In 2015, further to the governance discussion, Rabobank will examine what the shape of the future Strategic Framework should be. In addition to the outcomes of the debate on governance, we will also take account of several other important topics in this process. One of these is the question of the choices we will make in lending in orderto maintain healthy capital ratios. The desk for lending will remain open for our core customers, a broad customer group in the Netherlands and international food and agri customers. We will also review strategic choices concerning capital allocation. In addition, the development of the environment in which Rabobank operates as a bank will affect the future design of the Strategic Framework. It is important to take regulatory developments but also technological developments and innovation into account. Read more about the governance of Rabobank here. Materiality analysis of sustainability reporting The materiality analysis for the Annual Report 2014 is derived from the Global Reporting Initiative (GRI) G4 reporting guidelines and the interests of our stakeholders. We carry out surveys among various stakeholder groups to measure what our stakeholders consider to be important and how they rate Rabobank's performance in those areas. At present, the way in which that analysis is embodied in this Annual Report is still based on an estimate on Rabobank's part. The impact of the analysis is recognised and we have taken measures to mitigate the risks. Our approach for the 2015 Annual Report will be different, as the materiality analysis will be tested with our stakeholders. We will seek alignment for that purpose with the GRI-G4 guidelines and the reporting framework of the International Integrated Reporting Committee (IIRC). As a result, the materiality analysis will even more strongly guide the design and contents of the report than is the case at present. Annual Report 2014 Rabobank Group

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Annual Reports Rabobank | 2014 | | pagina 17