The Dutch Corporate Governance Code

The Corporate Governance Committee (Tabaksblat Committee) published the Dutch Corporate Governance Code (“the Code”) in 2003. On December 2008, the Dutch Corporate Governance Code Monitoring Committee (Frijns Committee) presented the revised Code. The revised Code has entered into force on 1 January 2009.

The Code applies to companies listed on a stock exchange. Even though GarantiBank International N.V., as a non-listed company is not required to adhere to the Dutch Corporate Governance Code, we continue to place a high value on a transparent governance structure and we adhere substantially to this Code.

The Code contains principles and best practice provisions that regulate relations between the Managing Board, the Supervisory Board and the shareholders (i.e. the general meeting of shareholders). The principles may be regarded as reflecting the general views on good corporate governance, which enjoy wide support.

The Banking Code, which applies to GarantiBank International N.V., contains principles that are based on the Dutch Corporate Governance Code.