3 First of all, I would like to wish you all a prosperous and healthy 2008! Christmas and New Year's Eve are behind us now, and I hope that you all enjoyed your holidays as much as I did. With 2008 just beginning, I would like to take the chance to reflect briefly on 2007 and to share my focus for 2008 with you. 2007 was a memorable year. Like many other banks, we have also been affected by financial market circumstances. Nevertheless, I am satisfied to conclude that - compared to five years ago - the Rl portfolio is much more diverse and that Rl has strengthened its organisation. I am convinced that we are on track to meet RI's 2010ambitions. In this issue of The Word, we will provide information and background on just some of the activities that form the foundations of our multifaceted international banking organisation. I am confïdent that with your commitment and enthusiasm, we can take on this year's challenges. I believe that we should all make sure we enjoy our work and make 2008 a successful year! Hans ten Cate Chairman MBRI Dear colleagues, issue 15 THE WORD

Rabobank Bronnenarchief

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