Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot — Debt Investor Presentation (April 2015)
33 slides from Kempen European High Dividend Fund N.V. N's debt investor presentation, April 2015
Slide 1: Van Lanschot Lunet & Citadel RMBS Programme Update
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) is provided for information purposes only and does not constitute, or form part of, any offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of, or any solicitation of any offer to underwrite, subscribe for or otherwise acquir
Slide 3: Executive Summary
Executive Summary Van Lanschot has various funding programmes Unsecured programmes Debt Issuance Programme / MTN Non-MTN / Specials €5.0 billion programme * Used for public wholesale funding (senior unsecured and subordinated), and structured retail products * Prospectus last updated on 17 April 201
Slide 4: Van Lanschot at a glance
Van Lanschot at a glance Van Lanschot’s profile One strategy: pure-play, independent wealth manager focusing on preservation and creation of wealth for our clients Two leading brands: Van Lanschot and Kempen & Co Three core activities: Private Banking, Asset Management and Merchant Banking A-/ BBB+
Slide 5: Lunet & Citadel RMBS Programme Update
Lunet & Citadel RMBS Programme Update 1. Funding and Liquidity 2. Van Lanschot RMBS programmes 3. Profile of Van Lanschot 4. Annex! -VanLanschot 5. Annex Il - Dutch economy and housing market 6. Annex III - Contact information Van Lanschot RMBS Programmes Update 4
Slide 6: Balance sheet with strong capital and funding position
Balance sheet with strong capital and funding position sient icant capital buffer Total equity of € 1.35 billion, of which €1.19 billion in share capital and reserves * Common Equity Tier | ratio (phase-in) 14.6% * Leverage ratio (fully loaded) 5.3% Low risk assets * Loan book decreased € 1.5 billio
Slide 7: Well diversified funding profile
Well diversified funding profile + Largely ‘self funded’ with a funding ratio 95.3% at31-12-2014 + As awealth manager, majority of funding is customer savings and deposits * Funding mix complemented by wholesale funding * Comfortable funding diversification across maturities and instrument types * T
Slide 8: Successful presence in wholesale markets
Successful presence in wholesale markets * Strong funding position based on a stable level of bond issuance and a regular presence in wholesale markets * Successful in raising funds in wholesale markets every year since 2010 Senior unsecured, Floored Floater, Senior unsecured, Senior unsecured €400
Slide 9: Lunet & Citadel RMBS Programme Update
Lunet & Citadel RMBS Programme Update 1. Funding and Liquidity 2.Van Lanschot RMBS programmes 3. Profile of Van Lanschot 4. Annex! -VanLanschot 5. Annex Il - Dutch economy and housing market 6. Annex III - Contact information Van Lanschot RMBS Programmes Update 8
Slide 10: Van Lanschot RMBS programmes
Van Lanschot RMBS programmes Lunet RMBS 2013-1 Citadel 2010-1 Citadel 2010-11 Courtine RMBS 2013-1 * Top quality residential mortgage portfolio, fully originated and serviced by Van Lanschot * Lunet RMBS 2013-I is PCS and DSA compliant * The Citadel 2010-1 and Citadel 2010-II programmes were success
Slide 11: Van Lanschot is an experienced issuer
Van Lanschot is an experienced issuer Currently Van Lanschot has four outstanding RMBS transactions: * Lunet RMBS 2013-1 * Citadel 2010-1 * Citadel 2010-1! * Courtine RMBS 2013-1 Currently less than 40% of the residential mortgage loan book is funded through publicly placed prime RMBS issuance. * So
Slide 12: Capital structure and main features
Capital structure and main features Van Lanschot RMBS Programmes RemainingWAL Balance at Subordi- Subordination 35 3 perlastQPD Issuance _nation at per last QPD es ae ccuane (x Imm) issuance Current Balance as per last Rating QPD* (x 1mm) TotalCEat F.0.R.D. issuance ** sass Legalmaturity Coupon Step
Slide 13: Standard Dutch RMBS structure
Dutch SPV owned by an independent foundation (Stichting Holding ) and Security Trustee, acting for noteholders and secured parties True sale of mortgage loans through silent assignment Mortgages and other rights of the issuer pledged to the Security Trustee via pledge agreement Only prime Dutch resi
Slide 14: Overview Van Lanschot RMBS transactions
Overview Van Lanschot RMBS transactions Programme Lunet RMBS Lunet RMBS Citadel del Lunet RMBS 2013. 2013. 2013 2010- 2011 Key Mortgage Loan Criteria Date 31-Dec-2014 TNov-2013* 30-Jul-10* Pool characteristics WA CLTOMV 59.7% 62.5% 15.0% WA Indexed CLTMV 63.4% 674% 74.0% WA Seasoning (months) 131 12
Slide 15: WAL and CPR analysis of class A notes
WAL and CPR analysis of class A notes WAL* sensitivity to CPR and issuer call at first optional redemption date CPR scenarios CPR 0% CPR 2% CPR 4% CPR 6% CPR 8% CPR 10% CPR 12% LUNET RMBS 2013-I Class Al Note Assuming call @ F.O.R.D.(yrs) 3.30 2.08 121 0.86 0.66 0.54 0.47 Assuming no call (yrs) TAT
Slide 16: Performance of RMBS transactions
Performance of RMBS transactions Delinquencies (30+ days, %) Cumulative losses 4,0 35 No losses in Lunet RMBS 2013-1, Citadel 2010-1, 2010-II 3,0 since issuance Loss Provisioning Required Amount for Lunet RMBS 2013-1 is null Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-1
Slide 17: Lunet & Citadel RMBS Programme Update
Lunet & Citadel RMBS Programme Update 1. Funding and Liquidity 2. Van Lanschot RMBS programmes 3.Profile of Van Lanschot 4. Annex! -VanLanschot 5. Annex Il - Dutch economy and housing market 6. Annex III - Contact information Van Lanschot RMBS Programmes Update 16
Slide 18: Van Lanschot has chosen to be an independent wealth management firm
Van Lanschot has chosen to be an independent wealth management firm Why wealth management? Building on our disctinctive strengths We can build on our inherent strengths in private and institutional wealth management by working together for the benefit of new and existing clients Supported by demogra
Slide 19: Van Lanschot builds on its experience in its three core activities
Van Lanschot builds on its experience in its three core activities Private Banking * Private Bank of choice for high net-worth individuals, entrepreneurs and family businesses * Specialised services for business professionals and executives, healthcare professionals, and foundations and associations
Slide 20: Van Lanschot's solid profile is reflected in its creditworthiness
Van Lanschot’s solid profile is reflected in its creditworthiness Fitch * Long-term credit rating: A- * Outlook long-term credit rating: Negative * Short-term credit rating: F2 * Latest press release: 30-09-2014 * Rating has been reconfirmed since 2009 “Yan Lanschot's good capitalisation is strongly
Slide 21: Highlights 2014 annual results
Highlights 2014 annual results Net profit of € 108.7 million; proposed dividend of € 0.40 per share Solid profit * Net profit of € 54.2 million (+62%) excluding one-off gain from pension scheme change growth in 0 Income from operating activities +3% * Operating expenses +2% 2014 * Loan loss provisio
Slide 22: Annex I - Van Lanschot
Annex | - Van Lanschot 21
Slide 23: Key figures 2014 annual results
Key figures 2014 annual results € million Commission Interest Other income Income from operating activities Operating expenses One-off gains* Gross result after one-off gains Gross result before tax of non-strategic investments Additions to loan loss provision Other impairments Operating profit befo
Slide 24: Our core activities cooperate in many ways
Our core activities cooperate in many ways and benefit from the strong fundamentals of the group Investment beliefs Private Asset allocation Banking Manager selection Discretionary management Product development Structured products Order execution Asset Merchant << Management Selective order executi
Slide 25: 2015: the year of growth
2015: the year of growth * Disciplined execution of wealth management strategy on the basis of professionalism, integrity, discretion and hard work * Full focus on core activities aimed at the preservation and creation of wealth for private and institutional clients * Private Banking: focus op wealt
Slide 26: Annex II - Dutch economy and housing market
Annex Il — Dutch economy and housing market 25
Slide 27: Dutch economy
D utch economy In 2014, real GDP in the Netherlands grew by an estimated 0.75% compared to the previous year, largely thanks to exports. In 2015 real GDP growth is expected to increase by 1.5% The fall in the value of the Euro positively influences export growth. Rising demand for goods and services
Slide 28: House price developments
House price developments + The Dutch housing market bottomed out both in terms of prices and sales numbers in 2013. In 2014 prices of existing homes (PBK-index) recorded an average annual rise of 0.9% for the first time since the crisis + Seasonally adjusted house prices rose by 0.4% from the third
Slide 29: Transaction and supply developments
Transaction and supply developments + In 2014 153,000 homes changed ownership, a rise of more than 40% compared to 2013. This was the highest number of house sales in a single year since 2008 + December 2014 recorded the highest number of transactions ever in a single month, as buyers were still abl
Slide 30: Mortgage debt outstanding
D Mortgage debt outstanding 700 600 500 400 i | van tans utch residential mortgage market Total outstanding mortgage debt in the Netherlands declined slightly in 2014, from EUR 632 bn in 2013 to EUR 630 bn by Q3 2014. Q4 2014 is expected to show a further decline of mortgage debt due to the maximum
Slide 31: Mortgage foreclosures and losses
Mortgage foreclosures and losses + After a few years of increasing mortgages that have fallen into arrears, we have seen a stabilisation of arrears in 2014 (with 60 days+ arrears close to 1%) + The trend of declining public auctions that has been present in 2012 and 2013 (despite rising payment arre
Slide 32: Annex III - Contact information
Annex II] — Contact information
Slide 33: Contact information
Contact information Willem van Oosten Wendy Winkelhuijzen Director Treasury Manager Investor Relations +31 20 348 9701 +31 20 354 49 50 w.vanoosten@vanlanschot.com w.winkelhuijzen@vanlanschot.com Ralf van Betteraij Iryna Snihir Head of Term Funding Term Funding +31 20 348 97 13 +31 20 348 97 14 r.va
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