In November 2007 Jean-Paul Votron, CEO of Fortis, Sir Fred Goodwin (CEO of RBS) and Juan Iniciarte (General Manager of Santander) joined the Supervisory Board of ABN AMRO. In addition, a revised Managing Board was set up within ABN AMRO. The Managing Board is headed by Mark Fisher from RBS with Fortis Executive Committee former member Karel de Boeck as Vice-president (Karel de Boeck stepped down as Executive Committee member after his appointment to the ABN AMRO Managing Board).

A transition process has been developed with detailed plans for the separation of businesses in order to minimise the uncertainty for staff and other stakeholders. In each function and Business Unit, the Managing Board has created a Transition Steering Group (‘TSG’). Every TSG comprises the relevant functional experts/managers seconded to ABN AMRO Group from the appropriate Consortium members for the period of the transition and the relevant ABN AMRO Group functional executive/business manager.

Each TSG is responsible for the planning of the orderly separation of businesses in line with the guiding principles agreed by the Banks according to the Consortium and Shareholders’ Agreement.

All the TSG’s report to a Transition Management Committee which is a sub-committee of the Managing Board. It is responsible for reviewing and coordinating the individual plans in order to create an integrated plan for the whole transition including appropriate risk management and control mechanisms.

The Consortium intends to continue the close and continuous dialogue which has already been established with the Dutch central bank (DNB). In particular, relevant approvals will be obtained from DNB for each separation before implementation. Fortis already welcomed the permission from DNB concerning the proposed demerger of ABN AMRO Asset Management. This demerger is expected to be completed at the end of the first quarter of 2008.