Earnings Highlights

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Sovereign Bancorp

Wyomissing, Pa.

Dollar amounts in millions (except per share) Second Quarter 2Q99 2Q98

Net income $48.8 $42.9

Per share 0.30 0.27

ROA 0.87% 0.91%

ROE 16.77% 16.16%

Net interest margin 2.92% 2.78%

Net interest income 147.4 119.0

Noninterest income 33.3 25.2

Noninterest expense 98.4 70.3

Year to Date 1999 1998

Net income $94.1 $58.0

Per share 0.58 0.36

ROA 0.84% 0.77%

ROE 15.91% 13.52%

Balance Sheet 6/30/99 6/30/98

Assets $24,594.0 $18,781.1

Deposits 12,170.5 9,980.7

Loans 12,342.8 10,520.9

Marshall & Ilsley Corp.

Milwaukee, Wis.

Dollar amounts in millions (except per share) Second Quarter 2Q99 2Q98

Net income $87.5 $62.2

Per share 0.77 0.54

ROA 1.57% 1.21%

ROE 16.04% 11.86%

Net interest margin 3.67% 3.70%

Net interest income 184.7 174.3

Noninterest income 208.5 184.5

Noninterest expense 247.9 251.0

Year to Date 1999 1998

Net income $173.0 $137.7

Per share 1.52 1.19

ROA 1.59% 1.36%

ROE 15.79% 13.34%

Balance Sheet 6/30/99 6/30/98

Assets $22,792.5 $20,983.2

Deposits 15,897.5 14,607.2

Loans 14,673.8 13,186.3

Allfirst Financial Inc.

Baltimore, Md.

Dollar amounts in millions (except per share) Second Quarter 2Q99 2Q98

Net income $37.6 $47.5

Per share NA NA

ROA 0.85% 1.12%

ROE 7.75% 9.76%

Net interest margin 3.64% 3.84%

Net interest income 138.5 140.2

Noninterest income 83.2 89.8

Noninterest expense 148.8 146.0

Year to Date 1999 1998

Net income $80.0 $143.2

Per share NA NA

ROA 0.91% 1.70%

ROE 8.16% 14.91%

Balance Sheet 6/30/99 6/30/98

Assets $17,689.0 $17,140.0

Deposits 11,957.0 12,109.0

Loans 10,571.0 10,077.0 ===

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