Report of Rabobank's Supervisory Board The Supervisory Board focused on a broad spectrum of themes in 2018, ranging from innovation and digitalization to culture and leadership and the continuing enhancement of the bank's control framework. In this first full year of the newly formed Managing Board, the transformation agenda continued apace, with the full support of the Supervisory Board and a continued focus on the bank's strategic direction: Banking for the Netherlands and Banking for Food, and of course our mission 'Growing a better world together'. The combined boards tackled this theme extensively, and it was also addressed in meetings with the bank's top management and during a conference with local supervisory board members. This was thefirsttimethese parties metwith international clientadvisory board members to discuss the theme of sustainability, but it will not be the last. About this Report Chairman's Foreword Corporate Management Report Appendices Governance Consolidated Financial Company Financial Statements Statements This report examines how the different roles of the Supervisory Board - employer, supervisor, advisor, and liaison officer for stakeholder relations - contributed in 2018 to the four pillars of Rabobank's 2016-2020 strategic framework. After exploring the Supervisory Board's roles in relation to the four pillars: Excellent Customer Focus, Rock-Solid Bank, Meaningful Cooperative and Empowered Employees, we will outline which themes the board addressed in 2018. For summaries of Supervisory Board meetings (private and with the Managing Board) andl 3 educational sessions, please refer to the tables below. The Supervisory Board is proud of the progress Rabobank has made in 2018, both towards its strategic objectives and in the transformation of the bank. However, the Supervisory Board also acknowledges the critical challenges that lie ahead for Rabobank stemming from developments in financial markets, digitalization, climate change and social issues. By facing these challenges in cooperation with our customers, we can turn them into opportunities. The Managing Board has led the bank through 2018 to great satisfaction. We as the Supervisory Board are confident that the Managing Board is laying the necessary foundations to prepare the bank for the future. Supervisory Board General Responsibilities and Duties The Supervisory Board supervises the policies pursued by the Managing Board and the general course of affairs at Rabobank and its affiliates. In addition to its supervisory role, the Supervisory Board serves as an advisor to and employer of the Managing Board. The Supervisory Board members also act as 'liaison officers' for Rabobank by engaging with members, clients and other stakeholders. Facts Figures Members on December 31,2018 Ron Teerlink, chair (93%) Marjan Trompetter, deputy chair (93%) Irene Asscher-Vonk (86%) Petri Hofsté (100%) Leo Degle (100%) Arian Kamp (86%) Jan Nooitgedagt (86%) Pascal Visée (93%) LeoGraafsma, in function until 18 April 2018 (100%) Annet Aris, in function as of 13 December 2018 Meetings 14 meetings in total, with 93% attendance. These meetings were attended by the Managing Board. In addition to this the Supervisory Board held several private meetings. For other types of meetings with involvement of Supervisory Board members, see below. Topics Other attendees throughout the year Regular attendees: Managing Board members During the discussions on the half year and full year figures Jan Bos, head of Group Control, Rudi Kleijwegt, Chief Audit Executive, and the deputy Chief Audit Executive, Dick Duit, were present, as were the external auditors of PwC, Peter van Mierlo (only full year figures) and Rogier van Adrichem and/or Jeroen de Jonge. Annual Report 2018 - Corporate Governance 107

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Annual Reports Rabobank | 2018 | | pagina 109