Report of the Management Board

Conclusion

In conclusion, we address a word of thanks to our shareholders and clients for the support they have given us in the past year. Falling stock markets made 2008 a painful year for most investors, and thus BinckBank's shareholders and clients. We hope the market will improve in 2009. We shall spare no effort to continue growing the business and continue amazing our clients with the quality of our services. We also take this opportunity to thank all our staff, with whose help rapid progress has been made with the integration project (the repercussions of which for human resources are discussed in the section entitled 'Personnel and organisation') and whose commitment, knowledge and expertise were instrumental in BinckBank's success in 2008.

Amsterdam, 6 March 2009

Thierry Schaap, Chairman of the Management Board

Pieter Aartsen, Member of the Management Board

Nick Bortot, Member of the Management Board

Evert Kooistra, Member of the Management Board