Share buy-back programme

Van Lanschot started a share buy-back programme for at most 200,000 depositary receipts for ordinary A shares (the "shares") on 16 August 2011. The programme ended on 31 December 2011. A total of 188,124 shares were repurchased under the share buy-back programme at an average price of EUR 25.3271 (see table below). The purpose of the share buy-back programme was to cover the award of shares to employees under the current remuneration policy and the employee share plan.

This share buy-back programme was carried out in accordance with the mandate given by the General Meeting of Shareholders on 11 May 2011 (hereafter: ‘the AGM’).

The AGM granted the authority to repurchase own shares at an acquisition price not exceeding the highest price at which the shares are traded on the exchange on the date on which the agreement to acquire the shares is concluded (hereafter: ‘the shareholders resolution’). The maximum consideration paid for the shares was the lower of (i) the last independent trade and the highest current independent bid on Euronext Amsterdam, whichever is the highest, and (ii) the maximum price as mentioned in the shareholders resolution.

The number of shares repurchased each week during the programme is set out in the table below.