The ratings on NIB Capital Bank N.V. are based on the bank's favorable loan-loss experience, robust profitability, firm capitalization, and conservative management. NIB Capital Bank also benefits from its ownership by two major European pension funds, which has expanded its business opportunities, enhanced its financial flexibility, and would provide an element of support in stress situations. Such ownership is through the holding company NIB Capital N.V., which encompasses NIB Capital Bank and two, much smaller, sister companies--involved in asset management and private equity operations. Standard&Poor's monitors the risks in all group companies as part of its overall assessment of NIB Capital Bank. NIB Capital Bank is a wholesale bank based in The Hague, specializing in providing medium- and
