Report of the Supervisory Board

Introduction

BinckBank's focus in 2008 was on the acquisition of Alex Beleggersbank and the resultant integration activities, the further professionalisation of the organisation, the preparations for setting up a platform for best-execution services, the launch of a share buy-back programme and the credit crunch. BinckBank continued to pursue its strategy, including the disposal of the last of its trading activities, thereby drawing to a successful conclusion the process initiated in 2004 to transform BinckBank from a trading-based business into an organisation focused more on securities brokerage and other activities. The Supervisory Board continued its close involvement in general aspects of BinckBank's operations in 2008.

BinckBank turned in a good performance last year. In a period when many financial institutions found themselves in difficulty because of the credit crunch, BinckBank was able to post positive results. The integration of Alex Beleggersbank has yielded substantial cost savings and strengthens BinckBank's position for the future. However, that does not mean that BinckBank was unaffected by the downward spiral of the financial markets in 2008 as a consequence of the credit crunch. Investor confidence was regularly tested by events, but active investors also saw opportunities in the volatile prices.