Proposals and recommendations to the AGM

FMO's Supervisory Board endorses the Report of the Management Board. We propose that the Annual General Meeting of Shareholders (AGM) adopts the 2011 annual accounts audited by KPMG Accountants N.V.

In accordance with Article 6(2) of the Agreement State-FMO of November 16, 1998, we propose that the AGM approves the allocation of €88.8 million (2010: €119.9 million) to the contractual reserve. The remaining amount of €4.3 million (2010: €6.2 million) is the distributable component of profits. We recommend that the AGM adopts the Management Board's proposal to pay a cash dividend of €5.36 (2010: €4.66) per share and allocate the remaining €2.1 million to other reserves. We propose that the AGM reappoints KPMG Accountants N.V. as external auditors. We trust the AGM will also discharge the Management Board for its management of FMO and the Supervisory Board for its supervision during the reporting year.

Furthermore, the Supervisory Board requests that the AGM approves the new remuneration policy for the Management Board. As Dolf Collee final term has come to an end the Supervisory Board submits the nomination of his successor and the reappointments of Agnes Jongerius and Pier Vellinga for the Supervisory Board to the AGM of May 2012.