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Report of the Supervisory Board



Annual Report

The Supervisory Board is pleased to present the annual report accompanied by the financial statements for 2012. The annual report was drawn up by the Management Board. PricewaterhouseCoopers Accountants N.V. have audited the financial statements and issued an unqualified audit opinion, which can be found under Other information as part of the Financial Statements 2012 section of this report. The Audit Committee discussed the financial statements extensively with the Chief Financial Officer (CFO), her team and the external auditor. The Supervisory Board subsequently discussed the annual report with the Management Board in the presence of the external auditor. These discussions have convinced the Supervisory Board that this annual report meets all relevant rules and transparency requirements and that it provides a sound basis for our Board's supervisory accountability.

The Supervisory Board approves the financial statements and concurs with the Management Board's proposal to distribute a dividend of 108 million euros on the issued share capital. After an addition to the revaluation reserve amounting to 6 million euros and a release from the other statutory reserves of 15 million euros, the remaining portion of 111 million euros will be added to the retained earnings. The financial statements will be put before the General Meeting of Shareholders for adoption on 17 April 2013. The Supervisory Board proposes that the Management Board be granted discharge in respect of the management carried out by them, that the Supervisory Board be granted discharge for the supervision exercised and that the financial statements be adopted.