Rabobank Group Annual Report 2006

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1 Rabobank Group Annual Report 2006

2 Key figures Volume of services (in EUR millions) Total assets 556, , , , , ,720 Private sector lending 324, , , , , ,323 Due to customers 215, , , , , ,632 Assets managed and held in custody 286, , , , , ,000 Financial position and solvency (in EUR millions) Equity 29,377 26,349 23,004 18,143 15,233 14,261 Tier I capital 26,391 24,860 21,404 22,621 19,660 17,202 Qualifying capital 27,114 25,272 21,205 22,586 19,892 17,414 Risk-weighted assets 247, , , , , ,843 Solvency requirement 19,797 17,112 15,684 15,887 14,626 13,268 Tier I ratio BIS ratio Profit and loss account (in EUR millions) Total income 10,049 9,363 9,222 10,055 9,018 8,518 Operating expenses 6,887 6,242 6,177 6,732 6,243 5,839 Value adjustments Addition to the fund for general banking risks Operating profit before taxation 2,712 2,604 2,566 2,809 2,348 1,927 Net profit 2,345 2,083 1,793 1,536 1,370 1,222 Ratios Return on equity 3 9.4% 9.7% 9.1% 10.1% 9.6% 9.9% Efficiency ratio 68.5% 66.7% 67.0% 67.0% 69.2% 68.5% Nearby Local Rabobanks Offices: - branches 1,214 1,249 1,299 1,299 1,378 1,516 - contact points 3,091 3,031 2,965 2,965 2,800 2,697 Cash dispensing machines 3,139 3,116 3,062 3,062 2,981 2,979 Foreign offices Employees - total number 56,209 50,988 56,324 56,324 57,055 58,096 - full-time equivalents 50,573 45,580 50,216 50,216 50,849 51,867 Employee satisfaction 87% 81% 85% 85% 85% 84% Client data Members (x 1,000) 1,641 1,551 1,456 1,456 1,360 1,108 Membership/customer ratio 18.4% 17.7% 16.7% 16.7% 16.0% 13.2% Rating Standard & Poor s AAA AAA AAA AAA AAA AAA Moody s Investor Service Aaa Aaa Aaa Aaa Aaa Aaa Dominion Bond Rating Service AAA AAA AAA AAA AAA AAA SAM rating (corporate social responsibility) 4 80% 74%

3 Volume of services (in EUR millions) Total assets 363, , , , ,222 Private sector lending 197, , , , ,569 Due to customers 172, , , ,826 98,307 Assets managed and held in custody 194, , , ,100 83,700 Financial position and solvency (in EUR millions) Equity 12, ,458 11,217 10,381 9,708 Tier I capital 15, ,653 13,007 11,817 11,113 Qualifying capital 15, ,093 13,650 12,660 11,947 Risk-weighted assets 152, , , , ,163 Solvency requirement 12,225 11,382 10,384 9,156 8,573 Tier I ratio BIS ratio Profit and loss account (in EUR millions) Total income 8,388 7,714 6,801 5,832 5,280 Operating expenses 5,965 5,459 4,826 4,099 3,730 Value adjustments Addition to the fund for general banking risks Operating profit before taxation 1,884 1,834 1,525 1,393 1,296 Net profit 1,178 1,166 1, Ratios Return on equity 3 9.5% 10.4% 9.8% 9.6% 9.8% Efficiency ratio 71.1% 70.8% 70.9% 70.3% 70.6% Nearby Local Rabobanks Offices: - branches 1,648 1,727 1,795 1,797 1,823 - contact points 2,618 2,693 2,719 2,727 2,750 Cash dispensing machines 2,889 2,676 2,546 2,430 2,268 Foreign offices Employees - total number 58,120 55,098 53,147 49,465 44,667 - full-time equivalents 52,173 49,711 48,224 45,310 40,927 Employee satisfaction 83% 82% 80% Client data Members (x 1,000) Membership/customer ratio 9.7% 6.1% Rating Standard & Poor s AAA AAA AAA AAA AAA Moody s Investor Service Aaa Aaa Aaa Aaa Aaa Dominion Bond Rating Service AAA SAM rating (corporate social responsibility) 4 64% General: Due to consolidation effects, the sum of the figures relating to Group entities will not always correspond with Rabobank Group totals. Changes in terms of percentages can vary as a result of rounding. 1) The first three columns corresponding to the years 2006, 2005 and 2004 are based on IFRS. The other columns corresponding to the years 1997 up to and including 2004 are based on Dutch GAAP. 2) The Tier I ratio and the BIS ratio for 2001 have been calculated taking into account the effect on equity of the changed accounting policy for pensions with effect from 1 January ) Since the adoption of IFRS, the return on equity is expressed as the ratio of net profit to Tier I capital. 4) The SAM rating is calculated every two years.

4 Profile of Rabobank Group Rabobank Group is a financial services provider operating on the basis of co-operative principles. It offers a wide range of financial services and products. Its origins are in the local loan cooperatives that were founded in the Netherlands more than a century ago by enterprising people who had virtually no access to external financing. The local Rabobanks that evolved from this have a long tradition, particularly in the agricultural sector and in small and medium-sized enterprises. Rabobank Group Rabobank Group comprises 188 independent local co-operative Rabobanks with over 1,200 branches in the Netherlands plus their central organisation Rabobank Nederland and its (international) subsidiaries. Rabobank serves more than 9 million private individuals and corporate clients in the Netherlands and a growing number abroad. It employs 56,000 staff and is represented in 42 countries. Rabobank Group has the highest credit rating (Triple A), awarded by the well-known international rating agencies Standard & Poor s, Moody s and Dominion Bond Rating Service. In terms of Tier I capital, the organisation is among the world s twenty largest financial institutions. Local Rabobanks and Rabobank Nederland The local Rabobanks and their clients make up Rabobank Group s co-operative core business. Clients can become members of their co-operative local Rabobank. In turn, the local Rabobanks are members and shareholders of Rabobank Nederland, the supralocal co-operative organisation that advises the banks and supports their local services. Rabobank Nederland also supervises, on behalf of the Dutch central bank, the solvency, liquidity and administrative organisation of the local Rabobanks. Rabobank Nederland further acts as an (international) wholesale bank and as a bankers bank to the Group and is the holding company of a large number of specialised subsidiaries. Rabobank Group combines the best of two worlds: the local involvement and personal touch of the local Rabobanks with the expertise and economies of scale of Rabobank Nederland and its subsidiaries. Mission and ambition Rabobank puts the common interests of people and communities first. Based on its commitment to those interests, Rabobank aims to be a driver and an innovator that contributes to the sustainable development of prosperity and well-being. Its goal is to help people and communities achieve their present and future ambitions. Strengthening mutual collaboration and supplying the best possible financial solutions are the means to achieve that end.

5 Based on this mission, Rabobank Group s ambition is to be the largest, best and most customer-driven and innovative financial institution in the Netherlands. With their co-operative structure and a current membership of more than 1.5 million, the local Rabobanks are firmly rooted in society. In the Netherlands, Rabobank may justifiably call itself committed, near-you and a leader. Through its commitment to its clients and their world, Rabobank plays an active, leading role near by them. Innovating, inspiring, competent and visionary are core concepts in this context. In addition, Rabobank is a personal bank - a bank with a human face. Rabobank gets to business starting from the human aspect: human orange first, and then to business blue, the two core colours of Rabobank s corporate logo. Our values In the Netherlands, Rabobank Group offers all the financial services needed by clients as they participate in an economydriven modern society. The Group strives to ensure that its services are continually adjusted and updated so that they always meet the needs of private individuals and businesses alike. Rabobank believes that sustainable growth in prosperity and well-being requires careful nurturing of natural resources and the living environment and it aims to contribute to this development with its activities. Rabobank respects the culture and traditions of the countries where it operates without losing sight of its own objectives and values. In the international environment, Rabobank Group aspires to be the best food & agri bank, with a strong presence in the world s major food & agriculture countries. For this purpose, the Group uses the experience it has accumulated in the Netherlands over many years. In addition, the Group aims at global excellence in sustainable entrepreneurship and banking, as would befit its identity and position in society. Rabobank Group will further integrate corporate social responsibility in its core activities. In all its actions, Rabobank puts its clients best interests first. The bank creates customer value by: - providing those financial services considered best and most appropriate by our clients; - ensuring continuity in the services provided with a view to the long-term interests of the client; - showing commitment to our clients and their environment, so that we can contribute to achieving their ambitions. Profile of Rabobank Group 1

6 Contents Real estate Domestic retail banking In 2006, the local Rabobanks strengthened their market leadership in the mortgages market and maintained their dominant positions in both the savings market and in the small and medium-sized enterprises sector. Rabobank invested a great deal in new distribution channels, such as Rabo TV banking and Rabo Mobiel. Its ambition for 2007 is to expand its market leadership positions further. Rabobank s real estate division made a big leap forward in 2006, especially with the acquisition of parts of Bouwfonds, and is called Rabo Bouwfonds from now on. In the Netherlands, Rabobank is now the leader in real estate services, including project development and real estate asset management. The division reported strong income growth, both organic and as a result of acquisitions Wholesale banking and international retail banking Rabobank International made a strong contribution to Group income. The retail banking network was expanded further in the United States. Also in 2006, the bank s third international Internet bank was opened in New Zealand. Rabobank International has a global presence in food & agri and will expand its retail banking business further in Membership policy Rabobank s membership policy has entered a new phase, in which besides strong member involvement, member loyalty is stimulated as well. Approaches include leading initiatives in the area of cooperative dividend and member benefit projects. In 2006, membership reached a historical high of more than 1.6 million. 2 Rabobank Group Annual Report 2006

7 86 Cover Cover also in this report Profile of Rabobank Group Key figures The people at Rabobank For its own people, Rabobank has set out a new and leading policy focused on talent development, diversity and inclusiveness, conditions of employment and performance management. In its policy for 2007 and beyond, Rabobank will explicitly take long-term trends in the society into account Contents Chairman s foreword Executive Board and Supervisory Board of Rabobank Nederland Report of the Supervisory Board of Rabobank Nederland Strategy: Plotting a course into the future Financial developments Core activities Domestic retail banking Wholesale banking and international retail banking Asset management and investment Leasing Real estate Corporate governance Risk management Corporate social responsibility (CSR) Rabobank believes that sustainable growth in prosperity and well-being requires careful nurturing of natural resources and the living environment. In 2006, the bank introduced many CSR elements in its own organisation and set CSR targets for itself. Externally, the effect of CSR on client assessment is becoming increasingly visible in both lending and real estate development plans Customer value Membership policy The people at Rabobank Corporate social responsibility Annual figures Consolidated balance sheet Consolidated profit and loss account Consolidated statement of changes in equity Consolidated cash flow statement Business segments Auditors report Information of persons of the Rabobank Group Rabobank Group all over the world Colophon Rabobank Group structure Cover Profiles Rabobank Group Contents 3

8 Chairman s foreword Good year with leading initiatives you, committed and leading. Many of our social responsibility initiatives may justifiably be called I would like to draw your attention the theme Leading of our beautiful Annual Report for As you know, Rabobank has three hard and fast core values: near- leading. Last year too, a large number of projects were started, both on a local and on a national level. A selection of these projects can be found throughout In spite of a number of financial and strategic challenges in our markets, 2006 was a successful year. Net profit increased by 13%, which means that once again we achieved our target of 12%. At least as important is the fact that customer satisfaction improved further. We acquired a number of prominent companies and participations abroad, thus furthering our ambition of becoming a leading global food & agri bank. 4 Rabobank Group Annual Report 2006

9 All Group units contributed to the growth in net profit. Despite fierce competition in the Dutch mortgage market and side effects of mergers by local Rabobanks, domestic retail banking showed a healthy increase in profit, while regaining market share in the mortgage market to above 25%. Wholesale banking and international retail banking showed a sharp increase in profit, partly thanks to the good performance of their equity investments. Our subsidiaries Robeco, De Lage Landen, Rabo Bouwfonds, Alex, Schretlen & Co and Obvion again achieved excellent results. A great deal of attention was paid to extending the successful collaboration with Eureko/Achmea and to the way the contemplated follow-up could be shaped. The year 2006 also saw Rabobank launch a number of initiatives and projects that set the trend for its industry. A selection of these projects, many of which are pioneering and groundbreaking, can be found throughout this report. Supported by a strong all-finance organisation and favourable economic conditions, we are optimistic about no less than 17%. Despite tightening interest margins, we achieved a 7% rise in income to EUR 10.0 billion - an admirable feat. Despite the favourable spread in income, the slowdown in the growth rate of the local Rabobanks is a point of some concern. Income growth levelled out slightly under the pressure of continued fierce competition. In addition, more staff had to be recruited locally due to the pressing issue of increased laws and regulations. Moreover, virtually all local Rabobanks are currently involved in an intensive but much needed scaling-up operation. For many of the new combinations of local Rabobanks, 2006 was their first post-merger year, during which higher costs are generally incurred. With the reorganisation processes in progress, we nevertheless achieved our target of increasing our market share in the mortgages market in I am pleased that Rabobank, with a market share of more than 25%, again succeeded in strengthening its traditional market leadership. this report. They include the launch of Rabo Mobiel, which offers fixed telephone rates and a pay feature, the launch of the Rabocard with climate contribution, innovative funding of a wind farm, Rabo Bouwfonds Central Station, Rabo Groenbank s funding of Green Labelled Greenhouses and the investment in National Microfinance Bank, in Tanzania. I hope you will read it with pleasure! ground-breaking urban project close to Amsterdam Strong economic recovery Whereas in 2005, only the United States, Asia and various emerging economies had shown favourable economic development, 2006 saw strong global recovery. The Dutch economy did not lag behind and grew by 2.9%, almost twice as fast as in The AEX index rose by 13% and many other European stock exchanges likewise showed double-digit growth figures. Business investments increased, as did - at long last - consumer spending. Income up despite difficult mortgages market Rabobank s net income grew by 13% in 2006 to EUR 2.3 billion. Lending abroad showed particularly strong growth, which resulted in a rise in lending to the private sector of Market leadership in the Netherlands Besides the success of the local Rabobanks and Obvion in 2006 in expanding their market leadership in mortgages further, Rabobank maintained its dominant market share in other highly competitive markets. Examples include our position in the savings market and in the small and mediumsized enterprises sector and, naturally, our traditionally very high market share in the agricultural sector. Due to the acquisition of parts of Bouwfonds we are now the largest real estate developer in the Netherlands. With Interpolis/Achmea, which is the largest insurance company in the national market, we also made important steps towards all-finance market leadership in the Chairman s foreword 5

10 Netherlands in The economies of scale and the combined networks offer excellent opportunities for successful expansion of the modern (healthcare) insurance package. The merger process at the local Rabobanks, which progressed according to schedule in 2006 as well, should contribute to maintaining our leading position. This process will enhance both the quality and the professionalism of the banks, with the aim to also strengthen our positions in the top segments of the corporate and the private clients markets. First indications are that we are in fact laying a strong foundation in these segments as well. Sustainable entrepreneurship When it comes to sustainable entrepreneurship, Rabobank has a reputation to keep up. A subject of both internal and external scrutiny is how our activities can contribute to a more sustainable world. For example, Rabobank desires to be among the top players in the area of renewable energy, in particular in funding and investing in renewable energy. Another focus area in 2006 was embedding corporate social responsibility (CSR) in lending. For our own staff, a CSR manual was prepared to help them apply our CSR guidelines in our professional services. In addition, several new CSR products were launched within Rabobank Group, including the Robeco Clean Tech Certificate and Robeco Clean Tech Fund II. In early 2007, in collaboration with World Wildlife Fund, we introduced a new credit card with climate compensation. Our Rabobank Development Program was extended via the acquisition of a 49% interest in Zambia National Commercial Bank, in Zambia. Food & agri bank with global operations In the global markets, Rabobank profiles itself as a food & agri bank with global operations but with its roots in the Netherlands. Last year, we worked hard to enhance this profile. Early in 2006, Rabobank extended its Direct Banking network by opening its third foreign Internet bank, in New Zealand. To our great disappointment, the envisaged acquisition of an interest in the Turkish Sekerbank fell through. This did not discourage us however, as is evident from the acquisitions we made during The acquisition of Community Bank of Central California was finalised and we made an offer for Mid-State Bank & Trust in late This will provide greater access to both the food & agri market and the retail banking business in the United States. In early 2007, we took over two banks in Indonesia, acquired an interest in the first rural cooperative bank in China and participated in a number of banks in Africa. During the remainder of this year, we shall keep looking at opportunities to strengthen our position as a global food & agri bank. Service provision improved; customer satisfaction increased Our clients showed themselves satisfied with Rabobank Group s service provision and initiatives in The website was awarded the title of website of the year in the financial products and services category and was the winner of the Usability Award In addition, Rabobank Private Banking was awarded the title of private bank of the year. In late 2006, Rabobank was the first bank in Europe to introduce a combined package of mobile banking and low-cost telephony. Rabo Mobiel enables clients to transfer money quickly, comfortably and safely. With Zoekallehuizen.nl, we introduced a great and easily accessible alternative to existing sites announcing owner-occupied houses for sale. The quality of services and the service provision to both clients and members received a significant boost in I am very pleased that market surveys showed a further increase in customer satisfaction among private individuals in 2006, from 7.4 to 7.5. This means that we achieved our own minimum longer-term target. But there is no room for complacency. Our service provision still wants improvement in many respects and this will require renewed, strong efforts in Member engagement As a cooperative bank, we pay a lot of attention to engaging members, whose number now exceeds 1.5 million, in the activities of our local Rabobanks. Member control was assured during the past years in the upsized local Rabobanks, for example by the introduction of member councils, that operate perfectly. In 2006, the Dichterbij magazine was launched. This is a beautiful new magazine for members and contains a good mix of news from local Rabobanks and general Rabobank matters. In addition, we invested a great deal in the cooperative dividend, through which the local Rabobanks give profits in return to the communities in which they operate. As a result, many heart-warming local community projects could be realised again in Economic green light in 2007 The economic outlook for the Netherlands is favourable. In our view, exports from the Netherlands will continue their positive trend in 2007, and business investments will likewise grow further. Private consumption could show 6 Rabobank Group Annual Report 2006

11 another significant increase because purchasing power will rise again, employment will grow further and consumer confidence is at a high level. Because of all this, economic growth in 2007 might even turn out slightly higher than in Moreover, the market for owner-occupied houses is likely to continue its favourable development. The year 2007 will be truly successful if top performances are again achieved in the sports activities that we sponsor: cycling, hockey and equestrian sports. Such top performance can inspire us in achieving our own targets. With the dedication of all our employees, I am confident that we shall be able to outperform ourselves on However, economic recovery goes hand in hand with tightening in parts of the labour market, with accelerated wage increases as a probable result. It is anticipated that such increases will be reflected in a rising inflation. Export growth will be fairly strong in 2007, although at a somewhat more moderate expansion rate than in 2006 because world trade growth will be slightly lower due to a slowdown in growth in the United States. The interest rate curves in both the United States and Europe clearly flattened in It is even likely that 2007 will show inverse yield curves with short-term interest rates higher than long-term interest rates. This phenomenon is expected to be less pronounced and of a shorter duration in Europe than in the United States. Finally, I thank our more than 56,000 employees, who wholeheartedly commit themselves to our enterprise, and wish them every success in achieving our ambitious targets for Outlook for 2007 For Rabobank, 2007 will be another year full of big challenges. One of the key challenges will be to leverage the full potential effectiveness of the scaled-up local Rabobanks. An ambitious cost reduction policy will support income growth to traditional levels and the imminent economic boom will help this. On another note, we shall not stop urging to address Dutch laws and regulations, which have got out of hand and seriously impede efficient and clientoriented operations. Bert Heemskerk, Chairman of the Executive Board of Rabobank Nederland Low interest rate margins are forcing us to cross-sell multiple products from our range to our clients. Cross-selling will be necessary for sustained income growth. Opportunities in this respect include mortgages and insurance and this will be one of the subjects of special internal focus in In the Netherlands, Rabobank aims to further increase its market share among large corporate clients and in private banking. At the same time, we wish to maintain our leading position in the market for private individuals and in the small and medium-sized enterprises sector. The campaign aimed at strengthening our position in the large cities, which was launched in 2006, will be continued at full force in Abroad, Rabobank will work hard this year to achieve its ambition of becoming the world s largest food & agri bank. In addition, we aim to be a leader in investments in, and funding of, various forms of renewable energy. Chairman s foreword 7

12 Executive Board and Supervisory Board of Rabobank Nederland Bert Heemskerk Hans ten Cate Piet Moerland Bert Bruggink Sipko Schat Piet van Schijndel 8 Rabobank Group Annual Report 2006

13 Executive Board Secretary to the Executive Board Rens Dinkhuijsen (L.A.M.) Bert Heemskerk (H.) Chairman - Group Audit - Communication - Legal and Tax Affairs - Personnel (Corporate) - Supervision & Compliance - Knowledge and Economic Research - Executive Secretariat Hans ten Cate (J.C.) - Rabobank International (RI) Management Board Rabobank International (MBRI), Chairman Regional management Americas/Asia/Europe Chief Financial and Risk Officer (CFRO) RI domain - Special Management - Corporate Social Responsibility - Real Estate - Robeco Piet van Schijndel (P.J.A.) - Private Individuals - Private Banking - Group ICT - Leasing Bert Bruggink (A.) - Control Rabobank Group - Group Risk Management - Credit Risk Management - Treasury - Investor Relations Sipko Schat (S.N.) - Rabobank International (RI) Managing Board Rabobank International (MBRI), Deputy Chairman Chief Operating Officer (COO) RI domain Corporate Clients Netherlands Financial Markets Corporate Finance Trade & Commodity Finance Private Equity Piet Moerland (P.W.) - Cooperative & Management Member Banks - Personnel (Member Banks) - SME - Shared Services & Facilities Supervisory Board Lense Koopmans (L.), Chairman Antoon Vermeer (A.J.A.M.), Deputy Chairman Sjoerd Eisma (S.E.), Secretary Leo Berndsen (L.J.M.) Bernard Bijvoet (B.) Teun de Boon (T.) Louise Fresco (L.O.) Rinus Minderhoud (M.) Paul Overmars (P.F.M.) Hans van Rossum (J.A.A.M.), Deputy Secretary Herman Scheffer (H.C.) Martin Tielen (M.J.M.) Aad Veenman (A.W.) Arnold Walravens (A.H.C.M.) For more information Executive Board and Supervisory Board of Rabobank Nederland 9

14 Report of the Supervisory Board of Rabobank Nederland The Supervisory Board of Rabobank Nederland is responsible for the appointment, dismissal and remuneration of the members of the Executive Board of Rabobank Nederland. It supervises the policy of the Executive Board, the general conduct of affairs at Rabobank Nederland and its affiliated entities as well as compliance with laws and regulations. In addition, the Supervisory Board advises the Executive Board. Membership of the Supervisory Board, at 1 January ) Year of first appointment to the Board of Supervisors of Rabobank Nederland. With the change in Rabobank Nederland s corporate governance structure in 2002, the Supervisory Board replaced the Board of Supervisors. In 2007, Mr A.J.A.M. Vermeer, Mr M. Minderhoud, Mr J.A.A.M. van Rossum and Mr A.H.C.M. Walravens retired by rotation. Year of first appointment End of current term Supervisory Board Lense Koopmans (L.) Chairman Antoon Vermeer (A.J.A.M.) Deputy Chairman Sjoerd Eisma (S.E.) Secretary 2002 (1998) Leo Berndsen (L.J.M.) Member Bernard Bijvoet (B.) Member Teun de Boon (T.) Member Louise Fresco (L.O.) Member Rinus Minderhoud (M.) Member Paul Overmars (P.F.M.) Member Hans van Rossum (J.A.A.M.) Deputy Secretary Herman Scheffer (H.C.) Member 2002 (1998) Martin Tielen (M.J.M.) Member Aad Veenman (A.W.) Member 2002 (1998) Arnold Walravens (A.H.C.M.) Member Rabobank Group Annual Report 2006

15 Membership of the Supervisory Board It is important that the Supervisory Board can perform its duties independently. Any semblance of a conflict of interests must be avoided. Equally important are its expertise and broad composition, the criteria for which have been defined in the profile for the Supervisory Board. In both appointments and reappointments of members of the Supervisory Board, these aspects are the subject of extensive review. On 15 June 2006, the General Meeting of Rabobank Nederland appointed Ms L.O. Fresco as a new member of the Supervisory Board in the vacancy resulting from Mr W.F. Duisenberg s sudden death in Ms Fresco s background fits Rabobank s international food & agri strategy and CSR ambitions well. Until 1 June 2006, she was Assistant Director-General of the Food and Agriculture Organisation (FAO) of the United Nations in Rome. From that date, she has been a University Professor at Amsterdam University holding the chair of International Development and Sustainability. The General Meeting also resolved to reappoint Mr H.C. Scheffer, Mr M.J.M. Tielen and Mr A.W. Veenman as members of the Supervisory Board. Committees of the Supervisory Board The Supervisory Board has five committees. These committees prepare advice to the Supervisory Board, which then bases its resolutions in part on this advice. In 2006, the Audit Committee changed its name into Audit & Compliance Committee to reflect its responsibility for compliance supervision, while the Cooperative Issues Committee included corporate social responsibility (CSR) in its duties as an area of special focus. Working methods To support it in the proper performance of its duties, the Supervisory Board regularly requests information on banking and non-banking issues. In 2006, specific areas of focus were Rabobank Group s solvency, ICT, CSR, the functioning of the compliance organisation within Rabobank and acquisitions according to strategic priorities. Other points of special interest in 2006 included the development of top talent, the fierce competition in the mortgage market and trends in the results of the local Rabobanks. In this context, the Supervisory Board also discussed on several occasions the great burden placed on Rabobank s regular activities ensuing, in particular, from the volume of external regulation. Maintaining sufficient effectiveness in the market under these conditions is an important issue. The Supervisory Board met nine times in Not one member was repeatedly absent from those meetings. The Audit & Compliance Committee met six times, the Cooperative Issues Committee four times, the Appointment Committee and the Remuneration Committee each met three times and the Appeals Committee met once. The Chairman of the Supervisory Board has contact at least on a monthly basis with the Chairman of the Executive Board and holds monthly meetings with the internal auditor and the Supervision and Compliance Manager. In addition, the Chairman of the Supervisory Board, the Chairman of the Audit & Compliance Committee, the external auditor and the internal auditor meet at least four times a year. Committee and duties Audit & Compliance Committee Preparatory work for the Supervisory Board s decision-making on financial issues, supervision and information and communication technology (ICT). Cooperative Issues Committee Preparatory work for the Supervisory Board s decision-making on intended policies of the Executive Board concerning the cooperative structure of the local Rabobanks and Rabobank Nederland and concerning corporate social responsibility. Appointment Committee Preparatory work for the Supervisory Board s decision-making on the composition of and (re)appointments to the Supervisory Board and the Executive Board. Remuneration Committee Preparatory work for the Supervisory Board s decision-making on the remuneration of the members of the Executive Board. Appeals Committee Advisory body of appeal in disputes between local Rabobanks or between one or more local Rabobanks and Rabobank Nederland. Composition at 1 January 2007 M. Minderhoud chairman L.J.M. Berndsen permanent member L. Koopmans permanent member S.E. Eisma rotating member A.W. Veenman rotating member A.J.A.M. Vermeer rotating member A.J.A.M. Vermeer chairman L. Koopmans permanent member M.J.M. Tielen permanent member P.F.M. Overmars permanent member T. de Boon rotating member B. Bijvoet rotating member L.O. Fresco rotating member J.A.A.M. van Rossum rotating member H.C. Scheffer rotating member A.H.C.M. Walravens rotating member L. Koopmans chairman L.O. Fresco member P.F.M. Overmars member H.C. Scheffer member A.W. Veenman member A.J.A.M. Vermeer member A.H.C.M. Walravens member A.H.C.M. Walravens chairman L.O. Fresco member L. Koopmans member Overmars member H.C. Scheffer member A.W. Veenman member A.J.A.M. Vermeer member S.E. Eisma J.A.A.M. van Rossum M.J.M. Tielen chairman member member Report of the Supervisory Board of Rabobank Nederland 11

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