Van Der Moolen Reports a Profit of EUR 11.1 Million for the First Quarter of 2006

-- New York Stock Exchange / Archipelago merger had a significant positive impact on the financial results for the first quarter 2006.

-- Earnings per common share EUR 0.25 in the first quarter of 2006.

Van der Moolen (NYSE:VDM)(AEX:VDMN) announces that it earnedprofit attributable to its common shareholders of EUR 11.1 million inthe first quarter 2006 compared with EUR 5.7 million in the fourthquarter of 2005 and EUR 1.5 million in the first quarter of 2005.

First quarter 2006 net income attributable to common shareholdersincludes a net gain of EUR 10.5 million in relation to the NYSE mergerconsideration received in March 2006 in consideration of the six NYSEseats then owned by the Company.

Before amortization of intangible assets, Curvalue contributed EUR0.2 million to our first quarter 2006 net income; amortization ofintangible assets related to this acquisition amounted to a net chargeof EUR 0.5 million.

First quarter 2006 net income attributable to common shareholders,adjusted for the gain recognized on the NYSE seats and the impact ofCurvalue amounted to EUR 0.9 million. This amount includes a netcharge of EUR 1.1 million in respect of finance cost on preferredfinancing shares (an increase of EUR 0.4 million compared to EUR 0.7million recognized in the fourth and first quarter of 2005) and a netcharge of EUR 0.2 million for the additional provision recognized inrelation to legal expenses incurred in respect of certain formermembers of VDM Specialists.

Richard den Drijver, Van der Moolen's newly appointed CEO,commented: "Our European equity business performed better thanexpected amid good market conditions. Nevertheless we experienced achallenging first quarter in our fixed income futures business and ourNYSE Specialist operation was affected by reduced volatility in ourtraded specialist stocks. Our results this quarter benefited stronglyfrom the gain relating to the NYSE merger.

I am confident that we have prepared ourselves well for theintroduction of the NYSE's hybrid trading model later this year.

My main objective for the future is to deliver growth andincreased profitability. Earlier this month we delivered on animportant growth objective with the launch of equity and index optionsmarket making in the US. I continue to look forward to building on thegrowth of our specialist and market making businesses, expanding ourposition as a liquidity provider on global option and futuresexchanges and continuing the successful roll-out of Online Trader asan electronic direct access brokerage for professional traders."
Key Figures
----------------------------- ---------------------- ----------------
Euros millions 1st 1st 4th quarter 3 months
quarter quarter 2005
2006 2005
2006 2005
----------------------------- ---------------------- ----------------
Revenues 36.9 27.4 35% 31.0 19% 36.9 27.4 35%
----------------------------- ---------------------- ----------------
Operating profit 29.3 4.4 566% 0.2 14550% 29.3 4.4 566%
----------------------------- ---------------------- ----------------
Profit from continuing
operations 14.0 2.1 567% 3.8 268% 14.0 2.1 567%
----------------------------- ---------------------- ----------------
Profit (loss) from
discontinued
operations - - (0.1) - -
----------------------------- ---------------------- ----------------
Profit attributable to
common equity holders
of the Company 11.1 1.5 640% 5.7 95% 11.1 1.5 640%
----------------------------- ---------------------- ----------------
Guarantee capital 451.1 391.4 15%411.4 10% 451.1 391.4 15%
----------------------------- ---------------------- ----------------
Per common share data
(Euros x 1)
----------------------------- ---------------------- ----------------
(Diluted) profit from
continuing operations 0.25 0.04 547% 0.14 80% 0.25 0.04 531%
----------------------------- ---------------------- ----------------
(Diluted) profit
(loss) from
discontinued
operations - - (0.00) - -
----------------------------- ---------------------- ----------------
(Diluted) profit 0.25 0.04 547% 0.14 70% 0.25 0.04 530%
----------------------------- ---------------------- ----------------

----------------------------- ---------------------- ----------------
Average US dollar/Euro
rate 0.83 0.76 9% 0.84 -1% 0.83 0.76 9%
----------------------------- ---------------------- ----------------

Results for the first quarter 2006

Revenues

At EUR 36.9 million, our reported revenues in the first quarterwere 19% higher than in the fourth quarter of 2005 and 35% above thoseearned in the first quarter of 2005. The factors that determined thesecomparisons were:
Q1 2006 vs. Q4 2005Q1 2006 vs. Q1 2005
Acquisition Curvalue +21% +24%
U.S. Dollar impact -1% +8%
Organic -1% +3%
--------------------------------------
Total +19% +35%
-------------------------------------------------------------------

Other gains and losses - net

The EUR 22.0 million gain recognized in the first quarter 2006fully relates to the NYSE consideration received in March 2006. EarlyMarch 2006, the NYSE Merger took place, and each NYSE member becameentitled to receive in exchange for the NYSE membership $ 300,000 incash, plus 80,177 shares of NYSE Group common stock. In addition,immediately prior to merger, the NYSE announced a "permitted dividend"to be paid to each NYSE membership in the amount of approximately $70,570, which was equivalent to the membership's pro rata portion ofthe NYSE's "excess cash," as defined in the NYSE Merger Agreement. Wereceived the permitted dividend with respect to each of our 6 NYSEmemberships on March 14, 2006 and the merger consideration on March28, 2006.

As a result of the NYSE Merger, the Company's 6 NYSE membershipswere converted into the right to receive an aggregate of $ 1.8 millionin cash (not including the permitted dividend) and 481,062 shares ofNYSE Group common stock. The $ 1.8 million cash portion of the mergerconsideration is treated as receipt of monetary consideration forwhich a realized gain is recognized in the first quarter of 2006. Theshare exchange is accounted for as a realized gain under IFRS at thedate of the exchange. Under IFRS, this gain is determined on the basisof the quoted market price (bid) of the NYSE Group common stock.

We have assessed that the NYSE Group shares are available-for-saleassets, as defined by IAS 39. This implies that all fair valuechanges, after the initial recognition at the date of the exchange,will be recognized, net of deferred taxation, through the fair valuereserve, a component of shareholders' equity.

Subsequent to the merger, we have joined the so-called secondaryoffering of NYSE Group shares. Early May 2006, approximately 159,897shares, out of the 481,062 set out above, have been successfullyoffered in this process. The consideration received amounted toapproximately $ 9.8 million ($ 61.50 per share) and implies a net lossto be recognized in the second quarter of 2006 of approximately EUR0.3 million. As a result of this secondary offering, the number ofshares currently owned, and their restriction period can be specifiedas follows:

Restricted until March 2007 19,344
Restricted until March 2008 141,466
Restricted until March 2009 160,355
Total number of shares NYSE Group 321,165

The gain realized in the fourth quarter 2005 mainly related to thesale of four seats in December 2005. The net loss recognized in thefirst quarter 2005 related to a fair value loss incurred on interestrate swaps that were terminated in June 2005.

Operating expenses

Total operating expenses in the first quarter 2006 were EUR 8.8million lower than those recognized in the fourth quarter 2005 and EUR9.2 million higher than the first quarter 2005. The consolidation ofCurvalue accounted for EUR 6.8 million of total expenses recognized inthe current quarter. Other factors that strongly influenced thecomparison with the fourth quarter and/or first quarter 2005 on anorganic basis are set out below.

-- Variable employee compensation and benefit expense increased by EUR 0.8 million and EUR 1.9 million compared to the fourth and first quarter of 2005, respectively. This increase is mainly attributable to changes in the relative contribution of the different bonus arrangements in place throughout the Group and deferred bonus accruals made in relation to the gain realized on the NYSE merger consideration.

-- Amortization of intangible assets, excluding the impact of the acquisition of Curvalue, amounted to EUR 0.3 million in the first quarter 2006, compared to EUR 0.5 million in the fourth quarter of 2005. This decrease is mainly due to the impairment charge of EUR 13.6 million recognized in the fourth quarter 2005. Compared to the first quarter 2005, this effect is partly offset by the appreciation of the U.S. dollar.

-- G&A expense is significantly reduced compared to the fourth quarter 2005, partly due to the recognition of certain non-recurring items in 2005.

Operating profit

First quarter 2006 operating profit was EUR 29.3 million, comparedwith EUR 0.2 million in the preceding quarter and EUR 4.4 million inthe first quarter of 2005. Excluding the other gains and losses (net),the amortization expense and the impairment of fixed assets, operatingprofit amounted to EUR 8.3 million compared with EUR 6.7 million inthe fourth quarter 2005 and EUR 7.4 million in the first quarter 2005.The operating margin calculated on this basis was 22.5% in the firstquarter 2006, compared to 21.6% and 27.0% in the fourth quarter andfirst quarter 2005, respectively.

Finance cost

The dividend on preferred financing shares increased by anapproximate EUR 0.4 million compared to both the fourth and firstquarter of 2005 as a result of the dividend reset on our financingpreferred shares B.

Foreign currency result

Foreign currency result amounted to a loss of EUR 0.3 million inthe first quarter 2006, compared to a loss of EUR 0.1 millionrecognized in the fourth quarter 2005 and a gain of EUR 2.3 millionrecognized in the first quarter 2005. The currency exchange exposureresulting in the gain recognized in the first quarter of the prioryear was subsequently mitigated in April 2005.

Income tax

Income tax expense from continuing operations in the first quarter2006 was EUR 11.5 million, representing a consolidated effective taxrate of 51% against a EUR 6.9 million benefit in the preceding quarterand a charge of EUR 1.8 million, or 55%, in the first quarter of 2005.The first quarter 2006 expense is almost in full a non-cash expense,given the carry forward losses existing in the applicable UnitedStates tax jurisdictions. The consolidated effective tax rate in thecurrent quarter reflects the dominance of our US pretax income tototal pretax income in combination with the non-tax deductible natureof dividends on financing preferred shares. The fourth quarter 2005tax benefit mainly resulted from non-recurring items, which were fullydisclosed in our 2005 Annual report.

Minority interest

The increase in minority interest compared to the fourth and firstquarter 2005, reflects the specific allocation of the gain realized onthe NYSE memberships in the current quarter in combination with theallocation of the impairment of specialist assignments to theseminority members as recognized in the fourth quarter of 2005 and theallocation of fair value changes on interest rate swaps in the firstquarter of that year.

EPS

The weighted average number of outstanding shares to calculatebasic earnings per share is 44,970,390, being the number outstandingat year-end 2005 with in addition the shares issued on January 2, 2006in relation to the acquisition of Curvalue and the shares issuable inrespect of the earn-out 2005 which are considered to be "earned" atacquisition date, adjusted for the number of shares held by Curvaluein Van der Moolen Holding N.V. These shares held by Curvalue reflect atrading position remaining from the time that Curvalue acted as thePrimary Market Maker of the Company's options on Euronext.liffe. Theseshares will be subsequently sold, when the related option positionsexpire.

Diluted EPS

For purposes of the determination of diluted EPS, the weightedaverage number of common shares outstanding is adjusted for thedilutive impact of the position held by Curvalue in options of Van derMoolen and for the number of shares that are issuable in respect ofthe Curvalue earn-out arrangement for the year 2006. The dilutiveimpact of the earn-out arrangement is determined on a quarterly basisand as a result of the performance of Curvalue during the firstquarter 2006 it has been assessed that no dilutive shares need to beconsidered in this respect.

Earnings per share

Profit per common share was EUR 0.25 in the first quarter 2006,compared to EUR 0.14 and EUR 0.04 in the fourth and first quarter of2005, respectively.

Balance sheet

Balance sheet total

On March 31, 2006 our Balance Sheet total was EUR 2.1 billion,almost tripling the EUR 731 million recognized at December 31, 2005.This increase is mainly due to the increase of current assets andcurrent liabilities, related to positions and clearing balancesarising from the trading activities of Curvalue. From an economicperspective, the market risk on the security positions of Curvalue islimited.

Intangible assets

Intangible assets, including goodwill, increased from EUR 70.1million at December 31, 2005 to EUR 123.5 million at March 31, 2006.This increase is mainly due to the recognition of intangiblesincluding goodwill in relation to the Curvalue acquisition. At March31, 2006, EUR 18 million of other intangible assets relate toCurvalue. An amount of approximately EUR 37 million has beenpreliminary determined as goodwill for this acquisition.

Guarantee capital

Guarantee capital, which consists of total equity plus thenon-current portion of our subordinated indebtedness (includingfinancing preferred capital and capital contributions from minoritymembers), increased from EUR 411.4 million to EUR 451.1 million duringthe period under review.

This increase is mainly due to the shares issued and issuableunder the acquisition agreement with Curvalue, and the incomecontribution during the period. These factors are partly offset by adepreciation of the US dollar (the US dollar depreciated against theeuro: at December 31, 2005 the euro/dollar rate was 1.1829 compared to1.2119 at March 31, 2006), a EUR 8.3 million repayment of subordinatedborrowings and a EUR 3.0 million negative change in fair valuereserve.

Cash and cash equivalents

The Group has approximately EUR 32 million of free-available cash(including disposition on security positions and other assets)(December 31, 2005: EUR 39 million). Further, it has EUR 15 millionavailable in short-term committed credit lines.

Non-current cash and cash equivalents

The non-current cash and cash equivalents reflect that part ofcash and cash equivalents that is held by VDM Specialists for purposesof compliance with the Net Liquid Asset (NLA) requirement set by theNew York Stock Exchange. The total NLA requirement amounts to $ 243million at March 31, 2006. It is our current assessment that the NLArequirement will be reduced by approximately $ 90 million in 2006.

NYSE Group shares

As mentioned above, the six NYSE memberships were converted incash and NYSE Group shares in March 2006. The balance sheet at March31, 2006, reflects the number of NYSE Group shares owned at the quotedbid price of those shares.

Related party balances

As a result of additional professional fee expenses andobligations incurred in respect of the Curvalue acquisition that areallocable to the sellers, a receivable of EUR 0.8 million isrecognized on the balance sheet at March 31, 2006 due from the formershareholders of Curvalue. This amount has been received in the secondquarter of 2006.

Cash flow

Cash flow from operating activities

Cash flow from operating activities amounted to EUR 0.6 millionnegative in the first quarter of 2006. The positive contribution ofincome cash flow, including tax received of EUR 12.7 million, is morethan fully offset by the EUR 7.5 million addition to non-current cashand cash equivalents and the cash used for working capital purposes ofEUR 5.8 million.

Cash flow from investing activities

Cash flow from investing activities amounted to EUR 12.9 million,mainly following the cash consideration received in relation to theNYSE merger and the receipt of the proceeds in January 2006 of thesale of four memberships in December 2005. The acquisition of Curvaluecontributed EUR 0.4 million to cash flow from investing activities,being the balance of cash held by this entity less the EUR 5.0 millioncash consideration paid on January 2, 2006.

Cash flow from financing activities

Cash flow from financing activities amounted to EUR 15.5 millionnegative, mainly as a result of the repayment of subordinated debt inMarch 2006, and interest payments.

Subsequent events

Preferred financing shares B

On April 5, 2006, the AGM approved the proposed changes to ourArticles of Association. Amongst others, these changes include anamendment of the articles in relation to our preferred financingshares. These changes will allow the Company to present the preferredfinancing capital, attached to the B shares, as an equity instrumentunder IFRS, whereas it has been treated a monetary liability since theadoption of IAS 32 on January 1, 2005. In conformity with theCompany's currency risk management policy to mitigate currency riskexposures on our income statement following foreign exchangemovements, subsequent to the AGM, an FX transaction has been executedto offset our net monetary euro position as a result of the change.

Dividend 2005

At the Annual General Meeting of shareholders on April 5, 2006,shareholders approved the declaration of a EUR 0.13 cash dividend orits approximate equivalent in shares. On April 21, 2005, 437,158common shares of Van der Moolen Holding N.V. were issued in respect ofthe optional stock dividend. The cash outflow related to the dividendwas EUR 2.3 million.

Trading on the Chicago Board of Exchange ("CBOE")

VDM Trading, LLC, an affiliate of VDM Specialists, LLC, startedearly May remote and floor-based market making in equity and indexoptions on the CBOE. VDM Trading's electronic options market-makingsystem is complemented by an institutional arm, which offers listedequity and index options to institutional customers.

Auditors for the financial year 2006

At the Annual General Meeting of Shareholders the SupervisoryBoard was mandated, in consultation with the Executive Board, to makea choice for the appointment of another international firm to auditthe financial statements of the Company for the fiscal year endingDecember 31, 2006. The Supervisory Board has engaged Ernst & Young asVan der Moolen's auditors for 2006.

For more information about Van der Moolen, please visitwww.vandermoolen.com or contact Investor Relations/CorporateCommunications, telephone +31 (0)20 535 6789.

N.B.:

Today, at 16:00 CET, Van der Moolen will host a conference callfor analysts. This will be webcast over www.vandermoolen.com.Invitations to participants have been distributed. For moreinformation, please contact Dana Johnston at Taylor Rafferty,telephone: +1 (212) 889 4350.

Disclaimer:

This press release contains forward-looking statements within themeaning of, and which have been made pursuant to, the PrivateSecurities Litigation Reform Act of 1995. All statements regarding ourfuture financial condition, results of operations and businessstrategy, plans and objectives are forward-looking. Statementscontaining the words "anticipate," "believe," "intend," "estimate,""expect," "hope," and words of similar meaning are forward-looking. Inparticular, the following are forward-looking in nature: statementswith regard to strategy and management objectives; pending orpotential acquisitions; pending or potential litigation and governmentinvestigations, including litigation and investigations concerningspecialist trading in the U.S.; future revenue sources; the effects ofchanges or prospective changes in the regulation or structure of thesecurities exchanges on which our subsidiaries operate; and trends inresults, performance, achievements or conditions in the markets inwhich we operate. These forward-looking statements involve risks,uncertainties and other factors, some of which are beyond our control,which may cause our results, performance, achievements or conditionsin the markets in which we operate to differ, possibly materially,from those expressed or implied in these forward-looking statements.We describe certain important factors to consider in connection withthese forward-looking statements under "Key Information - RiskFactors" and elsewhere in our annual filing with the U.S. Securitiesand Exchange Commission on Form 20-F. We caution you not to placeundue reliance on these forward-looking statements, which reflect ourmanagement's view only as of the date of this Report. We have noobligation to update these forward-looking statements.
Van der Moolen Holding
N.V.
Consolidated Profit and
Loss Account
(IFRS, Unaudited)
------------------------- -------------------------- -----------------
(amounts in millions of Q1 Q1 Q4
Euros, except per share
data) % %
2006 2005 2005
------------------------- -------------------------- -----------------

Revenues 36.9 27.4 35% 31.0 19%

Other gains and losses -
net 22.0 (2.6)946% 7.6 189%

Exchange, clearing and
brokerage fees (7.8) (4.8) 63% (5.4) 44%
Fixed employee benefit
expense (8.4) (6.9) 22% (6.8) 24%
Variable employee benefit
expense (4.2) (1.1)282% (2.2) 91%
Lease of exchange
memberships (0.6) (1.4)-57% (0.7) -14%
Information and
communication expense (1.5) (0.6)150% (0.7) 114%
Depreciation expenses (0.6) (0.4) 50% (0.4) 50%
Amortization expenses (1.0) (0.4)150% (0.5) 100%
Impairment of intangible
assets - - (13.6)
General and
administrative expenses (5.5) (4.8) 15% (8.1) -32%

Total operating expenses (29.6) (20.4) 45% (38.4) -23%

Operating profit 29.3 4.4 566% 0.2 14550%

Finance cost of financing
preferred shares (1.1) (0.7) (0.7)
Interest on minority
members' capital (0.3) (0.3) (0.4)
Foreign currency result -
net (0.3) 2.3 (0.1)
Other finance costs - net (2.1) (1.8) (2.1)

Profit before income tax
from continuing
operations 25.5 3.9 554% (3.1) 923%
Income tax benefit /
(expense) (11.5) (1.8) 6.9
Profit from continuing
operations 14.0 2.1 567% 3.8 268%

Profit (loss) from
discontinued operations
before income tax - - (0.5)
Income tax benefit /
(expense) - - 0.4
Profit (loss) from
discontinued operations - - (0.1)

Profit for the period 14.0 2.1 567% 3.7 278%
Profit attributable to
minority interest 2.9 0.6 (2.0)
Profit attributable to
common equity holders of
the Company 11.1 1.5 640% 5.7 95%
------------------------- -------------------------- -----------------

------------------------- -------------------------- -----------------
Average number of common
shares outstanding 44,970,390 39,343,295 14% 39,343,295 14%
Diluted average number of
common shares
outstanding 44,987,662 39,343,295 14% 39,343,295 14%
Per common share data:
Profit from continuing
operations per common
share 0.25 0.04 547% 0.14 80%
Diluted profit from
continuing operations
per common share 0.25 0.04 547% 0.14 80%
(Diluted) profit (loss)
from discontinued
operations per common
share - - (0.00)
Profit per common share 0.25 0.04 547% 0.14 70%
Diluted profit per common
share 0.25 0.04 547% 0.14 70%
------------------------- -------------------------- -----------------
Van der Moolen Holding N.V. Q1 Q1 % Q4 %
Revenue breakdown in millions of
Euros 2006 2005 2005
------------------------------------ ------------------- -------------
VDM Specialists 22.6 22.2 2% 24.2 -6%
Net gain on principal transactions 14.9 15.9 -6% 16.7 -11%
Commissions 5.5 5.4 3% 5.5 1%
Other 2.2 0.9 144% 2.0 10%
European Trading 7.9 5.2 52% 6.8 16%
Curvalue Principal Trading 5.1 - -
Curvalue Brokerage 1.3 - -
Unallocated and Holding - - -
------------------------------------ ------------------- -------------
Total revenues 36.9 27.4 35% 31.0 19%
------------------------------------ ------------------- -------------

------------------------------------ ------------------- -------------
Van der Moolen Holding N.V. Q1 Q1 % Q4 %
Operating profit before other gains
and losses (net), before
amortization of intangible fixed
assets and before impairment,
breakdown in millions of Euros 2006 2005 2005
-------------------------------------------------------- -------------
VDM Specialists 9.1 9.8 -7% 8.2 11%
European Trading 2.0 0.5 300% -
Curvalue Principal Trading 0.8 - -
Curvalue Brokerage (0.3) - -
Unallocated and Holding (3.3) (2.9)-14% (1.5)-120%
------------------------------------ ------------------- -------------
Total operating profit before other
gains and losses (net), before
amortization of intangible fixed
assets and before impairment 8.3 7.4 12% 6.7 24%
-------------------------------------------------------- -------------

------------------------------------ ------------------- -------------
VDM Specialists (VDMS) Q1 Q1 Q4
Key figures (IFRS) 2006 2005 2005
------------------------------------ ------------------- -------------
VDM Specialists revenues ($ million) 27.1 29.1 28.7
Net gain on principal transactions 17.2 20.8 19.8
Commissions 6.6 7.1 6.6
Other 3.3 1.2 2.3
Total share volume of trading on
NYSE (million) 104,614 96,486 101,888
Share volume of trading in VDMS
assignments (million) 12,813 11,964 12,897
VDMS market share in share volume
NYSE a) 12.2% 12.4% 12.7%
VDMS share volume of principal
shares traded (million) 1,908 2,108 1,978
Participation rate a) 14.9% 17.6% 15.3%
VDMS value of principal shares
traded ($ billion) 82 79 80
VDMS net gain on principal
transactions ($ million) 17.2 20.8 19.8
Realization rate (basis points) 2.1 2.6 2.5
------------------------------------ ------------------- -------------
Source: NYSE, Van der Moolen

a) The determination of the market share and participation rate isbased on share volume transacted on the NYSE. In previous periodscalculations were based on the dollar value of those transactions.Comparative figures have been adjusted accordingly.
Van der Moolen Holding N.V.
Consolidated Balance Sheet
(IFRS, unaudited)

----------------------------------------------------------------------
(amounts in millions of Euros) March 31, December
2006 31,
2005
----------------------------------------------------------------------
Assets
Non-current assets
Goodwill 60.9 24.8
Other intangible assets 62.6 45.3
Property, plant and equipment 5.4 4.0
Deferred income tax assets 70.6 80.8
Retirement benefit plans and other
long-term benefits 3.8 3.4
Loans and receivables 0.4 -
Available-for-sale financial assets 31.4 18.0
Cash and cash-equivalents 191.4 188.5

-------- ------
426.5 364.8
Current assets
Securities owned 1,255.0 91.8
Due from clearing organizations and
professional parties 292.0 127.6
Loans and receivables - 5.0
Current income tax receivables 5.8 8.9
Other current assets and prepaid
expenses 11.2 17.4
Cash and cash-equivalents 110.8 115.8

-------- ------
1,674.8 366.5
----------------------------------------------------------------------
Total assets 2,101.3 731.3
----------------------------------------------------------------------

Equity and liabilities
Capital and reserves attributable to
the Company's equity holders 271.6 221.2
Minority interest 10.6 10.9

-------- ------
Total equity 282.2 232.1
Non-current liabilities
Financing preferred shares 51.4 51.4
Capital of minority members 16.9 16.3
Subordinated borrowings 100.6 111.6
Long-term borrowings 1.0 1.4
Deferred income tax liabilities 10.0 1.1

-------- ------
179.9 181.8
Current liabilities
Securities sold, not yet purchased 1,253.5 77.7
Due to clearing organizations and
professional parties 206.0 65.9
Due to customers 4.4 -
Short-term borrowings 30.2 33.8
Bank overdrafts 111.7 114.2
Current income tax liabilities 4.5 4.3
Provisions 2.9 3.1
Other current liabilities and accrued
expenses 26.0 18.4

-------- ------
1,639.2 317.4
----------------------------------------------------------------------
Total equity and liabilities 2,101.3 731.3
----------------------------------------------------------------------


----------------------------------------------------------------------
Guarantee capital 451.1 411.4
----------------------------------------------------------------------
Van der Moolen Holding N.V.
Consolidated statement of cash flow/ Movement
schedule of shareholders'equity
(IFRS, unaudited)

Consolidated statement of cash flow
------------------------------------------ ------------- -------------
(Amounts in millions of Euros) 3 3
months months
2006 2005 *)
------------------------------------------ ------------- -------------
Cash flow from operating activities
Profit attributable to common equity
holders of the parent 11.1 1.5
Profit attributable to minority interest 2.9 0.6
Income tax expense 11.5 1.8
Depreciation and amortization of fixed
assets 1.6 0.8
Preferred financing dividend (non-cash
expense) 1.1 0.7
Foreign currency result - net 0.3 (2.3)
Finance cost- other, net 2.4 2.1
Share option expense - 0.1
Gain on NYSE memberships (22.0) -
Fair value loss on interest-rate swaps - 2.6
Movement in provisions (0.1) -
NYSE/SEC settlement - (1.5)
Income tax received, net 3.9 0.3
------- -------
12.7 6.7
(Increase)/ decrease in non-current cash
and cash equivalents (7.5) 8.4
(Increase)/ decrease in working capital (5.8) (29.5)
------ ------
(0.6) (14.4)
Cash flow from investing activities
Investments in tangible fixed assets, net
of divestments (1.0) (0.1)
Investments in intangible fixed assets (0.6) -
Acquisition group companies, less cash
balances held 0.4 -
Proceeds from NYSE memberships 13.9 -
Interest received 0.2 0.1
------ ------
12.9 -
Cash flow from financing activities
Repayments of subordinated borrowings and
long-term borrowings (8.7) (7.9)
Sale of treasury shares 0.2 -
Interest paid (6.0) (5.6)
Distributions paid to minority members,
net of capital contributed (1.0) (1.6)
------ ------
(15.5) (15.1)
Currency exchange differences on cash and cash-
equivalents, net of bank overdrafts 0.7 1.0

Change in cash and cash-equivalents, net
of amounts of bank overdrafts (2.5) (28.5)

Cash and cash-equivalents, net of amounts
of bank overdrafts at January 1, 1.6 40.1

------ ------
Cash and cash-equivalents, net of amounts
of bank overdrafts at March 31, (0.9) 11.6
----------------------------------------------------------------------
*) adjusted for presentation purposes

Movement in shareholders'equity
------------------------------------------ ------------- -------------
(Amounts in millions of euros) 3 3
months months
2006 2005
------------------------------------------ ------------- -------------

Shareholders' equity at January 1 221.2 234.4
Issued common shares and issuable shares
(Curvalue acquisition) 46.7 -
Change in accounting principles due to
adoption IAS 32 / IAS 39 - (51.6)
Currency exchange differences (4.6) 8.6
Profit attributable to common shareholders
for the period 11.1 1.5
Sale of treasury shares 0.2 -
Fair value change available-for-sale
assets, net of taxation (3.0) (0.3)
Stock option expense - 0.1
------ ------
50.4 (41.7)
------ ------
Shareholders' equity at March 31 271.6 192.7
------------------------------------------ ------------- -------------