By letter dated 17 January 2011, the French Republic nominated Mr  Dov Zerah (Chief Executive Officer of the Agence Française de Développement) for appointment as an Alternate Member of the Board of Directors following the resignation from the Board of Directors as of 17 January 2011 of Mr Jean-Michel Severino.

By letter dated 26 January 2011, the Board of Governors was invited to vote on the proposed appointment.

The decision to nominate Mr Dov Zerah was taken on 16 February 2011, the date on which the requisite majority of Governors' votes was reached.

The term of office of Mr Dov Zerah will expire in 2013, at the end of the day of the Annual Meeting of the Board of Governors during which the annual report, balance sheet and profit and loss account for the 2012 financial year are examined.