Caixabank Sa · BME:CABK

Caixabank Sa — Debt Investor Presentation (January 2011)

31 slides from Caixabank Sa's debt investor presentation, Jan 28, 2011

  1. Slide 1: “la Caixa” Group New Structure

    “la Caixa” Group New Structure Fixed Income Investors Presentation 28 January 2011

  2. Slide 2: Disclaimer

    Disclaimer The purpose of this presentation is purely informative. informative In particular, particular regarding the data provided by third parties, parties neither Caja de Ahorros y Pensiones de Barcelona (“la Caixa”) as an entity, nor any of its administrators, directors or employees, is obliged

  3. Slide 3: Index

    Index I Summary of “la I. la Caixa Caixa” Group New Structure II. CaixaBank: the reference in retail banking in Spain III. Final Remarks IV. Investor relations contact V. Annex 3

  4. Slide 4: Summary of “la Caixa” Group New Structure

    Summary of “la Caixa” Group New Structure la Caixa  “la Caixa” Banking Business (assets, excluding real estate assets, and liabilities) is exchanged for some of the stakes of Criteria’s services portfolio (Gas Natural, Abertis, Agbar, Port Aventura and Mediterranea). Given higher value of the Banki

  5. Slide 5: Summary of “la Caixa” Group New Structure

    Summary of “la Caixa” Group New Structure  “la Caixa” control shareholder: Partner with excellent track record and prudent risk management background  Low risk profile: Differentiated asset quality (no real estate assets) and lowest NPL ratio and highest coverage among its peers CaixaBank  Financ

  6. Slide 6: Transaction

    Transaction  Simple restructuring process from a creditor perspective  All Banking liabilities and assets of “la Caixa” are transferred to CaixaBank subject to the exceptions below  Senior unsecured debt and all covered bonds (with the total pool of assets) are transferred to CaixaBank €9 5 Bn €9

  7. Slide 7: Proposed Valuations

    Proposed Valuations "la la Caixa Caixa" Criteria Banking Business Exchanged Services Portfolio Book Value NAV €7.5 Bn €11 9 Bn €11.9 Capital C it l Issuance I Valued at 0.8x €2.0 Bn €9.5 Bn €9.5 Bn  “la Caixa”’s banking business is being valued at 0.8x Book Value  Criteria’s exchanged services por

  8. Slide 8: Timetable

    Timetable 27 / 28 January  Transaction Announcement / Webcast  Criteria conducts confirmatory due diligence on “la la Caixa Caixa”’s s banking business  Criteria to receive fair opinions from independent advisors 24 February  Criteria 2010A accounts  End of Due Diligence and receipt of report 

  9. Slide 9: Index

    Index I Summary of “la I. la Caixa Caixa” Group New Structure II. CaixaBank: the reference in retail banking in Spain 1. Leading retail franchise in Spain 2. Diversification 3. Differentiated asset quality 4. Excellent solvency 5. Excellent liquidity and funding profile III. Final Remarks IV. Invest

  10. Slide 10: Leading retail franchise in Spain

    1 New CaixaBank: Bank “la Caixa”: Leading Leading retailretail franchise franchise in Spain in Spain S i li d b Specialized business i model: d l sustained i d hi high h quality li growth h Market shares and ranking position 20.6% 1st Payroll deposits Pension deposits Mortgages p 15.4% 13.1% 10.6% P

  11. Slide 11: CaixaBank: Leading retail franchise in Spain

    1 CaixaBank: Leading retail franchise in Spain LEADER in multi‐channel management Track record of reinforcing customer loyalty share % Total branches Internet Banking 30.3% Payroll deposits 5,409 ATMs 13.2% 15.6 15.4% Mobile banking 41.0% +130bps 15.1% Market share 15.2 12.0% Market shares last info

  12. Slide 12: CaixaBank: Leading retail franchise in Spain

    1 CaixaBank: Leading retail franchise in Spain Great commercial activity: increasing market shares Investment Funds (%) Pension Plans (%) Life Insurance (%) Assets under management Assets under management Premiums 12.0 20.0 15.0 10.6% 16.2% 13.2% +509bps 509b +365bps 365b 15 6% 15.6% +610bps 610b 16

  13. Slide 13: CaixaBank: Leading retail franchise in Spain

    1 CaixaBank: Leading retail franchise in Spain Quality l off service – Brand d reputation • Leader institution in recommendations and customer “la Caixa” retention Financial brand (FRS Inmark 2010) with best reputation • “la “l Caixa” C i ” is i the th first fi t institution i tit ti for f 40% off c

  14. Slide 14: CaixaBank: International Diversification

    2 CaixaBank: International Diversification International diversification 3 Varsovia, Bucarest, Casablanca Imports Exports Full branches In % In % 10 Frankfurt, London, Milano, Paris, Stuttgart Beijing, Shanghai, Istanbul, New Delhi, Dubai +338bps +897bps Rep. offices Investments • Inbursa: Sixth fin

  15. Slide 15: CaixaBank: Income Diversification

    2 CaixaBank: Income Diversification  Diversification of income: Two international leaders in defensive sectors  Financial flexibility: Very liquid stakes  Capital buffer: Plus ~130 bps of latent after-tax capital gains  Value: Solid fundamentals, excellent track record and high dividend yield 15

  16. Slide 16: CaixaBank: Differentiated Asset Quality

    3 CaixaBank: Differentiated Asset Quality Great quality of the loan portfolio and excellence in risk management  The focus on families and SMEs allows a diversified loan portfolio with adequate collaterals Diversified Risk Breakdown by collateral Others Other guarantees g • Very conservative loan a

  17. Slide 17: CaixaBank: Differentiated Asset Quality

    3 CaixaBank : Differentiated Asset Quality  “la la Caixa Caixa”‘ss NPL ratio (3.71%) (3 71%) is performing better than the sector average (5.68%, (5 68% November)  This differentiated credit quality is consistent with the prudent risk policy of “la Caixa”: In the past 20 years “la Caixa”’s NPL rat

  18. Slide 18: CaixaBank: Differentiated Asset Quality

    3 CaixaBank: Differentiated Asset Quality Conservative criteria in allowances and adequate provisions increasing coverage. Resilient profits 2010 without disposal generic provision Highest coverage ratio Coverage 70 ratio sector 57 average 59% 55 (November) Provisions and coverage ratio 54 48 47 41

  19. Slide 19: CaixaBank: Differentiated Asset Quality

    3 CaixaBank: Differentiated Asset Quality Real estate developer exposure € Bn % Cov with mortgage Cov. Outstanding /portfolio NPL NPL ratio Coverage guarantee 60% Finished Real Estate developments 20.2 11% 2.7 13.5% 61% 161% 23% In progress + 17% Land Other loans to 6.0 3% 1.3 22.3% 76% 110% develop

  20. Slide 20: CaixaBank: strong capital base

    4 CaixaBank: strong capital base CaixaBank starts with a strong capital base which will facilitate further growth Basel 2 – Pro‐forma Core Capital 2010 Best Core Capital Ratio among peers 12 0 12,0 10.9 10.9% €1.5 Bn in % 10,0 Mandatory 8.7 8.5 8.3 8.2 8.2 Convertible 8,0 Bond 7.2 6,0 9 9% 9.9% 4,0

  21. Slide 21: CaixaBank: Excellent liquidity and funding profile

    5 CaixaBank: Excellent liquidity and funding profile A excellent An ll t llevell off liliquidity idit and d conservative ti ffunding di profile fil Excellent level of liquidity Financial flexibility: capacity to finance Funding Strategy: Total Liquidity 19.6 ‐ A sound level of liquidity of €19.6Bn:

  22. Slide 22: CaixaBank: Excellent liquidity and funding profile

    5 CaixaBank: Excellent liquidity and funding profile Low dependence on wholesale market and very well diversified maturity profile Intense activity in 2010 prefunding … no pressure in the future maturities of 2011 2010: Institutional funding €Bn •Anticipation management of maturities in 2010 (€2.8 B

  23. Slide 23: CaixaBank: Excellent liquidity and funding profile

    5 CaixaBank: Excellent liquidity and funding profile M t Mortgage C Covered dBBonds d OOver collateralisation ll t li ti Highest mortgage Covered Bonds % Overcollateralization € Bn In % Collateral 105.5 272 272% Outstanding 244 issues 38.7 Overcollateralization 206 204 195 185 Public Sector Covered

  24. Slide 24: Index

    Index I Summary of “la I. la Caixa Caixa” Group New Structure II. CaixaBank: the reference in retail banking in Spain III. Final Remarks IV. Investor relations contact V. Annex 24

  25. Slide 25: III. Final Remarks

    III. Final Remarks  Senior unsecured debt and all covered bonds (with the total pool of assets) are transferred to the CaixaBank:  With a business model differentiated ors  The leading retail banking player in Spain me investo  with substantial exposure to emerging markets growth (international

  26. Slide 26: Index

    Index I Summary of “la I. la Caixa Caixa” Group New Structure II. CaixaBank: the reference in retail banking in Spain III. Final Remarks IV. Investor relations contact V. Annex 26

  27. Slide 27: IV. Investor Relations Contact

    IV. Investor Relations Contact  For any further information information, please do not hesitate to contact: investor.relations@lacaixa.es +34 934 044 522  Send us an e-mail with your request and we will contact you 27

  28. Slide 28: V. Annex

    ZR "la Caixa’ ~ WR "laCaxa riteria CRP 4 a 28

  29. Slide 29: Reorganisation Steps

    1 Reorganisation Steps  “la Caixa” contributes the majority of its assets and liabilities of its Banking Business to its subsidiary 1. Segregation of the MicroBank Banking Business of  Servihabitat – real estate assets as well as €8.2 Bn of “la Caixa”’s current net debt, to be excluded of “la Caix

  30. Slide 30: Proforma Summary Numbers of CaixaBank

    2 Proforma Summary Numbers of CaixaBank for CaixaBank Proforma (2008, (2008, 2009 and 3Q 2010) Pro forma Balance Sheet Items (€ MM) Pro-forma Pro forma P&L (€ MM) Pro-forma 3Q10 Amounts in millions of euros 2008 2009 3Q10 Financial Income 12,449 9,153 5,254 Total Assets 272,358 Financial Costs (8,56

  31. Slide 31: FR "laCaixa’

    FR "laCaixa’ —_PK"laCaixa’ 31

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