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Van Lanschot Kempen Van Lanschot Credit Update SEPTEMBER 2012 - Profile of Van Lanschot - 2012 half-year results - putting solidity before profit - The best Private Bank in the Netherlands and Belgium - Funding and liquidity 1 Evolution into an independent Private Bank 1737 2012 1737 29-6-1999 30-9-2004 2006 1-1-2007 30-11-2007 2012 Established as Listed on Acquisition Strategy to be the Acquisition Sale of 51% of Sale of Van Lanschot a trading Euronext CenE Bankiers best Private Bank Kempen & Co insurance arm Curacao and trust house in Amsterdam in the Netherlands to De Goudse activities ‘s-Hertogenbosch and Belgium Van Lanschot aims to be the best Private Bank in the Netherlands and Belgium • Van Lanschot’s strategy is focused on offering high quality financial services • Van Lanschot has a solid capital base, strong funding and liquidity position • Van Lanschot has offices in the Netherlands and Belgium and also has a presence in Switzerland (Zurich and Geneva), Edinburgh and New York 2 Van Lanschot: a local and authentic bank • Widespread presence in the Netherlands and Belgium • Around 15% market share in the Private Banking market making it the number 2 player in the Netherlands and Belgium • Almost 2,000 employees • International Private Banking concentrated in Switzerland • Target client groups: - wealthy individuals - entrepreneurs and their businesses - business professionals and executives - charitable associations - institutional investors 3 Van Lanschot is unique compared with other banks Predominantly retail banking Extensive branch network Onshore private banking Standardised product and Niche market in the service offering Netherlands and Belgium Large loan book of mainly Full-service bank residential mortgages Customised product and service offering Strong focus on asset Predominantly offshore management private banking Loan book of residential Focus on wealth management mortgages and corporate loans No full-service offering Corporate book is tool for Limited loan book attracting future assets 4 Strong credit ratings reaffirmed by both S&P and Fitch Credit ratings of F. van Lanschot Bankiers Standard & Poor’s affirmed by S&P in September 2012 under the 7 September 2012 new rating methodology and assumptions “Standard & Poor's Ratings Services' outlook on Netherlands-based private bank F. Van Lanschot Bankiers is stable, reflecting our expectation that Van Lanschot should be in position to defend its niche franchise and maintain a strong capital position, even in the event of continued uncertain economic conditions domestically.” Stable credit ratings - S&P A- / stable / A-2 - Fitch A- / stable / F2 Fitch Ratings 16 November 2011 “The affirmations reflect the bank’s well-established Dutch private banking franchise, conservative risk Source: S&P report dated 7 September 2012 appetite, improved funding profile, solid liquidity and solid capitalisation.” 555 Business segments CORPORATE FINANCE PRIVATE & BUSINESS BANKING ASSET MANAGEMENT & SECURITIES - Integrated advisory service for private clients: - Institutional asset - Mergers and acquisitions - Priv@te Banking (up to € 250,000) management - Capital markets - Private Banking (€ 250,000 to € 10 million) - Fiduciary management - Sales and trading - Private Office (from € 10 million) - Management of - Research - Business Professionals / Executives investment funds - Equity Management Services - Van Lanschot Belgium - International Private Banking - Advisory services and financing for entrepreneurs and their businesses - Healthcare professionals - H1 2012 revenues € 231.1m - H1 2012 revenues € 25.8m - H1 2012 revenues € 19.3m - H1 2012 operating profit before tax € 28.2m - H1 2012 operating profit - H1 2012 operating profit - FTEs 1,442 before tax € 6.0m before tax € 0.7m - FTEs 196 - FTEs 187 666 Experienced and balanced management team Floris Deckers (1950) Constant Korthout (1962) Ieko Sevinga (1966) Arjan Huisman (1971) Chairman of the Board CFO / CRO Commercial activities COO Background : 23 years at ABN Background : 18 years at Background : Director of Background : Partner with AMRO, including as CEO of Robeco Group, since 2002 Kempen & Co Boston Consulting Group Latin America and as CFO Netherlands business unit Supervisory Board - Tom de Swaan, Chairman (1946) - Former CFO ABN AMRO, former Board member Dutch Central Bank - Jos Streppel, Deputy Chairman (1949) - Former CFO of Aegon - Willy Duron (1945) - Honorary chairman of KBC Group, former CEO KBC Group - Godfried van Lanschot (1964) - Independent investor - Truze Lodder (1948) - Director of Dutch Opera - Heleen Kersten (1965) - Chairperson of Stibbe law firm - Abel Slippens (1951) - Former CEO of Sligro Food Group 7 Van Lanschot is listed on the Amsterdam stock exchange, current market cap* € 650 million Delta Lloyd 30% - Shareholder since the early 1970s ABP 13% Rabobank 12% - As a result of the acquisition of Friesland Bank on 2 April 2012 Stichting Frieslân Boppe 11% - Charitable association, former shareholder of Friesland Bank - Shareholder agreement renewed in May 2011, with right to maintain Van Lanschot family 11% shareholding at current level in the event of share issues and to nominate one member of the Supervisory Board SNS Reaal 5% - As a result of the acquisition of Kempen & Co Management and staff 4% - Increasing employee ownership through remuneration policy and employee share plan Freefloat 14% * At 21 September 2012 8 - Profile of Van Lanschot - 2012 half-year results - putting solidity before profit - The best Private Bank in the Netherlands and Belgium - Funding and liquidity 9 Conscious choice for solidity and clear focus on Private Banking - Core Tier I ratio 11.0% - Comfortable leverage ratio 8.1%* Undiminished - Funding ratio 85.3%; not dependent on the capital markets solid profile - Stable credit rating: Single A- (stable outlook) credit rating from Standard & Poor’s and Fitch Ratings - The bank already meets the new Basel III requirements Growth in assets - Assets under management +2% to € 37.5 billion under - Assets under discretionary management for Private & Business Banking management due clients increased from 33% to 35% to stronger - Securities commission +4% to € 81.4 million equity markets - Total client assets more or less unchanged at € 49.4 billion Profit recovery - Underlying net profit € 16.0 million held back by - Net profit including non-recurring charges € 5.7 million higher loan loss - Higher addition to loan loss provision € 41.8 million provisions - Investment and cost reduction programme on track * Current definition of leverage ratio = equity attributable to shareholders / total assets 10 Balance sheet is for the client Total assets € 18.5 billion* CashLiquide and middelen balances en No exposure to Greece, 1.4 Verplichtingen aan withtegoeden banks bij banken Due to banks 1.8 Spain, Portugal, Italy and banken FinancialFinanciële Ireland 1.91.9 instrumentsinstrumenten 86% of investments have a AAA-rating High funding ratio 85.3% Spaargelden en deposito'sCustomer savings 11.9 and deposits 11.9 KredietenLoans and 14.0 14.0 More than half of the advances loan book consists of Diversified funding residential mortgages profile (both maturity and source) The core activities of Van Lanschot take place in its Issued debt Van Lanschot has access 1.9 home markets in the Schuldbewijzensecurities 1.9 to the wholesale market Netherlands and Belgium OverigOther 1.31.3 High leverage ratio ** 8.1% OtherOverig 1.2 EigenEquity Vermogen 1.61.6 Assets Equity and liabilities * Encumbered assets = 12.6% of Total assets ** Current definition of leverage ratio = equity attributable to shareholders / total assets 11 Loan book in line with focus on Private Banking Loan book by sector at 30 June 2012 - 94% of the loan book comprises loans and advances in the Netherlands and Belgium; no loans and advances outside Europe 20% Residential Mortgages - More than half of the loan book consists of Property residential mortgages 2% Financial Holdings 4% 51% Healthcare - Strong diversification in terms of sectors and 2% Services 3% clients; limited concentrations Retail Other - The bank continually reviews the loan book 18% with regard to private banking potential 12 Losses on the mortgage portfolio remain limited - Average mortgage per client is € 456,000 (national average in 2011 € 213,750 *) - Number of foreclosures in H1 2012 was 15 (total 2011: 12) - Traditionally low level of additions to loan loss provision for mortgage loans - Average Loan-To-Value 90% (year-end 2011: 89%) Gross new business of mortgages Van Lanschot the Netherlands (€ million) Mortgage portfolio by maturity at 30 June 2012 917 7% 12% 29% 672 418 204 234 124 >10 years 5-10 years 2007 2008 2009 2010 2011 2012** 3-5 years 52% 1-3 years * Source: Hypotheken Data Netwerk 13 ** H1 2012 figure annualised Property portfolio – occupation rates well above the national average - Size of the property portfolio (excluding residential mortgages) at 30 June 2012 amounted to € 2.5 billion and is unchanged compared with year-end 2011 - Average property loan at 30 June 2012 was € 2.5 million - Average Loan-To-Value 71% (year-end 2011: 70%) - Vacancy of offices (8%) is far below the national average (15%*) - Over 80% of the property is leased for more than a year Property by sector at 30 June 2012 Occupancy of property at 30 June 2012 8% 8% 9% 13% 39% 47% 17% Industrial 36% Unoccupied Offices Rented < 1 year 23% Residential Rented 1 - 5 years Retail Rented < 5 years Other * Source: NVM Business 14 Increase in loan loss provision due
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