Wachovia Corp New
Wachovia Corp New — Golden West Financial — Merger or Acquisition (August 2006)
17 slides from Wachovia Corp New's merger presentation, Aug 31, 2006
Slide 1: Filed by Wachovia Corporation pursuant to Rule 425
Filed by Wachovia Corporation pursuant to Rule 425 under the Securities Act of 1933, as amended Subject Company: Golden West Financial Corporation Commission File No.: 1-4629 Date: August 31, 2006 This filing may contain certain forward-looking statements with respect to each of Wachovia Corporation
Slide 2: Forward-looking statements (continued)
more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the Merger or the Westcorp Transaction may not be fully realized or realized within the expected time frame; (3) revenues following the Merger or the Westcorp Transaction may be lower than ex
Slide 3: Additional filings information and news release notice
filings incorporated by reference in the definitive joint proxy statement/prospectus can also be obtained, free of charge, by directing a request to Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0206, (704)-374-6782; or to Golden West, A
Slide 4: Wachovia and Golden West announce shareholder merger approval
Wachovia Media Contacts: Golden West Media and Investor Contact: Christy Phillips 704-383-8178 William C. Nunan 510-446-3614 Wachovia Investor Contacts: Alice Lehman 704-374-4139 Ellen Taylor 704-383-1381 August 31, 2006 WACHOVIA CORPORATION AND GOLDEN WEST FINANCIAL CORPORATION ANNOUNCE SHAREHOLDER
Slide 5: About Wachovia and the proposed merger
Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage prod
Slide 6: Review of Progress, Special Shareholders' Meeting
THE FOLLOWING MATERIALS WERE USED BY WACHOVIA ON AUGUST 31, 2006 Wachovia Review Ken August Thompson, 31, of Special Progress 2006 Chairman Shareholders’ and CEO Meeting
Slide 7: Maintaining Focus on Strategic Priorities
Focus1on Strategic Maintaining Improving Page – #4750, Priorities strategic cost employee structure Shareholder priorities engagement anddelivers operating Meeting Building results efficiencies customer Focus loyalty on financial Executing strength revenue andgrowth corporate strategies governance S
Slide 8: Delivering results: customer and employee engagement
Delivering drives 2005 WB Score All Wachovia 78 79 +19.7% +8.3% Percentage 2Q03 55.0% 51.0% 50.3% 46.7% 43.8% *Data Goal satisfaction Page72 Others led 2American 2Q04 70 2005 is superior +14.3% –survey (#1) from #4750, 67Bank results: Loyal vs. with 2Q05 independent 2000 customer for 0.0% Customer S
Slide 9: Delivering results: successful integrations
Delivering 7 25% 116% 43% < *Legacy Legacy + 22% 1 Merger 53% 45% 1.5 *4Q05 Page 2% 05 yr 4 yr yrs % post-merger 3post-merger –(1 post-merger Wachovia SouthTrust Wachovia #4750, year) results: and Shareholder (Merger*) Loan A (Merger**) Loan production 2Q06 (Merger*) powerful Production Production (
Slide 10: Delivering results: improving cost structure and growing earnings
Delivering Since EPS OER -17% 70% 57.03% 61.41% 0.99 0.88 0.72 0.58 1.11 58.50% 63.35% 60.99% 59.22% 3Q 4Q 1Q 2Q 1.18 Cash *Cash EPS** shareholders million Page 21901CAGR 02 03 04 05 061.08 65% 4Improvement Overhead bps 4Q01 overhead –($0.04) #4750, 0.98 60% results: excluding 0.88 55% in Efficiency
Slide 11: Delivering results: increased dividend
Delivering Increased Dividend = GR CA 2001 Current Wachovia 1.9% 3.2% 4.1% Source: Note: 1 Page 82006E % 52002 $0.96 Market –Bloomberg. Dividend is #4750, Per dividend BKX 2003 results annualized $1.00 Share1 data S&P Shareholder 2004 Yield $1.25 as 7 times of 500 2005 quarterly 8/29/06. $1.66 since
Slide 12: Delivering results: annualized shareholder returns
Drawing Delivering Wachovia Annualized Shareholder Return Met One-time Merger Branch Position *From Pageor6 day –exceeded in consolidations efficiencies reductions #4750, on excess costs Prudential on before Returns* experience return integration Shareholder of consensus announcement since BKX South
Slide 13: Golden West: another new combination meeting our financial parameters
Golden Another new Pagerevenue 7 –West combination #4750, opportunities Shareholder with aMeets best-in-class Meeting our financial partner parameters Extends retail with modest and small costbusiness saves and distribution no assumedintorevenue high growth, synergies highMerger wealth integration m
Slide 14: Combination strengthens Wachovia's retail franchise
Combination Golden Retail Business Growth Scaled National Exclusive Low Proven Branch Combined Broader Top Increases Improves Ability Accelerates Page10 risk 8Franchise branch –national business to presence West Profile footprint mortgage #4750, Mix $121 General credit integrate focus Company Califo
Slide 15: Combination strengthens Wachovia's position in high growth markets
Combination 5.9% Top Wachovia World *whose 1. 2. Page Includes Source: 10 9national Savings –Mortgage parent, #4750, financial Inside CA, strengthens market Bank Golden NV, Shareholder Mortgage Bank(2) centers AZ, financial share West CO, Wachovia’s Wachovia Finance, inFinancial, Meeting NM, high ce
Slide 16: Cautionary statement
Cautionary This (the regarding measures “should”, Golden The West savings customer obtain of things, and interest impact underwriting could Form other do Page the not changes “Merger”), following investor 10 in matters 10-K, cause United governmental undertake aof West’s rate, from connection –deter
Slide 17: Additional information
Additional Shareholders information. (http://www.sec.gov). then also Golden Page be under 11obtained, West, – #4750, the information You are Investor heading urged free will Shareholder of be You Relations “Financial tocharge, able read willto Meeting the also obtain by Department, Reports—SEC defin
Golden West Financial — Merger or Acquisition (August 2006) on 6ix