Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF

Kempen European High Dividend Fund N.V. N — Van Lanschot — Shareholder Meeting (May 2017)

33 slides from Kempen European High Dividend Fund N.V. N's shareholder meeting presentation, May 18, 2017

  1. Slide 1: General Meeting of Shareholders

  2. Slide 2: Agenda item 2a: Report of the Supervisory Board

  3. Slide 3: Agenda item 2b: Report of the Statutory Board for 2016

  4. Slide 4: Annual results 2016

  5. Slide 5: Good progress on Strategy 2020

    Good progress on Strategy 2020 Next steps in omnichannel Private Banking model STATER Outsourcing mortgages servicing _. @ i... Partner selected for payment servicing Bolt-on acquisition realised Product development continued KCM London successfully migrated KCM teams strengthened New Merchant Banki

  6. Slide 6: Strong increase in profit and dividend

    Strong increase in profit and dividend Client assets €69.4 billion (+10%) Underlying net result +35% to €81.3 million Assets under management €57.5 billion (+14%) Capital ratios continue to improve Dividend per share up from €0.45 to €1.20 CET I ratio at 19.0% tt | van tanstoe General Meeting of Sha

  7. Slide 7: Market developments at a glance

    Market developments at a glance * Equity markets were highly volatile in 2016 * China, oil prices, Brexit and U.S. elections were key events that shaped financial markets * Political uncertainties will continue to drive market developments in 2017 AEX Index 500 475 450 4.18% 425 400 375 350 325 Dec-

  8. Slide 8: Highlights 2016

    Highlights 2016 Underlying net result increases with 35% to €81.3 million (2015: €60.1 million) ¢ Net result increases to €69.8 million (2015: €42.8 million) * Commission income under pressure due to less trading activity by clients * Improving credit quality leads to net release of loan loss provis

  9. Slide 9: Underlying net result increases by 35%

    Underlying net result increases by 35% €million Core activities Private Banking Evi Asset Management Total Merchant Banking (incl. Other and Corporate Banking) <=> 37.4 18.6 15.1 10.0 2015 2016 a 2015 2016 2015 2016 E>—lr—<“—~—SS@S 81.3 60.1 20.1 a 2015 2016 2015 2016 General Meeting of Shareholders

  10. Slide 10: Management fees hold up well; transaction and other commissions hampered by market circumstances

    Management fees hold up well; transaction and other commissions hampered by market circumstances Commission income 2016 versus 2015 Commission income by segment € million € million 265.6 1.3 —_ — 243.7 108.5 26 — 97.1 wo2104.0 . = g1.4 82.7 86.2 26.7 173.8 2015 © Management mTransaction Other commis

  11. Slide 11: Client Assets increase; shift to discretionary continues

    Client Assets increase; shift to discretionary continues Client assets Assets under management € billion, ultimo € billion, ultimo 3.9 10.2 10.5 24.4 43.2 44.1 11.4 TA 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 m Assets under management m Savings & deposits @ Private Banking discretionary @ P

  12. Slide 12: Better credit quality leads to net release of loan loss provisions

    Better credit quality leads to net release of loan loss provisions Loan portfolio, excluding provision 100% = €9.8 billion @ Private Banking - Mortgage loans @ Private Banking - Other loans ™ Corporate Banking - SME loans ™ Corporate Banking - Real estate loans @ Hypotheken - Distributed by third pa

  13. Slide 13: Strong increase of capital position

    Strong increase of capital position Common Equity Tier I ratio (phase-in) % 19.0% 16.3% | _ 2012 2013 2014 2015 2016 We reiterate our commitment to return at least €250 million to our shareholders by 2020, based on our current plans and currently known laws and regulations tt | van tanstoe General M

  14. Slide 14: Overview of group targets

    Overview of group targets Common Equity Tier | ratio (phase-in) % 15-17% 2012 2013 2014 2015 2016 2020 Efficiency ratio % Dividend pay-out ratio* % 50-70% 28% 2012 2013 2014 2015 2016 as from 2016 Return on Common Equity Tier I* % 60-65% 2012 2013 2014 2015 2016 2020 10-12% 2012 +2013 2014 2015 2016

  15. Slide 15: Highlights 2017

    Highlights 2017 Positive results continue * Commission income is showing a positive development * Book profit on the successful sale of TechAccess is included in result * Operational expenses were at similar levels to last year Client assets adding €1.4 billion to €70.8 billion (2016: €69.4 billion)

  16. Slide 16: Agenda item 3a: Implementation of remuneration policy for 2016

  17. Slide 17: Agenda item 3b: Adoption of 2016 financial statements

  18. Slide 18: Agenda item 3c: Reserves and dividend policies

  19. Slide 19: Agenda item 3d: Proposal to pay a cash dividend of €1.20 per Class A ordinary share

  20. Slide 20: Agenda item 4a: Discharge of Statutory Board members

  21. Slide 21: Agenda item 4b: Discharge of Supervisory Board members

  22. Slide 22: Agenda item 5: Proposal to amend the Articles of Association

  23. Slide 23: Agenda item 6: Intended reappointment of Karl Guha as Chairman

  24. Slide 24: Agenda item 7: Appointment of the auditors

  25. Slide 25: Agenda item 8a: Notification of vacancies and profiles

  26. Slide 26: Agenda item 8b: Reappoint Jeanine Helthuis to Supervisory Board

  27. Slide 27: Agenda item 8c: Appoint Manfred Schepers to Supervisory Board

  28. Slide 28: Agenda item 8d: Announcement of a vacancy arising in 2018

  29. Slide 29: Agenda item 9: Authority to repurchase own shares

  30. Slide 30: Agenda item 10a: Extension of power to issue Class A ordinary shares

  31. Slide 31: Agenda item 10b: Limit or exclude pre-emption rights

  32. Slide 32: Agenda item 11: Any other business and closure of meeting

  33. Slide 33: General Meeting of Shareholders

Van Lanschot — Shareholder Meeting (May 2017) on 6ix