We made NIBCapital a stronger company in 2004.We continued to build on our aspiration to be a leading
Merchant Bank in Northwest Europe and we accelerated the ascending line seen in 2003.We also continued
to respond successfully to changing market conditions, as well as to the changing needs of our clients.
However, markets remained difficult, as investor trust has been slow to return. Each new event that creates
cynicism means that good companies must raise the bar even higher to set standards that rebuild trust.
And that is why trust is the theme of our Annual Report this year.
In 2004 we had the pleasure of welcoming many new clients, who entrusted us with their business.
Moreover, there was a strong increase in the innovative products and services we developed for clients.
This gives us the confidence that we can successfully continue our quest to fulfill our aspirations. This
Annual Report will give you a detailed view of how we executed on our business model this year and the
steps we have taken to drive our growth initiatives for the future.
In addition, we would like to present six Dutch artists who were prepared to give an impression of their
thoughts on trust. Their ideas have created intriguing pieces of work; from sculpture to glasswork, from
photography to etching and from graphics to pastel. Finally, they show how precious relationships can be.
But also how fragile they are, and that trust is essentially about just one thing - the absolute confidence of
being able to rely on each other.
MICHAEL ENTHOVEN
CHAIRMAN OF THE MANAGING BOARD
