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2016-11-03

Intertrust Group: Intertrust shows sound performance over 9M 2016

Full Year 2016 adjusted net income per share including Elian on a proforma
basis

of approximately €1.42 expected

Intertrust N.V. Q3&9M 2016 results

Amsterdam
-
November 3, 2016
-
Intertrust N.V. ("Intertrust" or "
the
Company") [ticker symbol INTER
], the
leading global provider of high-value trust and corporate services, today
announces its results for the third quarter and the nine months ended
September 30, 2016.

Presentation of financial and other information

Financials are presented on an adjusted basis, before specific items and
one-off revenues/expenses. Year-to-date (YTD) financial information
represents unaudited financial information for the nine months ended
September 30, 2016. The acquisition of Elian was closed on September 23,
2016.

--------------------------------------------------------
| In € millions 9M 2016 9M 2015 |
| Adjusted revenue 265.0 253.4 |
| Adjusted EBITA 105.6 102.6 |
| Adjusted EBITA Margin 39.9% 40.5% |
| Adjusted net income 77.7 |
| Adjusted net income per share (€)* 0.88 |
--------------------------------------------------------
* Adjusted revenue of €265 million grew by 4.6%.
* Adjusted EBITA of €105.6 million grew by 3%.
* Adjusted EBITA margin of 39.9%. This is a 61bps decrease versus 9M 2015.

Note: Rounding differences may occur as calculations are based on nine month
figures not rounded to millions.
* Adjusted Net Income per share calculated using weighted average number of
shares outstanding as per September 30 (87,917,883), including issuance of
shares for the acquisition of Elian

David de Buck, Chief Executive Officer of Intertrust, commented:

"We are generally satisfied with the overall performance of the group, the
main exception being Cayman. Excluding Cayman, our Adjusted revenue on a
constant currency and proforma basis grew 4.6% in Q3 and 5.3% for the 9M
period.
Our third quarter revenue growth was negatively impacted by
weaker-than-expected performance in Cayman, fewer available billable hours
due to the continued tight recruitment market in Luxembourg and continued
weakness in specialised services in The Netherlands. The underlying business
remains strong with our sales pipeline being 8 percent higher than same
period last year. One of the short-term effects of Brexit has been the delay
of investment decisions due to uncertainty surrounding how Brexit will play
out.

The Elian acquisition was closed on September 23 and the integration is in
full swing. The new, post-merger management structure was announced and
implemented. All but one of the office moves and the rebranding of Elian to
Intertrust will be completed in the coming 6 weeks. Combined sales strategies
for the newly adopted service lines have been finalised and are being
implemented. We have received positive feedback from clients and business
partners across the globe and cross-selling opportunities between the
companies are already being realised. Synergy forecasts of £10.4 million
remain unchanged. Per the period September 23 - September 30, 2016, Elian
contributed €1.6 million in Adjusted Revenue and €0.6 million in Adjusted
EBITA. We look to the coming year with confidence, and we are excited with
the opportunities Elian brings us."

Highlights
Q3

* On September 23, 2016 Intertrust completed its acquisition of Elian, the
Jersey-based regional trust and corporate services provider for £435
million.
* Interim dividend of €0.24 per share was announced, payable on November 30,
2016.
* 175,000 shares were repurchased in order to meet obligations under an
employee share plan.

Intertrust stand-alone Key Financials Q3 and 9M 20161

(i.e. excl. Elian contribution as of September 23, 2016)

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| Q3 Q3 % Change (reported) % Change (CC ) % Change (CC&Proforma) 9M 9M % Change (reported) % Change (CC ) % Change (CC&Proforma) |
| 2016 2015 2016 2015 |
| |
| Adjusted revenue (€m) 86.7 87.3 -0.7% 1.0% 1.0% 263.4 253.4 3.9% 5.1% 2.6% |
| |
| Adjusted EBITA (€m) 34.0 34.7 -2.2% -0.7% -0.7% 105.1 102.6 2.5% 3.4% 2.1% |
| |
| Adjusted EBITA margin 39.2% 39.8% -59bps -68bps -68bps 39.9% 40.5% -58bps -65bps -22bps |
| |
| Operating free cash flow (€m) 33.8 35.7 -5.2% 106.5 105.3 1.1% |
| |
| Cash conversion ratio including strategic 92.9% 92.4% 94.2% 93.1% |
|capital expenditure (%) |
| |
| Cash conversion ratio excluding strategic 94.0% 97.7% 95.8% 97.7% |
|capital expenditure (%) |
| |
| Adjusted Net Income 25.3 n.a. 77.2 n.a. |
| |
| Adjusted Net Income per share (€)2 0.30 n.a. 0.91 n.a. |
| |
| No. of entities3(000's) 38.5 42.1 -8.6% |
| |
| Average Adjusted revenue per entity (ARPE) 9.12 8.0 13.8% |
|(€k)4 |
| |
| No. of full-time equivalents (FTEs)3 1,746 1,713 1.9% |
| |
| Adjusted revenue per FTE (€k)4 201 197 2.0% |
| |
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1 Adjusted financial information before specific items and one-off
revenues/expenses. 2016 figures include CorpNordic acquisition
2 Adjusted Net Income per share is calculated as Quarterly or 9 Months
Adjusted EBITA less net interest costs and less tax costs divided by the
number of shares outstanding (85,221,614) before the additional issuance of
shares for the acquisition of Elian. When using the weighted average number
of shares outstanding as per September 30 (87,917,883), the Quarterly and 9
Months Adjusted Net Income per share would be €0.27 and €0.88 respectively
3 As of September 30, 2015 and September 30, 2016 respectively
4 Annualised numbers based on Adjusted revenue before specific items and
one-off revenue/expenses.

Financial highlights Q3 2016 versus Q3 2015

* Adjusted revenue for the quarter decreased by 0.7% to €86.7 million (Q3
2015: €87.3 million). On a constant currency basis, Adjusted revenue grew
by 1.0%. Reve...

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