The Extraordinary General Meeting of Shareholders of Van Lanschot NV held on 1 June 2010 voted in favour of the proposed conversion of the preference shares as announced by Van Lanschot on 6 May 2010 and the related proposal to amend the Articles of Association.
The conversion of preference shares into ordinary A shares was completed today. This conversion leads to a 16.5% increase in the number of ordinary shares. The dilution effect on earnings per share is limited due to the fact that the annual dividend on the preference shares of 11.25 million is no longer due.
The conversion of the preference shares would lead to a Core Tier I ratio at 31 March 2010 (pro forma, core activities) of 8.0%. Following this conversion, Van Lanschot expects to be able to meet the new capital requirements which will be imposed by Basel III.
's-Hertogenbosch, 1 June 2010
Van Lanschot Media Relations: Etienne te Brake, Corporate Communication spokesperson
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