Corporate governance statement

Gimv applies the Belgian Corporate Governance Code for listed companies (2009) as its point of reference (www.corporategovernancecommittee.be).

Independent studies have shown that Gimv’s corporate governance policy is highly in conformity with the recommendations and guidelines of this Code. Grant Thornton’s Corporate Governance Survey confirmed that the annual report relating to financial year 2011-2012 corresponds for 97 percent with the point of reference (compared to an average of 87 percent for 118 Belgian listed companies). PwC Business Advisors’ Corporate Governance Survey for 2011 had a similar outcome.

The most important aspects of Gimv’s corporate governance policy are explained in its Corporate Governance Charter. The full text is available on Gimv’s website (www.gimv.com) and, on request, Gimv will send a hard copy by regular mail. Gimv updates its Corporate Governance Charter whenever there are relevant developments. The most recent version was approved by the board of directors on 19 April 2011.

Changes and relevant events that occured during the past financial year, are amplified in the following corporate governance statement. In order to obtain a complete picture, this chapter can best be read together with the Corporate Governance Charter.