4   Group Management

4.1     Members of Group Management

Group Management is appointed by the Board of Directors. On the balance sheet cut-off date, it consisted of three members: the Chief Executive Officer, the Head of Real Estate and the Chief Financial Officer. Since the departure of the Head of Projects & Development in 2012, his role has been assumed ad interim by the Chief Executive Officer. In respect of the departure of the Head of Projects & Development, no additional payments or supplementary benefits were granted beyond the contractual obligation to continue paying salary until the end of the contract or payment of a pro rata variable remuneration. The contractual period of notice for all members of Group Management is six to twelve months. For information on individual members of Group Management, refer to page 13 of the Annual Report.

4.2     Other activities and vested interests

For details of other work and functions performed by individual members of Group Management, outside Allreal, see page 13 of the Annual Report.

4.3     Management contracts

Allreal has not outsourced any management activities to third parties.