By letter dated 10 June 2014, the United Kingdom of Great Britain and Northern Ireland, in common accord with the Federal Republic of Germany, the French Republic and the Italian Republic, nominated Mr John Sutherland (Senior Adviser, Prudential Regulation Authority) for appointment as a Member of the Audit Committee to replace Mr Thierry Francq, from the French Republic, who had tendered his resignation.

In addition, the President of the Bank and the Chairman of the Audit Committee proposed the appointment of Mr Uldis Cerps (Executing Director for banking supervision of the Swedish Financial Services Authority), from the Republic of Latvia, as Observer to the Audit Committee.

By letter dated 19 June 2014, the Board of Governors was invited to vote on the proposed appointments.

The decision to appoint Messrs John Sutherland and Uldis CERPS was taken on 30 June 2014, the date on which the requisite majority of Governors' votes was reached.

The term of office of both Mr John Sutherland and Mr Uldis Cerps will expire in 2020, at the end of the day either of the Annual Meeting or of the approval of the financial statements for the 2019 financial year, whichever is the later.