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Gruppo Bancario Popolare

Reshaping Italian Banking Competition

16 October 2006
S_MVOLTAN\Eli - UCI - BPVN\BPVN\2006-10-[17] AP BPI\2006 10 16 Analyst Presentation_39.ppt

Disclaimer

In connection with the proposed business combination, the required information document will be sent to Commissione Nazionale per le Società e la Borsa
(“CONSOB”). Investors are strongly advised to read the documents that will be sent to CONSOB, the registration statement and prospectus, if and when
available, and any other relevant documents sent to CONSOB, as well as any amendments or supplements to those documents, because they will contain
important information.
This presentation is being supplied to you solely for your information and may not be further distributed or passed on to any other person or published, in
whole or in part, for any purpose. neither this presentation nor any copy of it may be taken or transmitted into the United States, Canada, Australia or
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distribution of this presentation in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform
themselves about, and observe, any such restrictions.
This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise
acquire, any securities of Banco Popolare di Verona e Novara or any member of its group nor should it or any part of it form the basis of, or be relied on in
connection with, any contract to purchase or subscribe for any securities in Banco Popolare di Verona e Novara or any member of its group or any
commitment whatsoever. Persons who intend to participate in the proposed tender offers are reminded that any such participation may only be made
solely on the basis of the information contained in the respective offer documents to be issued by Banco Popolare di Verona e Novara in accordance with
the relevant tender offer and securities laws regulations which may be different from the information contained in this presentation. The information
contained in this presentation is not for publication, release or distribution in Australia, Canada, Japan or the United States (within the meaning of
Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")). This presentation and the information contained herein are not an
offer of securities for sale in the United States and may not be viewed by persons in the United States except for qualified institutional buyers (as defined in
Rule 144A under the Securities Act) (“QIBs”). The securities proposed to be offered in Banco Popolare di Verona e Novara have not been and will not be
registered under the Securities Act and may not be offered or sold in the United States except to QIBs in reliance on an exemption from, or transaction not
subject to, the registration requirements of the Securities Act.
The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements in
this presentation are forward-looking statements under the US federal securities laws. By their nature, forward-looking statements involve a number of
risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking
statements. These include, among other factors, the satisfaction of the conditions of the offering, changing business or other market conditions and the
prospects for growth anticipated by the Banco Popolare di Verona e Novara’s management. These and other factors could adversely affect the outcome
and financial effects of the plans and events described herein. Forward-looking statements contained in this presentation regarding past trends or
activities should not be taken as a representation that such trends or activities will continue in the future. Banco Popolare di Verona e Novara does not
undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You
should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.

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S_MVOLTAN\Eli - UCI - BPVN\BPVN\2006-10-[17] AP BPI\2006 10 16 Analyst Presentation_39.ppt

Agenda

I. Key Transaction Highlights


II. Industrial Rationale and Value Creation
III. Corporate Governance
IV. Financial Impact
V. Closing Remarks

Appendix

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I. Key Transaction Highlights

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Key Transaction Highlights


Strategic Rationale

Friendly merger of equals based on shared objectives with key points of strength:

1 2
Significant value creation Unique distribution network: excellent
geographical fit and deeply rooted presence
– ~€500m run-rate synergies fully realised in richest Northern Italy regions
by 2010, with an estimated ~€3bn net
present value – Third largest branch network in Italy,
with almost 2,200 branches
– Proven track-record in
restructuring/integration – ~10% market share in Northern Italy,
with market share in excess of 8% in 27
provinces

3 Doubling in size: significant strengthening 4


of competitive positioning
– On path to become the 3rd largest Effective organizational structure and
Italian bank by market cap and clean governance
branches – Well defined management team
– Domestic leadership ambitions with clear accountability vis-à-vis
value creation targets
– First step towards European top
league: new entry in top 30 largest
players by market cap

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Key Transaction Highlights


Main Terms of the Transaction and Estimated Financial Impact

Merger by union of BPI and BPVN into a NewCo


Structure: Creation of Gruppo Bancario Popolare (“GBP”)
Spin-off of Retail banks

Share-for-share component¹:
– 0.43 BPVN shares for 1 BPI share
Consideration Structure¹:
Cash component:
– €1,500m extraordinary dividend to BPI shareholders (€2.2 per BPI share)

€11.50 based on BPVN 6 month average share price


Implied Value per BPI Share:
€12.00 based on BPVN closing price as of 13-Oct-2006

– Cash EPS accretive for BPVN shareholders from 2009 (including only
phased synergies), positive thereafter with over a 10% EPS accretion in
Financial and Capital
2010E
Implications: – Cash EPS accretive for BPI shareholders by over 30% from the beginning
– Pro forma Tier 1 Ratio of 6-6.5% from 2007 onwards

Confirmatory data room on selected information


Conditions: Regulatory approvals
Approval at BPVN and BPI shareholder meetings

¹ GBP, as NewCo, will issue new shares to BPVN and BPI shareholders

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Key Transaction Highlights


Offer Timetable

„ 16 October 2006: Announcement


October 2006 „ 16 October 2006: Presentation to the financial community
„ October/November 2006: Roadshow and One-on-One meetings with investors

Mid November 2006 „ Confirmatory data room

„ BPVN and BPI Board of Directors


– Approve merger document
December 2006 – Call EGMs for BPVN and BPI
– Approve Business Plan for Gruppo Bancario Popolare
– Roadshow and One-on-One meetings with investors

„ BPVN and BPI EGMs to approve merger project


February / March 2007 „ BPI AGM to approve extraordinary dividend
„ Merger act and constitution of the Gruppo Bancario Popolare¹

¹ Based on Q3 2006 data

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II. Industrial Rationale and Value Creation

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rd
1 On Path to be 3 Italian Bank by Aggregate Market Cap
Top Italian Banks (€bn)

69.9 69.6 „ Expected aggregate market cap of €18.7bn


(2.4x and 3.8x other major Italian popolari
banks BPU and BPM) pre extraordinary
dividend

#3

18.7
18.7 17.8
3.01 15.0
#5 #7
7.1
8.6 7.7 7.1 6.0 5.5 4.9 4.2 3.5 3.2
8.6
UniCredit

Capitalia

Lombarda

Carige

CR Firenze
BPI

Credem
BPM
Intesa +

Gruppo BP

MPS

BPVN

BPU

BPER
SPIMI

¹ Net present value of synergies


Source: Datastream, data as of 13-Oct-2006

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1 Key Step to Achieve European Scale


Top European Banks (€bn)

Top 10
Average market cap: €89bn

174

105 Top 10-20


Average market cap : €48bn

90
84
81 79 Top 20-30
Average market cap : €19bn
70 70 70
65
62
58 58
53 51
49 Only “cooperative bank”
44 43
#25 among top 30 European #45 #50
largest players
32
30 28 19
19
19
25
20 19
18 18 17 16 16 15
1 15 15 14 13 13 11
3
7 9 8 7
5 4
9

DnB NOR
HBOS

BPER
NBoG
UBS
RBS
HSBC

KBC

SEB

SHB

BPU
ING

Gruppo BP

BPI
BBVA

AIB

BPVN
Banco Popular
BNP Paribas

Dexia

Capitalia

BPM
Lloyds TSB
SocGen

ABN Amro

MPS
Fortis
Barclays

Nordea

Natexis
UniCredit
Santander

Deutsche Bank

Danske Bank

Erste Bank

Bank of Ireland
Intesa+SPIMI

Swedbank
Credit Agricole

Std. Chartered
Credit Suisse

Commerzbank

Italian Bank s

¹ Net present value of synergies


² Aggregate market capitalisation including NPV of synergies, pre extraordinary dividend
Source: Datastream, data as of 13-Oct-2006

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1 Strong Improvement in Domestic Competitive Positioning

Domestic Branch Network (#) Customer Loans (€bn)


5,498
301

#3 #5 #9 #5 #7 #11
3,018
146
2,183
1,944 1,877 90 86
1,205 1,205 1,181 73
977 45
45 28
978
28
BIN-SPI UCI GBP CAP M PS BPV N BPU … BPI BIN-SPI1 UCI CAP M PS GBP … BPV N … BPI

Market Market
19.5% 9.6% 6.7% 6.2% 5.9% 3.8% 3.8% 2.9% 24.5% 13.2% 6.9% 6.8% 5.6% 3.3% 2.3%
Share Share

Customer Deposits (€bn) Consumer Credit Volumes of Related Companies (€bn)


326

3.1
#5 #7 #9 #4 #10 #11 #12
187 2.4 2.2
1.8 1.6
88 79 0.6
73
39 39 34 1.2 1.2 1.0 0.9
34
2 3
Findo- DB - Agos GBP Clarim a … Ducato De lta Line a
BIN-SPI UCI CAP M PS GBP … BPV N … BPI
m e s tic Pre s t.
Market Market
25.0% 14.2% 7.2% 6.1% 5.8% 3.0% 2.7% 11.5% 9.0% 8.3% 6.9% 6.1% 4.6% 3.8% 3.3%
Share Share
1 Pre-disposal of Cariparma, Friuladria and selected branches
² 20% stake of BPVN 3 49% stake of BPVN
Source: interim reports 2006, Bank of Italy for market shares
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2 Leader of Local Footprint – Strength in Northern Italy (1/2)

National Distribution Network Ranking by Region

BPVN BPI Region Ranking Mkt Share Area

Lom bardia 544 3° 8.9% North


Veneto 301 3° 9.0% North

Toscana 285 3° 11.4% Centre


Em ilia
244 3° 7.4% Centre
Rom agna
Piem onte 236 4° 9.2% North

Sicilia 144 2° 8.3% Island

Liguria 130 2° 13.9% North

Lazio 64 10° 2.5% Centre

Cam pania 55 8° 3.5% South


New Group – National Distribution Network Abruzzo 45 6° 7.0% Centre
Trentino 21 5° 2.3% North
<1.0% 15
Friuli 8° 1.6% North
1.0%<=X<2.5% Um bria 10 13° 0.8% Centre
2.5%<=X<7.5% Marche 9 5° 5.6% South

7.5%<=X<15% Molise 8 9° 1.5% Centre


Valle
6 4° 6.2% North
=> 15% d'Aosta
Puglia 6 19° 0.4% South

Basilicata 3 12° 1.2% South


# Branches: 2,183
Market Share 6.7% Calabria 3 13° 0.6% South
Sardegna 1 14° 0.1% Island

Source: interim reports 2006; territorial split based on Bank of Italy; ranking by region based Bank of Italy as of March 2006

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2 Leader of Local Footprint – Perfect Geographic Fit (2/2)


Detailed Analysis – Selected Regions

„ Perfect geographic fit with negligible overlap


„ Significant market share in key northern regions
Market share
„ Market share in excess of 8% in 27 provinces
Province BPVN BPI NG

Bologna 1.5% 4.6% 6.1%


Market share Market share Ferrara 0.5% 0.9% 1.4%
Forli'-Cesena 0.6% 1.8% 2.5%

Emilia-Romagna
Province BPVN BPI NG Province BPVN BPI NG
Modena 14.9% 1.4% 16.4%
Alessandria 7.1% 1.4% 8.5% Bergamo 13.6% 1.9% 15.6% Parma 5.9% 1.5% 7.4%
Asti 7.2% 0.7% 7.8% Brescia 6.4% 3.0% 9.5% Piacenza 1.0% 3.8% 4.8%
Biella 8.6% 0.0% 8.6% Como 2.6% 1.2% 3.8% Ravenna 1.3% 2.8% 4.1%
Piedmonte

Cuneo 6.4% 0.2% 6.6% Cremona 1.5% 23.4% 24.9% Reggio Emilia 13.2% 0.8% 13.9%
Novara 26.5% 0.0% 26.5% Lecco 1.9% 1.9% 3.8% Rimini 0.0% 1.5% 1.5%
Lombardia

Torino 3.4% 0.7% 4.1% Lodi 0.0% 19.1% 19.1% Total 4.9% 2.4% 7.3%
Verbano 27.2% 0.0% 27.2% Mantova 6.3% 2.5% 8.8%
Vercelli 20.1% 0.0% 20.1% Milano 2.9% 2.9% 5.8%
Arezzo - 3.7% 3.7%
Total 8.2% 0.5% 8.7% Pavia 8.7% 2.5% 11.2%
Firenze 1.4% 6.9% 8.3%
Sondrio 0.0% 0.8% 0.8%
Grosseto 4.3% 3.6% 8.0%
Varese 3.7% 4.6% 8.3%
Belluno 2.0% 1.0% 3.0% Livorno 1.6% 25.3% 26.8%
Total 4.9% 4.0% 8.9%

Toscana
Padova 3.2% 0.7% 3.9% Lucca 2.8% 26.0% 28.8%
Rovigo 1.1% 0.6% 1.7% Massa C. - 10.6% 10.6%
Veneto

Treviso 3.5% 0.8% 4.4% Genova 3.3% 12.0% 15.3% Pisa 2.3% 16.9% 19.2%
Venezia 10.2% 0.6% 10.8% Imperia 6.7% 1.7% 8.3% Pistoia 3.3% 5.0% 8.3%
Liguria

Verona 22.8% 0.3% 23.1% La Spezia 3.8% 6.1% 9.8% Prato 1.5% 4.5% 6.0%
Vicenza 5.3% 0.6% 6.0% Savona 9.0% 6.7% 15.7% Siena 2.0% 2.0%
Total 8.3% 0.6% 9.0% Total 4.9% 8.9% 13.7% Total 1.7% 10.5% 12.2%

Source: Bank of Italy, March 2006

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3 €500m Expected Synergies Driving Significant Value Creation

Expected Gross Synergies (€m)

Revenue Cost

500
One-off restructuring costs of about €300m
(=~135% of pre-tax cost synergies) 424

220
44%

291 208
49%

146 50%

141
280 56%
59 41% 216 51%
146 50%
83
59%

2007E 2008E 2009E 2010E

Phasing 28% 58% 85% 100%

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3 Ambitious but Achievable Targets Based on BPVN


Track-Record
Domestic Transactions – as % Combined Entity
Cost Synergies/Cost Base
12.0%
10.0% 10.1%
8.4% 8.8%
7.8%

Intesa-SPIMI BP Bergamo-BPCI Unicredito - CI BPV-BPN BPV-BPN BPVN-BPI


Announced Achieved

Revenue Synergies/Revenue Base

2
2 8.1% 6.8%
7.0%
5.4%
2.9% 4.5%1
4.5%
1

1.7%
2.5% 3.6%

Intesa-SPIMI BP Bergamo-BPCI Unicredito - CI BPV-BPN BPV-BPN BPVN-BPI


Announced Achieved
1 Synergies from productivity alignment announced in November 2003 as part of 2004-2006 business plan
² Including synergies from productivity alignment
Source: Company analyst presentation and press releases, internal analysis

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3 €220m Cost Synergies, Driven by Efficiency Gains and


Rationalisation of Central Functions
Gross Cost Synergies (€m)
Main Drivers
Preliminary Breakdown

% of Total „ Right-sizing and rebalancing of head office workforce through partial


replacement only of employees’ exit due to running churn-rate
Personnel 90 41% „ Limited optimisation of branch network
„ Extension of BPVN’s employees incentive program to BPI’s
„ Reduction in IT system support and development staff

IT / Back Office „ Migration to one single IT platform (BPVN) and subsequent elimination of
duplicate functions
Administrative 66 30% „ Increased “purchasing power”
Expenses
„ Integration of back office functions at central and local level

„ Elimination of duplicate head office administrative functions and centralisation


General of branch network servicing functions
Administrative 29% „ Increased efficiency across processing and administrative functions
64
Expenses „ Improved “purchasing power”
„ Reduction in D&A in light of shared investments and logistics optimisation

Total 220

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3 €280m Revenue Synergies from Application of Best Commercial


Practices, Increased Cross-Selling and Internalisation of Revenues

Gross Revenue Synergies (€m)


Main Drivers
Preliminary Breakdown

% of Total
„ Internalisation of asset management revenues
Revenue 70 „ Strengthening of capital markets activities
Internalisation 25%
„ Fees from structuring of retail/corporate investment banking and structured life
insurance products currently outsourced

„ BPI cost of funding still above peers, despite recent improvements


Reduction in Cost 4%
10 – Combined entity to raise funds at better conditions owing to BPVN higher
of Funding
rating

„ Improved penetration through cross-selling of initiatives


Consumer Credit 11% „ Cross-selling enhancements to convert indirect into direct customers
30
Expansion „ Improvement sale capabilities and productivity as well as internalisation of
revenues from higher sophistication of product range

External network „ Leverage on new cross-selling and business development opportunities arising
25 9%
Penetration from the network of specialist intermediaries

„ Upgrade effectiveness of BPI’s network through broader product range,


Improvement in pro 52% standardised and effective commercial tools, sales force training
145
Capita Profitability „ Pricing adjustment opportunities from broader / more sophisticated product
range and improved lending process and time to market

Realignment to 50% of
Total 280 the gap of revenues per
employee to the best
practice of BPVN Group
(BPV)

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4 New Holding Model with Multibrand Strategy of Local Footprint

Holding Popolare

BPL Spa BPN Spa BPV-SGSP Spa CR Lucca Pisa


CR Bergamasco
(Lodi) (Novara) (Verona) Livorno Other¹
~240 branches
~530 branches ~400 branches ~530 branches ~240 branches

Leverage on Strong Local Brand Recognition


Potential Insurance
BP Cremona Partner

BP Crema

BP Mantova

Caripe

¹ Other includes Efibanca, Banca Aletti, foreign banks, operations

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IV. Corporate Governance

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Friendly Transaction Based on Shared Objectives and Clear


Governance Rules…

Structure Key Principles

Supervisory Board „ AGMs in charge of approval of financial statements and


dividend policy
Chairman: Carlo Fratta Pasini
Vice-Chairman: BPI (Dino Piero Giarda or Divo Gronchi) „ Location of AGMs to rotate on an annual basis between
Second Vice-Chairman: Maurizio Comoli Verona and Lodi, whereas EGMs will be held in Verona
20 members drawn from BPVN and BPI Boards
„ Dual-Board structure composed of a Supervisory and
Management Board
Management Board
– Supervisory Board to be elected by the General
Shareholders’ Meeting, in charge of controlling,
Chairman:BPI (Dino Piero Giarda or Divo Gronchi) supervision and relevant extraordinary transactions
12 members of which 8 executives
– Management Board, elected by the Supervisory
Board, in charge of business operations
CEO „ Integrated management team
Fabio Innocenzi
– BPVN CEO to become the new CEO of the Group
and to report to the Management Board

– BPVN and BPI current General Managers in charge


General Manager - Corporate General Manager - Retail of Corporate and Retail businesses, respectively
Massimo Minolfi Franco Baronio
„ Proven track-record in managing integration and
restructuring

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… Leading to an Effective Organizational Structure

Chairman of Management Board

CEO

HR

External Specialised Network Operations

Finance SGS

Retail Business Corporate Business

Staff Staff

Retail, Affluent, Small Business Corporate

Direct Banking Large Corporate

Bancassurance Loans

Commercial coordination of retail


International Banking
distribution networks

Product Factories Product Factories

CASSA LUCCA PISA


BPL BPV-SGSP BPN CREBERG
LIVORNO

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Balanced and Well Represented Board Composition Combined


with Well Defined Roles and Responsibilities

Supervisory Board Management Board

20 „„ From
Frominception,
inception,12
12members
members(including
(includingthe
20members
membersofofwhich
which40%
40%BPI
BPIand
and60%
60%BPVN:
„„
Composition

BPVN: the
–– Year Chairman and CEO)
Year1:1:10
10members
members Chairman and CEO)
–– Year –– 88members
membersdrawn
drawnfrom
fromtop
topmanagement
Year2:2:16
16members
members management
–– 44non-executive
–– As
Asfrom
fromYear
Year3:3:20
20members
members non-executivemembers
members

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IV. Financial Impact

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Main Financial Targets and Implied Value Creation

2008E Pro Forma 2010E Pro Forma

Target EPS Impact (%)


BPVN Shareholders Substantially Neutral Over 10%

Target EPS Impact (%)


Around 40% Around 30%
BPI Shareholders

Target ROI (%)


BPVN and BPI 11.9%
Shareholders¹

Target ROI (%) BPVN 10.3%


Target ROI (%) BPI 14.1%

¹ Return on investment for BPVN shareholders calculated as portion of pro forma net income over BPVN value
² Return on investment for BPI shareholders calculated as portion of pro forma net income over BPI value
Source: IBES estimates for BPVN and internal estimates for BPI

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Capital Base Evolution


Post Capital Measures

1
2007E – 2010E Pro forma Tier 1 Ratio Capital Strengthening Initiatives

A number of capital optimisation

6.-6.5% run rate Pro forma actions will be considered:


Tier 1 Ratio from 2007 onwards „ Issuance of preference shares
„ Disposal of non-strategic
stakes
„ Securitisation of portfolios of
performing loans:
Strong internal capital generation: ~45bps of core capital
per year from 2008 – Residential mortgages
– SME mortgages

¹ Considering an extraordinary dividend payment of €1,500m and capital management initiatives

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VI. Closing Remarks

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Closing Remarks

„ Creation of a popolare leader with a powerful local franchise in Northern


Italy

„ Domestic leadership ambitions and European scale: on path to be 3rd


largest Italian player and 25th European player

„ Significant value creation from synergy potential and proven integration


skills of combined management teams

„ Effective corporate governance and clear roles and responsibilities in


order to achieve value creation targets

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Investors and Analysts: Key Contacts

BPVN Banca Popolare Italiana

Tom Lucassen Office: +39 045 867 5537 Nicoletta Zangrandi Office: +39 0371 580.036
Head of Investor Relations e-mail: investor.relations@bpv.it Head of Investor Relations e-mail: investor.relations@bipielle.it

Elena Segura Office: +39 045 867 5484 Chiara Leoni Office: +39 0371 580 073
e-mail: investor.relations@bpv.it e-mail: investor.relations@bipielle.it

Vania Farinati Office: +39 045 867 5613 Elisa Mazzocco Office: +39 0371 580.681
e-mail: investor.relations@bpv.it e-mail: investor.relations@bipielle.it

Office: +39 045 867 5613 Fabio Pelati Office: +39 0371 580.105
Francesca Romagnoli
e-mail: investor.relations@bpv.it e-mail: investor.relations@bipielle.it

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Appendix

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Branch Distribution Network


Combined Market Share of BPVN and BPI in Northern Italian Regions

Market Share ≥8% in 27 Northern Provinces

Ve rbano 27.2%
Novara 26.8%
V e rce lli 21.8%
Piemonte 10.9%
Bie lla
Ale s s andria 8.6%
As ti 8.0%

V e rona 23.4%
Veneto V e ne zia 10.9%

Cre m ona 25.1%


Lodi 19.7%
Be rgam o 15.7%
Lombardia Pavia 11.3%
Bre s cia 9.5%
M antova 8.8%
V are s e 8.2%

Savona 15.8%
Ge nova 15.6%
Liguria La Spe zia 9.8%
Im pe ria 8.5%

Emilia- M ode na 16.7%


Romagna Re ggio Em ilia 14.0%

Lucca 28.9%
Livorno 27.0%
Pis a 19.8%
Toscana M as s a C. 10.8%
Pis toia 8.4%
Gros s e to 8.0%
Source: Bank of Italy, December 2005

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Side by Side Analysis


Main Lines and Selected Ratios

Income Statement BPVN BPI Balance Sheet BPVN BPI


(€m) (€m)
Net Interest Income 646.8 401.0 Customer Loans 44,460 27,571

Net Non-Interest Income 642.7 355.5 Customer Deposits 39,096 33,804

Dividends from Equity Investments 35.6 22.9 Shareholders’ Equity 4,169 3,529¹

Total Income 1325.0 778.8 Interest Earning Assets` 61,892 56,993

Operating Costs (670.1) (470.8) Interest Bearing Liabilities 57,063 52,655

Gross Operating Profits 654.9 308.0


ROE² (%) 21.07% 5.4%
Loan Loss Provisions (27.0) (50.7)

Profit Before Taxes 645.2 261.7

Net Income 397.4 92.0

Cost / Income (%) 50.6% 54.8%

¹ Pro forma for €719.4m capital increase


² Return on equity calculated on shareholders’ equity excluding net income of the period
Source: Interim reports

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BPN Performance and Alignment


Productivity Alignment

BPVN Group BPN BPN Alignment

31/12/2004 30/06/2006 31/12/2004 30/06/2006 31/12/2004 30/06/2006

+20.4% 37.8
+36.0%
31.4
23.8
17.5 100 100
= 63.0
55.8
Customer loans/branch (€m)
BPN BPVN Group

Group
+8.2% includes dividends
209.81 226.9 +18.2%
197.1
166.7
100 100
Revenues/Avg. Employees (€‘000) =
79.4 86.9
BPN BPVN Group

+39.0% 105.9 +50.9%


76.2 83.0
55.0
Op. Income/Avg. Employees (€’000) = 100 100
78.3
72.2
BPN BPVN Group

(7.3) p.p. (9.1) p.p.


67.0
57.9 57.9
50.6
Cost/income ratio (%) = 115.7 114.4
100 100
BPN BPVN Group

¹ Related only to the three commercial banks of the Group, thereby allowing a more meaningful comparison (exclusion of BO/IT staff and other)

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