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Report by the
Supervisory Board

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REWE-Zentralfinanz eG, Cologne

In the 2021 business year, the Supervisory Board fulfilled its duties as required by law, the articles of association and internal rules, and regularly advised the Management Board regarding the operation of the cooperative and the group whilst carefully and constantly monitoring its activities.

The Management Board regularly and comprehensively informed the Supervisory Board during and between Supervisory Board meetings and through written and oral reports about business policy; all relevant aspects of corporate planning including financial, investment and disinvestment planning; the development of business; the economic situation of the cooperative and the group; and the financial situation as well as about important decisions and business transactions that affect the group.

The Supervisory Board was directly involved in all decisions of major importance to the company. The Supervisory Board approved transactions requiring its consent after extensive consultation and review of the documents provided by the Management Board.

In the 2021 business year, the Supervisory Board was informed about all significant issues involving the cooperative during 10 meetings (some of which were held virtually) that it had with the members of the Management Board. A regular topic addressed during these meetings was the significant impact of the coronavirus pandemic and its management during 2021. Furthermore, four meetings of the Audit Committee were held in the 2021 business year. The Executive Committee  convened four times and the Human Resources Committee four times as well. When necessary, the Supervisory Board obtained additional written and oral reports from the Management Board. The chairman of the Supervisory Board was continuously informed by the Management Board about significant developments and pending decisions. In fulfilment of its duties as required by law and the articles of association, the Supervisory Board took the necessary decisions, as documented in special minutes. As a result of its monitoring activities and the information and documentation provided by the Management Board, the Supervisory Board is confident of the propriety of management.

For the purpose of determining the financial situation and the propriety of management, the facilities, the financial position and the management were audited pursuant to paragraph 53(1) of the German Cooperative Societies Act (GenG) by the German Cooperative and Raiffeisen Confederation (DGRV), Berlin.

The annual financial statements, including accounting, and the management report of the cooperative were examined as part of a joint audit that was conducted pursuant to paragraph 55(3) of the GenG by DGRV and KPMG AG Wirtschaftsprüfungsgesellschaft (KPMG), Cologne. The combined financial statements and the combined management report were audited by KPMG after being commissioned by DGRV pursuant to paragraph 55(3) of the GenG. The annual financial statements, management report, combined financial statements and combined management report received an unqualified audit opinion.

Pursuant to paragraph 58 of the GenG, the Audit Committee and the Supervisory Board discussed the results of the legal audit in a joint meeting with the Management Board and the auditors DGRV and KPMG. The auditors reported on the key results of their audits and remained available to answer questions and provide further information. The annual financial statements, the management report, the combined financial statements and the combined management report accurately reflected the economic state of the cooperative and provided no grounds for objection. The Supervisory Board agrees with the results of the legal audit. The Supervisory Board also approved the proposal for appropriation of the year’s profit.

The Supervisory Board expressed its tremendous thanks to the members of the Management Board and all employees of REWE-ZENTRALFINANZ eG for their work in 2021, in particular in consideration of the major challenges the company faced as a result of the coronavirus pandemic and the enormous effort that was required to overcome them.

Cologne, 18 May 2022

THE SUPERVISORY BOARD

signed: Erich Stockhausen
Chairman