A year ago we unveiled our ambition to evolve into a leading Merchant Bank in Northwest Europe. In this Annual Report you can read that we have taken our first successful steps towards attaining this goal.At NIBCapital,we are doing this with a crystal-clear strategy that puts you,our clients,first.Drawing on trust,expertise and innovation,we want to work with you to make your business more successful. We rely on highly expert bankers and specialists who are doing just that for an ever-expanding group of clients,offering a full range of sophisticated products and services.This requires in-depth knowledge of our clients and their business sectors based on insightful and trusted relationships. Although,strictly speaking,their territory is completely different from ours, we sensed many common values from our very first visit to the Mauritshuis Museum. Anyone who has visited their world-famous restoration department will know exactly what I mean.These specialists work with remarkable dedication and incredible precision on centuries-old paintings employing highly innovative, state-of-the-art technologies.Fascinating,and at the same time...instantly familiar.This expertise and drive for quality is exactly why NIBCapital decided to support the Mauritshuis. We want this Annual Report to be an exploration for you of who we are, what we stand for, what drives us and where we are heading.Together with our clients we look forward to make our mutual ambitions come true.

Michael Enthoven
Chairman of the Managing Board