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Nibc Covered Bond Presentation NIBC COVERED BOND PRESENTATION April 2020 1 EXECUTIVE SUMMARY ▪ Focused mid-market corporate and retail franchise with differentiated approach ▪ Return on equity of 11.4% in 2019 ▪ Net interest margin of 1.89% in 2019 NIBC ▪ Credit loss expenses at EUR 49 million in 2019 ▪ Cost-to-income ratio at 44% in 2019 ▪ Solid capital position, with fully-loaded CET 1 ratio at 17.1% and leverage ratio of 7.1% at the end of 2019 ▪ 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 9.1 billion1 ▪ On the back of strong performance in the Dutch housing market, NPLs are low and credit loss expense in 2019 was Mortgage Business negative (recovery) by EUR 4 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 0.7 billion 2 TABLE OF CONTENTS 1. NIBC BUSINESS AND FINANCIAL UPDATE FULL YEAR 2019 4 2. DUTCH HOUSING AND MORTGAGE MARKET 22 3. RETAIL CLIENT OFFERING AND ASSET QUALITY 25 4. CONDITIONAL PASS-THROUGH COVERED BOND PROGRAMME 29 APPENDIX I MORTGAGE BUSINESS AT NIBC 33 APPENDIX II MAIN UNDERWRITING CRITERIA 36 APPENDIX III ASSET COVER TEST 39 APPENDIX IV CONDITIONAL PASS-THROUGH SCENARIOS 41 APPENDIX V INVESTOR REPORTING AND LEGAL FRAMEWORK 43 3 NIBC BUSINESS AND FINANCIAL UPDATE FULL YEAR 2019 4 FULL YEAR PERFORMANCE Delivering upon our objectives with strong performance over 2019 MEDIUM-TERM METRICS OBJECTIVES FY 2019 COMMENTS ▪ Strong net profit 2019 of EUR 194 million Return on Equity 10 - 12% 11.4% (Holding) ▪ Return on Equity (ROE) of 11.4%, in line with medium-term objective (FY 2018: 13.6%) Cost-to-income ▪ Excluding non-recurring items profitability increased from 10.8% to < 45% 44% (Holding) 11.8% ▪ Fully-loaded cost-to-income ratio of 44%, including costs related CET 1 to the IT re-transition and regulatory projects as well as a ≥ 14% 17.1% (Holding) restructuring provision of EUR 9 million related to the discontinuation of the capital markets activities ▪ Dividend pay-out Strong capital position with CET 1 ratio of 17.1% at YE 2019, ≥ 50% 59% (Holding) including full effects of the IMI ▪ Total dividend proposed of EUR 0.78 per share, of which EUR 0.25 paid as interim dividend and EUR 0.53 to be declared Rating1 BBB+ BBB+ Stable Outlook (Bank) . Note: Financials for NIBC Holding as of FY 2019, unless otherwise stated 5 1: On 1 April 2020 Fitch placed NIBC on rating watch negative and on 23 April 2020 S&P changed its outlook on NIBC to negative, from stable TURN OF THE ECONOMIC CYCLE Continued rebalancing of our portfolios towards more resilience NIBC PORTFOLIO TRANSFORMATION SINCE 2016 COMPOSITION NIBC’S COMMENTS CLIENT ASSETS FY 2016 vs. ▪ Clients assets grew with 4% over the period 2016 - 2019, by continued rebalancing towards a higher in EUR billion FY 2019 FY 2016 FY 2019 2016 Energy 0.7 1.2 -37% share of retail, resulting in a faster de-risking of the balance sheet Shipping 1.0 1.5 -33% Financial sponsors & Leveraged Finance 1.0 1.7 -38% ▪ Decreased exposure in the cyclical sectors Shipping, Commercial Real Estate 1.6 1.0 51% Energy and Leveraged Finance by EUR 1.7 billion Fintech & Structured finance 1.3 0.7 48% 19.1bn 45% ▪ Growth in more granular exposures in Fintech & Infrastructure 1.7 1.7 -1% 55% Structured Finance Mid Market Corporates 1.5 1.4 7% Total corporate loans (drawn & ▪ New businesses focused on higher margins like undrawn) 8.9 9.2 -4% Beequip (4.94%) and Buy-to-Let (3.45%) Beequip and other lease receivables 0.5 0.2 > 100% ▪ Strong growth of the Originate-to-manage offering Investment loans 0.2 0.2 -13% Retail bank of EUR 4.6 billion 2019 Equity investments 0.3 0.3 16% Corporate bank Investment property - 0.3 - Total corporate client assets 9.9 10.2 -3% Owner-occupied mortgage loans 9.1 8.5 5% Buy to Let mortgages 0.7 0.4 77% Total retail client assets 9.8 8.8 11% 50% 19.7bn 50% OTM Retail client assets 4.3 0.0 OTM Corporate client assets 0.8 0.4 65% Originate-to-manage assets 5.1 0.5 > 100% 6 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 2% of EUR 22.4bn at year-end 2019: 1% 5% 4% 5% • 9% is in ‘liquid means’ (governments & central bank) 32% • 45% in residential mortgage loans 3% 5% ▪ Decreased exposure in the cyclical sectors Shipping, Energy and Leveraged Finance by 4% EUR 1.7 billion in the past three years 45% 9% 6% 5% 3% Corporate loans Governments & central bank Commercial Real Estate Energy Other financial institutions Residential mortgage loans Financial Sponsors & Leveraged Finance Fintech & Structured Finance Equity investments Lease Receivables Infrastructure Mid Market Corporates Derivatives Other Shipping 7 STARTING POINT FOR NIBC AT YEAR 2019 NIBC’s buffers heading into the COVID-19 outbreak FINANCIAL POSITION AT YEAR END 2019 PRIORITIES AND IMPACT COVID 19 ON BUSINESS ▪ CET 1 ratio of 17.7%, including full effects of the IMI and full year profit ▪ Measures have been implemented to further operational resilience, 2019 post (proposed) dividends including: ▪ Liquidity buffer of EUR 3.7 billion and liquidity ratios at levels of 222% • Safeguarding the wellbeing of our employees with immediate and full (LCR) and 121% (NSFR) remote working for nearly (>95%) all staff. Technology investments ▪ Average tenor on wholesale funding of 6.6 years (up from 6.3) and a made in previous years are paying off with no critical interruptions modest amount maturing in the remainder of 2020 and 2021: mainly a observed to date EUR 350m FRN in July 2020 and TLTRO II. • Monitoring of liquidity and unused credit lines, in close contact with ▪ 9% of NIBC’s total balance sheet of EUR 22.4bn in liquid means clients. Increased frequency of meetings of certain risk committees (governments & central bank) and 45% in residential mortgages such as the ALCO and the Transaction Committee ▪ Decreased exposure in the cyclical sectors Shipping, Energy and Leveraged ▪ The COVID-19 outbreak is expected to impact 2020 financial performance Finance by EUR 1.7 billion in the past three years but at this stage it is too early to quantify the magnitude and duration of ▪ The core of NIBC’s revenues comprises of relatively stable net interest such impact, also in combination with the continuously developing income (~80% of total revenues) response of policy makers 8 OUR RESPONSE TO COVID-19 First priority to safeguard health of our staff and families and to ensure business continuity Our People Our Business Our Clients ▪ Almost all staff working from home since 18 ▪ Since beginning of March, Business Continuity ▪ Prudently extending credit to businesses of all March 2020 with full remote working Plan (BCP) in place, headed by CFO/CRO with (bi)- sizes for working capital and general corporate environment allowed by IT Infrastructure and daily update calls purposes tooling ▪ Alternative funding plans being considered in line ▪ Client relief such as 90-day grace period for ▪ Skeleton staff at office locations to ensure with liquidity management mortgage payments continuity – taken special measures into account ▪ Active monitoring of the development of our ▪ Increased monitoring of portfolios on a name-by- ▪ Intensified communication to all staff with regular retail savings name basis, offering tailor-made solutions for Corona news releases, weekly video updates by ▪ Regular to daily contact with various regulators existing clients where necessary an ExCo member and Dutch Banking Association ▪ New client origination on corporate client side ▪ Early payment of the annual € 600 euro per ▪ Cost deep-dive to reduce monthly run-rate, virtually on hold; focus on portfolio management, employee to spend on work facilities at home including stopping of marketing campaigns, also using the tools of our partner Oaknorth ▪ Daily updates to management on (possible) reductions of external staff, reprioritising (large) infected staff projects 9 SUSTAINABILITY EMBEDDED IN OUR STRATEGY The way we do business IT BEGINS WITH US INTEGRATED BUSINESS APPROACH STRONG SUSTAINABILITY RATINGS ▪ 100% renewable electricity ▪ Embedded in NIBC’s business strategy ISS OEKOM across all locations & the way we do business ▪ Significant reduction in use of ▪ Robust sustainability policy C+ / Prime gas for heating and cooling framework ▪ 25% of employees commute by ▪ Integrated risk management SUSTAINALYTICS bicycle ▪ Comprehensive reporting 22 OWN OPERATIONS COMMUNITY ENGAGEMENT MSCI ▪ 6 NGO’s operating from NIBC’s headquarters ▪ Focus on SCR activities which directly BBB benefit our communities Carbon Neutral in Head office 100% ▪ Sustainability challenges in the NIBC REPRISK own operations Co2-neutral Talent Program ▪ High engagement among employees AA 10 CORPORATE CLIENT OFFERING Progressing well with rebalancing strategy CORPORATE LOAN ORIGINATION REBALANCING THE PORTFOLIO FACTS AND FIGURES SELECTIVE ORIGINATION GROWTH IN CHOSEN SECTORS NET PROMOTOR SCORE (NPS) OFFSET BY REDUCTIONS 3.0bn 9.9bn 47% ▪ Selective origination focused on further de- ▪ Growth in chosen sectors like Structured risking / rebalancing of the portfolio Finance and Digital Infrastructure C+ ▪ Nearly 40% of origination was in Fintech and ▪ Growth in Leasing including Beequip (+19%)
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