NIBC COVERED BOND PRESENTATION
September 2021
1 EXECUTIVE SUMMARY Addressing the challenges from Covid-19 ▪ Focused mid-market corporate and retail franchise with differentiated approach
▪ Net profit of EUR 91 million in H1 2021 (EUR 3 million in H1 2020)
▪ Net interest margin of 1.87% in H1 2021 (1.92% in 2020) NIBC ▪ Impairment ratio of 0.16% in H1 2021 (from 0.80% in 2020)
▪ Cost-to-income ratio at 46% in H1 2021 (50% in 2020)
▪ Strong capital position, with fully-loaded CET 1 ratio at 20.0% and leverage ratio of 8.6% at H1 2021
▪ AAA/AAA (S&P/Fitch) rated Conditional Pass-Through Covered Bonds
▪ Law-based programme, registered with the Dutch Central Bank
Covered Bond ▪ Favorable regulatory treatment Programme ▪ Documented minimum overcollateralisation of 15%
▪ Cover pool of prime Dutch residential mortgage loans
▪ Total residential mortgage book of EUR 9.2 billion1
▪ Despite Covid-19 the Dutch housing market remains resilient: NPLs remain low and credit loss expenses for H1 2021 Mortgage Business were negative EUR 2 million ▪ Origination via independent intermediaries, underwriting criteria fully controlled by NIBC
▪ In-house arrears and foreclosure management
1: Excludes buy-to-let exposure of EUR 0.9 billion and (off-balance sheet) originate-to-manage exposure of EUR 8.7 billion 2 TABLE OF CONTENTS
1. NIBC BUSINESS AND FINANCIAL UPDATE H1 2021 4 2. DUTCH HOUSING AND MORTGAGE MARKET 24 3. RETAIL CLIENT OFFERING AND ASSET QUALITY 27 4. CONDITIONAL PASS-THROUGH COVERED BOND PROGRAMME 32
APPENDIX I MORTGAGE BUSINESS AT NIBC 36 APPENDIX II MAIN UNDERWRITING CRITERIA 39 APPENDIX III ASSET COVER TEST 42 APPENDIX IV CONDITIONAL PASS-THROUGH SCENARIOS 44 APPENDIX V INVESTOR REPORTING AND LEGAL FRAMEWORK 46
3 NIBC BUSINESS AND FINANCIAL UPDATE H1 2021
4 NIBC PERFORMANCE IN H1 2021
▪ NIBC had a strong half year, with operating income benefitting from positive results of the equity investment portfolio and an increase in fee income
▪ Interest income equals EUR 188 million (-9%), following development of both portfolio volumes and spreads. The net interest margin (1.87%) showed resilience, benefitting from lower funding costs
▪ Cost/income ratio of 46%, including continued investments in both strategic initiatives and projects to address new regulatory requirements and process improvements
▪ Credit losses have decreased considerably to EUR 14 million in H1 2021 (from EUR 84 million in H1 2020), reflecting the improved economic situation and outlook
▪ Continued strong capital position with a CET 1 ratio of 20.0% (2020: 19.9%) and an ROE of 10.2% (H1 2020: 0.3%)
▪ All-in-all, this has led to a net profit attributable to shareholders of EUR 91 million (H1 2020: EUR 3 million)
5 ADDRESSING THE CHALLENGES FROM COVID-19 First priority remains safeguarding health of our staff and families and ensuring business continuity
OurOUR PEOPLEPeople OUR BUSINESSs OurOUR Clients CLIENTS
▪ The COVID-19 pandemicdeeply changed our ▪ As was the case in 2020, alertness on business ▪ NIBC continued to prudently extend credit to ways of working, maximizing working from home continuityunder COVID-19 continues, managed by businesses of all sizes for working capital and ▪ During H1 2021, supported by increased both the CRO and CFO with bi-weekly update calls general corporate purposes vaccination levels and technological innovation, ▪ The focus on liquidity management remains a ▪ Intensified client interaction and increased more working from the office in a safe way was priority in the COVID-19 environment, maintaining monitoring and reporting on the portfolio (also made possible NIBC’s liquidity buffers at a high level. using the tools of our partner OakNorth) have ▪ Intensified communication to all staff ▪ There are no material funding transactions helped to address issues head on implemented during 2020 continued in 2021, maturing in the remainder of 2021 ▪ Cautious origination on the corporate client side; with regular Corona news releases and periodic ▪ In July 2021 NIBC Bank announced the acquisition with a focus on specific asset classes and on video updates by an ExCo member portfolio management of the loan portfolio of EUR 1.5 billion of ▪ Intensified contact by managers with their teams Finqus B.V. The closing is expected to take place in ▪ NIBC actively continued to support the growth with increased one on one meetings Q4 of 2021 (subject to approval by the regulators initiatives Beequip, yesqar, OIMIO and Lendex to DNB and ACM) support new client groups. All these initiatives displayed growth in H1 2021 ▪ Overall, our clients have weathered COVID well as also displayed by the decreased level of credit losses
6 FOCUSED TRANSFORMATION Continued rebalancing of our portfolios towards more resilience NIBC PORTFOLIO TRANSFORMATION SINCE 2019 COMPOSITION NIBC’S H1 2021 CLIENT OWN BOOK ASSETS in EUR billion H1 2021 FY 2019 vs. FY 2019 COMMENTS Energy 0.4 0.7 -51% H1 2021 ▪ The overall decrease in all portfolios are due to two Shipping 0.8 1.0 -21% factors: Financial Sponsors & ▪ Lower origination during 2020 due to COVID-19 Leveraged Finance 0.7 1.0 -27% Commercial Real Estate (incl. ▪ The deliberate reduction of certain asset classes continued in H1 2021 OIMIO) 1.3 1.6 -17% 44.3% Retail EUR 18.1 bn Fintech & Structured finance 0.8 1.0 -26% 55.7% Corporate ▪ Total client assets - including originate-to-manage - Mobility (incl. yesqar) 0.6 0.7 -2% increased by 14% since 2019 Infrastructure 1.7 1.7 -4% ▪ Clients’ assets for NIBC’s own book displayed Mid Market Corporates 0.6 1.1 -44% continuous rebalancing towards a higher share of Total corporate loans (drawn retail and other granular asset classes: & undrawn) 6.9 8.9 -22% ₋ Growth of the mortgage book by 2% Beequip and other lease FY 2019 ₋ Growth of higher margin businesses such as receivables 0.7 0.5 41% leasing incl. Beequip (+41%) and Buy-to-Let Investment loans 0.2 0.2 -28% (+25%) Equity investments 0.3 0.3 -17% Total corporate client assets 8.0 9.9 -19% ₋ Decreased exposure in the cyclical sectors Shipping, Energy and Leveraged Finance by 31% Owner-occupied mortgage 50.4% Retail EUR 19.6 bn loans 9.2 9.0 2% 49.6% Corporate ▪ Strong growth of the originate-to-manage offering Buy-to-Let mortgages 0.9 0.7 25% from EUR 5.1 billion in 2019 to EUR 10.1 billion in H1 Total retail client assets 10.1 9.7 4% 2021 OTM Retail client assets 8.7 4.3 101% OTM Corporate client assets 1.4 0.8 87% Originate-to-manage assets 10.1 5.1 99% 7 COMPOSITION OF NIBC’S TOTAL ASSETS Result of continued rebalancing
NIBC’S TOTAL ASSETS CORPORATE LOANS COMMENTS
2% ▪ Diversified portfolio: of NIBC’s total assets 3% of EUR 21.1bn at H1 2021: 1% 5% 3% • 12% is in ‘liquid means’ (governments 5% 26% & central bank) 2% • 48% in residential mortgage loans 1% 3% 3% 12% 48% 3% 3% 3% 2%
Corporate loans Governments & central bank Commercial Real Estate Energy Financial Sponsors & Leveraged Finance Fintech & Structured Finance Other financial institutions Residential mortgage loans Mobility Infrastructure - Core Equity investments Lease Receivables Infrastructure - Non-Core Mid Market Corporates Derivatives Other Shipping
8 RETAIL CLIENT OFFERING Strong mortgage origination results in market share of 4%, despite price volume competition
MORTGAGE LOAN ORIGINATION GROWTH CLIENTS
STRONG ORIGINATION MARKET SHARE ORIGINATION¹ ▪ Number of clients +6% since 2020 ▪ Total number of clients 141k 2.5bn 4% ▪ Total number of clients 310k MORTGAGE LOAN PORTFOLIO In EUR bn LOW RISK PORTFOLIO FACTS AND FIGURES ▪ Strong growth OTM portfolio from EUR 7.5 18.7 billion to EUR 8.7 billion 17.4 NIBC DIRECT ▪ Total OTM mandates over EUR 12 billion 14.0 CUSTOMER SURVEY 8.7 7.9 7.5 ▪ Growth in the Buy-to-Let portfolio of 25% since SCORE SAVINGS 4.3 2019 0.9 0.7 0.9 NIBC DIRECT 9.0 9.0 9.2 ▪ 64% loan to value on own book residential mortgage portfolio CUSTOMER SURVEY 2019 2020 H1 2021 8.0 Owner-occupied Buy-to-let Originate-to-Manage ▪ Retail savings increased in 2021 by 7% to EUR SCORE MORTGAGES 10.5 billion
9 ¹ Based on market volumes CORPORATE CLIENT OFFERING Progressing with rebalancing and de-risking strategy, ready to grow again
CORPORATE LOAN ORIGINATION REBALANCING THE PORTFOLIO ENTREPRENEURIAL SPIRIT OF NEW GROWTH ENGINES IN 2021 SELECTIVE ORIGINATION ACTIVELY MANAGED CORPORATE EXPOSURE 1.6 bn 8.0 bn
In EUR bn
▪ The lease receivables portfolio incl. BEEQUIP 1.6 ▪ Increased origination following the subdued displayed growth in H1 2021 of 14% level in 2020 during COVID-19 pandemic ▪ OIMIO - the Bank's commercial real estate ▪ Continued de-risking in Energy and Leveraged offering for small Dutch SMEs launched in 2020 1.0 Finance - grew its book by 55% to more than EUR 100m 0.6 ▪ Continued focus of margin over volume in H1 2021 ▪ ▪ Increased focus in H1 2021 on growing yesqar - the Bank's asset data driven auto- motive offering launched in Q3 2020 - grew to a H1 2019 H1 2020 H1 2021 in Infrastructure, Commercial Real Estate and Leasing portfolio of nearly EUR 30 million in H1 2021
10 SUSTAINABILITY EMBEDDED IN OUR STRATEGY Supporting corporate and retail clients in their transition towards a sustainable future
INTEGRATED BUSINESS APPROACH STRONG SUSTAINABILITY RATINGS ▪ Robust (sector-specific) sustainability ISS (formerly OEKOM) policies in place NIBC ▪ 100% of corporate loans screened Purpose C+/Prime against sustainability policy & Values ▪ Estimated greenhouse gas emissions related to NIBC’s financings are being Risk Sustainability Management Framework SUSTAINALYTICS measured and tracked as part of Framework NIBC’s net zero emissions ambition for 22
2050 Business Risk 199 out of 1063 Strategy Strategy ▪ New initiative: GREEN BOND FRAMEWORK MSCI¹ Funding Strategy IT STARTS WITH US Responsible Investors, Green Bonds ▪ 100% renewable electricity AA across all NIBC locations Functional Strategies ▪ Carbon neutral operations at IT, HR, Operations REPRISK NIBC, since 2012 ▪ Equipment recycling and school AA donation program
11 1 NIBC Bank rating OUR STRATEGIC PRIORITIES Continuous evolution of client franchise, expertise and propositions We continued to further invest in our franchise ▪ Continued execution of the rebalancing strategy, further reducing exposure in Energy and Leveraged Finance by EUR 170 million in H1 2021 1 ▪ OIMIO - the Bank's commercial real estate offering for small Dutch SMEs - grew its book by 55% to more than EUR 100m in H1 2021 Further optimisation of capital structure ▪ yesqar - the Bank's asset data driven auto-motive offering launched in Q3 and diversification of funding 2020 - grew to a portfolio of nearly EUR 30 million in H1 2021 ▪ Average funding spread decreased from 75bps to 72 bps ▪ Strong CET 1 ratio of 20.0% 6 2 Focus on growth of asset portfolio in core markets ▪ Continued (+14% in H1 2021) growth in Beequip ▪ Strong liquidity buffers, LCR of 258% ▪ Continued (+3% in H1 2021) growth in Buy-to-Let ▪ Strong mortgage origination across all tenors ▪ Off-balance growth of mortgage portfolios to EUR 8.7 billion Ongoing investment in people, culture (+15%) and innovation 5 ▪ Acquisition of the mortgage portfolio of Finqus (announcement in July) ▪ During the COVID-19 pandemic built new ways for interaction, 3 Diversification of income including a new intranet, enabling our employees to be part ▪ Continued focus on growing OTM revenues, leading to of our active community EUR 16 million OTM-related fee income in H1 2021 ▪ Continued commitment towards further improving diversity (+15% compared to H1 2020) and inclusion 4 ▪ Extra attention for employees in terms of vitality and Building on existing agile and effective organisation connection through gifts highly appreciated ▪ Continued investments in corporate client and risk processes ▪ Long-running commitment to development with extra ▪ Continued investing in the entrepreneurial growth engines personal budget of EUR 2.000 for two years
12 FINANCIAL RESULTS H1 2021
13 INCOME STATEMENT Strong performance in H1 2021, re-bouncing from the subdued level in 2020
INCOME STATEMENT PROFIT AFTER TAX AND RETURN ON EQUITY COMMENTS
H1 2021 ▪ The overall performance for H1 2021 is strong H1 H1 vs. 11.8% ▪ The profit after tax is back to our pre-COVID-19 levels in EUR millions 2021 2020 2020 2019 H1 2020 10.2% 11.4% ▪ Increased operating income displays the balance of: Net interest income 188 208 403 426 -9% 201 • High investment income from successful exits and Net fee and commission income 21 19 43 40 7% (7) positive revaluations in our equity portfolio Investment income 43 5 7 60 >100% 194 3.4% Other income -8 -17 -21 10 -54% • Increased fee income on the back of further growth in Operating income 244 215 431 537 14% 0.7% the originate-to-manage portfolios 2.6% 91 60 • Subdued net interest income from lower origination of Personnel expenses 54 55 108 119 -2% 91 0.3% (13) corporate loans in 2020 as well as decreasing spreads Other operating expenses 44 49 102 97 -10% in the mortgage market Depreciation and amortisation 3 3 6 6 -12% 7 47 (4) Regulatory charges and levies 13 10 16 15 26% 3 ▪ The decrease in operating expenses reflects active cost 2019 H1 2020 2020 H1 2021 Operating expenses 113 117 232 237 -3% management on the bank's base activities, ensuring the Net operating income 131 98 199 300 34% Profit after tax excl non-recurring Non-recurring Profit after tax ROE ability to continue to invest in new initiatives and improvement projects, strengthening the Bank's processes Impairments of financial and non ROE ex non-recurring financial assets 14 84 141 49 -84% 60 ▪ Credit loss expenses are significantly lower than in H1 2020, Tax 21 5 -2 45 >100% which were elevated due to the COVID-19 pandemic Profit after tax 97 9 59 206 >100% Profit attributable to non-controlling shareholders 6 6 12 12 0% Profit after tax attributable to shareholders of the company 91 3 47 194 >100%
14 PERFORMANCE H1 2021 Strong performance on profitability, cost control and capital in H1 2021
MEDIUM-TERM METRICS OBJECTIVES H1 2021 COMMENTS
▪ Profitability improved to 10% ROE from the subdued level in 2020, Return on Equity 10 - 12% 10.2% (Holding) reflecting a H1 2021 net profit of EUR 91 million ▪ The fully-loaded cost/income ratio improved in H1 2021 to 46%, from 54% in H1 2020 Cost/income < 45% 46% (Holding) ▪ The CET 1 ratio of 20.0% increased marginally from the year-end 2020-level and displays a significant buffer above minimum SREP requirements CET 1 ≥ 14% 20.0% (Holding) ▪ Following the decision by the ECB to not extend its recommendation that banks limit dividend payments beyond 30 September 2021, the management and supervisory boards of NIBC Dividend pay-out ≥ 50% TBD deem payment of the final dividend 2019 to its two previous major (Holding) shareholders J.C. Flowers & Co. and Reggeborgh Invest B.V. feasible and appropriate. As this remaining part of the final dividend 2019 Rating has been recorded as a dividend liability, pay-out will not affect BBB+ BBB+ Stable Outlook (Bank) NIBC's capital ratios.
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15 Rating reflects S&P’s long-term issuer credit rating on NIBC Bank PORTFOLIO VOLUMES AND SPREADS Successful development towards a more granular portfolio, decreasing cyclical exposures COMMENTS RETAIL ASSET SPREADS & VOLUMES CORPORATE LOAN SPREADS & VOLUMES ▪ Retail client assets: ₋ The own book portfolio of mortgage loans increased in H1 2021 by 2% to EUR 9.2 billion,with continued pressure on origination spreads 4.94% 4.89% 4.96% 3.68% 3.66% 3.45% ₋ Buy-to-let increased by 3% to EUR 0.9 billion at stable origination spreads
2.30% 3.25% ₋ OTM assets increased by 15% to EUR 8.7 billionand the 2.17% 2.10% 3.15% mandate further increased from EUR 9.8 billion to EUR 2.70% 12.2 billion 1.88% 1.91% 1.86% 2.52% 2.81% 2.77% ▪ Corporate client assets: 2019 2020 H1 2021 2019 2020 H1 2021 ₋ The rebalancing was accompanied by an increase in the Portfolio spread (%) Origination spread BTL (%) Portfolio spread (%) Origination spread (%) Origination spread owner occupied (%) Beequip portfolio spread (%) average portfolio spread to 2.8%, mainly driven by a further increase of the average origination spread 9.9 9.7 9.9 10.1 0.3 8.1 ₋ The sectors targeted for growth all displayed an 0.9 0.2 8.0 0.7 0.9 0.5 0.3 0.3 increase, mainly in commercial real estate incl. OIMIO 0.2 0.1 (+19%), the lease portfolio incl. Beequip (+14%), Core 0.6 0.7 infrastructure (+9%) and Mobility incl. yesqar (+2%) 9.0 9.0 9.2 8.7 8.9 ₋ OTM assets increased by 36% to EUR 1.4 billion,mainly 7.5 7.1 6.8 4.3 driven by the North Westerly VII transaction, issued in
0.8 1.1 1.4 H1 2021 2019 2020 H1 2021 2019 2020 H1 2021
Owned Occupied Buy-to-Let Originate-to-Manage Corporate loans Lease receivables Investment loans 16 Equity investments Originate-to-Manage NET INTEREST INCOME Decreased net interest income in 2021 is impacted by lower corporate origination in the previous year
NET INTEREST INCOME NET INTEREST MARGIN & FUNDING SPREAD COMMENTS (EUR million) ▪ Net interest income decreased by 9% compared to H1 2020 due to: 2.06% 2.01% 1.92% 1.87% ₋ downward pressure on the portfolio spread of 426 403 1.89% 1.85% the mortgage loan portfolio 34 1.77% 1.73% 31 392 ₋ the lower volume of the corporate loan book 372 from low origination in 2020 ▪ 208 The average funding spread decreased by 3 basis 188 0.71% 0.71% 0.75% 0.72% 17 points, mainly driven by: 13 191 175 ₋ The issuance of a EUR 500 million covered bond 2019 H1 2020 2020 H1 2021 with a maturity of 10 years in Q2 2021 Net interest margin ₋ The increase of the volume in retail savings by 2019 H1 2020 2020 H1 2021 Net interest margin ex. IFRS 9 effect 7% combined with lower interest rates on the
Net interest income IFRS 9 impact Funding spread on-demand retail savings portfolio
17 NET FEE AND COMMISSION INCOME Focus on originate-to-manage continues to pay off
NET FEE AND COMMISSION INCOME COMMENTS (EUR million) ▪ Total fee income increased in H1 2021 by 7% to EUR 21 million compared to H1 2020, fully driven by the increase in OTM fees from retail client assets, which 43 increased by over 20% from EUR 12 million to EUR 14 million 40 1 Brokerage ▪ This mirrors the growth of the underlying mortgage assets under management 4 OTM mortgage loans ▪ All other fee categories remained stable in H1 2021 at the H1 2020 levels M&A Lending related fees 15 27 OTM Loans
21 19 0 4
2 10 12 14 8 2 2 7 3 5 2 2 2 2019 H1 2020 2020 H1 2021
18 INVESTMENT INCOME Positive performance on a stable portfolio
EQUITY INVESTMENT PORTFOLIO BY TYPE H1 2021 EQUITY INVESTMENT PORTFOLIO H1 2021 COMMENTS ▪ Investment income is sensitive to the sentiment in the equity markets and is therefore more volatile, also H1 2021 2020 reflecting the ample liquidity in the market
Direct investments 14% ▪ The volume of the equity investment portfolio Strategic 36 35 29% remained relatively stable in H1 2021 at EUR 251 Client 81 98 million Other 22 13 ▪ EUR 251 m ▪ Investment income improved significantly compared Indirect investments 32% to H1 2020, displaying an increase to EUR 43 million: Strategic 39 35 16% • About half of investment income in H1 2021 Fund 73 71 reflects realised results from successful exits 9% • The remaining income relates to positive Direct Strategic Direct Client Direct Other revaluation results on equity investments in line Indirect Strategic Indirect Fund with the general price development in H1 2021 in the equity market
19 OPERATING EXPENSES Strong improvement of fully loaded cost/income ratio
DEVELOPMENT OF OPERATING EXPENSES COST/INCOME RATIO COMMENTS (in EUR million) ▪ Operatingexpenses decreased by 3% to EUR 113 million due to continued active cost management 237 232 and lack of non-recurring expenses Non-recurring 9 17 54% ▪ NIBC continues its efforts to increase efficiencies in NIBC excl. non- its base operations, allowing for additional investments in both new business opportunities and recurring 1 50% 46% in further strengthening its operational and techno- 117 1 42% logical capabilities 228 5 215 ▪ Overall, headcount is relatively stable, with a minor 44% movement towards the growth initiatives 113 112 ▪ In the 2021 cost base there are significantly higher direct regulatory costs (+ EUR 3 million) related to 2019 2020 H1 2021 the DGS, partially driven by the relative position of cost/income ratio NIBC in Dutch savings volumes 2019 H1 2020 2020 H1 2021 cost/income ratio ex. non-recurring ▪ Higher income and lower expenses led to an improvement of the cost/income ratio from 54% at 1 There are no non-recurring items in H1 2021 year-end 2020 to 46% at H1 2021
20 CREDIT LOSS EXPENSES Credit loss expense rebounds back to a lower level than 2020
DEVELOPMENT OF COST OF RISK AND IMPAIRMENT RATIO KEY FIGURES ASSET QUALITY COMMENTS
H1 2021 2020 H1 2020 2019 ▪ Credit loss expenses are significantly lower than in H1 1.89% 1.75% 2020 as a result of an improved economic situation, in Impairment coverage ratio 35% 36% 34% 33% combination with continued active portfolio Non-performing loan ratio 2.7% 2.0% 3.0% 2.4% management and de-risking Exposure corporate 0.63% ▪ 0.95% arrears > 90 days 3.0% 2.1% 1.6% 1.2% Credit loss expenses of the corporate client offering of 0.80% 0.40% Exposure residential EUR 16 million include: 0.29% 147 0.16% mortgage loans arrears > 0.1% 0.2% 0.2% 0.1% • EUR 20 million additions on stage 3 and POCI LtV Dutch residential assets, mainly related to specific impairments in mortgage loans 64% 64% 66% 68% the Energy and Fintech & Structured Finance LtV BTL mortgage loans 53% 53% 53% 52% portfolios
83 • a release of EUR 5 million on the stage 1 and 137 stage 2 corporate exposures, including lease receivables 52 ▪ Credit loss expenses of the Retail Client Offering 83 displayed a small release, mainly driven by increasing 49 16 house prices, improving the loan-to-value of the 14 10 existing portfolio 3 2 2019 H12020 2020 H1 2021 ▪ In line with the end of 2020, NIBC continued to apply a management overlay of EUR 15 million reflecting the still uncertain external environment. The amount Credit losses FVtPL loans Credit losses on AC loans is unchanged and therefore has no impact on credit Cost of risk ¹ Impairment ratio ² loss expenses in H1 2021
21 1. Cost of risk = annualised credit loss expense and other credit losses divided by average RWAs 2: Impairment ratio = annualised credit loss expense divided by average assets loans & mortgages FUNDING PROFILE DOMINATED BY LONGER MATURITIES No material redemptions in the remainder of 2021
FUNDING COMPOSITION COMMENTS ▪ NIBC's funding profile continues to benefit from a diversified funding composition ▪ Retail savings increased by 7% in H1 2021 to EUR 10.5 billion 9% ▪ NIBC has a range of wholesale funding instruments available to access various segments of 20% Shareholders equity the funding market Retail funding 1% ▪ In Q2 2021 we issued a EUR 500 million covered bond with a maturity of 10 years. 2% Secured (wholesale) funding H1 2021 The transaction was met with strong demand from across Europe, evidenced by a final ESF deposits orderbook of EUR 1.35 billion TLTRO 19% 49% Unsecured (wholesale) funding ▪ NIBC’s liquidity position is strong: • NIBC increased its liquidity buffers further in H1 2021 by 25% to EUR 5.0 billion, also in preparation of the closing (anticipated in Q4 2021) of the acquisition of the EUR 1.5 billion Finqusmortgage loan portfolio MATURING FUNDING AS OF 30/06/2021 • Comfortable and high liquidity ratios improved in H1 2021 to 258% (LCR) and 131% in EUR billion H2 2021 2022 2023 2024 2025 2026 (NSFR) Covered bonds - 0.5 - - - 0.5 Other secured funding - 0.1 0.5 - - - Senior unsecured 0.1 0.6 0.9 0.5 0.7 - Subordinated - - - - 0.1 - Total: 0.2 1.1 1.4 0.6 0.7 0.6
22 Financials for NIBC Holding as per 30 June 2021 CAPITAL POSITION Strong solvency ratios COMMENTS ▪ NIBC has a strong capital position reflected in a CET 1 ratio of 20.0% at H1 2021, CET 1 DEVELOPMENT IN H1 2021 displaying a marginal increase compared to the 2020 level of 19.9% ▪ As per H1 2021 CRR II is implemented: • In H1 2021 this resulted in an increase in our RWA position from the implementation of SA-CCR for corporate derivatives • The implementation of the prudential backstop did not have any effect in H1 2021. ▪ The RWA-level compared to 2020 is mainly impacted by the reduced corporate exposures, increasing the CET1 ratio with 0.2%-points.
8,841 7,981 8,004
22.1% 22.1% 20.5% 1.2% 1.1% 1.0% 2.1% 1.2% 1.3%
19.9% 20.0% 17.1%
2019 2020 H1 2021
CET1 Tier 1 Tier 2 RWA
23 DUTCH HOUSING AND MORTGAGE MARKET
24 DUTCH HOUSING AND MORTGAGE MARKET Despite Covid-19 the Dutch housing market remains resilient DUTCH HOUSING AND MORTGAGE MARKET ECONOMIC GROWTH AND UNEMPLOYMENT IN THE NETHERLANDS2
▪ The Netherlands contains 7.9 million dwellings, of which 4.5 million are owner 10 occupied 8 ▪ Confidence in the housing market is at a level of 104 in June 2021, having reached 6 4 its low in December 2012 at 51 and a peak in November 2016 at 1211 2 ▪ The Dutch housing market remains tight, as a result of a structural housing 0 -2 2013 2014 2015 2016 2017 2018 2019 2020 2021
shortage and lagging supply of new development Percentage(%) -4 ▪ Proven resilience during the credit crisis -6 -8 ✓ Flexible labour market and strong social services safety net -10 ✓ High payment morale, supported by central credit registration system (BKR) and GDP growth year-over-year Unemployment rate efficient legal system AVERAGE MORTGAGE RATE3 AND HOUSE PRICE INDEX4 HOUSE SALES DEVELOPMENT4
160 8 300 150 250 140 6 200 130 4
120 150
Percentage(%) Thousands Index (2015 (2015 100) Index = 110 2 100 100 50 90 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 - 2013 2014 2015 2016 2017 2018 2019 2020 2021 Average mortgage rate (RHS) House price index (LHS) Rolling 12-month housing sales 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 25 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 EVOLUTION OF DUTCH MORTGAGE LENDING STANDARDS
• New mortgages need • Interest deductibility to be fully amortizing 43.0% for tax benefits • Interest deductibility • Interest deductibility 51.0% 50.0% • NHG max EUR 325k • Code of conduct • Changes to interest • NHG max EUR 245k • NHG max EUR 245k • Tax deductibility to enforced deductibility • Interest deductibility • Max LTV 103% • Max LTV 101% decrease further by • NHG max EUR 350k • NHG max EUR 290k; 49.0% 3% per annum to only amortizing loans • NHG max EUR 290k 37.05% in 2023 eligible • Max LTV 105%
2021- 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2023
• Interest deductibility 46.0% • NHG max EUR 320k • Interest deductibility • European Mortgage • Interest deductibility • NHG max EUR 310k • Max LTV 106% 51.5% Credit Directive active 49.5% • NHG max EUR 265k • Interest deductibility • NHG max EUR 265k • Max LTV 104% 50.5% • Max LTV 100% • NHG max EUR 245k • Max LTV 102%
26 RETAIL CLIENT OFFERING AND ASSET QUALITY
27 RETAIL CLIENT OFFERING
INTRODUCTION GEOGRAPHIES
▪ Strong franchise across the Netherlands, Germany and Belgium with more than 9.2 EUR billion 400,000 clients Owner occupied mortgage loans ▪ Mortgages are sold through partnerships with intermediaries, where NIBC sets all 5.7 EUR billion Savings underwriting criteria ▪ Multi-track approach: mortgages for our own balance sheet as well as for multiple 1.1 EUR billion Savings originate-to-manage mandates from institutional investors
▪ Non-value adding activities are outsourced (mid- and back-office services) to 3.7 EUR billion specialized mortgage servicing companies, such as Stater and Quion Savings ▪ Arrears and foreclosure management performed in-house at NIBC Figures for H1 2021
SAVINGS BALANCE NIBC DIRECT (EUR BLN) RETAIL CLIENT OFFERING ASSETS (EUR BLN) 18.8 10.5 17.4 9.5 9.8 1.1 14.0 1.0 1.1 8.7 7.5 3.7 4.3 3.9 3.6 0.7 0.9 0.9
5.7 9.0 9.0 9.2 4.6 5.1
2019 2020 H1 2021 2019 2020 H1 2021
Netherlands Germany Belgium Owner occupied Buy-to-let Originate-to-manage
28 RETAIL CLIENT OFFERING
MORTGAGE LOANS
▪ Total mortgage origination reached EUR 2.5bn in H1 2021, resulting in a market share of 4% ▪ Our on-balance portfolio increased EUR 0.1bn to EUR 10.0bn1 and the OTM portfolios grew by EUR 1.2bn in H1 2021 ▪ OTM mandates increased to over EUR 12bn; the total OTM portfolio reached EUR 8.7bn at H1 2021 ▪ fee generating initiative leading to income diversification ▪ strengthening our client franchise, as it enables NIBC to be active across maturities and sub-segments ▪ Stable buy-to-let portfolio totaling EUR 0.9bn at H1 2021 ▪ The mortgage loan portfolio displays a solid performance with negative credit loss expenses of EUR 2 million in H1 2021
ORIGINATION (EUR BLN) RETAIL ASSET SPREADS 3.68% 3.66% 5.1 3.45%
3.7
3.6 2.30% 2.4 2.17% 2.10% 2.0
1.4 1.88% 1.91% 1.7 1.5 1.86% 1.0
2019 2020 H1 2021 2019 2020 H1 2020 Portfolio spread Origination spread BTL Origination spread owner occupied Own book Originate to manage
1: Includes EUR 0.9bn buy-to-let mortgages 29 RETAIL CLIENT OFFERING
COMMENTS ▪ Since 2016, when NIBC closed its first originate-to- Owner-occupied Buy-to-let manage (OTM) mandate for residential mortgage loans, NIBC has offered institutional investors the NHG Non-NHG opportunity to invest directly in Dutch residential mortgages 30 year OTM OTM Not offered ▪ Together with our OTM partners we are able to offer Fixed mortgage loans across all tenors and with or without NHG (national mortgage guarantee) in an efficient terms 20 year OTM OTM NIBC Not offered manner ▪ With the launch of “Lot Hypotheken” in February 10 year NIBC NIBC NIBC 2020 NIBC has expanded its OTM platform. This new label aims to outperform on processes and consumer experience, while focusing on 5 year NIBC NIBC NIBC sustainability ▪ The Buy-to-Let segment is a growing market and Floating Not offered Not offered Not offered represents an attractive risk/return for NIBC
30 DUTCH MORTGAGE LOANS
ARREARS >90DAYS INDEXED LOAN-TO-MARKET VALUE Weighted-average LTIMV: 64% (H1 2021)
0.2%
22%
21%
20%
20%
19%
18%
18%
17%
16%
15%
15%
14% 14%
0.1% 0.1%
12%
12%
11%
10%
9%
7%
5%
4%
1%
1% 1%
2019 2020 H1 2021 NHG <50% 50-60% 60-70% 70-80% 80-90% 90-100% >100%
2019 2020 H1 2021
31 CONDITIONAL PASS-THROUGH COVERED BOND PROGRAMME
32 COVERED BOND PROGRAMME
SUMMARY OF THE COVERED BOND PROGRAMME KEY BENEFITS Robust Structure NIBC set up a robust Covered Issuer: NIBC Bank N.V. ✓ Hard obligation for NIBC to redeem the bond at Bond Programme, benefitting Double recourse: expected maturity (no optionality) from a conditional pass- Guarantor: Bankruptcy remote Covered Bond Company (CBC) through structure ✓ Recourse on CBC in case of NIBC default Ratings: AAA/AAA (S&P/Fitch)
1 ✓ LCR eligible (bucket: L1) and favourable regulatory Collateral: Prime Dutch residential mortgage loans Regulatory: treatment Documented minimum 15% OC: ✓ De-linkage from issuer rating: a downgrade of the Derivatives: None Stable Ratings: issuer rating does not directly affect the covered bond ratings Asset monitor: EY
REGULATORY Index: ✓ iBoxx eligible Law based, registered with the Dutch Central Format: Bank ✓ No swap counterparties ✓ Back-up administrator Regulated status: UCITS and CRD compliant Robust Structure: ✓ External account banks ✓ External sub-services Label: ECBC Covered Bond Label ✓ Live cash flows
1: Owner-occupied residential mortgages only; buy-to-let mortgages are not eligible collateral for the cover pool 33 COVERED BOND PROGRAMME: CONDITIONAL PASS-THROUGH STRUCTURE
TRANSACTION STRUCTURE WHAT HAPPENS IF THE CONDITIONAL PASS-THROUGH MECHANISM IS TRIGGERED?
▪ NIBC as issuer has a hard obligation (no option) to repay the covered bonds at ▪ Cash-flows received by the CBC are used to pay down the relevant outstanding scheduled maturity date covered bonds ▪ Conditional pass-through structure addresses refinancing risk and ensures an ▪ The CBC attempts to sell a randomly selected part of the cover pool every 6 orderly wind-down of the Cover Pool in case of issuer default, avoiding the risk months. The sale is only carried out when the proceeds are sufficient to redeem of a fire sale the relevant bonds at par ▪ If the pass-through mechanism is triggered, the respective series become pass- ▪ The Amortisation Test is not allowed to deteriorate through covered bonds
CONDITIONAL PASS-THROUGH EXPECTED INCREASE OF OC IN PASS- COMPARISON COVERED BOND MECHANICS THROUGH SCENARIO (PER 6 MONTHS)1 STRUCTURES
Issuer Event of No Bullet 45% Hard Bullet Default Maturity 40% Covered Bonds 35% Yes 30% 25% Amortisation Pass Bullet Soft Bullet Extension 20% Test Maturity Covered Bonds Period 15% Insufficient Fail funds at 10% maturity 5% All CB’s Relevant CB 0% CPT Covered Extension Period converted to converted to Bonds Pass-Through Pass-Through
1: Assuming all bonds in pass-through mode, 5% CPR and no losses 34 COVERED BOND PROGRAMME: TRANSACTION STRUCTURE
In a covered bond structure Sub-servicers payments to investors on the bonds are guaranteed by the Principal CBC. For this guarantee a NIBC Investors pool of Dutch prime Issuer Interest + Principal residential mortgages is segregated in the CBC NIBC Servicer Cover Pool Guarantee Monthly cash flows from the borrowers are transferred to the CBC without first touching NIBC’s balance NIBC CBC Collection Foundation Security Trustee sheet Principal & Mortgage Guarantor Pledge of Receivables Interest
Principal & Mortgage Interest
Borrowers
35 APPENDIX I MORTGAGE BUSINESS AT NIBC
36 MORTGAGE BUSINESS AT NIBC BANK
Outsourcing of standard activities… … and in-house performance of core activities
▪ Owner-occupied origination done via independent and ▪ NIBC sets underwriting criteria regulated mortgage advisors throughout The ▪ Deviations from underwriting criteria can only be made Netherlands Origination when approved by NIBC & ▪ For buy-to-let, underwriting is in-house Underwriting ▪ Highly standardised and digitalised underwriting process (with hard coded underwriting criteria in the systems of the servicers)
▪ Standard servicing activities outsourced to specialised ▪ Active arrears management performed in-house and credible mortgage servicers − Ensures tailor-made solutions to optimise recoveries − Servicers take care of mid- & back office services − House visits − Participation during an auction of the collateral Servicing ▪ Client Contact Centre is insourced
− Both are rated1 ’RPS 1-’ and ISAE 3402 certified
Commoditised activities outsourced … while value added activities are kept in-house keeping costs low… 1: Rated by Fitch. 37 MORTGAGE BUSINESS AT NIBC BANK
BASIC PRINCIPLES ARREARS MANAGEMENT
▪ 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.
NIBC Early NIBC Special Servicing
Arrears of max 2 months All clients in arrears with life events1 or arrears > 2 months
EARLY SPECIAL SERVICING MORTGAGES ▪ During the 1st month arrears clients receive (if necessary) up to 4 letters and 5 calls. ▪ Specialized team including 1 account manager with extensive experience in (mortgage) ▪ Outbound calls within 6 days after first arrear is determined. credit management. Educated in restructuring mortgage loans. ▪ Mandate is maximum of two payment arrangements. ▪ Goal is to find the best structural solution; assess the situation and determine whether the ▪ Over 90% of new arrears recover within the first 2 months. problems are temporary or structural. ▪ Track and trace to get in contact with the client through multiple channels (e.g. Chamber of ▪ Client retention: preventing credit losses and meeting our duty of care. Commerce, social media). ▪ Termination of the loan: limiting losses by maximizing foreclosure proceeds. 1 ▪ Determine nature of problems (e.g. life events ). ▪ Maximizing post-foreclosure proceeds, also in the best interest of the customer ▪ 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.
1: Life events: divorce, deceased, unemployment (because of incapacity) 38 APPENDIX III MAIN UNDERWRITING CRITERIA
39 MAIN UNDERWRITING CRITERIA
LAWS AND REGULATIONS AFFORDABILITY
▪ NIBC complies with: ▪ Steady income: Income is derived from the salary slip and proof of employment. ▪ “Wet op het Financieel toezicht” (WFT). Dutch law In case of self-employed borrowers, the annual reports of the last 3 years, the tax ▪ Code of Conduct of Dutch Bankers Association (2013). The code concerns e.g. declaration and, for a director-owner, an income statement by the accountant is minimum requirements to the borrower necessary ▪ Temporary Rule of Mortgages (“Tijdelijke Regeling HypothecairKrediet”). ▪ Comply or Explain: a predetermined test is available (comply), but allows These guidelines concerns regulations to income and maximum loans and are deviation if well-justified by the lender (explain). NIBC Direct origination only yearly set by the government concerns COMPLY ▪ GDPR (General Data Protection Regulation) European Law, NIBC and Stater ▪ Actual interest rate: is taken into account unless the fixed rate term is under 10 are GDPR compliant years. In case of shorter terms a pre-determined rate is used (Q1 2021 5%). A deviation is allowed if the loan is fully repaid by the end of the fixed rate term (only by annuity or linear) ▪ LTI/ DTI: Loan-To-Income/ Debt-To-Income is maximized is line with the Code of Conduct. Calculation are based on guidelines from the NIBUD (An independent Institute focused on household expenses)
40 MAIN UNDERWRITING CRITERIA
LOAN AND COLLATERAL CREDIT HISTORY AND FRAUD
▪ The maximum loan amount: EUR 1.000.000,-. Loans above EUR 750.000,- are ▪ Bureau for Credit Registration (BKR): Credit history is checked at BKR, ‘negative’ treated as an overrule BKR-registrations which are allowed by NHG can be done without overrules. All ▪ Maximum loan-to-Value: 100% and in case of energy saving facilities (EBV) 106% the other ‘negative’ BKR registrations must be handed to overrules. The ▪ NHG hurdle: EUR 325.000,- excl. EBV1 or EUR 344.500 incl. EBV registration must be cured. Specific criteria and surcharges are used by the ▪ The mortgage loan is secured by a first ranking mortgage right or a first and overrule desk sequentially higher ranking mortgage right(s) over real estate, an apartment right ▪ Stichting Fraudebestrijding Hypotheken (SFH): Fraud is checked at SFH which is or a long lease (“erfpacht”) situated in the Netherlands located at the BKR office and coordinated by the Dutch Banking Association ▪ The property value is determined by a recent valuation report (<6 months old) ▪ A check is performed to verify the borrower’s identity from a certified appraiser. On top of that every valuation report is automatically ▪ Kadaster (National Property Register): Additionally, a Kadaster check is validated by checking comparable transactions by an independent organisation performed to prevent illegitimate use of property (NWWI, TVI (TaxatieValidatie Instituut) or Taxateurs Unie) ▪ Fraud Officer: NIBC has dedicated fraud officers, handling fraud cases and prevention
41 1 In Dutch: “Energiebesparende voorzieningen”, or energy savings measures APPENDIX III ASSET COVER TEST
42 ASSET COVER TEST
Covered Bond Asset Cover Tests Minimum Cover Pool
Outstanding Bonds Test Outcome Higher of Asset Cover Test
LTV Cut-off + other haircuts EUR 3.8bn1 108%1 1 x
Asset Percentage: EUR 3.5bn 2 EUR 3.6bn x EUR 4.0bn 97.5%
3 Minimum OC: EUR 4.0bn 15% 1 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.
2 Following their analysis the rating agencies communicate a minimum asset percentage. The amount of bonds relative to the amount of assets cannot exceed this percentage.
3 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%.
1: This amount differs every month based on the characteristics of the mortgages in the portfolio. In July 2021, the cover ratio was 108.39%. 43 APPENDIX IV CONDITIONAL PASS-THROUGH SCENARIOS
44 CONDITIONAL PASS-THROUGH SCENARIOS
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:
1: The bank redeems the 2: The bonds are 3: If part of the cover pool 4: If in addition, the pool bond at scheduled redeemed at maturity with cannot be sold to redeem deteriorates and the maturity cash and sale of part of the the bonds at par, all bonds Amortisation test is pool. Principal test holds to accelerate and the pool has breached, all bonds protect later maturing to be sold, which may accelerate and the pool has bonds result in a loss on the to be sold, which may bonds result in a loss on the bonds Bond I Bond I Bond I Bond I
Bond II Bond II Bond II Bond II
outstanding
outstanding outstanding outstanding time time time time
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:
1: The bank redeems the 2: The bonds are 3: Pass-through is triggered 4: If in addition, the pool bond at scheduled redeemed at maturity with at maturity if proceeds deteriorates and the maturity cash and sale of part of the from sale of part of the Amortisation test is pool. Amortisation test pool are not sufficient to breached, all bonds holds to protect later redeem the bond in full become pass-through maturing bonds bonds
Bond I Bond I Bond I Bond I
Bond II Bond II Bond II Bond II
outstanding
outstanding outstanding outstanding time time time time
45 APPENDIX V INVESTOR REPORTING AND LEGAL FRAMEWORK
46 COVERED BOND PROGRAMME: INVESTOR REPORTING
INVESTOR REPORTING FOR COVERED BONDS
▪ 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 [email protected] ▪ Investor reports always timely available, including full performance information, portfolio split and bond information
47 DUTCH LEGAL FRAMEWORK AND DACB
DUTCH LEGAL FRAMEWORK FOR COVERED BONDS
▪ 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 months liquidity reserve required ▪ Minimum reporting requirements towards investors ▪ In March 2021, the Netherlands had a consultation on the transposition of the covered bond Directive (EU 2019/2162) into Dutch law, which is now to be discussed in parliament ▪ 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 DUTCH ASSOCIATION OF COVERED BOND ISSUERS
▪ 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
48 Notes to the 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.
Forward-looking Statements
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.
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