Annual Shareholders Meeting Flow T Traders N.V. 24 May 2017 - - PowerPoint PPT Presentation

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Annual Shareholders Meeting Flow T Traders N.V. 24 May 2017 - - PowerPoint PPT Presentation

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Annual Shareholders Meeting Flow T Traders N.V. 24 May 2017 Amsterdam Cluj Hong Kong New York Singapore Flow Traders | Agenda 1. Opening and announcements 2. Annual Report; Management Board remuneration; adoption of the annual

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SLIDE 1

Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Annual Shareholders Meeting Flow T Traders N.V.

24 May 2017

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SLIDE 2

Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Agenda

AGM 2017 2

1. Opening and announcements 2. Annual Report; Management Board remuneration; adoption of the annual accounts; dividend policy; determination of dividend

  • a. Annual report including corporate governance
  • b. Management Board remuneration
  • c. Adoption of the annual accounts (voting item)
  • d. Dividend policy and reservations
  • e. Determination of dividend (voting item)

3. Discharge of Management Board members (voting item) 4. Discharge of Supervisory Board members (voting item) 5. Authority to issue shares and restrict or exclude pre-emptive rights

  • a. Authority to issue shares (voting item)
  • b. Authority to restrict or exclude pre-emptive rights (voting item)

6. Authority to acquire own shares (voting item) 7. Auditor (voting item) 8. Any other business and closing

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SLIDE 3

Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

  • 1. Opening and announcements

AGM 2017 3

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SLIDE 4

Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 4

  • A. Annual Report including corporate governance
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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SLIDE 5

Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 5

  • A. Annual Report including corporate governance
  • 1. Management Board report
  • 2. Supervisory Board report
  • 3. Accountant statements
  • 4. Q&A
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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SLIDE 6

Flow Traders |

Overview w performance 2016

AGM 2017 6

  • Flow Traders had its best operational year in history
  • Regionally we realized a record annual result in the US and strengthened our number 1 position as ETP

Liquidity Provider in Europe by growing our market share in the region

  • Developments in Asia were addressed and started to show the first improvements. New Hong Kong
  • ffice has been announced for 2017
  • Flow Traders double-digit growth trajectory normalized in 2016 following an exceptional performance

in 2015 driven by market conditions

  • ETP market growth drivers kept pushing the ETP sector to new highs in 2016. The ETP Assets under

Management continued to set new highs, just like the number of ETP listings

  • Proposed final dividend of €0.70 brings total dividend for FY16 to €1.25, implying a 63% dividend pay
  • ut ratio and a 39% dividend CAGR since 2010
  • Strategy focused on organic growth across all regions and expansion into other asset classes

Market ETP Value Traded:

€ 21,287bn (flat YoY)

Global ETP AuM end 2016:

€ 3.32tn (+24.5% YoY)

Flow Traders’ NTI :

€ 250m (-18%% YoY)

Flow Traders’ ETP Value Traded:

€ 640bn (+6% YoY)

2016 EPS:

€ 1.98

Proposed Final Dividend 2016:

€ 0.70

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SLIDE 7

Flow Traders |

(25) (5) 15 35 55 75 95 115 135 155

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

€ bn Equity Fixed Income Commodities Other

24 66 50 107 85 46 2.00 1.85 2.39 1.99 2.28 1.77 1.56 1.64

1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

2,000 4,000 6,000 8,000 10,000 12,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

# Listings EMEA Americas APAC

Favorable long term trends continued despite speed bumps

AGM 2017 7

ETP Assets under Management grew 16.6% in 2H16 to another record level On-Exchange Market ETP Value Traded grew 16% in 4Q16 supporting a strong finish in 2016 ETP listings increased by 146 versus 3Q16 and predominantly driven by the Americas Net inflow* trends show strong flows in Equity ETPs in 4Q16 VIX rose in 4Q16 versus 3Q16 confirming increase in market activity Market Velocity ** grew quarter-on-quarter as ETP Value Traded rose quicker than Market ETP AuM

1,744 1,918 2,079 2,642 2,667 2,851 3,322

  • 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000

31 Dec 2013 30 Jun 2014 31 Dec 2014 30 Jun 2015 31 Dec 2015 30 Jun 2016 31-Dec-16

€ bn Equity Fixed Income Commodities Other

5,109 4,901 5,974 5,317 6,065 5,053 4,708 5,464

  • 1,000

2,000 3,000 4,000 5,000 6,000 7,000

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

€ bn 10 20 30 40 50 60

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

%

Quarterly Intraday High Quarterly Intraday Low Quarterly Average close level

76 109 23 83 111 143 8,024 8,024 8,556 8,891 9,117 9,542 9,644 9,790 * Source: Blackrock, Flow Traders, Bloomberg ** Market Velocity is the Market ETP Value Traded divided by the Market ETP Assets under Management

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Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Financial Results 2016

AGM 2017 8

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Flow Traders |

FY FY Adj. FY FY16 vs Consolidated (in €m) 2016 2015 2015

  • adj. FY15

Net Trading Income 250.0 304.7 304.7 (18%) Employee expenses (fixed) (25.9) (21.5) (21.5) 21% Employee expenses (variable) (58.4) (88.0) (121.1) (34%) Technology expenses (34.8) (27.5) (27.5) 27% Other expenses (12.2) (11.2) (13.0) 9% Operational Expenses (131.3) (148.0) (183.1) (11%) EBITDA 118.7 156.7 121.6 (24%) Depreciation / Amortisation (6.3) (6.8) (6.8) Write offs tangible assets (2.8) (0.5) (0.5) Result subsidiaries (0.2) 0.7 0.7 Profit Before Tax 109.4 150.1 115.1 (27%) Tax (17.5) (21.8) (17.8) Net Profit 91.9 128.3 97.3 (28%) EPS (in €) 1.98 2.76 2.09 EBITDA margin (in %) 47% 51% 40%

Maintained strong EBITDA margin despite increased investments

AGM 2017 9

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Flow Traders |

Balance Sheet remains healthy and unleveraged

AGM 2017 10

Condensed consolidated Financial Position Development of regulatory capital

142.8 202.2 247.0 252.2 270.1 84.3 123.5 94.0 136.7 168.2

204.3 280.3 340.0 298.9 343.0

50 100 150 200 250 300 350 400

31 Dec 2014 30 Jun 2015 31 Dec 2015 30 Jun 2016 31 Dec 2016

Regulatory Capital Regulatory Capital Required Total Trading Capital

Condensed Balance Sheet (In €m) ∆ 31 Dec 16 Assets 31 Dec 16 31 Dec 15

  • vs. 31 Dec 15

Trading Capital 343 340 4 Property, Equipment and Intangible Assets 23 24 (1) Other Assets 25 19 6 Total Assets 391 383 8 Equity & Liabilities Other Liabilities 113 122 (9) Tax Liabilities 8 14 (6) Total Liabilities 121 136 (15) Total Equity 270 247 24

  • For the fiscal year 2016 we propose a dividend of € 1.25
  • Interim dividend of EUR0.55 was paid in September 2016, leaving a final dividend of € 0.70
  • Dividend Payout ratio 63% is above dividend policy limit
  • Since 2010 a dividend CAGR of 39%

Highlights Dividend 2016

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Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Overview Results 1Q 2017

AGM 2017 11

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Flow Traders |

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1Q17 key developments & highlights

  • Level of volatility in 1Q17 slowed down

to the lowest level in over a decade (source: Bloomberg)

  • Underlying growth in ETP market

continued with global ETP AuM rising 9% q-o-q to € 3,610bn at the end of 1Q17 (Source: BlackRock)

  • Especially in Europe a strong rise in

ETP AuM was noted (source: Bloomberg/Morningstar)

  • Prevailing market sentiment resulted in

a drop in total Market ETP value traded by 10% q-o-q

  • Market velocity dropped to lowest point

since 1Q15

  • Flow Traders ETP Value Traded reached € 174.8bn in 1Q17, with ongoing strong

momentum in the US

  • Flow Traders’ 1Q17 ETP Value Traded showed strong growth Y-o-Y (+14%) versus a

declining market ETP Value Traded Y-o-Y (-19%)

  • Flow Traders’ 1Q17 NTI of € 48.3m reflects a resilient performance in historically slow

market conditions

  • Expenses developed as budgeted in 1Q17, as Technology investments and FTE growth

continued

  • Flow Traders further strengthened its presence in the ETF markets globally, amongst
  • thers by expanding its official liquidity provider ship by 20% Q-o-Q
  • Progress made in establishing FX trading and setting up the Hong Kong office
  • Continued strong cash flow resulted in further growth of Flow Traders’ Regulatory Capital
  • Flow Traders had zero loss days in 1Q17, making it over 34 months without a trading

loss

  • Rollout of strategic initiatives occurred in line with expectations and no changes have

been made to our 2017 targets

ETP market Flow Traders

Flow Traders shows resilient performance in slowest market conditions for over a decade

12

Market E ETP Value Traded 1Q17:

€ 4,900 bn (-10% Q-o-Q)

Global ETP AuM end 1Q17:

€ 3,610 bn (+8.6% Q-o-Q)

Flow Traders’ ETP Value T Traded 1Q17:

€ 174.8bn (-8% Q-o-Q)

Flow Traders’ NTI 1Q17:

€ 48.3m (-30% Q-o-Q)

EPS 1Q17:

€ 0.29

Net Profit 1Q17:

€ 13.6m (-45% Q-o-Q)

AGM 2017

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Flow Traders |

13

AGM 2017 13

Risk Management Focus ETP Pricing Excellence Proprietary Technology Platform Strong Team-Driven Culture

St Strategic update around our 4 core business competenties

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Flow Traders |

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  • Market share up in EMEA and the Americas
  • Consistent domination in On & Off-Exchange Trading in Europe
  • Growth in number of trading venues
  • Growth in number of products traded
  • Growth in number of institutional counterparties
  • Expand number of products traded
  • Further develop pricing models
  • Open Hong Kong office to increase footprint in region
  • Grow number of institutional counterparties particularly in the US and Asia
  • Explore liquidity providing in other asset classes

AGM 2017 14

2016 Achievements 2017 Objectives

  • Maintain competitive edge through ETP pricing excellence
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Flow Traders |

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  • Highly resilient trading platform throughout 2016
  • Progress technological infrastructure as planned
  • Improved ETP Pricing on the back of improved technology
  • Adapted Trading platform to OTC trading US
  • Develop Trading Platform further to trade more products in different regions
  • Accommodate growth in all asset classes
  • Continuously improve performance of our technological infrastructure
  • Improve exchange connectivity
  • Ensure timely embedding of upcoming regulatory changes

AGM 2017 15

2016 Achievements

  • 2017 Objectives

Continually enhance proprietary technology platform

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Flow Traders |

16

AGM 2017 16

2016 Achievements 2017 Objectives

  • FINRA license granted to engage in OTC trading in US
  • Grown in number of Prime Brokers
  • No loss days in 2016. Now 31 months without loss days
  • Proposed Total Dividend € 1.25
  • Almost MiFID II ready
  • Proactively engaged with regulators globally
  • Expand and optimize use of Prime Brokers
  • Optimize trading- and risk monitoring systems
  • Optimize risk controls to keep returns optimal
  • Monitor possible positive impact Fiduciary Ruling in the US and MiFID II

in Europe

  • Optimize capital usage
  • Continue to meet requirements for good Corporate Citizenship

Maintain risk management focus to warrant long term returns

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Flow Traders |

17

Team-driven culture underpins all initiatives

AGM 2017 17

2016 Achievements 2017 Objectives

  • 27% growth in headcount to facilitate growth in all areas
  • 35 junior traders hired, of which 17 in Amsterdam
  • CFO appointed, Marcel Jongmans, since 1 October 2016
  • Improved Employer Branding and Recruitment reach
  • Continue to grow headcount where needed and desired in 2017
  • New recruitment initiatives to improve Employer Branding and Talent Pool
  • Increase focus Recruitment on Technology sector
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Flow Traders | 18

Focus for future growth

AGM 2017

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  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 19

  • A. Annual Report including corporate governance
  • 1. Management Board report
  • 2. Supervisory Board report
  • 3. Accountant statements
  • 4. Q&A
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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Flow Traders |

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AGM 2017 20

Supervisory Board Report

Supervisory Board

Audit Committee Remuneration and Appointment Committee Risk Committee Trading and Technology Committee

Management Board

Trading Risk and Mid- Office Legal and Compliance Finance and Tax HR and Recruitment Technology Internal Audit and External Audit

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AGM 2017 21

Supervisory Board Report

Main topics in 2016

Supervisory Board Report

Senior Management External Auditor and Internal Audit Function Employees and Culture Risk Management Trading and Markets Strategy Evaluation and Governance

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  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 22

  • A. Annual Report including corporate governance
  • 1. Management Board report
  • 2. Supervisory Board report
  • 3. Accountant statements
  • 4. Q&A
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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Flow Traders N.V.

May 24, 2017 Audit Report 2016 Ernst & Young Accountants LLP

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Agenda

► Conclusions ► Key Audit Matters ► Other remarks

Page 24 AGM 2017

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Conclusions

► Audit of the financial statements

► True and fair view ► No unadjusted audit differences ► No differences of opinion related to estimates

► Annual report and Supervisory Board report

► Meets legal requirements and corporate governance code and no

inconsistencies with financial statements

► No material misstatements identified

Page 25 AGM 2017

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Key Audit Matters

► Fair value measurement of financial instruments ► Revenue recognition (net trading income) ► Reliability and continuity of IT

Page 26 AGM 2017

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SLIDE 27

Other remarks

► Initial audit ► Oversight ► Relation with the Board, Supervisory Board and Audit

committee

Page 27 AGM 2017

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Ernst & Young Accountants LLP

Ernst & Young Accountants LLP is a limited liability partnership registered in England and Wales with registered number OC335594. Ernst & Young Accountants LLP has its registered

  • ffice at 1 Lambeth Palace Road, London SE1 7EU, United Kingdom, its principal place of

business at Boompjes 258, 3011 XZ Rotterdam, the Netherlands and is registered with the Chamber of Commerce Rotterdam number 24432944.

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  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 29

  • A. Annual Report including corporate governance
  • 1. Management Board report
  • 2. Supervisory Board report
  • 3. Accountant statements
  • 4. Q&A
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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Q&A

AGM 2017 30

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  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 31

  • A. Annual Report including corporate governance
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

AGM 2017 32

General Remuneration Policy

The General Remuneration Policy aims to capture firm-wide overarching remuneration principles in a comprehensive manner For all staff, including members of the Management Board Aligned with the business, promoting prudent and risk-aware behavior Remuneration elements: limited fixed pay; ‘no profit, no variable pay’ Variable pay is deferred and subject to reduction or forfeiture No guaranteed remuneration; limited severance pay; no other benefits Key elements of our remuneration practices

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Flow Traders |

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AGM 2017 33

Management Board Remuneration – target framework

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Flow Traders |

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  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 34

  • A. Annual Report including corporate governance
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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Agenda item 2c (voting item)

AGM 2017 35

  • Adoption of Annual Accounts

It is proposed to adopt the annual accounts as drawn up by the Management Board and signed by the Management Board and the Supervisory Board on 16 March 2017. EY Accountants N.V. has audited the annual accounts and has issued an auditor's report

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Test question

AGM 2017 36

Enter chipcard on the side with the chip upwards

1. For / Yes 2. Against / No 3. Abstain / Don’t know

Test question: Will Ajax win the Euro League final tonight?

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Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Test question

AGM 2017 37

Test question: Will Ajax win the Euro League final tonight?

Enter chipcard on the side with the chip upwards

1. For 2. Against 3. Abstain

You may vote now

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Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Test question

AGM 2017 38

Test question: Will Ajax win the Euro League final tonight?

1. For 2. Against 3. Abstain

Voting is closed

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Agenda item 2c

AGM 2017 39

Enter chipcard on the side with the chip upwards

1. For 2. Against 3. Abstain

  • Adoption of the annual accounts
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Flow Traders |

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Agenda item 2c

AGM 2017 40

Enter chipcard on the side with the chip upwards

1. For 2. Against 3. Abstain

  • Adoption of the annual accounts

You may vote now

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Flow Traders |

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Agenda item 2c

AGM 2017 41

  • Adoption of the annual accounts

1. For 2. Against 3. Abstain

Voting is closed

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Flow Traders |

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  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 42

  • A. Annual Report including corporate governance
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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  • 2. Annual Report; Management Board remuneration;

adoption of the annual accounts; dividend policy and reservations; determination of dividend

AGM 2017 43

  • A. Annual Report including corporate governance
  • B. Management Board remuneration
  • C. Adoption of the annual accounts (voting item)
  • D. Dividend policy and reservations
  • E. Determination of dividend (voting item)
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Agenda item 2e (voting item)

AGM 2017 44

  • Determination of Dividend

It is proposed to the General Meeting that a total cash dividend of €1.25 per share will be paid out to shareholders for the financial year 2016, subject to a 15% dividend tax withholding tax (dividendbelasting). An interim cash dividend of €0.55 per share has been paid out on 7 September 2016. This means that the final cash dividend proposal to the General Meeting is €0.70 per share.

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Agenda item 2e

AGM 2017 45

1. For 2. Against 3. Abstain

  • Determination of Dividend
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Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Agenda item 2e

AGM 2017 46

1. For 2. Against 3. Abstain

  • Determination of Dividend

You may vote now

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Flow Traders |

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Agenda item 2e

AGM 2017 47

  • Determination of Dividend

1. For 2. Against 3. Abstain

Voting is closed

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  • 3. Discharge of Management Board members (voting item)

AGM 2017 48

It is proposed to discharge the members of the Management Board from liability in respect of the performance of their management duties to the extent that such performance is apparent from the annual accounts or has been otherwise disclosed to the General Meeting before the resolution is adopted.

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Agenda item 3 (voting item)

AGM 2017 49

1. For 2. Against 3. Abstain

  • Discharge of Management Board members
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Agenda item 3 (voting item)

AGM 2017 50

1. For 2. Against 3. Abstain

  • Discharge of Management Board members

You may vote now

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Agenda item 3 (voting item)

AGM 2017 51

  • Discharge of Management Board members

1. For 2. Against 3. Abstain

Voting is closed

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  • 4. Discharge of Supervisory Board members (voting item)

AGM 2017 52

It is proposed to discharge the members of the Supervisory Board from liability in respect of the performance of their supervisory duties to the extent that such performance are apparent from the annual accounts or has been otherwise disclosed to the General Meeting before the resolution is adopted.

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Agenda item 4 (voting item)

AGM 2017 53

1. For 2. Against 3. Abstain

  • Discharge of Supervisory Board members
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Agenda item 4 (voting item)

AGM 2017 54

1. For 2. Against 3. Abstain

  • Discharge of Supervisory Board members

You may vote now

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Agenda item 4 (voting item)

AGM 2017 55

  • Discharge of Supervisory Board members

1. For 2. Against 3. Abstain

Voting is closed

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  • 5. Authority to issue shares and restrict or exclude

pre-emptive rights

AGM 2017 56

A. Authority to issue shares (voting item) B. Authority to restrict or exclude pre-emptive rights (voting item)

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Agenda item 5a (voting item)

AGM 2017 57

  • Authority to issue shares

It is proposed to renew the authority of the Management Board to, subject to the Supervisory Board’s approval, issue ordinary shares or to grant rights to subscribe for ordinary shares for a period of 18 months from the date of this General Meeting (i.e. up to and including 24 November 2018) for up to 10% of the total number of shares issued at the time of the General Meeting for any purposes.

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Agenda item 5a (voting item)

AGM 2017 58

1. For 2. Against 3. Abstain

  • Authority to issue shares
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Agenda item 5a (voting item)

AGM 2017 59

1. For 2. Against 3. Abstain

  • Authority to issue shares

You may vote now

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Agenda item 5a (voting item)

AGM 2017 60

  • Authority to issue shares

1. For 2. Against 3. Abstain

Voting is closed

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Agenda item 5b (voting item)

AGM 2017 61

  • Authority to restrict or exclude pre-emptive rights

It is proposed to renew the authority of the Management Board, subject to the Supervisory Board’s approval, to restrict or exclude applicable pre-emptive rights when issuing ordinary shares or granting rights to subscribe for ordinary shares as set out in item 5.a. above for a period of 18 months from the date of this General Meeting (i.e. up to and including 24 November 2018).

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Agenda item 5b (voting item)

AGM 2017 62

1. For 2. Against 3. Abstain

  • Authority to restrict or exclude pre-emptive rights
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Agenda item 5b (voting item)

AGM 2017 63

1. For 2. Against 3. Abstain

  • Authority to restrict or exclude pre-emptive rights

You may vote now

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Agenda item 5b (voting item)

AGM 2017 64

  • Authority to restrict or exclude pre-emptive rights

1. For 2. Against 3. Abstain

Voting is closed

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  • 6. Authority to acquire own shares (voting item)

AGM 2017 65

  • Authority to acquire own shares

It is proposed to renew the authority of the Management Board to, subject to the Supervisory Board’s approval, acquire shares in the capital of the Company, either through purchase on a stock exchange

  • r otherwise. The authority will apply for a period of 18 months from the

date of this General Meeting (i.e. up to and including 24 November 2018), under the following conditions: (i) up to 10% of the total number of shares issued at the time of the General Meeting; (ii) provided that the company will not hold more shares in stock than 10% of the issued share capital; and (iii) at a price (excluding expenses) not less than the nominal value

  • f the shares and not higher than the opening price on

Euronext Amsterdam on the day of repurchase plus 10%.

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Agenda item 6 (voting item)

AGM 2017 66

1. For 2. Against 3. Abstain

  • Authority to acquire own shares
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SLIDE 67

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Agenda item 6 (voting item)

AGM 2017 67

1. For 2. Against 3. Abstain

  • Authority to acquire own shares

You may vote now

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SLIDE 68

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Agenda item 6 (voting item)

AGM 2017 68

  • Authority to acquire own shares

1. For 2. Against 3. Abstain

Voting is closed

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SLIDE 69

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  • 7. Auditor (voting item)

AGM 2017 69

  • Auditor (voting item)

In accordance with the recommendations of the Audit Committee, the Supervisory Board proposes to appoint Ernst & Young Accountants LLP as external auditor of the Company for the current financial year.

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SLIDE 70

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Agenda item 7 (voting item)

AGM 2017 70

1. For 2. Against 3. Abstain

  • Auditor
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SLIDE 71

Flow Traders |

Amsterdam Cluj Hong Kong New York Singapore

Agenda item 7 (voting item)

AGM 2017 71

1. For 2. Against 3. Abstain

  • Auditor

You may vote now

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SLIDE 72

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Agenda item 7 (voting item)

AGM 2017 72

  • Auditor

1. For 2. Against 3. Abstain

Voting is closed

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SLIDE 73

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  • 8. Any other business and closing

AGM 2017 73

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SLIDE 74

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Thank you!

Amsterdam Cluj Hong Kong New York Singapore

If you leave the AGM would you be so kind to return your chipcard and keypad