Report of the Works Council

The BinckBank Staff Council hereby reports on its activities in 2008.

In late 2007, when it was clear that BinckBank would acquire the activities of Alex Beleggersbank as from
1 January 2008, the then Works Council of BinckBank (Alex Beleggersbank did not have its own staff council) decided to increase its membership by the temporary addition of a delegation from Alex Beleggersbank so that, well in advance of the statutory date for new elections, it would be appropriately constituted to deal with a wide range of issues. A large number of staff left - as was expected - in the first few months and a major relocation exercise between the two sites had to be completed before the integration process could really start. A big staff party was organised to mark the occasion, which was greatly enjoyed by all present.

In the elections held in April, in which votes were cast electronically for eight existing and new Works Council seats, there was a high 70% turnout. The new but comparatively inexperienced Works Council took office in May, starting with an on-site course for all nine members, from a range of groups and disciplines.

The focus in the second half of the year was on harmonising the terms of employment as between BinckBank and Alex Beleggersbank. The process was divided into two phases. In the first phase, the objective was to arrive at an appropriate scheme to compensate the former Alex Beleggersbank staff for their accrued Rabobank rights. The second phase focused on revising and, where possible, improving the Binck employment terms. After several months' negotiation, agreement was reached in early December and the Works Council gave its consent to a comprehensive compensation package. A start will be made early in 2009 on two of the most important elements in the second integration phase: updating the job profiles and designing a new pay structure.

Other items on the agenda in 2008 included new private investment rules, an incentive scheme for key executives and various matters relating to health and safety.

The Works Council worked with the Management Board and the Human Resources department in an excellent spirit of cooperation last year. The consultation meetings were held in a friendly and open atmosphere and covered a wide range of issues. The mix of BinckBank staff and former Alex Beleggersbank staff means that the Works Council is representative of its constituency and is able to balance the interests of the company and the staff. We expect this spirit of cooperation to be sustained in 2009 and intend to use the experience gained in 2008 to become even more professional.

Rogier van Arkel

Chairman of the BinckBank N.V. Works Council

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