NIBC Bank Posts Net Profit of EUR 14 Million for Q1 2009

THE HAGUE - NIBC Bank Profitable in the First Quarter of 2009 in a Difficult Business Climate - Strong Capitalisation With Tier-1 Ratio of 15.9%, Core Tier-1 Ratio of 13.1% and BIS Ratio of 17.8% - Sound Liquidity Position With Further Improved Diversity of Funding; Interest Results Temporarily Depressed due to High Liquidity Buffer - Continued Focus on Efficiency and Managing Operating Expenses

Jeroen Drost, Chief Executive Officer of NIBC

“NIBC has delivered a positive result in a difficult business climate. We continue to support our clients by actively advising them on capitalisation and restructuring issues they encounter in the current challenging markets. We have executed a number of key transactions during the first quarter and have successfully transformed NIBC back to a more traditional bank focused on financing, advising and co-investing in our core markets. Corporate clients, however, remained cautious in terms of business initiatives and refinancing and this is clearly reflected in our results. While we remain cautious, going forward we will benefit from our strong capital position, diversified funding and healthy geographic and sector mix of activities.

We have also recently strengthened our management team and I am very pleased to welcome Rob ten Heggeler as member of the Managing Board and head of Merchant Banking. His vast experience as both a wholesale banker and as an excellent manager will prove to be very valuable to our bank.”

NIBC Bank key figures

In EUR millions Q1 Q1 +/- Q4 +/- 2009 2008 2008 Result after tax 13 50 -74% (61) 121% Net result attributable to parent shareholder 14 49 -72% (61) 123% Efficiency ratio 41% 41% Return on net asset value (after tax) 3% 13% -16%

Recent developments

Financial results NIBC Bank for the first quarter of 2009

- Net profit in the first quarter of 2009 was EUR 14 million, significantly up compared with a Q4 2008 loss of EUR 61 million. Net interest income, negative fair value adjustments and impairments on equity investments and mezzanine investments impacted the results, which was partly compensated by positive net trading income. - The Tier-1 ratio remained strong at 15.9%, with the core Tier-1 ratio of 13.1% and the BIS ratio of 17.8%. Strategy - NIBC has been transformed back to a more traditional bank that focuses on financing, advising and co-investing with its core clients in the Benelux and Germany and on clearly defined international asset financing classes. - NIBC’s relatively small size enables sector and product specialists to work closely together and offer tailor made financial solutions to clients. - NIBC already started to de-risk its balance sheet in 2007, principally through the sale of non client-related portfolios no longer regarded as core. Currently, 90% of NIBC’s portfolio is comprised of a corporate loan portfolio and a residential mortgage portfolio. - The company has continued to focus on further improving efficiency, reducing operating expenses and maintaining its strong efficiency ratio.

Transactions

NIBC Bank arranged a number of important transactions across its key markets. Examples include:

- NIBC M&A is acting as financial advisor to Vattenfall in the announced EUR 8.5 billion acquisition of Nuon. - Sportcity and NIBC Capital Partners completed the acquisition of Fit for Free Beheer B.V.. NIBC Capital Partners will assist management in its ongoing strategy for growth. - NIBC Oil & Gas services joined the USD 1.8 billion Senior Secured Borrowing Base Facility to Tullow Oil Plc, one of Europe’s largest independent oil & gas exploration, development and production companies, and joined the loan facility of up to USD 200 million related to the semi-submersible drilling rig “Alaskan Star” for Queiroz Galvao Oleo e Gas. - NIBC Infrastructure & Renewables Frankfurt closed a secured loan facility of up to EUR 456 million related to the PPP transaction for the A5 motorway.

NIBC actively approaches clients to discuss the opportunity of participating in the ‘Garantie Ondernemingsfinanciering’, a 50% state-guarantee on new loans of up to EUR 50 million to Dutch companies.

Funding diversification

- Retail savings from NIBC Direct in the Netherlands continues to increase. - In February 2009, NIBC Direct was successfully launched in Germany. New clients and total savings are in line with expectations. - EUR 3 billion of funding was raised in the first quarter of 2009 under the Dutch state’s Credit Guarantee Scheme, partly as Liquidity buffer.

NIBC Bank profit & loss (1)

In EUR millions Q1 Q1 +/- Q4 +/- 2009 2008 2008 Net interest income 23 48 57 Net fee and commission income 5 20 8 Dividend income 11 13 10 Net trading income 68 39 5 Gains less losses from financial assets (15) (8) (88) Share in result of associates - 1 1 Other operating income 1 1 0 Operating income 93 114 -19% (6) Personnel expenses (21) (29) (17) Other operating expenses (16) (15) (19) Depreciation and amorisation (2) (2) (2) Operating expenses (38) (46) (38) 0% Impairment of corporate loans (17) (5) (17) Impairment of other interest bearing assets (28) - (20) Total expenses (83) (51) -62% (75) -10% Result before tax 10 63 -84% (82) 112% Tax 3 (13) 20 Result after tax 13 50 -74% (61) 121% Result attributable to minority interest 1 (1) 0 Net result attributable to parent shareholder 14 49 -72% (61) 123%

(1) All figures exclude the consolidation effect of controlled non-financial investments (see enclosure for more information)

Note: small differences are possible in the tables due to rounding

Income and expenses for the first quarter 2009

- Operating income declined 19% in the first quarter of 2009 compared to the first quarter of 2008. Net interest income is temporarily depressed due to the high liquidity buffer and lower business volumes. Higher net trading income partly compensated the lower net interest income, negative fair value adjustments and impairments on equity and mezzanine investments and lower fee income. - Operating expenses were reduced by 17% compared to the first quarter of 2008 as a result of a decrease in staff numbers, mainly due to normal attrition, and lower variable compensation. - In the first quarter of 2009, EUR 17 million of impairments were taken against the total corporate loan portfolio of EUR 7.9 billion. This is a comparable level to the impairments in the fourth quarter of 2008, slightly higher than the average level of impairments for the year 2008 and an acceptable level in the current market. EUR 28 million of impairments of other interest bearing assets relates for the majority to NIBC’s mezzanine portfolio of EUR 256 million.

NIBC Bank other key figures

31-mrt 31-dec 2009 2008 Basel II Basel II Tier-1 ratio 15,9% 16,6% Core Tier-1 ratio 13,1% 13,5% BIS-ratio 17,8% 18,9% Shareholders’ equity (in EUR million) 1.653 1.638 Number of FTEs (end of period) 635 625 Risk weighted assets (in EUR billion) 12,0 11,5

Shareholder’s equity and capital ratios

- In 2009, shareholder’s equity of NIBC Bank increased from EUR 1,638 million to EUR 1,653 million. The increase of EUR 15 million mainly stems from the net profit of EUR 14 million. - The balance sheet increased from EUR 28.9 billion at year-end 2008 to EUR 32.1 billion at 31 March 2009 mainly due to the additional funding raised in the first quarter of 2009 (EUR 3 billion under the Dutch State’s Credit Guarantee Scheme and an increase of retail savings via NIBC Direct). - The capital ratios of NIBC Bank remained very strong (Tier-1 ratio of 15.9%, core Tier-1 ratio of 13.1% and a BIS ratio of 17.8%) and well above the industry standard. NIBC Holding results - NIBC Holding is the parent company of NIBC Bank. - The US commercial real estate securities portfolio in NIBC Holding is the main difference between NIBC Holding and NIBC Bank. NIBC had no exposure to US residential mortgages since August 2007. The total US commercial real estate securities portfolio saw a negative result of EUR 20 million after tax in the first quarter of 2009 and has a carrying value of EUR 176 million at 31 March 2009 (being 23% of the nominal value). - Together with the EUR 14 million net profit in the bank this resulted in a consolidated net loss of EUR 4 million in the first quarter of 2009 for NIBC Holding. - The capital ratios of NIBC Holding remained very strong with a Tier-1 ratio of 16.0%, core Tier-1 ratio of 13.0% and a BIS ratio of 18.0%.

Two pillar strategy: Merchant Banking and Specialised Finance

NIBC’s strategy is based on asset classes and geographies it knows well, building on its core skill of credit risk assessment. The activities are concentrated around two strategic pillars - Merchant Banking and Specialised Finance.

- Combining advice, financing and co-investing, NIBC offers integrated solutions to mid-cap clients in the Benelux and Germany. In addition to the wide range of merchant bank activities, NIBC is a meaningful player in a select number of clearly defined asset financing classes. NIBC employs its credit skills to provide asset financing in sectors such as corporate lending, leveraged finance, oil & gas services, infrastructure & renewables, shipping and real estate. - Nimble and flexible, NIBC reacts swiftly to the demands of its clients and the markets. NIBC is an accessible and innovative player, constantly seeking to develop state-of-the-art new products and services that are tailored to meet clients’ evolving needs.

Merchant Banking

Through the Merchant Banking business, NIBC advises, finances, and co-invests with its mid-cap clients in the Benelux and Germany. Coverage bankers maintain long-term relationships and provide strategic advice to NIBC’s clients. Together with product specialists operating in multidisciplinary teams, client teams deliver a wide range of customised products and solutions, including M&A-related transactions (mergers, acquisitions, disposals and buyouts), capital & restructuring advisory, financing, derivative products, mezzanine and equity investments. Investment Management creates and manages funds that are open to third-party investors. Funds have been developed in the fields of private equity and mezzanine (in companies), infrastructure and real estate.

In EUR millions Q1 Q1 +/- Q4 +/- 2009 2008 2008 Net interest income 11 12 13 Net fee and commission income 5 16 5 Dividend income - 3 1 Net trading income (2) (3) 0 Gains less losses from financial (15) (6) (87) assets Share in result of associates - 1 1 Other operating income 0 0 0 Operating income (1) 22 -105% (67) 98% Operating expenses (15) (18) 20% (14) -6% Impairment of corporate loans (8) (2) (9) Impairment of other interest (28) - (21) bearing assets Total expenses (51) (20) (44) -16% Result before tax (52) 2 (111) 53% Tax 13 (0) 23 Result after tax (39) 2 (87) 55%

Financial Results

- In line with the continued difficult market circumstances, the Merchant Banking activities were disappointing. - Fee income is volatile from quarter to quarter and reflects reduced client activities in the current market conditions. - Gains less losses from financial assets, which relate to NIBC’s equity investments portfolio, were affected by the turmoil in the financial markets, which led to negative fair value adjustments. - Lower operating expenses compared to the first quarter of 2008 are mainly the result of a decrease in the variable compensation and the number of staff. - EUR 8 million impairments were taken on the corporate loan portfolio. EUR 28 million of impairments of other interest bearing assets relates for the majority to NIBC’s mezzanine portfolio of EUR 256 million.

Specialised Finance

Specialised Finance provides asset and project financing in a select number of clearly-defined asset classes: corporate lending, leveraged finance, oil & gas services, infrastructure & renewables, real estate and shipping. It structures, arranges, underwrites and distributes sophisticated international lending transactions for its clients and combines NIBC’s expertise in specific asset classes with its balance sheet and capital markets access. The retail markets activities include residential mortgage origination in the Netherlands and Germany on the basis of white labelling through a number of distribution partners and NIBC’s online retail savings initiative, NIBC Direct.

In EUR millions Q1 Q1 +/- Q4 +/- 2009 2008 2008 Net interest income 13 37 44 Net fee and commission income 1 4 3 Dividend income 11 10 10 Net trading income 70 42 5 Gains less losses from financial assets 0 (2) (1) Share in result of associates - 0 0 Other operating income 0 0 0 Operating income 94 92 3% 61 55% Operating expenses (23) (28) 16% (24) 3% Impairment of corporate loans (8) (3) (8) Impairment of other interest (0) - 0 bearing assets Total expenses (32) (31) -4% (32) -2% Result before tax 62 61 2% 29 112% Tax (10) (13) (3) Result after tax 52 48 8% 26 99%

Financial Results

- The decline in net interest income in 2009 is due to temporary higher funding costs as a result of the high liquidity buffer and lower business volumes. - Trading income is by nature more volatile. A significant portion of NIBC’s balance sheet is accounted for as fair value through profit or loss. This means that as a result of credit spread movements, trading income is affected by mark-to-market movements on both assets and liabilities including repurchases of liabilities. Trading income was positively affected by successful money market activities. - Operating expenses fell by 16% compared to the first quarter of 2008 due to a reduction in staff and lower variable compensation. - Impairment of EUR 8 million relates to impairments on the corporate loan portfolio.

Profile of NIBC

NIBC is a Dutch bank that offers integrated solutions to mid-cap clients in the Benelux and Germany through a combination of advising, financing and co-investing. The bank is also a meaningful player in a select number of clearly defined asset financing classes. It employs its expertise to provide asset financing in sectors such as corporate lending, leveraged finance, oil & gas services, infrastructure and renewables, real estate and shipping.

NIBC is an integrated, nimble and flexible organisation that reacts swiftly to the demands of its clients and markets. It is an innovative player that constantly seeks to develop products and services that are tailored to meet clients’ evolving needs.

NIBC’s clients are mid-cap companies, financial institutions, institutional investors, financial sponsors, family offices and high net worth entrepreneurs/owners. NIBC has offices in The Hague, Brussels, Frankfurt, London, Singapore and New York.

The condensed interim financial report for the three months ended 31 March 2009, NIBC Bank N.V. and the Supplementary Financial Information for the three months ended 31 March 2009, NIBC Holding N.V., are available at www.nibc.com.

Disclaimer

All figures in this press release are not audited.

Source: NIBC

For more information, please contact: Press: Corporate Communications, Phone: +31(0)70-342-56-25, Email: info at nibc.com; Investors and analysts: Investor Relations, +31(0)70-342-98-24, hans.rijnberg at nibc.com