Chairman's message

Dear shareholders, clients, colleagues and other readers,

I look back with mixed feelings on 2008, our eighth year. BinckBank has achieved what I consider a good result in one of the worst-ever years for the stock market but, not least because of the constant media attention, the credit crisis looks set to continue. Every day, a multitude of experts, professionals, traders, analysts and pundits of every hue give us the benefit of their insights. We at BinckBank have kept well clear of the cameras and speaking platforms - not because we think the financial consumer is not looking for yet another opinion, but because our time is better spent on growing our business and supporting our clients in these difficult times on the stock markets. That is the only way we can prove to shareholders and clients that they can continue to count on BinckBank even in a credit crisis.

2008 was a year of challenges and hard work. But thanks to the unflagging enthusiasm and motivation of our staff and, equally important, the loyalty of our clients, some of whom have had a hard time on the stock markets during these difficult days, it was a successful year. It was gratifying to see former competitors BinckBank and Alex Beleggersbank joining forces to face a new common enemy: the credit crunch. We thank our clients and our colleagues most sincerely for their confidence and dedication.

The adverse stock market sentiment inevitably had a severe impact on our share price, not least because BinckBank falls into the financial and small cap categories. We strive constantly to increase shareholder value, by growing the business - and hence the profit - combined with paying an attractive dividend. Given BinckBank's strong capital position and as a sign of our commitment to our shareholders, we launched a share buy-back programme in the middle of the credit crunch. In combination with the growth in the business and the rising trend in our financial results, this programme will provide further support for our share price.

BinckBank is focusing on growing the business by maximising client satisfaction, which will expand both the client base and the transaction volume, thus creating shareholder value for investors in BinckBank. In 2008, for example, we introduced a competitive online savings account, launched our services in France, introduced business process outsourcing (BPO) services, launched Alex Bottomline, developed online Alex Academy training courses to help clients manage risk more effectively and made further improvements to our products and services in response to suggestions from clients. Alex and Binck again received recognition for their efforts in 2008, when they were named best online broker in the Netherlands in several third-party surveys.

BinckBank's adjusted net profit for 2008 was € 64.1 million (€ 0.83 per share). Although the market conditions in 2008 were significantly worse than the year before, the number of account holders increased 37%, from 214,323 at the end of 2007 to 293,236 at the end of 2008. Transaction volume also increased, up 8% to over 7.1 million. There were few financial institutions which were able to match that rate of growth in the client base. BinckBank's good financial result is partly the product of sustained growth, synergy gains accruing from integration with Alex Beleggersbank and constant focus on cost management.

In conclusion, I would like to address a personal word of thanks to you. At the shareholders' meeting on
28 April 2009, I shall stand down as chairman, hand over to my intended successor Koen Beentjes and leave BinckBank. Kalo Bagijn, Hanneke Nieuwenhuis, Pim Bertens and I founded BinckBank in 2000 and it has been an intense pleasure working for the growth of the business ever since. It is now time for the organisation to welcome a new generation of Management Board members who can take it forward to the next phase of international expansion. In 2006, Pieter Aartsen assumed responsibility for the new Professional Services business unit. Benefiting from his specific experience in this field, the business unit has grown rapidly, BPO services have been added and new opportunities are being opened up by our best-execution service initiative. At the end of 2007, Evert Kooistra was appointed CFO, a new post which had become increasingly necessary in an environment which is growing increasingly complex. Nick Bortot, who has been with BinckBank since the beginning and was responsible inter alia for our successful expansion into Belgium, succeeded Kalo Bagijn in May 2008, bringing new plans and an individual management style that suits the size of the Retail business unit. If the shareholders approve, Koen Beentjes will take over from me as Chairman of the Management Board on 28 April 2009. Koen Beentjes is a highly skilled banker who comes to us from ING Direct and has relevant international experience. BinckBank also has experienced, expert and motivated managers in the business units and staff departments. It has been a pleasure to work with this professional team which possess the right mix of skill and enthusiasm to lead BinckBank through a future full of new and significant challenges. In that knowledge, I leave BinckBank with some sadness, but with peace of mind.

Thierry Schaap

Chairman of the
Management Board

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