INFORMATION MEMORANDUM DATED 9 JULY 2009 ...

Volatility in interest rates may negatively affect the Consumer Group's net interest income and
increase the Consumer Group's non-performing loan portfolio.
Changes in market interest rates could affect the interest rates charged on interest-earning assets
differently than that paid on interest-bearing liabilities. This difference could result in an increase in
interest expenses relative to interest income leading to a reduction in the Consumer Group's net
interest income. Rising interest rates may also bring about an increase in non-performing loan
portfolio. Interest rates are highly sensitive to many factors beyond the Consumer Group's control,
including increased regulation of the financial sector, monetary policies, domestic and international
economic and political conditions and other factors.
Foreign exchange rate fluctuations may negatively affect the Consumer Group's earnings and the
value of its assets and shares.
In the ordinary course of its business, the Consumer Group has a percentage of its assets and liabilities
denominated in currencies other than the Euro. Fluctuations in the value of the Euro against other
currencies may adversely affect the Consumer Group's profitability. Additionally, while most of the
governments of the countries in which the Consumer Group operates have not imposed prohibitions on
the repatriation of dividends, capital investment or other distributions, no assurance can be given that
these governments will not institute restrictive exchange control policies in the future.
Balance sheets of each business area are hedged in the area's own currency, basically using natural onbalance
sheet hedges.
Changes in the regulatory framework, including increased regulation of the financial services industry
in the jurisdictions where the Consumer Group operates, could adversely affect its business.
As a result of the current financial crisis and ensuing government intervention, it is widely anticipated
that there will be a substantial increase in government regulation of the financial services industry,
including the imposition of higher capital requirements, heightened disclosure standards and
restrictions on certain types of transaction structures. New regulations could require the Consumer
Group to inject further capital into the Consumer Group's businesses as well as in businesses which the
Consumer Group acquires, restrict the type or volume of transactions the Consumer Group enters into,
or set limits on or require the modification of rates or fees that the Consumer Group charges on certain
loans or other products. Any of such consequences could lower the return on the Consumer Group's
investments, assets and equity. The Consumer Group may also face increased compliance costs and
limitations on its ability to pursue certain business opportunities. Changes in regulations, which are
beyond the Consumer Group's control, may have a material effect on the Consumer Group's business
and operations. As some of the banking laws and regulations have only recently been adopted, the
manner in which those laws and related regulations are to be applied to the operations of financial
institutions is still evolving. Moreover, no assurance can be given generally that laws or regulations
will be adopted, enforced or interpreted in a manner that will not have an adverse affect on the
Consumer Group's business.
Operational risks are inherent in the Consumer Group's business.
The Consumer Group's businesses depend on the ability to process a large number of transactions
efficiently and accurately. Losses can result from inadequate personnel, inadequate or failed internal
control processes and systems, or from external events that interrupt normal business operations.
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