PARETO BANK. Financial Results Third Quarter 2014 SIDE 1

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1 PARETO BANK Financial Results Third Quarter 2014 SIDE 1

2 SIDE 2 1 FINANCIAL STATEMENT 2 LENDING AND CREDIT RISK 3 FUNDING AND LIQUIDITY

3 THIRD QUARTER 2014 Profit after write-downs and tax MNOK 47.2 (MNOK 30.6) Return on equity after tax 18.8% (14.7%) Cost/income ratio 18.9% (24.4%) Common Equity Tier 1 ratio (standard method) 11.39% (11.54%)* * Includes 85% of the profit for the period SIDE 3

4 HISTORICAL DEVELOPMENT OF KEY FIGURES Post-tax operating profit (NOK million) Common Equity Tier 1 ratio % 11.5% 11.5% 11.4% 11.4% Q Q Q Q Q Q Q Q Q Q Return on equity after tax Cost/income ratio 14.7% 14.8% 18.2% 16.3% 18.8% 24.4% 35.1% 20.6% 21.5% 18.9% Q Q Q Q Q Q Q Q Q Q SIDE 4

5 ADJUSTED EARNINGS AND RETURN ON EQUITY The financial statement does not include provisions for variable compensation for Such provisions may amount to up to NOK 18 million depending on the result in the fourth quarter of 2014 and the decision of the board. If the bank had accrued variable remuneration throughout the year, profit after tax in the third quarter would have been NOK 43.9 million and return on equity after tax 17.7% at most Post-tax operating profit (NOK million) % Return on equity after tax 16.3% 18.8% % 15.0% 17.7% Q Q Q Q Q Q Adjusted earnings Earnings Adjusted earnings Earnings SIDE 5

6 VARIABLE REMUNERATION Pareto Bank has a scheme for variable remuneration based on the results achieved and on return on equity after tax. The threshold for 2014 is a return on equity after tax of 12%, i.e. a profit after tax of approximately NOK 119 million. The scheme and its activation threshold is determined by the bank's board each year. Figures for distribution is limited to six months' salary or NOK 17.4 million. There is no provision for variable compensation in the financial statements as per Variable remuneration is dependent on the result in the fourth quarter of 2014 and the decision of the board. At most the statement in the fourth quarter could be charged with up to NOK 18 million in higher personnel costs and reduce net income in the fourth quarter by up to NOK 13.1 million. This may reduce the return on equity up to 4.9 percentage points in the fourth quarter and up to 1.3 percentage points in The scheme covers all employees in Pareto Bank. Variable remuneration of senior executives is paid in full in the form of shares. Ownership of shares is transferred over a period of three years if warranted by financial performance. For all other employees the payment of variable remuneration is in a combination of shares and cash. SIDE 6

7 KEY STOCK RATIOS (NOK) Earnings per share after tax Dividend per share Payout ratio Dividend yield 3.1% 4.2% Book equity per share 1, , P/E 5.9x 7.5x 8.9x P/BV 0.99x 0.90x 0.72x Share price 1, Number of shares 850, , , , ,000 Earnings per share (NOK) Dividend The Pareto Bank shares were listed on NOTC 7 March 2014 SIDE 7

8 LARGEST SHAREHOLDERS Name Holding Share Pareto AS 127, % Geveran Trading Co Ltd. 68, % Indigo Invest AS 66, % Apolllo Asset limited 55, % Pecunia Forvaltning AS 28, % Perestroika AS 27, % Tonsenhagen Forretningssentrum AS 22, % Ojada AS 22, % Tycoon Industrier AS 21, % Larre Eiendom 2 AS 18, % Tove Reistads Stiftelse 17, % Eiendomsutvikling Kristiansand AS 16, % Sphinx Investment Corp. 13, % Artel Holding AS 13, % Hodne Kapital AS 12, % Profond AS 11, % Castel AS 10, % Kolberg Motors AS 8, % Ola Rustad AS 8, % Parra AS 7, % Other 271, % Total 850, % A total of 326 shareholders. Top level managers in the Pareto group own 32,521 shares, or 3.83% of the bank shares. 850,000 shares with face value of NOK 600. In the third quarter of 2014, a total of 79,528 shares, or 9.4% of the shares were traded. Shares have been traded at prices from NOK 1,000 to NOK 1,340. SIDE 8

9 INCOME STATEMENT THIRD QUARTER 2014 (NOK 1,000) Q Q Net interest income 72,215 56, , , ,842 Net other operating income 10,099 4,914 29,149 5,368 20,281 Total net income 82,313 61, , , ,123 Total operating expenses 15,523 15,009 46,566 48,138 74,973 Operating profit before impairment losses 66,791 46, , , ,150 Impairment losses on loans and guarantees 2,000 4,000 5,412 7,450 10,250 Operating profit before tax 64,791 42, ,493 29, ,900 Taxes 17,623 11,908 48,382 29,707 43,167 Profit for the period 47,168 30, ,493 76, ,733 SIDE 9

10 (NOK 1, 000) CHANGE IN NET INTEREST INCOME THIRD QUARTER Q ,496 +2,773 +1, ,385 72,215 Q ,623 Lending & deposit margin Lending & deposit volume Amortization & commission income Invested surplus liquidity Long-term funding costs SIDE 10

11 HISTORICAL TREND NET INTEREST INCOME 72,215 17,319 20,116 24,614 25,860 34,432 32,945 32,251 33,484 35,756 33, % 45,076 46,240 53,426 56,623 61,524 62,892 65,596 14,671 (NOK 1,000) SIDE 11

12 REPRICING OF LOANS AND DEPOSITS IMPROVES NET INTEREST MARGINS 6.0% 4.0% 2.0% 0.0% -2.0% Q Q Lending margin Deposit margin Net margin Net margin between deposits and loans increased by 0.86 percentage point over the last 12 months: Repricing of real estate and securities loans Higher margins on new lending Repricing of deposits Lower credit spreads on renewals of fixed-rate deposits and on new fixed rate deposits Margin over 3M NIBOR (NOK million) 3rd quarter rd quarter 2013 Change Average lending 7,400 6, Average deposits 6,927 5, Lending margin 5.15% 4.76% 0.39% Deposit margin -0.95% -1.42% 0.47% Net margin 4.20% 3.34% 0.86% SIDE 12

13 HISTORICAL TREND MARGINS Margins over 3M NIBOR 3.23% 2.50% 2.95% 2.87% 2.97% 2.14% 2.15% 2.23% 3.58% 2.61% 3.73% 3.97% 2.40% 2.48% 4.33% 4.25% 2.82% 2.82% 4.68% 4.71% 3.17% 3.31% 4.91% 4.98% 3.65% 3.85% 5.11% 5.15% 4.15% 4.20% Lending margin Net margin -0.74% -0.81% -0.72% -0.74% -0.97% -1.34% -1.50% -1.52% -1.43% -1.51% -1.40% -1.26% -1.13% -0.96% -0.95% Deposit margin SIDE 13

14 NON-PERFORMING AND IMPAIRED COMMITMENTS (NOK 1,000) Gross non-performing commitments 34,347 19,331 19,211 Individual write-downs 0 1, Net non-performing commitments 34,347 17,531 18,411 Write-down degree 0.00% 9.31% 4.16% Non-performing commitments as % of total lending 0.47% 0.25% 0.27% The bank had per quarter-end three loans in default of payment, none of which are considered impaired No otherwise impaired commitments No individual writedowns SIDE 14

15 WRITE-DOWNS ON LENDING Losses in the period (NOK 1,000) Change in individual write-downs ,550-22,550 Change in group write-downs 6,000 8,000 12,800 Actual losses against previous write-downs ,000 20,000 Changes in specific provisions on guarantees 0 1,000 0 Write-downs and write-offs on loans and guarantees 5,412 7,450 10,250 Group write-downs increased by MNOK 2.0 in third quarter Aggregate volume of write-downs at quarter-end amounted to MNOK 24.7 corresponding to 0.34% of gross loans Individual write-downs (NOK 1,000) Individual write-downs ,350 23,350 - Write-offs from previous write-downs ,000-20,000 - Recovery from previous write-downs ,550-2,550 Indiviual write-downs 0 1, Group write-downs (NOK 1,000) Group write-downs ,700 5,900 5,900 + Change in group write-downs 6,000 8,000 12,800 Group write-downs 24,700 13,900 18,700 Provisions on guarantees (NOK 1,000) Provisions on guarantees Change in provisions on guarantees 0 1,000 0 Provisions on guarantees 0 1,000 0 SIDE 15

16 HISTORICAL TREND LOSSES AND WRITE-DOWNS Group write-downs (NOKM) Annual impairment Accumulated impairment % of gross loans % % % % % % % Sum 24.7 Individual write-downs (NOKM) Annual losses and impairment % of gross loans % % % % % % % Sum 20.2 Average annual individual losses and impairment have been at 0.04% of gross loans in the period 2008 to SIDE 16

17 QUARTERLY PROFIT TRENDS (NOK 1,000) 3rd quarter nd quarter st quarter th quarter rd quarter 2013 Net interest income 72,215 65,596 62,892 61,524 56,623 Net other operating income 10,099 6,157 12,893 14,913 4,914 Total net income 82,313 71,754 75,786 76,437 61,537 Total operating expenses 15,523 15,426 15,617 26,835 15,009 Profit before losses on loans and guarantees 66,791 56,327 60,169 49,602 46,528 Losses on loans and guarantees 2,000 2,000 1,412 2,800 4,000 Pre-tax profit 64,791 54,327 58,756 46,802 42,528 Taxes 17,623 14,777 15,982 13,460 11,908 Profit for the period 47,168 39,550 42,775 33,342 30,620 SIDE 17

18 HISTORICAL TREND LOANS AND DEPOSITS 5,234 5,473 5,505 6,734 7,347 7,171 7,162 7,246 6,867 6,308 6,110 6,242 6,902 7,039 3,435 4,460 4,506 4,942 5,589 5,371 2,348 2,421 3,511 3,843 Loans Deposits SIDE 18

19 ASSETS (NOK 1,000) Cash and deposits with central banks 50, , , Lending to and deposits with credit institutions 617, , , , ,194 Net lending to customers 7,346,889 7,245,771 6,866,858 7,161,938 7,046,044 Commercial paper and bonds 2,650,149 2,119,878 1,721,290 1,100,050 1,066,397 Shares and other securities 309, , Financial derivatives 19,027 13,232 40,598 31,260 39,578 Intangible assets 24,048 22,678 23,272 23,774 24,395 Fixed assets Other assets 1,565 4,597 4,079 20,600 46,498 Prepaid costs and retained earnings 1,037 1,529 2, ,137 Total assets 11,020,435 10,100,013 9,555,832 8,889,804 8,624,916 Net loans to customers increased by MNOK 101 in the third quarter of High turnover rate of credits: Approximately 30% of the loan portfolio matures within a year SIDE 19

20 LIABILITIES AND EQUITY (NOK 1,000) Deposits from credit institutions ,646 13,146 19,811 Deposits from customers 7,038,601 6,902,028 6,241,989 6,110,121 5,894,413 Senior securities issued 2,412,371 1,856,752 1,974,196 1,513,436 1,492,415 Financial derivatives 72,943 37,658 18,984 26,806 24,801 Other liabilities 150,926 80,642 84,497 57,197 61,526 Accrued costs and prepaid income 11,147 10,273 11,151 16,658 10,156 Subordinated loan capital 308, , , , ,600 Total liabilities 9,994,906 9,121,651 8,591,521 7,971,189 7,736,721 Share capital 735, , , , ,469 Share premium reserve 290, , , , ,726 Total equity 1,025, , , , ,195 Total liabilities and equity 11,020,435 10,100,013 9,555,832 8,889,804 8,624,916 Increase in customer deposits of MNOK 137 in the third quarter of Adjustment of deposit terms to improve the deposit margin and meet new liquidity requirements. SIDE 20

21 SUBORDINATED DEBT In the spring of 2011, Pareto Bank issued a subordinated bond with face value of NOK 126 million. Following the implementation of the new Capital Requirement Directive, CRD IV, the bond no longer fully counts as tier 1 capital. In the third quarter, after a buy-back initiative, the bank chose to exercise the call option and redeem the bond at par value. The 2011 bond issue was replaced with a combination of 3,0 new % hybrid capital and a subordinated loan with a total face value of NOK 200 million. The new regulatory capital composition has increased capital adequacy and provided a capital structure that better allows for optimal use of the different types of capital instruments. 2,5 % 4,5 % SIDE 21

22 CAPITAL ADEQUACY REQUIREMENTS Pareto Bank operates at target levels ranging from 0,5 to 1.0 percentage points above the current regulatory requirements for Common Equity Tier 1 (CET1) and Total Capital ratios 15.0% 3.6% 13.5% 15.5% 3.5% 14.5% 3.5 % By the end of 2014, target operating levels for the CET1 ratio range from 11.5% to 12.0%, whereas the target levels for the Total Capital ratio range from 15.0% to 15.5% 3.5 % The bank has a high percentage of short maturing credits that facilitates a relatively quick adjustment to the new capital requirements by reducing risk-weighted assets 11.4% 10.0% 12.0% 11.0% The calculation base for credit risk is based on the standard method and not the IRB approach Capital ratio Regulatory requirements Target levels Regulatory requirements Core capital Hybrid capital (Tier 1) SIDE 22

23 NEW REQUIREMENTS FOR COMMON EQUITY 14.0% 12.0% 10.0% 11.5% 11.4% 12.0% 11.0% 1.0% Countercyclical buffer Improved net margin and flat operating costs 8.0% 3.0% Systemic risk buffer Moderate dividend payment 6.0% 4.0% 2.5% Conservation buffer Moderate lending growth 2.0% 0.0% Financial statement Financial statement Target levels % Capital requirements Minimum requirements for common equity Total lending NOK 7.5 billion at year-end 2014 SIDE 23

24 SIDE 24 1 FINANCIAL STATEMENT 2 LENDING AND CREDIT RISK 3 FUNDING AND LIQUIDITY

25 A NICHE PLAYER WITH FOCUS ON REAL ESTATE FINANCING, SECURITIES FINANCING, AND SHIPPING AND OFFSHORE FINANCING Total credit exposure MNOK 9, Real estate financing focused on residential property construction in the Oslo region 2. A full scale provider of securities financing including investment services 3. Gradually building a diversified shipping and offshore portfolio 16.9% 3.6% 11.7% 5.0% 59.8% Bonds Stocks and shares Property Mortgages/credit Shipping & offshore Other SIDE 25

26 A STRONG MARKET POSITION WITHIN RESIDENTIAL PROPERTY CONSTRUCTION IN THE OSLO REGION Primarily financing of regulated lots with a potential for property development Property credit exposure MNOK 5,550 Financing of residential and commercial property construction Financing of projects for renovation and conversion of commercial property to residential units A typical project is composed of lot financing and a building construction facility in the range of MNOK for the construction of 4-8 homes in the greater Oslo area 46.9% 19.2% 6.4% 10.0% 9.4% Offices Combination buildings Commercial Residential property Lots 8.0% Other SIDE 26

27 TERMS OF REAL ESTATE FINANCING FINANCING OF RESIDENTIAL DEVELOPMENT The bank requires on average 20% to 40% equity to finance a property lot purchase. Primarily financing of regulated lots purchased for development with a clear exit strategy. The developer must demonstrate the ability to successfully complete projects and have experience with residential development. Projects stress tested: if the price of unsold units falls by 50% compared to pre-sold units, the sales amount must still be sufficient to cover the bank credit. Primarily financing of projects in the Oslo region and other well-functioning and liquid markets. FINANCING OF COMMERCIAL PROPERTY The bank requires equity of 20% to 40%. Long leases with financially sound tenants. Primarily financing of properties in the Oslo region and other well-functioning and liquid markets. SIDE 27

28 A FULL SCALE PROVIDER OF SECURITIES FINANCING STANDARD PRODUCTS Financing of stocks on Oslo Stock Exchange with a LTV/leverage of 0% to 80% Financing of short trades on Oslo Stock Exchange Financing of high yield bonds mainly arranged by Pareto Securities with a LTV/leverage of around 50% Financing of funds (stocks, bonds etc.) OTHER MORE SPECIALIZED PRODUCTS: Forwards Total return swaps Guarantees in favor of Oslo Stock Exchange for companies in a mandatory offer position INCREASED FOCUS ON FINANCING CORPORATE PROJECTS IN COOPERATION WITH PARETO SECURITIES: Bridge financing to customers in the process of issuing market debt Bridge and long term financing to private equity firms Bridge financing to investors taking part in an equity issue SIDE 28

29 BUILDING A WELL-DIVERSIFIED PORTFOLIO IN SHIPPING AND OFFSHORE The project should as a rule have Norwegian ownership A high quality charterer with transparent books and a diversified cash flow Objects built in renowned shipyards, with liquid second-hand markets and well-proven designs Equity requirement 60% to 30% Individual commitment size MUSD 5 to MUSD 20 Shipping & offshore credit exposure MNOK 1, % Offshore 9.4% Rig Ro-ro 25.8% Container 15.1% Product Bulk 8.2% Tank 12.9% 6.6% 5.3% Gas Other SIDE 29

30 COMMITMENTS BY RISK CLASSIFICATION Credit exposure (NOK million) None/very low risk 4,685 3,835 4,256 Low risk 3,303 3,899 3,572 Moderate risk 923 1, Some risk High risk Very high risk Non-performing loans Accrued interest and amortisation Total exposure 9,287 9,045 8,916 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, None/very low risk Low risk Moderate risk Some risk High risk Very high risk Non-performing loans Very high risk 0.3% High risk 0.5% None/very low risk 50.4% Some risk 3.3% Low risk 35.6% Moderate risk 9.9% SIDE 30

31 COMMITMENTS BY SIZE Credit exposure (NOK million) > 50 3,916 4,298 4,185 >20 <50 3,046 2,399 2,284 >10 <20 1,006 1,117 1,196 >5 < >2 < >1 < < Accrued interest and amortisation Total exposure 9,287 9,045 8, ,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 > 50 > 20 < 50 > 10 < 20 > 5 < 10 > 2 < 5 > 1 < 2 < 1 SIDE 31

32 INTEREST MARGIN BY SEGMENT Segment (NOK 1,000) No. of clients Lending Allocation / guarantee amount Unused guarantees Interest contribution Interest margin Real estate financing long-term ,157 1,671, ,103 24, % Real estate project financing , ,934 25,185 20, % Securities financing 211 4,695,545 5,509, , , % Shipping & Offshore financing 21 1,083, 563 1,083, , % Corporate financing , , ,634 8, % Sum 673 7,346,891 9,287,322 1,940, , % Interest contributions and interest margin per segment exclusive front-end fees. Average cost of funds of 2.69%. SIDE 32

33 TOTAL CREDIT EXPOSURE (NOK million) Lending Guarantees Undrawn credit lines Total credit exposure Real estate financing long-term 2, , ,142.0 Real estate project financing 2, , ,703.6 Securities financing , ,609.2 Shipping & Offshore financing 1, , Corporate financing Retail financing Total exposure 7, , , ,044.6 SIDE 33

34 OUR MARKETS REAL ESTATE: WE FOCUS ON PROJECT FINANCING Growing competition, increased appetite for risk and margin pressure in real estate financing. Higher optimism in the market for new and existing homes provides good access to projects. A high natural repayment rate and internal capital allocation means virtually unchanged net exposure in SECURITIES: TURNING TOWARD CORPORATE-FINANCING Unchanged activity within the standard products equity credit and bond credit. Great potential in "corporate affairs" e.g. bridging financing and owner financing. SHIPPING & OFFSHORE: GRADUALLY BUILDING THE PORTFOLIO A large number of loan requests and good activity. As a result of weaker economic outlook, falling oil prices and lower investment rates among oil companies, the goal is to have a moderate growth over the next few years where we are building a solid and diversified portfolio. Room for growth in a market where there is still limited competition. Good opportunities to fund projects with high equity ratio and high profitability. SIDE 34

35 SIDE 35 1 FINANCIAL STATEMENT 2 LENDING AND CREDIT RISK 3 FUNDING AND LIQUIDITY

36 FUNDING SOURCES Deposits 7,039 Fixed rate deposits 42% Corporate deposits 65% Senior dept 2,412 Deposit-to-loan ratio 96% Other dept 234 Subordinated dept 309 Core capital 1,026 Long term liquidity ratio Liquidity coverage ratio* 113% *LCR is calculated without the use of covered bonds in Level 1 assets pending further instructions from the FSA. 139% SIDE 36

37 CUSTOMER DEPOSITS Deposit allocation Fixed rate deposits time to maturity Depositors 3,468 1,886 NOK million 2,464 4, % 20.0% 40.0% 60.0% 80.0% 100.0% >25 mths mths mths. 5-7 mths. 3-4 mths. Retail Corporate 500 1,000 1,500 NOK million Deposits by size Average deposit per customer (NOK) >25 mths mths mths. 5-7 mths. 3-4 mths. Total Commercial Retail 1.3 mill. 2.4 mill. 0.7 mill. 1,000 2,000 3,000 Floating rate deps. Fixed rate deps. NOK million SIDE 37

38 MARKET FUNDING NOK SEK PARB 5Y PARB 3Y Bank 5 3Y > des. 13 feb. 14 apr. 14 jun. 14 aug. 14 Market funding maturity profile (NOK million) Pareto Bank has as per issued seven senior unsecured bonds, a subordinated loan and two subordinated bonds. The bonds are listed on the Nordic ABM and the Oslo Stock Exchange. Lower credit margins The bank pays an increasingly lower credit spread over NIBOR on its market funding. More transparent pricing and more interest from the market allows the bank to better utilize securities financing. SIDE 38

39 INCREASED SHARE OF SECURITIES FINANCING 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 14% 14% 17% 22% 40% 27% 29% 37% Q Q Equity and subt. dept. Market funding Fixed rate deposits Floating rate deposits Overview of funding sources The bank obtains cheaper funding and a more diversified funding base by increasing the share of market funding and correspondingly decreasing the share of fixed rate deposits. SIDE 39

40 SURPLUS LIQUIDITY Drawing rights Invest. pf. Liquidity portfolio Cash Surplus liquidity after hair cuts Drawdown on credits Buffer for loss of deposits Liquidity requirement: Buffer for losses of deposits and drawdowns on credit lines Industrials Snr. fin. & covered Level 2 assets Cash and level 1 assets LCR: Assets sorted by LCR-classification (Covered bonds are level 2 assets). A large volume of deposits provides high surplus liquidity. Better margins will reduce surplus liquidity and at the same time retain high liquidity assets Underwriting of new issues 1% Investment portfolio 11% Government & PSEs 18% Industry 5% Covered bonds 40% Bank/finance 26% The bond portfolio consists of a liquidity portfolio of mainly AAA securities, an investment portfolio (maximum limit NOK 420 million) and a portfolio of contingent drawings (maximum limit of NOK 100 million) SIDE 40

41 SIDE 41

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