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Remuneration of the Management Board in 2012

The Supervisory Board is asked annually for approval to also apply the collective salary increase, as specified in the Collective Labour Agreement (CLA) for Schiphol employees, to the fixed salaries of the Management Board. The collective salary increase over 2012 amounted to 1.25% as of 1 April 2012 in combination with a non-recurrent payment of 0.85% of the annual salary. The Management Board members have decided to not submit requests to the Supervisory Board for salary increases (or any non-recurrent payments) over 2012. The fixed salaries did not increase in 2012.

In view of the achieved financial results in comparison to the ROE target for 2012, the Management Board members qualify for a swing factor of 1.25. Following consultations between the Management Board and the Remuneration Committee, variable remuneration was set at 'on-target' (no swing factor). With regard to the joint non-financial operational and public targets for the Management Board, the Supervisory Board is of the opinion that the Management Board has achieved these targets to such an extent that that two-thirds is granted. This took place in accordance with the Remuneration Committee's recommendations.

The Supervisory Board has assessed the overall performance of the Management Board members as good, whereby it has taken into account that the Management Board has made a substantial effort in 2012 to realise the company's strategic objectives and that solid financial results were achieved under challenging market conditions. Concluding, the Supervisory Board has allocated a total realisation of 30.0% of the fixed salary of the President & CEO, 16.2% for the new CFO and 28.3% for the other Management Board members.

In accordance with the Remuneration Committee's recommendation, the Supervisory Board has set the swing factor for the long-term incentive 2010-2012 for Mr Nijhuis, Mr Rutten and Mr De Groof at 1.5.

For Mr Verboom, it is the case that he has not completed the LTI tranches 2010 – 2012, 2011 – 2013 and 2012 – 2014 as well as the STI period 2012. The time proportional value of this variable remuneration component was therefore paid out in 2012 as on target. The gross value of this settlement amounted to 330,000 euros.