BNG Maintains Profit Level at Eur 110 Million

THE HAGUE, The Netherlands, August 31, 2010 - BNG maintains its stable course despite the continuing turbulence in the
financial markets. The net profit for the first half of 2010 was EUR 110
million (2009: EUR 114 million). Positive factors were the higher interest
result and an incidental tax gain. The unrealized result financial
transactions was negative, mainly due to the atmosphere of crisis that
surrounded the southern Eurozone countries in the second quarter.

The volume of new long-term lending increased relative to the first half
of 2009 by EUR 4.2 billion to EUR 7.3 billion. Clients benefited from
exceptionally low interest rates, especially in the very long segment. The
short-term lending remained at about the same level. Compared with the second
half of 2009, average short-term lending to clients fell by just EUR 0.1
billion to EUR 5.7 billion.

In the first half of 2010, BNG raised EUR 9.6 billion in long-term
funding (2009: EUR 7.6 billion). The weighted average maturity of the total
long-term funding rose by 2.3 years to 7.0 years compared with the full year
2009. As a result of the large volume of funding and the relatively long
maturities, BNG's liquidity profile improved further in the period under
review.

The interest result for the first half of 2010 amounted to EUR 202
million (2009: EUR 175 million). Significant factors in the increase were the
larger long-term loan portfolio and the continuing steep yield curve.

In 2010 BNG, acting in consultation with the tax authorities, adopted
IFRS valuations for financial instruments to determine the tax returns. This
was done with retroactive effect to 2005 and had a non-recurring positive
effect of EUR 10 million on taxation.

The result financial transactions was EUR 54 million negative in the
period under review (2009: EUR 23 million negative). This was mainly due to a
net unrealized loss of EUR 43 million (2009: EUR 20 million negative) on
interest-bearing securities and structured loans held by the bank. The reason
was the turmoil in the capital markets caused by the sovereign debt problems
of the southern Eurozone countries. The creditworthiness of the underlying
portfolio remains high. The future cash flows are not in doubt.

The outlook for the second half of 2010 cannot be separated from the
current uncertain market conditions and their effects on the confidence in as
well as on the pace of the economic recovery. Given the fragile economic
recovery, the increased volatility of results and all the other uncertainties
the bank does not consider it wise to make a statement about the 2010 net
profit.

The bank's shareholders are Dutch public authorities exclusively. BNG's
clients are comprised of local authorities and public sector institutions in
the areas of housing, healthcare, education and public utilities. BNG
provides customized financial services ranging from loans and advances, funds
transfers and electronic banking to consultancy and asset management. The
bank also participates in public-private partnerships.

BNG will publish the interim report 2010 on its website on 31 August 2010
(www.bng.nl).

    Executive board
    C. van Eykelenburg, Chairman
    J.J.A. Leenaars
    J.C. Reichardt

    Supervisory board
    H.O.C.R. Ruding, Chairman
    Y.C.M.T. van Rooy, Vice-Chairman as well as Secretary
    R.J.N. Abrahamsen
    H.H. Apotheker

    H.G.O.M. Berkers
    S.M. Dekker
    W.M. van den Goorbergh
    R.J.J.M. Pans
    A.G.J.M. Rombouts

                  Consolidated balance sheet as of 30 June 2010
                              In millions of euros

                                                    30/06/2010  31/12/2009
    Assets
    Cash and cash equivalents                            2,368         655
    Banks                                                7,364       7,683
    Loans and advances                                  81,368      79,305
    Financial assets at fair value
    through the income statement                         3,358       2,983
    Financial assets available for sale                  5,779       5,531
    Other financial assets                              17,925       8,002
    Associates and joint ventures                          109         106
    Property and equipment                                  22          23
    Other assets                                           285         208
    Total assets                                       118,578     104,496

    Liabilities
    Banks                                                9,276       5,615
    Funds entrusted                                      7,644       7,070
    Subordinated loans                                      91         174
    Debt securities                                     87,310      79,935
    Financial liabilities at fair value
    through the income statement                           605         351
    Other financial liabilities                         11,189       8,854
    Other liabilities                                      321         244
    Total liabilities                                  116,436     102,243

    Share capital                                          139         139
    Share premium reserve                                    6           6
    Revaluation reserve                                    (32)         49
    Currency translation account                           (11)         (6)
    Other reserves                                       1,930       1,787
    Net profit                                             110         278
    Equity                                               2,142       2,253
    Total liabilities and equity                       118,578     104,496

                          Consolidated income statement
                              In millions of euros

                                                       First       First
                                                     half of     half of
                                                        2010        2009

                    Interest income                     921       1,610
                    Interest expenses                   719       1,435
    Interest result                                          202         175

    Income from associates and joint ventures                  0           1

                    Commission income                    20          19
                    Commission expenses                   3           3
    Commission result                                         17          16

    Result financial transactions                            (54)        (23)

    Foreign exchange result                                   (3)         (1)

    Other income                                               3           2
                    Total income                             165         170

                    Staff costs                          17          17
                    Other administrative expenses        11          12
    Staff costs and other administrative expenses             28          29

    Depreciation                                               1           1
                    Total expenses                            29          30

                    Profit before tax                        136         140

    Taxation                                                  26          26

                    Net profit                               110         114

PRN NLD

For further information: BNG, Aart Rietveld, spokesman BNG, P.O. Box 30305, 2500 GH THE HAGUE. Contactpersoon: Aart Rietveld, T +31(0)70-3750-609, mc at bng.nl