NIBC COVERED BOND PRESENTATION April 2020 1 EXECUTIVE SUMMARY - - PowerPoint PPT Presentation

SLIDE 1

1

April 2020

NIBC COVERED BOND PRESENTATION

SLIDE 2

2

EXECUTIVE SUMMARY

1: Excludes buy-to-let exposure of EUR 0.7 billion

NIBC ▪ Focused mid-market corporate and retail franchise with differentiated approach ▪ Return on equity of 11.4% in 2019 ▪ Net interest margin of 1.89% in 2019 ▪ Credit loss expenses at EUR 49 million in 2019 ▪ Cost-to-income ratio at 44% in 2019 ▪ Solid capital position, with fully-loaded CET 1 ratio at 17.1% and leverage ratio of 7.1% at the end of 2019 Covered Bond Programme ▪ AAA/AAA (S&P/Fitch) rated Conditional Pass-Through Covered Bonds ▪ Law-based programme, registered with the Dutch Central Bank ▪ Favorable regulatory treatment ▪ Documented minimum overcollateralisation of 15% ▪ Cover pool of prime Dutch residential mortgage loans Mortgage Business ▪ Total residential mortgage book of EUR 9.1 billion1 ▪ On the back of strong performance in the Dutch housing market, NPLs are low and credit loss expense in 2019 was negative (recovery) by EUR 4 million ▪ Origination via independent intermediaries, underwriting criteria fully controlled by NIBC ▪ In-house arrears and foreclosure management

SLIDE 3

3

TABLE OF CONTENTS

1. NIBC BUSINESS AND FINANCIAL UPDATE FULL YEAR 2019 4 2. DUTCH HOUSING AND MORTGAGE MARKET 22 3. RETAIL CLIENT OFFERING AND ASSET QUALITY 25 4. CONDITIONAL PASS-THROUGH COVERED BOND PROGRAMME 29 APPENDIX I MORTGAGE BUSINESS AT NIBC 33 APPENDIX II MAIN UNDERWRITING CRITERIA 36 APPENDIX III ASSET COVER TEST 39 APPENDIX IV CONDITIONAL PASS-THROUGH SCENARIOS 41 APPENDIX V INVESTOR REPORTING AND LEGAL FRAMEWORK 43

SLIDE 4

4

NIBC BUSINESS AND FINANCIAL UPDATE FULL YEAR 2019

SLIDE 5

5

FULL YEAR PERFORMANCE

Delivering upon our objectives with strong performance over 2019

COMMENTS ▪ Strong net profit 2019 of EUR 194 million ▪ Return on Equity (ROE) of 11.4%, in line with medium-term

• bjective (FY 2018: 13.6%)

▪ Excluding non-recurring items profitability increased from 10.8% to 11.8% ▪ Fully-loaded cost-to-income ratio of 44%, including costs related to the IT re-transition and regulatory projects as well as a restructuring provision of EUR 9 million related to the discontinuation of the capital markets activities ▪ Strong capital position with CET 1 ratio of 17.1% at YE 2019, including full effects of the IMI ▪ Total dividend proposed of EUR 0.78 per share, of which EUR 0.25 paid as interim dividend and EUR 0.53 to be declared METRICS MEDIUM-TERM OBJECTIVES FY 2019

Return on Equity (Holding) Cost-to-income (Holding) CET 1 (Holding) Dividend pay-out (Holding) Rating1 (Bank) 10 - 12% < 45% ≥ 14% ≥ 50% BBB+ 11.4% 44% 17.1% 59% BBB+ Stable Outlook

.

Note: Financials for NIBC Holding as of FY 2019, unless otherwise stated 1: On 1 April 2020 Fitch placed NIBC on rating watch negative and on 23 April 2020 S&P changed its outlook on NIBC to negative, from stable

SLIDE 6

6

TURN OF THE ECONOMIC CYCLE

COMPOSITION NIBC’S CLIENT ASSETS

45% 55%

2016

NIBC PORTFOLIO TRANSFORMATION SINCE 2016

50% 50%

2019

Retail bank Corporate bank

19.1bn

Continued rebalancing of our portfolios towards more resilience

in EUR billion

FY 2019 FY 2016 FY 2016 vs. FY 2019

Energy

0.7 1.2

• 37%

Shipping

1.0 1.5

• 33%

Financial sponsors & Leveraged Finance

1.0 1.7

• 38%

Commercial Real Estate

1.6 1.0 51%

Fintech & Structured finance

1.3 0.7 48%

Infrastructure

1.7 1.7

• 1%

Mid Market Corporates

1.5 1.4 7%

Total corporate loans (drawn & undrawn)

8.9 9.2

• 4%

Beequip and other lease receivables

0.5 0.2 > 100%

Investment loans

0.2 0.2

• 13%

Equity investments

0.3 0.3 16%

Investment property

• 0.3
• Total corporate client assets

9.9 10.2

• 3%

Owner-occupied mortgage loans

9.1 8.5 5%

Buy to Let mortgages

0.7 0.4 77%

Total retail client assets

9.8 8.8 11%

OTM Retail client assets

4.3 0.0

OTM Corporate client assets

0.8 0.4 65%

Originate-to-manage assets

5.1 0.5 > 100%

▪ Clients assets grew with 4% over the period 2016 - 2019, by continued rebalancing towards a higher share of retail, resulting in a faster de-risking of the balance sheet ▪ Decreased exposure in the cyclical sectors Shipping, Energy and Leveraged Finance by EUR 1.7 billion ▪ Growth in more granular exposures in Fintech & Structured Finance ▪ New businesses focused on higher margins like Beequip (4.94%) and Buy-to-Let (3.45%) ▪ Strong growth of the Originate-to-manage offering

• f EUR 4.6 billion

COMMENTS 19.7bn

SLIDE 7

7

COMPOSITION OF NIBC’S TOTAL ASSETS

CORPORATE LOANS NIBC’S TOTAL ASSETS

Result of continued rebalancing

▪ Diversified portfolio: of NIBC’s total assets

• f EUR 22.4bn at year-end 2019:
• 9% is in ‘liquid means’ (governments

& central bank)

• 45% in residential mortgage loans

▪ Decreased exposure in the cyclical sectors Shipping, Energy and Leveraged Finance by EUR 1.7 billion in the past three years COMMENTS

32% 9% 3% 45% 1% 2% 2% 5%

Corporate loans Governments & central bank Other financial institutions Residential mortgage loans Equity investments Lease Receivables Derivatives Other

5% 3% 4% 5% 6% 5% 4%

Commercial Real Estate Energy Financial Sponsors & Leveraged Finance Fintech & Structured Finance Infrastructure Mid Market Corporates Shipping

SLIDE 8

8

STARTING POINT FOR NIBC AT YEAR 2019

NIBC’s buffers heading into the COVID-19 outbreak

FINANCIAL POSITION AT YEAR END 2019

▪ CET 1 ratio of 17.7%, including full effects of the IMI and full year profit 2019 post (proposed) dividends ▪ Liquidity buffer of EUR 3.7 billion and liquidity ratios at levels of 222% (LCR) and 121% (NSFR) ▪ Average tenor on wholesale funding of 6.6 years (up from 6.3) and a modest amount maturing in the remainder of 2020 and 2021: mainly a EUR 350m FRN in July 2020 and TLTRO II. ▪ 9% of NIBC’s total balance sheet of EUR 22.4bn in liquid means (governments & central bank) and 45% in residential mortgages ▪ Decreased exposure in the cyclical sectors Shipping, Energy and Leveraged Finance by EUR 1.7 billion in the past three years ▪ The core of NIBC’s revenues comprises of relatively stable net interest income (~80% of total revenues)

PRIORITIES AND IMPACT COVID 19 ON BUSINESS

▪ Measures have been implemented to further operational resilience, including:

• Safeguarding the wellbeing of our employees with immediate and full

remote working for nearly (>95%) all staff. Technology investments made in previous years are paying off with no critical interruptions

• bserved to date
• Monitoring of liquidity and unused credit lines, in close contact with
• clients. Increased frequency of meetings of certain risk committees

such as the ALCO and the Transaction Committee ▪ The COVID-19 outbreak is expected to impact 2020 financial performance but at this stage it is too early to quantify the magnitude and duration of such impact, also in combination with the continuously developing response of policy makers

SLIDE 9

9

OUR RESPONSE TO COVID-19

Our People Our Clients

▪ Almost all staff working from home since 18 March 2020 with full remote working environment allowed by IT Infrastructure and tooling ▪ Skeleton staff at office locations to ensure continuity – taken special measures into account ▪ Intensified communication to all staff with regular Corona news releases, weekly video updates by an ExCo member ▪ Early payment of the annual € 600 euro per employee to spend on work facilities at home ▪ Daily updates to management on (possible) infected staff ▪ Prudently extending credit to businesses of all sizes for working capital and general corporate purposes ▪ Client relief such as 90-day grace period for mortgage payments ▪ Increased monitoring of portfolios on a name-by- name basis, offering tailor-made solutions for existing clients where necessary ▪ New client origination on corporate client side virtually on hold; focus on portfolio management, also using the tools of our partner Oaknorth

Our Business

▪ Since beginning of March, Business Continuity Plan (BCP) in place, headed by CFO/CRO with (bi)- daily update calls ▪ Alternative funding plans being considered in line with liquidity management ▪ Active monitoring of the development of our retail savings ▪ Regular to daily contact with various regulators and Dutch Banking Association ▪ Cost deep-dive to reduce monthly run-rate, including stopping of marketing campaigns, reductions of external staff, reprioritising (large) projects

First priority to safeguard health of our staff and families and to ensure business continuity

SLIDE 10

10

SUSTAINABILITY EMBEDDED IN OUR STRATEGY

▪ Embedded in NIBC’s business strategy & the way we do business ▪ Robust sustainability policy framework ▪ Integrated risk management ▪ Comprehensive reporting

COMMUNITY ENGAGEMENT

▪ 6 NGO’s operating from NIBC’s headquarters ▪ Focus on SCR activities which directly benefit our communities ▪ Sustainability challenges in the NIBC Talent Program ▪ High engagement among employees ISS OEKOM

C+ / Prime

SUSTAINALYTICS

22

MSCI

BBB

REPRISK

AA

OWN OPERATIONS

Carbon Neutral in

• wn operations

Head office 100% Co2-neutral

▪ 100% renewable electricity across all locations ▪ Significant reduction in use of gas for heating and cooling ▪ 25% of employees commute by bicycle

The way we do business

IT BEGINS WITH US STRONG SUSTAINABILITY RATINGS INTEGRATED BUSINESS APPROACH

SLIDE 11

11

CORPORATE CLIENT OFFERING

Progressing well with rebalancing strategy

▪ Growth in chosen sectors like Structured Finance and Digital Infrastructure ▪ Growth in Leasing including Beequip (+19%) ▪ Reduced exposures in Energy, Shipping and Leveraged Finance by over EUR 750m in 2019 ▪ Continued focus of margin over volume NET PROMOTOR SCORE (NPS)

CORPORATE LOAN ORIGINATION REBALANCING THE PORTFOLIO FACTS AND FIGURES

SELECTIVE ORIGINATION GROWTH IN CHOSEN SECTORS OFFSET BY REDUCTIONS

47% C+

/PRIME

22 9.9bn 3.0bn

▪ Selective origination focused on further de- risking / rebalancing of the portfolio ▪ Nearly 40% of origination was in Fintech and Structured Finance and in (Digital) Infrastructure ▪ Less than 16% of origination was in Energy, Shipping and Leveraged Finance ▪ The origination of Beequip amounted to EUR 275 million (2018: 244 million)

SLIDE 12

12

RETAIL CLIENT OFFERING

Strong mortgage origination

4.1%

LOW RISK PORTFOLIO

▪ On-balance portfolio growth of EUR 520 million ▪ Strong growth OTM portfolio by 79% from EUR 2.4 billion to EUR 4.3 billion ▪ Secured new mandates in OTM, totaling OTM mandates to EUR 6.5 billion per 31 December ▪ Total OTM clients increased to almost 21.000 ▪ Reinvigorated growth in Buy-to-let portfolio

MORTGAGE LOAN ORIGINATION GROWTH CLIENTS

MARKET SHARE

3.7bn

FACTS AND FIGURES MORTGAGE LOAN PORTFOLIO

In EUR bn

8.2 8.6 9.1 0.6 0.6 0.7 0.7 2.4 4.3 9.5 11.6 14.1 2017 2018 2019

Owner-occupied Buy-to-let Originate-to-manage

NIBC DIRECT CUSTOMER SURVEY SCORE SAVINGS

7.9

NIBC DIRECT CUSTOMER SURVEY SCORE MORTGAGES

8.0

STRONG ORIGINATION

▪ Number of clients +6% since FY 2018 ▪ Total number of clients 113k ▪ Number of clients +3% since FY 2018 ▪ Total number of clients 310k

SLIDE 13

13

INCOME STATEMENT

Steady performance in FY 2019

160 173 201 53 44

• 7

213 217 194

11.9% 13.6% 11.4% 9.0% 10.8% 11.8%

2017 2018 2019

Non-recurring deficit Non-recurring profit Profit after tax excl. non recurring Return on equity Return on equity ex. non-recurring

INCOME STATEMENT PROFIT AFTER TAX AND RETURN ON EQUITY

▪ Profitability was strong in 2019, with a profit after tax attributable to shareholders of EUR 194 million ▪ Excluding non-recurring items, net profit increased by 16% from EUR 173 million to EUR 201 million ▪ Return on equity of 11.4% (2018: 13.6%) is impacted by to the higher equity base at 1 January 2019 by EUR 106 million ▪ Excluding non-recurring items return on equity increased from 10.8% to 11.8% in 2019 ▪ Net interest income excluding the IFRS 9 impact of EUR 34 million in 2019 (2018: approximately EUR 50 million) increased by 4%, mainly reflecting improved funding expenses ▪ Operating expenses decreased slightly by 1% in

• 2019. In 2018 operating expenses were impacted by

the IPO related costs of EUR 8 million. In 2019 IT transition, project costs and reorganization of Markets (EUR 9 million) were included

COMMENTS

IFRS 9 2019 IFRS 9 non-rec. 2019 IFRS 9 2018 IFRS 9 non-rec. 2018

Net interest income 426 426 427 427 Net fee and commission income 40 40 51 51 Investment income 60 60 74 37 Other income 10 10

• 1
• 1

Operating income 537 537 551 513 Personnel expenses 119 112 117 111 Other operating expenses 97 96 102 99 Depreciation and amortisation 6 6 5 5 Regulatory charges 15 15 15 15 Operating expenses 237 228 239 230 Net operating income 300 309 312 284 Credit loss expense / (recovery) 49 49 54 54 Tax 45 47 29 45 Profit after tax 206 213 229 185 Profit attributable to non- controlling shareholders 12 12 12 12 Profit after tax attributable to shareholders of the company 194 201 217 173

SLIDE 14

14

PORTFOLIO VOLUMES AND SPREADS

Continued successful rebalancing of the portfolios at healthy spreads

CORPORATE LOAN SPREADS & VOLUMES RETAIL ASSET SPREADS & VOLUMES

2.53% 2.36% 2.30% 3.52% 3.28% 3.45% 2.08% 1.53% 1.88% 2017 2018 2019

Portfolio spread Origination spread BtL Origination spread owner-occupied

9.0 9.0 8.9 0.3 0.4 0.5 0.2 0.2 0.2 0.5 0.9 0.8 0.3 0.2 0.3

Corporate loans Lease receivables Investment loans Originate-to-Manage Equity investments

2017 2018 2019 9.8 9.9 9.9

Note: 2017 figures include Vijlma. Spreads reflect spreads above the 3 month euribor base rate

8.2 8.6 9.1 0.6 0.6 0.7 0.7 2.4 4.3

Owned Occupied Buy-to-Let Originate-to-Manage

2017 2018 2019 8.8 9.3 9.8

▪ Corporate client assets: — Corporate client assets for our own book remained stable to EUR 9.9 bn, reflecting the

• ngoing rebalancing of our portfolios:
• The cyclical leveraged finance, shipping and

energy portfolios decreased by EUR 0.8 bn

• The more granular receivables finance and

lease portfolios increased by EUR 0.4 bn

• The average portfolio spread decreased to

2.70%, mainly driven by a further decrease

• f the average origination spread to 2.52%,

reflecting the rebalancing of the portfolios

• Beequip portfolio grew from EUR 0.4 billion

to EUR 0.5 billion with portfolio spread of around 5% ▪ Retail client assets: — The own book portfolio of mortgage loans increased in 2019 by 6% to EUR 9.8 billion — The average portfolio spread decreased to 2.30%, even though origination spreads improved

COMMENTS

2.79% 2.77% 2.70% 3.06% 2.99% 2.52% 4.82% 4.84% 4.94% 2017 2018 2019

Portfolio spread Origination spread Beequip

SLIDE 15

15 42% 43% 44% 48% 45% 42% 2017 2018 2019

Cost/income ratio Cost/income ratio ex. non-recurring

OPERATING EXPENSES

Fully loaded cost/income ratio absorbing regulatory expenses

EVOLUTION OF OPERATING EXPENSES COST/INCOME RATIO

229 230 228 4 9 9 2017 2018 2019

Non-recurring expenses Operating expenses

233 239 237 ▪ Operating expenses decreased slightly by 1% in 2019, mainly driven by the following: — 2018 expenses include expenses related to the IPO (EUR 8 million) — 2019 expenses related to the completion of several milestones in our IT re-transition program are lower than in 2018 — Furthermore continuous investments were made in 2019 in regulatory projects, (e.g. project Care, KYC BTL, remediation IMI) and in

• ur new ventures

— Finally, higher personnel expenses stem from structural changes (higher FTEs, mainly because

• f the expansion of Beequip) and conjunctural

(one-off provision for severance payments linked to discontinuation of market activities) ▪ Total costs related to the license to operate are estimated between EUR 27 - 32 million on an annual basis ▪ IT costs on an annual basis are in a range of EUR 40 to 45 million, including various projects and the

• utsourcing to Cegeka

COMMENTS

SLIDE 16

16

CREDIT LOSS EXPENSE

Credit loss expense in 2019 improved slightly

DEVELOPMENT OF CREDIT LOSS EXPENSE AND COST OF RISK

1) includes a commitment related to NIBC supporting Reggeborgh in the envisaged public offer for VolkerWessels. NIBC acted as a financial advisor to the shareholders of Reggeborgh and provided the debt financing in which Reggeborgh has the ability to draw down debt for an amount of EUR 200 million (EUR 75 million drawn as per 31 December 2019). Cost of risk = credit loss expense divided by average RWAs Impairment ratio = credit loss expense divided by average assets loans & mortgages

2019 2018 2017 Impairment coverage ratio 33% 30% 40% Non-performing loan ratio 2.4% 2.8% 2.8% Top-20 exposures / Common Equity Tier 1 93%1 77% 66% Exposure corporate arrears > 90 days 1.2% 2.7% 1.7% Exposure residential mortgage loans arrears > 90 days 0.1% 0.2% 0.5% LtV Dutch residential mortgage loans 68% 72% 75% LtV BTL mortgage loans 52% 52% 57%

KEY FIGURES ASSET QUALITY

56 54 49 2 5 3 0.62% 0.73% 0.63% 0.50% 0.33% 0.29% 2017 2018 2019 Credit loss expense Other credit losses Cost of risk Impairment ratio

▪ Credit loss expense in 2019 at EUR 49 million, 9% below the 2018 figure of EUR 54 million ▪ The overall development displays the improving average credit quality of the corporate loan portfolio and strong performance of the mortgage portfolio, which displayed a credit loss release in 2019 of EUR 4 million ▪ Some challenges remain in certain portfolios, especially with respect to Leveraged Finance and Energy ▪ 2019 displayed a strong improvement of the credit quality of NIBC’s portfolios, which is further reflected in the development of the various asset quality ratios displayed in the graphs to the left ▪ The decreased cost of risk from 0.73% to 0.63% is driven by both a lower level of credit loss expense as well as higher level of RWAs from the 30% IMI regulatory add-on ▪ Excluding the well collateralised short term debt financing commitment to Reggeborgh top-20 exposures / CET 1 ratio would be 78%

COMMENTS

SLIDE 17

17

FUNDING PROFILE DOMINATED BY LONG MATURITIES

Redemptions in 2020 and 2021 mainly related to TLTRO II

FUNDING COMPOSITION

9% 43% 23% 8% 17%

2019

Shareholders equity Retail funding Secured (wholesale) funding ESF deposits Unsecured (wholesale) funding

MATURING FUNDING AS OF 1/1/2020

In EUR billion

2020 2021 2022 2023 2024

Covered bonds

• 0.5
• Other secured funding

0.8 0.5 0.1 0.3

• Senior unsecured

0.7 0.2 0.5 0.9 0.3 Subordinated

• Total:

1.5 0.7 1.1 1.2 0.3

▪ Funding profile, benefits from:

• A diversified funding composition
• The weighted average tenor of our wholesale funding, which increased from

6.3 years to 6.6 years in 2019

• Stable liquidity ratios at levels of 222% (LCR) and 121% (NSFR) and a liquidity

buffer of EUR 3.7 billion ▪ Maturing wholesale funding:

• Funding transactions of EUR 1.5 billion maturing in 2020 include TLTRO of

EUR 0.7 billion and a short-term floating rate note of EUR 0.35 billion

• Funding transactions of EUR 0.7 billion maturing in 2021 include TLTRO of

EUR 0.5 billion

• TLTRO repayments can be ‘rolled-over’ through the issuance of new TLTRO

transactions

Financials for NIBC Holding as at 31 December 2019

COMMENTS

SLIDE 18

18

8.0% 21.1% 8.0% 3.3% 3.3% 2.5%

Minimum SREP requirement Own Funds Own Funds EOY 2019 Indicated min level following temp ECB/DNB COVID-19 measures

CAPITAL POSITION

Buffer above minimum requirements

Financials for NIBC Holding as at 31 December 2019

▪ After the AGM the CET 1 ratio of 17.1% increases to 17.7% including H2 2019 net profit post proposed FY 2019 profit distribution ▪ A buffer above NIBC’s minimum capital requirements to weather the current COVID 19 challenging market conditions ▪ Our CET 1 capital displays:

• At year-end 2019, approximately EUR 325m capital in excess of our 14% CET1

medium term objective

• A management buffer of 7.2% (approximately EUR 630m) above the SREP

requirement level of 10.5%

• An even higher management buffer above SREP post temporary ECB

measures of March 2020 and the application of these measures by DNB to Dutch LSIs ▪ As previously announced on 31 March 2020, NIBC has decided to maintain the proposal to declare the dividend for the financial year 2019 but to pay out such dividend in the second half of 2020 and only if in the opinion of the Management and Supervisory Boards of NIBC at such time, payment is feasible and appropriate in light of the impact of COVID-19 on the business.

COMMENTS CAPITAL RATIOS COMPARED TO REQUIREMENTS EXCL. P2G

4.5% 17.7% 4.5% 3.3% 1.9% 1.5% 2.5%

Minimum SREP requirement CET 1 CET 1 EOY 2019 Indicated min level following temp ECB/DNB COVID-19 measures

CET 1

10.5% 8.0%

Own Funds

14.0% 11.4%

Pilar 1 CCB P2R CCyB Own Funds alignment

SLIDE 19

19

DIVIDEND

Building also a curve in dividend payout, in line with our dividend policy

▪ NIBC’s dividend policy is unchanged: Building a sound dividend curve with a pay-out of at least 50% taking into account regulatory guidance

DIVIDEND EARNINGS PER SHARE AND DIVIDEND PER SHARE

25 96 89 37 36 78 126 114 25% 45% 58% 59% 50% 2016 2017 2018 2019

Final dividend declared but not yet paid (€m) Interim dividend paid (€m) Second (special) interim dividend (€m) Dividend (€m) Pay-out ratio Pay-out ratio ex. second (special) interim dividend

0.17 0.66 0.61 0.25 0.25 0.53 0.71 1.46 1.48 1.33 0.86 0.78 2016 2017 2018 2019

dividend per share declared but not yet paid (€) dividend per share paid (€) Second (special) interim dividend per share (€) Dividend per share (€) Annualised earnings per share (€)

COMMENTS

SLIDE 20

20

MEDIUM TERM OBJECTIVES

Concluding remarks heading into the COVID-19 outbreak

PRESS RELEASES SINCE COVID-19 ▪ NIBC announced on 31 March 2020 the suspension of final dividend payments over 2019 until such payment, in the opinion

• f the Management and Supervisory Boards of NIBC at such time,

is feasible and appropriate in light of the impact of COVID-19 ▪ On 17 April 2020, NIBC announced that while we expect the COVID-19 outbreak to impact our 2020 financial performance negatively, NIBC is at this stage, unable to quantify the magnitude and duration of such impact ▪ Although NIBC has not issued guidance or targets specifically for 2020, NIBC foresees in the current circumstances that it will not achieve its previously formulated medium term objective of 10- 12% for Return on Equity (ROE) over 2020 ▪ NIBC’s ambitions towards its medium-term objectives remain unchanged once market conditions normalise METRICS MEDIUM-TERM OBJECTIVES FY 2019

Return on Equity (Holding) Cost-to-income (Holding) CET 1 (Holding) Dividend pay-out (Holding) Rating1 (Bank) 10 - 12% < 45% ≥ 14% ≥ 50% BBB+ 11.4% 44% 17.1% 59% BBB+ Stable Outlook

.

Note: Financials for NIBC Holding as of FY 2019, unless otherwise stated 1: On 1 April 2020 Fitch placed NIBC on rating watch negative and on 23 April 2020 S&P changed its outlook on NIBC to negative, from stable

SLIDE 21

21

COVID-19

Overview of selected policy measures for banks

MEASURES WITH RESPECT TO CAPITAL

▪ Implementation start date Basel IV delayed from 2022 to 2023 ▪ Accelerated application (initially on 1/1/2021) of P2 requirements being able to be partially met by capital instruments that do not qualify as CET 1 capital, albeit that at least 56.25% must comprise of CET 1, 18.75% of AT1 and 25% of Tier 2 instruments ▪ Banks may temporarily operate below the Pillar 2 Guidance (P2G) and the capital conservation buffer (CCB) ▪ Temporary postponement (for as long as necessary) of the introduction of the floor on the AIRB risk weighting for Dutch mortgage loans ▪ Flexibility in prudential treatment of exposures backed by public support measures and/or subject to eligible moratoria ▪ Recommendation urging banks not to pay out any dividends until 1 October

• 2020. SSM informally confirmed there is currently no plan to suspend

additional Tier 1 or Tier 2 payments

MEASURES ON OPERATIONAL RELIEF

▪ In general adjustment of prudential timetables, processes and deadlines

The measures support banks to focus on co-operating with its clients to weather the challenging market conditions due to COVID-19 The Coronavirus (COVID-19) is having a significant impact on the global

• economy. Governments and other policy makers have taken serious

measures to support the economy. This slide provides a high level

• verview of the measures taken by ECB/SSM/EBA/DNB/Basel

Committee towards the banking sector In general banks are temporarily allowed to operate at lower levels

• f capital and liquidity than normal

MEASURES WITH RESPECT TO FUNDING AND LIQUIDITY

▪ In addition to the Asset Purchase Programme (APP) ECB announced in March 2020 the EUR 750bn ‘Pandemic Emergency Purchase Programme’ (PEPP) ▪ Relaxation of TLTRO III conditions and implementation of additional LTROs. The TLTRO III operation between June 2020 and June 2021 offers 3-year funding at a rate of -0.75% if banks maintain current lending levels to euro area non- financial corporates and households (excluding loans for house purchases) ▪ Banks may temporarily operate below the required 100% level of the liquidity coverage ratio (LCR) ▪ DNB will - on a case-by-case basis - offer temporary relaxation to LSIs of asset encumbrance limits

Most of the measures mentioned above were taken by the various European authorities after which DNB has taken comparable measures for Dutch LSI’s

SLIDE 22

22

DUTCH HOUSING AND MORTGAGE MARKET

SLIDE 23

23

DUTCH HOUSING AND MORTGAGE MARKET

▪ The Netherlands contains 7.8 million dwellings, of which 4.4 million are owner

• ccupied

▪ Confidence in the housing market is at a level of 104 in January 2020, having reached its low in December 2012 at 51 and a peak in November 2016 at 1211 ▪ The Dutch housing market remains tight, as a result of a structural housing shortage and lagging supply of new development ▪ Proven resilience during the credit crisis

✓ Flexible labour market and strong social services safety net ✓ High payment morale, supported by central credit registration system (BKR) and efficient legal system

1: Source: Vereniging Eigen Huis. Monthly measurement of the Dutch homeowners association for the consumer confidence related to the housing market 2: Source: Statistics Netherlands (CBS), seasonally corrected figures 3: Source: Dutch Central Bank . Total weighted average interest rate of new residential mortgage contracts 4: Source: The Netherlands’ Cadastre, Land registry and Mapping Agency

DUTCH HOUSING AND MORTGAGE MARKET ECONOMIC GROWTH AND UNEMPLOYMENT IN THE NETHERLANDS2 AVERAGE MORTGAGE RATE3 AND HOUSE PRICE INDEX4 HOUSE SALES DEVELOPMENT4

• 2

2 4 6 8 2013 2014 2015 2016 2017 2018 2019 Percentage (%) GDP growth year-over-year Unemployment rate

• 50

100 150 200 250 300 2013 2014 2015 2016 2017 2018 2019 Thousands Rolling 12-month housing sales 2 4 6 8 90 100 110 120 130 140 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Percentage (%) Index (2015 = 100) Average mortgage rate (RHS) House price index (LHS)

SLIDE 24

24

EVOLUTION OF DUTCH MORTGAGE LENDING STANDARDS

• Code of conduct

enforced

• NHG max EUR 350k

2011 2012 2013 2015 2014 2016 2017 2018

• New mortgages need

to be fully amortizing for tax benefits

• Changes to interest

deductibility

• NHG max EUR 290k;
• nly amortizing loans

eligible

• Max LTV 105%
• Interest deductibility

51.0%

• NHG max EUR 245k
• Max LTV 103%
• Interest deductibility

50.0%

• NHG max EUR 245k
• Max LTV 101%
• NHG max EUR 320k
• Max LTV 106%
• Interest deductibility

51.5%

• NHG max EUR 265k
• Max LTV 104%
• European Mortgage

Credit Directive active

• Interest deductibility

50.5%

• NHG max EUR 245k
• Max LTV 102%
• Interest deductibility

49.5%

• NHG max EUR 265k
• Max LTV 100%

2019

• Interest deductibility

49.0%

• NHG max EUR 290k

2011 2012 2013 2014 2020- 2023

• Interest deductibility

2020 46.0%

• NHG max in 2020

EUR 310k

• Tax deductibility to

decrease further by 3% per annum to 37.05% in 2023

SLIDE 25

25

RETAIL CLIENT OFFERING AND ASSET QUALITY

SLIDE 26

26

RETAIL CLIENT OFFERING

9.1 EUR billion

Owner occupied mortgage loans

4.6 EUR billion

Savings

3.9 EUR billion

Savings

1.0 EUR billion

Savings

▪ Strong franchise across the Netherlands, Germany and Belgium with more than 400,000 clients ▪ Mortgages are sold through partnerships with intermediaries, where NIBC sets all underwriting criteria ▪ Multi-track approach: mortgages for our own balance sheet as well as for multiple

• riginate-to-manage mandates from institutional investors

▪ Non-value adding activities are outsourced (mid- and back-office services) to specialized mortgage servicing companies, such as Stater and Quion ▪ Arrears and foreclosure management performed in-house at NIBC INTRODUCTION GEOGRAPHIES SAVINGS BALANCE NIBC DIRECT (EUR BLN) RETAIL CLIENT OFFERING ASSETS (EUR BLN)

Figures for Full Year 2019

3.9 3.9 4.6 4.4 4.1 3.9 1.0 0.9 1.0 9.3 8.9 9.5 2017 2018 2019 Netherlands Germany Belgium 8.2 8.6 9.1 0.6 0.6 0.7 0.3 0.7 2.4 4.3 9.8 11.6 14.1 2017 2018 2019 Owner occupied Buy-to-let Fair value adjustment mortgages Originate-to-manage

SLIDE 27

27

RETAIL CLIENT OFFERING

▪ Total mortgage origination reached EUR 3.7bn in 2019, resulting in a market share of 4.1% ▪ Our on-balance portfolio grew by nearly 6% to EUR 9.8bn1 and the OTM portfolios grew EUR 1.9bn, an increase of 79% ▪ OTM mandates increased to EUR 6.5bn; the total OTM portfolio reached EUR 4.3bn at the end of 2019

▪ fee generating initiative leading to income diversification ▪ strengthening our client franchise, as it enables NIBC to be active across maturities and sub-segments

▪ Reinvigorated growth in buy-to-let portfolio: up EUR 100m to EUR 0.7bn at the end of 2019 ▪ The mortgage loan portfolio displays a solid performance with negative credit loss expenses (recovery) of EUR 4 million in 2019 MORTGAGE LOANS ORIGINATION (EUR BLN) RETAIL ASSET SPREADS

1.2 1.6 1.7 0.7 1.8 2.0 1.9 3.4 3.7 2017 2018 2019

Own book Originate to manage

2.53% 2.36% 2.30% 3.52% 3.28% 3.45% 2.08% 1.53% 1.88% 2017 2018 2019 Portfolio spread Origination spread BTL Origination spread owner occupied

1: Includes EUR 0.7bn buy-to-let mortgages

SLIDE 28

28

DUTCH MORTGAGE LOANS

29% 12% 8% 9% 9% 17% 12% 5% 24% 15% 10% 10% 16% 15% 8% 2% 21% 17% 10% 14% 18% 12% 7% 1% NHG <50% 50-60% 60-70% 70-80% 80-90% 90-100% >100% 2017 2018 2019

ARREARS >90DAYS INDEXED LOAN-TO-MARKET VALUE

0.5% 0.2% 0.1% 2017 2018 2019 Weighted-average LTIMV: 68% ( 2019)

SLIDE 29

29

CONDITIONAL PASS-THROUGH COVERED BOND PROGRAMME

SLIDE 30

30

COVERED BOND PROGRAMME

SUMMARY OF THE COVERED BOND PROGRAMME Issuer: NIBC Bank N.V. Guarantor: Bankruptcy remote Covered Bond Company (CBC) Ratings: AAA/AAA (S&P/Fitch) Collateral: Prime Dutch residential mortgage loans1 Documented minimum OC: 15% Derivatives: None Asset monitor: EY

1: Owner-occupied residential mortgages only; buy-to-let mortgages are not eligible collateral for the cover pool

KEY BENEFITS Double recourse: ✓ Hard obligation for NIBC to redeem the bond at expected maturity (no optionality) ✓ Recourse on CBC in case of NIBC default Regulatory: ✓ LCR eligible (bucket: L1) and favourable regulatory treatment Stable Ratings: ✓ De-linkage from issuer rating: a downgrade of the issuer rating does not directly affect the covered bond ratings Index: ✓ iBoxx eligible Robust Structure: ✓ No swap counterparties ✓ Back-up administrator ✓ External account banks ✓ External sub-services ✓ Live cash flows REGULATORY Format: Law based, registered with the Dutch Central Bank Regulated status: UCITS and CRD compliant Label: ECBC Covered Bond Label

NIBC set up a robust Covered Bond Programme, benefitting from a conditional pass- through structure

Robust Structure

SLIDE 31

31

COVERED BOND PROGRAMME: CONDITIONAL PASS-THROUGH STRUCTURE

TRANSACTION STRUCTURE ▪ NIBC as issuer has a hard obligation (no option) to repay the covered bonds at scheduled maturity date ▪ Conditional pass-through structure addresses refinancing risk and ensures an

• rderly wind-down of the Cover Pool in case of issuer default, avoiding the risk
• f a fire sale

▪ If the pass-through mechanism is triggered, the respective series become pass- through covered bonds

1: Assuming all bonds in pass-through mode, 5% CPR and no losses

COMPARISON COVERED BOND STRUCTURES

EXPECTED INCREASE OF OC IN PASS- THROUGH SCENARIO (PER 6 MONTHS)1

CONDITIONAL PASS-THROUGH MECHANICS ▪ Cash-flows received by the CBC are used to pay down the relevant outstanding covered bonds ▪ The CBC attempts to sell a randomly selected part of the cover pool every 6

• months. The sale is only carried out when the proceeds are sufficient to redeem

the relevant bonds at par ▪ The Amortisation Test is not allowed to deteriorate WHAT HAPPENS IF THE CONDITIONAL PASS-THROUGH MECHANISM IS TRIGGERED?

Issuer Event of Default Amortisation Test All CB’s converted to Pass-Through Relevant CB converted to Pass-Through Bullet Maturity Bullet Maturity

No Yes Pass Fail Insufficient funds at maturity

Hard Bullet Covered Bonds Soft Bullet Covered Bonds CPT Covered Bonds Extension Period Extension Period

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

SLIDE 32

32

COVERED BOND PROGRAMME: TRANSACTION STRUCTURE

In a covered bond structure payments to investors on the bonds are guaranteed by the

• CBC. For this guarantee a

pool of Dutch prime residential mortgages is segregated in the CBC Monthly cash flows from the borrowers are transferred to the CBC without first touching NIBC’s balance sheet

Pledge of Receivables Principal & Mortgage Interest

NIBC CBC Guarantor Investors NIBC Servicer Sub-servicers Security Trustee Borrowers Collection Foundation

Principal & Mortgage Interest

NIBC Issuer

Guarantee Cover Pool Interest + Principal Principal

SLIDE 33

33

APPENDIX I MORTGAGE BUSINESS AT NIBC

SLIDE 34

34

MORTGAGE BUSINESS AT NIBC BANK

▪ NIBC has outsourced its origination to independent intermediaries and its standard servicing activities to a third party. This has created a highly standardised and efficient business model ▪ Special servicing is performed in-house to ensure tailor-made solutions to optimise recoveries ▪ NIBC Bank has a dedicated team to manage the relationship with the servicers and to monitor the quality of their servicing. A major emphasis is put on quality control and on ensuring that all processes remain ISAE 3402 compliant NIBC BANK’S MORTGAGE BUSINESS ▪ Origination: ▪ NIBC Bank sets the underwriting criteria ▪ Deviations from underwriting criteria can only be made when accepted by NIBC Bank ▪ Servicing: ▪ The arrears management is performed in-house to ensure tailor-made solutions to optimize recoveries IN-HOUSE PERFORMANCE OF CORE ACTIVITIES OUTSOURCING OF STANDARDISED ACTIVITIES ▪ Origination is done via dedicated independent intermediaries ▪ The underwriting criteria are highly standardized and hard coded in the systems of the servicers ▪ Intermediaries can only originate mortgages that meet the underwriting criteria ▪ Standard servicing activities are outsourced to specialized mortgage servicers STATER and Quion: ▪ Payments ▪ Administration ▪ First contact point for clients

SLIDE 35

35

MORTGAGE BUSINESS AT NIBC BANK

▪ In 2006 NIBC Bank decided to take the arrears and foreclosure management in-house since NIBC Bank was confident that it could decrease arrears and losses via a result based approach. ▪ Employees have no insight into whether a loan has been securitized or transferred to the CBC or not. ▪ NIBC Bank uses the Salesforce CRM system in which the focus is on the client situation and performance is closely monitored through reporting and dashboards on a daily basis. ▪ Team Early (which is part of Special Servicing) tries to get in contact with the borrower to make a payment arrangement and indicates the financial situation. Special Servicing Mortgages (SSM) will follow up or step in depending on the situation.

BASIC PRINCIPLES ARREARS MANAGEMENT

Arrears of max 2 months

NIBC Special Servicing NIBC Early ▪ Specialized team including 1 account manager with extensive experience in (mortgage) credit management. Educated in restructuring mortgage loans. ▪ Goal is to find the best structural solution; assess the situation and determine whether the problems are temporary or structural. ▪ Client retention: preventing credit losses and meeting our duty of care. ▪ Termination of the loan: limiting losses by maximizing foreclosure proceeds. ▪ Maximizing post-foreclosure proceeds. ▪ During the 1st month arrears clients receive (if necessary) up to 4 letters and 5 calls. ▪ Outbound calls within 6 days after first arrear is determined. ▪ Mandate is maximum of two payment arrangements. ▪ Over 90% of new arrears recover within the first 2 months. ▪ Track and trace to get in contact with the client through multiple channels (e.g. Chamber of Commerce, social media). ▪ Determine nature of problems (e.g. life events 1). ▪ When arrear is indicated as incidental by Early the client can do a payment at once or a simple arrangement is setup with the client. ▪ When client faces (temporary) financial hardship the client is allocated to the SSM team.

All clients in arrears with life events1 or arrears > 2 months

EARLY SPECIAL SERVICING MORTGAGES

1: Life events: divorce, deceased, unemployment (because of incapacity)

SLIDE 36

36

APPENDIX II MAIN UNDERWRITING CRITERIA

SLIDE 37

37

MAIN UNDERWRITING CRITERIA

▪ NIBC complies with: ▪ “Wet op het Financieel Toezicht” (WFT). Dutch Law ▪ Code of Conduct of Dutch Bankers Association (2013). The code concerns e.g. minimum requirements to the borrower. ▪ Temporary Rule of Mortgages. These guidelines concerns regulations to income and maximum loans and are yearly set by the government. ▪ GDPR (General Data Protection Regulation). European Law, NIBC and Stater are compliant to the requirements of the GDPR as applicable per May the 25th 2018. LAWS AND REGULATIONS ▪ Steady income: Income is derived from the salary slip and proof of employment

• r a so-called determination of income from paid employment

(‘Inkomensbepaling Loondienst’) executed by the intermediary based on data from the Employee Insurance Agency (‘UWV’). In case of self-employed borrowers, a statement of income is drawn up by a certified calculation agent. ▪ Comply or Explain: a predetermined test is available (comply), but allows deviation if well-justified by the lender (explain). NIBC Direct origination only concerns Comply. ▪ Actual interest rate: is taken into account unless the fixed rate term is under the 10 years. In case of shorter terms a pre-determined rate is used (Q4 2019 5%) or the loan must be totally repaid at the end of the fixed rate term (only by annuity

• r linear).

▪ LTI: Loan-To-Income is maximized in line with the Code of Conduct. Calculations are based on guidelines from the NIBUD (An independent institute focused on household expenses). AFFORDABILITY

SLIDE 38

38

MAIN UNDERWRITING CRITERIA

▪ Maximum loan amount: EUR 1.000.000. Loans above EUR 750.000 are treated as an overrule. ▪ Maximum loan-to-Value: 100% and in case of energy saving facilities (EBV) 106%. ▪ NHG hurdle: EUR 310.000,- excl. EBV or EUR 328.600 incl. EBV ▪ Non-NHG mortgages with loans above 80% of the Market Value are required to be covered by a mortality insurance. ▪ The mortgage loan is secured by a first ranking mortgage right or a first and sequentially higher ranking mortgage right(s) over real estate, an apartment right

• r a long lease (“erfpacht”) situated in the Netherlands.

▪ The property value is determined by a recent valuation report (<6 months old) from a certified appraiser. On top of that every valuation report is automatically validated by checking comparable transactions by an independent organisation (NWWI, TVI (Taxatie Validatie Instituut) or Taxateurs Unie). LOAN AND COLLATERAL ▪ Bureau for Credit Registration (BKR): Credit history is checked at BKR, ‘negative’ BKR-registrations which are allowed by NHG can be done without overrules. All the other ‘negative’ BKR registrations must be handed to the overrule desk. The BKR registration must be cured. Specific criteria and surcharges are used by the

• verrule desk.

▪ Stichting Fraudebestrijding Hypotheken (SFH): Fraud is checked at SFH which is located at the BKR office and coordinated by the Dutch Banking Association. ▪ A check is performed to verify the borrower’s identity. ▪ Kadaster (National Property Register): Additionally, a Kadaster check is performed to prevent illegitimate use of property. ▪ Fraud Officer: NIBC has dedicated fraud officers, handling fraud cases and prevention. CREDIT HISTORY AND FRAUD

SLIDE 39

39

APPENDIX III ASSET COVER TEST

SLIDE 40

40

ASSET COVER TEST

To meet the CRD requirements the LTV cut-off is included: For each mortgage receivable any amount exceeding 80% of the indexed market value of the underlying collateral is not taken into account. Other haircuts are also included.

1: This amount differs every month based on the characteristics of the mortgages in the portfolio. In January 2020 the cover ratio was 111.63%.

LTV Cut-off +

• ther haircuts

110%1 Asset Percentage: 95% Minimum OC: 15%

EUR 3.3bn1 EUR 3.2bn EUR 3.5bn EUR 3.5bn EUR 3.0bn Covered Bond Asset Cover Tests Minimum Cover Pool Following their analysis the rating agencies communicate a minimum asset percentage. The amount

• f bonds relative to the amount of assets cannot exceed this percentage.

An additional feature not present in most other Dutch programmes is the 15% minimum OC, which is a hard commitment irrespective of changing environment or rating agency opinions. By Dutch law the minimum nominal OC is set at 5%.

Outstanding Bonds Test Outcome Higher of Asset Cover Test

1 2 3 1 2 3 x x

SLIDE 41

41

APPENDIX IV CONDITIONAL PASS-THROUGH SCENARIOS

SLIDE 42

42

CONDITIONAL PASS-THROUGH SCENARIOS

Conditional Pass-Through Covered bonds: A combination of three events: bank default, sale of the pool not possible and breach Amortisation test results in the following four scenarios:

Bond I Bond II

time

• utstanding

Bond I Bond II

time

• utstanding

Bond I Bond II

time

• utstanding

Bond I Bond II

time

• utstanding

1: The bank redeems the bond at scheduled maturity 2: The bonds are redeemed at maturity with cash and sale of part of the

• pool. Amortisation test

holds to protect later maturing bonds 3: Pass-through is triggered at maturity if proceeds from sale of part of the pool are not sufficient to redeem the bond in full 4: If in addition, the pool deteriorates and the Amortisation test is breached, all bonds become pass-through bonds

Conventional covered bonds: A combination of three events: bank default, sale of the pool not possible and breach Amortisation test results in the following four scenarios: Bond I Bond II

time

• utstanding

Bond I Bond II

time

• utstanding

Bond I Bond II

time

• utstanding

Bond I Bond II

time

• utstanding

1: The bank redeems the bond at scheduled maturity 2: The bonds are redeemed at maturity with cash and sale of part of the

• pool. Principal test holds to

protect later maturing bonds 3: If part of the cover pool cannot be sold to redeem the bonds at par, all bonds accelerate and the pool has to be sold, which may result in a loss on the bonds 4: If in addition, the pool deteriorates and the Amortisation test is breached, all bonds accelerate and the pool has to be sold, which may result in a loss on the bonds

SLIDE 43

43

APPENDIX V INVESTOR REPORTING AND LEGAL FRAMEWORK

SLIDE 44

44

COVERED BOND PROGRAMME: INVESTOR REPORTING

▪ Best in class reporting of NIBC originated and/or NIBC serviced transactions via www.assetbacked.nl ▪ Following a European Covered Bond Council (ECBC) initiative, the Covered Bond Label was introduced in 2012 ▪ NIBC covered bonds carry the Covered Bond Label and reporting is done according to the (Dutch) National Transparency Template and the (worldwide) Harmonised Transparency Template ▪ Free registration (details treated confidentially) and optional subscription to automated e-mail service (new uploads are automatically sent to recipients inbox) ▪ Investor queries via website and investor.services@nibc.com ▪ Investor reports always timely available, including full performance information, portfolio split and bond information INVESTOR REPORTING FOR COVERED BONDS

SLIDE 45

45

DUTCH LEGAL FRAMEWORK AND DACB

▪ The Dutch Covered Bond Decree is in place since 1 July 2008. As per 1 January 2015 the legislation has been upgraded and engrained at all three levels of legislation including the highest Law on Financial Supervision (“WFT”) ▪ The main aim of the new legislation is to increase transparency and protection for investors. It is less principle based and more rule based. Amongst other, the following is included:

▪ Obligation to be UCITS as well as CRR compliant. No ABS as eligible assets allowed. ▪ Specific definition of Covered Bonds as a product and description of the structure ▪ Role of the Dutch Central Bank (DNB) more described, including enhanced supervisory powers ▪ Minimum OC of 105% nominal and 100% according to Article 129 CRR ▪ 6 month liquidity reserve required ▪ Post issuer default plan must be in place ▪ Minimum reporting requirements towards investors

▪ NIBC, ING, ABN AMRO, Rabobank, De Volksbank, Van Lanschot, Achmea, Aegon and Nationale Nederlanden have their Covered Bond programmes registered with the Dutch Central Bank ▪ As a result of the strong growth of the Dutch covered bond market, in January 2011 the Dutch issuers decided to establish the Dutch Association of Covered Bond issuers (DACB) ▪ Aim of the DACB is to strengthen the market and product offering of Dutch covered bonds through e.g. improving transparency, standardisation and general promotion ▪ The DACB was consulted in the making of the new regulations. More information can be found on www.dacb.nl DUTCH LEGAL FRAMEWORK FOR COVERED BONDS DUTCH ASSOCIATION OF COVERED BOND ISSUERS

SLIDE 46

46

Note tes to

• the

he pr presentation

Parts of this presentation contain inside information within the meaning of article 7 of Regulation (EU) No 596/2014 (Market Abuse Regulation). This public announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in NIBC Holding N.V.

For

• rward-looking Statements

ts

This presentation may include forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including but not limited to terms such as guidance, expected, step up, announced, continued, incremental, on track, accelerating, ongoing, innovation, drives, growth, optimising, new, to develop, further, strengthening, implementing, well positioned, roll-out, expanding, improvements, promising, to offer, more, to be or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. The forward- looking statements included in this presentation with respect to the business, results of operation and financial condition of NIBC Holding N.V. are subject to a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, including but not limited to the following: changes in economic conditions in Western Europe, changes in credit spreads or interest rates, the results of our strategy and investment policies and objectives. NIBC Holding N.V. undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this release.