On 3 July 2012, SNS Securities N.V. ("SNS") and ForFarmers Group B.V. (ForFarmers) have entered into an agreement pursuant to which SNS will act as from 4 July 2012 as liquidity provider for the trade in the Depository Receipts. The agreement is entered into for an indefinite period of time.
As a liquidity provider, SNS will facilitate in providing an orderly market and may therefore quote bid and offer prices. Consequentially, SNS may purchase and sell Depository Receipts at its own discretion, but at the risk and expense and for the account of ForFarmers.
SNS will take the following conditions into account when quoting bid and offer prices and effecting purchases and sales of Depository Receipts:
(I) the maximum spread between bid and offer prices will be 5%;
(II) the maximum volume per bid and offer price will be 10,000 Depository Receipts;
(III) the maximum long position to be held by SNS on behalf of ForFarmers at any time will be
EUR 5,000,000 (which amount will be calculated based on the purchase price of the
Depository Receipts purchased by SNS on ForFarmers' behalf);
(IV) SNS will not be allowed to create any short positions; and
(V) the maximum price which may be paid for a Depository Receipt by SNS will, in principle,
not be higher than the higher of the price of (a) the last independent trade on the MTF or
(b) the highest current independent bid on the MTF.
The fact that SNS acts as a liquidity provider for the trade in Depository Receipts does not guarantee that an active or liquid trading market for the Depository Receipts will develop.