13 September 2007] Vurdering af grunnfondsbeviset og grunnfondsbevisbankerne set fra London

Introduction

2

3 Net interest income in % of total income, European retail (2006) Source: Companies, FPK

4 Net interest income in % of lending, European retail (2006) Source: Companies, FPK

5 Loan losses and provisions % of lending, European retail (2006) Source: Companies, FPK

6 Cost:income, European retail (2006) Source: Companies, FPK

7 Income growth, European retail (2006) Source: Companies, FPK

8 Deposit funding, group (2006) Source: Companies, FPK

9 Market cap (Eur bn) Source: Companies, FPK

10 Total income, European retail (Eur mn) 2006 Source: Companies, FPK

11 Economies of scale? European retail (2006) Source: Companies, FPK

12 Size vs. valuation Source: FPKe, Bloomberg

13 Size vs. valuation Source: FPKe, Bloomberg

14 Grunnfondsbeviset Primary..What?

15 IMPORTANT INFORMATION This presentation has been prepared by Fox-Pitt, Kelton Limited (“FPK”) exclusively for the benefit and internal use of the FPK client to whom it is delivered (such client hereinafter, “you” or the “Company”) in order to assist the Company in evaluating, on a preliminary basis, the feasibility of a possible transaction or transactions. The information in this presentation includes certain analyses that are based on information that is proprietary to us. It has been produced solely for your use and should not be reproduced or disclosed, in whole or in part, to any other person without our prior written consent. This document remains our property, and at our request this copy and any copies that you have made must be returned to us and/or destroyed. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by FPK. FPK is affiliated with J.C. Flowers I LP and J.C. Flowers II, LP (“J.C. Flowers Funds)”, investment funds managed by J. Christopher Flowers and entities controlled by him (“J.C. Flowers Group”). The J.C. Flowers Funds hold controlling or non-controlling interests in public and privately owned companies primarily in the financial services sector. In addition, FPK, directly or through its foreign affiliates, itself may have proprietary investments in public and privately owned companies. FPK was, until recently, an affiliate of the Swiss Re group of companies, which still holds a minority voting interest in FPK. Swiss Re and its subsidiaries, divisions, branches and affiliates (the “Swiss Re Group”) are involved in a range of investment and financial business, both for their own accounts and for the account of their clients. Such business includes reinsurance (including financial reinsurance), trading, investment and research, investment management and corporate finance. The activities of companies having an interest in FPK may give rise to situations where FPK or a member of the J.C. Flowers Group or the Swiss Re Group may have an interest which may conflict with the interests of the Company or which may be affected by the Transaction, or where FPK or a member of the J.C. Flowers Group or the Swiss Re Group may provide services to other clients whose interests may conflict with the interests of the Company. FPK or any member of the J.C. Flowers Group or the Swiss Re Group may (i) hold or effect transactions in securities for clients and/or its own account, and/or (ii) issue research or provide investment advice and/or (iii) provide corporate finance, investment management or reinsurance services, which in any of these situations may have a bearing, directly or indirectly, on the Transaction or may result in a member of the J.C. Flowers Group or the Swiss Re Group receiving a benefit from the Transaction. The information in this presentation reflects our views as well as prevailing conditions as of the date of this presentation. The information in the presentation is subject to change without notice and FPK assumes no duty to update the information. FPK’s opinions and estimates (including financial statements or forecasts or suggestions of accounting, tax, regulatory or other treatments) constitute FPK’s judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of certain information available from public sources or which was provided to us by or on behalf of the Company. In addition, our analyses are not and do not purport to be appraisals of any of the assets, securities, or businesses of the Company or of any other entity. FPK makes no representations as to the actual value which may be received in connection with any particular transaction, nor the legal, tax and/or accounting effects of consummating such a transaction. Execution of any transaction contemplated in this presentation may involve other affiliates of FPK and may result in perceived or actual self-dealing intended to generate revenue for our firm. Nothing in this presentation should be construed as regulatory, valuation, legal, tax, accounting or investment advice and it does not constitute a recommendation, solicitation, offer or commitment to purchase, sell or underwrite any securities to you, from you, or on your behalf, or to extend any credit or provide any insurance to you or to enter into any transaction. Unless otherwise agreed in writing, we are not acting as your financial adviser or fiduciary. Before you enter into any transaction you should ensure that you fully understand the potential risks and rewards of that transaction and you should consult with such advisers as you deem necessary to assist you in making these determinations including but not limited to your accountants, investment advisors and legal and/or tax experts. Kim Bergoe Banks Analyst Research +44 (0) Fox-Pitt Kelton Cochran Caronia Waller  25 Copthall Avenue  +44 (0) 