Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Q3 2011

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1 Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Q3 2011

2 I. Strategy and concept - Gjensidige Bank group II. Performance key figures - Gjensidige Bank group III Gjensidige Bank Boligkreditt AS Gjensidige Bank

3 I. Strategy and Concept Gjensidige Bank group

4 Gjensidige Bank Group Gjensidige Forsikring ASA Gjensidige Bank Holding AS Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Gjensidige Bank

5 Gjensidige Bank Concept Online bank for the retail market Support product for the core general insurance business in Norway Customers meet Gjensidige Bank in the group s portal on Self-service concept with attractive terms Differentiated from other players through its association with Gjensidige groups brand name, customer base and distribution network Gjensidige Bank

6 Gjensidige Bank Key Competitive Strengths Strong Brand The Bank differentiates itself from other players in the market through its association with the Gjensidige Group s brand name, customer base and distribution network One of Norway s 25 largest banks Wide Customer Base 96,333 customers Agreements with the Norwegian Society of Chartered Technical and Scientific Professionals, the Confederation of Vocational Unions and the Norwegian Society of Engineers and Technologists Close ties with agricultural sector a 10-year collaboration agreement with the Norwegian Farmers and Smallholders Union reached in January 2010 Bank s products also form part of the Gjensidige Group s loyalty programme Efficient Distribution Strategy Self-service concept with attractive terms, and straightforward procedures that ensure good customer experiences over the Internet 21 modern financial services centers established across the country Strong Know How All key banking products offered Simplify customers transactions Effective risk management program Insourcing services Gjensidige Bank

7 II. Performance Key Figures Gjensidige Bank group

8 Gjensidige Bank Group Key Figures Tier 1 capital % 14, Equity MNOK 1,258 1,290 1,212 Loans to customers MNOK 14,751 14,119 11,576 Deposits from customers MNOK 9,251 9,120 6,550 Assets under management MNOK 15,868 15,764 12,733 Profit before tax expense MNOK (76) Return on equity % (7.8) Registered customers Number 96,333 89,594 75,945 Registered customers who are also insurance customers Number 46,970 43,764 36, Gjensidige Bank

9 Gjensidige Bank Group Funding MNOK Senior bond debt/certificate debt 2,750 Covered bond debt (excl. swap arrangement) Total liabilities generated by issuance of securities Swap arrangement for covered bonds with Norges Bank 1,750 4, New issues in Repayments in ,165 Including swap arrangement with Norges Bank in 2013, and call agreements for covered bond according to loan agreements Gjensidige Bank

10 Gjensidige Bank Group Third quarter 2011 Cost program progresses according to plan Positive development compared to prior year Growth in loan volume Increased share of mortgage loans Launch of Fordel Credit card Gjensidige Bank

11 NOK MNOK Gjensidige Bank Group Progress result/total assets Profit before tax Total assets Q Q YTD Q YTD Q Q Q Q Gjensidige Bank

12 Gjensidige Bank group Loan portfolio Geographical spread Loans Percent Nord-Norge 5,60 % Sørlandet 3,00 % Abroad 0,20 % (Figures in NOK 1000) Akershus ,1 % Oslo ,2 % Østlandet other ,4 % Vestlandet ,5 % Midt-Norge ,0 % Nord-Norge ,6 % Sørlandet ,0 % Abroad ,2 % Midt-Norge 9,00 % Vestlandet 20,50 % Akershus 19,10 % Oslo 19,20 % Total gross loans ,0 % Secured loans Østlandet 23,40 % Unsecured loans Gjensidige Bank

13 III. Gjensidige Bank Boligkreditt AS

14 Gjensidige Bank Boligkreditt AS a strategic initiative of Gjensidige Bank ASA The rationale for establishing the company was to issue covered bonds (OMF) to obtain competitive and long-term financing for Gjensidige Bank Group through: Participation in the OMF swap facility (Ministry of Finance) Sale of OMF bonds in the financial market Gjensidige Bank Boligkreditt AS received a license from the Financial Supervisory Authority in June 2009 Buys mortgages from Gjensidige Bank Services such as customer and loan management as well as day-to-day management and administrative services are provided by Gjensidige Bank ASA & Gjensidige Forsikring ASA Offered seven loans for sale (OMF - covered bonds) with a total face value of BNOK 2.7 The loans are listed on the Oslo Alternative Bond Market (ABM) Gjensidige Bank

15 Gjensidige Bank Boligkreditt AS Key figures Key figures Gross loans to/claims from customers MNOK 3,163 2,355 Issued covered bonds MNOK 2,700 1,800 Average loan-to-value ratio Percent Average loan volume MNOK Loans to customers Number 2,878 2,296 Residences/homes Number 2,853 2,251 Weighted average remaining life Month Delinquencies Volume 0 0 Loans with fixed interest rates Volume 0 0 Maximum loan 75% of market value All loans are secured by mortgages on homes in Norway Gjensidige Bank

16 Gjensidige Bank Boligkreditt Third quarter 2011 Income statement Figures in NOK 1000 YTD Q Net interest/credit commission income 12,203 14,451 Commission income Total income 12,527 14,511 Operating expenses 3,112 4,089 Profit before loss 9,415 10,423 Write-downs on loans Profit before tax expense 9,228 10,101 Balance sheet Figures in NOK Loans to/claims from customers 3,162,570 2,355,007 Liabilities opened for the issue of securities 2,696,001 1,795,888 Short selling credit and long-term credit line from Gjensidige Bank ASA 388, ,936 Equity 234, ,966 Capital adequacy 17.6% 14.5% Gjensidige Bank

17 Gjensidige Bank Boligkreditt AS Loan-to-value 30 % 28,5 % Loan-to-value 28,3 % 25 % 20 % 23,1 % 19,5 % 15 % 10 % 5 % 0 % 0,6 % 0-40 % % % 60-75% Over 75% 80 percent of loans are within 60 percent loan to value ratio Gjensidige Bank

18 Gjensidige Bank Boligkreditt AS Loans geographical spread Geographical spread (mortgaged location) (Figures in NOK 1000) Percent Akershus 26,6 % Oslo 21,0 % Vestlandet 19,3 % Østlandet other 15,9 % Midt-Norge 8,5 % Nord-Norge 4,7 % Sørlandet 4,0 % Total gross loans 100, Gjensidige Bank

19 Mnok Gjensidige Bank Boligkreditt AS Funding MNOK Covered bond debt 2,700 New issues in Repayments in Due date covered bond Gjensidige Bank own book including Swap Market Due date according to loan agreements Gjensidige Bank

20 Gjensidige Bank Boligkreditt AS Issued Bonds NOK tho usand ISIN N UM B ER C UR R EN C Y RATE ISSUED M A T UR IT Y EXT. M A T UR IT Y F A C E VA LUE NO NOK Variable NO NOK Variable NO NOK Variable NO NOK Variable NO NOK Variable NO NOK Variable NO NOK Variable NO NOK Variable Total liabilities through the issuance of securities Gjensidige Bank

21 Gjensidige Bank Boligkreditt AS Cover pool High quality cover pool Cover Pool 1Q Q Q Q Q Q Q 2011 Residential Mortgages Subsitute Assets Bank Deposit Gjensidige Bank ASA Bank Deposits Other banks Sum Overcollateralization 12,8 % 85,5 % 64,8 % 34,6 % 23,4 % 12,6 % 23,2 % No mortgage loan defaults over 90 days Substitute assets: Bank deposit in Gjensidige Bank ASA and other banks Gjensidige Bank