Global Credit Research Financial Institutions May 29, 2007 Sector Report - Summary <strong>of</strong> Moody's JDA For Banks FITCH'S SUPPORT RATING FLOORS (CONTINUED) Country Issuer Name IDR Support Rating Support Rating Floor USA Westamerica Bancorporation A 5 No Floor USA Westamerica Bank A 5 No Floor USA Whitney Holding Corp. BBB+ 5 No Floor USA Whitney National Bank BBB+ 5 No Floor USA Wilmington Trust Corporation A+ 5 No Floor USA Wilmington Trust Company A+ 5 No Floor USA Zions Bancorporation A- 5 No Floor USA Amegy Bank NA A- 5 No Floor USA Cali<strong>for</strong>nia Bank & Trust A- 5 No Floor USA National Bank <strong>of</strong> Arizona A- 5 No Floor USA Nevada State Bank A- 5 No Floor USA Zions First National Bank A- 5 No Floor Source: Fitch; Global Research (HVB) Bayerische Hypo- und Vereinsbank AG, CA IB International Markets AG, Bayerische Hypo- und Vereinsbank AG Milan Branch See last pages <strong>for</strong> disclaimer. 26
Global Credit Research Financial Institutions May 29, 2007 Sector Report - Summary <strong>of</strong> Moody's JDA For Banks DISCLAIMER This analysis was prepared by Mr. Alexander Plenk, CFA (Analyst, HVB), and was published the first time on May 29, 2007. Responsibility <strong>for</strong> its preparation lies with: a) Bayerische Hypo- und Vereinsbank AG, Am Tucherpark 16, 80538 Munich, Germany, Responsibility <strong>for</strong> its distribution pursuant to §34b WpHG: Bayerische Hypo- und Vereinsbank AG, Am Tucherpark 16, 80538 Munich, Germany. Regulatory authority: "BaFin" - Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany. b) Bayerische Hypo- und Vereinsbank AG Milan Branch (HVB Milan), Via Tommaso Grossi, 10, 20121 Milano, Italy. Regulatory authority: “Banca d’Italia”, via Nazionale, 91 – 00184 Roma, Italy and Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany. Recommendation rules: "Consob Rule n. 11971/1999, art. 69-quinquies and Consob Comm. n. DME/6027054 28th March 2006 Other important notices: Key 1a: Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktienG (German Stock Corporation Act) owns at least 5% <strong>of</strong> the capital stock <strong>of</strong> the company. Key 1b: The analyzed company owns at least 5% <strong>of</strong> the capital stock <strong>of</strong> Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktienG (German Stock Corporation Act). Key 2: Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock Corporation Act) belonged to a syndicate that has acquired securities <strong>of</strong> the analyzed company within the twelve months preceding publication. Key 3: Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock Corporation Act) administers the securities issued by the analyzed company on the stock exchange or on the market by quoting bid and ask prices. Key 4: The analyzed company and Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock Corporation Act) concluded an agreement on services in connection with investment banking transactions in the last 12 months, in return <strong>for</strong> which the Bank received a consideration or promise <strong>of</strong> consideration. Key 5: The analyzed company and Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock Corporation Act) have concluded an agreement on the preparation <strong>of</strong> analyses. Company Key: Deutsche Bank 2,3; HypoVereinsbank 2,3; BANCO POPULAR ESPANOL 2,3; Royal Bank <strong>of</strong> Scotland Group 2; Bayerische Landesbank 2; Santander Central Hispano 2,3; WL-BANK Westfälische Landschaft Bodenkreditbank AG 2,3; Deutsche Genossenschafts Hypothekenbank AG 2,3; RCI Banque S.A. 2; HSBC Bank plc. 2; Mediobanca-Banca di Credito Finanziario SpA 1,3; NIBC Bank N.V. 2; NRW Bank 2,3; JPMorgan Chase & Co. 2; CITIGROUP 2; Allied Irish Bank 2; Société Générale 2,3; OBERBANK AG 1; Banca Monte dei Paschi di Siena 3; Berlin-Hannoversche Hypothekenbank AG 2,3; UNIPOL 4; ICO - Instituto de Credito Oficial 2; Alpha Bank 2; Bank <strong>of</strong> America Corp. 2,3; BANK FÜR TIROL U. VORARLBERG AG 1; Banca Intesa S.p.A. 2,3; Stadtsparkasse Düsseldorf 2; SEB Hypothekenbank AG 2,3; WestLB AG 2; Deutsche Hypothekenbank 2; Erste europ. Pfandbriefe- u. Kommunalkreditbank AG 2; AyT Cédulas Cajas 2; Caixa Geral de Depositos 2; Allgemeine Hypothekenbank Rheinboden AG 2; BANCA POPULARE DI VERONA E NOVARA 3; ERSTE BANK DER ÖSTERREICHISCHEN SPARKASSEN 2,3; Anglo Irish Bank 2; BNP Paribas 2,3; Credit Agricole 2; BBVA 2; Hypo Tirol Bank AG 2; VORARLBERGER LANDES- U. HYPOPOTHEKENBANK AG 2; HSH Nordbank AG 2,3; Europäische Hypothekenbank S.A. 2; Eurohypo Aktiengesellschaft 2,3; Banco Santander Central Hispano 2; Hypothekenbank in Essen AG 2,3; KFW 2,4; Münchener Hypothekenbank eG 2,3; Australia and New Zealand Banking Group 2; HSBC HOLDINGS 2; HBOS 2; DEPFA BANK plc. 2,3; Hypo Real Estate Holding AG 2,3; Lloyds TSB Bank plc 2; Capitalia 3; UBS AG 2; Unicredito Italiano Bank 2; Bank Austria Creditanstalt 1,2,3; Landesbank <strong>Bad</strong>en-Württemberg (LBBW) 2,3; BKS Bank AG 1; Hypo Alpe-Adria Bank AG 2; Kommunalkredit Austria AG 2,3; Düsseldorf Hypothekenbank AG 2; DEUTSCHE APOTHEKER- und Ärztebank 2; L-Bank Landeskreditbank <strong>Bad</strong>en-Württemberg 2; Banco Bilbao Vizcaya Argentaria SA 2,3; LRP Landesbank Rheinland-Pfalz Girozentrale 2; Aareal Bank 2,3; ALLIANCE & LEICESTER PLC 2; Mediolanum 3; Banco de Sabadell 2,3; Royal Bank <strong>of</strong> Canada 2; ABN Amro Bank N.V. 2,3,4; RAIFFEISEN INTL BK-HO. 3; Bank <strong>of</strong> Ireland Mortgage Bank 2; DnB NORBank ASA 2; IM Cedulas 2,3; Cedulas TDA 2; Deutsche Hypothekenbank Hannover 2,3; EFG EOBK ERG. EO 2,95 WKN:919700 2; Niederösterreichische LB Hypobank AG 2; Deutsche Schiffsbank 2; JYSKE Bank 2; Caixa Catalunya 2; BNL INVESTIRE IMPRESA 4; Banca Italease 2,3; Dexia Kommunalkreditbank AG 2; Banque Federative du Credit Mutuel 2; Hypo Pfandbriefbank International 2,3; Rabobank Nederland 2; Nederlandse Waterschapsbank 2; Commonwalth Bank <strong>of</strong> Australia 2; Hamburger Sparkasse 2; FHB Land Credit & Mortgage Bank 2; The Korea Development Bank 2; Caja Madrid 2,3; Banca Sella 2; Banca Populare Italiana 3; Banca Generali S.P.A. 1; The Export-Import Bank <strong>of</strong> Korea 2; Central Coop Bank AD ComStk 1; <strong>Bad</strong>en-Württemberg Landeskreditbank- Förderbank 2; Stadshypotek Bank 2,3; Unione Banche Italiane 4; Morgan Stanley 2; Goldmann Sachs 2; SLM CORP. 2; LEHMAN BROTHERS HOLDINGS INC. 2; Merrill Lynch & Co. Inc. 2,3,4; Wüstenrot & Württembergische AG 1; DAB Bank 1; Dresdner Factoring AG 3; Allianz 1,2,3,4; AEGON 2; ERGO 1; Uniqa Versicherungen AG 3; Swiss Re 2; Münchener Rück 2,4; AXA 3; ASSICURAZIONI GENERALI S.P.A. 1,3,4; ALLEANZA ASSICURAZIONI S.P.A. 1,3; CA IMMOBILIEN ANLAGEN AG 1,2,3; DIC Asset AG 3; IVG Immobilien AG 2; Colonia Real Estate 2; Adler Real Estate 2,3; Rücker Immobilien AG 2,3; Deutsche REIT AG 3; Significant financial interest: Bayerische Hypo- und Vereinsbank AG and companies affiliated with it regularly trade shares <strong>of</strong> the analyzed company. Analyses may refer to one or several companies and to the securities issued by them. The author’s remuneration has not been, and will not be, geared to the recommendations or views expressed in this study, neither directly nor indirectly. In some cases, the analyzed issuers have actively supplied in<strong>for</strong>mation <strong>for</strong> this analysis. To prevent or remedy conflicts <strong>of</strong> interest, Bayerische Hypo- und Vereinsbank AG has established the organizational arrangements required from a legal and supervisory aspect, adherence to which is monitored by its Compliance department. The prices used in the analysis are the closing prices <strong>of</strong> the Xetra system or the closing prices <strong>of</strong> <strong>of</strong>ficial trading on the Frankfurt Stock Exchange or the closing prices on the relevant local stock exchanges. In the case <strong>of</strong> unlisted stocks, the average market prices based on various major broker sources (OTC market) are used. Our recommendations are based on in<strong>for</strong>mation available to the general public that we consider to be reliable but <strong>for</strong> the completeness and accuracy <strong>of</strong> which we assume no liability. We reserve the right to modify the views expressed herein at any time and without notice. Moreover, we reserve the right not to update this in<strong>for</strong>mation or to discontinue it altogether without notice. The investment possibilities discussed in this report may not be suitable <strong>for</strong> certain investors depending on their specific investment objectives and time horizon or in the context <strong>of</strong> their overall financial situation. In particular the risks associated with an investment in the securities or the financial instruments under discussion are not explained in its entirety. This in<strong>for</strong>mation is given without any warranty on an “as is” basis and should not be regarded as a substitute <strong>for</strong> obtaining individual advice. Please contact your bank’s investment advisor <strong>for</strong> individual explanations and advice. Provision <strong>of</strong> this in<strong>for</strong>mation shall not be construed as constituting an <strong>of</strong>fer to enter into a consulting agreement. You will find an overview <strong>of</strong> the breakdown in absolute and relative terms <strong>of</strong> our investment ratings on our website www.hvb.de under the heading “Disclaimer.” Our investment ratings are in principle judgments relative to an index as a benchmark. Our ratings are as follows: Issuer level: Marketweight: We recommend to have the same portfolio exposure in the name as the respective reference index (the iBoxx index universe <strong>for</strong> high-grade names and the ML EUR HY index <strong>for</strong> sub-investment grade names) Overweight: We recommend to have a higher portfolio exposure in the name as the respective reference index (the iBoxx index universe <strong>for</strong> high-grade names and the ML EUR HY index <strong>for</strong> sub-investment grade names) Underweight: We recommend to have a lower portfolio exposure in the name as the respective reference index (the iBoxx index universe <strong>for</strong> high-grade names and the ML EUR HY index <strong>for</strong> sub-investment grade names) Instrument level: Bayerische Hypo- und Vereinsbank AG, CA IB International Markets AG, Bayerische Hypo- und Vereinsbank AG Milan Branch
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