Stichting Preferente Aandelen Gamma Holding

On 18 February 1987 the current Stichting Preferente Aandelen Gamma Holding (‘the Foundation’) was established. The Foundation’s object is to protect the interests of the parent company Gamma Holding N.V. and all its stakeholders. A call option agreement has been concluded between the Foundation and Gamma Holding N.V. On the basis of this agreement the Foundation is entitled to take four per cent (4%) cumulative preference shares (previously named: four per cent (4%) participating preference shares) in the capital of Gamma Holding N.V. up to half the - following the issue, expanded - issued capital. The Foundation did not acquire any four percent (4%) cumulative preference shares during 2009. In 2009 Gamma Holding and the Foundation decided to terminate the existing put option, under which the company could request the Foundation to take four per cent (4%) cumulative preference shares. Gamma Holding N.V. also agreed to grant right of inquiry to the Foundation. The Foundation does not have loan facilities.

The Board of the Foundation is made up as follows:

Dr. J.V.H. Pennings, chairman

Drs. J. van den Belt

Drs. J.L. Brentjens

Drs. J.F. van Duyne

Mr. E.P. Heiden

The Executive Board of Gamma Holding N.V. and the Board of the Foundation are jointly of the opinion that the Foundation is a legal entity independent of Gamma Holding as referred to in article 5:71 of the Financial Supervision Act (Wet op het financieel toezicht).