Jan de Kreij new CEO Corio

The Supervisory Board will propose Jan de Kreij to be the CEO of Corio at the annual shareholders meeting on 23 April 2004. Since May 2003 he was already appointed as CEO ad-interim.

The likely appointment of Jan de Kreij was expected by us and the market, as the whole process of finding a new CEO has already taken a long time. In August 2003 Jan de Kreij told analysts during his presentation of the interim results that neither a candidate profile was drawn, nor talks with external candidates had been executed, while the previous CEO of Corio, Mr T Wernink, left the company in December 2002. We concluded at that time that either Jan de Kreij would stay on as CEO or that something else, like a merger, was going on.

The remuneration policy of Corio will be revised in December 2004. However, the agreed total remuneration of Jan de Kreij will be EUR 610,000 in 2004. This amount compares with EUR 667,000 in 2003, but with EUR 407,000 of the previous CEO Mr Wernink. Based on these figures, it looks that the total remuneration payment has risen by 50% in two years time. Compared to two peers the remuneration is the same as the CEO of Eurocommercial Properties earned last year, but higher than the CEO of
Wereldhave (EUR 381,000).

Source: ABN AMRO Real Estate

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