The Supervisory Board, upon recommendation by the Selection and Nomination Committee, appoints the members of the Board of Management, subject to notification to the Annual General Meeting of Shareholders (AGM).

Members of the Board of Management appointed in 2004 and thereafter shall be appointed for a maximum term of four years with possibility of re-appointment for consecutive four-year terms, in accordance with the Dutch Corporate Governance Code. Currently, Eric Meurice, appointed in October 2004 and re-appointed in April 2008, Frits van Hout, appointed in March 2009, and Frederic Schneider-Maunoury, appointed in March 2010, have been appointed for a four-year term.