Investor presentation March 2020
Van Lanschot Kempen at a glance Profile ile Solid id perf rfor orman ance ce on all l key ey financia ials ls 201 019 201 018 Well capitalised, profitable wealth manager with a strong • Net result € 98.4m € 80.3m • specialist position in the market Underlying net result € 108.8m € 103.0m • Strong brand names, reliable reputation, rich history • Clear choice for wealth management, targeting private, • 23.8% CET 1 ratio 21.1% • institutional and corporate clients Total capital ratio 26.9% 23.2% • Tailored, personal and professional service • Mutually reinforcing core activities, each with its own distinct • Client assets • € 102.0bn € 81.2bn culture and positioning as a niche player AuM • € 87.7bn €67.0bn Strong track record in transformation processes and de-risking • Loan book (excluding provisions) • of the company €8.7bn €8.7bn Strong capital position and balance sheet • Our wealth ealth manage ageme ment t strate ategy gy 2023 23 financial cial targe rgets Supported by our strong client relationships we are a leading 2019 2019 Target 2023 player in our relevant markets and geographies Common Equity Tier 1 ratio • 23.8% 15 - 17% Our strategic pillars: Return on CET1 10.5% 10 - 12% • Accelerate growth – organically and inorganically • Efficiency ratio Activate our full potential 75.5% 70 - 72% • • Advance through digitalisation and advanced analytics • Dividend pay-out 57.4% 50 - 70%* • Adapt the workforce • * Of underlying net result attributable to shareholders 2
Van Lanschot Kempen is a specialist, independent wealth manager
Van Lanschot Kempen’s rich history reaches back over 280 years Acquisition Staalbankiers ’ private banking activities Strategic review Successful placement secondary offering of 30% stake Capital return Launch of of €1.50 per Van Lanschot Acquisition Strategy 2020 Evi van update share Switzerland CenE Bankiers Lanschot 1737 2019 1991 1995 1999 2004 2007 2013 2015 2016 2017 2018 Acquisition Cornelis van Van Lanschot Van Lanschot Acquisition Next steps wealth Sale of portfolio UBS’ Dutch wealth Lanschot founds Belgium listed on Kempen & Co management non-performing management Van Lanschot in Amsterdam stock strategy defined real estate loans activities ‘s -Hertogenbosch exchange and financial targets set for Acquisition New name: 2023 fiduciary activities of MN UK Capital return of €1.50 per share Capital return of €1 per share to shareholders 4
Our transformation to a specialised wealth manager Commissions missions as % of operat eratin ing Client ent asset ets s and AuM (€ bn bn) Risk- weighted assets (€bn) income (€m) 102.0 10.5 57,1 +15.8 pps 14,3 +95% 41,3 -60% 6,1 52.3 4.2 11,4 87,7 4,4 3,9 40,9 0.3 2012 2019 2012 2019 2012 2019 AuM Savings and other Private Banking and other Corporate Banking 100% = 525.3 100% = 508.7 Underlying net result (€m) Retu turn on Commo mon Equity ity Tier r 1 * Commo mon Equity ity Tier er 1 ratio tio 23.8% 10.5% 108,8 +12.8 pps +23.2 pps +97.7 11.0% 11,1 -12.7% 2012 2019 2012 2019 2012 2019 * Based on underlying net result attributable to shareholders 5
As a wealth manager Van Lanschot Kempen builds on the experience of its core activities Private ate Banking ing Evi Asset et Manageme ement nt Merchan hant t Banking ing ‒ Discretionary asset ‒ Online wealth management ‒ Comprehensive fiduciary ‒ Equities research and management, investment services for the mass affluent wealth management trading, corporate advice, financial planning, and Millennials services finance and debt advisory savings and deposits, ‒ Online wealth management ‒ Niche investment strategies services structured products and solutions, discretionary asset (high div. equities, small- ‒ Focus on European lending management, savings and caps, real estate, credits, corporates and worldwide ‒ Servicing entrepreneurs, pension solutions infrastructure, government institutional clients; sectors family businesses, high net- ‒ AuM client base c. 17,000 bonds, etc.) covered are real estate, life worth individuals, business ‒ AuM : €1bn ‒ Focus on European clients; sciences & healthcare, professionals and executives, ‒ Savings: €0.5bn institutional, wholesale financial institutions & healthcare professionals, ‒ 23 FTEs distribution, family offices fintech, infrastructure, foundations and associations ‒ Focus on NL and BE and endowments maritime & offshore, as well ‒ AuM : €24.7bn ‒ AuM : €73.1bn*, AuMG: as our local alpha coverage ‒ Savings and deposits: €3.1bn ‒ 127 FTEs €8.9bn, loans: €8.1bn ‒ 264 FTEs ‒ Offices in NL, BE, UK, US ‒ 655 FTEs ‒ Offices in NL, UK, FR ‒ Offices in NL, BE, CH * As of 31 December 2019, including €11.1bn of AuM managed for Van Lanschot Private Banking and Evi 6
We are a leading wealth manager in our markets • We’re a well -capitalised, profitable wealth manager with a strong position in the market Focuse cused wea ealth lth • We believe that our knowledge and experience, personal, client-focused approach, unique combination manag agem ement t of activities and track record set us apart from the competition strate ategy • We’re convinced our strategy offers ample growth opportunities • A leading wealth manager in the Benelux region Leading ading player ayer • The number one online wealth management alternative for the mass affluent in selected markets in our relevant evant • A prominent, active investment manager that delivers alpha in illiquid markets, as well as in income- marke rkets generating strategies and ESG in Europe • The leading fiduciary manager in the Netherlands, and a challenger in UK fiduciary market • The preferred trusted adviser in selected merchant banking niches across Europe • We’re a conviction -based, active investor, focusing on the long term From m • We’re convinced we can achieve significant social and environmental impact by advising our clients in respon ponsib ible le to making sustainable investment decisions susta tain inable able • We aim to increase our positive contribution and visibility invest sting • CET 1 ratio: 15-17% 2023 23 financial cial • RoCET 1: 10-12% targe rgets • Dividend policy: 50-70% of underlying net result attributable to shareholders • Efficiency ratio: 70-72% 7
We have defined four strategic pillars that enable us to deliver on our ambitions • Pursue a solutions-led • Create solutions based on approach building on clients’ Accele elerate rate superior insights into clients’ Advan ance ce throu ough needs grow owth- needs & market developments digit italis alisat ation ion and d • Consider acquisitions in • Enhance client experience organ anicall ically analytics lytics existing and contiguous • Streamline products, processes and markets and systems inorganicall ically • Offer clients the full potential • Empower our people to of services and products from embrace technology and adopt our group and open a more data-driven way of Adapt apt the architecture platform working and decision-making Activate ivate our full l workf orkforce orce • Benefit from knowledge • Embrace an agile approach with pote tentia tial sharing, make optimum use of multidisciplinary teams resources and reduce overlap • Hire new talent to bring in different skills and capabilities 8
In 2019, we have made good progress in delivering on our ambitions Accele elerate rate grow owth th – organ anicall ically and inorganicall ically Advan ance ce throu ough digita italis lisat ation ion and analytics lytics • Client assets grew 26% to €102.0bn • Outsourced payment services to Fidor: new payments • Net inflows of AuM at Private Banking and at Asset platform and payments app launched Management • Laid the foundation for a modern, cloud-based • Ongoing search for acquisitions to accelerate our growth infrastructure for advanced analytics to enable faster development Activate ivate our full l pote tentia tial Adapt apt the workf orkforce orce • Co-creation between Private Banking and Asset • Transition to integrated HR practices and modernisation of Management allows for swift and tailored product employment conditions • Implementation of agile approach with multidisciplinary development (e.g. European Private Equity Fund and set-up of several teams Global Impact Pool) • Encouraging development and training by launching a • Wealth management proposition for Evi’s mass affluents revamped learning management system to bring different and closer collaboration between Evi and Private Banking skills and capabilities into our organisation • Merchant Banking and Private Banking working together on successful transactions for clients 9
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