Directorate-General for Internal Policies

Directorate A - Economic and Scientific Policy Policy Department A.: Economic and Scientific Policy and Quality of Life Unit

Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership

Briefing Note

IP/A/ECON/NT/2008-10 PE 408.550 Only published in English.

Author: Josina KAMERLING Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L046 -1047 Brussels Tel: +32 (0)2 283 27 86 Fax: +32(0)2 284 69 29 E-mail: [email protected]

Arttu MAKIPAA Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L042 B-1047 Brussels Tel: +32 (0)2 283 26 20 Fax: +32(0)2 284 69 29 E-mail: [email protected]

Manuscript completed in August 2008.

The opinions expressed in this document do not necessarily represent the official position of the European Parliament.

Reproduction and translation for non-commercial purposes are authorised provided the source is acknowledged and the publisher is given prior notice and receives a copy.

Rue Wiertz – B-1047 Bruxelles - 32/2.284.43.74 Fax: 32/2.284.68.05 Palais de l‘Europe – F-67000 Strasbourg - 33/3.88.17.25.56 Fax: 33/3.88.36.92.14 E-mail: [email protected]

IP/A/ECON/NT/2008-10 PE 408.550

Table of Contents

1. The Data on Financial Institutions in EU27 ...... 1 2. Largest Financial Institutions in Europe (Tables 1-5) ...... 2 3. Cross-border banking groups: country analysis...... 4

Tables and Annexes (attached)

Table 1: The largest 100 financial institutions in the EU 27...... 7 Table 2: The largest 120 banking groups in the EU 27...... 9 Table 3: The largest 20 groups in the EU 27...... 12 Table 4: The largest 14 foreign banking groups in the EU 27...... 13 Table 5: The financial institutions with a presence in most member states...... 14 Table 6: Country ranking per total assets and market share/concentration ...... 16 Table 7: Country ranking per foreign ownership...... 17 Table 8: BNP and RBS case studies...... 18 Figure 1: Distribution of biggest 100 cross-border financial institution assets in Member St...19 Figure 2: Distribution of biggest 120 cross-border assets in Member States...... 20 Annex I: Top 10 financial institutions in each EU27 Member State...... 21 Annex II: Footnotes...... 27

IP/A/ECON/NT/2008-10 PE 408.550 1. The Data on Financial Institutions in EU27 The ECON Committee requested information and in-depth analysis of cross-border activity and systemic presence of the top 100 largest financial groups in the EU. In the tables and annexes attached we have assembled both a differentiated presentation of the largest groups within EU 27 (Tables 1-5) as well as more country-specific analysis (Tables 6-8, Annex I). The following comments regarding the data need to be kept in mind: • As to further proceedings in addition to the following, we can always provide the Committee with more in-depth comparisons should this be required. The database is now set-up and contains information on approximately 7600 financial institutions in Europe, all active and insurance groups in EU 27. • Certain aspects of the initial request could not be fulfilled as such. This is due to the fact that the data does not allow for a split of retail and wholesale activity in banking. • We have researched several sources in order to obtain the tables and annexes attached. There are different databases that regroup the information on companies worldwide. There is only one company that regroups the access to these databases and could offer an overview, namely Bureau van Dijk Publishing (www.bvdep.com). This company is used by the ECB and the Commission for their figures. For copyright reasons we had to have direct access to the company. We were provided with access to their Orbis database which regroups all companies worldwide. • We have ranked the groups by total assets, as it would have been distorting to use market capitalisation due to the fact that some groups list part of their activities only. We have ranked the groups by their global ultimate holding wherever possible; there are some exceptions, most notably where the ultimate holding group was very much smaller than the institution itself. • The main criterium in the search was the so called "ultimate owner". The ultimate owner (UO) is an institution which ultimately holds the majority stake in another institution. The UO in our definition is a) an independent entity, b) has at least (direct or indirect) 25% in a subsidiary, c) no other entity has a bigger share. The UO can be domestic and/or global, i.e. an institution can be ultimately owned domestically by one other institution, which then can be owned by another one globally. When this briefing talks of "presence in a member state", it means a "ultimate ownership presence". • In order to avoid double counting we have eliminated banks or insurance companies where their holding is in the list (e.g. Bank is eliminated in favour of Fortis Group). There are exceptional cases where the holding is so much smaller in terms of assets that we have kept all names. • We have taken out of the ranking all central banks but left in state owned banks. • According to our definition, a company is a cross-border institution in the EU when it has an ultimate ownership presence in at least 3 member states. • The figures are for the year 2007, therefore ABN AMRO is not yet consolidated into the Fortis group, although we do show the ultimate owner. • The dataset consolidated all variables in US dollars. In all tables, we have converted the US dollars to euros using the average annual exchange rate for the year 2007 as calculated by the ECB (1,3705 USD/EUR).

IP/A/ECON/NT/2008-10 Page 1 of 27 PE 408.550 2. Largest Financial Institutions in Europe (Tables 1-5) Table 1 shows the largest 100 financial institutions in the EU 27, ranked by their total assets (columns 5 and 6) in 2007. This includes both banking and insurance (column 10 for type of institution). Column 3 shows in how many member states within the EU27 a institution has a presence, including the country of incorporation in the EU (Column 4). Columns 7-9 give information on the global ultimate owner of the institution, in case this is different to the institution itself. A differing global ultimate ownership is mostly the case with non-EU based banks (e.g. US banks), but also with state-owned banks. There are some exceptions, e.g. when the ultimate owner is a holding which is itself not a financial institution (e.g. Deutsche Post AG), or when it is a company smaller than the financial institution itself. ABN Amro, ranked 10, finally, is a further exception. 2007 is the last year when their assets are not consolidated into the assets of Fortis. Column 11 shows whether the global ultimate owner of the institution is based within the EU or outside the EU (Rest of World (RW)). Table 2 follows the same logic as Table 1, however it includes only banking groups, displaying the 120 biggest in EU27. Table 2 thus exclude insurance companies, the 20 largest of which are in Table 3. Table 4 takes the largest banks within Table 2 with an ultimate owner outside the EU, and ranks them. In Table 5, we have ranked the 100 biggest institutions according to the number of member states in which they have a presence in the sense of being ultimate owners of either an own dependency, or ultimate owner of other institutions, in other member states. Apart from the order it is the same list as Table 1. Figures 1 and 2 visualize one further exploration of the database in a pie-chart. We took the list from Table 1 for Figure 1 (100 largest institutions) and Table 2 (120 largest banks) for Figure 2. We then eliminated all companies with a presence in less than 3 member states on the basis of this being a common threshold for the definition of a cross-border institution. This exercise allows us to analyse truly cross-border financial institutions more closely. We further eliminated ultimately foreign (non-EU) owned banks, as it would have been difficult to assign them to one single EU member state only in some cases. Doing this elimination exercise to Table 1 resulted in the figure of 40 groups having a presence in 3 or more Member states (Figure 1).1 Figure 1 contains a chart with the aggregate assets from all member states among the 40 cross-border groups defined above, and assigns them to each member state where their ultimate ownership originates. It has to be kept in mind that this data can only arrive at an approximation of the true situation. From this list it can be carefully established that UK financial groups have the strongest cross border activity with 28% of total assets; close after that come Germany, France and the . In the top 40 groups with a presence of 3 member states or more, banks are dominating with the exception of Group and Fortis and ING as bank-insurance groups. Some groups such as Scandinavian groups limit their cross border activity to their area, others such as Unicredit group in Central and Eastern Europe specialise in certain areas. In terms of total assets, it is not surprising to find the UK, France and Germany as the top 3 countries. These countries alone account for 62% of the total ultimate owner assets among the 40 cross-border groups. The 8 countries with the largest share here, adding Netherlands, Italy, Belgium, Sweden and Spain to the list, account for 96% of the assets.

1 These institutions correspond to the first 44 in the Table 5 (having presence in at least 3 MS), excluding the non-EU owned banks (RW).

IP/A/ECON/NT/2008-10 Page 2 of 27 PE 408.550 Figure 2 does the same exercise for Table 2, the top 120 banks, according to the same criteria (presence in at least 3 member states). The interesting aspect here is that when the list of banks is expanded by about 40 more banks2, the percentages largely do not change. Further small countries are added to the list (Portugal, , Finland), showing that cross-border groups in the strict sense of the "3 member state presence" criteria are not restricted to the countries in Figure 1. However, the total composition in terms of assets origination does not really change. Further countries add to the list at the order of magnitude of about 1% at best, seen from the aggregate EU perspective.

2 This list corresponds to Table 1, excluding insurance companies, adding about 45 bank until 120 in total.

IP/A/ECON/NT/2008-10 Page 3 of 27 PE 408.550 3. Cross-border banking groups: country analysis This part analyses each member state. We look at the domination of the top 10 financial institutions in each country (See Annex 1 I for the complete list) and calculate the market share of these 10 biggest in each country. We also analyse the share ownership originating abroad outside the respective country, first that of abroad but within the EU, and secondly non-EU institutions (rest of the world) in the top 10. In order to avoid double counting we have eliminated banks or insurance companies where their holding is in the list. There are exceptional cases where the holding is so much smaller in terms of assets that we have kept all names. Table 6 ranks all member states from among all 7600 financial institutions according to the total assets in that country (column 1), their market share in EU27 total assets (column 2). It is not surprising that this ranking is very much along the lines of Figures 1 and 2 above. Columns 3 and 4 in Table 6 take the top 10 banks in each country, and look at the national market share of these 10 biggest institutions (column 3) and the number of institutions in the country (column 4). It is certainly little surprising that in smaller countries with less banks the top 10 banks have a larger market share. If we analyse the market share of the top 10 financial institutions per country (column 3) we see Central and Eastern European Member States as well as the Baltic area in the top. Thus, in Estonia the top 10 groups have the highest market share i.e. 92%. Cross referencing this to the number of institutions present in the country, Estonia comes at the bottom of the list in column 4 with only 19 groups, whereas Germany heads the list. Further analysis could correct for the size of the country in order to find a more reliable measure of market concentrations. This was not possible in this time-frame. Table 7 shows a ranking of the countries based on foreign ownership (according to the definition of ultimate ownership above) among the top 10 institutions in each country (columns 1 and 2) as well as total non-EU ownership in all countries among all 7600 banks (column 3). Column 1 proves that foreign ownership from with the EU is most strong in New Member States, which is hardly surprising. Exceptions include Estonia, Cyprus and Slovenia (ranks 16-18). Ireland and the UK head the list of non-EU foreign ownership (columns 2 and 3), driven largely by US based banks. However, also some Eastern European New Member States are relatively up in the ranks. The detailed tables for each country in Annex I reveal the reasons for individual countries. Column 3, being taken from the entire dataset, includes all 7600 institutions and is therefore a more complete picture of non-EU foreign ownership than column 2, where only the 10 biggest in each country are analyzed. The percentages are slightly different, but what is interesting is that the rough ranking of countries or country blocks stays largely the same, e.g. the same countries being in the top 6 in both lists. Conducting an analysis such as in column 3 of Table 7 involves a great deal of manual work and is therefore time consuming. Further analyses, such as similar figures for foreign but within-EU ownership can be conducted on demand. In order to show the relativity of our figures we have taken two examples of extreme cases; in Table 8 we have done a comparison of RBS the largest group in terms of assets but which only has limited cross border penetration (3 countries) compared to BNP Paribas which is smaller in terms of assets but is present in 15 EU Member States.

IP/A/ECON/NT/2008-10 Page 4 of 27 PE 408.550 These two examples are displayed also to show the complexity of the underlying dataset. The dependencies and subsidiaries are ordered in order of assets. Finally, Annex I is a listing of the top 10 financial institutions in each member state, ranked again by assets. Column 5 lists the market share of the institutions in the country, and the bold figure at the bottom of each list lists the total market share of the biggest 10, the figure used in Table 6 also. Columns 6 and 7 contain an "x" in case the ultimate ownership of the institution is foreign but within the EU (column 6) or non-EU (column 7). The name and country of the ultimate owner is given in columns 8 and 9. Brief country synopsis in support of the list in Annex I: • Austria: The market share for the top 10 is 59%, of which 25% is within EU groups; the top group, Bank Austria Creditanstalt, is owned by Unicredit group. • Belgium: The top 10 groups represent 58% of the total market; out of these 58% the Belgian groups Fortis (although Fortis is also seen as a mixed Belgo-Dutch group) and Dexia double the share of the other groups with 23% and 16% respectively showing low penetration of foreign groups. The share of EU groups in the top 10 is only 10%. • : The top 10 groups in Bulgaria have 62% of the market, and out of that 90% is represented by EU groups. Unicredit group, DSK and Raiffeisen are the top 3. • Cyprus: The top 10 groups in Cyprus represent 88% of the market out of which 16% is owned by EU groups (mostly Greek groups). • Czech Republic: The top 10 have 68% of the market share, of which the EU groups represent 88% (from Belgian, Austrian, French groups). Citigroup has 5% share in the top 10 ranking. • Germany: Germany's top 10 have 42% of the market share, with Deutsche Bank having 13.3% and Allianz 6.9%, as the two largest. EU share of the top 10 is 7 % (owned by one bank Bayerische Hypo und Vereinsbank which is ultimately owned by Unicredit) • Denmark: In Denmark the top 10 also represent 68% however the percentage of EU interests is only 10% with Nordea group from Sweden. • Estonia: Estonia's market share for the top 10 is 92% but of that figure 95% is in EU based ultimate ownership (mostly Scandinavian groups). • Spain: The Spanish market has no EU or non-EU ownership in the top 10 groups; who have 60% of the total market. • Finland: The top 10 groups in Finland represent 84%, of that 49% is in EU hands. The most dominant EU group is Nordea Bank with 33.4% of the total market (however this group was more a merger between Finnish and Swedish banking groups, and so is seen as a local player). • France: The top 10 groups have a market share of 48%, of which 5% is with an EU group, Dexia of Belgium. The 3 largest groups are French and jointly have 27%. • Greece: The top 10 groups in Greece have 87% market share of which 3 banking groups are subsidiaries of French groups. The top group, the National Bank of Greece has a market share of 22.6%.

IP/A/ECON/NT/2008-10 Page 5 of 27 PE 408.550 • Hungary: The top 10 groups have 70% of the market share with 51% of that owned by EU banks, and 6% by non-EU groups. The top bank OTP bank has 26.8% market share. • Ireland: Ireland as a centre for has a higher share of non-EU ultimate ownership in the top 10. The top 10 have a market share of 68 %, of which 29% is in EU and 19% in non-EU hands. • Italy: The top 10 in Italy have 52% of the market, of which 5 % is with EU groups. Unicredit Group Italy is the number 1 with 18.9% market share; • Lithuania: The top 10 have 83% of the market of which 62% is owned by EU groups, and 15% by non-EU groups. The two top groups are both Swedish owned (Hansabankas and SEB Bankas) subsidiaries with almost 50% between them. • Luxembourg: The top 10 groups in Luxembourg have 49% of the market of which 64% is in EU ownership and none in non-EU. • Latvia: The top 10 groups have 88% of total assets out of which 50% is in EU control. DNB, a Norwegian group, has 10 % of the top 10 market share. • Malta: the top 10 groups have 83% of the market share, of which 55% is in EU hands and 12% in non-EU hands. The top group is Maltese; with 22.7% market share, HSBC is number two with 20.2% market share. • The Netherlands: The top 10 groups have 64% of the market; with 31% in EU ownership (in this case the Fortis Group of Belgium, who due to taking control of ABN Amro has now 20% market share in the Netherlands.) • Poland: The top 10 groups have 61%, of which 61% is in EU ownership and 7% non- EU. Unicredit group with its Polish subsidiary comes out as number 1. • Portugal: The top 10 in Portugal have a market share of 73%, out of which 40% is in EU hands (predominantly Spanish groups). • : The top 10 groups have 64% of market share, of which 87% is owned by EU groups (Austrian, French, Italian and Greek groups). Banca Commerciale Romana is a dominant market player, with 24.9% of the market, owned by Erste Bank der Oesterreichischen Sparkassen (AT). • Sweden: The top 10 groups have 72% of the market, and out of this share there is only 1 EU owned group, Skandia (with 5% of the total) which although formerly Swedish is now owned by Old Mutual, a UK insurance group. • Slovenia: The top 10 groups have 76% market share, out of which 15% is EU owned, which is an unusually low share in comparison to other New Member States. • : The top 10 in Slovakia have a market share of 64%, out of which 94% is EU owned (mostly by Austrian, Italian and Belgian groups). • United Kingdom: The top 10 groups in the U.K. have 46% market share, with no EU group in the top 10, and 15% of non-EU groups. The largest group is Royal (which paradoxically only has 3 cross border branches).

IP/A/ECON/NT/2008-10 Page 6 of 27 PE 408.550 Table 1 - Top 100 Financial Groups in the EU 27 (Banking and Insurance Groups) 1 2 3 4 5 6 7 8 9 10 11

Global Ultimate Country of Total Assets Total Assets Global UO - EU or RW Number of MS Owner - Company name incorporation Millions USD Euro Millions Global Ultimate Owner - Name Total Assets Type of Group (Rest of where presence Country ISO in the EU 2007 2007 (Millions USD) World) code

1 GROUP PLC (THE) 3 UK $3 807,5 2 778,2 € BANK EU 2 DEUTSCHE BANK AG 10 Germany $2 974,2 2 170,1 € BANK EU 3 BNP PARIBAS 15 France $2 494,4 1 820,1 € BANK EU 4 PLC 4 UK $2 458,9 1 794,2 € BANK EU 5 HSBC HOLDINGS PLC 6 UK $2 354,3 1 717,8 € BANK EU 6 CRÉDIT AGRICOLE 2 France $2 268,3 1 655,1 € BANK EU 7 ING GROEP NV 8 Netherlands $1 932,1 1 409,8 € BANK EU 8 SOCIÉTÉ GÉNÉRALE 15 France $1 577,7 1 151,2 € BANK EU 9 ALLIANZ SE 17 Germany $1 539,6 1 123,4 € INSURANCE EU 10 ABN AMRO HOLDING NV 5 Netherlands $1 509,2 1 101,2 € FORTIS BE $1 282,5 BANK EU 11 UNICREDIT SPA 14 Italy $1 504,1 1 097,5 € BANK EU 12 SA 7 Spain $1 343,9 980,6 € BANK EU 13 HBOS PLC 4 UK $1 336,2 974,9 € BANK EU 14 FORTIS 12 Belgium $1 282,5 935,8 € BANK EU 15 AXA 14 France $1 047,6 764,4 € INSURANCE EU 16 GOLDMAN SACHS INTERNATIONAL 1 UK $943,8 688,7 € GOLDMAN SACHS GROUP, INC US $1 119,8 BANK RW 17 COMMERZBANK AG 6 Germany $907,5 662,2 € BANK EU 18 DEXIA 11 Belgium $890,0 649,4 € BANK EU 19 GROUPE CAISSE D'EPARGNE 2 France $885,4 646,0 € BANK EU 20 INTESA SANPAOLO 10 Italy $843,4 615,4 € BANK EU 21 NEDERLAND 3 Netherlands $839,8 612,8 € BANK EU 22 NATIXIS 6 France $765,5 558,6 € BANK EU 23 BANCO BILBAO VIZCAYA ARGENTARIA SA 2 Spain $739,3 539,4 € BANK EU 24 LLOYDS TSB GROUP PLC 1 UK $707,9 516,5 € BANK EU 25 MORGAN STANLEY & CO. INTERNATIONAL PLC 3 UK $660,1 481,6 € MORGAN STANLEY US $1 045,4 BANK RW 26 DANSKE BANK A/S 6 Denmark $660,0 481,6 € BANK EU 27 LANDESBANK BADEN-WUERTTEMBERG 1 Germany $652,8 476,3 € BANK EU 28 DZ BANK AG 6 Germany $635,0 463,3 € BANK EU 29 PLC 12 UK $624,3 455,5 € INSURANCE EU 30 BAYERISCHE LANDESBANK 1 Germany $611,9 446,5 € BAYERISCHES STAATSMINISTERIUM DER FINANZENDE BANK EU 31 CREDIT MUTUEL CENTRE EST EUROPE 2 France $608,1 443,7 € BANK EU 32 HYPO REAL ESTATE HOLDING AG 5 Germany $589,1 429,8 € BANK EU 33 NORDEA BANK AB (PUBL) 5 Sweden $572,7 417,9 € BANK EU 34 LEGAL & GENERAL GROUP PLC 2 UK $560,5 408,9 € INSURANCE EU 35 GENERALI ASSICURAZIONI SPA 14 Italy $555,1 405,0 € INSURANCE EU 36 KBC GROEP NV/ KBC GROUPE SA 12 Belgium $523,5 382,0 € BANK EU 37 KFW BANKENGRUPPE 1 Germany $521,1 380,2 € STATE OF GERMANY DE BANK EU 38 GROUPE BANQUES POPULAIRES 1 France $513,6 374,8 € BANK EU 39 CREDIT SUISSE INTERNATIONAL 1 UK $491,8 358,9 € CREDIT SUISSE GROUP CH $1 209,0 BANK EU 40 UBS LIMITED 8 UK $465,2 339,4 € UBS AG CH $2 019,2 BANK RW 41 AEGON NV 5 Netherlands $456,1 332,8 € INSURANCE EU 42 LEHMAN BROTHERS INTERNATIONAL (EUROPE) 4 UK $452,0 329,8 € LEHMAN BROTHERS HOLDINGS INC. US $691,1 BANK RW 43 LCH CLEARNET GROUP LIMITED 2 UK $435,0 317,4 € BANK EU 44 WESTLB AG 1 Germany $421,8 307,8 € BANK EU 45 STICHTING PENSIOENFONDS ABP 1 Netherlands $401,2 292,7 € INSURANCE EU 46 CNP ASSURANCES 4 France $398,3 290,6 € INSURANCE EU 47 MERRILL LYNCH EUROPE PLC 2 UK $374,3 273,1 € BANK RW 48 CRÉDIT INDUSTRIEL ET COMMERCIAL - CIC 1 France $369,4 269,5 € BANK EU 49 CAJA DE AHORROS Y PENSIONES DE BARCELONA, LA CAIXA 2 Spain $365,8 266,9 € BANK EU 50 SKANDINAVISKA ENSKILDA BANKEN AB 7 Sweden $365,5 266,7 € BANK EU

IP/A/ECON/NT/2008-10 Page 7 of 27 PE 408.550 51 NATIONWIDE BUILDING SOCIETY 1 UK $358,1 261,3 € BANK EU 52 CREDIT SUISSE SECURITIES (EUROPE) LTD 1 UK $331,2 241,7 € CREDIT SUISSE GROUP CH $1 209,0 BANK RW 53 PLC 2 UK $329,2 240,2 € BANK EU 54 CAISSE DES DÉPÔTS ET CONSIGNATIONS 1 France $325,6 237,6 € BANK EU 55 SPARKASSEN-FINANZGRUPPE HESSEN-THURINGEN 1 Germany $325,1 237,2 € BANK EU 56 2 Ireland $312,2 227,8 € BANK EU 57 MUNICH RE GROUP 17 Germany $307,1 224,1 € INSURANCE EU 58 CITIGROUP GLOBAL MARKETS EUROPE LIMITED 1 UK $306,2 223,4 € BANK RW 59 BANQUE FÉDÉRALE DES BANQUES POPULAIRES 1 France $300,2 219,1 € BANK EU 60 DEUTSCHE POSTBANK AG 1 Germany $298,8 218,0 € DEUTSCHE POST AG DE $346,6 BANK EU 61 NORDDEUTSCHE LANDESBANK GIROZENTRALE NORD/LB 1 Germany $296,7 216,5 € STATE OF LOWER SAXONY DE BANK EU 62 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 7 Austria $295,2 215,4 € BANK EU 63 SVENSKA 3 Sweden $289,9 211,5 € BANK EU 64 CASSA DEPOSITI E PRESTITI 1 Italy $288,7 210,6 € STATE OF ITALIA IT BANK EU 65 STANDARD LIFE PLC 1 UK $287,5 209,8 € INSURANCE EU 66 OLD MUTUAL PLC 5 UK $283,2 206,6 € INSURANCE EU 67 PLC 3 Ireland $261,8 191,0 € BANK EU 68 LANDESBANK HESSEN-THUERINGEN GIROZENTRALE - HELABA 2 Germany $255,8 186,7 € SPARKASSEN- UND GIROVERBAND HESSEN-TH. DE BANK EU 69 MERRILL LYNCH INTERNATIONAL BANK LIMITED 1 Ireland $252,8 184,5 € MERRILL LYNCH & CO., INC. US $1 020,1 BANK RW 70 SWEDBANK AB 5 Sweden $250,7 182,9 € BANK EU 71 HSH NORDBANK AG 1 Germany $246,6 180,0 € FREIE UND HANSESTADT HAMBURG DE BANK EU 72 PREDICA 1 France $240,2 175,3 € CRÉDIT AGRICOLE S.A. FR $2 081,9 INSURANCE EU 73 BANCA MONTE DEI PASCHI DI SIENA SPA 4 Italy $238,5 174,0 € BANK EU 74 J.P. MORGAN CAPITAL HOLDINGS LIMITED 1 UK $236,6 172,7 € BANK RW 75 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID 1 Spain $233,9 170,6 € BANK EU 76 PLC 1 UK $219,0 159,8 € MOURANT AND CO TRUSTEES LIMITED GB BANK EU 77 NRW.BANK 1 Germany $218,6 159,5 € LAND NORDRHEIN-WESTFALEN DE BANK EU 78 NYKREDIT REALKREDIT A/S 1 Denmark $211,8 154,6 € FORENINGEN NYKREDIT DK $169,1 BANK EU 79 LANDESBANK BERLIN HOLDING AG 3 Germany $209,3 152,7 € BANK EU 80 LANDESBANK BERLIN AG 1 Germany $207,5 151,4 € LANDESBANK BERLIN HOLDING AG DE $209,3 BANK EU 81 RAIFFEISEN ZENTRALBANK OESTERREICH AG - RZB 3 Austria $202,3 147,6 € BANK EU 82 BANCO POPOLARE 4 Italy $189,0 137,9 € BANK EU 83 UNIONE DI BANCHE ITALIANE SCPA - PROFORMA 1 Italy $178,8 130,5 € BANK EU 84 ICAP PLC 1 UK $166,4 121,4 € BANK EU 85 ALLIANCE & LEICESTER PLC 1 UK $158,2 115,4 € BANK EU 86 BANCO POPULAR ESPANOL SA 2 Spain $157,8 115,1 € BANK EU 87 DEKABANK DEUTSCHE GIROZENTRALE 2 Germany $156,8 114,4 € DEUTSCHER SPARKASSEN DE BANK EU 88 RAIFFEISEN LANDESBANKEN HOLDING GMBH 1 Austria $152,4 111,2 € RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN AT $31,7 BANK EU 89 CAIXA GERAL DE DEPOSITOS 1 Portugal $152,4 111,2 € STATE OF PORTUGAL PT BANK EU 90 SNS REAAL NV 2 Netherlands $151,7 110,7 € BANK EU 91 CAJA DE AHORROS DE VALENCIA CASTELLON Y ALICANTE 1 Spain $146,6 107,0 € BANK EU 92 LA BANQUE POSTALE (PROFORMA) 1 France $146,3 106,7 € STATE OF FRANCE FR BANK EU 93 B.V. 1 Netherlands $146,2 106,7 € STICHTING ADMINISTRATIE-KANTOOR NL INSURANCE EU 94 GROUPAMA 1 France $137,6 100,4 € INSURANCE EU 95 ANGLO IRISH BANK CORPORATION PLC 1 Ireland $137,0 100,0 € BANK EU 96 BANK NEDERLANDSE GEMEENTEN NV, BNG 1 Netherlands $136,3 99,5 € NED. GEMEENTEN EN PROVINCIES EN HOOGHEEMR.NL BANK EU 97 BANCA NAZIONALE DEL LAVORO SPA 1 Italy $134,3 98,0 € BANK EU 98 NOMURA EUROPE HOLDINGS PLC 4 UK $132,3 96,5 € BANK RW 99 LANDWIRTSCHAFTLICHE RENTENBANK 1 Germany $130,5 95,3 € BANK EU 100 WGZ-BANK AG WESTDEUTSCHE GENOSSENSCHAFTS-ZB 3 Germany $130,5 95,2 € WGZ BETEILIGUNGS GMBH & CO. KG DE $3,3 BANK EU

Source: Bureau van Dijk Publishing - Orbis Database - July 2008, and own calculations

IP/A/ECON/NT/2008-10 Page 8 of 27 PE 408.550 Table 2 - Top 120 Banking Groups in the EU 27 1 2 3 4 5 6 7 8 9 Global Country of Total Assets Total Assets Ultimate Global UO - EU or RW (Rest Company name incorporation Millions USD Euro Millions Global Ultimate Owner - Name Owner - Total Assets of World in the EU 2007 2007 Country (Millions USD) ISO code 1 ROYAL BANK OF SCOTLAND GROUP PLC (THE) UK $3 807,5 2 778,2 € EU 2 DEUTSCHE BANK AG Germany $2 974,2 2 170,1 € EU 3 BNP PARIBAS France $2 494,4 1 820,1 € EU 4 BARCLAYS PLC UK $2 458,9 1 794,2 € EU 5 HSBC HOLDINGS PLC UK $2 354,3 1 717,8 € EU 6 CRÉDIT AGRICOLE France $2 268,3 1 655,1 € EU 7 ING GROEP NV Netherlands $1 932,1 1 409,8 € EU 8 SOCIÉTÉ GÉNÉRALE France $1 577,7 1 151,2 € EU 9 ABN AMRO HOLDING NV Netherlands $1 509,2 1 101,2 € FORTIS BE $1 282,5 EU 10 UNICREDIT SPA Italy $1 504,1 1 097,5 € EU 11 BANCO SANTANDER SA Spain $1 343,9 980,6 € EU 12 HBOS PLC UK $1 336,2 974,9 € EU 13 FORTIS Belgium $1 282,5 935,8 € EU 14 GOLDMAN SACHS INTERNATIONAL UK $943,8 688,7 € GOLDMAN SACHS GROUP, INC US $1 119,8 RW 15 COMMERZBANK AG Germany $907,5 662,2 € EU 16 DEXIA Belgium $890,0 649,4 € EU 17 GROUPE CAISSE D'EPARGNE France $885,4 646,0 € EU 18 INTESA SANPAOLO Italy $843,4 615,4 € EU 19 RABOBANK NEDERLAND Netherlands $839,8 612,8 € EU 20 NATIXIS France $765,5 558,6 € EU 21 BANCO BILBAO VIZCAYA ARGENTARIA SA Spain $739,3 539,4 € EU 22 LLOYDS TSB GROUP PLC UK $707,9 516,5 € EU 23 MORGAN STANLEY & CO. INTERNATIONAL PLC UK $660,1 481,6 € MORGAN STANLEY US $1 045,4 RW 24 DANSKE BANK A/S Denmark $660,0 481,6 € EU 25 LANDESBANK BADEN-WUERTTEMBERG Germany $652,8 476,3 € EU 26 DZ BANK AG Germany $635,0 463,3 € EU 27 BAYERISCHE LANDESBANK Germany $611,9 446,5 € BAYERISCHES STAATSMINISTERIUM DER FINANZENDE EU 28 CREDIT MUTUEL CENTRE EST EUROPE France $608,1 443,7 € EU 29 HYPO REAL ESTATE HOLDING AG Germany $589,1 429,8 € EU 30 NORDEA BANK AB (PUBL) Sweden $572,7 417,9 € EU 31 KBC GROEP NV/ KBC GROUPE SA Belgium $523,5 382,0 € EU 32 KFW BANKENGRUPPE Germany $521,1 380,2 € STATE OF GERMANY DE EU 33 GROUPE BANQUES POPULAIRES France $513,6 374,8 € EU 34 CREDIT SUISSE INTERNATIONAL UK $491,8 358,9 € CREDIT SUISSE GROUP CH $1 209,0 EU 35 UBS LIMITED UK $465,2 339,4 € UBS AG CH $2 019,2 RW 36 LEHMAN BROTHERS INTERNATIONAL (EUROPE) UK $452,0 329,8 € LEHMAN BROTHERS HOLDINGS INC. US $691,1 RW 37 LCH CLEARNET GROUP LIMITED UK $435,0 317,4 € EU 38 WESTLB AG Germany $421,8 307,8 € EU 39 MERRILL LYNCH EUROPE PLC UK $374,3 273,1 € RW

IP/A/ECON/NT/2008-10 Page 9 of 27 PE 408.550 40 CRÉDIT INDUSTRIEL ET COMMERCIAL - CIC France $369,4 269,5 € EU 41 CAJA DE AHORROS Y PENSIONES DE BARCELONA, LA CAIXA Spain $365,8 266,9 € EU 42 SKANDINAVISKA ENSKILDA BANKEN AB Sweden $365,5 266,7 € EU 43 NATIONWIDE BUILDING SOCIETY UK $358,1 261,3 € EU 44 CREDIT SUISSE SECURITIES (EUROPE) LTD UK $331,2 241,7 € CREDIT SUISSE GROUP CH $1 209,0 RW 45 STANDARD CHARTERED PLC UK $329,2 240,2 € EU 46 CAISSE DES DÉPÔTS ET CONSIGNATIONS France $325,6 237,6 € EU 47 SPARKASSEN-FINANZGRUPPE HESSEN-THURINGEN Germany $325,1 237,2 € EU 48 BANK OF IRELAND Ireland $312,2 227,8 € EU 49 CITIGROUP GLOBAL MARKETS EUROPE LIMITED UK $306,2 223,4 € RW 50 BANQUE FÉDÉRALE DES BANQUES POPULAIRES France $300,2 219,1 € EU 51 DEUTSCHE POSTBANK AG Germany $298,8 218,0 € DEUTSCHE POST AG DE $346,6 EU 52 NORDDEUTSCHE LANDESBANK GIROZENTRALE NORD/LB Germany $296,7 216,5 € STATE OF LOWER SAXONY DE EU 53 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG Austria $295,2 215,4 € EU 54 SVENSKA HANDELSBANKEN Sweden $289,9 211,5 € EU 55 CASSA DEPOSITI E PRESTITI Italy $288,7 210,6 € STATE OF ITALIA IT EU 56 ALLIED IRISH BANKS PLC Ireland $261,8 191,0 € EU 57 LANDESBANK HESSEN-THUERINGEN GIROZENTRALE - HELABA Germany $255,8 186,7 € SPARKASSEN- UND GIROVERBAND HESSEN-THUERINGENDE EU 58 MERRILL LYNCH INTERNATIONAL BANK LIMITED Ireland $252,8 184,5 € MERRILL LYNCH & CO., INC. US $1 020,1 RW 59 SWEDBANK AB Sweden $250,7 182,9 € EU 60 HSH NORDBANK AG Germany $246,6 180,0 € FREIE UND HANSESTADT HAMBURG DE EU 61 BANCA MONTE DEI PASCHI DI SIENA SPA Italy $238,5 174,0 € EU 62 J.P. MORGAN CAPITAL HOLDINGS LIMITED UK $236,6 172,7 € RW 63 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID Spain $233,9 170,6 € EU 64 NORTHERN ROCK PLC UK $219,0 159,8 € MOURANT AND CO TRUSTEES LIMITED GB EU 65 NRW.BANK Germany $218,6 159,5 € LAND NORDRHEIN-WESTFALEN DE EU 66 NYKREDIT REALKREDIT A/S Denmark $211,8 154,6 € FORENINGEN NYKREDIT DK $169,1 EU 67 LANDESBANK BERLIN HOLDING AG Germany $209,3 152,7 € EU 68 LANDESBANK BERLIN AG Germany $207,5 151,4 € LANDESBANK BERLIN HOLDING AG DE $209,3 EU 69 RAIFFEISEN ZENTRALBANK OESTERREICH AG - RZB Austria $202,3 147,6 € EU 70 BANCO POPOLARE Italy $189,0 137,9 € EU 71 UNIONE DI BANCHE ITALIANE SCPA - PROFORMA Italy $178,8 130,5 € EU 72 ICAP PLC UK $166,4 121,4 € EU 73 ALLIANCE & LEICESTER PLC UK $158,2 115,4 € EU 74 BANCO POPULAR ESPANOL SA Spain $157,8 115,1 € EU 75 DEKABANK DEUTSCHE GIROZENTRALE Germany $156,8 114,4 € DEUTSCHER SPARKASSEN DE EU 76 RAIFFEISEN LANDESBANKEN HOLDING GMBH Austria $152,4 111,2 € RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIENAT REG.GEN.MBH $31,7 EU 77 CAIXA GERAL DE DEPOSITOS Portugal $152,4 111,2 € STATE OF PORTUGAL PT EU 78 SNS REAAL NV Netherlands $151,7 110,7 € EU 79 CAJA DE AHORROS DE VALENCIA CASTELLON Y ALICANTE BANCAJASpain $146,6 107,0 € EU 80 LA BANQUE POSTALE (PROFORMA) France $146,3 106,7 € STATE OF FRANCE FR EU 81 ANGLO IRISH BANK CORPORATION PLC Ireland $137,0 100,0 € EU 82 BANK NEDERLANDSE GEMEENTEN NV, BNG Netherlands $136,3 99,5 € NED. GEMEENTEN EN PROVINCIES EN HOOGHEEMRAADSCHAPNL EU 83 BANCA NAZIONALE DEL LAVORO SPA Italy $134,3 98,0 € EU 84 NOMURA EUROPE HOLDINGS PLC UK $132,3 96,5 € RW 85 LANDWIRTSCHAFTLICHE RENTENBANK Germany $130,5 95,3 € EU 86 WGZ-BANK AG WESTDEUTSCHE GENOSSENSCHAFTS-ZENTRALBANKGermany $130,5 95,2 € WGZ BETEILIGUNGS GMBH & CO. KG DE $3,3 EU 87 BANCO COMERCIAL PORTUGUÊS, SA Portugal $129,8 94,7 € EU 88 IRISH LIFE & PERMANENT PLC Ireland $117,9 86,0 € EU 89 OESTERREICHISCHE VOLKSBANKEN AG Austria $115,8 84,5 € EU 90 LRP LANDESBANK RHEINLAND-PFALZ Germany $114,7 83,7 € EU

IP/A/ECON/NT/2008-10 Page 10 of 27 PE 408.550 91 UBS DEUTSCHLAND AG Germany $113,7 83,0 € UBS AG CH $2 019,2 RW 92 BANCO DE SABADELL SA Spain $113,0 82,5 € EU 93 SACHSEN-FINANZGRUPPE Germany $112,2 81,8 € EU 94 CAJA DE AHORROS DEL MEDITERRANEO CAM Spain $107,3 78,3 € EU 95 RAIFFEISEN INTERNATIONAL BANK-HOLDING AG Austria $107,1 78,1 € EU 96 BRADFORD & BINGLEY PLC UK $104,1 76,0 € EU 97 EFG EUROBANK ERGASIAS SA Greece $100,7 73,5 € EU 98 BANCO ESPIRITO SANTO SA Portugal $100,6 73,4 € ESPIRITO SANTO FINANCIAL GROUP S.A. LU $81,5 EU 99 CAJA DE AHORROS DE CATALUÑA Spain $100,4 73,3 € EU 100 WÜSTENROT & WÜRTTEMBERGISCHE Germany $100,3 73,2 € EU 101 CAISSE INTERFÉDÉRALE DE CRÉDIT MUTUEL France $100,3 73,2 € EU 102 OP-POHJOLA GROUP Finland $96,7 70,6 € EU 103 MITSUBISHI UFJ SECURITIES INTERNATIONAL PLC UK $95,1 69,4 € MITSUBISHI UFJ FINANCIAL GROUP INC JP $1 824,4 RW 104 VOLKSBANKEN HOLDING REGGENMBH Austria $89,0 64,9 € EU 105 ARBEJDSMARKEDETS TILLAEGSPENSION Denmark $87,6 63,9 € EU 106 IKB DEUTSCHE INDUSTRIEBANK AG Germany $84,6 61,7 € EU 107 ALPHA BANK AE Greece $80,5 58,7 € EU 108 MEDIOBANCA SPA Italy $78,1 57,0 € EU 109 VOLKSWAGEN FINANCIAL SERVICES AG Germany $77,0 56,2 € PORSCHE AUTOMOBIL HOLDING SE DE $32,0 EU 110 BEAR, STEARNS INTERNATIONAL LIMITED UK $75,3 54,9 € JP MORGAN CHASE & CO. US $1 562,1 RW 111 BRITANNIA BUILDING SOCIETY UK $73,8 53,8 € EU 112 BANKINTER SA Spain $73,1 53,3 € EU 113 PLC UK $72,2 52,7 € NATIONAL AUSTRALIA BANK AU $498,4 RW 114 BANCA POPOLARE DELL'EMILIA ROMAGNA Italy $71,5 52,1 € EU 115 CAJA DE AHORROS DE GALICIA - CAIXA GALICIA Spain $70,3 51,3 € EU 116 PIRAEUS BANK SA Greece $68,3 49,9 € EU 117 BANK FÜR ARBEIT UND WIRTSCHAFT UND ÖSTERREICHISCHE PSK AGAustria $66,0 48,2 € EU 118 VERBAND DER SPARDA-BANKEN E.V. Germany $65,9 48,1 € EU 119 BANCA POPOLARE DI MILANO SCARL Italy $64,2 46,9 € EU 120 CAJA DE AHORROS Y MONTE DE PIEDAD DE ZARAGOZA, ARAGON Y RIOJASpain - IBERCAJA $63,3 46,2 € EU

Source: Bureau van Dijk Publishing - Orbis Database - July 2008

IP/A/ECON/NT/2008-10 Page 11 of 27 PE 408.550 Table 3 - Top 20 Insurance Groups in the EU 27 1 2 3 4 5 6 7 8 9 Global Global UO - Total Country of Total Assets Ultimate Total EU or RW Assets Global Ultimate Owner - Company name incorporation in Euro Millions Owner - Assets (Rest of Millions Name the EU 2007 Country (Millions World USD 2007 ISO code USD) 1 ALLIANZ SE Germany $1 539,6 1 123,4 € EU 2 AXA France $1 047,6 764,4 € EU 3 AVIVA PLC United Kingdom $624,3 455,5 € EU 4 LEGAL & GENERAL GROUP PLC United Kingdom $560,5 408,9 € EU 5 GENERALI ASSICURAZIONI SPA Italy $555,1 405,0 € EU 6 AEGON NV Netherlands $456,1 332,8 € EU 7 STICHTING PENSIOENFONDS ABP Netherlands $401,2 292,7 € EU 8 CNP ASSURANCES France $398,3 290,6 € EU 9 MUNICH RE GROUP Germany $307,1 224,1 € EU 10 STANDARD LIFE PLC United Kingdom $287,5 209,8 € EU 11 OLD MUTUAL PLC United Kingdom $283,2 206,6 € EU 12 PREDICA France $240,2 175,3 € CRÉDIT AGRICOLE S.A. FR $2 081,9 EU 13 EUREKO B.V. Netherlands $146,2 106,7 € STICHTING ADMINISTRATIE- NL KANTOOR ACHMEA EU 14 GROUPAMA France $137,6 100,4 € EU 15 BNP PARIBAS ASSURANCE France $124,7 91,0 € EU 16 FRIENDS PROVIDENT PLC United Kingdom $116,6 85,1 € EU 17 PEARL GROUP HOLDINGS (NO 1) LIMITED United Kingdom $116,2 84,8 € IMPALA HOLDINGS LIMITED GB EU 18 HDI HAFTPFLICHTVERBAND DER DEUTSCHEN INDUSTRIE VAG Germany $112,6 82,2 € EU 19 PENSIONDANMARK HOLDING AS Denmark $109,6 80,0 € EU 20 ALECTA PENSIONSFORSAKRING OMSESIDIGT Sweden $69,1 50,4 € EU

Source: Bureau van Dijk Publishing - Orbis Database - July 2008

IP/A/ECON/NT/2008-10 Page 12 of 27 PE 408.550 Table 4 - Top 14 Foreign Banking Groups within the EU 27 (within the list in Table 2) 1 2 3 4 5 6 7 8 9 Total Total Global Global UO - Country of Assets Assets Ultimate Total EU or RW Company name incorporation in Millions Euro Global Ultimate Owner - Name Owner - Assets (Rest of the EU USD Millions Country (Millions World 2007 2007 ISO code USD) 1 GOLDMAN SACHS INTERNATIONAL United Kingdom $943,8 688,7 € GOLDMAN SACHS GROUP, INC US $1 119,8 RW 2 MORGAN STANLEY & CO. INTERNATIONAL PLC United Kingdom $660,1 481,6 € MORGAN STANLEY US $1 045,4 RW 3 UBS LIMITED United Kingdom $465,2 339,4 € UBS AG CH $2 019,2 RW 4 LEHMAN BROTHERS INTERNATIONAL (EUROPE) United Kingdom $452,0 329,8 € LEHMAN BROTHERS HOLDINGS INC. US $691,1 RW 5 MERRILL LYNCH EUROPE PLC United Kingdom $374,3 273,1 € US RW 6 CREDIT SUISSE SECURITIES (EUROPE) LTD United Kingdom $331,2 241,7 € CREDIT SUISSE GROUP CH $1 209,0 RW 7 CITIGROUP GLOBAL MARKETS EUROPE LIMITED United Kingdom $306,2 223,4 € US RW 8 MERRILL LYNCH INTERNATIONAL BANK LIMITED Ireland $252,8 184,5 € MERRILL LYNCH & CO., INC. US $1 020,1 RW 9 J.P. MORGAN CAPITAL HOLDINGS LIMITED United Kingdom $236,6 172,7 € US RW 10 NOMURA EUROPE HOLDINGS PLC United Kingdom $132,3 96,5 € JP RW 11 UBS DEUTSCHLAND AG Germany $113,7 83,0 € UBS AG CH $2 019,2 RW 12 MITSUBISHI UFJ SECURITIES INTERNATIONAL PLCUnited Kingdom $95,1 69,4 € MITSUBISHI UFJ FINANCIAL GROUP INCJP $1 824,4 RW 13 BEAR, STEARNS INTERNATIONAL LIMITED United Kingdom $75,3 54,9 € JP MORGAN CHASE & CO. US $1 562,1 RW 14 United Kingdom $72,2 52,7 € NATIONAL AUSTRALIA BANK AU $498,4 RW

Source: Bureau van Dijk Publishing - Orbis Database - July 2008

IP/A/ECON/NT/2008-10 Page 13 of 27 PE 408.550 Table 5 - Top 100 Financial Groups in the EU 27 with presence in highest number of Member States 1 2 3 4 5 6 7 8 9 10

Global Ultimate Country of Total Assets EU or RW Number of MS Owner - Rank Company name Footnote incorporation Euro Millions Global Ultimate Owner - Name Type of Group (Rest of where presence Country ISO in the EU 2007 World) code

1 ALLIANZ SE 17 Germany 1 123,4 € INSURANCE EU 2 MUNICH RE GROUP 17 Germany 224,1 € INSURANCE EU 3 BNP PARIBAS 15 France 1 820,1 € BANK EU 4 SOCIÉTÉ GÉNÉRALE 15 France 1 151,2 € BANK EU 5 UNICREDIT SPA 14 Italy 1 097,5 € BANK EU 6 AXA 14 France 764,4 € INSURANCE EU 7 GENERALI ASSICURAZIONI SPA 14 Italy 405,0 € INSURANCE EU 8 FORTIS 12 Belgium 935,8 € BANK EU 9 AVIVA PLC 12 United Kingdom 455,5 € INSURANCE EU 10 KBC GROEP NV/ KBC GROUPE SA 12 Belgium 382,0 € BANK EU 11 DEXIA 11 Belgium 649,4 € BANK EU 12 DEUTSCHE BANK AG 10 Germany 2 170,1 € BANK EU 13 INTESA SANPAOLO 10 Italy 615,4 € BANK EU 14 UBS LIMITED 8 x United Kingdom 1 409,8 € UBS AG CH BANK RW 15 ING GROEP NV 8 Netherlands 339,4 € BANK EU 16 BANCO SANTANDER SA 7 Spain 980,6 € BANK EU 17 SKANDINAVISKA ENSKILDA BANKEN AB 7 Sweden 266,7 € BANK EU 18 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 7 Austria 215,4 € BANK EU 19 HSBC HOLDINGS PLC 6 United Kingdom 1 717,8 € BANK EU 20 COMMERZBANK AG 6 Germany 662,2 € BANK EU 21 NATIXIS 6 France 558,6 € BANK EU 22 DANSKE BANK A/S 6 Denmark 481,6 € BANK EU 23 DZ BANK AG 6 Germany 463,3 € BANK EU 24 ABN AMRO HOLDING NV 5 x Netherlands 1 101,2 € FORTIS BE BANK EU 25 HYPO REAL ESTATE HOLDING AG 5 Germany 429,8 € BANK EU 26 NORDEA BANK AB (PUBL) 5 Sweden 417,9 € BANK EU 27 AEGON NV 5 Netherlands 332,8 € INSURANCE EU 28 OLD MUTUAL PLC 5 United Kingdom 206,6 € INSURANCE EU 29 SWEDBANK AB 5 Sweden 182,9 € BANK EU 30 BARCLAYS PLC 4 United Kingdom 1 794,2 € BANK EU 31 HBOS PLC 4 United Kingdom 974,9 € BANK EU 32 LEHMAN BROTHERS INTERNATIONAL (EUROPE) 4 United Kingdom 329,8 € LEHMAN BROTHERS HOLDINGS INC. US BANK RW 33 CNP ASSURANCES 4 France 290,6 € INSURANCE EU 34 BANCA MONTE DEI PASCHI DI SIENA SPA 4 Italy 174,0 € BANK EU 35 BANCO POPOLARE 4 Italy 137,9 € BANK EU 36 NOMURA EUROPE HOLDINGS PLC 4 United Kingdom 96,5 € BANK RW 37 ROYAL BANK OF SCOTLAND GROUP PLC (THE) 3 United Kingdom 2 778,2 € BANK EU 38 RABOBANK NEDERLAND 3 Netherlands 612,8 € BANK EU 39 MORGAN STANLEY & CO. INTERNATIONAL PLC 3 United Kingdom 481,6 € MORGAN STANLEY US BANK RW 40 SVENSKA HANDELSBANKEN 3 Sweden 211,5 € BANK EU 41 ALLIED IRISH BANKS PLC 3 Ireland 191,0 € BANK EU 42 LANDESBANK BERLIN HOLDING AG 3 Germany 152,7 € BANK EU 43 RAIFFEISEN ZENTRALBANK OESTERREICH AG - RZB 3 Austria 147,6 € BANK EU 44 WGZ-BANK AG WESTDEUTSCHE GENOSSENSCHAFTS-ZB 3 Germany 95,2 € WGZ BETEILIGUNGS GMBH & CO. KG DE BANK EU 45 LANDESBANK HESSEN-THUERINGEN GIROZENTRALE - HELABA 2 x Germany 1 655,1 € SPARKASSEN- UND GIROVERBAND HESSEN-TH. DE BANK EU 46 CRÉDIT AGRICOLE 2 France 646,0 € BANK EU 47 GROUPE CAISSE D'EPARGNE 2 France 539,4 € BANK EU 48 BANCO BILBAO VIZCAYA ARGENTARIA SA 2 Spain 443,7 € BANK EU 49 CREDIT MUTUEL CENTRE EST EUROPE 2 France 408,9 € BANK EU 50 LEGAL & GENERAL GROUP PLC 2 United Kingdom 317,4 € INSURANCE EU

IP/A/ECON/NT/2008-10 Page 14 of 27 PE 408.550 51 LCH CLEARNET GROUP LIMITED 2 United Kingdom 273,1 € BANK EU 52 MERRILL LYNCH EUROPE PLC 2 United Kingdom 266,9 € BANK RW 53 CAJA DE AHORROS Y PENSIONES DE BARCELONA, LA CAIXA 2 Spain 240,2 € BANK EU 54 STANDARD CHARTERED PLC 2 United Kingdom 227,8 € BANK EU 55 BANK OF IRELAND 2 Ireland 186,7 € BANK EU 56 BANCO POPULAR ESPANOL SA 2 Spain 115,1 € BANK EU 57 DEKABANK DEUTSCHE GIROZENTRALE 2 Germany 114,4 € DEUTSCHER SPARKASSEN DE BANK EU 58 SNS REAAL NV 2 Netherlands 110,7 € BANK EU 59 BAYERISCHE LANDESBANK 1 x Germany 688,7 € BAYERISCHES STAATSMINISTERIUM DER FINANZEN DE BANK EU 60 CREDIT SUISSE INTERNATIONAL 1 x United Kingdom 516,5 € CREDIT SUISSE GROUP CH BANK EU 61 CREDIT SUISSE SECURITIES (EUROPE) LTD 1 x United Kingdom 476,3 € CREDIT SUISSE GROUP CH BANK RW 62 CITIGROUP GLOBAL MARKETS EUROPE LIMITED 1 x United Kingdom 446,5 € BANK RW 63 NORDDEUTSCHE LANDESBANK GIROZENTRALE NORD/LB 1 x Germany 380,2 € STATE OF LOWER SAXONY DE BANK EU 64 MERRILL LYNCH INTERNATIONAL BANK LIMITED 1 x Ireland 374,8 € MERRILL LYNCH & CO., INC. US BANK RW 65 HSH NORDBANK AG 1 x Germany 358,9 € FREIE UND HANSESTADT HAMBURG DE BANK EU 66 J.P. MORGAN CAPITAL HOLDINGS LIMITED 1 x United Kingdom 307,8 € BANK RW 67 EUREKO B.V. 1 x Netherlands 292,7 € STICHTING ADMINISTRATIE-KANTOOR ACHMEA NL INSURANCE EU 68 GOLDMAN SACHS INTERNATIONAL 1 United Kingdom 269,5 € GOLDMAN SACHS GROUP, INC US BANK RW 69 LLOYDS TSB GROUP PLC 1 United Kingdom 261,3 € BANK EU 70 LANDESBANK BADEN-WUERTTEMBERG 1 Germany 241,7 € BANK EU 71 KFW BANKENGRUPPE 1 Germany 237,6 € STATE OF GERMANY DE BANK EU 72 GROUPE BANQUES POPULAIRES 1 France 237,2 € BANK EU 73 STICHTING PENSIOENFONDS ABP 1 Netherlands 223,4 € INSURANCE EU 74 CRÉDIT INDUSTRIEL ET COMMERCIAL - CIC 1 France 219,1 € BANK EU 75 DEUTSCHE POSTBANK AG 1 Germany 218,0 € DEUTSCHE POST AG DE BANK EU 76 CASSA DEPOSITI E PRESTITI 1 Italy 216,5 € STATE OF ITALIA IT BANK EU 77 STANDARD LIFE PLC 1 United Kingdom 210,6 € INSURANCE EU 78 PREDICA 1 France 209,8 € CRÉDIT AGRICOLE S.A. FR INSURANCE EU 79 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID 1 Spain 184,5 € BANK EU 80 NORTHERN ROCK PLC 1 United Kingdom 180,0 € MOURANT AND CO TRUSTEES LIMITED GB BANK EU 81 NRW.BANK 1 Germany 175,3 € LAND NORDRHEIN-WESTFALEN DE BANK EU 82 NYKREDIT REALKREDIT A/S 1 Denmark 172,7 € FORENINGEN NYKREDIT DK BANK EU 83 LANDESBANK BERLIN AG 1 Germany 170,6 € LANDESBANK BERLIN HOLDING AG DE BANK EU 84 UNIONE DI BANCHE ITALIANE SCPA - PROFORMA 1 Italy 159,8 € BANK EU 85 ICAP PLC 1 United Kingdom 159,5 € BANK EU 86 RAIFFEISEN LANDESBANKEN HOLDING GMBH 1 Austria 154,6 € RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN AT BANK EU 87 CAIXA GERAL DE DEPOSITOS 1 Portugal 151,4 € STATE OF PORTUGAL PT BANK EU 88 LA BANQUE POSTALE (PROFORMA) 1 France 130,5 € STATE OF FRANCE FR BANK EU 89 ANGLO IRISH BANK CORPORATION PLC 1 Ireland 121,4 € BANK EU 90 BANK NEDERLANDSE GEMEENTEN NV, BNG 1 Netherlands 115,4 € NED. GEMEENTEN EN PROVINCIES EN HOOGHEEMR. NL BANK EU 91 WESTLB AG 1 Germany 111,2 € BANK EU 92 NATIONWIDE BUILDING SOCIETY 1 United Kingdom 111,2 € BANK EU 93 CAISSE DES DÉPÔTS ET CONSIGNATIONS 1 France 107,0 € BANK EU 94 SPARKASSEN-FINANZGRUPPE HESSEN-THURINGEN 1 Germany 106,7 € BANK EU 95 BANQUE FÉDÉRALE DES BANQUES POPULAIRES 1 France 106,7 € BANK EU 96 ALLIANCE & LEICESTER PLC 1 United Kingdom 100,4 € BANK EU 97 CAJA DE AHORROS DE VALENCIA CASTELLON Y ALICANTE 1 Spain 100,0 € BANK EU 98 GROUPAMA 1 France 99,5 € INSURANCE EU 99 BANCA NAZIONALE DEL LAVORO SPA 1 Italy 98,0 € BANK EU 100 LANDWIRTSCHAFTLICHE RENTENBANK 1 Germany 95,3 € BANK EU

Source: Bureau van Dijk Publishing - Orbis Database - July 2008

IP/A/ECON/NT/2008-10 Page 15 of 27 PE 408.550 Table 6: Country Ranking per Total Assets, Market Share (EU) and Market Concentration

(1) (2) (3) (4) Number of Total Assets 2007 Market share of National Market Share of Country Country institutions in in euro millions total EU assets biggest 10 institutions country 1 UNITED KINGDOM 22 111,0 € 25,5% 1 ESTONIA 92% 1 GERMANY 2397 2 FRANCE 16 884,0 € 19,5% 2 CYPRUS 88% 2 ITALY 920 3 GERMANY 16 297,8 € 18,8% 3 LATVIA 88% 3 UNITED KINGDOM 887 4 NETHERLANDS 6 954,3 € 8,0% 4 GREECE 87% 4 FRANCE 793 5 ITALY 5 811,6 € 6,7% 5 FINLAND 84% 5 SPAIN 413 6 SPAIN 4 098,9 € 4,7% 6 MALTA 83% 6 AUSTRIA 335 7 BELGIUM 3 960,1 € 4,6% 7 LITHUANIA 83% 7 NETHERLANDS 297 8 SWEDEN 1 831,2 € 2,1% 8 SLOVENIA 76% 8 DENMARK 245 9 AUSTRIA 1 755,5 € 2,0% 9 PORTUGAL 73% 9 SWEDEN 192 10 IRELAND 1 740,1 € 2,0% 10 SWEDEN 72% 10 LUXEMBOURG 175 11 DENMARK 1 718,7 € 2,0% 11 SLOVAKIA 72% 11 BELGIUM 156 12 LUXEMBOURG 1 007,6 € 1,2% 12 HUNGARY 70% 12 IRELAND 131 13 PORTUGAL 589,2 € 0,7% 13 CZECH REPUBLIC 68% 13 PORTUGAL 82 14 FINLAND 473,1 € 0,5% 14 DENMARK 68% 14 POLAND 80 15 GREECE 429,5 € 0,5% 15 IRELAND 68% 15 CZECH REPUBLIC 62 16 POLAND 265,4 € 0,3% 16 ROMANIA 64% 16 HUNGARY 58 17 CZECH REPUBLIC 173,7 € 0,2% 17 NETHERLANDS 64% 17 FINLAND 49 18 HUNGARY 133,3 € 0,2% 18 BULGARIA 62% 18 ROMANIA 49 19 CYPRUS 110,5 € 0,1% 19 POLAND 61% 19 LITHUANIA 36 20 ROMANIA 75,5 € 0,1% 20 SPAIN 60% 20 BULGARIA 35 21 SLOVAKIA 57,3 € 0,1% 21 AUSTRIA 59% 21 SLOVAKIA 35 22 SLOVENIA 54,7 € 0,1% 22 BELGIUM 58% 22 CYPRUS 34 23 ESTONIA 40,3 € 0,0% 23 ITALY 52% 23 GREECE 31 24 BULGARIA 36,1 € 0,0% 24 LUXEMBOURG 49% 24 SLOVENIA 29 25 LATVIA 34,2 € 0,0% 25 FRANCE 48% 25 LATVIA 23 26 LITHUANIA 27,6 € 0,0% 26 UNITED KINGDOM 46% 26 MALTA 20 27 MALTA 26,0 € 0,0% 27 GERMANY 42% 27 ESTONIA 19

Total EU Assets €86 697,5 100,0% Avg market concentration 68% 281

IP/A/ECON/NT/2008-10 Page 16 of 27 PE 408.550 Table 7: Foreign Ownership of Institutions: EU and Non-EU based ultimate ownership

(1) (2) (3) EU based ultimate Non-EU based ultimate Non-EU ownership Company name ownership within Country ownership within 10 Country among all 10 biggest biggest 1 SLOVAKIA 94% 1 IRELAND 19% 1 United Kingdom 31,3% 2 BULGARIA 90% 2 LITHUANIA 15% 2 Latvia 20,2% 3 CZECH REPUBLIC 88% 3 UNITED KINGDOM 15% 3 Ireland 17,0% 4 ROMANIA 87% 4 MALTA 12% 4 Lithuania 13,9% 5 LUXEMBOURG 64% 5 LATVIA 10% 5 Malta 10,4% 6 LITHUANIA 62% 6 POLAND 7% 6 Poland 7,2% 7 POLAND 61% 7 HUNGARY 6% 7 Luxembourg 5,2% 8 MALTA 55% 8 CZECH REPUBLIC 5% 8 Hungary 4,6% 9 HUNGARY 51% 9 CYPRUS 2% 9 Czech Republic 4,5% 10 LATVIA 50% 10 ESTONIA 1% 10 Romania 3,9% 11 FINLAND 49% 11 FRANCE 0% 11 Cyprus 3,3% 12 PORTUGAL 40% 12 GERMANY 0% 12 Bulgaria 3,2% 13 NETHERLANDS 31% 13 NETHERLANDS 0% 13 Netherlands 3,1% 14 IRELAND 29% 14 ITALY 0% 14 Germany 2,5% 15 AUSTRIA 25% 15 SPAIN 0% 15 Slovakia 2,0% 16 ESTONIA 24% 16 BELGIUM 0% 16 Denmark 2,0% 17 CYPRUS 16% 17 SWEDEN 0% 17 Portugal 1,8% 18 SLOVENIA 15% 18 AUSTRIA 0% 18 Austria 1,1% 19 GREECE 13% 19 DENMARK 0% 19 Estonia 0,8% 20 DENMARK 10% 20 LUXEMBOURG 0% 20 Belgium 0,5% 21 BELGIUM 10% 21 PORTUGAL 0% 21 Spain 0,4% 22 GERMANY 7% 22 FINLAND 0% 22 Italy 0,4% 23 SWEDEN 5% 23 GREECE 0% 23 France 0,4% 24 ITALY 5% 24 ROMANIA 0% 24 Sweden 0,4% 25 FRANCE 5% 25 SLOVAKIA 0% 25 Finland 0,3% 26 UNITED KINGDOM 0% 26 SLOVENIA 0% 26 Greece 0,0% 27 SPAIN 0% 27 BULGARIA 0% 27 Slovenia 0,0%

Average 37% Average 3% Average 5%

IP/A/ECON/NT/2008-10 Page 17 of 27 PE 408.550 Table 8 - Asset Size Compared to Cross Border Penetration - BNP and RBS Total Assets in euro Rank Company name Country Type millions

A Global Ultimate Owner: BNP PARIBAS FR 2494404550

1 BNP PARIBAS ARBITRAGE France 272 929 013,57 BANK 2 BANCA NAZIONALE DEL LAVORO SPA - BNL (OLD) Italy 116 117 085,47 BANK 3 ASSURANCE VIE France 110 846 437,51 INSURANCE 4 BNP PARIBAS SECURITIES SERVICES SA France 80 412 221,78 BANK 5 CETELEM France 50 663 769,26 BANK 6 BNP PARIBAS LUXEMBOURG Luxembourg 36 576 958,41 BANK 7 BNP PARIBAS LEASE GROUP France 21 897 273,80 BANK 8 UNION DE CRÉDIT POUR LE BÂTIMENT UCB France 18 782 431,19 BANK 9 LASER COFINOGA SA France 13 615 040,17 BANK 10 BNP PARIBAS PRIVATE BANK France 13 113 920,72 BANK 11 CORTAL CONSORS France 9 933 623,07 BANK 12 EXANE SA France 6 799 815,62 BANK 13 IFITALIA SPA - INTERNATIONAL FACTORS ITALIA Italy 4 874 226,26 BANK 14 BNP PARIBAS ASSURANCE France 4 283 891,74 BANK 15 BANCA UCB SPA Italy 3 934 676,68 BANK 16 CARDIF PINNACLE INSURANCE HOLDINGS PLC United Kingdom 3 411 984,28 INSURANCE 17 NATIOCREDIMURS France 3 379 560,12 BANK 18 PINNACLE INSURANCE PLC United Kingdom 3 233 398,82 INSURANCE 19 BANQUE DE BRETAGNE France 3 194 521,27 BANK 20 BANCO CETELEM SA Spain 2 736 796,16 BANK 21 BNP PARIBAS FACTOR France 2 733 965,49 BANK 22 VERNER INVESTISSEMENTS France 2 673 940,29 BANK 23 BNP PARIBAS U.K. HOLDINGS LIMITED United Kingdom 2 594 701,38 BANK 24 DRESDNER-CETELEM KREDITBANK GMBH Germany 2 463 852,60 BANK 25 RBSI CUSTODY BANK LIMITED United Kingdom 2 406 198,88 BANK 26 SYGMA BANQUE France 2 402 475,96 BANK 27 FACET France 2 053 075,20 BANK 28 BANQUE PRIVÉE ANJOU France 1 291 422,37 BANK 29 CARDIF ASSURANCE RISQUES DIVERS France 1 165 019,10 INSURANCE 30 BNP PARIBAS LEASE GROUP SPA Italy 1 135 124,46 BANK 31 BNP PARIBAS BANK NV Netherlands 1 101 394,79 BANK 32 CARDIF ASSICURAZIONI SPA Italy 1 064 269,72 INSURANCE 33 BNP PARIBAS BANK (POLSKA) SA Poland 1 058 442,95 BANK 34 THE ECONOMY BANK NV Netherlands 989 692,36 BANK 35 CASSA PER IL CREDITO ALLE IMPRESE ARTIGANE SPA - ARTIGIANCASSAItaly 895 395,61 BANK 36 BANQUE NATIONALE DE PARIS INTERCONTINENTALE BNPI France 884 103,78 BANK 37 BNP PARIBAS NOUVELLE CALÉDONIE France 833 399,18 BANK 38 CRÉDIT MODERNE ANTILLES France 751 745,03 BANK 39 NATIOCRÉDIBAIL France 625 243,31 BANK 40 CREDIFIN-BANCO DE CREDITO AO CONSUMO SA Portugal 587 256,83 BANK 41 CRÉDIT MODERNE OCÉAN INDIEN France 530 752,01 BANK 42 BNP PARIBAS ESPAÑA SA Spain 446 463,85 BANK 43 MAGYAR CETELEM BANK RT Hungary 410 481,68 BANK 44 BNP PARIBAS GUYANE France 345 181,50 BANK 45 BNP PARIBAS (CYPRUS) LTD Cyprus 331 000,00 BANK 46 BNP PARIBAS FIN'AMS France 267 234,29 BANK 47 HANDELSFINANS A/S Denmark 259 848,08 BANK 48 BNP PARIBAS PLC United Kingdom 229 862,48 BANK 49 BNP PARIBAS (BULGARIA) E.A.D. Bulgaria 218 408,83 BANK 50 BNP PARIBAS HUNGARIA BANK RT. Hungary 91 326,58 BANK 51 CRÉDIT MODERNE GUYANE France 81 336,75 BANK 52 CARDIF POLSKA SA Poland 64 281,11 INSURANCE 53 POJISTOVNA CARDIF PRO VITA AS Czech Republic 32 579,90 INSURANCE 54 POIST'OVNA CARDIF SLOVAKIA AS Slovakia 12 674,96 INSURANCE 55 EXANE DERIVATIVES France 526,80 BANK 56 ANTIN-BAIL France 0 BANK 57 PARICOMI France 0 BANK 58 PARIFERGIE France 0 BANK 59 SOFICARTE France 0 BANK B Global Ultimate Owner: RBS UK 3807503140 1 ROYAL BANK OF SCOTLAND PLC (THE) United Kingdom 2 235 131 252,87 BANK 2 NATIONAL PLC - NATWEST United Kingdom 625 626 313,48 BANK 3 LIMITED United Kingdom 116 686 133,05 BANK 4 ULSTER BANK IRELAND LIMITED Ireland 61 319 636,51 BANK 5 ROYAL BANK OF SCOTLAND INTERNATIONAL (HOLDINGS) (THE) United Kingdom 53 897 642,44 BANK 6 ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED United Kingdom 46 345 385,07 BANK 7 & CO United Kingdom 26 137 721,02 BANK 8 PLC Ireland 22 396 944,55 BANK 9 PLC United Kingdom 12 678 192,53 BANK 10 NATIONAL WESTMINSTER LIFE ASSURANCE LTD United Kingdom 6 294 695,48 INSURANCE 11 DIRECT LINE INSURANCE PLC United Kingdom 5 571 316,31 INSURANCE 12 UK INSURANCE LIMITED United Kingdom 5 568 762,28 INSURANCE 13 RBS INVOICE FINANCE (HOLDINGS) LIMITED United Kingdom 5 269 043,57 BANK 14 RBS INSURANCE GROUP LIMITED United Kingdom 4 741 450,98 INSURANCE 15 RBS INVOICE FINANCE LIMITED United Kingdom 4 715 109,77 BANK 16 COMPANY LIMITED United Kingdom 4 199 017,68 INSURANCE 17 NATIONAL INSURANCE AND GUARANTEE CORPORATION PLC United Kingdom 3 848 919,45 INSURANCE 18 ADAM & COMPANY GROUP PLC United Kingdom 3 806 679,76 BANK 19 ADAM & COMPANY PLC United Kingdom 3 707 858,55 BANK 20 BANK LIMITED United Kingdom 3 317 681,73 BANK 21 ROYAL SCOTTISH ASSURANCE PLC United Kingdom 3 128 471,51 INSURANCE 22 RBS (RD EUROPE) GMBH Germany 2 417 187,05 BANK 23 RBS FACTORING GMBH Germany 462 794,68 BANK 24 DIRECT LINE VERSICHERUNG AG Germany 359 425,79 INSURANCE 25 ABN AMRO EQUITIES (UK) LIMITED United Kingdom 309 626,72 BANK 26 ROYSCOT TRUST PUBLIC LIMITED COMPANY United Kingdom 104 387,03 BANK 27 INDEMNITY INSURANCE LIMITED United Kingdom 41 548,13 INSURANCE

IP/A/ECON/NT/2008-10 Page 18 of 27 PE 408.550 Figure 1 - Ultimate ownership of assets allotted per country from among the 100 biggest Cross Border Groups with presence in at least 3 Member States Italy 8% Netherlands Belgium 12% 7% Sweden 4% Spain 3%

Denmark 2% Austria 1%

France Ireland 16% 1%

United Kingdom 28%

Germany 18%

IP/A/ECON/NT/2008-10 Page 19 of 27 PE 408.550 Figure 2 - Ultimate ownership of assets allotted per country from among the 120 biggest Cross Border Banks with presence in at least 3 Member States Belgium Italy 7% Spain 8% 5% Sweden 4% Austria Netherlands 2% 11% Denmark 2% Ireland 1% Portugal 1% Finland 0,3% Greece 1% France 13%

United Kingdom 29%

Germany 16%

IP/A/ECON/NT/2008-10 Page 20 of 27 PE 408.550 Annex I: Biggest 10 Banks in Each Member States and their Market Shares 1 2 3 4 5 6 7 8 9 10 Total Assets Ultimate Market Company name Country 2007 in millions EU Non-EU Ultimate Owner - Name Owner - Type share euros Country AUSTRIA 1 BANK AUSTRIA CREDITANSTALT AG Austria 224,7 € 12,8% x UNICREDIT SPA IT BANK 2 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG Austria 295,2 € 12,3% BANK 3 RAIFFEISEN ZENTRALBANK OESTERREICH AG - RZB Austria 202,3 € 8,4% BANK 4 RAIFFEISEN LANDESBANKEN HOLDING GMBH Austria 152,4 € 6,3% RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN AT BANK 5 OESTERREICHISCHE VOLKSBANKEN AG Austria 115,8 € 4,8% BANK 6 RAIFFEISEN INTERNATIONAL BANK-HOLDING AG Austria 107,1 € 4,5% BANK 7 VOLKSBANKEN HOLDING REGGENMBH Austria 89,0 € 3,7% BANK 8 BANK FÜR ARBEIT UND WIRTSCHAFT UND ÖSTERREICHISCHE PSK AG Austria 66,0 € 2,7% BANK 9 HYPO ALPE-ADRIA BANK INTERNATIONAL AG Austria 55,8 € 2,3% x BAYERISCHES STAATSMINISTERIUM DER FIN. DE BANK 10 WIENER STADTISCHE VERSICHERUNG AG - VIENNA INSURANCE GROUPAustria 37,6 € 1,6% INSURANCE Total Assets in Austria 2 405,9 € 59% 25% 0%

BELGIUM 1 FORTIS Belgium 1 282,5 € 23,6% BANK 2 DEXIA Belgium 890,0 € 16,4% BANK 3 KBC GROEP NV/ KBC GROUPE SA Belgium 523,5 € 9,6% BANK 4 ING BELGIUM SA/NV Belgium 265,0 € 4,9% X ING GROEP NV NL BANK 5 ARGENTA BANK AND INSURANCE GROUP Belgium 43,2 € 0,8% INVESTAR BE BANK 6 AXA BELGIUM SA Belgium 34,7 € 0,6% X AXA FR INSURANCE 7 ETHIAS ASSURANCE Belgium 34,5 € 0,6% INSURANCE 8 ARGENTA SPAARBANK Belgium 31,5 € 0,6% INVESTAR BE BANK 9 INVESTAR Belgium 26,6 € 0,5% BANK 10 AXA BANK EUROPE SA/NV Belgium 24,9 € 0,5% X AXA FR BANK Total Assets in Belgium 5 427,4 € 58% 10% 0%

BULGARIA 1 UNICREDIT BULBANK AD Bulgaria 6,8 € 13,8% x UNICREDIT SPA IT BANK 2 DSK BANK PLC Bulgaria 5,9 € 11,9% x OTP BANK PLC HU BANK 3 RAIFFEISENBANK (BULGARIA) EAD Bulgaria 4,5 € 9,1% x RAIFFEISEN INTERNATIONAL BANK-HOLDING AG AT BANK 4 EUROBANK EFG BULGARIA AD Bulgaria 3,3 € 6,7% x EFG EUROBANK ERGASIAS SA GR BANK 5 FIRST INVESTMENT BANK Bulgaria 3,2 € 6,4% BANK 6 UNITED BULGARIAN BANK - UBB Bulgaria 2,7 € 5,4% x NATIONAL BANK OF GREECE SA GR BANK 7 ECONOMIC AND INVESTMENT BANK AD - EIBANK Bulgaria 1,5 € 3,0% x KBC GROEP NV/ KBC GROUPE SA BE BANK 8 ALLIANZ BANK BULGARIA AD Bulgaria 1,1 € 2,2% x ALLIANZ SE DE BANK 9 PIRAEUS BANK BULGARIA AD Bulgaria 1,1 € 2,2% x PIRAEUS BANK SA GR BANK 10 SOCIETE GENERALE EXPRESSBANK Bulgaria 0,8 € 1,7% x SOCIÉTÉ GÉNÉRALE FR BANK Total Assets in Bulgaria 49,4 € 62% 90% 0%

CYPRUS 1 BANK OF CYPRUS PUBLIC COMPANY LIMITED Cyprus 46,8 € 30,9% BANK 2 MARFIN POPULAR BANK PUBLIC CO LTD Cyprus 44,5 € 29,4% BANK 3 KOMMUNALKREDIT INTERNATIONAL BANK LTD Cyprus 11,7 € 7,7% x OESTERREICHISCHE VOLKSBANKEN AG AT BANK 4 HELLENIC BANK PUBLIC COMPANY LIMITED Cyprus 10,8 € 7,1% BANK 5 DEPFA INVESTMENT BANK LIMITED Cyprus 5,5 € 3,6% x HYPO REAL ESTATE HOLDING AG DE BANK 6 ALPHA BANK CYPRUS LIMITED Cyprus 4,4 € 2,9% x ALPHA BANK AE GR BANK 7 CO-OPERATIVE CENTRAL BANK LIMITED Cyprus 4,2 € 2,8% COOPERATIVES SOCIETIES OF CYPRUS CY BANK 8 RUSSIAN COMMERCIAL BANK (CYPRUS) LTD Cyprus 2,8 € 1,9% x VTB BANK RU BANK 9 RENAISSANCE SECURITIES (CYPRUS) LIMITED Cyprus 1,8 € 1,2% BANK 10 UNIVERSAL LIFE INSURANCE COMPANY LIMITED Cyprus 1,3 € 0,8% MARFIN POPULAR BANK PUBLIC CO LTD CY INSURANCE Total Assets in Cyprus 151,5 € 88% 16% 2%

IP/A/ECON/NT/2008-10 Page 21 of 27 PE 408.550 CZECH REPUBLIC 1 CESKOSLOVENSKA OBCHODNI BANKA - CSOB Czech Republic 51,2 € 21,5% x KBC GROEP NV/ KBC GROUPE SA BE BANK 2 CESKA SPORITELNA A.S. Czech Republic 45,0 € 18,9% x ERSTE BANK DER OESTER. SPARKASSEN AG AT BANK 3 KOMERCNI BANKA Czech Republic 36,6 € 15,4% x SOCIÉTÉ GÉNÉRALE FR BANK 4 CESKOMORAVSKA STAVEBNI SPORITELNA AS Czech Republic 6,5 € 2,7% x KBC GROEP NV/ KBC GROUPE SA BE BANK 5 CESKA POJISTOVNA AS Czech Republic 5,4 € 2,3% KELLNER PETR n.a. INSURANCE 6 CITIBANK A.S. Czech Republic 4,9 € 2,1% x CITIGROUP INC US BANK 7 RAIFFEISENBANK AKCIOVA SPOLECNOST Czech Republic 4,4 € 1,9% x RAIFFEISEN INTERNATIONAL BANK-HOLDING AG AT BANK 8 GE MONEY BANK AS Czech Republic 3,5 € 1,5% x GE CAPITAL INTERNATIONAL HOLDINGS CORP. US BANK 9 CESKA KONSOLIDACNI AGENTURA Czech Republic 2,8 € 1,2% STATE OF CZECH REPUBLIC BANK 10 CESKOMORAVSKA ZARUCNI A ROZVOJOVA BANKA A.S. Czech Republic 2,1 € 0,9% 0 BANK Total Assets in Czech republic 238,0 € 68% 88% 5%

GERMANY 1 DEUTSCHE BANK AG Germany 2 974,2 € 13,3% BANK 2 ALLIANZ SE Germany 1 539,6 € 6,9% INSURANCE 3 COMMERZBANK AG Germany 907,5 € 4,1% BANK 4 LANDESBANK BADEN-WUERTTEMBERG Germany 652,8 € 2,9% BANK 5 DZ BANK AG Germany 635,0 € 2,8% BANK 6 BAYERISCHE HYPO-UND VEREINSBANK AG Germany 621,4 € 2,8% x UNICREDIT SPA IT BANK 7 BAYERISCHE LANDESBANK Germany 611,9 € 2,7% BAYERISCHES STAATSMINISTERIUM DER FIN. DE BANK 8 HYPO REAL ESTATE HOLDING AG Germany 589,1 € 2,6% BANK 9 KFW BANKENGRUPPE Germany 521,1 € 2,3% STATE OF GERMANY DE BANK 10 WESTLB AG Germany 421,8 € 1,9% BANK Total Assets in Germany 22 336,1 € 42% 7% 0%

DENMARK 1 DANSKE BANK A/S Denmark 660,0 € 28,0% BANK 2 NYKREDIT REALKREDIT A/S Denmark 211,8 € 9,0% FORENINGEN NYKREDIT DK BANK 3 NORDEA BANK DANMARK GROUP Denmark 165,1 € 7,0% x NORDEA BANK AB (PUBL) SE BANK 4 REALKREDIT DANMARK A/S Denmark 136,8 € 5,8% DANSKE BANK A/S DK BANK 5 PENSIONDANMARK HOLDING AS Denmark 109,6 € 4,7% INSURANCE 6 ARBEJDSMARKEDETS TILLAEGSPENSION Denmark 87,6 € 3,7% BANK 7 DANMARKS NATIONALBANK Denmark 83,6 € 3,6% BANK 8 TOTALKREDIT A/S Denmark 65,0 € 2,8% FORENINGEN NYKREDIT DK BANK 9 FORSIKRINGSSELKABET DANICA, SKADEFORSIKRINGSAKTIESELKAB Denmark 42,9 € 1,8% DANSKE BANK A/S DK INSURANCE 10 PFA Denmark 42,4 € 1,8% PFA HOLDING A/S DK INSURANCE Total Assets in Denmark 2 355,5 € 68% 10% 0%

ESTONIA 1 HANSABANK Estonia 38,0 € 68,8% x SWEDBANK AB SE BANK 2 SEB EESTI ÜHISPANK Estonia 8,3 € 15,0% x SKANDINAVISKA ENSKILDA BANKEN AB SE BANK 3 AS SAMPO PANK Estonia 3,4 € 6,2% x DANSKE BANK A/S DK BANK 4 ESTONIAN CREDIT BANK Estonia 0,4 € 0,8% x STOCK COMMERCIAL BANK&BANK OF MOSCOW RU BANK 5 AS IF KINDLUSTUS Estonia 0,1 € 0,2% x IF P&C INSURANCE COMPANY LTD FI INSURANCE 6 TALLINN BUSINESS BANK LTD Estonia 0,1 € 0,2% BANK 7 ERGO KINDLUSTUSE AS Estonia 0,1 € 0,2% x MUNICH RE GROUP DE INSURANCE 8 SE SAMPO LIFE INSURANCE BALTIC Estonia 0,1 € 0,1% x SAMPO PLC FI INSURANCE 9 MARFIN BANK ESTONIA AS Estonia 0,0 € 0,1% x MARFIN INVESTMENT GROUP GR BANK 10 SEESAM ELUKINDLUSTUSE AS Estonia 0,0 € 0,1% INSURANCE Total Assets in Estonia 55,2 € 92% 99% 1%

SPAIN 1 BANCO SANTANDER SA Spain 1 343,9 € 23,9% BANK 2 BANCO BILBAO VIZCAYA ARGENTARIA SA Spain 739,3 € 13,2% BANK 3 CAJA DE AHORROS Y PENSIONES DE BARCELONA, LA CAIXA Spain 365,8 € 6,5% BANK 4 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID Spain 233,9 € 4,2% BANK 5 BANCO POPULAR ESPANOL SA Spain 157,8 € 2,8% BANK 6 CAJA DE AHORROS DE VALENCIA CASTELLON Y ALICANTE BANCAJA Spain 146,6 € 2,6% BANK 7 BANCO DE SABADELL SA Spain 113,0 € 2,0% BANK 8 CAJA DE AHORROS DEL MEDITERRANEO CAM Spain 107,3 € 1,9% BANK 9 CAJA DE AHORROS DE CATALUÑA Spain 100,4 € 1,8% BANK 10 BANKINTER SA Spain 73,1 € 1,3% BANK Total Assets in Spain 5 617,5 € 60% 0% 0%

IP/A/ECON/NT/2008-10 Page 22 of 27 PE 408.550 FINLAND 1 NORDEA BANK FINLAND PLC Finland 216,8 € 33,4% x NORDEA BANK AB (PUBL) SE BANK 2 OP-POHJOLA GROUP Finland 96,7 € 14,9% BANK 3 POHJOLA BANK PLC Finland 38,2 € 5,9% BANK 4 VARMA MUTUAL PENSION INSURANCE COMPANY Finland 38,1 € 5,9% MUTUAL INSURANCE COMPANY PENSION FENNIA FI INSURANCE 5 SAMPO PLC Finland 37,4 € 5,8% BANK 6 SAMPO BANK PLC Finland 35,1 € 5,4% x DANSKE BANK A/S DK BANK 7 ILMARINEN MUTUAL PENSION INSURANCE COMPANY Finland 28,2 € 4,4% INSURANCE 8 SUOMEN PANKKI FINLANDS BANK Finland 26,1 € 4,0% BANK 9 NORDEA LIFE ASSURANCE FINLAND LTD Finland 14,0 € 2,2% x NORDEA BANK AB (PUBL) SE INSURANCE 10 MUNICIPALITY FINANCE PLC Finland 13,1 € 2,0% LOCAL GOVERNMENT INSTITUTION n.a. BANK Total Assets in Finland 648,4 € 84% 49% 0%

FRANCE 1 BNP PARIBAS France 2 494,4 € 10,8% BANK 2 CRÉDIT AGRICOLE France 2 268,3 € 9,8% BANK 3 SOCIÉTÉ GÉNÉRALE France 1 577,7 € 6,8% BANK 4 AXA France 1 047,6 € 4,5% INSURANCE 5 GROUPE CAISSE D'EPARGNE France 885,4 € 3,8% BANK 6 NATIXIS France 765,5 € 3,3% BANK 7 CREDIT MUTUEL CENTRE EST EUROPE France 608,1 € 2,6% BANK 8 GROUPE BANQUES POPULAIRES France 513,6 € 2,2% BANK 9 DEXIA CRÉDIT LOCAL SA France 508,5 € 2,2% x DEXIA BE BANK 10 CNP ASSURANCES France 398,3 € 1,7% INSURANCE Total Assets in France 23 139,5 € 48% 5% 0%

GREECE 1 NATIONAL BANK OF GREECE SA Greece 133,1 € 22,6% BANK 2 EFG EUROBANK ERGASIAS SA Greece 100,7 € 17,1% BANK 3 ALPHA BANK AE Greece 80,5 € 13,7% BANK 4 PIRAEUS BANK SA Greece 68,3 € 11,6% BANK 5 EMPORIKI BANK OF GREECE SA Greece 40,2 € 6,8% x CRÉDIT AGRICOLE S.A. FR BANK 6 AGRICULTURAL BANK OF GREECE Greece 35,7 € 6,1% BANK 7 MARFIN EGNATIA BANK SA Greece 20,2 € 3,4% x MARFIN POPULAR BANK PUBLIC CO LTD CY BANK 8 GREEK POSTAL SAVINGS BANK Greece 19,4 € 3,3% BANK 9 GENERAL BANK OF GREECE SA Greece 6,4 € 1,1% x SOCIÉTÉ GÉNÉRALE FR BANK 10 ATTICA BANK SA Greece 5,8 € 1,0% BANK Total Assets in Greece 588,6 € 87% 13% 0%

HUNGARY 1 OTP BANK PLC Hungary 49,0 € 26,8% BANK 2 MKB BANK ZRT Hungary 14,3 € 7,8% x BAYERISCHES STAATSMINISTERIUM DER FIN. DE BANK 3 K&H BANK ZRT Hungary 14,0 € 7,7% x KBC GROEP NV/ KBC GROUPE SA BE BANK 4 CIB BANK LTD Hungary 9,8 € 5,4% x INTESA SANPAOLO IT BANK 5 ERSTE BANK HUNGARY NYRT Hungary 9,3 € 5,1% x ERSTE BANK DER OESTER. SPARKASSEN AG AT BANK 6 UNICREDIT BANK HUNGARY ZRT Hungary 9,0 € 4,9% x UNICREDIT SPA IT BANK 7 RAIFFEISEN BANK ZRT Hungary 8,3 € 4,5% x RAIFFEISEN INTERNATIONAL BANK-HOLDING AG AT BANK 8 HUNGARIAN DEVELOPMENT BANK LTD Hungary 6,2 € 3,4% STATE OF HUNGARY HU BANK 9 CITIBANK ZRT Hungary 3,9 € 2,1% x CITIGROUP INC US BANK 10 BUDAPEST BANK NYRT Hungary 3,6 € 2,0% x GENERAL ELECTRIC COMPANY US BANK Total Assets in Hngary 182,8 € 70% 51% 6%

IRELAND 1 DEPFA BANK PLC Ireland 320,8 € 13,5% x HYPO REAL ESTATE HOLDING AG DE BANK 2 BANK OF IRELAND Ireland 312,2 € 13,1% BANK 3 ALLIED IRISH BANKS PLC Ireland 261,8 € 11,0% BANK 4 MERRILL LYNCH INTERNATIONAL BANK LIMITED Ireland 252,8 € 10,6% x MERRILL LYNCH & CO., INC. US BANK 5 ANGLO IRISH BANK CORPORATION PLC Ireland 137,0 € 5,7% BANK 6 IRISH LIFE & PERMANENT PLC Ireland 117,9 € 4,9% BANK 7 ULSTER BANK IRELAND LIMITED Ireland 61,3 € 2,6% x ROYAL BANK OF SCOTLAND GROUP PLC (THE) GB BANK 8 BEAR STEARNS BANK PLC Ireland 61,2 € 2,6% x JP MORGAN CHASE & CO. US BANK 9 UNICREDIT BANK IRELAND PLC Ireland 47,1 € 2,0% x UNICREDIT SPA IT BANK 10 BANK OF SCOTLAND (IRELAND) LIMITED Ireland 41,9 € 1,8% x HBOS PLC GB BANK Total Assets in Ireland 2 384,8 € 68% 29% 19%

IP/A/ECON/NT/2008-10 Page 23 of 27 PE 408.550 ITALY 1 UNICREDIT SPA Italy 1 504,1 € 18,9% BANK 2 INTESA SANPAOLO Italy 843,4 € 10,6% BANK 3 GENERALI ASSICURAZIONI SPA Italy 555,1 € 7,0% INSURANCE 4 CASSA DEPOSITI E PRESTITI Italy 288,7 € 3,6% STATE OF ITALIA IT BANK 5 BANCA MONTE DEI PASCHI DI SIENA SPA Italy 238,5 € 3,0% BANK 6 BANCO POPOLARE Italy 189,0 € 2,4% BANK 7 UNIONE DI BANCHE ITALIANE SCPA - PROFORMA Italy 178,8 € 2,2% BANK 8 BANCA NAZIONALE DEL LAVORO SPA Italy 134,3 € 1,7% BANK 9 BANCA NAZIONALE DEL LAVORO SPA - BNL (OLD) Italy 116,1 € 1,5% x BNP PARIBAS FR BANK 10 GRUPPO BANCARIO CREDIOP Italy 80,1 € 1,0% x DEXIA BE BANK Total Assets in Italy 7 964,9 € 52% 5% 0%

LITHUANIA 1 AB BANKAS HANSABANKAS Lithuania 10,7 € 28,2% x SWEDBANK AB SE BANK 2 SEB BANKAS Lithuania 8,0 € 21,3% x SKANDINAVISKA ENSKILDA BANKEN AB SE BANK 3 AB DNB NORD BANKAS Lithuania 4,8 € 12,8% x DNB NOR ASA NO BANK 4 BANKAS SNORAS Lithuania 3,8 € 10,1% BANK 5 AB UKIO BANKAS Lithuania 1,8 € 4,9% BANK 6 SIAULIU BANKAS Lithuania 0,9 € 2,3% BANK 7 AB PAREX BANKAS Lithuania 0,7 € 2,0% x LV BANK 8 UAB MEDICINOS BANKAS Lithuania 0,3 € 0,8% SAULIUS KAROSAS n.a. BANK 9 LIETUVOS DRAUDIMAS Lithuania 0,2 € 0,6% INSURANCE 10 ERGO LIETUVA GYVYBES DRAUDIMAS UAB Lithuania 0,1 € 0,2% x MUNICH RE GROUP DE INSURANCE Total Assets in Lithuania 37,8 € 83% 62% 15%

LUXEMBOURG 1 DEXIA BANQUE INTERNATIONALE À LUXEMBOURG SA - DEXIA BIL Luxembourg 105,7 € 7,7% x DEXIA BE BANK 2 DEUTSCHE BANK LUXEMBOURG SA Luxembourg 96,6 € 7,0% x DEUTSCHE BANK AG DE BANK 3 FORTIS BANQUE LUXEMBOURG SA Luxembourg 88,4 € 6,4% x FORTIS BE BANK 4 ESPIRITO SANTO FINANCIAL GROUP S.A. Luxembourg 81,5 € 5,9% BANK 5 SAL. OPPENHEIM JR. & CIE S.C.A. (PROFORMA) Luxembourg 60,5 € 4,4% BANK 6 BANQUE ET CAISSE D'EPARGNE DE L'ETAT LUXEMBOURG Luxembourg 58,0 € 4,2% STATE OF LUXEMBOURG LU BANK 7 HVB BANQUE LUXEMBOURG SA Luxembourg 52,6 € 3,8% x UNICREDIT SPA IT BANK 8 SOCIÉTÉ GÉNÉRALE BANK & TRUST Luxembourg 50,5 € 3,7% x SOCIÉTÉ GÉNÉRALE FR BANK 9 EUROHYPO EUROPÄISCHE HYPOTHEKENBANK SA Luxembourg 38,5 € 2,8% x COMMERZBANK AG DE BANK 10 STANDARD INTERNATIONAL HOLDINGS S.A. Luxembourg 38,0 € 2,7% BANK Total Assets in Luxembourg 1 381,0 € 49% 64% 0%

LATVIA 1 HANSABANKA Latvia 10,5 € 22,3% x SWEDBANK AB SE BANK 2 JSC PAREX BANK Latvia 6,9 € 14,8% BANK 3 SEB BANKA AS Latvia 5,2 € 11,0% x SKANDINAVISKA ENSKILDA BANKEN AB SE BANK 4 LATVIJAS BANKA Latvia 4,8 € 10,3% STATE OF LATVIA LV BANK 5 AS DNB NORD BANKA Latvia 4,3 € 9,1% x DNB NOR ASA NO BANK 6 RIETUMU BANK GROUP Latvia 2,5 € 5,4% BANK 7 AIZKRAUKLES BANKA A/S Latvia 2,3 € 4,9% x ERNESTS BERNIS AND NIKA BERNE n.a. BANK 8 MORTGAGE AND LAND BANK OF LATVIA Latvia 1,9 € 4,1% STATE OF LATVIA LV BANK 9 UNICREDIT BANK AS Latvia 1,5 € 3,2% x UNICREDIT SPA IT BANK 10 LATVIJAS KRAJBANKA Latvia 1,4 € 3,0% x BANKAS SNORAS LT BANK Total Assets in Latvia 46,9 € 88% 50% 10%

MALTA 1 BANK OF VALLETTA PLC Malta 8,1 € 22,7% BANK 2 HSBC BANK MALTA PLC Malta 7,2 € 20,2% x HSBC HOLDINGS PLC GB BANK 3 COMMBANK EUROPE LIMITED Malta 3,5 € 9,9% x COMMONWEALTH BANK OF AUSTRALIA AU BANK 4 BAWAG MALTA BANK LTD Malta 2,8 € 7,9% x BANK FÜR ARBEIT UND WIRTSCHAFT & OESTERR. PSK AGAT BANK 5 RAIFFEISEN MALTA BANK PLC Malta 2,7 € 7,5% x RAIFFEISEN ZENTRALBANK OESTERREICH AG - RZB AT BANK 6 ERSTE BANK (MALTA) LTD Malta 1,7 € 4,8% x ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AGAT BANK 7 MIDDLESEA VALLETTA LIFE ASSURANCE CO LTD Malta 0,9 € 2,7% INSURANCE 8 VOLKSBANK MALTA LTD Malta 0,9 € 2,6% x OESTERREICHISCHE VOLKSBANKEN AG AT BANK 9 INVESTKREDIT INTERNATIONAL BANK PLC Malta 0,9 € 2,6% x OESTERREICHISCHE VOLKSBANKEN AG AT BANK 10 APS BANK LIMITED Malta 0,8 € 2,2% ARCHDIOCESE OF MALTA MT BANK Total Assets of Malta 35,6 € 83% 55% 12%

IP/A/ECON/NT/2008-10 Page 24 of 27 PE 408.550 NETHERLANDS 1 ING GROEP NV Netherlands 1 932,1 € 20,3% BANK 2 ABN AMRO HOLDING NV Netherlands 1 509,2 € 15,8% x FORTIS BE BANK 3 RABOBANK NEDERLAND Netherlands 839,8 € 8,8% BANK 4 AEGON NV Netherlands 456,1 € 4,8% INSURANCE 5 STICHTING PENSIOENFONDS ABP Netherlands 401,2 € 4,2% INSURANCE 6 (HOLDING) N.V. Netherlands 401,0 € 4,2% x FORTIS BE BANK 7 SNS REAAL NV Netherlands 151,7 € 1,6% BANK 8 EUREKO B.V. Netherlands 146,2 € 1,5% STICHTING ADMINISTRATIE-KANTOOR ACHMEA NL INSURANCE 9 BANK NEDERLANDSE GEMEENTEN NV, BNG Netherlands 136,3 € 1,4% NED. GEMEENTEN EN PROVINCIES EN HOOGHEEMRAADSCHAPNL BANK 10 SNS BANK N.V. Netherlands 103,9 € 1,1% SNS REAAL NV NL BANK Total Assets of the Netherlands 9 530,9 € 64% 31% 0%

POLAND 1 BANK POLSKA KASA OPIEKI SA Poland 51,0 € 14,0% x UNICREDIT SPA IT BANK 2 POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA - PKO BP SA Poland 44,6 € 12,3% BANK 3 BRE BANK SA Poland 23,0 € 6,3% x COMMERZBANK AG DE BANK 4 ING BANK SLASKI S.A. - CAPITAL GROUP Poland 21,4 € 5,9% x ING GROEP NV NL BANK 5 POWSZECHNY ZAKLAD UBEZPIECZEN SA - PZU Poland 17,0 € 4,7% STATE OF POLAND PL INSURANCE 6 BANK ZACHODNI WBK S.A. Poland 17,0 € 4,7% x ALLIED IRISH BANKS PLC IE BANK 7 BANK HANDLOWY W WARSZAWIE S.A. Poland 16,0 € 4,4% x CITIGROUP INC US BANK 8 BANK MILLENNIUM Poland 12,5 € 3,4% x BANCO COMERCIAL PORTUGUÊS, SA PT BANK 9 KREDYT BANK SA Poland 11,1 € 3,1% x KBC GROEP NV/ KBC GROUPE SA BE BANK 10 POWSZECHNY ZAKLAD UBEZPIECZEN NA ZYCIE SA Poland 9,5 € 2,6% STATE OF POLAND PL INSURANCE Total Assets of Poland 363,8 € 61% 61% 7%

PORTUGAL 1 CAIXA GERAL DE DEPOSITOS Portugal 152,4 € 18,9% STATE OF PORTUGAL PT BANK 2 BANCO COMERCIAL PORTUGUÊS, SA Portugal 129,8 € 16,1% BANK 3 BANCO ESPIRITO SANTO SA Portugal 100,6 € 12,5% x ESPIRITO SANTO FINANCIAL GROUP S.A. LU BANK 4 SANTANDER TOTTA SGPS Portugal 61,8 € 7,7% x BANCO SANTANDER SA ES BANK 5 BANCO BPI SA Portugal 59,7 € 7,4% x CRITERIA CAIXACORP SA ES BANK 6 CAIXA ECONOMICA MONTEPIO GERAL Portugal 24,9 € 3,1% MONTEPIO GERAL-ASSOCIAÇAO MUTUALISTA PT BANK 7 CAIXA SEGUROS SGPS SA Portugal 16,8 € 2,1% STATE OF PORTUGAL PT INSURANCE 8 BANIF SGPS SA Portugal 15,8 € 2,0% BANK 9 MILLENIUMBCP FORTIS GRUPO SEGURADOR SGPS SA Portugal 13,8 € 1,7% x FORTIS BE INSURANCE 10 COMPANHIA DE SEGUROS FIDELIDADE-MUNDIAL SA Portugal 13,4 € 1,7% STATE OF PORTUGAL PT INSURANCE Total Assets of Portugal 807,5 € 73% 40% 0%

ROMANIA 1 BANCA COMERCIALA ROMANA SA Romania 25,8 € 24,9% x ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AGAT BANK 2 BRD-GROUPE SOCIETE GENERALE SA Romania 11,2 € 10,8% x SOCIÉTÉ GÉNÉRALE FR BANK 3 TRANSILVANIA BANK Romania 5,7 € 5,5% BANK 4 BANCPOST SA Romania 5,5 € 5,3% x EFG EUROBANK ERGASIAS SA GR BANK 5 RAIFFEISEN BANK SA Romania 5,4 € 5,2% x RAIFFEISEN INTERNATIONAL BANK-HOLDING AG AT BANK 6 UNICREDIT TIRIAC BANK SA Romania 3,4 € 3,3% x UNICREDIT SPA IT BANK 7 ALPHA BANK ROMANIA Romania 2,8 € 2,7% x ALPHA BANK AE GR BANK 8 CEC BANK SA Romania 2,7 € 2,6% STATE OF ROMANIA RO BANK 9 ABN AMRO BANK (ROMANIA) SA Romania 2,1 € 2,0% x FORTIS BE BANK 10 VOLKSBANK ROMANIA Romania 1,8 € 1,8% x OESTERREICHISCHE VOLKSBANKEN AG AT BANK Total Assets of Romania 103,5 € 64% 87% 0%

SWEDEN 1 NORDEA BANK AB (PUBL) Sweden 572,7 € 22,8% BANK 2 SKANDINAVISKA ENSKILDA BANKEN AB Sweden 365,5 € 14,6% BANK 3 SVENSKA HANDELSBANKEN Sweden 289,9 € 11,6% BANK 4 SWEDBANK AB Sweden 250,7 € 10,0% BANK 5 FORSAKRINGSAKTIEBOLAGET SKANDIA Sweden 93,5 € 3,7% x 283160810 INSURANCE 6 ALECTA PENSIONSFORSAKRING OMSESIDIGT Sweden 69,1 € 2,8% INSURANCE 7 AB SVENSK EXPORTKREDIT Sweden 46,3 € 1,8% BANK 8 ARBETSMARKNADSFÖRSÄKRINGAR PENSIONSFÖRSÄKRINGSAB. Sweden 44,4 € 1,8% INSURANCE 9 SKANDIA LIV SWEDEN Sweden 43,7 € 1,7% INSURANCE 10 SWEDISH HOUSING FINANCE CORP Sweden 34,8 € 1,4% BANK Total Assets of Sweden 2 509,7 € 72% 5% 0%

IP/A/ECON/NT/2008-10 Page 25 of 27 PE 408.550 SLOVENIA 1 NLB DD Slovenia 27,0 € 35,9% GOVERNMENT OF SLOVENIA SI BANK 2 NOVA KREDITNA BANKA MARIBOR D.D. Slovenia 7,5 € 10,0% BANK 3 ABANKA VIPA DD Slovenia 3,8 € 5,1% BANK 4 BANKA CELJE DD Slovenia 3,4 € 4,5% GOVERNMENT OF SLOVENIA SI BANK 5 SKB BANKA DD Slovenia 3,0 € 4,0% x SOCIÉTÉ GÉNÉRALE FR BANK 6 UNICREDIT BANKA SLOVENIJA D.D. Slovenia 2,9 € 3,8% x UNICREDIT SPA IT BANK 7 ZAVAROVALNICA TRIGLAV DD Slovenia 2,7 € 3,7% INSURANCE 8 GORENJSKA BANKA D.D. KRANJ Slovenia 2,6 € 3,4% SAVA, D.D. SI BANK 9 BANKA KOPER D.D. Slovenia 2,5 € 3,3% x INTESA SANPAOLO IT BANK 10 PROBANKA D.D. MARIBOR Slovenia 1,6 € 2,2% BANK Total Assets of Slovenia 75,0 € 76% 15% 0%

SLOVAKIA 1 SLOVENSKA SPORITEL'NA AS Slovakia 13,3 € 16,9% x ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AGAT BANK 2 TATRA BANKA A.S. Slovakia 11,1 € 14,1% x RAIFFEISEN INTERNATIONAL BANK-HOLDING AG AT BANK 3 VSEOBECNA UVEROVA BANKA A.S. Slovakia 9,2 € 11,7% x INTESA SANPAOLO IT BANK 4 UNICREDIT BANK SLOVAKIA A.S. Slovakia 5,9 € 7,5% x UNICREDIT SPA IT BANK 5 CESKOSLOVENSKA OBCHODNA BANKA CSOB Slovakia 5,1 € 6,5% x KBC GROEP NV/ KBC GROUPE SA BE BANK 6 J&T FINANCE GROUP Slovakia 3,4 € 4,3% TECHNO PLUS, V.O.S. SK BANK 7 DEXIA BANKA SLOVENSKO A.S. Slovakia 3,1 € 3,9% x DEXIA BE BANK 8 PRVA STAVEBNA SPORITELNA AS Slovakia 1,9 € 2,4% x ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AGAT BANK 9 ISTROBANKA Slovakia 1,8 € 2,3% x BANK FÜR ARBEIT UND WIRTSCHAFT UND ÖSTERR. PSK AGAT BANK 10 OTP BANKA SLOVENSKO, AS Slovakia 1,7 € 2,2% x OTP BANK PLC HU BANK Total Assets of Slovakia 78,5 € 72% 94% 0%

UNITED KINGDOM 1 ROYAL BANK OF SCOTLAND GROUP PLC (THE) United Kingdom 3 807,5 € 12,6% BANK 2 BARCLAYS PLC United Kingdom 2 458,9 € 8,1% BANK 3 HSBC HOLDINGS PLC United Kingdom 2 354,3 € 7,8% BANK 4 HBOS PLC United Kingdom 1 336,2 € 4,4% BANK 5 GOLDMAN SACHS INTERNATIONAL United Kingdom 943,8 € 3,1% x GOLDMAN SACHS GROUP, INC US BANK 6 LLOYDS TSB GROUP PLC United Kingdom 707,9 € 2,3% BANK 7 MORGAN STANLEY & CO. INTERNATIONAL PLC United Kingdom 660,1 € 2,2% x MORGAN STANLEY US BANK 8 AVIVA PLC United Kingdom 624,3 € 2,1% INSURANCE 9 LEGAL & GENERAL GROUP PLC United Kingdom 560,5 € 1,8% INSURANCE 10 CREDIT SUISSE INTERNATIONAL United Kingdom 491,8 € 1,6% x CREDIT SUISSE GROUP CH BANK Total Assets United Kingdom 30 303,2 € 46% 0% 15%

IP/A/ECON/NT/2008-10 Page 26 of 27 PE 408.550 Annex II - Footnotes

Table 2

91 UBS Deutschland AG only in Germany, UBS AG owns financial institutions in 8 MS. 98. Banco Espirito Santo S.A. only in Portugal, Espirito Santo financial group S.A. owns financial institutions in 3 MS. 103 Mitsubishi UFJ Securities International PLC only in the UK, Mitsubishi UFJ Financial Group INC owns financial institutions in 3 MS. 109 Volkswagen Financial Services AG only in Germany, Porsche Automobil Holding SE owns financial institutions in 7 MS. 110 Bear, Stearns International Limited only in the UK, JP Morgan Chase & Co owns financial institutions in 4 MS.

Table 5

14 Ubs Limited only in the UK, Ubs AG owns financial institutions in 8 MS. 45 Landesbank Hessen-Thüringen Girozentrale Helaba is owned by Sparkassen- und Giroverband Hessen-Thüringen, which has financial institutions in 3 MS. 59 Bayerische Landesbank is owned by the state of Bavaria which has financial institutions in 8 MS. 60 Crédit Suisse International only in the UK, Crédit Suisse Group owns financial institutions in 5 MS. 61 Crédit Suisse Securities (Eu) LTD only in the UK, Crédit Suisse Group owns financial institutions in 5 MS. 62 Citigroup Global Markets (Europe) Limited only in the UK, Citigroup INC owns financial institutions in 12 MS. 63 Norddeutsche Landesbank Girozentrale Nord/LB is owned by the state of Lower Saxony which has financial institutions in 3 MS. 64 Merill Lynch international bank limited only in Ireland but Merill Lynch & Co. Inc owns financial institutions in 2 MS. 65 HSH Nordbank AG is owned by Freie und Hansestadt Hamburg which has financial institutions in 3 MS. 66 J.P. Morgan capital holdings limited only in the UK, J.P. Morgan Chase & Co. has financial institutions in 4 MS. 67 Eureko B.V. only in the Netherlands, but Stichting Administratie-Kantoor Achmea owns financial institutions in 4 MS.

IP/A/ECON/NT/2008-10 Page 27 of 27 PE 408.550