Composition MBRI and overview representatives Chairman H.ten Cate Vice Chairman S. Schat Executive Board RN New year, new challenges MBRI CFRO H. De Roo COO R. Dekker CC R.ten Heggeler GFM S.Sussman The Americas C.Broekhuyse Europe R. Schellens Represented ByHan^nC^e: in MBRI By Harry de Roo: By Sipko Schat: Legend I Region Hl Product/client Support Reporting line Control Rl Risk Management By Ralf Dekker: IT&Ops E-distribution By Hans ten Cate: HR Communication By Rob ten Heggeler: By Rutger Schellens: By Rob ten Heggeler Equities Equity Research By Ralf Dekker: regions, is still something that is not included often enough in credit applications. Harry de Roo and Shelly Sussman will draft a proposal on how the MBRI can best address solvency require- ments, particularly in the Wholesale Banking area. 'Another important topic on our agenda is improving our risk and control environment by investing in upgrading our IT infrastructure. In the spring, we expect to receive the new IT and Operations plan. Ralf Dekker will keep you informed of developments in this area.' 'You will have noticed that other new faces have joined the Rl team in the past months. These include Alan Shaffran as Global Head Structuring in GFM, Diane Boogaard and her team of global heads in Trade and Commodity Finance, Paul Hendriks in Equities and Els Kamphof in Corporate Clients, all of whom came from outside Rabobank. Terry McKay, already a Rabobanker, took over Structured Finance. 'The entire Rl senior management team agrees that we need to do more to "grow" our own top people, rather than having to look outside the bank for suitable candidates. We will continue to look at how we can achieve this goal. 'Our internal and external auditors find the roles and powers of the different local boards in Rl unclear. We will address this issue and decide how to resolve it. We will also review The Strategie Framework, which outlines our goals between now and 2010. As the original goals were set in 2005, we need to ensure our ambitions are still valid and attainable. 'We envisage many challenges but also many opportunities in 2007. Along with the other members of the MBRI, we look forward to facing them together with you.' Hans ten Cate, Chairman MBRI Sipko Schat, Vice Chairman MBRI Issue 13 February 2007 The Word 7

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