Loss Reserves
50
30
Balance Sheet
Impaired Loans**
2.5
NPL %
Total Revenues
70
LLP/NII %
Net Interest Income
80
10
Capital Adequacy %
8.40
8.20
8.69
11.50
11.20
11.90
8.10
8.30
8.10
10.70
10.70
10.50
12.80
16.70
13.90
14.00
17.20
25.08
22.64
20.30
19.01
18.0
21.22
12.50
11.88
6.99
7.74
10.76
10.12
11.54
Equity/Net Loans
2.82
3.61
3.65
3.67
3.73
3.84
Equity/Total Assets
2.33
3.03
3.13
3.13
3.26
3.27
2009
2010
2.18
2.80
2.83
2.80
2.95
3.27
81.17
65.03
19.53
3.70
6.35
8.40
0.12
Tier 1 Ratio
14.0
12.0
10.0
%
2008
Total Capital Ratio
16.0
12.58
Coverage Ratio
2007
Core Tier 1 Ratio
15.92
Non Step-Up Hybrid/Tier 1 Capital****
Cost of Risk
2006
Capital Adequacy
Step-Up Hybrid/Tier 1 Capital****
LLP/NII
0
2005
8.0
1.07
0.66
0.24
0.05
0.07
38.34
24.56
24.87
27.53
32.76
3.85
2.61
1.49
1.24
1.14
4.0
Deposits/Net Loans
58.27
50.79
48.70
44.87
36.80
43.84
48.00
42.70
41.78
38.29
32.15
37.34
Interbank Ratio
54.30
38.14
42.87
21.56
49.42
132.71
*Impaired loans consist of balances in arrears by more than 90 days. **Hybrids based on an accounting basis. ***Core Tier
1 ratio calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
76
6.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Van Lanschot [LANSNA]

Company Rating:
NR (Moodys) / A-, Stable (S&P) / A-, Stable (Fitch)
Market cap:
1.2bn
Netherlands
Country:
Description: Through F. Van Lanschot Bankiers, the oldest independent bank in the Netherlands, the group offers private banking services to high net worth
individuals and entrepreneurs. In addition, through subsidiary Kempen & Co (acquired on 2 January 2007), the group focuses on the institutional market and offers
investment services. It mainly operates in the Netherlands (29 branches) and in Belgium (8 branches). Companies and institutions accounted for 39% of the loan
book at FY10, private individuals 61%. The Netherlands accounts for 96% of the FY10 loan book, Belgium 3% and Other 1%.
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
LLP/NII
45.0
Income Statement
Net Interest Income
356
282
317
288
276
299
232
225
218
295
188
166
17
59
-46
61
70
20
Net Trading Income
30.0
Total Revenues
624
565
488
644
534
486
Operating Expenses
440
429
422
415
307
278
Operating Profit
185
136
66
230
227
207
87
113
20
17
15.0
Pre-Tax Profit
90
-36
21
259
224
191
10.0
Net Income
66
-16
30
215
184
152
21,265
20,692
21,719
18,740
17,972
11,752
14,000
14,000
13,600
11,700
11,650
13,659
17,220
17,164
16,100
14,857
332
299
122
62
71
89
Loan Loss Reserves
255
184
91
94
111
118
13,546
13,380
15,318
14,597
11,413
11,459
1,946
1,388
1,761
3,016
3,785
3,198
Subordinated Debt
422
443
480
466
477
489
301
451
455
307
313
313
1,472
1,249
1,237
1,378
1,055
966
235
226
212
210
40
40
Ratios
Profitability %
Cost/Income Ratio
0.50
1.86
1.44
1.60
1.50
1.56
1.80
70.44
75.89
86.42
64.37
57.53
57.30
4.87
-1.26
2.30
17.71
18.25
16.82
0.32
-0.07
0.14
1.06
1.00
0.88
56.97
49.87
64.91
44.63
51.68
61.55
9.00
10.00
9.40
12.00
13.70
13.50
0.00
2005
2006
2007
2008
2009
2010
Funding Profile
95
80
70
90
60
50
85
40
80
30
20
75
Deposits/Net Loans
70
Capital Adequacy %
Total Capital Ratio

9.60
6.50
6.75
11.90
9.50
10.00
13.90
11.60
12.50
21.49
33.89
32.51
25.11
21.49
33.89
32.51
25.11
10
0
2005
2006
2007
2008
2009
2010
Capital Adequacy
16.0
27.00
28.72
0.00
0.00
0.00
0.00
Equity/Net Loans
9.37
7.33
7.25
8.61
7.15
7.14
Equity/Total Assets
7.24
5.87
5.98
6.34
5.63
5.38
6.15
4.82
4.96
5.38
5.42
5.16
24.31
40.16
6.35
0.45
1.05
5.64
0.53
0.66
0.12
0.01
0.02
0.13
76.68
61.42
74.85
152.35
155.82
132.09
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio

14.0
12.0
10.0
%
Tier 1 Ratio
1.00
15,965
Impaired Loans*
Net Interest Margin
20.0
0.0
20,325
Goodwill
NPL %
Total Assets
1.50
25.0
5.0
Balance Sheet
Customer Deposits
2.00
35.0
LLP/NII %
2.50
40.0
8.0

LLP/NII
Cost of Risk
Coverage Ratio
2.08
1.74
0.71
0.38
0.48
0.65
Deposits/Net Loans
86.22
78.54
89.73
91.19
77.40
84.62
66.64
62.92
74.03
67.21
60.90
63.76
110.00
102.30
230.43
319.00
219.06
257.56
Interbank Ratio
*The definition for non-performing loan has changed in 2009, so not directly comparable with previous years. **Core Tier 1
ratio calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
77
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
French Banks
78
June 15, 2011
Banque Fdrative du Crdit Mutuel [BFCM]

Company Rating:
Aa3, Stable (Moodys) / A+, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
n/a
Country:
France
Description: BFCM is the holding company and central funding treasury of the French regional retail banking group Crdit Mutuel Centre Est Europe (CMCEE) CIC
group or CM5-CIC. BFCM owns all the groups subsidiaries including CIC and Assurances du Crdit Mutuel as well as Targobank (former CitiBank Deutschland).
BFCM is charged with funding 14 Crdit Mutuel federations. BFCM is c.95% owned by CMCEE's "caisse fdrale" (regional clearing bank), with the rest of its
capital owned by 11 other regional central clearers from the Crdit Mutuel group.
Asset Quality
Banque Fdrative du Crdit Mutuel

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Income Statement
LLP/NII
Net Interest Income
4,833
4,502
1,559
97
662
641
160.0
2,255
2,115
1,490
1,475
1,315
1,214
140.0
200
411
117
2,768
2,616
1,656
1,151
916
754
1,008
972
825
8,480
7,908
3,902
5,387
5,658
4,393
Operating Expenses
4,911
4,448
3,154
3,085
3,002
2,883
Operating Profit
3,569
3,460
748
2,302
2,656
1,510
1,214
1,892
416
147
82
115
Pre-Tax Profit
2,355
1,504
-166
2,252
2,606
1,439
Net Income
1,405
808
29
1,464
1,642
944
5.0
420,516
425,223
395,910
339,025
298,863
148,425
154,013
147,586
180,669
n/a
n/a
166,108
158,034
151,920
123,854
102,303
85,730
Impaired Loans
9,631
9,335
5,747
3,313
3,494
3,636
Loan Loss Reserves
6,566
5,962
4,231
2,194
2,340
2,480
116,325
105,649
88,306
69,980
61,080
56,880
94,646
86,969
100,639
99,770
72,029
51,415
Customer Deposits
2.0
6,872
6,072
6,008
5,148
5,537
4,142
1,747
1,747
2,783
1,600
1,600
1,600
10,430
9,409
7,631
9,493
8,358
6,552
4,096
3,990
3,462
664
646
598
Goodwill
Ratios
Profitability %
Net Interest Margin
1.32
1.16
0.41
0.03
0.22
0.25
Cost/Income Ratio
57.91
56.25
80.83
57.27
53.06
65.63
14.16
9.48
0.34
16.40
22.03
15.65

0.35
0.19
0.01
0.40
0.51
0.34
56.99
56.93
39.95
1.80
11.70
14.59
8.52
9.19
9.17
10.51
18.55
15.83
0.0
Funding Profile
80.0
35.0
70.0
30.0
60.0
Total Capital Ratio Basel I**

9.25
8.71
6.89
10.80
10.20
8.78
8.80
10.80
9.97
8.98
10.84
14.35
14.64
21.48
10.39
20.0
40.0
15.0
30.0
7.91
Capital Adequacy (CMCEE)
18.0
6.37
5.76
3.90
8.28
15.71
6.50
Equity/Net Loans
8.51
8.08
6.47
9.27
9.95
9.35
Equity/Total Assets
3.62
2.92
2.25
2.85
2.93
2.60
2.53
1.97
1.43
2.68
2.74
2.40
25.12
42.03
26.68
151.55
12.39
17.94
8.0
0.78
1.26
0.31
0.13
0.09
0.15
6.0
68.18
63.87
73.62
66.22
66.97
68.21
5.80
5.91
3.78
2.67
3.42
4.24
Deposits/Net Loans
72.91
69.47
59.79
57.52
61.10
68.32
31.00
25.12
20.77
17.68
18.02
19.03
171.27
115.38
103.48
118.12
92.09
89.84
Tier 1 Ratio
16.0
14.0
12.0
%
*RWA in 2008 is under Basel II, previously under Basel I. Approximation, based on RWAs and Capital ratios of CMCEE.
**Capital ratios of CMCEE. ***Core Tier 1 as calculated in the glossary. Source: Credit Suisse, Company Reports, Moodys,
S&P, Fitch
79
Core Tier 1 Ratio

Total Capital Ratio
20.0
6.24
Interbank Ratio
0.0
2005 2006 2007 2008* 2009* 2010
8.11
5.0
10.0
Non Step-Up Hybrid/Tier 1 Capital**
Coverage Ratio
10.0
Deposits/Net Loans
20.0
Step-Up Hybrid/Tier 1 Capital**
Cost of Risk
25.0
50.0
0.0
Tier 1 Ratio Basel I**
LLP/NII
0.0
2005 2006 2007 2008* 2009* 2010
Capital Adequacy %
1.0
20.0
Subordinated Debt
3.0
40.0
375,264
4.0
80.0
60.0
Balance Sheet
Total Assets
100.0
NPL %
Total Revenues
6.0
120.0
LLP/NII %
Net Trading Income
7.0
180.0
10.0
4.0
2.0
0.0
2005
2006
2007
2008
Note: Regulatory ratios for CMCEE.

2009
2010
June 15, 2011
BNP Paribas [BNP]

Company Rating:
Aa2, Stable (Moodys) / AA, Negative (S&P) / AA-, Stable (Fitch)
Market cap:
62.0bn
France
Country:
Description: BNP is active in retail banking, wealth management and corporate & investment banking and present in over 80 countries. French Retail Banking 13%
(FY10 PBT), BNL bc 3%, BeLux 5%, Personal Finance 7%, Other Retail 8%, Investment Solutions 15%, Corporate & Investment Banking 41% and Others 7%.
Geographical credit risk breakdown: France 26%, Belgium-Luxembourg 13%, Italy 12%, UK 4%, Other Western Europe 8%, CEE 3%, Turkey 2%, and Mediterranean
1%, North America 12%, Latin America 2%, Gulf States & Africa 3%, Australia & Japan 3%, Emerging Asia 5%, Netherlands 3%, and Germany 3%. In May 2009 BNP
completed the acquisition of a 75% shareholding in Fortis Bank SA/NV.
BNP Paribas
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
40.0
Income Statement
24,060
21,021
13,498
9,708
9,124
7,733
8,486
7,467
5,859
6,322
6,104
4,547
Net Trading Income
5,561
6,521
3,157
10,350
8,940
6,565
3,081
3,130
2,876
2,299
1,758
43,880
40,191
27,376
31,037
27,943
21,854
Operating Expenses
26,517
23,340
18,400
18,764
17,065
13,369
Operating Profit
17,363
16,851
8,976
12,273
10,878
8,485

Pre-Tax Profit
Net Income
4,921
7,818
3,783
1,472
796
530
13,020
9,000
3,924
11,058
10,570
8,424
7,843
5,832
3,021
7,822
7,308
5,852
2,057,698
2,075,551
1,694,454
1,440,343
1,258,079
600,424
620,714
535,147
533,210
462,500
377,700
311,655
704,135
508,699
457,602
406,658
37,913
35,695
16,097
13,422
13,555
12,700
Loan Loss Reserves
26,671
25,369
14,298
12,499
13,525
10,459
Customer Deposits
580,913
604,903
413,955
346,704
298,652
247,494
208,669
211,029
157,508
141,056
121,559
84,629
24,750
28,209
18,323
18,641
17,960
16,706
9,921
10,375
12,769
9,035
7,747
5,924
66,603
61,456
42,707
47,056
45,065
38,294
Goodwill
11,324
10,979
10,918
10,244
10,162
8,079
Ratios
Profitability %
1.30
1.11
0.77
0.66
0.73
0.74
Cost/Income Ratio
60.43
58.07
67.21
60.46
61.07
61.17
12.25
11.20
6.73
16.98
17.53
16.58
0.39
0.28
0.16
0.50
0.54
0.52
54.83
52.30
49.31
31.28
32.65
35.38

7.33
7.10
7.40
7.60
10.00
10.20
10.50
11.00
5.72
9.20
8.00
5.40
11.40
10.10
7.80
7.60
14.50
14.20
11.10
11.00
19.28
16.55
30.59
23.87
22.64
20.64
8.33
12.28
14.37
4.27
16.22
11.06
10.31
9.34
11.31
11.97
13.30
Equity/Total Assets
3.79
3.40
2.23
2.97
3.27
3.18
3.22
2.87
1.70
2.37
2.56
2.54
20.45
37.19
28.03
15.16
8.72
6.85
Non-Performing Loan Ratio**
2007
2008
2009
2010
Funding Profile
91
31
Deposits/Net Loans
89
29
87
27
85
25
83
23
81
21
79
19
77
17
75
15
2005
2006
2007
2008
Core Tier 1 Ratio

Total Capital Ratio
16.0
2009
2010
Tier 1 Ratio
12.0
10.0
%
Coverage Ratio
0.0
2006
14.0
10.96
Equity/Net Loans
Cost of Risk
1.0
Capital Adequacy
LLP/NII
2.0
2005
Capital Adequacy %
15.0
711,357
Impaired Loans**
3.0
0.0
1,998,158
Net Interest Margin
20.0
5.0
Subordinated Debt
4.0
25.0
10.0
Balance Sheet
Total Assets
5.0
30.0
NPL %
3,409
Total Revenues
Non-Performing Loan Ratio**
35.0
LLP/NII %
Net Interest Income
6.0
LLP/NII
0.72
1.33
0.81
0.35
0.23
0.19
70.35
71.07
88.82
93.12
99.78
82.35
5.33
5.07
3.16
2.93
3.33
4.08
Deposits/Net Loans
84.84
89.12
83.73
77.89
75.97
82.17
29.07
29.40
19.94
20.46
20.73
19.67
Interbank Ratio
37.34
40.29
37.14
41.79
52.33
37.86
8.0
6.0
4.0
2.0
0.0
2005
*RWA in 2008 in under Basel II, previously under Basel I. **Figures used for impaired loans in 2007 and 2006 is based on
loans with past due installments and impaired loans, which is different to definition (of doubtful commitments) used in
preceding years. ***Core Tier 1 Ratio is calculated using the definition in the glossary. Source: Credit Suisse, Company
Reports, Moodys, S&P, Fitch
80
2006
2007
2008
2009
2010
June 15, 2011
Crdit Agricole [ACAFP]

Company Rating:
Aa1, Stable (Moodys) / A+, Stable (S&P) / AA-, Stable (Fitch)
Market cap:
24.3bn
France
Country:
Description: Crdit Agricole Group is Frances largest retail banking group with c.24% market share in retail deposits, c.21% in personal loans, c.34% in SMEs and
c.80% in farming. Crdit Agricole SA (CASA) is the groups listed entity (and the entity that owns LCL) and acts as central clearer to the 39 regional banks, which
owns about 55.9% of CASA. (CASA, in turn, owns 25% of each regional bank.) CASA has increasing interests outside France including stakes in Banco Espirito
Santo (23.8%), Bankinter (24.7%) and Emporiki Bank (91%), Cariparma FriulAdria Group (75% shareholding).
Asset Quality
Crdit Agricole
IFRS
IFRS
IFRS
IFRS
IFRS
2009
2008
2007
2006
2005
15,566
14,874
13,088
8,807
10,327
9,712
4,896
4,776
4,398
4,681
3,805
3,509
Net Trading Income
4,775
4,471
-9,605
7,791
7,028
6,361
Total Revenues
20,129
17,942
15,956
16,768
16,187
13,693
Operating Expenses
13,187
12,182
12,635
12,718
10,355
9,166
Operating Profit
6,942
5,760
3,321
4,050
5,832
4,527
3,736
4,627
3,078
1,866
633
643
Pre-Tax Profit
2,629
1,657
1,200
4,813
6,909
5,191
Net Income
1,263
1,125
1,024
4,044
4,920
3,891
2.0
10.0
326,400
338,500
345,100
263,600
246,200
374,413
358,452
311,016
255,767
194,850
Impaired Loans
21,769
16,760
13,562
10,580
9,448
8,233
Loan Loss Reserves
14,017
12,065
9,415
8,572
7,622
7,264
Customer Deposits
501,360
464,080
421,411
387,253
350,811
318,365
170,337
179,370
186,430
177,688
162,824
98,123
Subordinated Debt
29,578
28,198
24,800
16,679
20,425
18,209
11,743
13,007
10,626
8,851
6,902
6,077
45,667
45,457
44,731
40,691
35,078
30,682
Goodwill
18,960
19,432
19,614
18,629
16,706
14,110
Ratios
Profitability %

75.85
63.97
66.94
10.67
14.96
13.72
40.0
20.0
0.42
0.39
63.80
70.93
8.40
8.90
8.40
9.30
8.00
5.14
10.60
9.50
9.10
7.70
12.80
9.80
9.40
8.30
26.04
36.12
34.50
31.61
14.27
11.13
11.77
23.37
Equity/Net Loans
12.87
13.59
13.63
14.48
14.91
16.99
Equity/Total Assets
3.09
3.16
2.88
3.10
2.93
3.00
1.90
1.91
1.69
1.78
1.61
1.67
24.00
31.11
23.52
21.19
6.13
6.62
14.0
31.93
29.38
25.0
2006
2007
2008
2009
2010
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
Interbank Ratio
26.0
Capital Adequacy
27.0
2005
8.80
Deposits/Net Loans
60.0
0.0
8.20
28.0
2.40
8.61
Coverage Ratio
80.0
79.19
8.11
Cost of Risk
29.0
2.49
LLP/NII
100.0
67.90
10.0
8.0
%
30.0
2.77
0.30
31.0
120.0
65.51
52.52
32.0
140.0
1.07
0.07
2010
0.96
82.03
2009
Deposits/Net Loans
0.71
0.07
2008
160.0
0.94
82.90
2007
180.0
1.03
0.08
2006
Funding Profile
1.08
77.33
0.0
2005
Capital Adequacy %
1.0
5.0
317,700
397,263
3.0
15.0
0.0
Cost/Income Ratio
4.0
20.0
1,593,529 1,557,342 1,653,220 1,414,223 1,261,296 1,061,443
Net Interest Margin
5.0
25.0
Balance Sheet
Total Assets
6.0
30.0
LLP/NII %
Net Interest Income
LLP/NII
35.0
Income Statement
NPL %
IFRS
2010
6.0
1.00
1.30
0.94
0.68
0.29
0.37
64.39
71.99
69.42
81.02
80.67
88.23
5.48
4.48
3.78
3.40
3.69
4.23
130.82
128.08
120.74
128.04
141.37
169.72
31.46
29.80
25.49
27.38
27.81
29.99
235.39
252.94
191.64
184.89
217.68
226.15
**RWA in 2008 is under Basel II, previously under Basel I. **Core Tier 1 ratio in 2007 calculated as defined in the glossary.
81
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Groupe BPCE [BPCEGP]

Company Rating*:
Market cap:
n/a
France
Country:
Description: BPCE is the central body and main funding bank of the French cooperative banking group Groupe BPCE. Groupe BPCE was created following the
merger of Groupe Caisse dEpargne and Groupe Banque Populaire, creating Frances second largest retail bank with 8,000 branches and market share in credits
and deposits of about 20% and 22%, respectively. On 24 March FY11 BPCE fully reimbursed the Republic of France by redeeming 1.2bn in preference shares and
1.0bn in hybrid Tier 1 securities, ahead of the end-FY12 deadline. Groupe BPCE owns a 71.5% shareholding in Natixis.
Asset Quality
Groupe BPCE
m
IFRS
IFRS
IFRS**
IFRS
IFRS
IFRS
2010
2009
2008 PF
2008
2007
2006
LLP/NII
35.0
Income Statement
12,182
12,752
8,984
4,523
4,041
4,263
7,422
6,977
7,667
3,648
3,590
4,349
Net Trading Income
1,925
38
-4,384
-2,042
1,032
2,269
-824
1,190
541
47
256
23,359
21,227
15,344
7,657
9,768
11,320
Operating Expenses
16,057
16,359
16,337
8,613
8,247
8,478
Operating Profit
7,302
4,868
-993
-956
1,521
2,842
1,562
3,517
1,932
1,441
259
23
Pre-Tax Profit
5,749
-368
-3,740
-2,803
1,750
5,232
Net Income
3,640
537
-1,847
-2,015
1,367
3,832
3.0
25.0
2.5
20.0
2.0
15.0
NPL %
-359
Total Revenues
3.5
30.0
LLP/NII %
Net Interest Income
4.0
1.5
10.0
1.0
5.0
0.5
Balance Sheet
1,048,442 1,028,802 1,143,679
649,756
601,453
539,711
399,016
411,135
n/a
230,625
232,725
211,438
573,807
528,301
521,446
301,127
271,365
233,161
20,003
18,858
12,455
4,958
4,425
4,755
Loan Loss Reserves
11,242
10,861
9,083
3,588
2,854
2,977
Customer Deposits
393,992
367,717
371,053
227,736
216,570
206,241
222,890
204,410
207,834
158,182
163,466
134,396
13,847
14,992
22,022
9,461
7,817
7,470
7,874
9,089
n/a
4,235
3,751
2,775
40,531
35,984
31,513
16,564
20,573
20,032
5,160
5,670
7,409
2,847
3,360
2,198
Subordinated Debt
Goodwill
Ratios
Profitability %
Net Interest Margin
2.53
1.65
1.09
0.78
0.76
0.79
Cost/Income Ratio
68.74
77.07
106.47
112.49
84.43
74.89
17.96
2.04
-7.68
-10.85
6.73
19.16
0.69
0.06
-0.21
-0.32
0.24
0.66
52.15
60.07
58.55
59.07
41.37
37.66
120.0
8.10
6.90
6.26
10.10
9.10
8.10
11.60
10.90
9.60
19.54
24.29
22.67
8.75
8.68
10.40
10.48
38.0
100.0
7.75
12.58
15.83
11.78
10.09
2.59
35.5
35.0
40.0
20.0
Deposits/Net Loans
34.5
34.0
33.5
0.0
33.0
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
10.0
6.19
7.66
8.70
Equity/Total Assets
4.15
3.76
3.08
2.83
3.42
3.71
3.66
3.21
2.43
2.39
3.17
3.38
8.0
6.0

12.82
27.58
21.50
31.86
6.41
0.54
0.56
0.86
0.48
0.51
0.10
0.01
56.20
57.59
72.93
72.37
64.50
62.61
3.49
3.57
2.39
1.65
1.63
2.04
Deposits/Net Loans
70.03
71.06
72.42
76.54
80.66
89.60
37.58
35.74
32.44
35.05
36.01
38.21
133.72
126.54
113.95
165.28
177.58
204.53
Interbank Ratio
36.0
60.0
12.0
6.87
36.5
15.12
7.48
Coverage Ratio
37.0
80.0
14.0
18.42
7.73
Cost of Risk
37.5
Capital Adequacy
Equity/Net Loans
LLP/NII
38.5
2009 2010
2005 2006 2007 2008 2009 2010
Step-Up Hybrid/Tier Capital
2008
Funding Profile
Capital Adequacy %
2007
Impaired Loans
0.0
2005 2006
Total Assets
0.0
*Ratings for BPCE SA. **Groupe BPCE from FY08 and Caisse d'pargne before. ***Core Tier 1 ratio for FY08 calculated
as defined in the glossary. ****Hybrid Tier 1 under an accounting measure. Source: Credit Suisse, Company Reports,
Moodys, S&P, Fitch
82
4.0
2.0
0.0
2006
2007
2008
2008
PF
2009
2010
June 15, 2011
Natixis [KNFP]
Company Rating:
Market cap:
10.1bn
Country:
France
Description: Natixis was formed on November 2006 through the merger of the corporate & investment banking businesses of Groupe Banque Populaire (Natexis)
and Groupe Caisse d'Epargne (IXIS). Groupe BPCE owns 71.5% of Natixis. Since July 31, 2009 Natixis has been affiliated to BPCE. Pursuant to the French Monetary
and Finance Code BPCE should, as the central body, take any measures necessary to guarantee the liquidity and solvency of Groupe BPCE and as such Natixis as
an institution affiliated to BPCE benefits from the Groupe BPCE financial solidarity mechanism.
Asset Quality
Natixis
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
100.0
Income Statement
4.0
LLP/NII
90.0
3.5
Net Interest Income
3,064
2,876
2,046
1,169
1,115
1,486
2,143
1,985
2,780
2,919
1,098
580
80.0
Net Trading Income
1,141
-1,414
-3,443
1,483
1,141
919
70.0
60.0
2.5
50.0
2.0
-857
1,318
67
493
-231
6,375
3,782
2,934
6,043
4,266
3,110
Operating Expenses
4,677
4,708
5,060
5,321
2,870
2,057
Operating Profit
40.0
1,698
-926
-2,126
722
1,396
1,053
176
2,402
1,817
245
103
100
30.0
Pre-Tax Profit
1,982
-2,940
-3,432
1,317
1,368
1,067
20.0
Net Income
1,733
-1,707
-2,799
1,101
943
695
458,009
449,218
555,760
520,005
458,633
168,119
NPL %
-420
Total Revenues
LLP/NII %
3.0
1.5
1.0
0.5
10.0
Balance Sheet
147,900
130,900
163,200
141,300
125,100
116,000
131,120
109,090
117,960
114,036
94,738
50,364
Impaired Loans
5,381
5,708
2,048
1,148
1,206
1,265
Loan Loss Reserves
3,071
3,187
2,356
1,531
1,369
1,164
Customer Deposits
59,873
42,545
58,780
61,701
49,690
23,990
38,219
41,280
34,606
65,530
54,253
37,760
Subordinated Debt
7,344
8,017
8,224
8,258
7,032
3,556
4,730
6,345
5,407
2,420
1,738
737
16,303
14,697
15,552
16,885
17,477
5,357
2,731
2,635
2,823
2,844
2,433
733
Goodwill
Ratios
Profitability %
Net Interest Margin
0.75
0.62
0.41
0.26
0.37
1.00
Cost/Income Ratio
73.36
124.48
172.46
88.05
67.28
66.14
11.18
-11.29
-17.26
6.41
8.26
13.97

0.38
-0.34
-0.52
0.23
0.30
0.45
48.06
76.04
69.73
19.34
26.14
47.78
Funding Profile
60.0
8.28
8.90
8.50
10.30
10.60
11.50
10.0
30.0
8.0
6.0
20.0
4.0
Deposits/Net Loans
10.0
2.0
0.0
0.0
Capital Adequacy
7.90
8.50
5.90
11.40
9.70
8.20
15.70
11.60
10.20
30.25
49.42
38.11
21.37
0.00
14.86
16.44
15.38
0.00
34.56
21.67
5.98
13.07
14.34
14.09
Equity/Total Assets
3.65
3.38
3.06
LLP/NII
Cost of Risk
18.0
15.61
7.47
15.67
19.54
11.52
2.93
3.39
3.98
3.37
2.79
2.42
2.84
3.45
2.94
5.74
83.52
88.81
20.96
9.24
6.73
0.15
2.17
1.59
0.24
0.14
0.22
57.07
55.83
115.04
133.36
113.52
92.02
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
16.0
14.0
12.0
10.0
8.0
12.0
40.0
Coverage Ratio
14.0
2005 2006 2007 2008 2009 2010
Equity/Net Loans
16.0
50.0
Capital Adequacy %
0.0
2005 2006 2007 2008 2009 2010
0.0
Total Assets
4.10
5.23
1.74
1.01
1.27
2.51
Deposits/Net Loans
46.76
40.17
50.85
54.84
53.22
48.76
13.07
9.47
10.58
11.87
10.83
14.27
Interbank Ratio
63.84
71.91
67.88
81.31
80.95
102.27
*Risk weighted assets from 2008 under Basel II, previously Basel I. **Calculated with cooperative investment certificates
deducted from core and supplementary regulatory capital in equal measures in FY07. Source: Credit Suisse, Company
83
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Socit Gnrale [SOCGEN]

Company Rating:
Aa2, Negative (Moodys) / A+, Stable (S&P) / A+, Stable (Fitch)
Market cap:
29.5bn
France
Country:
Description: Socit Gnrale is Frances third-largest bank by total assets. Socit Gnrale offers a wide range of financial services (consumer finance, P&C and
life insurance) and also has a growing franchise in retail banking abroad with a presence in 37 countries. In corporate and investment banking, Socit Gnrale
also has a strong position in its domestic market. Net banking revenue split FY10: French Retail Banking 29%, International Retail Banking (IRB) 19%, Specialised
Financing & Insurance 13%, Private Banking, Global Investment Management & Services 9% and Corporate & Investment Banking 30%. IRBs 65.2bn loan book
split Czech 24%, Russia 16%, Romania 11%, Greece 5%, Other CEE 12%, Med. Basin, Sub-Sah. Africa and French Territories 30%, Others 2%.
Asset Quality
Socit Gnrale
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
60.0
50.0
12,288
11,964
8,414
2,902
3,405
4,701
7,485
7,812
7,415
7,528
6,853
6,082
Net Trading Income
5,374
947
4,770
5,341
10,984
7,498
26,418
21,730
21,866
17,012
22,417
19,166
Operating Expenses
16,545
15,766
15,528
14,305
13,703
12,156
9,873
5,964
6,338
2,707
8,714
7,010
4,160
5,848
2,655
905
679
448
Pre-Tax Profit
5,844
800
4,008
1,886
8,078
6,706
Net Income
3,917
678
2,010
947
5,221
4,402
1,132,072 1,023,701 1,130,003 1,071,762
956,841
835,134
Operating Profit
5.0
2.0
10.0
324,080
345,518
326,468
285,525
254,753
416,299
386,014
392,330
339,537
295,870
256,888
Impaired Loans
26,408
23,829
14,669
11,358
10,556
10,518
Loan Loss Reserves
15,286
12,615
9,205
7,326
7,296
7,330
337,447
300,054
282,514
270,662
267,397
222,544
133,573
120,374
138,069
100,372
84,325
12,023
12,555
13,919
11,459
11,513
12,083
6,527
6,527
7,523
3,939
3,080
2,900
40,862
37,132
30,017
24,741
28,054
22,331
7,431
6,620
6,530
5,191
4,915
3,261
Goodwill
Ratios
Profitability %
Net Interest Margin
1.24
1.21
0.83
0.31
0.41
0.67
Cost/Income Ratio
62.63
72.55
71.01
84.09
61.13
63.42
10.04
2.02
7.34
3.59
20.72
21.55
0.36
0.06
0.18
0.09
0.58
0.58
46.51
55.06
38.48
17.06
15.19
24.53
2006
2007
2008
2009
2010
Funding Profile
100.0
31.0
90.0
30.0
80.0
29.0
70.0
28.0
60.0
27.0
50.0
26.0
40.0
25.0
30.0
Deposits/Net Loans
20.0
24.0
10.0
141,385
Subordinated Debt
0.0
2005
Deposit/Net Loans %
334,795
1.0
0.0
Customer Deposits
3.0
20.0
Balance Sheet
Total Assets
4.0
30.0
NPL %
Total Revenues
6.0
40.0
LLP/NII %
Net Interest Income
7.0
LLP/NII
Income Statement
23.0
0.0
22.0
2005
2006
2007
2008
2009
2010
Capital Adequacy %
8.50
8.40
7.90
6.62
7.82
7.57
10.80
8.87
11.11
11.30
14.0
10.60
10.70
8.80
12.10
13.00
11.60
20.85
21.61
24.74
18.22
13.79
15.04
Equity/Net Loans
8.71
8.23
10.52
9.74
3.94
2.95
2.55
3.17
2.91
3.27
3.29
2.37
2.07
2.66
2.52
33.85
48.88
31.55
31.19
19.94
9.53
1.07
1.55
0.74
0.29
0.25
0.19
57.88
52.94
62.75
64.50
69.12
69.69

Deposits/Net Loans
10.0
8.0
%
10.80
3.93
Coverage Ratio
Tier 1 Ratio
12.0
11.08
Cost of Risk
Core Tier 1 Ratio

Total Capital Ratio
Equity/Total Assets
LLP/NII
Capital Adequacy
6.70
6.34
6.17
3.74
3.35
3.57
4.09
84.15
80.36
73.74
81.47
92.66
89.18
29.81
29.31
25.00
25.25
27.95
26.65
Interbank Ratio
90.89
75.63
61.76
55.40
52.50
47.22
*RWA from 2008 onwards under Basel II, previously Basel I. Source: Credit Suisse, Company Reports, Moodys, S&P,
Fitch
84
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Italian Banks
85
June 15, 2011
Banca Popolare di Milano [PMIIM]

Company Rating:
A1, Rev. f. Down (Moodys) / A-, Stable (S&P) / A-, Negative (Fitch)
Market cap:
0.7bn
Italy
Country:
Description: Banca Popolare di Milano (BPM) is the seventh largest Italian banking group in terms of assets and operates mainly in Lombardy (national share of loans
and deposits of around 2% and 828 branches). The group is active in retail banking, corporate banking, investment banking and wealth management. A listed group
since 1994, BPM is incorporated as a limited-liability cooperative company (societ cooperativa a responsabilit limitata SCRL).
Asset Quality

IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
35.0
8.0
Net Interest Income
872
1,052
1,250
1,216
970
820
30.0
7.0
608
647
534
586
614
544
38
127
-210
-67
76
94
m
Income Statement
34
1,315
1,914
1,662
1,879
1,826
1,640
Operating Expenses
1,166
1,314
1,132
1,164
1,145
1,117
Operating Profit
150
600
530
715
681
523
238
337
205
127
121
88
5.0
20.0
4.0
15.0
3.0
10.0
Pre-Tax Profit
189
217
213
556
637
427
Net Income
106
104
75
324
399
259
5.0
0.0
2.0
LLP/NII
Balance Sheet
Total Assets
54,053
44,281
45,039
43,627
40,181
37,901
37,034
34,238
34,317
35,011
31,501
27,932
36,451
33,670
33,620
30,380
26,953
23,089
2,766
2,376
1,300
958
909
871
865
818
721
613
584
517
Loan Loss Reserves

Customer Deposits
23,866
22,162
19,375
21,616
20,822
19,564
10,975
11,810
13,625
9,872
7,501
6,107
Subordinated Debt
Shareholders' Equity*
Goodwill
1,536
1,560
868
871
85
288
294
503
174
178
187
3,892
3,253
3,471
3,355
2,931
687
797
659
548
546
546
Profitability %
Net Interest Margin
1.91
2.55
3.02
3.11
2.68
2.36
Cost/Income Ratio
88.63
68.66
68.13
61.97
62.69
68.11
2.74
2.90
2.24
9.49
12.68
9.32

95
877
Ratios
Funding Profile
90
3,843
0.22
0.23
0.17
0.77
1.02
0.68
66.26
54.94
75.22
64.72
53.14
50.02
7.22
7.04
7.12
9.44
10.44
10.79
7.07
7.85
6.47
7.78
8.62
7.66
10.83
12.63
11.87
9.99
9.97
15.51
9.99
9.97
15.51
6.30
0.00
0.00
0.00
0.00
7.17
44
60
42
40
2005
2006
2007
2008
2009
2010
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
11.19
12.24
10.30
12.07
13.18
13.16
7.37
9.08
7.52
8.24
8.65
7.84
6.10
7.28
6.06
6.98
7.29
6.40
27.34
32.03
16.40
10.48
12.46
10.75
65
7.98
Equity/Total Assets
Coverage Ratio
46
70
14.0
6.30
Cost of Risk
48
75
Capital Adequacy
LLP/NII
50
80
10.0
8.0
%
Equity/Net Loans
54
55
Deposits/Net Loans
52
Capital Adequacy %
0.0
1,476
1.0
2005 2006 2007 2008 2009 2010
Deposits/Net Loans
Impaired Loans
NPL %
-128
Total Revenues
6.0
25.0
LLP/NII %
Net Trading Income
6.0
0.70
1.02
0.65
0.45
0.49
0.41
31.28
34.42
55.49
64.02
64.27
59.35
7.59
7.06
3.87
3.15
3.37
3.77
Deposits/Net Loans
67.07
67.46
58.89
72.62
78.97
86.67
44.15
50.05
43.02
49.55
51.82
51.62
Interbank Ratio
35.44
182.42
100.07
83.94
82.22
47.64
*Shareholders equity includes 519.6m of Tremonti Bonds at FYE09. Source: Credit Suisse, Company Reports, Moodys,
S&P, Fitch
86
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Banco Popolare [BPIM]

Company Rating:
A2, Negative (Moodys) / A-, Negative (S&P) / A-, Neg. (Fitch)
2.8bn
Market cap:
Italy
Country:
Description: Banco Populare (BPIM) is the product of a merger between Banco Popolare di Verona e Novara (BPVN) and Banco Popolare Italiana (on 1 July 2007). In
July 2009, BPIM acquired majority control of the leasing company, Italease. BPIM is focused on retail banking, is the fifth largest Italian banking group with market
share of 4.9% of deposits and 5.2% of loans and has deep roots in the Northern regions of Italy. It issued 1.45bn of bonds to the government in 2009.
Banco Popolare
m
IFRS
IFRS
IFRS
IFRS*
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
45.0
7.0
Income Statement
40.0
Net Interest Income
2,179
2,529
2,703
1,815
1,430
1,265
1,266
1,228
1,261
1,015
844
800
172
-354
-295
359
192
111
Total Revenues
4,110
3,967
4,325
3,688
2,775
2,452
Operating Expenses
2,832
2,824
2,964
2,365
1,461
1,453
Operating Profit
1,277
1,143
1,361
1,323
1,313
999
782
823
1,140
312
134
74
15.0
Pre-Tax Profit
232
487
-442
1,140
1,552
978
10.0
Net Income
308
267
-333
617
1,033
597
5.0
30.0
135,156
135,709
121,327
128,393
68,695
59,758
94,878
92,623
73,907
92,538
51,010
44,560
95,233
96,099
82,239
85,682
46,124
41,309
5,157
4,857
2,106
2,012
1,754
2,148
771
749
1,142
1,131
879
1,033
Customer Deposits
54,574
53,192
51,352
51,126
28,905
24,769
46,805
48,714
37,281
40,654
19,891
17,137
Loan Loss Reserves
20.0
3.0
0.0
3,247
199
1,778
1,078
66
1,250
1,253
64
11,527
11,533
9,784
10,669
4,872
4,021
4,409
4,474
4,470
5,455
413
363
Cost/Income Ratio
1.80
2.21
2.45
2.03
2.34
2.39
68.92
71.20
68.54
64.14
52.67
59.26
2.67
2.51
-3.26
7.94
23.23
15.75
0.23
0.21
-0.27
0.63
1.61
1.06
53.03
63.76
62.49
49.22
51.55
51.59
5.16
7.66
7.39
8.72
9.92
8.55
2,027
1,250
Net Interest Margin

5.68
6.08
4.97
7.69
6.39
10.70
10.75
10.57
20.61
20.92
22.23
21.74
13.98
16.71
15.88
15.46
4.21
6.35
6.28
12.70
12.56
13.10
Equity/Total Assets
8.83
8.93
8.40
8.62
7.30
6.92
5.57
5.63
4.71
4.38
6.70
6.32
35.90
32.54
42.19
17.19
9.36
5.84
Coverage Ratio
Deposits/Net Loans
60
42
58
40
56
38
Deposits/Net Loans
52
36
34
2004
2005
2006
2007
2008
2009
0.82
0.93
1.38
0.48
0.31
0.19
14.95
15.42
54.24
56.20
50.12
48.07
5.42
5.05
2.56
2.35
3.80
5.20
57.77
55.79
63.32
60.47
63.89
61.50
40.38
39.20
42.33
39.82
42.08
41.45
Interbank Ratio
79.69
113.61
149.35
108.25
106.96
72.21
*Before 1 July 2007 known as Banco Popolare di Verona e Novara. **Shareholders equity includes 1,452.5m in Tremonti
Bonds at FYE09. ***Core Tier 1 ratio calculated as defined in the glossary. Source: Credit Suisse, Company Reports,
Moodys, S&P, Fitch
87
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
10.27
8.0
%
11.09
Cost of Risk
44
62
10.0
6.62
LLP/NII
46
12.0
12.64
Equity/Net Loans
48
Capital Adequacy
7.16
2009
50
2008
54
Capital Adequacy %
2007
1,744
Profitability %
2006
68
1,400
Ratios
2005
Funding Profile

Goodwill
1.0
0.0
2004
Subordinated Debt
Shareholders' Equity**
LLP/NII
5.0
Impaired Loans
4.0
2.0
Balance Sheet
Total Assets
25.0
NPL %
LLP/NII %
Net Trading Income
6.0
35.0
6.0
4.0
2.0
0.0
2004
2005
2006
2007
2008
2009
June 15, 2011
Mediobanca [BACRED]
Company Rating:
NR (Moodys) / A+, Negative (S&P) / NR (Fitch)
Market cap:
5.7bn
Italy
Country:
Description: Mediobanca is a diversified banking group, active in Italian wholesale banking, private equity, private banking and retail banking. Divisional (pre-tax) profit
contribution (for 9 months ending March 11) was as follows: Corporate & Investment Banking 393.4m, Principal Investing 150.2m and Retail and Private Banking
93.0m. Mediobancas main investment is its 13.24% stake in Generali. A shareholders pact binds 44% of Mediobancas capital.
Asset Quality
Mediobanca
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
1H10/11
1H09/10
2009/10
2008/09
2007/08
2006/07
60.0
Income Statement
506
1,124
898
798
704
226
245
461
433
347
329
47
249
147
385
234
293
Total Revenues
950
1,066
1,857
1,849
1,453
1,387
Operating Expenses
433
415
819
783
566
450
Operating Profit
517
651
1,038
1,065
888
937
210
229
461
476
203
165
Pre-Tax Profit
388
396
583
91
1,128
1,180
Net Income
263
270
401
1,015
953
75,766
74,682
76,501
73,890
64,468
57,840
55,045
52,389
53,426
52,737
55,081
50,114
41,217
40,352
40,816
43,236
36,497
28,389
1,322
1,499
1,448
1,334
725
266
947
966
892
846
690
256
Net Trading Income

3.0
40.0
Loan Loss Reserves

Customer Deposits
14,800
13,368
14,889
13,148
6,097
4,027
34,228
36,022
35,713
36,487
29,493
23,707
1,642
922
952
929
935
995
1.0
10.0
6,878
6,472
6,745
5,706
6,744
7,783
366
366
366
366
404
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.65
1.39
1.53
1.33
1.33
1.38
45.60
38.95
44.11
42.37
38.93
32.44
7.72
8.87
6.44
0.04
13.97
13.12
0.69
0.73
0.53
0.00
1.66
1.83
64.37
47.45
60.49
48.58
54.92
50.75
25
20
15
25
10
20
Deposits/Net Loans
15
10
0
07/08
08/09
09/10
1H09
1H10
16.18
Capital Adequacy
11.09
10.30
10.29
11.10
11.00
11.09
10.30
10.29
14.26
12.86
12.97
11.82
11.87
0.00
0.00
0.00
0.00
0.00
0.00
17.35
16.70
17.15
13.70
19.17
28.05
Equity/Total Assets
9.22
8.81
8.95
7.86
10.65
13.64
8.74
8.32
8.47
7.37
10.02
13.64
34.42
45.22
41.06
53.04
25.39
23.48
1.06
1.16
1.12
1.22
0.63
0.65
71.64
64.49
61.58
63.46
95.11
96.32
4.0
3.21
3.71
3.55
3.08
1.99
0.94
2.0
36.75
33.94
37.29
31.02
17.03
14.31
Core Tier 1 Ratio

Total Capital Ratio
18.0
Tier 1 Ratio
16.0
14.0
Deposits/Net Loans
1H10
30
11.00
1H09
35
11.10
Coverage Ratio
09/10
40
Cost of Risk
08/09
12.28
LLP/NII
07/08
Funding Profile
06/07
12.0
10.0
%
Equity/Net Loans
0.5
0.0
06/07
Capital Adequacy %
LLP/NII

Goodwill
2.0
0.0

Subordinated Debt
30.0
1.5
Impaired Loans
2.5
20.0
Balance Sheet
Total Assets
3.5
50.0
LLP/NII %
611
NPL %
Net Interest Income
4.0
8.0
19.53
17.90
19.46
17.79
9.46
6.96
Interbank Ratio
46.93
45.47
55.29
43.84
50.95
46.75
Note, financial year-end 30 June. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
88
6.0
0.0
06/07
07/08
08/09
09/10
1H09
FY07/08 onwards under Basel II, previously Basel I
1H10
June 15, 2011
Monte dei Paschi di Siena [MONTE]

Company Rating:
A2, Stable (Moodys) / A-, Stable (S&P) / A, Stable (Fitch)
Market cap:
5.0bn
Italy
Country:
Description: Banca Monte dei Paschi di Siena (MPS) is the third-largest Italian banking group with a nationwide network and a 8% market share in customer deposits.
MPS is mainly a retail bank with strong franchises in central Italy, in particular in Tuscany, as well as a wider national presence. The Monte dei Paschi charitable
foundation owns a 45.88% stake and controls half the members of the board of directors.
IFRS
IFRS
IFRS
IFRS
IFRS
2009
2008
2007
2006
2005
Net Interest Income
3,819
3,997
4,371
3,485
3,225
3,049
1,929
1,695
1,449
1,515
1,419
1,415
-330
-279
-679
-170
116
-213
Total Revenues
5,621
5,625
5,475
5,196
5,116
4,640
Operating Expenses
3,884
4,124
4,076
3,317
3,181
3,177
Operating Profit
1,737
1,501
1,399
1,879
1,935
1,463
1,126
1,453
1,002
614
508
461
Pre-Tax Profit
1,329
255
2,005
1,431
1,023
986
220
923
1,438
910
753
Asset Quality
LLP/NII
40.0
Income Statement
Net Income
35.0
12.0
30.0
LLP/NII %
Net Trading Income
14.0
10.0
25.0
8.0
20.0
6.0
NPL %
IFRS
2010
15.0
4.0
10.0
2.0
5.0
Balance Sheet
244,279
224,815
213,796
162,076
158,556
153,767
109,238
120,899
132,408
113,385
100,237
92,384
165,238
160,114
151,654
109,607
94,892
86,251
19,563
17,153
12,877
6,571
6,337
6,658
9,000
7,701
6,301
3,218
2,951
2,725
Customer Deposits
97,770
91,133
81,596
60,437
54,087
59,572
28,770
36,146
40,936
35,741
35,458
30,417
Impaired Loans
Loan Loss Reserves
5,741
5,681
5,922
4,068
4,432
4,290
1,105
1,083
1,188
1,092
1,103
1,078
17,156
17,175
14,286
7,908
7,022
6,504
6,474
6,619
6,709
870
641
740
1.79
2.03
2.54
2.42
2.31
2.26
69.09
73.32
74.44
63.84
62.17
68.47
5.74
1.40
8.32
19.26
13.46
12.39
0.42
0.10
0.49
0.90
0.58
0.52
67.94
71.06
79.83
67.08
63.04
65.71
6.10
6.25
6.51
8.88
9.48
9.16
Shareholders' Equity*
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
80
70
40
60
38
50
40
36
30
34
20
Deposits/Net Loans
10
32
7.37
6.59
4.24
8.40
7.52
5.13
12.90
11.89
9.32
12.21
12.33
17.40
30
2005
2006
2007
2008
2009
2010
Capital Adequacy
14.0
14.77
7.08
7.15
9.57
5.06
5.13
5.18
7.83
9.71
16.76
17.46
Tier 1 Ratio
12.0
11.15
11.45
10.02
7.71
7.68
7.84
Equity/Total Assets
7.13
7.76
6.81
5.06
4.45
4.26
4.48
4.82
3.67
4.52
4.05
3.78
29.47
36.35
22.93
17.62
15.76
15.12
0.73
0.98
0.80
0.62
0.58
0.58
Coverage Ratio
46.01
44.90
48.93
48.97
46.57
40.92
11.84
10.71
8.49
6.00
6.68
7.72
Deposits/Net Loans
62.58
59.79
56.14
56.81
58.83
71.32
40.02
40.54
38.17
37.29
34.11
38.74
Interbank Ratio
34.27
45.38
64.74
108.12
75.52
61.66
*Shareholders equity includes 1,949m of Tremonti Bonds at FYE09. **Note, capital ratios under IFRS are according to
Bank of Italy. ***Core Tier 1 calculated as defined in the glossary. Source: Credit Suisse, Company Reports, Moodys,
S&P, Fitch
89
Core Tier 1 Ratio

Total Capital Ratio
10.0
8.0
%
Cost of Risk
42
LLP/NII
2006 2007 2008 2009 2010
Funding Profile
Capital Adequacy %
Equity/Net Loans
0.0
2005
Subordinated Debt
0.0
Total Assets
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
UBI Banca [UBIIM]

Company Rating:
A1, Stable (Moodys) / A, Negative (S&P) / A, Stable (Fitch)
Market cap:
3.8bn
Italy
Country:
Description: UBI Banca is the product of the merger (effective 1 April 2007) between Banche Popolari Unite and Banca Lombarda e Piemontese. The merged group
is the fifth largest Italian bank in Italy. UBI has a 6% nationwide market share and a 13% market share in Lombardy. The group has 1,900 branches and focuses on
retail banking. As a banca popolare (co-operative bank), UBI is subject to special legislation regarding ownership, where each shareholder has a single vote
irrespective of the number of shares held.
UBI Banca
m
Asset Quality
IFRS
IFRS
IFRS
IFRS*
IFRS
IFRS
2010
2009
2008
2007
2006
2005
40.0
7.0
35.0
6.0
Income Statement
2,171
2,506
3,068
2,655
1,727
1,629
1,181
1,130
1,188
1,216
835
818
34
127
-249
83
178
185
20
-2
-19
-27
-18
Net Trading Income

3,625
4,134
4,359
4,281
2,893
2,817
Operating Expenses
2,616
2,800
2,984
2,798
1,691
1,685
Operating Profit
1,010
1,335
1,375
1,483
1,202
1,132
707
865
559
328
146
212
Pre-Tax Profit
418
524
340
1,442
1,106
1,122
Net Income
172
270
69
881
641
681
130,559
122,313
121,956
121,492
74,284
68,864
94,361
85,677
89,892
97,912
58,752
52,052
104,539
100,335
98,094
94,055
53,405
48,373
Impaired Loans
7,465
6,374
3,608
2,673
1,578
2,151
Loan Loss Reserves
2,724
2,328
1,726
1,326
731
912
Customer Deposits
58,666
52,865
54,151
49,696
31,812
29,444
43,917
40,288
39,424
36,982
20,994
19,006
Subordinated Debt
3,559
3,407
3,229
2,395
1,504
478
502
609
607
440
415
10,979
11,411
11,140
11,812
5,017
4,709
4,417
4,402
4,338
4,357
1,210
1,197
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.89
2.27
2.80
2.99
2.62
2.63
72.15
67.72
68.45
65.36
58.44
59.80
1.54
2.40
0.60
10.47
13.18
15.74
0.14
0.22
0.06
0.90
0.90
1.00
59.88
60.62
70.37
62.02
59.68
57.81
7.44
6.58
7.03
10.22
9.85
10.26
Total Capital Ratio

6.95
7.43
7.47
7.96
7.73
11.17
11.91
11.08
6.78
7.36
8.76
8.32
10.73
11.34
6.78
7.36
8.76
8.32
0.00
0.00
0.00
0.00
11.73
12.60
12.73
13.91
10.32
10.80
Equity/Total Assets
9.15
10.10
10.06
10.62
7.32
7.44
5.76
6.50
6.50
7.03
5.69
5.70
32.57
34.52
18.23
12.35
8.44
13.03
0.71
0.89
0.59
0.45
0.29
0.46
36.49
36.53
47.84
49.63
46.35
42.39
7.14
6.35
3.68
2.84
2.95
4.45
Coverage Ratio
2006
2007
2008
2009
Funding Profile
70
45
60
44
50
43
40
42
30
41
20
Deposits/Net Loans
10
40
39
2004
2005
2006
2007
2008
2009
14.0
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
10.0
8.0
%
Cost of Risk
2005
Capital Adequacy
LLP/NII
0.0
2004
7.09

Equity/Net Loans
1.0
Tier 1 Ratio
LLP/NII
0.0
Capital Adequacy %
2.0
3,699
3.0
15.0
5.0
4.0
20.0
10.0
Balance Sheet
Total Assets
5.0
25.0
NPL %
Total Revenues
30.0
LLP/NII %
Net Interest Income
Deposits/Net Loans
57.62
53.94
56.19
53.59
60.39
62.04
44.93
43.22
44.40
40.90
42.82
42.76
Interbank Ratio
57.96
61.57
76.71
47.63
37.28
52.32
*Includes Banca Lombarda, whose acquisition became effective on 1 April FY07. Before April FY07, known as Banche Popolari
Unite. **Risk weighted assets from 2008 onwards under Basel II. Source: Credit Suisse, Company Reports, Moodys, S&P,
Fitch
90
6.0
4.0
2.0
0.0
2004
2005
2006
2007
2008
2009
June 15, 2011
UniCredit [UCGIM]
Company Rating:
Aa3, Rev. f. Down. (Moodys) / A, Stable (S&P) / A, Stable (Fitch)
Market cap:
28.7bn
Country:
Italy
Description: UniCredit is Italys largest banking group by total assets. UniCredits acquisition of HVB Group created a group with leading positions, not only in Italy,
but also in Germany, Austria and Central and Eastern Europe. Divisional split based on FY10 profit before tax was as follows: Retail 12%, Corporate and Investment
Banking 55%, Private Banking 5%, Asset Management 7%, and CEE 21% . Geographically, Italy accounted for 42% of FY10 total assets, Germany 24%, Austria 10%,
Other Western Europe 8%, Eastern Europe 13%, America 2% and Asia 1%. Capitalia was merged into UniCredit in October 2007.
UniCredit
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
16,475
17,732
19,710
15,021
12,979
5,552
8,455
7,656
9,093
9,430
8,348
4,372
678
1,687
-2,657
1,846
2,035
1,097
Asset Quality
50.0
12.0
45.0
11.0
40.0
10.0
35.0
9.0
30.0
8.0
25.0
7.0
6.0
Net Interest Income

Net Trading Income
26
32
21
26,584
27,923
27,166
27,212
23,980
11,415
Operating Expenses
16,643
16,279
17,617
15,662
13,778
6,454
9,940
11,644
9,549
11,550
10,202
4,962
Operating Profit
6,708
8,152
3,582
2,141
2,196
908
20.0
Pre-Tax Profit
2,175
2,923
4,995
9,207
7,918
4,127
15.0
Net Income
1,323
1,702
4,012
5,901
5,448
2,470
Total Assets
929,488
928,760
1,045,612
1,021,835
823,284
787,284
454,850
452,388
512,532
558,639
422,291
417,473
634,434
595,353
457,062
444,686
57,634
41,782
37,205
27,954
35,856
Loan Loss Reserves
29,927
26,585
21,954
20,290
15,742
19,409
Customer Deposits
401,757
381,062
388,179
389,718
303,488
278,266
149,636
179,767
164,027
202,843
195,846
175,613
27,506
30,832
34,811
33,739
22,460
19,028
4,340
4,967
4,458
4,123
4,785
5,720
Subordinated Debt
64,224
59,690
54,999
57,690
38,468
35,199
Goodwill
20,428
20,491
20,889
20,342
9,908
9,802
Ratios
Profitability %
Net Interest Margin
1.92
1.94
2.06
1.75
1.70
1.12
62.61
58.30
64.85
57.56
57.46
56.53
2.14
2.97
7.12
12.27
14.79
9.97
0.14
0.17
0.39
0.64
0.68
0.47
61.97
63.50
72.55
55.20
54.12
48.63
Cost/Income Ratio
74
6.55
6.96
6.70
10.11
10.50
10.16
8.58
7.62
6.58
Tier 1 Ratio Basel II*
9.46
8.63
6.80
Total Capital Ratio Basel II*
12.68
12.02
10.64
10.09
12.72
12.79
11.27
7.03
8.90
8.30
7.10
3.06
3.82
4.49
4.17
45
72
40
70
35
68
30
66
25
20
64
15
62
Deposits/Net Loans
60
10
5
0
2005
2006
2007
2008
2009
2010
Capital Adequacy
Core Tier 1 Ratio
14.0
16.31
Tier 1 Ratio
Total Capital Ratio
20.45
12.0
12.18
11.13
9.51
10.86
9.69
9.27
Equity/Total Assets
7.28
6.77
5.57
6.11
5.19
5.01
5.09
4.57
3.57
4.12
3.99
3.76
40.72
45.97
18.17
14.25
16.92
16.35
Coverage Ratio
50
10.0
8.0
%
Cost of Risk
2010
58
LLP/NII
2009
Funding Profile
Capital Adequacy %
Equity/Net Loans
3.0
2005 2006 2007 2008
591,571
67,356
4.0
5.0
585,581
Impaired Loans
5.0
LLP/NII
10.0
Balance Sheet
NPL %
23
Total Revenues
LLP/NII %
Income Statement
6.0
1.20
1.38
0.60
0.42
0.51
0.32
44.43
46.13
52.54
54.54
56.32
54.13
11.50
9.74
6.59
6.25
6.12
8.06
Deposits/Net Loans
72.30
67.45
63.38
67.77
68.77
65.43
43.22
41.03
37.12
38.14
36.86
35.35
Interbank Ratio
62.84
73.44
45.54
62.34
52.27
46.86
Note, FYE05 B/S includes HVB, while FY05 excludes HVB (aside from a 59.2mn contribution from HVB). *Capital ratios
at FY08 restated following the inclusion in Tier 2 capital of the position of the translation reserve associated with foreign
net investment. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
91
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Spanish Banks
92
June 15, 2011
Banco Bilbao Vizcaya Argentaria [BBVASM]

Company Rating:
Aa2, Negative (Moodys) / AA, Negative (S&P) / AA-, Stable (Fitch)
Market cap:
35.0bn
Spain
Country:
Description: BBVA is the 2nd largest bank in Spain operating in a wide range of retail, wholesale and investment banking businesses, with strong market positions
in Spain and Mexico. Net income by business area was split as follows: Spain & Portugal 2,070m, Mexico 1,707m, WB&AM 950m, South America 889m and
USA 236m. Spain accounted for 61% of the FY10 loan book, Europe excl. Spain 7%, Latin America 19%, USA 11% and Rest of World 2%.
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Income Statement
5.0
35.0
4.5
13,849
14,325
12,133
9,769
8,374
7,208
4,537
4,430
4,527
4,723
4,335
3,940
Net Trading Income
1,894
1,544
1,559
2,669
2,053
1,267
782
720
616
729
650
487
Total Revenues
22,008
21,852
19,882
18,130
15,529
13,037
Operating Expenses
10,401
9,665
9,652
8,016
7,066
6,461
Operating Profit
11,607
12,187
10,230
10,114
8,463
6,576
15.0
4,563
5,199
2,797
1,902
1,477
813
10.0
Pre-Tax Profit
6,422
5,736
6,926
8,495
7,030
5,592
Net Income
4,606
4,210
5,020
6,126
4,736
3,806
3.5
25.0
1.0
535,065
542,650
501,726
411,916
313,327
291,024
287,364
304,327
252,373
216,890
332,162
341,322
319,654
262,374
221,995
15,685
15,602
8,568
3,408
2,489
2,344
9,396
8,720
6,062
6,476
5,809
5,144
254,183
255,236
219,610
192,956
183,375
85,179
99,939
104,157
102,247
77,674
62,842
Subordinated Debt
12,218
12,690
11,523
11,091
9,572
9,595
5,202
5,188
5,464
4,571
4,025
4,128
35,919
29,300
25,656
27,063
21,550
16,331
6,949
6,396
7,659
7,436
2,973
1,858
Ratios
Profitability %
Net Interest Margin
2.76
2.87
2.52
2.34
2.26
2.17
Cost/Income Ratio
47.26
44.23
48.55
44.21
45.50
49.56
14.12
15.32
19.04
25.20
25.00
25.90

0.85
0.78
0.96
1.34
1.18
1.05
62.93
65.55
61.03
53.88
53.93
55.29

9.60
8.00
7.19
6.79
7.80
7.50
11.29
10.66
11.95
12.00
6.20
5.80
10.50
9.40
7.90
7.30
13.70
13.60
12.20
13.00
15.70
18.96
26.97
22.13
20.45
25.38
Equity/Net Loans
50
48
60
46
40
45
43
20
42
Deposits/Net Loans
10
41
40
2005
2006
2007
2008
2009
2010
Capital Adequacy
Core Tier 1
Tier 1 Ratio
Total Capital Ratio
14.0
7.97
8.92
8.70
7.98
4.92
5.57
5.42
4.41
5.52
4.55
3.51
4.09
4.70
3.94
32.95
36.29
23.05
19.47
17.63
11.28
1.38
1.58
0.86
0.67
0.62
0.42
6.0
59.90
55.89
70.75
190.02
233.40
219.48
4.0
4.50
4.70
2.51
1.07
0.95
1.06
Deposits/Net Loans
81.39
78.59
76.13
70.12
75.21
84.56
49.90
47.51
47.04
43.77
46.84
46.73
Interbank Ratio
41.35
45.25
67.76
40.36
40.08
60.84
12.0
10.0
%
93
44
30
5.75
*Risk weighted assets (RWA) from 2008 onwards under Basel II, previously Basel I. Source: Credit Suisse, Company
47
50
9.51
49
70
6.78
Coverage Ratio
2010
80
11.06
Cost of Risk
2009
51
Equity/Total Assets
LLP/NII
2008
90
16.0
2007
Funding Profile
Capital Adequacy %
2006
275,789
Goodwill
0.5
0.0
2005
392,389
348,253
Customer Deposits
LLP/NII
5.0
552,738

Loan Loss Reserves
2.0
0.0
Impaired Loans
2.5
1.5
Balance Sheet
Total Assets
3.0
20.0
NPL %
4.0
30.0
LLP/NII %
Net Interest Income
40.0
8.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Banco de Sabadell [BANSAB]

Company Rating:
(P)A3, Negative (Moodys) / A, Negative (S&P) / A, Stable (Fitch)
Market cap:
3.70bn
Spain
Country:
Description: Banco de Sabadell has 1,467 branches across Spain and is the countrys fourth largest commercial banking group. Sabadell enjoys strong brand
recognition in Catalonia, focusing on its core SME customers and retail banking. Commercial Banking accounted for 71% of FY10 PBT, Corporate Banking 24%,
Banco Urquijo 3% and Asset Management 2%. Activities outside Spain have little weight, with foreign operations accounting for 4% of total credit risk exposure.
Banco de Sabadell
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
1,615
1,460
1,331
1,098
977
516
511
558
611
550
447
Net Trading Income
263
297
119
151
83
103
-21
-2
60
44
Total Revenues
2,282
2,469
2,198
2,144
1,822
1,596
Operating Expenses
1,240
1,232
1,172
1,196
1,033
892
Operating Profit
1,042
1,237
1,026
947
789
704
396
226
571
190
242
144
Pre-Tax Profit
464
571
688
971
1,185
632
Net Income
380
522
674
782
908
453
Total Assets
97,099
82,823
80,378
76,776
72,780
52,320
60,525
59,036
58,809
61,352
56,160
43,681
76,191
65,013
64,704
63,220
55,657
41,679
Impaired Loans
4,074
2,712
1,698
332
251
236
Loan Loss Reserves
2,210
1,780
1,698
1,220
1,100
851
Customer Deposits
55,093
39,131
39,199
33,351
30,091
23,023
19,507
22,812
22,024
27,040
23,923
15,093
5.0
35.0
30.0
10.0
1,344
1,462
1,768
1,041
1,098
750
750
758
250
5,655
5,270
4,434
4,583
4,178
3,491
749
491
528
570
481
5.0
0.0
2.15
1.99
1.92
1.93
2.17
49.91
53.33
55.80
56.69
55.90
6.96
10.77
14.95
17.86
23.69
13.62
0.42
0.64
0.86
1.05
1.45
0.92
64.66
65.43
66.41
62.10
60.26
61.20

8.20
7.66
6.67
9.36
9.10
7.28
11.08
10.80
9.78
7.22
7.33
7.96
10.87
11.42
11.49
50
40
50
40
30
30
20
20
Deposits/Net Loans
0
2005
2008
2009
2010
17.52
16.93
6.48
11.68
11.29
18.22
7.19
8.83
13.96
5.84
5.64
Equity/Net Loans
7.69
8.38
7.06
7.43
7.69
8.59
Equity/Total Assets
5.86
6.40
5.09
5.80
5.53
6.00
5.76
6.70
4.88
5.25
5.10
6.70
26.83
13.96
39.10
14.25
22.02
14.76
Tier 1 Ratio
12.0
10.0
8.0
%
20.44
8.90
2007
Core Tier 1 Ratio

Total Capital Ratio
14.0
17.73
Coverage Ratio
2006
Capital Adequacy
Cost of Risk
10
LLP/NII
2010
60

2009
60
10
2008
70
Capital Adequacy %
2007
80
Profitability %
1.77
2006
Funding Profile
Ratios
54.35
0.0
2005
942
1,004
2.0
1,382
3.0
20.0
1.0
Subordinated Debt
Cost/Income Ratio
25.0
15.0
Balance Sheet
Net Interest Margin
4.0
NPL %
1,475
Goodwill
6.0
40.0
LLP/NII %
Net Interest Income
LLP/NII
45.0
Income Statement
6.0
0.58
0.36
0.91
0.33
0.51
0.39
54.24
65.62
99.99
367.94
438.89
360.56
5.35
4.17
2.62
0.52
0.45
0.57
Deposits/Net Loans
74.47
61.88
62.21
53.79
55.15
56.39
56.74
47.25
48.77
43.44
41.34
44.00
Interbank Ratio
26.64
29.90
54.71
118.03
168.45
81.73
*RWA for 2008 under Basel II (with transitional floors), previously under Basel I. *Basel II for 2008 is under transitional floors.
94
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
2008 onwards under Basel II with transitional floors, previously

Basel I
June 15, 2011
Banco Pastor [PASTOR]

Company Rating:
Ba1, Negative (Moodys) / NR (S&P) / NR (Fitch)
Market cap:
1.00bn
Spain
Country:
Description: Banco Pastor is a mid-size commercial bank, focused on small and midsize enterprises (SMEs) and individuals with a nationwide market share of about
0.9% of the banking systems loans and 0.8% of deposits. Its lending book is primarily comprised of residential mortgages for individuals and working-capital
credit lines for SMEs. The banks distribution network consists of 605 branches in Spain, with 38% located in Galicia. Banco Pastor is majority owned by the Pedro
Barri de la Maza Foundation, with a 42.2% stake.
Asset Quality
Banco Pastor
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
120.0
Income Statement
473
540
548
543
459
393
127
152
163
161
143
125
Net Trading Income
124
347
158
30
11

Operating Expenses
-7
-75
775
1,108
884
687
645
560
411
405
372
342
316
296
Operating Profit
364
703
512
345
329
265
283
588
229
126
94
107
Pre-Tax Profit
50
128
221
295
251
184
Net Income
62
101
164
202
156
125
6.0
80.0
5.0
4.0
60.0
NPL %
Total Revenues
7.0
100.0
LLP/NII %
Net Interest Income
8.0
LLP/NII
3.0
40.0
2.0
20.0
1.0
Balance Sheet
31,135
32,325
27,121
25,327
23,782
19,523
18,407
18,712
19,755
20,689
18,000
15,006
22,402
21,180
21,262
20,909
20,092
16,322
1,544
1,512
765
208
150
126
749
795
474
482
411
337
15,030
13,683
13,330
12,957
10,966
9,188
6,235
7,388
6,644
6,978
6,526
5,811
Impaired Loans
Loan Loss Reserves
Customer Deposits
Subordinated Debt
166
303
454
458
467
400
429
250
250
254
254
1,435
1,439
1,480
1,494
1,288
1,034
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.63
1.96
2.24
2.38
2.25
2.36
53.03
36.57
42.06
49.84
48.98
52.75
4.32
6.92
11.04
14.54
13.44
12.58
0.20
0.34
0.63
0.82
0.72
0.70
61.05
48.72
61.95
78.95
71.17
70.16
7.18
7.26
7.74
11.67
12.31
13.28
Funding Profile
70
8.46
8.26
6.33
10.63
10.55
7.46
11.59
12.47
10.56
20.42
21.72
16.89
16.76
7.65
9.06
16.89
16.76
12.77
12.66
0.00
0.00
Deposits/Net Loans
10
10
0
2005
2006
2007
2008
2009
2010
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
12.0
7.42
7.90
7.25
7.69
7.02
7.16
5.16
4.98
5.56
6.20
5.81
5.86
5.16
4.97
5.55
6.19
5.81
5.86
59.88
109.00
41.85
23.26
20.48
27.14
20
20
15.07
Equity/Total Assets
Coverage Ratio
30
14.0
14.92
Equity/Net Loans
Cost of Risk
30
40
Capital Adequacy
LLP/NII
40
50
10.0
8.0
%
50
60
60
80
Capital Adequacy %
0.0
2005 2006 2007 2008 2009 2010
99
0.0
Total Assets
6.0
1.35
2.86
1.11
0.63
0.53
0.73
48.54
52.56
61.92
231.59
273.88
267.55
6.89
7.14
3.60
0.99
0.75
0.77
Deposits/Net Loans
69.41
67.12
64.12
63.43
55.72
57.48
48.27
42.33
49.15
51.16
46.11
47.06
Interbank Ratio
12.65
22.36
23.63
58.44
118.49
167.58
*RWA for 2008 under Basel II, previously under Basel I. *Core Tier 1 Ratio is calculated as defined in the glossary Source:
Credit Suisse, Company Reports, Moodys, S&P, Fitch
95
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Banco Popular Espanol [POPSM]

Company Rating:
(P)A2, Negative (Moodys) / A-, Negative (S&P) / A, Stable (Fitch)
Market cap:
5.18bn
Spain
Country:
Description: Banco Popular Espanol (BPE) is Spains fifth largest financial institution with over 1,972 branches across Spain and 252 branches abroad mostly in
Portugal. Commercial Banking accounted for 75% of FY10 PBT, Asset Management 14%, Insurance 5% and Institutional & Markets 6%. Spain accounted for 91.4%
of total assets at FY10 while Portugal contributed 8.6%. BPEs board of directors directly or indirectly controls 42.12% of the banks capital.
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
2,462
2,830
2,559
2,321
2,068
1,888
747
763
865
876
881
790
Net Trading Income
199
405
129
125
110
58
27
20
23
53
45
26
3,549
4,123
3,684
3,428
3,157
2,817
Operating Expenses
1,399
1,363
1,358
1,238
1,180
1,123
Operating Profit
2,150
2,761
2,326
2,190
1,978
1,694
1,106
1,520
905
322
342
349
Pre-Tax Profit
833
1,073
1,501
1,947
1,723
1,414
Net Income
590
766
1,052
1,265
1,026
878
130,140
129,290
110,376
107,169
91,650
77,698
5.0
40.0
4.0
30.0
3.0
20.0
2.0
10.0
Balance Sheet
Total Assets
93,856
92,574
92,129
88,877
77,140
70,392
98,480
97,727
93,923
88,108
77,328
66,323
Impaired Loans
6,055
5,512
3,043
835
636
591
Loan Loss Reserves
2,448
2,770
2,222
1,466
1,430
1,322
Customer Deposits
79,384
59,558
51,665
42,662
36,941
34,882
21,851
30,334
30,208
41,888
35,097
21,622
Funding Profile
90
329
506
475
573
80
1,218
1,288
1,289
988
988
70
8,203
8,400
6,765
6,238
5,553
5,005
574
418
487
477
342
342
Profitability %
Cost/Income Ratio
1.98
2.48
2.46
2.43
2.54
2.81
39.43
33.05
36.87
36.12
37.36
39.86
7.11
10.10
16.18
21.45
19.44
20.01
602
1,185
50
50
40
40
30
30
Deposits/Net Loans
20
0.45
0.64
0.97
1.27
1.21
1.24
10
69.36
68.64
69.46
67.70
65.48
67.03
7.92
8.02
8.09
9.67
9.87
10.15
9.43
8.57
7.17
9.63
9.13
8.12
9.66
9.60
9.10
13.11
14.42
17.22
12.0
18.30
15.97
2007
2008
Core Tier 1 Ratio
17.35
0.00
0.87
4.01
4.26
13.11
13.55
13.21
14.04
Equity/Net Loans
8.59
8.90
7.70
7.66
7.79
8.23
Equity/Total Assets
6.34
6.53
6.39
6.20
6.45
6.88
5.90
6.21
5.95
5.75
6.08
6.44
44.93
53.71
35.37
13.86
16.52
18.49
1.16
1.63
1.02
0.40
0.48
0.59
40.43
50.27
73.03
175.61
225.00
223.75
6.15
5.64
3.24
0.95
0.82
0.89
Deposits/Net Loans
82.66
62.72
56.34
49.24
48.67
53.66
61.00
46.07
46.81
39.81
40.31
44.90
Interbank Ratio
64.01
35.35
46.19
107.18
98.26
57.01
0
2006
2009
2010
Capital Adequacy
Tier 1 Ratio
Total Capital Ratio

10.0
8.0
%
20
10
2005
60
60
Capital Adequacy %
70
1,197
Ratios
0.0
2005 2006 2007 2008 2009 2010
Subordinated Debt
Net Interest Margin
1.0
0.0
Goodwill
6.0
50.0
NPL %
Total Revenues
LLP/NII
LLP/NII %
Net Interest Income
7.0
60.0
Income Statement
6.0

LLP/NII
Cost of Risk
Coverage Ratio
*RWA for 2008 under Basel II, previously under Basel I. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
96
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Banco Santander [SANTAN]

Company Rating:
Aa2, Negative (Moodys) / AA, Negative (S&P) / AA, Stable (Fitch)
Market cap:
65.86bn
Spain
Country:
Description: Santander is the largest bank in Spain and is also the largest bank (based on market cap.) in the Eurozone. Net profit breakdown across geographies:
Continental Europe 35% (o/w Santander 32%, Banesto 11%, Santander Consumer Finance 21%, Portugal 12%), Latin America 43% (o/w Brazil 57%, Mexico 13%,
Chile 15%), US Sovereign 4% and UK 18%. PBT breakdown by divisions: Commercial Banking 72%, Asset Management & Insurance 4% and Global Wholesale
Banking 24%. Customers loans breakdown: Continental Europe 45%, UK 32%, Latin America 18%, Sovereign 5%.
Asset Quality
Banco Santander
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
45.0
4.0
3.5
Income Statement
29,586
26,735
18,091
14,863
12,534
10,669
40.0
9,734
9,080
8,266
7,869
7,024
6,256
35.0
Net Trading Income
2,606
4,246
3,474
2,955
2,159
1,562
173
101
-218
-389
-425
227
42,792
40,600
30,078
25,736
21,869
18,970
2.0
Operating Expenses
19,296
17,194
13,467
12,554
11,765
10,836
Operating Profit
23,496
23,406
16,611
13,182
10,104
8,134
10,267
11,088
5,897
3,421
2,484
1,748
15.0
Pre-Tax Profit
12,025
10,619
11,168
11,958
10,500
8,025
10.0
8,181
8,943
8,876
9,060
7,596
6,220
Net Income
1,217,501 1,110,529 1,049,632
833,873
809,107
604,885
561,684
514,003
515,050
478,733
412,734
752,280
715,383
657,007
574,172
531,509
443,439
Impaired Loans*
28,522
24,554
14,191
6,179
4,608
4,342
Loan Loss Reserves
19,697
17,873
12,466
8,695
8,163
7,610
Customer Deposits
616,376
506,976
420,229
355,704
331,223
305,765
192,872
211,963
236,403
233,635
204,069
148,840
Subordinated Debt
29,060
30,200
28,409
23,586
21,990
8,673
7,784
7,505
8,082
75,018
68,667
57,587
55,200
44,852
39,778
Goodwill
24,622
22,865
18,836
13,831
14,513
14,018
Ratios
Profitability %
Net Interest Margin
2.86
2.75
2.06
1.88
1.67
1.59
Cost/Income Ratio
45.09
42.35
44.77
48.78
53.80
57.12
13.65
16.49
19.30
32.83
18.09
15.76
0.80
0.93
1.04
1.98
1.08
0.90
69.14
65.85
60.15
57.75
57.31
56.24

8.80
8.60
7.71
7.42
7.88
12.66
12.49
12.94
7.50
10.00
10.10
9.10
13.10
14.20
13.30
12.00
14.85
17.63
18.94
14.98
16.20
2.63
2.74

21.13
2009
2010
55
90
80
50
70
45
60
40
50
40
35
Deposits/Net Loans
30
2005
16.0
9.31
10.18
8.99
9.78
6.65
5.72
6.30
5.65
5.27
2006
2007
2008
2009
2010
4.62
4.59
3.92
4.79
3.90
3.54
34.70
41.47
32.60
23.01
19.82
16.38
1.44
1.65
0.97
0.63
0.52
0.43
69.06
72.79
87.84
140.72
177.16
175.26
3.79
3.43
2.16
1.08
0.87
0.98
Deposits/Net Loans
84.14
72.68
65.20
62.90
63.29
70.16
50.63
45.65
40.04
38.96
39.72
37.79
Interbank Ratio
67.37
74.85
73.53
60.51
62.56
47.37
*Assumed that all non performing loans as disclosed relate to loans to customers. **Core Tier 1 ratio calculated as defined
in the glossary. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
97
Core Tier 1 Ratio

Total Capital RatioI
Tier 1 Ratio
12.0
10.0
%
10.59
6.65
2008
14.0
11.05
Coverage Ratio
2007
Funding Profile
24.85
Equity/Total Assets
Cost of Risk
0.0
2006
Capital Adequacy
LLP/NII
0.5
30
Equity/Net Loans
LLP/NII
2005
Capital Adequacy %
1.0
23,123
1.5
0.0
912,915
20.0
5.0
Balance Sheet
Total Assets
2.5
25.0
NPL %
Total Revenues
3.0
30.0
LLP/NII %
Net Interest Income
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Bankinter [BKTSM]
Company Rating:
A2, Negative (Moodys) / A, Negative (S&P) / A, Negative (Fitch)
Market cap:
2.2bn
Country:
Spain
Description: Bankinter is the fifth-largest bank in Spain. Bankinter provides a wide range of financial services through a multi-channel platform including 367
branches, 297 business centres, 543 agents and 377 virtual branches in Spain FYE10. Crdit Agricole owns 24.7% shareholding in Bankinter. Bankinter is
organized around three divisions: Retail Banking (196.8m profit before tax), Corporate Banking (-26.6m), and Linea Directa Aseguradora (70.2m).
Asset Quality
Bankinter
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Net Interest Income
564
804
681
591
474
430
40.0
196
202
226
244
217
190
35.0
Net Trading Income
120
89
103
80
98
67
207
145
45.0
Income Statement
1,265
1,039
974
814
706
679
668
562
610
432
379
Operating Profit
436
597
477
364
382
327
3.0
2.5
30.0
LLP/NII %
1,115
Operating Expenses
3.5
25.0
2.0
20.0
1.5
NPL %
Total Revenues
LLP/NII
15.0
216
219
186
76
97
80
Pre-Tax Profit
205
346
337
484
316
265
10.0
Net Income
151
254
252
362
208
188
5.0
1.0
0.5
Balance Sheet
Total Assets
54,152
54,467
53,470
49,649
46,076
40,786
30,964
30,404
27,753
30,090
25,116
20,925
43,435
40,715
41,572
38,246
32,095
26,540
1,317
1,081
597
154
92
71
910
831
675
472
441
400
Impaired Loans
Loan Loss Reserves
0.0
Funding Profile
24,176
21,783
22,914
22,551
18,420
15,500
16,895
17,972
13,834
16,233
14,274
11,986
Subordinated Debt
747
755
495
548
594
382
60
371
363
372
372
348
348
59
2,580
2,583
1,965
1,745
1,585
1,448
162
162
Profitability %
Net Interest Margin
Cost/Income Ratio
1.07
1.53
1.36
1.28
1.13
1.24
60.91
52.82
54.12
62.61
53.07
53.69
44
Ratios
57
40
56
5.84
11.19
13.60
21.73
13.75
13.58
0.28
0.47
0.49
0.76
0.48
0.52
53
50.64
63.54
65.53
60.74
58.19
60.95
6.32
6.86
7.32
9.55
10.03
10.25

7.22
7.31
7.52
7.39
9.59
10.39
10.18
15.16
15.01
16.73
18.05
0.00
0.00
0.00
0.00
7.46
7.29
19.92
22.40
15.01
16.73
18.05
6.07
6.48
4.80
4.62
5.01
5.54
Equity/Total Assets
4.76
4.74
3.67
3.52
3.44
3.55
4.46
4.44
3.67
3.52
3.44
3.55
38.32
27.22
27.27
12.77
20.54
18.67
0.52
0.54
0.47
0.22
0.34
0.35
69.07
76.89
113.07
307.06
481.86
567.33
3.03
2.65
1.44
0.40
0.29
0.27
Coverage Ratio
34
2006
2007
2008
2009
2010
Deposits/Net Loans
56.85
54.62
56.03
59.70
58.19
59.30
44.65
39.99
42.85
45.42
39.98
38.00
Interbank Ratio
65.04
70.44
54.93
95.95
77.27
73.61
*RWA for 2008 onwards under Basel II previously Basel I. Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
98
12.0
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
10.0
15.16
Cost of Risk
36
Capital Adequacy
Equity/Net Loans
LLP/NII
2005
8.0
%
Deposits/Net Loans
52
Capital Adequacy %
38
55
42
58
54
46
61
Customer Deposits
Goodwill
0.0
2005 2006 2007 2008 2009 2010
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Caja de Ahorros y Monte de Piedad de Madrid [CAJAMM]

Company Rating:
Baa1, CreditWatch Neg. (Moodys) / NR (S&P) / A-, Stable (Fitch)
Market cap:
n/a
Spain
Country:
Description: Caja Madrid, a universal bank, is the fourth-largest banking group and second-largest savings bank in Spain. Caja Madrid has a strong franchise in the
Autonomous Community of Madrid where 50% of its branch network is located. Caja Madrid has market shares of 14% in loans and 15% in deposits in this region
and around 7% nationwide. As a Spanish savings bank, Caja Madrid is not incorporated and does not have shareholders. Caja Madrid is in the process of
integrating with six other savings banks to form Bankia.
Caja Madrid
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
Asset Quality
60.0
Income Statement
Net Interest Income
1,716.2
2,427.0
2,320.9
2,228.4
1,932.7
1,640.8
676.7
700.5
802.5
853.4
825.3
712.1
Net Trading Income
634.4
690.1
345.6
171.4
195.6
157.4

6.0
50.0
5.0
40.0
3,069.0
3,854.1
3,505.8
3,368.0
3,056.7
2,594.8
Operating Expenses
1,729.9
1,718.3
2,027.9
1,828.4
1,613.6
1,538.1
Operating Profit
1,339.2
2,135.9
1,477.9
1,539.6
1,443.1
1,056.7
111.8
1,262.4
864.0
872.2
410.6
310.6
Pre-Tax Profit
287.4
623.4
1,205.5
3,366.4
1,443.2
1,133.1
Net Income
231.5
504.7
840.5
2,860.8
1,033.0
841.3
186,517
189,515
180,971
158,855
136,952
111,293
126,292
125,985
107,101
97,661
75,137
73,837
4.0
30.0
3.0
20.0
2.0
10.0
1.0
Balance Sheet
119,835
122,285
121,248
109,926
96,011
Impaired Loans
7,261
7,453
6,520
1,128
672
537
Loan Loss Reserves
4,925
3,070
2,881
2,420
1,656
1,275
Customer Deposits
87,129
89,973
83,866
67,369
61,078
47,324
42,137
48,553
50,700
54,655
45,293
35,084
3,282
3,046
3,175
3,123
3,220
2,539
Subordinated Debt
3,024
3,031
1,140
1,140
1,140
1,140
5,712
9,729
9,995
10,583
9,485
7,426
475
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
0.96
1.36
1.43
1.58
1.63
1.70
56.37
44.58
57.85
54.29
52.79
59.28
3.00
5.12
8.17
28.51
12.22
12.27
0.12
0.27
0.49
1.93
0.83
0.83
55.92
62.97
66.20
66.17
63.23
63.23
9.23
7.44
8.66
12.74
12.81
13.53
7.10
6.84
6.76
9.11
8.88
7.66
8.72
11.03
10.60
10.10
11.95
0.00
0.00
0.00
2009
2010
80
48
70
47
46
60
45
50
44
40
43
30
42
20
41
Deposits/Net Loans
40
0
39
2005
2006
2007
2008
2009
2010
7.66
Capital Adequacy
0.00
0.00
0.00
n/a
22.96
11.75
n/a
0.00
0.00
0.00
n/a
22.96
11.75
12.16
Equity/Net Loans
4.97
8.16
8.48
9.91
10.11
10.31
Equity/Total Assets
3.06
5.13
5.55
6.71
6.97
6.72
3.06
5.13
5.29
6.71
6.97
6.72
LLP/NII
6.52
52.02
37.23
39.14
21.25
18.93
Cost of Risk
0.10
1.06
0.77
0.86
0.49
0.48
67.83
41.19
44.19
214.56
246.51
237.56
6.06
6.09
5.38
1.03
0.70
0.73
Deposits/Net Loans
75.82
75.47
70.85
62.67
64.73
65.22
46.71
47.48
46.34
42.41
44.60
42.52
Interbank Ratio
59.41
62.68
72.77
104.94
94.46
69.46
Core Tier 1 Ratio
16.0
15.69
17.52
14.0
*Risk-weighted assets from 2007 onwards under Basel II, previously Basel I. Source: Credit Suisse, Company Reports,
Moodys, S&P, Fitch
99
Tier 1 Ratio
Total Capital Ratio
12.0
10.0
%
12.16
2008
10
Coverage Ratio
2006 2007
Funding Profile
Capital Adequacy %
0.0
2005
0.0
Total Assets
NPL %
Total Revenues
LLP/NII %
7.0
LLP/NII
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Caja de Ahorros de Valencia, Castellon y Alicante [CAVALE]

Company Rating:
Baa1, CreditWatch Neg. (Moodys) / NR (S&P) / A-, Stable (Fitch)
Market cap:
n/a
Spain
Country:
Description: Bancaja is a retail bank formed through the merger of several savings banks. As a Spanish savings bank, Bancaja is not incorporated and does not
have shareholders. Bancaja has a focus on mortgage lending and local SMEs. It holds a controlling (38.6%) stake in Banco de Valencia and activities are centred in
the Autonomous Community of Valencia where it holds c.31% market share in deposits and 25% in lending. Bancaja is in the process of integrating with six other
savings banks to form Bankia.
Bancaja (Caja de Ahorros de Valencia, Castellon y Alicante)
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009*
2009
2008
2007
2006
Net Interest Income
747
875
1,447
1,565
1,400
1,198
229
274
305
325
342
282
Net Trading Income
698
431
471
116
64
578
Asset Quality
Operating Expenses
Operating Profit
Pre-Tax Profit
Net Income
-53
-68
44
28
1,756
1,614
2,579
2,580
1,921
2,155
678
636
1,145
1,300
846
754
1,079
978
1,434
1,280
1,076
1,401
181
659
913
635
459
299
75
161
370
534
774
1,246
102
155
251
346
491
796
87,852
89,605
111,459
106,651
99,585
79,577
71,368
74,179
70,347
58,678
66,837
67,932
68,901
83,150
86,016
81,562
Impaired Loans
3,689
3,185
3,949
3,659
694
357
Loan Loss Reserves
2,573
1,676
2,139
2,079
1,599
1,250
Customer Deposits
49,460
50,371
50,668
43,490
36,733
32,110
17,202
17,711
31,307
31,203
38,309
28,055
2,180
2,527
2,744
2,058
2,223
2,350
Subordinated Debt
601
601
963
1,061
890
890
986
3,479
3,662
3,346
4,025
3,503
20
75
69
54
43
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
0.80
0.93
1.41
1.58
1.63
1.76
38.59
39.40
44.39
50.40
44.01
34.98
4.41
4.34
7.17
9.38
13.05
25.36
0.10
0.15
0.23
0.34
0.55
1.12
42.54
54.18
56.12
60.64
72.84
55.58
8.16
7.40
12.95
13.07
n/a
n/a
7.02
6.37
6.33
n/a
n/a
8.09
7.52
7.53
Total Capital Ratio Basel II***
n/a
n/a
12.32
11.09
11.85
n/a
n/a
16.71
19.00
15.50
30.0
2.0
1.0
10.0
0.0
0.0
2006 2007 2008 2009 2009** 2010
Funding Profile
100
60
90
50
80
70
40
60
50
30
40
20
30
Deposits/Net Loans
20
10
10
Capital Adequacy %
3.0
40.0
0
2006
2007
2008
2009 2009** 2010
Capital Adequacy

14.0
20.50
n/a
n/a
0.00
0.00
0.00
n/a
n/a
16.71
19.00
15.50
Equity/Net Loans
1.51
5.18
6.80
6.17
7.69
6.20
Equity/Total Assets
1.12
3.88
4.95
4.86
6.18
5.11
1.12
3.86
4.88
4.79
6.12
5.06
24.27
75.38
63.12
40.57
32.78
24.99
Cost of Risk
0.25
0.89
1.11
0.77
0.63
0.52
52.62
54.17
56.80
230.44
350.51
5.43
4.62
4.75
4.25
0.85
0.53
Deposits/Net Loans
75.67
74.93
62.54
51.81
45.94
48.96
56.30
56.21
45.46
40.78
36.89
40.35
Interbank Ratio
63.18
57.97
55.77
31.86
31.07
37.37
10.0
8.0
6.0
69.74
Coverage Ratio
Tier 1 Ratio
12.0
LLP/NII
Core Tier 1 Ratio

Total Capital Ratio
*Excl. the 38.56% shareholdings in Banco de Valencia transferred to Banco Financiero y de Ahorros SA. **RWA for 2008
under Basel II, previously under Basel I. ***Capital ratios were not disclosed for FY10 and FY09. Source: Credit Suisse,
100
4.0
2.0
0.0
2006
2007
2008
2009
4.0
50.0
20.0
5.0
60.0
Balance Sheet
Total Assets
6.0
NPL %
Total Revenues
70.0
LLP/NII %
LLP/NII
80.0
Income Statement
June 15, 2011
Caja de Ahorros y Pensiones de Barcelona [CAIXAB]

Company Rating:
Aa2, Negative (Moodys) / A+, CW Neg. (S&P) / A+, CW Neg. (Fitch)
Market cap:
4.90bn
Spain
Country:
Description: La Caixa is Spain's third-largest banking group and its largest savings bank. It enjoys a dominant position in its home market (the regions of Catalonia
and the Balearic Islands), with a market share of 36% in customer resources, 20% in lending, and market shares in Spain of 9.6% for demand deposits and 10.1% in
loans, respectively. La Caixa runs the largest distribution network in Spain with 5,409 branches and serves c.10.5 million clients. La Caixa, through Criteria, owns a
30.1% shareholding in Portugals Banco BPI and 10.1% in Austrias Erste Bank. La Caixa will have a 81.1% stake in the new banking group Criteria.
Asset Quality
La Caixa
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
4.5
70.0
LLP/NII
Income Statement
3,612
4,331
3,903
3,602
2,822
2,483
1,303
1,250
1,257
1,299
1,235
251
131
163
75
1,215
617
710
298
521
243
-204
-238
Total Revenues
6,161
6,275
6,063
5,465
5,358
4,245
Operating Expenses
3,497
3,627
3,574
3,327
3,102
3,035
Operating Profit
2,664
2,649
2,489
2,138
2,256
1,210
2,115
1,840
796
573
474
325
Pre-Tax Profit
1,440
1,868
2,074
2,725
4,013
1,791
Net Income
1,307
1,510
1,802
2,488
3,025
1,495
Total Assets
285,724
271,873
260,827
248,498
209,123
180,352
164,348
157,300
143,405
170,160
144,800
119,828
112,769
4.0
3.5
50.0
3.0
40.0
2.5
30.0
2.0
1.5
20.0
1.0
10.0
Balance Sheet
0.5
0.0
0.0
2005
2006
2007
2008
2009
2010
185,837
174,952
175,452
161,438
139,292
Impaired Loans
7,135
6,228
4,493
893
463
449
Loan Loss Reserves
4,961
3,815
2,960
2,511
2,060
1,704
142,072
134,841
139,193
127,002
113,172
99,278
92
56
47,287
43,396
46,623
47,262
36,062
19,244
90
55
Subordinated Debt
8,170
5,026
3,526
3,535
3,398
3,433
4,948
4,898
3,000
3,000
3,000
3,100
88
54
86
53
84
52
82
51
80
50
78
49
Goodwill
18,825
18,309
16,268
17,520
14,214
11,790
1,179
865
866
575
68
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.39
1.76
1.65
1.67
1.55
1.59
56.77
57.79
58.95
60.87
57.90
71.50
7.04
8.73
10.67
15.68
23.27
14.02
0.47
0.57
0.71
1.09
1.55
0.89
76
58.63
69.02
64.37
65.91
52.67
58.49
74
Capital Adequacy %
9.80
8.30
8.40
12.10
11.30
11.20
8.60
8.70
8.80
10.10
9.90
10.40
10.10
11.80
11.80
11.00
11.00
13.70
30.41
29.94
20.71
17.99
0.00
0.00
0.00
0.00
30.41
29.94
20.71
17.99
Equity/Net Loans
12.15
12.51
10.97
13.18
10.51
11.97
Equity/Total Assets
7.69
7.87
7.25
8.43
6.90
7.37
7.28
7.55
6.92
8.20
6.90
7.34
58.55
42.48
20.40
15.91
16.79
13.09
Cost of Risk
Coverage Ratio
47
72
46
2005
2006
2007
2008
2009
2010
Capital Adequacy
Core Tier 1 Ratio
Total Capital Ratio
14.0
24.96
30.80
Tier 1 Ratio
12.0

LLP/NII
48
Deposits/Net Loans
10.0
8.0
%
Funding Profile
Customer Deposits
NPL %
1,407
Net Trading Income
60.0
LLP/NII %
Net Interest Income
6.0
1.20
1.07
0.48
0.39
0.38
0.32
69.52
61.25
65.89
281.27
444.75
379.71
3.84
3.56
2.56
0.55
0.33
0.40
Deposits/Net Loans
78.55
78.79
80.70
79.91
82.47
89.39
49.72
49.60
53.37
51.11
54.12
55.05
Interbank Ratio
44.57
39.75
74.55
226.00
166.42
99.87
*Risk weighted assets from 2007 onwards calculated based on Tier 1 capital and Tier 1 ratio disclosure. Source: Credit
101
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Portuguese Banks
102
June 15, 2011
Banco Espirito Santo [BESPL]

Company Rating:
Baa2, Rev. f. Down. (Moodys) / BBB-, Neg. (S&P) / NR (Fitch)
Market cap:
3.0bn
Portugal
Country:
Description: BES is 40% owned by BESPAR, a holding company that, in turn, is 67.4% owned by ESFG and 32.6% by Crdit Agricole (which directly and indirectly
owns 23.9% in BES). ESFG is the holding company for the financial interests of the Espirito Santo family. Geographical FY10 net income split: Portugal (60%),
Spain (3%), France/Luxembourg (1%), UK (9%), US 3%), Brazil 6%), Angola (18%), Cape Verde (0.5%), Macao (0.5%), and Other (-1%).
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
45.0
2.5
Income Statement
1,290
1,178
1,004
871
779
769
680
599
612
469
424
Net Trading Income
254
353
139
330
240
230
Total Revenues
2,367
2,419
1,908
1,969
1,694
1,530
Operating Expenses
1,169
1,056
1,002
951
891
861
Operating Profit
1,197
1,364
907
1,019
803
669
352
540
274
213
182
220
Pre-Tax Profit
701
685
511
788
572
356
Net Income
511
522
402
607
421
280
Total Assets
83,655
82,297
75,187
68,355
59,139
50,222
68,802
65,097
55,705
52,856
44,738
38,046
31,662
40.0
2.0
35.0
30.0
1.5
25.0
NPL %
1,357
LLP/NII %
Net Interest Income
20.0
1.0
15.0
10.0
0.5
LLP/NII
5.0
Balance Sheet
50,531
48,198
43,161
35,752
1,027
811
524
433
398
422
Loan Loss Reserves
1,777
1,552
1,148
990
869
830
Customer Deposits
30,819
25,446
26,387
23,775
21,994
20,753
24,110
33,101
24,597
24,314
19,030
14,402
Subordinated Debt
2,639
2,829
2,095
2,240
2,368
870
600
600
600
600
600
6,065
6,055
3,899
4,673
4,136
2,324
96
17
Goodwill
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
1.83
1.81
1.77
1.68
1.70
1.79
49.41
43.63
52.48
48.28
52.62
56.28
8.42
10.49
9.39
13.78
13.03
13.25
0.62
0.66
0.56
0.95
0.77
0.60
57.35
53.33
61.73
50.97
51.42
50.95
7.90
8.00
5.70
8.80
8.30
6.60
7.48
8.40
6.20
11.48
13.10
12.30
11.30
11.20
10.50
9.91
11.10
16.32
15.18
9.91
11.10
16.32
15.18
4.46
0.00
0.00
0.00
Deposits/Net Loans
75.0
45.0
70.0
40.0
65.0
60.0
35.0
55.0
30.0
2005 2006 2007 2008 2009 2010
Core Tier 1 Ratio

Tier 1 Ratio
Total Capital Ratio
24.19
12.0
13.00
12.94
8.61
11.41
12.10
7.88
7.90
7.70
5.39
7.04
7.14
4.84
7.78
7.68
5.39
7.03
7.13
4.83
25.92
41.85
23.30
21.24
20.84
28.21
50.0
80.0
14.0
16.67
Equity/Total Assets
Coverage Ratio
2010
Capital Adequacy
Cost of Risk
2009
10.0
8.0
%
LLP/NII
2008
50.0
Equity/Net Loans
2007
Funding Profile
Capital Adequacy %
2006
2,292
0.0
2005
52,606
Impaired Loans
0.0
6.0
0.70
1.12
0.62
0.55
0.55
0.75
173.00
191.50
219.01
228.78
218.23
196.62
1.95
1.60
1.09
1.00
1.11
1.33
Deposits/Net Loans
60.63
51.95
56.08
56.38
63.05
67.31
36.84
30.92
35.09
34.78
37.19
41.32
Interbank Ratio
47.43
102.33
67.65
125.84
121.00
108.85
*RWA from 2008 onwards under Basel II, previously Basel I. Source: Credit Suisse, Company Reports, Moodys, S&P,
Fitch
103
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
Caixa Geral de Depositos [CXGD]

Company Rating:
Baa1, Rev. f. Down. (Moodys) / BBB-, Neg. (S&P) / BBB-, RW Neg.

(Fitch)
Market cap:
n/a
Portugal
Country:
Description: Caixa Geral de Depositos (CGD) operates as a universal bank, engaged in retail and commercial banking, capital markets, insurance, asset management,
leasing, and factoring. As the largest bank in Portugal (based on assets), it has substantial shares of retail banking lines in Portugal, with the second-largest
branch network, and market share of c.27.6% of deposits for individuals, with total lending market share of c.20%. CGD is 100% owned by the Portuguese state.
m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
1,613
1,641
2,201
2,032
1,778
1,454
502
448
419
395
365
319
Asset Quality
30.0
3.0
25.0
2.5
20.0
2.0
15.0
1.5
10.0
1.0
Net Interest Income

Net Trading Income
124
199
247
84
131
297
509
491
515
549
586
513
Total Revenues
3,099
2,999
3,561
3,149
2,984
2,625
Operating Expenses
1,967
1,936
1,839
1,736
1,695
1,628
Operating Profit
1,132
1,063
1,722
1,414
1,289
998
369
417
448
249
232
252
Pre-Tax Profit
364
374
662
1,075
990
674
Net Income
251
279
459
856
734
538
5.0
0.0
125,862
120,985
111,060
103,554
96,246
86,461
n/a
n/a
66,851
61,015
52,521
47,117
51,337
84,517
79,627
77,432
68,573
58,824
Impaired Loans
2,223
1,965
1,545
1,253
1,123
1,119
Loan Loss Reserves
2,610
2,405
2,121
1,729
1,556
1,401
Customer Deposits
67,680
64,256
60,128
54,039
53,768
50,162
19,307
25,182
19,929
16,231
13,360
11,652
2,800
3,202
3,145
2,667
1,926
1,702
Subordinated Debt
558
572
600
600
600
600
6,310
5,902
4,328
4,841
4,320
3,639
n/a
n/a
147
151
151
150
Net Interest Margin
1.41
1.53
2.22
2.22
2.13
1.93
Cost/Income Ratio
63.47
64.56
51.63
55.11
56.79
62.00
4.10
5.45
10.01
18.69
18.44
16.15
Goodwill ****
Ratios
Profitability %

0.20
0.24
0.43
0.86
0.80
0.65
52.03
54.72
61.82
64.52
59.58
55.40
6.20
7.40
7.40
10.10
10.50
12.40

8.80
8.30
8.50
7.00
12.60
10.70
8.14
9.48
12.82
15.86
8.14
9.48
12.82
15.86
0.00
0.00
0.00
0.00
Equity/Net Loans
8.89
8.53
6.49
7.39
15.44
16.22
7.71
7.46
5.79
5.44
4.40
4.77
4.59
4.31
5.67
5.32
4.27
4.63
4.43
4.14
70.0
100.0
65.0
80.0
60.0
60.0
55.0
40.0
50.0
Deposits/Net Loans
20.0
45.0
0.0
40.0
2005
2006
2007
2008
2009
2010
Core Tier 1 Ratio

Total Capital Ratio
14.0
Tier 1 Ratio
10.0
8.0
Coverage Ratio
120.0
12.0
Equity/Total Assets
Cost of Risk
2010
Capital Adequacy
8.90
LLP/NII
2009
6.80
12.30
Total Capital Ratio Basel II**
2008
22.89
25.40
20.33
12.28
13.06
17.35
0.46
0.55
0.63
0.40
0.43
0.52
117.41
122.39
137.28
137.99
138.57
125.23
2.63
2.47
2.00
1.83
1.91
2.18
Deposits/Net Loans
82.63
83.21
79.84
80.84
93.89
100.45
53.77
53.11
54.14
52.18
55.87
58.02
Interbank Ratio
32.11
148.05
88.75
64.95
166.02
224.84
2007
Funding Profile
Capital Adequacy %
2006
Hybrid Tier 1 Capital****
0.0
2005
Total Assets
0.5
LLP/NII
Balance Sheet
NPL %
LLP/NII %
Income Statement
6.0
4.0
2.0
0.0
2005
*Risk weighted assets from 2008 under Basel II, previously Basel I. **Note, capital ratios under IFRS are according to
Bank of Portugal. . Source: Credit Suisse, Company Reports, Moodys, S&P, Fitch
104
2006
2007
2008
2009
2010
June 15, 2011
Esprito Santo Financial Group [ESF]

Company Rating:
Baa1, Rev. f. Down. (Moodys) / NR (S&P) / NR (Fitch)
Market cap:
1.1bn
Portugal
Country:
Description: Esprito Santo Financial Group S.A. (ESFG) is the Luxembourg based holding company for the financial interests of the Esprito Santo Group,
controlled by the Esprito Santo family .The Group has stakes in Banco Esprito Santo in Portugal and has further banking and private banking interests in
Switzerland through Banque Prive Esprito Santo, in France though Banque Esprito Santo et de la Vntie and in Dubai through ES Bankers (Dubai). The group
also has stakes in life (BES Vida & T-Vida) and non life (Companhia de Seguros Tranquilidade & BES Seguros) insurance businesses amongst other interests.
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
45.0
Income Statement
1,384
1,318
1,222
1,036
976
857
40.0
818
721
646
656
587
432
35.0
Net Trading Income
219
203
142
360
207
273
63
53
69
63
14
2,825
2,706
2,064
2,121
1,833
1,659
Operating Expenses
1,697
1,531
1,277
1,187
1,104
1,057
Operating Profit
1,128
1,175
786
934
729
603
338
532
258
183
163
211

Pre-Tax Profit
679
702
491
806
934
345
Net Income
122
157
77
205
304
72
87,150
85,317
78,150
71,308
61,872
56,741
2.0
30.0
1.5
25.0
NPL %
50
Total Revenues
LLP/NII %
Net Interest Income
2.5
20.0
1.0
15.0
10.0
Balance Sheet
Total Assets
71,141
67,898
61,337
54,540
46,101
55,172
52,114
50,375
45,227
37,474
Impaired Loans
1,069
887
565
498
462
478
Loan Loss Reserves
1,825
1,606
1,198
1,035
912
874
0.0
31,206
25,694
26,368
23,522
22,257
19,577
24,905
34,040
25,307
25,210
19,998
14,949
2,105
2,250
2,382
819
805
881
982
58.0
1,032
1,041
772
845
668
361
335
235
229
213
181
92
Ratios
Profitability %
Net Interest Margin
1.79
1.80
1.81
1.71
1.79
1.78
Cost/Income Ratio
60.06
56.57
61.89
55.95
60.23
63.67
11.79
17.37
9.53
27.08
59.06
37.23
0.14
0.19
0.10
0.31
0.51
0.14
48.98
48.73
59.23
48.86
53.26
51.63
2,837
996
45.0
52.0
40.0
50.0
35.0
46.0
Deposits/Net Loans
30.0
25.0
44.0

6.90
6.90
5.35
8.20
7.70
6.54
7.10
8.20
10.60
11.00
20.0
2005
2006
2007
2008
2009
2010
Capital Adequacy
10.60
10.70
8.90
22.52
19.05
20.42
20.79
22.52
19.05
20.42
20.79
0.00
0.00
0.00
0.00
12.0
23.31
11.01
11.15
7.56
9.84
10.27
6.16
Equity/Total Assets
6.74
6.60
4.76
6.10
6.07
3.53
6.35
6.32
4.47
5.80
5.78
3.37
24.46
40.32
21.11
17.70
16.67
24.63
0.65
1.07
0.55
0.45
0.47
0.69
170.76
181.03
212.11
208.01
197.52
182.69
1.94
1.70
1.12
1.10
1.23
1.43
Deposits/Net Loans
58.50
50.87
53.62
53.23
60.87
60.19
35.81
30.12
33.74
32.99
35.97
34.50
Interbank Ratio
46.42
110.99
43.79
97.18
98.62
80.98
*RWA from 2008 onwards under Basel II, previously Basel I. **Hybrid capital disclosed on an accounting basis in FY05
and FY04. ***Before 2007 and the implementation of IFRS 7 it was not mandatory for ESFG to disclose its solvency ratios.
105
Core Tier 1 Ratio

Total Capital Ratio
Tier 1 Ratio
10.0
8.0
%
50.0
54.0
48.0
Capital Adequacy %
Coverage Ratio
55.0
56.0
60.0
3,049
1,314
Cost of Risk
2010
65.0
2,690
LLP/NII
2009
70.0
Equity/Net Loans
2007 2008
62.0
Subordinated Debt
2006
Funding Profile
60.0
0.0
2005
33,399
Customer Deposits
Goodwill
0.5
LLP/NII
5.0
6.0
4.0
2.0
0.0
2006
2007
2008
2009
2010
June 15, 2011
Greek Banks
106
June 15, 2011
Alpha Bank [ALPHA]

Company Rating:
B3, Neg. (Moodys) / B, CW Neg. (S&P) / B+, RW Neg. (Fitch)
Market cap:
1.7bn
Greece
Country:
Description: Alpha Bank is the third-largest bank in Greece, with market shares of about 14%-16% across all business segments. It offers a wide range of financial
services (Retail Banking 36% (FY10 PBT), Corporate Banking 2%, Asset Management/Insurance 8%, Investment Banking/Treasury 36%, S.E Europe 18%). Greece
accounted for 87% of total assets at FY10. The Kostopoulos family owns 8.46% of Alphas capital while the Greek government currently holds 940m of preferred
stock in Alpha.
Asset Quality
Alpha Bank
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
1,821.3
1,765.2
1,801.2
1,607.6
1,420.3
1,221.0
332.5
378.8
464.4
464.6
400.1
352.3
35.1
171.5
-6.8
82.5
55.5
25.2
0.0
0.0
0.0
2.7
0.9
6.3
Total Revenues
2,249.4
2,383.0
2,338.7
2,228.1
1,939.1
1,673.7
Operating Expenses
1,148.5
1,201.9
1,178.3
1,025.3
887.5
798.5
Operating Profit

Net Trading Income
1,101.0
1,181.1
1,160.4
1,202.8
1,051.6
875.3
884.8
676.3
541.8
226.7
254.0
254.9
Pre-Tax Profit
216.4
501.8
625.6
1,065.7
803.4
637.9
85.6
349.8
512.1
850.0
552.0
502.2
66,798.3
69,596.0
65,270.0
54,684.3
49,799.7
44,007.0
Net Income
LLP/NII
7.0
40.0
50,600.0
49,600.0
40,347.0
33,566.0
28,239.0
51,524.7
53,042.7
51,980.7
42,912.7
33,200.3
28,396.9
Impaired Loans*
4,357.1
3,004.3
2,043.9
1,569.4
1,685.4
n/a
Loan Loss Reserves
2,220.0
1,642.8
1,276.0
840.6
977.2
1,040.4
36,897.6
40,815.2
39,199.0
28,047.4
23,573.9
21,644.8
4,115.3
6,424.1
9,613.9
14,578.2
12,759.8
8,176.9
1,015.8
Subordinated Debt
3.0
825.3
975.1
1,228.9
1,029.4
1,499.7
1,523.8
887.3
887.9
829.7
844.9
4,270.9
4,432.1
3,020.8
3,370.5
2,739.7
2,224.7
44.8
48.8
52.0
58.0
58.3
54.0
2.95
2.87
3.31
3.40
3.33
3.48
51.06
50.44
50.38
46.02
45.77
47.71
1.97
9.39
16.02
27.82
22.24
23.85
Ratios
Profitability %
Net Interest Margin
Cost/Income Ratio
0.13
0.52
0.85
1.63
1.18
1.30
80.97
74.08
77.02
72.15
73.25
72.95
9.61
10.20
10.40
12.45
12.90
13.50
9.00
6.50
11.80
11.60
8.00
13.50
13.20
9.80
25.94
25.96
22.36
22.90
20.81
20.75
7.55
7.74
25.06
2010
80.0
60.0
75.0
55.0
70.0
50.0
45.0
Deposits/Net Loans
60.0
40.0
2006
2007
2008
2009
2010
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
14.0
12.0
5.13
5.21
14.81
15.16
Equity/Net Loans
8.69
8.66
6.02
8.09
8.64
8.33
Equity/Total Assets
6.41
6.39
4.68
6.22
5.59
5.18
6.35
6.32
4.60
6.12
5.47
5.05
48.58
38.31
30.08
14.10
17.88
20.87
1.02
10.0
8.0
6.0
1.76
1.32
1.17
0.61
0.85
50.95
54.68
62.43
53.56
57.98
8.46
5.66
3.93
3.66
5.08
Deposits/Net Loans
74.84
79.41
77.31
66.67
73.16
79.12
55.24
58.65
60.06
51.29
47.34
49.18
Interbank Ratio
14.57
38.59
31.57
79.09
69.34
58.75
2009
65.0
16.0
24.24
Coverage Ratio
2008
Capital Adequacy
9.00
Cost of Risk
2007
85.0
65.0
2006
Funding Profile
2005
LLP/NII
1.0
2005
Capital Adequacy %
2.0
840.8

Goodwill
4.0
10.0
49,000.0
5.0
0.0
Customer Deposits
6.0
30.0
20.0
Balance Sheet
Total Assets
8.0
50.0
LLP/NII %
Net Interest Income
9.0
60.0
Income Statement
NPL %
IFRS
*Impaired loans are based on loans past due >90 days.

4.0
2.0
0.0
2005
2006
2007
2008
107
2009
2010
June 15, 2011
EFG Eurobank Ergasias [EUROB]

Company Rating:
Market cap:
1.7bn
Greece
Country:
Description: EFG Eurobank Ergasias (EFG), established in 2002 through the merger of EFG Eurobank with Ergobank, is the 2nd largest bank in Greece by total
assets. EFG is 44.8% owned by the EFG Group, whose ultimate parent is Switzerland-incorporated EFG Bank European Financial Group. EFG provides retail,
commercial and investment banking services. Divisional FY10 PBT split was: Retail Banking -136m, Corporate Banking 306m, Wealth Management -5m, Global
& Capital Markets 26m, Other -29m and New Europe -46m. Greece accounted for 71% of EFGs FY10 loan book, New Europe countries 27% and Other Western
European countries 1%. The Greek government currently holds 950m of preferred stock in EFG.
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006
2005
70.0
60.0
12.0
Income Statement
2,350
2,405
2,017
1,606
1,376
404
418
543
558
447
354
Net Trading Income
166
171
219
138
102
57
37
48
46
53
37
36

Total Revenues
2,924
3,041
3,277
2,817
2,233
1,860
Operating Expenses
1,426
1,471
1,566
1,374
1,062
890
Operating Profit
1,498
1,570
1,711
1,443
1,171
970
1,362
1,177
886
401
344
309
136
398
818
1,050
832
676
68
305
652
815
601
501
87,188
84,269
82,202
68,389
53,820
44,464
Pre-Tax Profit
Net Income
50.0
8.0
4.0
10.0
47,827
48,375
46,343
34,504
26,019
58,597
57,579
57,288
46,669
34,907
27,385
5,635
3,850
2,236
1,119
958
827
Customer Deposits
2,329
1,742
1,410
1,031
861
761
44,255
46,631
45,656
36,151
23,914
19,255
4,581
6,952
7,680
10,247
12,568
8,510
988
892
885
991
592
643
1,741
1,741
705
777
786
762
4,031
4,298
3,587
4,252
2,657
2,523
533
533
573
606
285
114
Goodwill
Ratios
Funding Profile
85.0
58.0
56.0
80.0
54.0
52.0
75.0
50.0
48.0
70.0
Profitability %
Net Interest Margin
2.86
3.07
3.48
3.59
3.55
3.85
Cost/Income Ratio
48.77
48.37
47.79
48.78
47.56
47.85
1.63
7.74
16.63
23.59
23.20
21.66
0.08
0.37
0.87
1.33
1.22
1.29
77.33
77.28
73.39
71.60
71.92
73.98
0.0
2005 2006 2007 2008 2009 2010
46.0
44.0
65.0
Deposits/Net Loans
Subordinated Debt
2.0
LLP/NII
47,968

Loan Loss Reserves
6.0
30.0
0.0
Impaired Loans**
40.0
20.0
Balance Sheet
Total Assets
10.0
NPL %
2,261
LLP/NII %
Net Interest Income
42.0
60.0
40.0
2005
2006
2007
2008
2009
2010
Capital Adequacy %

8.50
10.94
10.40
13.54
6.97
7.56
6.54
7.54
10.60
11.20
8.00
9.22
11.70
12.40
10.40
12.23
34.24
32.50
18.22
18.19
26.80
26.77
Equity/Net Loans
7.74
8.19
7.01
10.04
8.34
9.90
Equity/Total Assets
4.99
5.43
4.77
6.70
5.27
5.93
4.38
4.79
4.07
5.81
4.74
5.67
60.24
50.09
36.84
19.88
21.42
22.46
2.43
2.11
1.75
1.01
1.13
1.29
41.33
45.25
63.06
92.14
89.87
92.00
16.0
14.0

LLP/NII
Cost of Risk
Coverage Ratio
Deposits/Net Loans
9.62
6.69
3.90
2.40
2.74
3.02
78.65
83.51
81.71
79.21
70.24
72.32
50.76
55.34
55.54
52.86
44.43
43.30
Interbank Ratio
19.38
24.60
24.65
35.85
26.90
27.76
*Risk weighted assets under Basel II for 2007 and under Basel I for preceding years. **In FYE09 and FYE08 NPL ratio
based on 90-day past due . **Core Tier 1 Ratio calculated as defined in the glossary.
108
Capital Adequacy
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
12.0
10.0
%
8.0
6.0
4.0
2.0
0.0
2005
2006
2007
2008
2009
2010
June 15, 2011
National Bank of Greece [ETEGA]

Company Rating:
Market cap:
4.5bn
Greece
Country:
Description: National Bank of Greece (NBG) is the largest bank in Greece, controlling c.30% of the banking systems core deposits and about 20% of loans.
Divisional PBT split at FY10 was: Retail Banking -368m, Corporate & Investment Banking 313m, Markets and AM 166m, Insurance -33m, International
83m,Turkish Operations 561m and Other -85m. Greece currently accounts for 68% of the FYE10 loan portfolio, Turkey 19%, SE Europe & Cyprus 11% and West
European Countries 2%. The Greek government currently holds 350m of preferred stock in NBG.
Asset Quality

m
IFRS
IFRS
IFRS
IFRS
IFRS
IFRS
2010
2009
2008
2007
2006**
2005
35.0
4,156.9
3,975.3
3,602.0
3,062.4
2,140.8
1,609.5
30.0
9.0
Income Statement
660.4
772.1
772.5
548.2
425.1
437.8
426.0
479.9
141.3
195.2
75.8
95.6
122.9
93.2
106.4
100.4
Total Revenues
4,639.5
5,086.5
4,924.5
4,559.2
3,129.8
2,491.8
Operating Expenses
2,553.1
2,521.2
2,422.3
2,343.3
1,634.8
1,364.1
Operating Profit
2,086.4
2,565.2
2,502.2
2,215.9
1,495.0
1,127.7
1,365.0
1,041.3
513.3
330.2
267.2
226.3
Pre-Tax Profit
637.6
1,252.1
1,937.0
1,902.9
1,386.4
972.1
Net Income
405.5
922.6
1,546.0
1,625.3
990.1
727.4
120,744.6 113,394.2 101,323.2
90,385.6
76,569.7
60,426.6
7.0
25.0
6.0
68,198.0
67,407.0
62,696.0
52,961.0
43,512.0
31,307.0
80,823.5
77,211.7
71,518.0
56,251.7
44,116.8
30,614.1
6,870.0
4,941.5
2,860.7
1,912.6
1,913.2
1,436.5
Customer Deposits
3,561.6
2,459.2
1,620.4
1,558.5
1,492.3
1,086.0
68,039.0
71,194.5
67,656.9
60,530.4
53,233.7
43,350.1
3,868.6
2,982.6
3,426.6
3,680.8
1,934.5
2.0
LLP/NII
5.0
1.0
563.5
102.1
310.0
332.0
1,085.6
957.0
1,155.8
1,256.7
1,453.0
1,563.6
1,625.1
1,082.6
8,914.9
7,713.5
5,971.6
6,470.4
6,597.2
3,123.8
Goodwill
2,099.5
2,045.4
2,037.9
2,449.5
2,123.1
24.4
Ratios
Profitability %
Net Interest Margin
4.04
4.18
4.36
4.33
3.68
3.22
Cost/Income Ratio
55.03
49.57
49.19
51.40
52.23
54.74
4.88
13.48
24.85
24.88
20.37
26.55
0.35
0.86
1.61
1.95
1.45
1.27
89.60
78.15
73.14
67.17
68.40
64.59
0.0
2005
2006
2007
2008
2009
2010
Funding Profile
160.0
80.0
Deposits/Net Loans
140.0
175.3
4.0
75.0
120.0
70.0
100.0
65.0
80.0
60.0
60.0
55.0
40.0
50.0
20.0
45.0
0.0
Subordinated Debt
15.0
3.0
Loan Loss Reserves
5.0
0.0
Impaired Loans***
20.0
10.0
Balance Sheet
Total Assets
8.0
NPL %
609.9
-138.3
Net Trading Income
LLP/NII %
Net Interest Income
40.0
2005 2006 2007 2008 2009 2010
Capital Adequacy %
9.22
12.40
12.31
10.25
15.60
15.19
Capital Adequacy
11.41
9.44
7.68
6.25
13.10
11.30
10.00
9.20
13.70
11.30
10.30
10.30
12.94
16.50
23.18
32.03
30.12
28.09
Equity/Net Loans
12.62
11.47
9.75
12.76
16.91
10.95
Equity/Total Assets
8.07
7.56
6.73
7.72
9.41
5.35
6.34
5.75
4.71
5.01
6.64
5.31
32.84
26.19
14.25
10.78
12.48
14.06
1.80
1.44
0.82
0.68
0.74
0.81
51.84
49.77
56.64
81.49
78.00
75.60
4.0
8.50
6.40
4.00
3.40
3.80
4.70
2.0
Deposits/Net Loans
88.06
95.24
96.79
110.67
124.89
146.81
56.35
62.78
66.77
66.97
69.52
71.74
Interbank Ratio
11.11
17.13
16.78
35.57
76.72
80.72
18.0
16.0

LLP/NII
Cost of Risk
Coverage Ratio*
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
14.0
12.0
10.0
8.0
*As stated by National Bank of Greece. **2006 numbers not restated. ***Calculated from disclosed NPL ratio. ****Core Tier
1 ratio calculated as defined in the glossary.
109
6.0
0.0
2005
2006
2007
2008*
2009
2010
June 15, 2011
Appendix 1: Glossary
Exhibit 30: Glossary
Profitability (%)
Net Interest Margin
(Net Interest Income + Dividend Income / Total Average Earning Assets) * 100 (Total Average Earning Assets for 2008 based
on average between IFRS 2008 Total Earning Assets and IFRS 2008 Total Earning Assets)
Interest Expense
As stated in profit and loss plus dividends or interest paid on tier 1 instruments, often disclosed in minority interest
Cost / Income Ratio
(Operating Expenses / Total Operating Revenues) * 100
Net Trading Income
Net trading income, hedging ineffectiveness and impairment charges on investments and treasury assets
Insurance premiums less Insurance claims plus Investment income on insurance assets (if disclosed)
(Net Attributable Profit / Average Shareholders Equity) * 100 (Average Shareholders Equity for 2008 based on average
(Net Attributable Profit / Average Total Assets) * 100 (Average Total Assets for 2008 based on average between IFRS 2008
between IFRS 2008 Shareholders equity and IFRS 2007 Shareholders Equity)
Total Assets and IFRS 2007 Total Assets)
(Net Interest Income + Dividend Income / Total Operating Revenues) * 100
Capital Adequacy (%)

Tier 1 Ratio -Basel I
(Shareholder funds, perpetual non-cumulative capital securities (Hybrid Tier 1 capital) less goodwill & deductions) / Riskweighted assets calculated based on Basel I rules.
Minimum requirement of 4%
Total Capital Ratio - Basel I
(Tier 1 + Tier 2 capital (dated & undated subordinated debt plus cumulative preference shares, loan loss reserves and
valuation reserves) less deductions) / Risk-weighted assets calculated based on Basel I rules. Minimum requirement of 8%

Tier 1 Ratio - Basel II
(Tier 1 Capital Hybrid Tier 1 Capital) / Risk-Weighted Assets as calculated under Basel II rules
(Shareholder funds, perpetual non-cumulative capital securities (Tier 1 capital) less goodwill) / Risk-weighted assets
calculated based on Basel II rules.
Minimum requirement of 4%
Total Capital Ratio - Basel II
(Tier 1 + Tier 2 capital (dated and undated subordinated debt plus cumulative preference shares, loan loss reserves and
valuation reserves) less deductions) / Risk-weighted assets calculated based on Basel II rules. Minimum requirement of 8%
Risk-Weighted Assets under Basel II for 2008 and Basel I for preceding years unless specified otherwise
Hybrid Tier 1 Capital (based on Regulatory valuation) included in Tier 1 Regulatory Capital / Tier 1 Regulatory Capital * 100
Hybrid Step-Up (or Innovative) Capital included in Tier 1 Regulatory Capital / Tier 1 Regulatory Capital * 100
Hybrid Non Step-Up(or Non Innovative) Capital included in Tier 1 Regulatory Capital / Tier 1 Regulatory Capital * 100
Equity/Net Loans
(Shareholders Equity + Minority Interests / Net Loans) * 100
Equity/Total Assets
(Shareholders Equity + Minority Interests / Total Assets) * 100
(Shareholders Equity + Minority Interests - Goodwill / Total Assets) * 100
Asset Quality (%)

LLP/NII
Cost of Risk
(Loan Loss Provision charge in Profit & Loss / Net Interest Income) * 100
(Loan Loss Provision charge in Profit & Loss / Average Net Loans) * 100 (Average Total Assets for 2008 based on average
between IFRS 2008 Total Assets and IFRS 2007 Total Assets)
Coverage Ratio
(Loan Loss Reserves / Non-performing or Impaired Loans) * 100

(Non performing loans or Impaired loans as disclosed / Gross Loans) * 100 (This ratio is sensitive to definition of impaired
loans or non performing loans applied by each bank)
Liquidity (%)
Deposits/Net Loans
(Customer Deposits / Net Loans) * 100
Interbank Ratio
(Customer Deposits / Total Liabilities) * 100

(Funds due from Banks or Credit institutions) / Funds due to Banks or Credit Institutions) * 100
Balance Sheet (m)

Subordinated Debt
Subordinated debt includes all instruments that receive Tier 2 regulatory treatment, including cumulative preference shares
Hybrid Tier 1 Capital include Non cumulative perpetual securities and preference shares, consisting of Step-Up (or Innovative)
Hybrids and Non Step Up (or Non Innovative) Hybrids. Silent participations of German Banks that receive Tier 1 regulatory
treatment are also included in Hybrid Tier 1 Capital. Preference shares/hybrid securities ranking pari passu to ordinary shares
are not included in Hybrid Tier 1 capital but rather included in shareholders equity. Hybrids are stated at accounting valuation.
Shareholders Equity
Ordinary shareholders capital and reserves, excluding preference shares and hybrids with the exception of preference shares
ranking pari passu to ordinary shares, which have been included in shareholders equity
Source: Credit Suisse
110
Disclaimer
This information has been issued by Credit Suisse Securities (Europe) Ltd. ("CS"), which is authorised and
regulated by the Financial Services Authority for the conduct of investment business in the United Kingdom. These
materials have been prepared by a Credit Sector Strategist (Strategists). Strategists are employees of CSs
Trading Desk and are supervised by Trading Desk managers. Their primary responsibility is to support the trading
desk. To that end, Strategists prepare trade commentary, trade ideas, and other analysis (analysis) in support of
CSs trading desks. The information in these materials has been obtained or derived from publicly available sources
believed to be reliable, but CS makes no representations as to its accuracy or completeness. Strategists may
receive additional or different information subsequent to your receipt of these materials. The analysis of Strategists
is subject to change, and subsequent analysis may be inconsistent with information previously provided to you. CS
does not undertake a duty to update these materials or to notify you when or whether the Strategists analysis has
changed. These materials and other written and oral communications from Strategists are provided for information
purposes only, do not constitute a recommendation and are not a sufficient basis for an investment decision.
Strategists are not part of CSs Fixed Income Research Department, and the written analyses disseminated by
Strategists are not research reports. The views of CSs Trading Desks, including Strategists, may differ materially
from the views of the Research Department and other divisions at CS. CS has a number of policies in place
designed to ensure the independence of CSs Fixed Income Research Department including policies relating to
trading securities prior to distribution of research reports. These policies do not apply to the analysis provided by
Strategists. CS may have accumulated, be in the process of accumulating, or accumulate long or short positions in
the subject security or related securities on the basis of Strategists analysis. Trading desks may have, or take,
positions inconsistent with analysis provided by Strategists.
EUROPEAN CORPORATE CREDIT SECTOR STRATEGY

Pieter Fyfer, Managing Director, European Corporate Credit Sector Strategy
LONDON
Investment Grade Europe
Consumer Products, Retail, Autos
(Including Non-Investment Grade)
Hayley Walker, Director
+44 20 7883 5569
Telecom, Media, Technology, Consumer
Services
Madeleine King, Vice President, CFA
+44 20 7888 4909
Capital Goods, Energy, Industrials,

Pharmaceuticals, Metals & Mining
Ben Maurer, Vice President
+44 20 7888 5045
Financial Institutions Banks & Insurers

(Including Non-Investment Grade)
Pieter Fyfer, Managing Director
+44 20 7883 4279
Stephane Suchet, Vice President
+44 20 7883 4278

European BankStats 2011 (14-Jun-11)

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

European BankStats 2011 (14-Jun-11)

Uploaded by

Copyright:

Available Formats

THIS REPORT IS NOT RESEARCH AND IS INTENDED FOR QUALIFIED INSTITUTIONAL BUYERS ONLY

Investment Grade Credit

European Banks: BankStats

June 15, 2011

Alphabetical Index .....................................................................................................................................4

Irish Banks ...............................................................................................................................................40

German Banks .........................................................................................................................................51

June 15, 2011

Austrian Banks ........................................................................................................................................61

Swiss Banks .............................................................................................................................................67

Benelux Banks .........................................................................................................................................70

French Banks ...........................................................................................................................................78

Spanish Banks .........................................................................................................................................92

Portuguese Banks .................................................................................................................................102

Greek Banks ...........................................................................................................................................106

Appendix 1: Glossary ............................................................................................................................110

June 15, 2011

Company [Bond Ticker]

ABN AMRO [ABNANV]

Allied Irish Banks [AIB]

Alpha Bank [ALPHA]

HSH Nordbank [HSHN]

Anglo Irish Bank [ANGIRI]

Hypo Alpe-Adria-Group [HAA]

Banca Popolare di Milano [PMIIM]

Hypo Real Estate [HYPORE]

ING Groep [INTNED]

Banco Bilbao Vizcaya Argentaria [BBVASM]

Irish Life & Permanent [IPBS]

Banco de Sabadell [BANSAB]

KBC Groep [KBC]

Banco Espirito Santo [BESPL]

Banco Pastor [PASTOR]

Lloyds TSB [LLOYDS]

Banco Popolare [BPIM]

Banco Popular Espanol [POPSM]

Monte dei Paschi di Siena [MONTE]

Banco Santander [SANTAN]

National Bank of Greece [ETEGA]

Nationwide Building Society [NWIDE]

Banque Federative du Credit Mutuel [BFCM]

BNP Paribas [BNP]

Northern Rock [NRKLN]

sterreichische Volksbanken-AG [AUSTVB]

Bradford & Bingley [BRADBI]

Caixa Geral de Depositos [CXGD]

Royal Bank of Scotland [RBS]

Caja Madrid [CAJAMM]

RZB Group [RZB]

Skandinaviska Enskilda Banken [SEB]

Credit Agricole SA [ACAFP]

SNS Bank [SNSSNS]

Credit Suisse Group [CS]

Socit Gnrale [SOCGEN]

Danske Bank [DANBNK]

Standard Chartered [STANLN]

Deutsche Bank [DB]

Svenska Handelsbanken [SHBASS]

Deutsche Postbank [DPB]

UBI Banca [UBIIM]

DnB NOR [DNBNOR]

EFG Eurobank Ergasias [EUROB]

Erste Bank [ERSTBK]