ANNUAL MAGAZINE Page 4 WELL-BALANCED BANK. Page 6 SECTOR EXPERTISE. Page 24 ENTERPRISING PEOPLE ALWAYS FIRST TO ACT. Page 26 SELECTED DEALS

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1 ANNUAL MAGAZINE 2013 Page 4 WELL-BALANCED BANK Page 6 SECTOR EXPERTISE Page 24 continuous client dialogue ENTERPRISING PEOPLE ALWAYS FIRST TO ACT Page 26 SELECTED DEALS

2 INTRODUCTION ENTERPRISING people ALWAYS FIRST TO ACT Entrepreneurs are fast to move and first to act. They dare to enter uncharted territory in pursuit of their vision. NIBC shares that spirit: we are the enterprising bank for entrepreneurs. We call this forward-thinking, can-do attitude our yes mentality. IN THIS ISSUE A QUICK VIEW We think and act like entrepreneurs to support corporate clients in building their businesses. For our independent-minded, enterprising retail customers, we offer no-nonsense, transparent online products. We reacted fast to the financial crisis, de-risking our balance sheet early and becoming fully client-oriented, increasing our capital base while strengthening and diversifying our funding position. NIBC was the first bank to put the focus firmly back on customers and client satisfaction remains our key driver. That s the spirit of enterprise WELL- BALANCED BANK Specialist KNOWLEDGE SAILING the EXTRA mile LANDMARK TRANSACTION GATEWAY to the world FAST SOLUTIONS NEWS & highlights FLEXIBLE FINANCING SMART SOLUTION SWEET spot TRANSACTION CONTINUOUS CLIENT DIALOGUE Selected DEALS FROM the MANAGING BOARD At a glance NIBC s vision, mission and strategy Adding value in the sectors where NIBC excels Vendor lease facility benefits Damen Shipyard Group Participating in the biggest Dutch property deal of 2012 Financing Europe s most advanced container terminal Food client VSI values an entrepreneurial bank A round-up of key events Flexibility and speed to help Seafox expand Tech firm SMARTRAC has huge potential Making money doesn t mean abandoning sound CSR principles NIBC Direct values clients opinions Snapshot of spot-on financial solutions Making progress on our strategic priorities NIBC s history, results and international presence

3 NIBC STRATEGY INTERNATIONAL OFFICES NIBC A WELL BALANCED BANK At NIBC, everything revolves around our clients. To serve them, we have a balanced organisation based on two business pillars: Corporate Banking and Consumer Banking. In Corporate Banking, we focus on helping our clients navigate complex issues to achieve their strategic ambitions. In Consumer Banking, we offer no-nonsense, transparent retail products. Customer satisfaction is our primary aim. WHO WE ARE WHAT WE DO CLIENTS first NIBC is the bank of choice for decisive financial moments. Agile and flexible, we build long-term relationships with corporations, financial institutions, institutional investors, financial sponsors, family offices, entrepreneurial investors and retail clients. Our Corporate Banking offering includes advice, financing (including derivatives and structuring) and co-investment. Our expertise spans debt and equity/ mezzanine, mergers & acquisitions, capitalisation advisory, leveraged finance and structured finance. We have expert sector knowledge in Food, Agri & Retail; Industries & Manufacturing; Technology, Media & Services; Commercial Real Estate; Shipping & Intermodal; Oil & Gas Services; and Infrastructure & Renewables. In addition to our headquarters in The Hague, NIBC has offices in Brussels, Frankfurt and London. Our international offices are key links in our business chain. First-hand knowledge of our local markets is integral to our approach. In all our operations, we aim to build a sustainable franchise for the future and integrate corporate social responsibility. Our Hague head office uses electricity 100% derived from Dutch wind energy and our offices in Frankfurt, Brussels and London run on green energy. Our clients are our starting point. We believe clients want a long-term relationship of trust with their bank. In a complex world, they look for a bank that is transparent and accessible; a bank that provides them with clear and sustainable solutions. Our Consumer Banking activities include residential mortgages, brokerage and online retail saving products via NIBC Direct in the Netherlands, Germany and Belgium. NIBC VIEW

4 SECTOR overview ADDING value through SPECIALIST KNOWLEDGE We focus on sectors where we have strong expertise and knowledge. We combine this sector expertise with our balance sheet and capital markets capabilities to provide crystal-clear solutions to the clients complex challenges. INDUSTRIES & MANUFACTURING COMMERCIAL REAL ESTATE INFRASTRUCTURE & RENEWABLES INDUSTRIES & MANUFACTURING COMMERCIAL REAL ESTATE INFRASTRUCTURE & RENEWABLES We have an outstanding track record in bespoke financial solutions for our clients. We offer event-driven strategic advice, investments and financing for building supplies, harbour and storage, manu facturing, industrial services, wholesale and automotive, among others. NIBC has a 25-year track record in commercial real estate, with clients active in all major asset classes, including retail, residential, office, hotel and the industrial sector. We create long-term client relationships with both investors and developers in the Netherlands and Germany. Our infrastructure experience includes accommodation, roads, rail, utilities and ports. We serve renewable energy clients on wind, biomass and solar projects. Through structured credit solutions and fund initiatives, we act directly for institutional investors in equity and financing transactions. FOOD, AGRI & RETAIL OIL & GAS SERVICES FOOD, AGRI & RETAIL OIL & GAS SERVICES Positive, results-oriented and solution-driven NIBC focuses on the Benelux and Germany. Despite the regional characteristics of this sector, we help our clients by staying closely tuned to global developments in food, agriculture and retail that might affect their market position now or in future. Our clients are companies in the upstream oil & gas industry, mainly offshore, involved in seismic, drilling, field development, construction and installation, floating production and field abandonment. We finance related assets, either on a project or corporate basis. TECHNOLOGY, MEDIA & SERVICES SHIPPING & INTERMODAL CONSUMER BANKING TECHNOLOGY, MEDIA & SERVICES SHIPPING & INTERMODAL CONSUMER BANKING We provide strategic advice, M&A execution and financial solutions to clients in the Benelux and Germany, which are active in industries from software and ICT services to traditional print, online publishing, staffing and financial services. Our team provides lending products and financial advisory services. Shipping debt clients are primarily deep-sea shipping companies. Our intermodal activities concentrate on financing container boxes. We offer a broad spectrum of advisory solutions to all maritime clients. NIBC Direct offers retail saving deposits, brokerage and residential mortgages to consumers in the Netherlands, Germany and Belgium. NIBC VIEW

5 SECTOR XXX INDUSTRIES & MANUFACTURING CASE A EUR 30 million vendor lease financing facility allows Dutch shipbuilder Damen Shipyards Group to offer its clients financing to buy tugs and other workboats through a separate leasing entity. CLIENT Family-owned Damen Shipyards Group has been building boats for 85 years. Since 1969, it has delivered more than 5,000 vessels around 150 a year and it completes more than 1,000 repair jobs a year. RESULT With long experience in the Shipping & Intermodal sector, and shipbuilding in particular, NIBC always seeks to go the extra mile for clients. In these challenging times, that can set us apart. Damen usually looks to banks much larger than NIBC. But in this case, we proved our value by devising a creative structuring solution that not only benefits Damen, but also its clients. At EUR 4 million-7 million each, the cost of a tug or workboat is too low for the bank to finance within its standard arrangements. NIBC bundled the facility, pooled the vessels that Damen services and included a separate buyback guarantee from Damen on the ships sold under the lease scheme. When NIBC began talking to Damen about shipping finance, we discovered there was more at stake. It was really about finding a way to help Damen s clients, who were struggling in the economic climate to get financing from the banks. When we identified this as the underlying issue, we could work on solutions, explains Jack van Reisen, Director Industrials and head of Shipbuilding. Now Damen s clients can buy the boats without paying money up front, helping Damen grow its sales. NIBC has the comfort of co-financing with the influential Damen family as well as the buyback guarantee from Damen, insurance on the ships, and cash flow from the facility. Damen Shipyards Group is delighted with the outcome. Wherever a financial solution is needed, NIBC is there to support you. It fits our own slogan that wherever there is Damen, there is shipbuilding, says Chief Operations Officer Arnout Damen. Wherever a financial solution is needed, NIBC is there to support you Arnout Damen, COO Damen Shipyards Group NIBC SAILS THE EXTRA MILE FOR DAMEN SHIPYARDS GROUP NIBC VIEW

6 SECTOR COMMERCIAL REAL ESTATE CASE Dutch entrepreneur and long-standing NIBC client Marcel Boekhoorn acquired the High Tech Campus Eindhoven from Philips in 2012, marking the year s largest real estate transaction. As the entrepreneurial bank for entrepreneurs, NIBC was an obvious choice to support him during this unique acquisition. CLIENT High Tech Campus Eindhoven is one of the world s largest science parks, often called the Dutch Silicon Valley. It attracts the R&D departments of top global technology companies, focusing on lifestyle, health care and energy. Over 90 different companies and 8000 employees are based there, including ASML, Philips, NXP, Intel and IBM. RESULT When the opportunity arose to acquire HTCE, a landmark property housing world-class technology innovators, Marcel Boekhoorn knew who to call. NIBC had a track record of providing him with various services on multiple transactions across diverse sectors. The deal was one-of-a-kind and challenging from many perspectives, not least because of its size and the number of parties involved. NIBC had to be extremely quick on its toes as the deal was constantly in flux and, with so many parties, a wide range of interests had to be met. NIBC was well positioned for this deal. We are solution-driven and have both the network and expertise to think beyond plain vanilla financing, says Hein van der Post, Associate Director, Commercial Real Estate. Our key strength was the ability to bring our knowledge across sectors and teams together. Drawing on its capital markets expertise, NIBC supported Marcel Boekhoorn with advisory services to raise the financing in the institutional market, acted as mandated lead arranger and provided an interest rate swap. It was a true joint effort across the bank s Structuring, Distribution, Derivatives & Treasury Sales, and Commercial Real Estate teams. By thinking creatively and acting fast, NIBC was able to close this landmark deal serving a very important key client in the standout real estate transaction of the year, adds Hubert van West, Managing Director, Commercial Real Estate. NIBC thinks in solutions beyond its own balance sheet, proving it can act quickly and effectively with the client s best interests at heart, says Jan-Willem Neggers, Director High Tech Campus Eindhoven. NIBC thinks in solutions beyond its own balance sheet Jan-Willem Neggers (l), Director, Freek Smolders (r), Director High Tech Campus Eindhoven landmark DUTCh PROPERTY deal NIBC VIEW

7 SECTOR XXX INFRASTRUCTURE & renewables CASE As an infrastructure and shipping sector expert, NIBC s extensive knowledge and swift action proved indispensable for client Rotterdam World Gateway. NIBC helped RWG finance the construction of Europe s most advanced container terminal. CLIENT Rotterdam World Gateway is a joint venture between United Arab Emirates-based terminal operator DP World and four globally-operating container shipping lines: APL, MOL, HMM and CMA-CGM. The terminal and its operations will give its stakeholders and clients seamless access into Europe, opening the way for international trade and business success. NIBC s infrastructure and shipping expertise and extensive experience in the Dutch market provided indispensable insights Ronald Lugthart (r), Managing Director, Frank Keizer (l), Project Director Rotterdam World Gateway RESULT When NIBC heard of RWG s ambitious plan to build the world s most modern fully-automated terminal in the Port of Rotterdam, it recognised a perfect fit. RWG sought project financing for the first phase of the new terminal on 2nd Maasvlakte, an area of reclaimed land. This bold, entrepreneurial project allows Rotterdam to accommodate ultra large container ships, boosting the Netherlands as a gateway for international trade. Given our reputation and expertise in infrastructure and shipping, we felt we had to be involved in this landmark project, says Laurens-Jan Sipma, Infrastructure & Renewables. NIBC created a bespoke, cross-sector deal team from Infrastructure & Renewables and Shipping. We won the deal thanks to our trademark strengths: acting fast and industry expertise, adds Laurens-Jan. NIBC participated in a EUR 360 million syndicated loan to finance the terminal and was awarded the role of technical, insurance and project documentation bank. As RWG s technical bank, we were a liaison for the other participating banks on technical matters during the permit and construction process. NIBC s infrastructure and shipping expertise and extensive experience in the Dutch market provided us with indispensable insights, says Ronald Lugthart, Managing Director of Rotterdam World Gateway. Set to be operational by end-2014, the terminal will be the first in Europe to accommodate ultra-large container ships, carrying over 18,000 containers a scale previously unimaginable. It will have a 1,150-metre deep quay, a 550-metre quay for barges to transport containers inland, a rail terminal, remote-controlled cranes and automated guided vehicles for unloading and storing containers. ROTTERDAM s GATEWAY to the world NIBC VIEW

8 RESULT In 2010, rapidly-expanding VSI needed to finance a third production factory. Recognising its potential, NIBC was prepared to offer it more than other banks. We were confident about VSI s market growth, its strategy and especially its management, says Hans Rijnberg, Director, Food, Agri & Retail at NIBC. Fast action contributed to VSI choosing NIBC for the transaction. This was followed by a number of other transactions covering corporate lending, mergers & acquisitions, leveraged financing and hedging. In mid-2011, NIBC financed the further expansion of VSI with two new state-of-the-art production lines. The bank also enabled VSI s owners to free-up some cash for other investments by providing the company with some additional leverage. When family-owned VSI decided to sell off a stake in the business, NIBC acted as its co-adviser. The stake was bought in December 2012 by NPM Capital, a financial sponsor the bank knows well. It was a fascinating and interesting process, where we proved to be a reliable business partner, says Hein Godschalx, Managing Director, Food, Agri & Retail. With the new shareholder came the need for another refinancing. NIBC s relationship with VSI meant the bank was appointed as agent in the transaction and co-arranged the financing with two other banks. An entrepreneurial bank like NIBC can mean a lot for a fast-growing company, says VSI s Managing Director Gerard Janssens. The variety of these transactions shows how NIBC builds and expands a relationship by acting quickly and reliably at critical moments. SECTOR FOOD, AGRI & RETAIL CASE Various transactions in two years with Dutch food producer Vurense Snack Industrie (VSI) illustrate the value an entrepreneurial bank offers to rapidly expanding companies; a bank that is not afraid to stick out its neck as a financial partner, based on its confidence in the company and knowledge of the market. CLIENT Vurense Snack Industrie is the biggest producer of specialist non-branded food bars in Europe. From energy bars for athletes to weight-loss snack bars, VSI produces 600-plus unique recipes for a broad range of customers in multiple countries. NIBC acts quickly and reliably at critical moments Gerard Janssens (r), CEO, Piet Bestebroer (l), CFO Vurense Snack Industrie Fast solutions for food client NIBC VIEW

9 NEWS & HIGHLIGHTS COMMUNITY involvement BANKING on Diversity NET PROMOTER SCORE NEWS& HIGHLIGHTS GOOD money management should START EARLY It s what we believe at NIBC. That s why we support two community programmes in The Hague, teaching youngsters how to handle their finances. Diverse teams deliver better results For NIBC, diversity means offering a stimulating work environment regardless of people s background, age or gender, and enabling a healthy work-life balance. Having a representative workforce that reflects the diversity of our society makes us more attractive, both as an employer and as a banking partner for clients. In 2012, we signed the Talent to the Top Charter an external initiative in the Netherlands that encourages companies to commit to the ambitious target of having 30% of senior management positions held by women by In 2012, we adjusted our recruitment and selection criteria to ensure there is no bias against candidates based on gender or age, and also introduced a flexible working policy, helping employees to better combine their work and home commitments. NIBC values client FEEDBACK One way we measure client satisfaction is through the Net Promoter Score. In 2012, we conducted an NPS survey among our Corporate Banking clients, which resulted in a positive score of 12% far above the Dutch norm and generated feedback useful for improving our processes and client relationships. 12% Our bankers visit local primary schools as part of the Bank in the classroom project, which teaches children about the value and function of money. Since 2009, we ve also run a successful debt prevention project for high school students. In 2012, NIBC volunteers taught 350 students how to manage their finances responsibly. ENGAGED employees Private placements ENVIRONMENTAL sustainability EMPLOYEE engagement at NIBC remains consistently high In our 2012 Employee Engagement Survey we scored 85%. This is higher than other global financial services organisations and on a par with high-performing organisations. Since 2010, we have asked employees how they feel about working at NIBC and what drives their commitment to the bank. Every year the results are similarly positive. In 2010, engagement was 85% and in 2011 it was 86%. This shows our people are proud to work for NIBC, go the extra mile to make our business a success, and that they support our business principles. In 2012, around 550 employees completed the survey 86% of our total workforce. We see this high participation as a sign that our employees appreciate the value we attach to their opinions. Using the feedback received in previous surveys, we took concrete actions to improve in areas such as client strategy, transparency, trust and diversity. The 2012 survey centred specifically around these actions, to gauge whether people thought we were doing enough to improve. Most respondents were positive that we are. The results of the 2012 survey were shared across the bank and new actions were introduced to streamline our processes, improve communication and boost diversity and development. We will measure employee engagement again in 2013, as well as our progress in these areas. BUSINESS lending is under pressure Tighter regulations require banks to enlarge their capital buffers, restricting the credit available to businesses. Tapping the capital markets for public funding can also be difficult, especially for mid-sized companies and entrepreneurs. For clients such as these, NIBC offers an alternative source of funding: private placements. With a private placement, companies can raise capital by selling securities to a limited number of investors, typically large banks, insurance companies, mutual funds or pension funds. NIBC has long-standing expertise in this area, both in advising and structuring financing solutions. We have the know-how to connect our clients to potential institutional investors, as well as broad experience in arranging and structuring private placements. NIBC is a carbon-neutral organisation We are committed to reducing our carbon footprint. In 2012, we completed a major renovation at our office in The Hague, which now runs entirely on Dutch wind energy. A new thermal storage system to heat and cool the building became operational in 2012, further reducing our energy use. Energy-saving presence detector lights and solar panels also help limit our carbon emissions. These measures are expected to reduce NIBC s energy use by 25% by end-2013, compared to NIBC VIEW

10 RESULT As an expert in offshore oil and gas, NIBC has a solid reputation for providing specialised advice and financing services to the sector for over a decade. Our relationship with Seafox goes back to When NIBC was invited to pitch last year as a new lender in a club deal alongside two existing co-financiers, our Oil & Gas Services team saw a great opportunity to support an interesting and ambitious Dutch offshore service provider close to home. Within a few weeks, our proposal was on the table, says Saskia Hovers, Managing Director, Oil & Gas Services. Despite a turbulent market, our financing terms remained consistent during our discussions, which Seafox appreciated. It didn t take long for Seafox to choose NIBC. Our sector expertise and shared Dutch roots made for a good fit. And when, in the midst of closing the deal, Seafox decided to sell off some of its older assets, NIBC quickly adapted its financing structure to suit the client. Flexibility and speed are our strengths. We adapt to our clients needs in very short time frames, says Saskia. NIBC played a key role in structuring the club deal and providing an interest rate hedge. The transaction strengthens Seafox s position in the oil and gas market and with its recent expansion into offshore wind installation, it has interesting prospects on the horizon and the capital to achieve its growth ambitions. NIBC has a good knowledge of the offshore service industry and delivered a swift and flexible financing structure that matched our needs, says Keesjan Cordia, Managing Director Seafox. They understand our business, which is essential. We look forward to expanding our business together. SECTOR OIL & gas services CASE NIBC stepped in swiftly with corporate financing for Seafox, arranging a club deal that is helping the owner and operator of self-elevating jack-up rigs expand its capital base and its fleet. CLIENT Built to operate under harsh environmental conditions, Seafox s self-elevating jack-up rigs are used as accommodation and maintenance support units in the offshore oil and gas and wind industry by clients such as Total and Shell. FLEXIBLE financing for seaworthy SEAFOX They understand our business, which is essential Keesjan Cordia, Managing Director Seafox NIBC VIEW

11 SECTOR TEChNOLOGY, MEDIA & Services CASE NIBC acted as senior lead arranger of a EUR 100 million syndicated loan for SMARTRAC, the leading manufacturer of radio-frequency identification (RFID) transponders. CLIENT RFID is a wireless, non-contact system that uses radiofrequency electromagnetic fields to identify and track information stored in a tag. The tags are attached to objects and can be used to track articles, identify animals or control access to buildings. RFID is also used in electronic passports and electronic payment cards. RESULT RFID is a technology of the future with huge potential to grow, particularly given the many fields in which it can be applied. As the world s biggest player in RFID technology, SMARTRAC needed to refinance and expand its existing term and revolving facility to give it more headroom to grow. Recognising SMARTRAC s potential, NIBC was one of a syndicate of banks that provided the new, larger loan for the private equity-owned company. Registered in Amsterdam, SMARTRAC has a strong presence in Germany, with its Corporate Service Centre in Stuttgart. NIBC was the only Dutch bank invited to participate in this high-profile Technology, Media & Services sector transaction. The other banks in the syndicate were Deutsche Bank (bookrunner), Commerzbank, Landesbank Baden-Württemberg and Berenberg Bank. NIBC has been building its corporate lending franchise in Germany, and our participation in this deal shows the market knows we are open for business, says Marc Simml, NIBC Frankfurt. It also opens the way for NIBC to tap into the bank s expertise in related areas such as near field communication (NFC). This is the technology behind virtual wallets and electronic payments cards, and allows smartphones to establish radio communication when in close proximity. In future, this could be used to make mobile payments via smartphone. NIBC is a swift and reliable partner supporting us with know-how around alternative debt instruments and ideas to further strengthen our growth story, says SMARTRAC CFO Christian Uhl, Co-Chairman of the Managing Board. A swift and reliable partner with know-how of alternative debt instruments and ideas to help us grow Christian Uhl (l), CFO, Nigel Sealy (r), COO SMARTRAC tech firm s SMART solution NIBC VIEW

12 SECTOR XXX RESULT France s Socatra is one of NIBC s oldest shipping clients. Among its activities is leasing tankers on medium- and long-term contracts to oil companies and traders, who use them to transport their refined oil products. The sector is extremely sensitive to economic cycles and charter rates fluctuate significantly. NIBC had to find a way to finance the acquisition of the tanker against a low market rate, allowing the owner to meet its obligations to the bank. The company in turn needed an option to increase its rental income from the tanker when the market recovers, while still providing an acceptable rate for the lessee. Socatra already had a lease partner lined up for this particular ship. We conducted an in-depth investigation and accepted them as the lessee of the tanker, says Shipping & Intermodal Director Maurice Wijmans. NIBC concluded a transaction that satisfied all parties and provided long-term visibility for everyone, says Socatra principal and Angelmar CEO Laurent Bozzoni. The lessee has a competitive charter rate, NIBC has cash-flow visibility and the owners retain upside potential. SECTOR shipping & INTERMODAL CASE NIBC helped finance a USD 35 million middlesized oil tanker for Angelmar Corp, a subsidiary of long-standing shipping client Socatra Group. The loan was tailored to reflect the challenges the shipping industry faces. CLIENT Although French companies tend to prefer doing business with other French firms, Socatra s relationship with NIBC stretches back to A mutual link to Dutch oil storage company Van Ommeren (now part of Vopak) resulted in NIBC financing an oil tanker for Socatra. This grew to five transactions and a personal relationship with the founding Bozzoni family. SPOT Sweet transaction A transaction satisfying all parties and providing long-term visibility Laurent Bozzoni, CEO Angelmar and Socatra Principal NIBC VIEW

13 continuous client dialogue From panel discussions to eye-tracking software and social media monitoring, NIBC Direct uses multiple methods to gauge opinions among consumers in the countries where it operates the Netherlands, Germany and Belgium. We put our full spectrum of products, services and processes under a microscope. It s crucial we do all kinds of research so that when we make decisions, we constantly take account of what customers think and find important. That guides us and helps us make choices and set priorities, which ultimately leads to better products and services, says Richard Leijnse, Head of Marketing & Sales at NIBC Consumer Banking. QUALITY and quantity The tools NIBC Direct uses, and the questions we ask, generate both qualitative and quantitative feedback. Net Promoter Score (NPS), for example, asks whether people would recommend NIBC Direct to others. Their responses produce an overall figure. An additional question asking why they answered as they did yields valuable extra feedback. Quarterly client satisfaction surveys ask a broad range of questions about our existing products, our call centres, the NIBC Direct website, and so on. These regular surveys are conducted online. The internet also enables NIBC Direct to carry out impromptu research on burning questions. Recently, there was debate around monthly interest payments on long-term deposits, and we thought: let s ask the customer. So we ran an ad hoc online survey that generated valuable feedback, says Richard. With just a few clicks you can gauge customers opinions. At least twice a year, panel discussions with independent consumers are organised. NIBC Direct also has one-on-one meetings with customers, who are asked for their views on specific topics, and, in turn, get a chance to ask any questions they might have about NIBC. High response rates What strikes me is how high engagement among our clients is. Whenever we ask for reactions they come back very fast, and the number of respondents is above the market average, says Richard. NIBC Direct also tracks opinions through less direct channels, such as Twitter, Facebook or blogs, as well as analysing customer feedback on the NIBC Direct website. Software is used to track website users eye movements and click behaviour. In NIBC Direct call centres, staff log the volume and content of comments, complaints and questions they receive, so this information can be used to improve processes or products. The customer is king, but that doesn t mean his wish is always our command. It s a continuous trade-off SECTOR CONSUMER BANKING The listening BANK Some of the ways in which NIBC Direct gauges customer opinions: Monthly Net Promoter Score surveys of 1,000 existing and potential customers Quarterly client satisfaction surveys Panel discussions among focus group of savers at least twice a year One-on-one customer meetings at NIBC offices Software tracking eye movements/click behaviour on NIBC Direct website Constantly monitoring blogs and social media channels Customer feedback on website Proactive complaint and issue management ShARING INFORMATION In Belgium, NIBC Direct shares its expertise through websites such as which contains a feature called Vraag het NIBC Direct ( Ask NIBC Direct ). Or there s a site powered by NIBC Direct that shares knowledge and information about saving. This is also an important source of information for NIBC on how people in Belgium think about saving. ACTING on feedback Customer feedback covers topics ranging from pricing, the personal banking web environment and the frequency of NIBC s communication with customers to the tone of voice and font size used on the site. Feedback often triggers action. NIBC Direct Germany s Combigeld product, for example, which combines longer-term deposits with instant access, was introduced in response to client input. In the Netherlands, the account application process was adjusted on the basis of customer insights. Not all suggestions or requests can be implemented, of course. Customer views vary widely and, as Richard points out, there are constant dilemmas to be grappled with such as balancing speed with security. The customer is king, but that doesn t mean his wish is always our command, says Richard. It s a continuous trade-off. NIBC VIEW

14 Selected deals FOCUS ON SELECTED DEALS FAShion full circle NIBC supports FAShION FUND I FROM acquisition to exit NIBC s relationship with private equity fund Fashion Fund I B.V. came full circle when US clothing group G-III Apparel bought its luxury swimwear company Vilebrequin in summer The relationship stretches back to the 1990s and early 2000, when NIBC was a lender to Dutch fashion label Mexx, whose original owner was later one of the founders of Fashion Fund I. In 2007, NIBC financed the PE fund s acquisition of Vilebrequin and simultaneously extended a working capital facility to the French swimwear brand. NIBC was therefore keen to play a role in the fund s exit showing its commitment to Fashion Fund I during the lifespan of its investment in Vilebrequin. Throughout the sale to G-III, NIBC provided quick, tailored advice to Fashion Fund I, which contributed to the success of the sale. LIFT to luxury ChANGING face of budget boutique hotels NIBC s Commercial Real Estate department co-financed a EUR 50 million facility for citizenm hotels, the trendy alternative for budget travellers who don t want to compromise on style or comfort. Since the first citizenm opened at Amsterdam s Schiphol Airport in 2008, the chain has added a second hotel in the Dutch capital, one in London and another in Glasgow. There are plans to expand this to 15 hotels in major city destinations worldwide. NIBC provided EUR 20 million of the total facility, which will go towards developing a new citizenm hotel in Paris, refinancing the two Dutch hotels and co-funding the purchase of 49% of the shares of minor shareholder Amerborgh. FINANCING history PPP project to build new Dutch military museum NIBC joined forces with Dutch construction firm Heijmans a long-standing client and public sector Bank Nederlandse Gemeenten (BNG) on a private-public partnership (PPP) project to build a new military museum in the Dutch province of Utrecht. In PPP projects, ultimately government departments, such as the Ministry of Defence, ask private companies to develop, build, maintain and operate a public service on their behalf in this case, a museum. PPP projects typically require funding to build the facility, and long-term investment to operate and maintain it for the duration of the contract, anything from 15 to 30 years. NIBC has financed PPP for years, but we are increasingly looking to new parties with longterm investment horizons to provide the required long-term funding, says Chris van Niekerk, Associate Director, Infrastructure & Renewables (I&R). SPECIAL CONNEXXION GETTING ahead with expert advice NIBC s Capitalisation Advisory team may be small, but its clients are not. Take Connexxion, the Netherlands largest bus and train operator. NIBC acted as the company s trusted financial advisor when it sought a new corporate loan to support its activities. We helped Connexxion secure a five-year EUR 320 million facility in a difficult credit environment and used our structuring expertise to solve a number of complex issues to Connexxion s advantage. Not knowing how much of the facility it would take up, Connexxion didn t want to pay banks a huge commitment fee just for making the money available. There was also the possibility its French parent company, Veolia, would divest part of its transport activities, triggering a change of control clause. With NIBC s help, the commitment fee was minimised and change of control clause adjusted to the specific situation. Typically a company like Connexxion only does a transaction like this every three to five years. This is our bread and butter, so we could really add value to the transaction, says Erik Fontein, Associate Director Capitalisation Advisory. We trusted NIBC and involved them in every phase of the transaction, says Paul Hanegraaf, Treasurer Connexxion. The I&R department has set up its own capital markets team to find institutional investors for PPP projects. Although we are not offering long-term financing, we remain committed to finding a total solution for our customers, explains Associate Director Bert Mulders. The EUR 82 million financing for the museum comprises senior debt facilities, an interest rate swap and an inflation swap. NIBC and BNG are jointly financing the construction phase, while BNG will take on the long-term funding and NIBC the two swaps once the museum opens to the public in The museum will be located on the site of a former military base and replaces two existing military museums that needed an overhaul to make them more appealing to modern-day visitors. NIBC VIEW

15 FROM THE MANAGING BOARD To serve clients the best you can, you need to be financially healthy. This requires sustainable profitability, strong solvency and ample liquidity strategic priorities on which NIBC has made great progress in recent years. MAKING PROGRESS ON PRIORITIES NIBC MANAGING BOARD Jeroen Drost (m) Chief Executive Officer, Chairman Rob ten Heggeler (l) Chief Client Officer Petra van Hoeken (r) Chief Risk Officer Recent years have seen NIBC perform solidly despite the persistent challenges of eurozone crisis and global economic weakness, not to mention factors such as the Dutch political and budget uncertainty. As well as achieving robust financial performance, we are delighted that we consistently receive positive client feedback, both informally and through the Net Promoter Score survey. After all, when your clients drive everything you do, their satisfaction is the top priority. Financial health We strengthened and diversified our funding position further in We issued two unsecured bonds clear testament to market faith in NIBC and a residential mortgage-backed securitisation. We also increased our retail deposits gathered through NIBC Direct. Our already strong solvency also improved. We used our strong capital and liquidity position to continue serving our clients in support of their business ambitions. Engagement and commitment As well as financial health, you need committed employees if you are to satisfy your clients. For the third year running, our annual employee survey demonstrated very high engagement among NIBC staff in Overall engagement was 85%, putting NIBC ahead of other global financial services organisations and on a par with high-performing organisations around the world. As a bank, we recognise our responsibility to all our stakeholders, including clients, employees, investors and the community. Corporate responsibility is increasingly woven into the fabric of everything we do. It matters most in our core business, where we focus on serving our clients while consistently applying regulatory, ethical, environmental and social standards to customers and transactions. Our client-focused model, financial health and engaged staff stand us in excellent stead As part of our corporate citizenship initiatives last year, NIBC bankers visited local primary schools to teach children about money management. Other employees did voluntary work with children, elderly and handicapped people in and around The Hague. On the environmental front, we continued implementing our energy-saving programme last year. Sharp focus We will continue to do all in our power to serve our clients this year, sharpening our sector focus and expertise so we can offer even better tailor-made products and services. At the same time, we will control costs, ensure strong capital and liquidity, meet ever-increasing regulatory requirements and reduce our non-core activities, just as we did in We are confident that NIBC s client-focused model, financial health and engaged staff stand us in excellent stead for 2013 and the years beyond. NIBC VIEW

16 In eur millions OUR history We were founded in 1945 to provide finance for the visionary entrepreneurs who helped rebuild the Netherlands after World War Two. We were listed on the Dutch stock exchange from 1986 until 1999, when two of Europe s largest pension funds majority-acquired us. So began our evolution from a long-term lending bank to an enterprising bank offering advisory, financing and co-investing. Our name changed several times over the years. In 2005, a consortium of international financial institutions and investors organised by J.C. Flowers & Co. purchased all the outstanding equity interests of our bank, giving birth to NIBC in its current form. Consolidated balance sheet Shareholder s equity 1,832 1,810 Group capital base 2,179 2,191 Loans to customers 8,469 9,128 Residential mortgages 8,187 8,745 Balance sheet total 26,242 28,554 Consolidated income statement Operating income Operating expenses Net profit attributable to parent shareholder Solvency information Risk weighted assets (EUR billions) Core Tier-1 ratio 15.3% 13.8% Tier-1 ratio 18.1% 16.2% BIS ratio 19.1% 17.5% Leverage ratio (debt/equity) Earnings ratios Return on equity 4.0% 3.8% Cost-to-income ratio 54% 60% Dividend payout ratio 53% 65% Other information (EUR billions) Assets under management for third parties Corporate responsibility figures Number of FTEs end of year Male/female ratio 70%/30% 70%/30% Male/female ratio top management 90%/10% 91%/9% Absenteeism 2.1% 2.7% Employee Engagement 85% 86% NPS score Corporate Banking clients 12% 25% NIBC Direct customer survey score HISTORY WORLDWIDE KEY FIGURES FACTS FUNDING DIVERSIFICATION NIBC Secured (wholesale) funding 27% 8% 2012 Shareholders equity 35% Retail savings % of new corporate clients screened against sustainability policy framework 100% 100% Number of project finance transactions closed in line with Equator Principles CO 2 emissions (tonnes) 2,343 2,461 State guaranteed funding 16% 14% % of carbon emissions compensated 100% 100% INTERNATIONAL offices In addition to The Hague, NIBC has offices in Brussels, Frankfurt and London. Technology, Media & Services, Industries & Manufacturing and Infrastructure & Renewables, alongside leveraged finance, corporate lending and structured solutions. Our Consumer Banking offering includes deposits and brokerage services. Unsecured We have been active in BRUSSELS for over 15 years, fully subscribing to NIBC s sector approach and building long-term relationships with corporate clients, institutions and financial investors. We offer financing, M&A and equity solutions, as well as retail savings accounts. In FRANKFURT, NIBC offers debt, equity and advisory services, with focus on the core sectors Food, Agri & Retail, In LONDON, our strengths are in infrastructure and renewables financing and advisory as well as in equity fund management in the infrastructure space; leveraged loan financing, and collateral managing of third party money in sub-investment grade secured and unsecured debt. London is also vital to NIBC s distribution activities on both the lending side and capital markets. NIBC VIEW

17 CONTACT NIBC Bank N.V. Carnegieplein KJ The Hague P.O. Box BH The Hague The Netherlands T +31 (0) F +31 (0)

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