Bendigo & Adelaide Bank Ltd. · ASX:BEN

Bendigo & Adelaide Bank — Merger or Acquisition (May 2014)

17 slides from Bendigo & Adelaide Bank's merger presentation, May 5, 2014

  1. Slide 1: Acquisition of business and assets of Rural Finance Corporation of Victoria and equity raising

    For personal use only Acquisition of business and assets of Rural Finance Corporation of Victoria and equity raising Investor Pack 19 August 2013 5 May 2014 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES: This presentation is not for distribution or release in the United States and may not be

  2. Slide 2: Disclaimer

    Disclaimer This document is a presentation of general background information about Bendigo and Adelaide Bank Group‟s („the Group‟) activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. This document does not purport to contain al

  3. Slide 3: Contents

    Contents For personal use only Acquisition overview Rural Finance Corporation Equity Raising Summary 3

  4. Slide 4: Acquisition overview

    Acquisition overview For personal use only  BEN to acquire the assets and business of Rural Finance Corporation of Victoria (“RFC”) – agreement reached with Victorian Government – proposed completion date of early to mid July 2014 – subject to APRA approval  Strong strategic alignment – customer c

  5. Slide 5: Acquisition overview

    Acquisition overview For personal use only  Acquisition price of approximately A$1.78b – estimated loan assets of A$1.695b as at early to mid July 2014 – EPS and ROE accretive – significant scope to increase connection with RFC customers – acquisition premium of A$85m – acquisition price equivalent

  6. Slide 6: Acquisition - Strategic rationale

    Acquisition - Strategic rationale  EPS, ROE and ROTE accretive in FY15 Value outcome  For personal use only Estimated A$27m of incremental cash earnings for FY15  Cost synergies identified  Growth opportunities through broader product offering Growth opportunities  Significant expansion of poin

  7. Slide 7: Contents

    Contents For personal use only Acquisition overview Rural Finance Corporation Equity Raising Summary 7

  8. Slide 8: For personal use only

    Rural Finance Corporation  A$1.7b rural loan book in Victoria For personal use only  11 offices across Victoria with Head office in Bendigo - BEN company branches co-located in 9 towns  Circa 115 staff  Customer value proposition underpinned by:  70-year history  Specialist focus on agribusine

  9. Slide 9: For personal use only

    Rural Finance Corporation  RFC has approximately 3,300 For personal use only customers and traditionally focussed on mainstream „family farm‟ and „family corporate farm‟ segments  RFC‟s loan growth has consistently exceeded sector growth and driven market share gains Lending customer segmentation

  10. Slide 10: Current product offering

    Rural Finance Corporation Current product offering For personal use only  RFC offers a broad range of agri products but  Farm business loans does not have a retail deposit offering  Agcess overdraft and visa card  Vehicle, plant & equip finance  Community activities include the administration o

  11. Slide 11: Contents

    Contents For personal use only Acquisition overview Rural Finance Corporation Equity Raising Summary 11

  12. Slide 12: Equity raising

    Equity raising For personal use only Equity raising summary Structure  Placement to selected institutional and sophisticated investors plus a Share Purchase Plan (SPP)  New shares will rank equally with existing shares Placement size  A$230m fully underwritten institutional share placement  Book

  13. Slide 13: Equity raising - Key dates

    Equity raising For personal use only Key dates - Institutional Placement Trading halt  Monday, 5 May 2014 Book opens  Monday, 5 May 2014 Book closes  Monday, 5 May 2014 Trading halt lifted  Tuesday, 6 May 2014 Settlement  Friday, 9 May 2014 New shares allotted and commence trading  Monday, 12

  14. Slide 14: Equity raising

    Equity raising For personal use only  Following institutional placement and SPP1: – pro-forma Tier 1 of 9.10%1 – pro-forma common equity Tier 1 of 7.86%1 2 3 2 3 Note: 1 Based on pro-forma BEN capital ratios for 31 March 2014 adjusted for expected impact of acquisition, institutional share placemen

  15. Slide 15: Contents

    Contents For personal use only Acquisition overview Rural Finance Corporation Equity Raising Summary 15

  16. Slide 16: Summary

    Summary  BEN to acquire the assets and business of Rural Finance Corporation of Victoria For personal use only  Strong agri-lending position in Victoria  Consistent with BEN strategy – brings forward planned investment  Strong alignment with BEN‟s community values and network  Enhances agri-bus

  17. Slide 17: Contacts

    Contacts Analysts Media For personal use only Travis Crouch Lauren Andrews Head of Capital and Investor Relations Head of Media and Communications Bendigo and Adelaide Bank Limited Bendigo and Adelaide Bank Limited Tel: +61 3 5485 6261 Tel: +61 3 5485 7109 Mob: +61 418 552 922 Mob: +61 407 340 283 E

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