Outlook

Despite an uncertain start, 2009 turned out to be an outstanding year for BinckBank. Our client base and transaction volume increased significantly. This gives us confidence in the future. We have adjusted the target for the brokerage accounts in the Netherlands upwards from 250,000 at the end of 2012 to 330,000 at the end of 2013. In 2008 we had already raised the target from 200,000 to 250,000. The other medium-term targets, with the exception of savings, have also been adjusted upwards.

BinckBank will of course continue to be dependent on developments on the financial markets in the future. The management’s attention will always be focussed on the continuing growth of the number of accounts, the creation of more transaction-generating products, customer-driven innovations and cost control.

To achieve further growth, BinckBank will introduce a number of new products in 2010. For the French market we will add the greatly sought after French SRD product to the product range, and fund investment will be introduced in Belgium and the Netherlands. Our websites will also be updated so we can be of even better service to our customers.

We expect to see further expansion of the services of the Professional Services business unit to independent asset managers, and we anticipate that we will enter into new BPO contracts in 2010.

We also expect great progress from TOM in 2010. All AEX en AMX shares, as well as derivatives trading, will be added to the platform provided that TOM receives the necessary licence from the Netherlands Authority for the Financial Markets (AFM). We also expect that TOM will receive the AFM licence for MTF (Multilateral Trading Facility) in the first half of 2010.

The data centre migration that was partly implemented in 2009 will be completed in 2010. In the future, system integration with its associated new data centres will lead to a lower growth of costs in relation to revenue.

BinckBank has sharpened its goals for the medium term. The basic principles, however, remain unchanged. BinckBank will continue to focus on further growth in the Netherlands and abroad in order to become the largest online bank for investors in Europe.

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