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Banco Urquijo Acquisition Banco Sabadell 10th Annual European Financials Conference Banco Urquijo Acquisition Juan Maria Nin. Consejero Delegado Disclaimer Banco Sabadell cautions that this presentation may contain forward looking statements with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Banco Sabadell Group. While these forward looking statements represent our judgement and future expectations concerning the development of our business, a certain number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macroeconomic, governmental, political and regulatory trends, (2) movements in local and international securities markets, currency exchange rates, and interest rates, (3) competitive pressures, (4) technical developments, (5) changes in the financial position or credit worthiness of our customers, obligors and counterparts. These risk factors could adversely affect our business and financial performance published in our past and future filings and reports, including those with the Spanish Securities and Exchange Commission (Comisión Nacional del Mercado de Valores). Financial information by business areas is presented according to GAAP as well as internal Banco Sabadell group´s criteria as a result of which each division reflects the true nature of its business. These criteria do not follow any particular regulation and can include forecasts and subjective valuations which could represent substantial differences should another methodology be applied. The distribution of this presentation in certain jurisdictions may be restricted by law. Recipients of this presentation should inform themselves about and observe such restrictions. These slides do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe to any securities nor shall they or any one of them form the basis of or be relied on in connection with any contract or commitment whatsoever. 2 Thinking ahead Why Banco Urquijo? Transaction terms Synergies and capital implications Valuation multiples Transaction implications Next steps 3 Thinking ahead Retail banking competition levels require critical size in order to face the necessary IT, human capital, CRM and other investments. The medium term outlook might be softer than in recent years, particularly in the mortgage business. Only organic growth combined with acquisitions will grant sustainable growth. 4 Thinking ahead Organic growth + selected acquisitions Banco Urquijo Acquisition 50,000 4.5 45,000 4 % 40,000 25 06: 3.5 35,000 1Q 95– 3 30,000 19 Banco Atlántico Acquisition 2.5 25,000 CAGR 2 20,000 Banco Herrero Acquisition 1.5 15,000 NatWest España Banco de Asturias 1 10,000 Acquisition 5,000 0.5 0 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 From 2004 figures according to IAS Customer loans (M€) NPL (%) 5 Thinking ahead Why Banco Urquijo? Transaction terms Synergies and capital implications Valuation multiples Transaction implications Next steps 6 Why Banco Urquijo? Banco Sabadell will become a top-player in domestic Private Banking. Easy business integration and high level of synergies with a low execution risk. Complementary for brokerage and investment banking business. Boosts the potential of the SME & Personal Banking business. 7 Why Banco Urquijo? Main highlights VOLUMES RESULTS Loans to customers 2,002 Gross operating income 132 Customer funds 5,540 Operating expenses 102 Net Profit 10 CLIENTS 75,000 RATIOS RESOURCES NPL ratio 0.7% Employees 824 Cost/Income ratio 74.5% Branches 60 ROE 4.6% Euros in millions. December 2005 8 Why Banco Urquijo? Business Volume Mix 2,002M€ 5,540M€ Loans to customers Customer funds Other Repos Other 9% 1% Leasing 11% Mortgages AuM 2% 47% Term 37% Deposits 6% Sight Deposits Other 13% Loans 36% Commercial SICAVs Lending 32% 6% 9 Why Banco Urquijo? Asturias 3% País Vasco 1% 8% Navarra Business volumes Galicia Cantabria 2% 2% La Rioja Castilla 1% y León Aragón Cataluña 2,002M€ 2% 2% 16% Madrid Loans to customers 41% Valencia 9% 5,540M€ Murcia Customer funds Andalucía 1% 11% Canarias 1% 10 Why Banco Urquijo? Asturias País Vasco 9% 2% 10% 75,125 Galicia Cantabria Navarra 3% 2% Customers Castilla La Rioja y León 2% Aragón Cataluña 3% 2% 13% 7,300 (10%) Madrid 32% Valencia Private banking 6% Murcia 61,000 (81%) Andalucía 2% 13% Retail banking Canarias 1% 6,825 (9%) SMEs 11 Why Banco Urquijo? Asturias País Vasco 4 60 1 5 Galicia Cantabria Navarra Branches 3 La Rioja 1 Castilla 1 y León Aragón Cataluña 3 1 8 422 Madrid 17 Valencia Network employees 4 Baleares 1 Murcia 108.4M 1 Andalucía Total revenues 8 Canarias 2 12 Why Banco Urquijo? Human capital 45 years 19 years avg. age avg. seniority 5% 11% >35 years >55 years 20% <36 years 38% 33% 26-35 <11years 44% years 46-55 25% years 36-45 years 24% 11-20 years 13 Why Banco Urquijo? Gross operating income contribution by business unit * 40% merged Commercial Banking directly into 33% Sabadell Banca Private Privada Banking 40% 60% “cut & paste” into personal and SME banking Others SME Banking 9% 18% * As of December 2005, excluding extraordinary items. Banca Privada: AuM >= 300.000€ 14 Thinking ahead Why Banco Urquijo? Transaction terms Synergies and capital implications Valuation multiples Transaction implications Next steps 15 Transaction Terms Goodwill 760.0 -232.3 -57.8 -68.0 401.9 Acquisition Urquijo Book Unrealised Intangibles Goodwill Price Value 2005 Capital Gains Euros in millions 16 Transaction Terms This transaction will be paid fully in cash and funded with internally generated resources. Thanks to the solid capital structure of Banco Sabadell, 7.2% core capital, no capital increase is needed. Core capital as of March 2006. 17 Thinking ahead Why Banco Urquijo? Transaction terms Synergies and capital implications Valuation multiples Transaction implications Next steps 18 Synergies Calendar 15% 70% 100% 38.4 6.8 26.9 3.3 31.6 5.6 23.6 0.3 5.3 2006e 2007e 2008e Cost Synergies Revenue Synergies Euros in millions. After-tax synergies. 19 Costs Synergies 3.8 Integration of back office and head office functions to reduce combined cost base 11.1 Leverage on the existing 31.6 state-of-the-art IT platform of Banco Sabadell and integration expertise 16.7 Streamlining current branch network Personnel Costs IT platform Administrative Total Costs Euros in millions. 20 Branches Branch integration plan: PRIVATE BANKING 9 Network strengthened : x2.2 times 25 COMMERCIAL & SME BRANCHES 60 2 Integration within SabadellAtlántico 24 CLOSURES Due to branch proximity Total Private Commercial SME Banking CLOSURES Banking Banking 21 Revenue Synergies High leverage potential in loyalty and cross-selling Wider branch network 3.6 More competitive services 6.8 Comprehensive product portfolio A quantum leap in private banking 3.1 Personal & SME banking models Private Banking Personal Banking & Total SME Euros in millions 22 Impact on Capital Core capital 7.18% 5.95% 5.96% Internally-funded transaction while maintaining solvency ratios in line with the sector. (2) Banco Sabadell B.Sabadell + Sector average B.Urquijo (1) As of March 2006. (1) (2) Proforma. Including SAN, BBVA, POP, BTO and BKT. 23 Thinking ahead Why Banco Urquijo? Transaction terms Synergies and capital implications Valuation multiples Transaction implications Next steps 24 Valuation Multiples Private B. Banco Banco Europe* Urquijo Atlántico PER 16.5x 16.6x 1 13.1x P/BV 2.2x 2.6x 2 2.0x 1. PER 2006 including fully phased-in synergies. 2. PVC 2005 adjusted for unrealised capital gains (after tax) * Average of listed European private banking companies 25 Thinking ahead Why Banco Urquijo? Transaction terms Synergies and capital implications Valuation multiples Transaction implications Next steps 26 Transaction implications: Contribution to Banco Sabadell Group Banco Banco Urquijo / (1) Proforma Sabadell Urquijo BS (%) VOLUMES Customer funds 36,681 5,540 42,221 15.1% Gross loans to customers 44,878 2,002 46,880 4.5% (1) RESULTS Gross operating income 1,591 132 1,723 8.3% Operating costs 804 102 906 12.7% Net profit 453 10 463 2.3% RATIOS Cost/income ratio 46.6% 74.5% NPL ratio 0.45% 0.7% ROE 16.8% 4.6% Core Capital 7.2% 8.3% RESOURCES Branches 1,104 60 1,164 5.4% Employees 9,466 824 10,290 8.7% Euros in millions. As of March 2006. (1) Data as of December 2005. 27 Transaction implications: Contribution to Banco Sabadell Group SICAV’s Mutual & Pension Funds 2,387 +17% 14,566 12,466 +309% 584 260 94 Banco B.Sabadell + Banco B.Sabadell + (1) (1) Sabadell B.Urquijo Sabadell B.Urquijo Deposits Loans to Customers +4% 25,297 +4% 46,880 24,216 44,878 Banco B.Sabadell + Banco B.Sabadell + Sabadell B.Urquijo (1) Sabadell B.Urquijo (1) Euros in millions. As of March 2006. 28 (1) Proforma as of December 2005. Transaction implications: Private Banking 40% 60% Commercial & SME A great private bank Banking: “Cut & Paste” Banco Urquijo SBP SabadellAtlántico 29 Transaction implications: Private Banking A great private bank Banco Urquijo SBP 30 Transaction implications: Banco Urquijo SBP Urquijo Urquijo BP/ SBP Proforma BP SBP (%) VOLUMES Gross loans to customers 257 851 1,108 331.1% Customer funds 2,055 2,788 4,843 135.7% Custody 796 7,196 7,992 904.0% RESULTS Gross operating income 14.9 46 61 308.7% Operating costs 7.5 30 38 400.0% Net profit 3.1 10 13 322.6% CLIENTS 3,872 7,340 11,212 189.6% Euros in millions. December 2005. 31 Transaction implications: Banco Urquijo SBP SICAV’s* Mutual & Pension funds * 1,939 1,745 +120% +272% 793 521 Banco Banco SBP Urquijo SBP SBP Urquijo SBP Deposits* Custody* 1,159 7,196 +56% 741 +904% 796 Banco Banco SBP Urquijo SBP SBP Urquijo SBP 32 * Proforma.
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