Banca Popolare di Verona

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1 Banca Popolare di Verona Fabio Innocenzi, CEO Merrill Lynch Midcap Financial Conference London (UK), 12 December 2001

2 Brief Standalone Profile of BPV Merger between BPV and BPN

3 BPV Group Structure Corporate Retail Group Finance Operations and other BPV Creberg Service Unit (SGS) Gestielle Merchant Leasimpresa BPV Vita Creberg SIM Banca Aletti Aletti (Suisse) Gestielle AM Sgr Other companies Gestielle Alternative A.M. 1

4 BPV s Franchise LOMBARDY Share of national GDP: ~ 20.4% BPV market share (i) ~ 3% VENETO Share of national GDP: ~ 9.2% BPV market share (i) ~ 8% BPV s network of 589 branches is concentrated in an area which accounts for almost 40% of Italy s national GDP BPV enjoys a market share of 18% in its four key provinces (VR, BG, MO, RE) Note: (i) Market share based on number of branches 4 2 EMILIA ROMAGNA Share of national GDP: ~ 8.7% BPV market share (i) ~ 5%

5 Stock Option Plan The Board Meeting of 23 October 2001 approved a stock option plan which is fully operational, subject to approval at the next shareholders meeting. Key features: Underlying rationale 3 - year period top managers increase in share capital: - max 5 million new shares, or 2% of current shareholders equity Full alignment of management objectives with value creation fully cohesive management team retention of value creating managers attraction of best market talent Enhanced focus on value creation 3

6 Brief Standalone Profile of BPV Merger between BPV and BPN

7 Investment Case 7th largest Italian banking group retail customer/sme focused (3,000,000 clients) strongly rooted presence across Northern Italy Clear and simple corporate structure Transaction benefits all shareholders Increased profitability through rapid integration 4

8 Section 1 Highlights

9 Highlights Possible Inclusion in the MIB 30 Improved Visibility with Investors Market Capitalisation ( Bn) UniCredito Intesa-BCI Sanpaolo IMI MPS BNL 5,4 BP Verona e Novara (1) 4,2 Bipop 4,1 Banca di Roma 3,5 Banca Lombarda 2,7 BP Verona 2,5 BP Bergamo 2,4 Carige 1,9 BP Novara 1,7 Credem 1,5 BP Milano 1,5 BP Lodi 1,0 7,9 18,4 18,2 22, Source FactSet, 4 December 2001 Note 1) Combined market capitalization pre-distribution of extraordinary dividend 5

10 Highlights Highlights of the New Group Branches in Italy (30 June 2001) # Net Income (30 June 2001) MM 3,500 3,000 3,258 2,924 1,600 1,400 1,386 2,500 2,000 1,500 1, ,170 1,842 1,800 1, ,200 1, Intesa-BCI UCI SP IMI MPS BDR BPVN Antonveneta 0 Intesa-BCI UCI SP IMI MPS BNL BPVN BDR 6

11 Highlights Highlights of the New Group Customer Loans (30 June 2001) Bn AUM (30 June 2001) Bn Intesa-BCI UCI SP IMI BDR BNL MPS BPVN Intesa-BCI SP IMI UCI MPS BNL BDR BPVN 7

12 Highlights Strong Presence across Northern Italy BP Verona BP Novara BP Verona e Novara 0.3% 3.3% 7.6% 0.2% 5.3% 0.2% 1.1% 1.6% 1.2% 9.0% 0.4% 4.7% 0.5% 0.3% 4.9% 8.7% 9.2% 5.7% 5.0% 1.6% 0.3% 0.1% 0.4% 1.8% 0.4% 1.3% 0.8% 2.2% 0.5% 1.3% 1.2% 3.0% 0.5% 3.0% 0.5% 1.0% 1.0% BP Verona: 587 branches BP Novara: 529 branches BP Verona and Novara: 1,116 branches 8

13 Section 2 Clear and Simple Corporate Structure

14 Clear and Simple Corporate Structure Experienced Management Team Banco Popolare di Verona e Novara Chairman: Carlo Fratta Pasini CEO: Fabio Innocenzi General Manager: Piero Montani Staff Functions General Services Retail & Corporate Banking Private & Investment Banking, Investment Management BPV Branch Network BPN Branch Network Creberg Branch Network Novara Invest and Creberg SIM Leasimpresa and Italease Novara Vita and BPV Vita Banca Aletti Gestielle and Sogepo Aletti Suisse BUMF Gestielle Merchant 9

15 Clear and Simple Corporate Structure Governance of the New Group BP Verona e Novara Chairman: Carlo Fratta Pasini 2 Vice-Chairmen Board: 20 members, 7 drawn from the historical heartland of BPN Executive Committee: 9 members CEO: Fabio Innocenzi General Manager: Piero Montani 10

16 Clear and Simple Corporate Structure Governance of the New Group BP Novara SpA Chairman: Siro Lombardini Board: Principally from the historical heartland of BPN Board members Executive Committee: Constituted by the New BPN Chairman, by the CEOs of the New BPN and the New Bank and executive members of the board CEO: Piero Montani General Manager: nominated with the agreement of the Board of the New Bank 11

17 Section 3 Transaction Terms

18 Transaction Terms Transaction Terms Structure: Merger by union of BPV and BPN into a NewCo Spin off of BPN historical network in a New Bank Exchange ratio: 1 NewCo share per 1 BPV share 1 NewCo share per 2 BPN share Extraordinary dividend: 411 MM to BPN shareholders Conditions: Due diligence on specific areas Regulatory approval Approval at BPV and BPN extraordinary shareholder meetings 12

19 Transaction Terms Value Creation For All Shareholders... Financial Terms Nov Jan Mar Apr Jun Aug Oct through: Distribution of an extraordinary dividend Optimisation of the capital structure Exchange ratio in line with the market Exchange ratio: 0.50x post distribution Dividend distributed: 411 MM 13

20 Section 4 Increasing Profitability

21 Increasing Profitability Increasing Profitability Profitability Ratios BP Verona e Novara 2001E (Consensus) 2003E (Consensus) Cost/Income (1) 63.5% 57.0% EPS ROE (2) 9.2% 14.1% ROE Adjusted (3) 12.2% 17.3% (4) Note 1) Including amortisation & depreciation, excluding goodwill 2) Net Income/(Year End Book Value - Net Income) 3) Pre-goodwill; Adjusted Net Income/(Year End Adjusted Book Value - Net Income) 4) Post distribution of the extraordinary dividend Consensus: from brokers reports after 11 September 14

22 Increasing Profitability Rapid Integration of the Two Groups Cost synergies Present value of cost synergies (1) 540 MM Product company integration IT systems unification Central office function rationalisation Revenue synergies Present value of revenue synergies (1) 400 MM Internal benchmarking Productivity growth through increased product range Note 1) Calculated using an 8.8% discount rate Present value as a % of the combined market value: 27% 15

23 Increasing Profitability Merger to Generate Important Synergies Preliminary Estimate of Gross Synergies MM 145 In addition to benefits from existing stand-alone rationalisation process % 37% 2.6% of 2000 pro-forma total income 58 38% 63% 63% 7.3% of 2000 pro-forma aggregated operating costs 12 75% 25% 62% Cost Synergies ( 91 MM) Revenue Synergies ( 54 MM) 12 MM 36 MM 48 MM 24 MM Integration costs 16

24 Increasing Profitability Cost Synergies Synergies in 2005 Network efficiency 18 MM Shared IT platform 20 MM Governance and control structures of the network/company 53 MM Fully achieved cost synergies 91 MM 17

25 Increasing Profitability Best Practice Alignment 2003 stand-alone (Consensus) Synergies in 2005 BPV BPN Alignment of profitability on indirect deposits (1) 0.99% 0.65% 24 MM Increase of network productivity Direct deposits per branch 33 MM 30 MM 30 MM Customer loans per branch 34 MM 29 MM Fully achieved revenue synergies 54 MM Note 1) Company data Consensus: from brokers reports after 11 September 18

26 Increasing Profitability Value Creation for Both Shareholders Financial Impact of the Transaction Assumptions BPN shares exchanged (# MM) Exchange Ratio (BPV shares for 1 BPN share) 0.5 Total shares of BP Verona e Novara (# MM) Extraordinary dividend distributed ( MM) E 2003E BPV Net Income ( MM) BPN Net Income ( MM) Impact on BPV EPS Pre synergies (2.1%) 3.4% Post net cost synergies (1) (2.6%) 3.5% Post net cost and revenue synergies (1) (2.1%) 6.8% Impact on BPN EPS (2) Pre synergies 20.7% 13.9% Post net cost synergies (1) 20.7% 13.9% Post net cost and revenue synergies (1) 20.6% 17.6% Notes 1) Including restructuring cost 2) Based on the re-investment of BPN extraordinary dividend in BPV shares 19

27 Section 5 Conclusions

28 Conclusions Timetable Date Principal Events 13 November 2001 Announcement 14 November 2001 Presentation to the financial community By end Dec 2001 Due Diligence By end Jan 2002 BPV and BPN Board meetings Approval of the merger document (based on financial data as at 30/09/2001) Extraordinary Shareholders meetings call Approval of Business Plan for the new Group February 2002 Road Show and One-to-One meetings with investors March 2002 Extraordinary shareholders meeting to approve merger project and establishment of the New Bank; ordinary BPN shareholder meeting to approve extraordinary dividend April 2002 Merger act and constitution of the New Bank 20

29 Conclusions Operation Consistent with Management Objectives Growth Strategy Preliminary conditions Required rationale Value creation Perfect complementarity Transferability of business model Industrial logic EPS accretion in the year following completion of the transaction Value increase after restructuring Capital optimisation Limited duplication of clients and branch network Wider product range for clients Complementary management skills Shared values and business culture Clear corporate governance Merger satisfies all criteria for both BPN and BPV 21

30 Section 6 Pro-forma Financial Data

31 Pro-forma Financial Data Key Financial Data Data as of 30 June 2001 BPV BPN Branches Financial advisors Employees 6,827 6,735 Financial Data Customer Loans ( MM) 18,561 12,423 Customer Deposits ( MM) 18,777 14,216 Total Assets ( MM) 29,305 20,989 Equity Book Value ( MM) 1,836 1,361 AUM ( MM) 17,308 8,554 Ratios Cost/Revenues 56.6% 66.9% (1) ROE 2001E 11.1% 6.7% ROE adjusted 2001E (2) 17.5% 6.7% NPL/Customer Loans 1.4% 6.0% Tier I Ratio 6.3% 9.2% Market Statistics (3) Market Value ( MM) 1,932 1,483 P/E 2001E 10.1x 16.3x P/E 2002E 9.3x 11.4x P/BV 2001E 1.01x 1.02x Note 1) Net Income/(Year End Book Value - Net Income) 2) Pre goodwill; Adjusted Net Income/(Year End Adjusted Book Value - Net Income) 3) As of 12 November 2001 E (Estimates): from brokers reports after 11 September 22

32 Pro-forma Financial Data Comparable Companies (1) Price Market Cash EPS Growth % Stated P/CE Cash P/E Stated P/NAV Cash P/NAV Stated ROE Cash ROE 04/12/01 Cap 00E 01E 02E 02E/01E 01E 02E 01E 02E 01E 02E 01E 02E 01E 02E 01E 02E ( ) ( bn) ( ) ( ) ( ) (%) (%) (%) (%) (%) Banca di Roma 2,5 3,4 0,17 0,09 0,16 77,1 11,7 20,8 27,5 15,6 0,6 0,6 0,6 0,6 4,9 2,7 6,1 3,8 BIPOP 2,0 4,0 0,22 (0,08) 0,08 (188,8) 50,7 28,7 (24,1) 27,2 2,4 2,3 3,7 3,5 4,7 8,2 9,7 16,1 Fideuram 8,1 7,4 0,28 0,26 0,26 2,2 35,5 34,7 31,9 31,2 8,2 7,4 9,1 8,1 24,2 22,5 30,3 27,5 Intesa-BCI 2,7 16,0 0,22 0,14 0,19 38,0 11,7 14,9 19,5 14,2 1,6 1,6 1,7 1,7 13,5 10,6 14,9 11,8 Unicredito 4,2 21,1 0,28 0,32 0,34 5,6 14,8 14,6 13,1 12,4 2,4 2,2 2,6 2,3 17,1 15,9 21,9 19,7 Bca Nazionale del Lavoro 2,5 5,3 0,07 0,18 0,19 4,0 13,8 13,5 13,6 13,0 1,3 1,2 1,2 1,1 9,6 9,2 9,1 8,8 Bca Lombarda 9,2 2,6 0,72 0,62 0,71 14,2 16,7 16,7 14,9 13,1 2,0 1,9 4,9 3,5 12,3 11,9 38,4 31,2 Monte dei Paschi di Siena 3,0 7,7 0,22 0,22 0,27 19,0 13,3 12,4 13,3 11,2 1,4 1,3 1,6 1,6 10,6 10,8 14,0 14,4 Bca Popolare di Milano 3,9 1,5 0,75 0,46 0,54 17,0 11,4 11,8 8,5 7,3 0,6 0,6 0,7 0,7 5,8 5,5 8,9 10,7 Bco Popolare VR-NO (2) 10,6 3,9 NM 0,88 0,98 12,1 14,0 12,3 12,1 10,8 1,4 1,5 1,4 1,5 8,9 9,9 11,9 14,0 Rolo Banca 16,6 8,1 1,14 1,01 1,05 4,1 17,5 17,0 16,5 15,8 2,9 2,8 2,9 2,8 16,9 16,9 19,1 18,2 Italian Weighted Average 18,6 14,4 15,6 15,4 13,7 2,0 1,9 2,2 2,1 13,8 12,4 17,8 15,6 European Average 9,1 14,3 14,2 14,2 13,0 2,0 1,9 2,2 2,0 15,7 14,6 Market Cap Weighted European Average 6,9 15,5 14,4 14,1 13,4 2,3 2,1 2,7 2,5 16,2 15,4 Note 1) Adjusted for goodwill amortisation 2) Morgan Stanley estimates, excluding Bco Popolare VR-NO (figures from brokers reports after 11 September) 23

33 Section 7 Appendix

34 Appendix Analyst Consensus: BPV EPS 2002 Analysis Consensus: CSFB Cheuvreux I/B/E/S UBS Warburg EPS 2003 Analysis Consensus: Intermonte Mediobanca Merrill Lynch Banca Leonardo Euromobiliare Morgan Stanley Banca IMI UBS Warburg CSFB Cheuvreux I/B/E/S Intermonte Mediobanca Banca Leonardo Morgan Stanley Banca IMI

35 Appendix Analyst Consensus: BPN EPS 2002 Analysis EPS 2003 Analysis Consensus: Consensus: Intermonte Mediobanca Merrill Lynch Banca Leonardo Euromobiliare Banca IMI I/B/E/S Intermonte Mediobanca Banca Leonardo Banca IMI I/B/E/S

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