• Increase of 16% of adjusted net profi t compared to FY11 Q4
• Adjusted net profi t in FY12 Q1 €15.7 million (FY11 Q4: € 13.6 million)
• Number of transactions in FY12 Q1 2.4 million
• BinckBank market leader in Belgium
• Retail France contributes to profi t BinckBank

Key figures quarterly comparison
x € 1,000 FY12 Q1 FY11 Q4 FY11 Q1 ∆ Q4 ∆ Q1
Customer figures
Customer accounts 625,452 531,465 452,704 18% 38%
Retail 480,328 468,044 424,662 3% 13%
Professional Services 145,124 63,421 28,042 129% 418%
Number of transactions 2,390,468 2,391,590 2,595,030 0% -8%
Retail 2,139,174 2,164,187 2,412,337 -1% -11%
Professional Services 251,294 227,403 182,693 11% 38%
Assets under administration 21,145,183 13,724,175 15,003,512 54% 41%
Retail 9,456,210 8,646,209 10,438,620 9% -9%
Professional Services 11,688,973 5,077,966 4,564,892 130% 156%

Income statement
Net interest income 8,881 9,062 9,724 -2% -9%
Net fee and commission income 31,895 30,898 36,458 3% -13%
Other income 3,084 2,649 4,063 16% -24%
Result from financial instruments - 2,468 (453) -100% -100%
Impairment of financial assets (4) (158) (86) -97% -95%
Total income from operating activities 43,856 44,919 49,706 -2% -12%
Employee expenses 13,501 13,371 12,975 1% 4%
Depreciation and amortisation 8,802 9,172 8,725 -4% 1%
Other operating expenses 10,694 11,327 12,217 -6% -12%
Total operating expenses 32,997 33,870 33,917 -3% -3%
Result from operating activities 10,859 11,049 15,789 -2% -31%
Share in results of associates and joint ventures (240) (2,566) (691) -91% -65%
Other non-operating income - - -
Result before tax 10,619 8,483 15,098 25% -30%
Tax (2,957) (2,644) (4,019) 12% -26%
Net result 7,662 5,839 11,079 31% -31%
Result attributable to non-controlling interests 282 - 121 100% 133%
Net result attributable to shareholders BinckBank 7,944 5,839 11,200 36% -29%
IFRS amortisation 7,049 7,049 7,049 0% 0%
Fiscal goodwill amortisation 684 684 684 0% 0%
Adjusted net earnings 15,677 13,572 18,933 16% -17%
Adjusted earnings per share (in €) 0.21 0.18 0.26
Balance sheet & capital adequacy
Balance sheet total 3,108,529 3,351,455 3,331,841 -7% -7%
Equity 480,719 469,523 471,451 2% 2%
Total available capital (Tier I) 163,589 160,695 140,588 2% 16%
BIS ratio 31.9% 31.1% 28.9%
Solvency ratio 22.5% 23.1% 16.9%
Cost / income ratio
Cost / income ratio 75% 75% 68%
Cost / income ratio excluding IFRS amortisation 59% 60% 54%

Chairman’s message
Dear readers,
The adjusted net profi t for the fi rst quarter of 2012 was up 16% on the
previous quarter and amounted to € 15.7 million (EPS: € 0.21). Net fee
and commission income rose 3% and operating expenses fell by 3%
compared to the previous quarter. BinckBank also reported a signifi cant
reduction in the start-up costs of its initiative TOM this quarter.
We got off to a good start in Belgium and France; the number of
transactions rose 9% compared to the previous quarter in both
countries. In Belgium we have surpassed our competitor Keytrade
and are now the market leader based on transaction volume in the
segments in which Binck operates. BinckBank’s results in France have
passed the break-even point and are contributing to BinckBank’s profi ts.
Preparations for the launch of our operations in Italy are progressing
steadily; at April 18th our offi ce in Milan was offi cially opened. As of
May the fi rst accounts can be opened and at the end of September the
commercial launch will take place.
Private investors in the Netherlands were more reserved than those in Belgium and France. There are serious
concerns about employment, the deductibility of mortgage interest and the scale of the cuts the Dutch
government wishes to make. Many private investors remained on the sidelines, and despite a upward trend in
the Amsterdam stock market volumes remained low. The number of orders executed for our Dutch brokerage
customers consequently fell 5%. One important development was that we made American options available
to our customers, thereby meeting the long-standing desire among our customers to be able to trade these
instruments and closing a gap in our offering in comparison to our competitors. Competition in the Netherlands
is gradually increasing, and we expect new players to enter the Dutch market in the near future. The scope of our
product offering in combination with our service gives us a good starting point. It is essential that we continue
to closely follow the setting of prices in the market.
Alex Asset Management had a positive quarter. Assets under management rose 18% from € 690 million to € 813
million, mainly due to positive returns and a net infl ow of € 66 million. After a relatively long period in which a
relatively large proportion of the assets were held in cash, Alex Asset Management now has most of its assets
invested in equities.
Professional Services successfully completed the second phase of the migration in cooperation with SNS Bank. All
transactions in the SNS house funds will be processed through the BinckBank platform from the end of March.
We expect to fi nilise the migration in the second half of 2012.
Our result depends heavily on the activity of our customers in the markets. Market volatility and direction are
important factors. For this reason, we cannot issue detailed forecasts of the results we expect to achieve in the
year ahead. We do not expect the level of interest rates to improve in the coming period. Therefore we have
adjusted our investment policy to some extent in order to keep the return on the investment portfolio at a
certain minimum level without signifi cantly affecting our risk profi le. Cost control continues to be a priority.
In view of the current climate among investors in the Netherlands, we have decided to reduce our marketing
budget for 2012 from € 22 million to € 18 million. Our proposed launch campaign in Italy, whereby we have to
build name recognition, will continue without change, but will start at the end of September.
The targets BinckBank had formulated for 2013 are changed in targets for 2015, because we have achieved a
number of targets and we believe that the new targets will be better indicators of BinckBank’s result. The new targets are described under the heading “Targets 2015”.

Amsterdam, 18 April 2012
Koen Beentjes,
Chairman of the BinckBank executive board