Description of issuer: 30 March Gjensidige Bank ASA

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1 ISIN NO Description of issuer: 30 March 2007 Gjensidige Bank ASA

2 CONTENTS SUMMARY... 3 INTRODUCTION... 3 FOCUS ON LENDING AND CAPITALISATION... 4 ASSET QUALITY... 4 RATING... 4 CHANGE OF CONTROL... 4 LOCATION... 4 MANAGEMENT... 5 OWNERSHIP... 6 ABOUT GJENSIDIGE FORSIKRING (GF)... 6 ABOUT SPAREBANKEN SOGN OG FJORDANE (SSF)... 7 ORGANISATION CHART... 8 TABLE 1: GJENSIDIGE BANK: PROFIT AND LOSS AND BALANCE SHEET... 9 TABLE 2: GJENSIDIGE BANK: KEY RATIOS... 9 Versjon 1.0 Side 2(9)

3 Summary Gjensidige Bank is a new internet bank established Gjensidige Bank benefits from a strong ownership with the mutual non-life insurance company Gjensidige Forsikring (currently 100% owner) Change of control clause securing bond holders from LBO risk Strong cooperation with Sparebanken Sogn og Fjordane within staff functions. This relationship is approved by The Financial Supervisory Authority of Norway. Target customers are the existing customer base in the insurance company (more than one million) Gjensidige Bank expects black figures from year 2010 Board approved target capital adequacy ratio is 16 percent In a recent credit analysis from Nordea Markets the bank was assigned an A- rating due to the strong commitment from the mother company Gjensidige Forsikring (S&P: A, Stable) Introduction In October 2006, Gjensidige Forsikring (GF) was allowed by The Financial Supervisory Authority of Norway (Kredittilsynet) to establish a commercial bank (Gjensidige Bank) through a holding company (Gjensidige Bank Holding). The following bullet points describe the concept behind Gjensidige Bank (GB): Customers meet GB through internet at National internet bank with phone support from a call centre in Førde in western Norway Self-service concept with competitive terms Web portal designed for user friendly access to product portfolio A cost effective, modern and easy to use bank with national coverage Complete set of banking services designed for electronic distribution Differentiation from the competitors through connection to: o Well known branded o Client base o Distribution Established in cooperation with Sparebanken Sogn og Fjordane Focus on 2007 Success in 2007 is of great importance for future development. The numbers of customers are central. Gjensidige Bank is therefore ambitious regarding acquisition of new customers through Gjensidige Bank was launched with standardized products and services. Gjensidige Bank wishes to take position as a modern bank. It will launch new products and services through 2007 and will continue to automate processes. Thus Gjensidige Bank will strengthen its competition force in the Norwegian market even more and be able to offer competitive prices. The new bank has been operative since 2. January 2007, and has experienced a positive market response. The bank has achieved the budgeted customer growth for the first months even though the marketing has been limited Versjon 1.0 Side 3(9)

4 Lending and capitalisation GB s forecast for total mass of loans is 2.8bn by the end of 2007, and close to 19bn by the end of The board of GB has decided that the minimum core capitalisation ratio shall be 16%. The board of GB has adopted a conservative strategy when it comes to capitalisation and liquidity measures. Location Gjensidige Bank head office is located in Førde. Figure 1: Location / Head office: Førde Source: Asset quality The loan book is expected to be diversified between the following sectors: 40% Gjensidige's advantage program 35% Organisation/Union members (YS, Tekna etc.) 10% Agriculture 15% Others Rating Gjensidige Bank ASA has no official rating, but in a credit analysis prepared by Nordea Markets 20 February 2007 the bank was assigned an A- rating due to the strong commitment from the mother company Gjensidige Forsikring (S&P: A, Stable). Nordea Markets added that due to the operational and financial interaction within the group, changes at the parent or sister company level could correspondingly change GB s ratings. The ratings also recognise the strict regulatory principles of the Norwegian Financial Supervisory Authority, which confers protection for a daughter company. Change of control Furthermore there is a change of control clause in the loan agreement stating that bondholders will have a put option at par if Gjensidige Forsikring s ownership falls below 50 percent. Versjon 1.0 Side 4(9)

5 Management Chairman of the board Tor Magne Lønnum (1967) Background: Gjensidige Forsikring, SKIPPER Electronics AS, Samarbeidende Revisorer AS, KPMG AS, Gjensidige NOR Insurance. Education: Norwegian School of Management, Norwegian School of Economics Board member Reidar Eggert Stockfleth (1956) Background: Chairman of the board /owner Riis, Vekst Partners AS, Shell Maritime Products Ltd, Shell Int. Petroleum Maatchapij Education: Master of Chemical Engineering, The Norwegian Institute of Technology Board member Ingun Ranneberg-Nilsen (1964) Background: Gjensidige Forsikring, Sparebanken NOR ASM AS Education: Handelsøkonom (BI) Management program, Master of Technology, MBA Board member Susanne Elise Munch Thore (1960) Background: Partner Wikborg, Rein & Co, Oslo Børs (lawyer), University of Oslo (vit. Ass.) Education: Juridisk embetseksamen / Master of Law, Diploma of Int. Affairs Board member (Employee representative) Britt Randi Tjønneland (1960) Background: If Skadeforsikring, Sunnfjord Energi AS, DnB ASA, Førde Education: EDB skolen, Bankakademiet Board member (Employee representative) Inge Arve Orheim (1952) Background: Fokus Bank AS, Adecco Norge AS, AETAT, Bismo Produksjon Florø AS, Ankerløkken Offshore Prodution AS Education: Regional college (Economy/adm.), Various courses at BI Norwegian School of Management CEO / Board member Jan Kaare Hellevang (1964) Background: Gjensidige Forsikring, SkandiaBanken AB, NUF SkandiaBanken Bilfinans AS, SkandiaBanken Merkefinans AS, Vesta Forsikring. Education: Bachelor Norwegian School of Management (BI), Masterprogram Strategic leadership, Project leadership (BI) CFO Jan Kåre Raae (1970) Background: Sogn og Fjordane University College, Deloitte AS, Odda Smelteverk AS Education: Master program Agder University College Business development Atle Kristian Hornnes (1973) Background: Fjaler Sparebank, Dale of Norway, Kaizen AS Education: Bachelor of Commerce (Siviløkonom) The Norwegian School of Economics and Business Administration (NHH) Versjon 1.0 Side 5(9)

6 Business support Frank Hana (1974) Background: SkandiaBanken AB, NUF SkandiaBanken Bilfinans AS, Vesta Finans AS Education: Law degree (Juridisk embetseksamen) Customer Relationship Management Kristin Lutro (1973) Background: Radisson SAS different positions (Chief Receptionist, Head of education SAS) Education: Bachelor degree, Norges Hotellhøyskole Ownership Gjensidige Bank is 100 percent owned by the holding company Gjensidige Bank Holding AS. This company is currently 100 percent owned by the mutual non-life insurance company Gjensidige Forsikring. Sparebanken Sogn og Fjordane is an independent regional savings bank in western Norway. It is the 11 th biggest savings bank overall in Norway. According to a letter of intent and ongoing negotiations Sparebanken Sogn og Fjordane will have an ownership of 10 percent of Gjensidige Bank Holding AS. Independent of ownership there will still be cooperation between Gjensidige Bank and Sparebanken Sogn og Fjordane when it comes to IT-services and staff functions. About Gjensidige Forsikring (GF) GF is one of Norway's largest non-life insurance companies, with a market share of 31,2 percent. As a mutual company, GF is owned by the close to 1.5 million policyholders. Thanks to a decentralised structure, GF s market presence in Norway is unmatched by any other non-life insurance company. GF's decentralised organisation has been the company's hallmark for decades, and will be further developed. At the same time, GF intends to offer their customers the best solutions in the market for buying insurances and settling claims on Internet. CEO: Helge Leiro Baastad (1960) CFO / Deputy CEO: Tor Lønnum (1967) GF is rated by Standard & Poor s, and the latest release on the company is dated with a single A rating with stable outlook. Major Rating Factors Strengths: Very strong capitalization Strong competitive position Strong operating performance Strong and focused management team Weaknesses: Concentrated underwriting exposures Rationale The ratings on Norway-based non-life mutual insurer Gjensidige reflect the company's very strong capitalization, strong and defendable competitive position, strong operating performance, and strong management team. These factors are partially offset by Gjensidige's concentration on the relatively small and competitive Norwegian market. Versjon 1.0 Side 6(9)

7 About Sparebanken Sogn og Fjordane (SSF) For several years Gjensidige Forsikring has experienced a close relationship with SSF. Besides, the western part of Norway is the biggest single region when it comes to number of customer. Gjensidige Forsikring has already 45 local offices in this region. SSF will offer its capacity within 11 specifically identified staff functions to give GB a flying start. These functions include e.g. credit evaluation and back-office functions, IT, economy and financial services and risk management. This relationship is approved by The Financial Supervisory Authority of Norway. SSF is the largest bank in the county of Sogn og Fjordane, with total assets of NOK 18.0 billion and 248 full-time equivalent employees. The bank has 33 branches in the county, and is present in 19 of the county s 26 municipalities. The bank has also opened a new branch in Bergen in November Retail banking market SSF is the dominant player in the retail banking market in the county of Sogn og Fjordane. SSF have total lendings of NOK 16.3 billion. The Bank offers highly developed internet banking services. The number of customers signed up for internet banking with SSF has increased by more than 35% over the past two years, and it has now reached in total. In parallel with increasing automation, access to manual counter services has been reduced. The bank as a driving force in the county SSF s vision is to be a driving force in the county. The bank shall fulfil its vision through providing good advice and supplying capital to sound commercial projects and private individuals. Group In addition to the parent bank, the Group operates its business through a total of five groups/associated companies. / CEO: Arvid Andenæs (1954) CFO: Frank-Rune Ås (1950) Corporate market The Bank has had low levels of losses over the past two years, and is working hard to maintain the high quality of its loan portfolio. SSF s services are becoming increasingly automated, and the Bank now operates 1300 payment/corporate terminals. Versjon 1.0 Side 7(9)

8 Organisation chart Gjensidige Forsikring 100% Mutual Company Assets 46,2 Equity 15,6 Turnover 13,2 Profit after tax 3,1 Tier 1 ratio 52,7% Employees 2611 (05) Figures: 2006 consolidated Gjensidige Bank Holding AS 100% Gjensidige Forsikring Assets 0,527 Equity 0,497 Turnover 0,007 Profit after tax 0,003 Employees 0 Figures: 2006 (preliminary) Sparebanken Sogn og Fj Mutual company 100% owned by depositors Assets 17,992 Equity 1,631 Turnover 0,450 Profit after tax 0,170 Tier 1 ratio 12,18% Employees 301 Figures: 2006 Gjensidige Bank ASA 100% Gjensidige Bank Holding ASA Assets 3,370 Equity 0,250 Turnover 0,022 Profit after tax -0,095 Tier 1 ratio 16,0% Employees 30 Figures: 2007 estimates Versjon 1.0 Side 8(9)

9 Table 1: Gjensidige Bank: Profit and loss and Balance sheet Budget values for the first three years. Figures in MNOK. Profit and loss Advantage program - Net interest income 6,1 23,0 49,3 Advantage program - Other income 2,2 5,2 8,0 Organisation/Union - Net interest income 3,7 14,9 33,2 Organisation/Union - Other income 1,3 4,8 9,3 Agriculture - Net interest income 1,7 6,7 14,1 Agriculture - Other income 0,4 1,5 2,6 Other - Net interest income 5,4 16,2 28,9 Other - Other income 0,8 2,0 3,2 Total - Net interest income 16,9 60,8 125,5 Total - Other income 4,7 13,5 23,1 Total income 21,6 74,3 148,5 Loan losses 1,4 5,8 13,7 Other costs 114,8 158,6 172,4 Total costs 116,2 164,4 186,2 Resultat -94,6-90,1-37,6 Balance sheet Advantage program - Loan volume Organisation/Union - Loan volume Agriculture - Loan volume Other - Loan volume Total loan volume in NOK million Cash 900 Total Assets Share capital 350 Retained earnings -97 Long-term Liabilities Short-term Liabilities Total deposits in NOK million Total Liabilities & Equity Table 2: Gjensidige Bank: key ratios Budget values for the first three years. Key figures Expected loan losses 0,1% 0,1% 0,1% Capital adequacy ratio 16 % Core capital ratio 16 % 16 % 16 % Number of lenders per sector Gjensidige's advantage program Organisation/Union members Agriculture Others Total number of lenders Market share home loans 0,21 % 0,59 % 1,16 % Market share other loans 0,13 % 0,40 % 0,78 % Number of depositors per sector Gjensidige's advantage program Organisation/Union members Agriculture Others Total number of depositors Market share 0,55 % 1,26 % 1,86 % Versjon 1.0 Side 9(9)

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