Composition of the Managing Board

As at 31 December 2009, the Managing Board was composed of five members, who are also members of the Managing Board of NIBC Holding (see following table). Rob ten Heggeler became a member of the Managing Board and head of Merchant Banking as per 17 August 2009. Jan van Nieuwenhuizen offered his resignation to the Supervisory Board to continue his career elsewhere in August 2009. The Supervisory Board accepted his resignation and thanked him for his dedication and contribution. On 10 September 2009, Jeroen van Hessen succeeded Jan van Nieuwenhuizen as member of the Managing Board and head of Specialised Finance & Treasury. Kees van Dijkhuizen was subsequently appointed as Vice-Chairman of the Managing Board.