Board compliance statement

The objectives set for the internal risk management process are to identify the significant financial, operational, social, regulatory, legal and environmental risks that the Company may face, to perform a mapping of these risks and to initiate actions to mitigate, reduce, transfer, hedge, keep and manage, or suppress them. The Company’s risk profile is reported in ‘Principal risks’, with a description of principal risks, their most important impact on the Company and the main mitigation actions, and the internal risk management and control systems.

The Company operates in a dynamic environment and there may be circumstances in which risks occur that had not yet been identified or in which the impact of identified risks is greater than expected. The Company’s internal controls are designed to manage these risks within limits acceptable to the Company, but may not always prevent or detect all misstatements, inaccuracies, errors, fraud or non-compliance with law and regulations, neither can they provide certainty as to the achievement of the Company’s objectives.

The Board is responsible for reviewing the Company’s organization of internal risk management and controls and for assessing their effectiveness. The Audit committee reviewed with management and internal audit the Company’s process of internal risk management and controls focusing on matters relating to financial reporting and on the main operational risks that have been identified, and on the result of actions that had been previously presented and performed by management.

The Board subsequently considered the results of the Audit committee’s review.

For purpose of compliance with the Dutch corporate governance code, to the best of its knowledge, the Board believes that, as regards the risks relating to financial reporting:

In conjunction with the European Union Transparency Directive, as incorporated in chapter 5.3 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht), the Board hereby declares that, to the best of its knowledge:

The Board

Mr. Alex Mandl

Non-executive Chairman of the Board

Mr. Olivier Piou

Executive Board member and Chief Executive Officer

Mr. Buford Alexander

Non-executive Board member

Mr. Philippe Alfroid

Non-executive Board member

Mr. Kent Atkinson

Non-executive Board member

Mr. Geoffrey Fink

Non-executive Board member

Mr. Johannes Fritz

Non-executive Board member

Mr. John Ormerod

Non-executive Board member

Mr. Arthur van der Poel

Non-executive Board member

Mr. Michel Soublin

Non-executive Board member

Amsterdam, March 8, 2011