3. Remuneration of the Board of Management

Fixed remuneration

The Supervisory Board decided to increase the fixed salary of the President and Chief Executive Officer by 2% with effect from 1 January 2008 in recognition of performance, based on the performance appraisal and experience of the executive directors and the relationship between their fixed remuneration and what is customary for similar positions in the Dutch remuneration market. No adjustment was made to the fixed salary of the Chief Operating Officer, who at that time had been an executive director for one month. Additionally, an index-linked increase of 2.5% was awarded plus an increase of 0.8% in the year-end bonus, in each instance in accordance with developments in the collective labour agreement.

The relative position of the fixed salary of the Board of Management (registered directors) compared with the median of the general remuneration market came to:

Variable remuneration

Based on achievement of preset targets, the Supervisory Board decided to award the Board of Management the following percentage of maximum variable remuneration over 2008:

This resulted in the following remunerations over 2008:

J.M. Kroon MBA, President and Chief Executive Officer

W.A Keus, Chief Financial Officer (director since 1 February 2008)

B.G.M. Voorhorst MBA, Chief Operating Officer (director since 1 December 2007)

The following amounts were paid in pension contributions in 2008:

* The pension contributions include a supplement equal to the deducted employee’s portion of the pension contributions (EUR 31,000 in 2008, EUR 33,000 in 2007). This employee’s portion was presented under fixed remuneration in previous reports.