Top U.S. Savings & Loan Institutions Financial Analysis

+++ part 1 of 4

Ticker

1 Washington Mutual Inc., Seattle WAMU

2 Ahmanson (H.F.) & Co., Irwindale, Cali AHM

3 Golden West Financial, Oakland GDW

4 California Federal Bank, San Francisco

5 Dime Bancorp Inc., New York DME

6 Golden State Bancorp, Glendale, Calif. GSB

7 Charter One Financial Inc., Cleveland COFI

8 Sovereign Bancorp Inc., Wyomissing, Pa SVRN

9 GreenPoint Financial Corp., New York GPT

10 Bank United Corp., Houston BNKU

11 Astoria Financial Corp., Lake Success, ASFC

Top US Savings & Loan Averages for publicly traded institutions

with greater than $10 billion in assets

part 2 of 4

Market-to

Stock Price Percent book (x)

6/30/98 3/31/98 Change (Trailing

1 Washington Mut$43.44 $47.81 -9.15% 3.12 x

2 Ahmanson (H.F. 71 77.5 -8.39 2.39

3 Golden West Fi 106.31 95.81 10.96 2.16

4 California Fed N/A N/A N/A N/A

5 Dime Bancorp I 29.94 30.06 -0.42 2.63

6 Golden State B 29.75 38.19 -22.09 1.38

7 Charter One Fi 33.69 33.47 0.65 3.01

8 Sovereign Banc 16.34 18.19 -10.14 2.45

9 GreenPoint Fin 37.63 35.94 4.7 2.42

10 Bank United Co 47.88 50 -4.25 2.08

11 Astoria Financ 53.5 61.81 -13.45 1.54

Top US Savings & Loan Averages -5.16% 2.32 x

with greater than $10 billion in assets

part 3 of 3

Price to 'Weighted

EPS (x) pe Average

P/E (x) First Call cost of

(Trailingas of 7/23 Capital

1 Washington Mut 30.1 x 14.9 x 15.25%

2 Ahmanson (H.F. 19.3 17 15.74

3 Golden West Fi 16.3 13.3 15.31

4 California Fed N/A N/A N/A

5 Dime Bancorp I 22.8 16.9 15.18

6 Golden State B 18.6 16.1 11.05

7 Charter One Fi 26.2 15.7 14.89

8 Sovereign Banc 29.6 16.2 13.45

9 GreenPoint Fin 20.3 19.4 13.87

10 Bank United Co 14.5 16.3 13.38

11 Astoria Financ 17.1 15.7 15.73

Top US Savings 20.52 x 16.15 x 14.39%

with greater than $10 billion in assets

part 4 of 4

nonint. Rev/

Price-LesNon-Interest revenue Year-Date

book Total revue Year-to-date

value 6/30/98 6/30/97

1 Washington Mut 7.77% 23.56% 22.28%

2 Ahmanson (H.F. 5.76 19.4 24.28

3 Golden West Fi 4.23 12.52 8.22

4 California Fed N/A 33.11 29.65

5 Dime Bancorp I 19.75 46.81 19.45

6 Golden State B 50.41 19.26 18.97

7 Charter One Fi 6.1 23.63 20.14

8 Sovereign Banc 7.22 17.36 12.24

9 GreenPoint Fin 2.11 9.73 11.31

10 Bank United Co 15.36 20.13 25

11 Astoria Financ 30.39 34.98 34.72

Top US Savings 14.91% 23.68% 20.57%

with greater than $10 billion in assets

Source: 2nd Quarter 1998 bank earnings releases, First Call Corp., Bloomberg Financial Markets. ( 1) US subsidiary of a foreign banking institution. Market-to-book value ratio is the closing stock price on June 30, 1998, divided by the publicly reported book value per share trailing earnings anouncements as quoted on June 30th. Price earnings ratio is the closing stock price on June 30, 1998, divided by the last twelve months earnings per share. Price/98 EPS estimate reflects the stock price as of 6/30/98 divided by the First Call consensus mean earnings per share 1998 estimate provided by bank equity analysts. Weighted Average Cost of Capital (WACC) equals the Cost of Equity Capital rate and the yields on Preferred Stock, Trust Preferred Securities, and Long-Term Debt as of June 30th allocated by the percentage of each debt or equity financing component. The Cost of Equity capital is calculated by taking a two-year weekly adjusted beta from Bloomberg, which is further smoothed for bank betas which are greater than 1 and 2 standard deviations from the mean, and applying it against the S&P 500 Index 10 year return of 15.28% with a 10-year US Treasury yield of 5.45% as of 6/30/98. Noninterest revenue % / Total revenue for Michigan National equalled 35.70% and 33.06%, First Maryland 49.63% and 35.60%, HSBC 28.14% and 22.42%, LaSalle National 23.73% and 21.31%, Harris Bankcorp 43.84% and 36.62%, and Citizens Financial 25.25% and 31.41% for respective periods. Avg. Adj. Beta 1.04 6/98 1.00 12/97; Std Dev .20 6/98 and .18 12/97. Avg WACC 13.43 Std Dev 1.56 2 Std Devs 3.12. Cost of Equity Capital 15.65% Std Dev 1.75. Avg LTD yield 7.14% Std Dev 1.02% Avg eff tax rate 34.33%. American Banker ===

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