Changed Risks for NATIONAL BANK HOLDINGS CORP (NBHC)

We may be required to repurchase mortgage loans or reimburse investors and others as a result of breaches in contractual representations and warranties

If we violate US Department of Housing and Urban Development (“HUD”) lending requirements or if the federal government shuts down or otherwise fails to fully fund the federal budget, our commercial FHA origination business could be adversely affected

The required accounting treatment of loans we acquire through acquisitions, including purchase credit impaired loans, could result in higher net interest margins and interest income in current periods and lower net interest margins and interest income in future periods

A failure in or breach of our security systems or infrastructure, or those of our third-party providers, could result in financial losses to us or in the disclosure or misuse of confidential or proprietary information, including client information, and could have a material adverse effect on us, or noncompliance with evolving privacy and data protection laws could have a material adverse effect on us

The value of our mortgage servicing rights can decline during periods of falling interest rates, and we may be required to take a charge against earnings for the decreased value

Reforms to and uncertainty regarding LIBOR and certain other indices may adversely affect our business

We have recorded goodwill as a result of acquisitions that can significantly affect our earnings if it becomes impaired

We may not be able to effectively manage our growth or other expansionary activity

We are still a relatively young Company with a limited and complex operating history from which investors can evaluate our past financial and operating performance