Report of the Supervisory Board

Meetings of the Audit Committee in 2008

The Supervisory Board has appointed an Audit Committee from among its members. The Audit Committee currently consists of Messrs. J.K. Brouwer (Chairman), C.J.M. Scholtes and L. Deuzeman. Its meetings are attended by the Chairman of the Management Board, the CFO, the manager of the Internal Audit Department (IAD) and the manager of the Compliance department. The Audit Committee meets the current requirements as to its independence and has sufficient members who possess the necessary financial expertise.

The Audit Committee met on six occasions in 2008, in February (2x), April, June, September and December.

The Audit Committee is responsible for overseeing the implementation and operation of the system of internal control and risk management and monitoring the implementation of the external auditors' recommendations and the functioning of the IAD. Supervision of the company's financial reporting is the responsibility of the Supervisory Board. The Audit Committee met five times in 2006. All the meetings are attended by the Chairman of BinckBank's Management Board.

The audits performed by the IAD and the Compliance department and their findings and recommendations were discussed at the meetings of the Audit Committee, which concluded that the internal control measures and organisational safeguards in respect of the risks covered by the analysis were adequate. Specific comments and recommendations by the Audit Committee are discussed in the section entitled 'Risk management under Basel II and Pillar III disclosure' in the report of the Management Board on page 32 of this annual report.

The managers/directors of the IAD, Finance & Control, IT, Alex Asset Management, Risk Management and Operations departments gave several presentations on developments within their departments, to provide the Audit Committee with a good overview of the functioning of those departments and the progress achieved in the integration of BinckBank and Alex Beleggersbank.