NIBC Bank reports EUR 50 million profit after tax from continuing operations in the first quarter of 2008
The Hague, 16 May 2008

• Profit after tax from continuing operations of NIBC Bank in the first quarter of 2008 amounts to EUR 50 million, 33% above the previous quarter and 21% below the first quarter 2007
• Net profit attributable to parent shareholders of NIBC Bank in the first quarter of 2008 is EUR 49 million, 44% above the first quarter 2007
• Appointment of Chief Executive Officer Jeroen Drost and Chief Risk Officer Jan Sijbrand
• Tier-1 ratio NIBC Bank strong at 13.2%
• NIBC Holding successfully raised EUR 400 million new cash equity
• As previously announced, the remaining US commercial real estate securities portfolio in NIBC Holding has been further written down to a fair value of EUR 230 million per 31 March 2008 (32% of the notional value)
• The combination of the new cash equity and the further write downs resulted in a Tier-1 ratio of NIBC Holding of 13.1%

Jeroen Drost, Chief Executive Officer of NIBC
“I am excited to be joining NIBC at this point in time and glad to have the opportunity to help shape the bank's future. In a worldwide difficult financial environment, NIBC Bank has succeeded in showing a solid net profit for the first quarter of 2008. The successful de-risking of the balance sheet and a selective origination approach resulted in a strong capital base and healthy balance sheet. NIBC is ready for the future and has left its US problems behind after additional write-downs in the first quarter. We are confident that this platform for sustainable growth will enable us to gain market share and we see great opportunities to further build our client franchise as an independent merchant bank.”