Van Lanschot NV MARCH / APRIL 2011 Executive summary Van Lanschot - - PDF document

Van Lanschot NV

I NVESTOR PRESENTATI ON – CREDI T UPDATE 2 0 1 0 FI NANCI AL YEAR MARCH / APRIL 2011

Executive summary

1

Van Lanschot aim s to be the best Private Bank in the Netherlands and Belgium

• Offering high quality financial services to high net-worth individuals, director-owners and other select client

groups

• Over 270 years of experience and a reputable franchise in the Netherlands and Belgium
• Strong client focus, Van Lanschot is a relationship-oriented bank
• Business strategy is constant, focused and has withstood the crisis

Van Lanschot cam e through the crisis unscathed

• Balance sheet has remained intact; Van Lanschot did not need government support
• The balance sheet is used solely for client-related business: no CDOs, SIVs or other complex financial

instruments; the client always comes first

• Low risk profile: no exposures in Southern Europe or in Ireland, virtually no proprietary trading
• Solid capital base; well prepared for Basel III
• Effective risk management; loan losses reducing towards normalised levels; high quality mortgage book
• Strong funding and liquidity; mainly funded by customer deposits
• Diversification of funding sources and regular access to wholesale markets

2

• Profile
• Financial performance 2010
• Risk profile and asset quality
• Capital and Basel III
• Funding and liquidity

Evolution into an independent Private Bank

3

1 7 3 7 2 0 1 1

1-1-2007 Acquisition Kempen & Co 1737 Established as a trading house in ‘s-Hertogenbosch 29-6-1999 Listed on Euronext Amsterdam 30-9-2004 Acquisition CenE Bankiers 2006 Strategy to be the best Private Bank in the Netherlands and Belgium 30-11-2007 Sale of 51% of insurance arm to De Goudse 2008 Acquisition of ING Private Banking Curaçao and Buttonwood in Belgium

• Van Lanschot’s strategy is focused on offering high quality financial services
• Van Lanschot targets high net-worth individuals, director-owners and other select client groups
• Van Lanschot has a solid capital base, strong funding and liquidity position
• Van Lanschot has around 2,000 employees and offices in the Netherlands (30), Belgium (8) and a presence in

Switzerland, Luxembourg, Curacao, Jersey, France and Spain Van Lanschot aim s to be the best private bank in the Netherlands and Belgium

Listed on Amsterdam stock exchange; long-term and loyal shareholders

4

Van Lanschot’s m arket cap at 2 8 March 2 0 1 1 : € 1 .3 bn

• Shareholder since the early 1970s

3 1 % Delta Lloyd

• Shareholder since the mid 1990s
• Shareholder agreement terminated on 13 December 2009

2 3 % Friesland Bank ABP 1 3 %

• Shareholder agreement with right to maintain shareholding at current

level in the event of share issues and to nominate one member of the Supervisory Board

1 1 % Van Lanschot fam ily SNS Reaal 5 % 4 %

• As a result of the acquisition of Kempen & Co.
• As a result of increasing employee ownership through an employee

incentive plan

Managem ent and staff Freefloat 1 3 %

Experienced and balanced management team

5

Floris Deckers ( 1 9 5 0 ) Chairm an of the Board Appointed: 2004 Background: 23 years at ABN AMRO, including as CEO of Latin America and Netherlands business unit Supervisory Board

• Former CFO of ABN AMRO
• Former CFO of Aegon
• Honorary chairman of KBC Group, former CEO KBC Group
• Independent investor
• Director of Dutch Opera
• Attorney and civil-law notary
• Former CEO of Sligro Food Group

Constant Korthout ( 1 9 6 2 ) CFO / CRO Appointed: 2010 Background: 18 years at Robeco Group, since 2002 as CFO I eko Sevinga ( 1 9 6 6 ) Com m ercial activities Appointed: 2007 Background: 9 years as Director of Kempen & Co Arjan Huism an ( 1 9 7 1 ) COO Appointed: 2010 Background: 15 years with Boston Consulting Group, since 2004 as partner

• Tom de Sw aan, Chairm an ( 1 9 4 6 )
• Jos Streppel, Deputy Chairm an ( 1 9 4 9 )
• W illy Duron ( 1 9 4 5 )
• Godfried van Lanschot ( 1 9 6 4 )
• Truze Lodder ( 1 9 4 8 )
• Cees de Monchy* ( 1 9 5 0 )
• Abel Slippens ( 1 9 5 1 )

* Ms Heleen Kersten nominated as a member of the Supervisory Board to replace Mr de Monchy, who is due to retire; appointment to be approved at the AGM to be held on 11 May 2011

Van Lanschot’s strategy

6

To offer high-quality financial services to high net-worth individuals, entrepreneurs and other select client groups Mission Van Lanschot aims to be the best private bank in the Netherlands and Belgium Vision To be able to measure the achievement of its vision, Van Lanschot has formulated targets relating to clients, employees and financial achievements Targets 2 0 1 0 - 2 0 1 3 Strategy

• 1. Focus on private banking
• 2. Enhance commercial effectiveness
• 3. Invest continually in service quality
• 4. Maintain a solid profile

Professional Ambitious Independent Committed Core Values

Strategy translated into financial and non-financial targets

7

Client satisfaction Continue to outperform the benchmark in the loyalty index

• Annual survey by Marketresponse

I nvestm ent perform ance Achieve a higher risk-weighted investment performance than the benchmark

• Transparent and customised comparison reports

Duty of care Apply and continually improve a client care policy that is leading in the sector and that goes further than the statutory obligations

• Innovative asset management concept – A la Carte

Em ployer status Be an employer of choice for top talent in the financial sector

• Independent private bank offering scope for ambition

Market share At least double the number of target group clients in the private banking market in the period 2009-2013

• Focus on € 500k+

Capital ratios ( under Basel I I ) * Core Tier I ratio At least 8.0% Tier I ratio At least 10.0% BIS total capital ratio At least 12.5%

• In normal years the actual ratios will be above these levels

Leverage ratio Ratio of total assets / shareholders’ funds of less than 20 Funding & Liquidity

• Target ratios will be further defined in light of the expected net

stable funding ratio and liquidity coverage ratio under Basel III Earnings per share grow th At least 5% per annum

• Long-term target after a return to normal profit levels

Return on equity Average of 2% higher than cost of equity

• Definition of a more exact target expected in the medium term

Dividend policy Distribution of 40-50% of net profit available to ordinary shareholders

* Targets will be further defined at the AGM to be held on 11 May 2011

Focus on private banking: Strong growth in target segments in line with strategy

8

• Strategic focus starts to deliver
• Private Banking and Business Banking working together under one management team and with one set of

targets

• Private Office: one wealth management team focusing on the top segment

Growth in client assets of Private Banking clients in 2010

Start Grow Consolidation Protection/ Transaction Business Banking Private Banking

Traditional Bank

Wealth Start Grow Consolidation Protection/ Transaction Business Banking Private Banking

Traditional Bank

Wealth

Traditional bank Van Lanschot € 5 m illion + + 1 9 % € 1 – 5 m illion + 9 % € 0 .2 5 – 1 m illion

Start Grow Consolidation Protection/ Transaction Business Banking Private Banking Wealth Start Grow Consolidation Protection/ Transaction Business Banking Private Banking

Van Lanschot

Wealth Start Grow Consolidation Protection/ Transaction Business Banking Private Banking Wealth Start Grow Consolidation Protection/ Transaction Business Banking Private Banking

Van Lanschot

Wealth

0 %

Based on core activities (excluding non-strategic investments)

Enhance commercial effectiveness: Strong net new money inflow

9

• Total assets under management + 18% to € 35.4 billion at 31 December 2010 (2009: + 20% )
• Net inflow of new assets € 3.0 billion
• Total client assets + 13% to € 49.0 billion
• Income + 8% to € 613.3 million in 2010

Assets under management (€ billion) Total client assets (€ billion)

+ 1 3 % 29.9 35.4 13.3 13.6 4 9 .0 4 3 .2 31-12-2009 31-12-2010 Assets under management Funds entrusted + 1 8 % 19.1 21.3 14.1 10.8 3.0 2.5 31/ 12/ 2009 Net new money Market performance 31/ 12/ 2010 Private & Business banking Asset Management

Based on core activities (excluding non-strategic investments)

Maintain a solid profile

10

• Core Tier I ratio rose from 6.6% to 9.6% at year-end 2010
• Balance sheet is for our clients: leverage only 13.4
• Funding ratio 86.2% ; new long-term funding raised (see p. 28)
• Confirmation of all credit ratings (S&P and Fitch): Single A minus (A-), outlook stable

RWA and BIS Core Tier I ratio Balance sheet and funding ratio (31 Dec. 2010)

Loans & advances 80% Savings & deposit s 69% Ot her 31% Ot her 20% Asset s Liabilit ies 8 6 .2 %

13.9 13.5 11.7 6.6% 8.2% 9.6% 31-12-2009 30-06-2010 31-12-2010 RWA (€ billion) BIS Tier I ratio

Based on core activities (excluding non-strategic investments)

11

Van Lanschot’s business segments

CORPORATE FI NANCE & SECURI TI ES Integrated advisory Institutional asset m anagem ent Mergers & acquisitions services for private clients

• Private Banking Services

Fiduciary management Capital markets (up to € 250k)

• Private Banking

Management of investment Sales & trading (€ 250k to 10 million) funds

• Private Office

Research (from € 10 million)

• Business professionals /

Executives International Private Banking Advisory services and financing for family businesses Participations Healthcare Equity Management Services Trust PRI VATE & BUSI NESS BANKI NG ASSET MANAGEMENT

12

• Profile
• Financial perform ance 2 0 1 0
• Risk profile and asset quality
• Capital and Basel III
• Funding and liquidity

Summary of 2010 results

13

Solid capital and funding

• Core Tier I ratio 9.6% , Tier I ratio 12.1% , BIS ratio 14.2%
• The balance sheet is for our clients: very low leverage 13.4
• Funding ratio* 86.2% , long-term funding position strengthened by attracting wholesale

funding

• Confirmation of all credit ratings (S&P and Fitch): Single A minus (A-), outlook stable

Accelerated recovery of

• perating profit

in 2 0 1 0

• Income + 8% to € 613.3 million
• Costs -2% to € 422.3 million
• Addition to loan loss provision -24% at € 86.5 million
• Operating profit before tax € 88.5 million
• Net profit € 65.7 million
• Earnings per share € 1.45
• Assets under management + 18% to € 35.4 billion
• Net new money € 3.0 billion, especially in discretionary mandates
• Total client assets* * + 13% to € 49.0 billion

Grow th in asset m anagem ent

* Funding ratio = the extent to which the loan book is financed by customer savings and deposits * * Client assets = assets under management + funds entrusted

Based on core activities (excluding non-strategic investments)

14

2010 profit driven by higher core income, lower costs and decreasing loan losses

x € m illion 2 0 1 0 2 0 0 9 2 0 0 8 568.5 493.6 422.1 71.5 20.2 30.1 21.2

• 8.9

3 0 .1 85.5% Operating expenses 422.3 428.8 Tax 22.8

• 21.5

139.7 113.2 62.8

• 36.3
• 1 4 .8

75.4% Income from operating activities Gross result 191.0 Addition to loan loss provision 86.5 Other impairments 16.0 Operating result before tax 88.5 Efficiency ratio* 68.9% Net result 613.3 6 5 .7

• 36.3

26.8 6.5 26.7 88.5 64.1 46.8 7.5 31- 12- 2009 Higher int erest Higher commission Lower

• t her

income Lower expenses Lower loan loss provision Lower impairment s 31- 12- 2010

Recovery of

• perating

profit before tax

Based on core activities (excluding non-strategic investments) * Efficiency ratio = operating expenses / operating income

15

211 259 283 288 310 325 253 259 234 263 276 293 H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 Tot ale inkomst en Int erest & provisie

Success of strategy is visible in the results

Recovery in operating profit (€ million) Income from core activities (€ million) Improvement of efficiency ratio* Decreasing additions to loan loss provision (€ million)

66.5% 71.5% 72.0% 103.6% 67.4% 85.0% H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010

72.8

• 51.6

30.7 57.8 23.5

• 59.8

H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 326 310 288 283 259 211 294 276 263 234 259 253 H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 Tot al income Int erest & commission

• 6.3
• 13.9
• 50.6
• 62.6
• 43.9
• 42.6

H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010

Based on core activities (excluding non-strategic investments) * Efficiency ratio = operating expenses / operating income

Positive outlook for improving gross margin

16

16.2 20.9 13.7 14.5 29.9 35.4 31- 12- 2009 31- 12- 2010 Non- discret ionary Discret ionary

+ 6% + 29% H1 2009 H2 2009 H1 2010 H2 2010 Aum discretionary Management fee

Shift to discretionary m anagem ent Assets under m anagem ent ( € bln) I ncrease in recurring m anagem ent fees AuM discretionary vs m anagem ent fee

• Clients increasingly opt for discretionary mandates: ~ 32% of total assets under management of Private Banking (2009: 28% )
• Driven by success of renewed discretionary asset management proposition – A La Carte and Select
• Continuing outperformance on investment profiles
• Transparency – reimbursement of third party distribution fees
• Improves earnings profile, both amount & stability of fees
• Margin on PB discretionary assets of 0.8% - 1.0%
• Margin on PB non-discretionary assets of 0.6% - 0.8%

I nterest m argin ( % )

1.68% 1.35% H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010

20.9 18.6 16.2 13.6

Based on core activities (excluding non-strategic investments)

Focus on improving operating leverage

17

428.8 8.2 7.6 422.3 15.2 8.1

31-12-2009 Higher variable rem uneration Lower provision for deposit guarantee system Efficiency gains at Van Lanschot Bankiers Investm ents to im prove service level 31/ 12/ 2010

Efficiency m easures take effect Efficiency ratio W hile still investing in service level and grow th Change in operating expenses 2 0 0 9 - 2 0 1 0

• Efficiency measures taken in 2009
• Reduction of 191 FTEs in 2009
• Strict costs control ongoing
• No bonuses at Van Lanschot in 2009 due to negative results
• IT and facility services outsourced
• Cost savings at Van Lanschot Bankiers realised through efficient

structuring of mid and back offices

• Investments will continue to be made where this benefits our

service level and facilitates growth

224.9 218.5 226.4 162.3 173.2 159.9 37.1 36.0 34.9 2008 2009 2010 Depreciat ion and amort isat ion Ot her administ rat ive expenses St aff cost s 422.1 428.8 422.3

Efficiency ratio

85.5% 75.4% 68.9%

Based on core activities (excluding non-strategic investments)

18

• Profile
• Financial performance 2010
• Risk profile and asset quality
• Capital and Basel III
• Funding and liquidity

Balance sheet is for the client

19

Balance sheet at 3 1 Decem ber 2 0 1 0 ; 1 0 0 % = € 1 9 .6 bln Stable credit ratings

• S&P A-, outlook stable
• Fitch A-, outlook stable

Excellent funding position

• High funding ratio,

sticky deposits

• Access to capital

m arkets

• Excess cash position,

further supported by significant am ount of eligible paper ( € 3 .1 bn 3 1 Dec 2 0 1 0 )

• ECB facilities no longer

used

Loans & advances 80% Savings & deposits 69% Equity 9% Others 31% Others 20% Assets Liabilities

Reputable track record

• Client has alw ays com e

first

• No CDOs, SI V and other

exotic instrum ents

• No exposure to

peripheral countries

• No state aid

Based on core activities (excluding non-strategic investments)

High quality loan book

20

Loan portfolio by region at 3 1 Decem ber 2 0 1 0 100% = € 15.7 bln

• Almost half of the portfolio consists of residential mortgages to

private banking clients

• Commercial property portfolio: € 1.8 bln to corporate clients and

€ 0.8 bln to private clients

• LTV of 71.5% on commercial property portfolio at year-end

2010; 9% of loans have an LTV of over 100% , over 50% of loans have an LTV of under 75%

• Majority of loans in the Netherlands and Belgium
• Commercial property located almost entirely in the Netherlands
• Limited country exposure

Loan portfolio by sector at 31 Decem ber 20 1 0 100% = € 15.7 bln

48% 4% 3% 29% 16% Resident ial Mort gages Commercial Propert y Financial Holdings Healt hcare Ot her 95% 2% 3% Net herlands Belgium Ot her

Based on core activities (excluding non-strategic investments)

Impairments trending down, but still at elevated levels

21

20 40 60 80 100 2005 2006 2007 2008 2009 2010

25 bp 30 bp

Historical developm ent of Loan Loss Provisions Bps of total RWA credit risk

• Addition to loan provision 66 bp of average RWA in 2010

(2009: 79 bp)

• Addition to LLP for mortgage portfolio 4 bp of average RWA
• Loans written off in 2010 amounted to just € 15.5 mln

(2009: € 21.0 mln)

• Expected normalised loan losses at 25 – 30bp

30bp 25bp Past due and im paired loans Past due

• Past due loans are longer than 30 days overdue
• At year-end 2010, past due loans amounted to € 219.3 mln

(2009: € 362.8 mln)

• 1.4% of total loan book

I m paired

• Impaired loans are loans for which a provision has been formed
• At year-end 2010, impaired loans amounted to € 638.7 mln

(2009: € 507.7 mln)

• 4.1% of total loan book
• Total provision formed of € 254.6 mln; coverage ratio of 38.2% ;

remainder of exposure covered by collateral

Based on core activities (excluding non-strategic investments)

Low risk investment portfolios, used solely for liquidity purposes

22

84% 14% 2%

The Netherlands Germany Other

I nvestm ent portfolio by counterparty at 3 1 Decem ber 2 0 1 0 ( 1 0 0 % = € 1 .4 bln) I nvestm ent portfolio by region at 3 1 Decem ber 2 0 1 0 ( 1 0 0 % = € 1 .4 bln)

• Mainly Dutch and German government bonds
• Held for liquidity purposes
• Of the available-for-sale portfolio (€ 1.3 bln), 81% is Triple A

rated and 11% Double A rated

• No exposure to peripheral countries

82% 6% 1% 11% Governm ent & guaranteed Corporates Funds Banks

Based on core activities (excluding non-strategic investments)

23

• Profile
• Financial performance 2010
• Risk profile and asset quality
• Capital and Basel I I I
• Funding and liquidity

Solid capital base

24

Reduction in Risk W eighted Assets ( € billion)

• Total assets reduced to € 19.6 billion (year-end 2009 € 20.6

billion)

• Risk weighted assets € 2.2 billion lower at € 11.7 billion
• Reduction RWAs due to active programme to reduce exposure to

non-core clients, as well as transition to F-IRB for retail portfolio

• Strict deployment of capital for target group clients

13.9 0.9 1.3 11.7 31- 12- 2009 Transit ion F- IRB Decrease due t o focus on t arget client s 31- 12- 2010 6.6% 0.9% 1.2% 0.7% 0.2% 9.6% 31- 12- 2009 Reduct ion RWA Conversion pref. shares F- IRB Profit ret ent ion 31- 12- 2010

Strong increase in Core Tier I ratio in 2 0 1 0

• Solid ratios achieved without the need for state aid
• Core Tier I ratio

9.6%

• Tier I ratio

12.1%

• BIS total capital ratio

14.2%

• Leverage is 13.4

Under Basel II and based on core activities (excluding non-strategic investments)

Well prepared for Basel III

25

Pro form a at 3 1 Decem ber 2 0 1 0 under Basel I I I 15 Max 3 3

LEVERAGE

? + 0-2.5% 2.5% Total Total Capital Tier 1 8% Core Tier 1 Capital 4.5% Minimum

• Min. cap.

Van Lanschot capital requirements 31-12-2010 requirements

• incl. buffers

Systemic Risk Buffer Counter- Cyclical Buffer Tier 2 Capital 2% Non-core Tier 1 Capital 6% Additional capital buffers Capital Conservation Buffer 1.5-4% Tier 2 Capital 2% Core Tier 1 Capital Non-core Tier 1 Capital Common Equity Capital 7% Non-core Tier 1 Capital Tier 2 Capital

LIQUIDITY COVERAGE RATIO

158% Min 1 0 0 % 98% Min 1 0 0 %

NET STABLE FUNDING RATIO Based on core activities (excluding non-strategic investments)

26

• Profile
• Financial performance 2010
• Risk profile and asset quality
• Capital and Basel III
• Funding and liquidity

Key focus areas for funding

27

• Van Lanschot has relatively high proportion of retail funding
• New requirem ents anticipated under Basel I I I
• The bank w ishes to retain access to w holesale funding m arkets going forw ard

I - Continued diversification of funding sources III - Lengthening of the term structure, i.e. building a curve IV - Debt investor relations II - Regular presence on wholesale markets Van Lanschot’s focus on funding and liquidity

As a private bank, majority of funding is customer savings and deposits …

28

69% 14% 5% 9% 3% Cust omer savings & deposit s Debt securit ies & subordinat ed loans Int erbank funding Shareholders' funds Ot her funding

Funding m ix at 3 1 Decem ber 2 0 1 0

• Van Lanschot is active on several markets for its funding needs
• About 68% of total funding consists of customer deposits
• Van Lanschot is not a price leader in the savings market
• Funding ratio 86.2% at year-end 2010 (year-end 2009: 79.0% )
• Solid base of customer savings and deposits
• 2010: central bank funding fully redeemed

Funding ratio* 2 0 0 0 - 2 0 1 0

• Van Lanschot has one of the highest funding ratios of the Dutch

banks

• Private banking deposits generally very sticky
• Van Lanschot is not a price leader on savings market

* Funding ratio = the extent to which the loan book in financed by customer savings and deposits

91% 95% 93% 87% 87% 85% 77% 91% 90% 79% 86% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Based on core activities (excluding non-strategic investments)

… but Van Lanschot has access to various funding programmes

29

Unsecured Debt I ssuance Program m e

• € 5.0 bln programme
• Prospectus updated 21 January 2011, supplement

29 March 2011

• Used for:
• wholesale funding (senior unsecured and

subordinated), and

• structured retail products
• Bloomberg ticker: LANSNA Corp

Asset Backed Citadel Program m e Lancelot Program m e

• RMBS, top quality mortgage portfolio, fully originated

and serviced by Van Lanschot

• The Citadel programme was successfully established

with the objective to diversify funding and to create eligible assets

• Placed: Citadel 2010-I A1 and A2 notes
• Retained: Citadel 2010-II and Citadel 2011-I
• Call date 26 August 2015
• Bloomberg ticker: CITAD Mtge
• Lancelot 2006, a Hybrid CMBS of part of Van

Lanschot’s commercial real estate loans portfolio and led to a reduction of Van Lanschot's exposure on the real estate market and additional long-term financing

• Current amount outstanding € 334 million
• Call date 26 January 2012
• Bloomberg ticker: LANCE Mtge

Upcoming redemptions of wholesale funding are well manageable

30

• 250

500 750 1,000 1,250 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 > 2021 CMBS RMBS Senior LT repo Subordinated

• Van Lanschot has a diversified funding

base; term funding has been attracted via senior unsecured, subordinated, asset based funding and long-term repo’s

• Upcoming redemptions are manageable

as they are spread over time and over different wholesale funding sources

• In 2011, EUR 165mln of subordinated

debt will mature; this will have no impact on capital

• Despite limited refinancing needs, Van

Lanschot wants to establish a balanced funding curve

• To achieve this, regular presence in

different wholesale markets is necessary Assumptions:

• Redemption at call date if applicable
• Citadel 2010-a1 WAL @ 6% CPR

36% 10% 26% 13% 15%

€ million

The bank will continue to obtain regular presence on wholesale markets

31

Striking a balance betw een traditional retail funding and longer term m arket funding Overview of w holesale m arket activity in 2 0 1 0 and 2 0 1 1 YTD: Senior Unsecured

• March 2 0 1 0 : successfully issued a € 4 0 0 m illion, 3 -year fixed

coupon liquid benchm ark transaction RMBS m arket

• July 2 0 1 0 : Closing of Citadel 2 0 1 0 -I and -I I , 2 RMBS

transactions creating an additional € 2 .4 bln of eligible assets

• Novem ber 2 0 1 0 : sale of € 2 5 0 m ln A1 tranche of Citadel

2 0 1 0 -I , average m aturity of 2 years

• Novem ber 2 0 1 0 : sale of € 5 0 0 m ln A2 tranche of Citadel

2 0 1 0 -I , average m aturity of 5 years

• January 2 0 1 1 : Closing of Citadel 2 0 1 1 -I , € 1 .5 billion

( € 3 2 4 m illion Class A1 and € 8 01 m illion Class A2 notes / ECB eligible) Stable credit ratings

• S&P A- / stable / A-2
• Fitch A- / stable / F2

Standard & Poor’s 2 July 2010 “The ratings on Netherlands-based private bank F. van Lanschot Bankiers N.V. reflect S&P Ratings Services’ view of its conservative management, satisfactory capital base, and sound funding position.” Fitch Ratings 2 December 2010 “The ratings of F. Van Lanschot Bankiers N.V. reflect its conservative risk appetite which has resulted in a sound and fragmented loan book, a well established domestic niche private banking franchise and adequate capitalisation.”

32

Van Lanschot NV

Contact details

33

Van Lanschot Bankiers Geraldine Bakker-Grier Erik Bongaerts Ralf van Betteraij Investor Relations Manager Treasury Manager Treasury Funding Management Tel + 31 73 548 3350 Tel + 31 73 548 8310 Tel + 31 73 548 8718 g.a.m.bakker@vanlanschot.com e.bongaerts@vanlanschot.com r.vanbetteraij@vanlanschot.com

Disclaimer

34

Forw ard looking statem ents This presentation contains forward looking statements concerning future events. Those forward looking statements are based on the current information and assumptions of the Van Lanschot management concerning known and unknown risks and uncertainties. Forward looking statements do not relate to definite facts and are subject to risks and

• uncertainty. The actual results may differ considerably as a result of risks and

uncertainties relating to Van Lanschot’s expectations regarding such matters as the assessment of market risk and revenue growth or, more generally, the economic climate and changes in the law and taxation. Van Lanschot cautions that expectations are only valid on the specific dates, and accepts no responsibility for the revision or updating of any information following changes in policy, developments, expectations or the like. The financial data regarding forward looking statements concerning future events included in this presentation have not been audited.