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Dutch regulationGeneralAs of September 2002, banking supervision in the Netherlands has been divided into prudential supervision,carried out by the Dutch Central Bank, and conduct of business supervision, carried out by the NetherlandsAuthority for the Financial Markets.Pursuant to authority granted under the Financial Supervision Act, the Dutch Central Bank, on behalf of theDutch Minister of Finance, supervises and regulates the majority of Rabobank Group’s activities. TheNetherlands Authority for the Financial Markets supervises primarily the conduct of business. Set forth belowis a brief summary of the principal aspects of the Financial Supervision Act.Scope of the Financial Supervision ActA bank is any enterprise whose business it is to receive repayable funds from outside a closed circle and fromother than professional market parties, and to grant credits for its own account. Rabobank Nederland andvarious Rabobank Group entities, including each of the local Rabobanks, are banks and, because they areengaged in the securities business as well as the commercial banking business, each is considered a “universalbank”.LicensingUnder the Financial Supervision Act, a bank established in the Netherlands is required to obtain a licence fromthe Dutch Central Bank before engaging in any banking activities. The requirements to obtain a licence,among others, are as follows: (i) the day-to-day policy of the bank must be determined by at least two persons;(ii) the bank must have a body of at least three members which has tasks similar to those of a board ofsupervisory directors; and (iii) the bank must have a minimum equity (eigen vermogen) of € 5,000,000. Also,the Dutch Central Bank shall refuse to grant a licence if, among other things, it is of the view that (i) thepersons who determine the day-to-day policy of the bank have insufficient expertise to engage in the businessof the bank, (ii) the trustworthiness of the persons who determine the policy of the bank is not beyond doubt,or (iii) through a qualified holding in the bank, influence on the policy of such enterprise or institution may beexercised which is contrary to “prudent banking policy” (gezonde en prudente bedrijfsvoering). In addition tocertain other grounds, the licence may be revoked if a bank fails to comply with the requirements formaintaining it.Reporting and investigationA bank is required to file with the Dutch Central Bank its annual financial statements in a form approved bythe Dutch Central Bank, which includes a balance sheet and a profit and loss statement that have been certifiedby an appropriately qualified auditor. In addition, a bank is required to file quarterly (and some monthly)statements, on a basis established by the Dutch Central Bank, which also has the option to demand morefrequent reports.Rabobank Nederland and the local Rabobanks must file consolidated quarterly (and some monthly) reports aswell as annual reports that provide a true and fair view of their respective financial position and results withthe Dutch Central Bank. Rabobank Nederland’s independent auditors audit these reports annually.SupervisionThe Dutch Central Bank exercises supervision with respect to the solvency and liquidity of banks, supervisionof the administrative organisation of banks and structure supervision relating to banks. To this end, the DutchCentral Bank has issued the following general regulations:309