Rabobank reported net profit of EUR 1,080 million for the first half of 2014, a decrease of 3% compared to the same period in 2013. Net profit increased in all business lines except Rabo Real Estate Group. Bad debt costs increased 7% to EUR 1,188 million but remained moderate at 54 basis points of average risk-weighted assets. Capital ratios remained at comfortable levels above requirements with a Common Equity Tier 1 ratio of 12.6% and a Total Capital Ratio of 19.7%.

1. 1
Investor Presentation 2014-I
21 August 2014
Rabobank Group

2. This presentation is prepared by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. incorporated in the Netherlands, trading as Rabobank Nederland (“RN”). The liability of its members is
limited. RN is regulated by De Nederlandsche Bank N.V. and by the Netherlands Authority for the Financial Markets. Neither this presentation nor any of its contents may be used for any other
purposewithout the prior written consent of RN.
This presentation is only directed at EligibleCounterparties and Professional Clients, as defined in the Markets in Financial Instruments Directive 2004/39/EC (“MiFID”). It is not directed at Retail
Clients (as defined in MiFID).
The content of this presentation reflects prevailing market conditions and RN’s judgment as of the date of this presentation, all of which may be subject to change. The information and opinions
contained in this presentation have been compiled or arrived at from sources believed to be reliable, but no representation or warranty, express or implied is made as to their accuracy,
completeness or correctness. RN has further relied upon and assumed, without independent verification, the accuracy and completeness of all informationmade available to it. To the extent
permitted by law, RN excludes any liabilityhowsoever arising from the contents of this presentation or for the consequences of any actions taken in reliance on this presentation or the content
herein. Each client is advised to seek independent professional advice as to the suitabilityof any products and to their tax, accounting, legal or regulatoryimplications.
Members of the Rabobank Group trade on their own account and may from time to time hold or act as market makers in securities issued by a client, or may act as advisors, brokers or bankers to a
client or any of its affiliates.
The informationand opinions contained in this presentation are wholly indicative, for discussion purposes only and is subject to change without notice at any time. No rights may be derived from
any potential offers, transactions, commercial ideas et cetera contained in this presentation. This presentation does not constitute an offer, commitment or invitation and does not constitute
investment advice and is not intended for the use by persons an offer of securities to whom would be subject to the Netherlands Financial Supervision Act. This presentation shall not form the basis
of or be relied upon in connection with any contract or commitment whatsoever.
© RabobankNederland, Croeselaan 18, 3521 CB Utrecht, The Netherlands, www.rabobank.com/ir, Chamber of Commerce number 30046259.
Investing
Rabobank Nederland and the other parts of Rabobank Group that are designated as investment institutions are registered as such with the Netherlands Authority for the Financial Markets. The
aforementioned investment institutions are licensed by the Netherlands Authority for the Financial Markets under the Financial Supervision Act. If you invest funds you have borrowed, you run the
risk of incurring a debt as well as losing the invested funds.
Your decision to invest in one of the products mentioned should solely be based on the applicableprospectus or informationmemorandumincluding the risk factors, costs, terms and conditions
and underlying values. The applicableprospectus or information memorandumis available with RN or on www.rabobank.com/ir.
The value of your investment can fluctuate. Past performance offers no guarantee for future results.
Disclaimer
Investor Relations

3. Cooperative, Dutch, in the world’s top 30 banks, All-finance leader in the Netherlands, largest savings and mortgage bank in the
Netherlands, dominant in Dutch agriculture, global focus on food & agribusiness and one of the world’s best rated privately owned
large banks.
There is a lot to tell about Rabobank.
This Investor Presentation will give you details about assets and capital structure, liquidity and profits. You will learn about the bank’s
position in the Netherlands and internationally, in wholesale and retail, in mortgages, real estate, food & agribusiness and other
sectors with details on loans, impairments and bad debt costs. About the funding strategy and a wide range of short-term and long-
term funding programs.
More information can be found on the Investor Relations web pages on www.Rabobank.com/IR
For questions or inquiries please contact the Investor Relations department at IR@rabobank.com.
Welcome to the world of Rabobank!
Bert Bruggink
CFRO Executive Board
Rabobank Group
Welcome to the world of Rabobank
Investor Relations

4. Contents
• Rabobank: Dutch, cooperative, solid, profitable 5
• Key figures Dutch economy 6
• The Netherlands is our home market 7
• European countries most important trade partners 8
• Recovery of Dutch housing market 9
• Members and local cooperatives basis of Rabobank 10
• Consistent and focused strategy: Rabobank Group in 2016 12
• Results 2014-I 13
• Net profit 2014-I EUR 1,080mn 15
• Net profit in all business lines except Rabo Real Estate Group 17
• Bad debt costs at 54 bps 19
• Capital ratios at comfortable levels 21
• Loan portfolio 23
• Diversified portfolio with focus on the Netherlands 25
• Global spread of activities 26
• Impairments, allowances and bad debt costs 28
• Domestic retail & Rabo Real Estate Group 29
• Wholesale, International Retail & Leasing 30
• Dutch residential mortgages 31
• Loan-to-valuedomestic residential mortgages 33
• F&A portfolio 35
• Non-F&A portfolio 37
• Commercial real estate : high impairments 39
• Equity, liabilities & funding 41
• Well-balanced balance sheet 43
• High quality equity base 44
• IFRS equity versus qualifying capital 45
• Capital strategy Rabobank. 46
• Bail-in buffer EUR 51.6bn 47
• Strong protection against Senior bail-in 48
• Rabobank Certificates 49
• (Grandfathered) Additional Tier 1 & Tier 2 50, 51
• Senior contingent notes & Stress analysis Equity Capital Ratio 52, 53
• Liquidity buffer EUR 103bn 55
• In-depth access to senior unsecured funding 57
• The public market: Euro benchmark issuance & other currencies 59, 61
• Short-term debt 63
• Private placements 64
• Preview FY2014 65
Tables
1 Key figures Dutch economy 6
2 Key figures Rabobank Group 11
3 Financial results Rabobank Group 14
4 Financial results Domestic retail + Wholesale & int. retail 16
5 Group loans, impairments , allowance and bad debt costs 18
6 Impact of implementation CRDIV on qualifying capital 20
7 Group loan portfolio by entity 24
8 Domestic loan portfolio by client category 24
9 Impairments, allowances and bad debt costs 26
10, 11 Loans & impairments Domestic retail and Real Estate Group 28
12, 13 Loans & impairments Wholesale & int. retail and Leasing 29
14 International loan portfolio 30
15 Domestic residential mortgage portfolio 32
16 Loan-to-valuedomestic residential mortgage portfolio 33
17 F&A portfolio 34
18 Non-F&A portfolio 36
19 Commercial real estate lending 38
20 Balance sheet 42
21 Equity 44
22 IFRS equity versus qualifying capital 45
23 Bail-in buffer 47
24 (Grandfathered) Additional Tier 1 50
25 Tier 2 issues 51
26 Liquidity 54
27, 28 Funding highlights 2014, 2013 56
29 EUR benchmark curve 58
30 Other currencies public market 60
31 Short-term funding programmes 62
32 Short-term funding 63

5. 1. Rabobank: Dutch, cooperative, solid, profitable
• Key figures Dutch economy
• European countries most important trade partners
• The Netherlands is our home market
• Recovery of the Dutch housing market
• Members and local cooperatives basis of Rabobank
• Consistent and focused strategy: Rabobank Group in 2016
5Investor Relations

6. 2013 2014 2015
Gross Domestic Product -0.7% +0.5% +1.5%
Private consumption -1.6% -0.5% +0.5%
Government spending -0.6% +1% -0.5%
Private investment -4.1% +3.75% +5%
Exports +2.2% +3.5% +5%
Imports +1% +4.5% +4.75%
Inflation 2.6% 0.75% 1.25%
Unemployment 6.7% 7.25% 7%
Government budget (% GDP) -2.3% -2.5% -1.75%
Government debt (% GDP) 68.6% 69.25% 69.25%
Table 1: Key figures Dutch economy
6Investor Relations
Rabobank: Dutch, cooperative, solid, profitable
Key figures Dutch economy

7. The Netherlands is our home market
The Netherlands is the home market for Rabobank
• 76% of Group loan portfolio is in the Netherlands
• 123 local cooperative banks
• Rabobank is a dominant player in all financial services with
high market shares:
• Mortgages (new mortgages 2014-I) 20%
• Savings 37%
• SMEs 42%
• Agriculture & horticulture 85%
Key figures Dutch economy (Dec 2013)
• Population 16.8 million
• GDP EUR 643bn
• GDP per capita 3rd in the EU, 12th in the world
• Savings deposits EUR 377bn
• Pension funds EUR 1,176bn
• Mortgage debt EUR 632bn
• Value of housing stock EUR 1,236bn
• Exports EUR 543bn (incl. services) of which 70% to the EU
• Imports EUR 481bn (incl. services) of which 52% from the EU
Economic Outlook
• Further economic recovery
• Improvement of consumer confidence
• Recovery of housing market
• Decrease of government deficit
The Netherlands covered by 123 local cooperative banks
7Investor Relations
Rabobank: Dutch, cooperative, solid, profitable

8. Exports of goods (excl. services) 2013: EUR 433bnImports of goods (excl. services) 2013: EUR 386bn
Germany
25%
Belgium
11%
UK
8%
France
8%
Italy
5%
Spain
3%
Poland
2%
Russia
1%
rest of Europe
16%
China
2%
rest of Asia
Pacific
9%
USA
4%
rest of Americas
3% Africa
3%
Germany
16%
Belgium
10%
UK
7%
Russia
5%
France
5%
Norway
4%
Italy
2%
rest of Europe
14%
China
8%
Japan
2%
rest of Asia
Pacific
11%
USA
7%
rest of Americas
5%
Africa
4%
Source: CBS Source: CBS
8Investor Relations
European countries most important trade
partners
Rabobank: Dutch, cooperative, solid, profitable

9. Recovery of the Dutch housing market
0,000
50,000
100,000
150,000
200,000
250,000
2007 2008 2009 2010 2011 2012 2013 2014
2nd half year
1st half year
Number of transactions
Average house price of houses sold
150,000
170,000
190,000
210,000
230,000
250,000
270,000
290,000
Source: CBS
• Average house price EUR 221,000, +1.1% in 2014-I after a decline
of -20% since 2008
• Number of transactions +39% compared to first half 2013; +8%
compared to average first half of 2009-2012
• Affordability improved due to lower prices, lower interest rates
and lower stamp duty
• Owner occupation 60%, lower than EU average 69%
• Mortgage guarantee system NHG
• Protection of creditor in case of residual debt
• Maximum mortgage loan EUR 265,000
• Borrowers pay a one-off guarantee fee of 1% of mortgage
loan
• Lower interest rate for borrower
• Back-stop government guarantee of the fund
• Demand exceeds supply structurally
• Increasing number of households
• Limited land available for housing
• Limited new production
• Shortage of housing stock
• Interest paid is tax-deductible
• Shortage of rented houses, especially in the non-regulated
segment
• Annual income based rent increases in social rental sector
Source: CBS
9Investor Relations
Rabobank: Dutch, cooperative, solid, profitable
EUR

10. Members and local cooperatives
basis of Rabobank
• 2.0 million members of local Rabobank cooperatives
• Non-financial membership: no entry fee, no dividend
• Limited say on business strategy of local Rabobank via Members
Council
Organization structure
Unique cross guarantee
10 million clients
2.0 million members
123 local cooperative
Rabobanks
ownership and
cross-guarantee
Rabobank Nederland
specialized subsidiaries
De Lage
Landen
Schretlen
& Co
Rabobank
Nederland
Rabo Mortgage
Banks
Local Rabobanks
1st level 2nd level
Unique cross guarantee
• Local Rabobanks liable for each other’s obligations (1st level)
• Ensures intra-Group credit support (2nd level)
• Rabobank Group is treated as a consolidated entity for the
regulatory supervision of solvency, liquidity and other controls
10Investor Relations
Rabobank: Dutch, cooperative, solid, profitable

11. EUR million June 2014 / 2014-I Dec 2013 / 2013-II June 2013 / 2013-I
Financials Total assets 679,513 669,404 693,371
Private sector loan portfolio 433,155 434,682 449,890
Due to customers 323,035 326,222 336,491
Group equity 39,854 39,443 40,029
Common Equity Tier 1-ratio 12.6% 13.5% 12.9%
Total capital ratio 19.7% 19.8% 18.7%
Net profit 1,080 2,008 1,110
Presence Local cooperative banks 123 129 136
Domestic offices 591 656 802
Members (x1000) 1,954 1,947 1,931
Foreign places of business 766 769 761
Number of employees (in FTEs) 55,055 56,870 59,506
Ratings Standard & Poor’s AA-/neg/A-1+ AA-/neg/A-1+ AA-/neg/A-1+
Moody’s Aa2/neg/P-1 Aa2/neg/P-1 Aa2/neg/P-1
Fitch AA-/neg/F1+ AA-/neg/F1+ AA/neg/F1+
DBRS AA (high)/neg/R-1 (high) AAA/under review/R-1 (high) AAA/neg/R-1 (high)
Table 2: Key figures Rabobank Group
11Investor Relations
Rabobank: Dutch, cooperative, solid, profitable

12. Consistent and focused strategy:
Rabobank Group in 2016
• Predominantly Dutch bank
• Strong cooperative identity
• All-finance-leadership position in the Netherlands
Target for year-
end 2016
Actual
June 2014
Contribution to target in 2012-2016
Return on tier 1 capital 8% 6.2% • EUR 1.2bn cost savings within the domestic retail business and Rabobank
Nederland
• Staff reduction of 9,000 – 10,000 FTEs
• Higher return on capital invested at all other entities
• Change of capital composition
Common Equity Tier 1-ratio 14% 12.6% • Adding retained earnings to equity
• Reduction of RWA due to sale of Bank BGZ
• Capital requirement of group entities will be managed strictly
Total capital ratio >20% 19.7% • Issuing Additional Tier 1 and Tier 2 capital
Loan-to-deposit ratio 1.30 1.36 • Diversification of funding sources
• Further modest growth of savings at International Direct Banking
Financial targets 2016
Rabobank Group strategy
• Global position as the leading food & agribusiness bank
in a selected number of countries
• Creditworthiness at the highest level
• High level of corporate social responsibility
12Investor Relations
Rabobank: Dutch, cooperative, solid, profitable

13. 2. Results 2014-I
• Net profit 2014-I EUR 1,080mn
• Net profit in all entities except Rabo Real Estate Group
• Bad debt costs at 54 bps
• Capital ratios at comfortable levels
13Investor Relations

14. EUR million 2014-I 2013-I
Total income 6,398 6,455 -1%
Total operating expenses 3,946 4,240 -7%
Gross profit 2,452 2,215 +11%
Bad debt costs 1,188 1,106 +7%
Resolution levy 214 0
Operating profit before taxation 1,050 1,109 -5%
Net profit continued activities 1,080 1,012 +7%
Net profit discontinued activities 0 98
Net profit 1,080 1,110 -3%
Return on equity 6.2% 5.8% +0.4%-pnt
Efficiency ratio 61.7% 65.7% -4%-pnt
Bad debt costs in basis points
(annual basis)
54 bps 49 bps +5 bps
Table 3: Financial results Rabobank Group
14Investor Relations
Results 2014-I

15. Net profit 2014-I EUR 1,080mn
• Net profit 2014-I EUR 1,080mn (-3%)
• Group net profit +17% when excluding the resolution levy
• Net profit was impacted negatively by
• High bad debt costs, especially in domestic Commercial Real
Estate
• Resolution levy in connection with the nationalization of
SNS Reaal
• Decrease of commission income
• Net profit was impacted positively by
• Decrease of staff costs and other operating expenses
• Increase of interest income
Net profit 2014-I EUR 1,080mn
0
500
1000
1500
2000
2500
3000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2nd half year
1st half year
EUR mn
15Investor Relations
Results 2014-I

16. Domestic retail (EUR million) 2014-I 2013-I
Total income 3,502 3,810 -8%
Total operating expenses 2,258 2,368 -5%
Gross profit 1,244 1,442 -14%
Bad debt costs 578 629 -8%
Resolution levy 183 0
Operating profit before taxation 483 813 -41%
Net profit 341 615 -45%
Efficiency ratio 64.5% 62.2% +2.3%-pnt
Bad debt costs in basis points (annual basis) 38 bps 41 bps -3bps
Wholesale & int. retail (EUR million) 2014-I 2013-I
Total income 1,935 1,968 -2%
Total operating expenses 1,162 1,126 +3%
Gross profit 773 842 -8%
Bad debt costs 178 228 -22%
Operating profit before taxation 595 614 -3%
Net profit 389 494 -21%
Efficiency ratio 60.1% 57.2% +2.9%-pnt
Bad debt costs in basis points (annual basis) 35 bps 44 bps -9bps
Table 4: Financial results Domestic retail and Wholesale & int. retail
16Investor Relations
Results 2014-I

17. Net profit in all entities except
Rabo Real Estate Group
• Group net profit -3% to EUR 1,080mn
• Group net profit +17% when excluding the resolution levy
• Domestic retail -45% to EUR 341mn
• Net profit -15% when excluding the resolution levy
• Wholesale & international retail -21% to EUR 389mn
• Leasing -4% to EUR 223mn
• Rabo Real Estate Group decrease of loss by EUR 99mn to
EUR 90mn loss. Higher bad debt costs, but no further
impairments on and revaluations of land positions
Net profit by group entity (2014-I)
-400 -200 0 200 400 600 800
2014-I
2013-I
Domestic retail *
Wholesale
& Int. retail
Leasing
Rabo Real
Estate Group
17Investor Relations
EUR mn
Results 2014-I
* 2014-I including or excluding the resolution levy of EUR 183mn.
Resolution
levy

18. EUR mn June 2014 Dec 2013
Group loan portfolio 433,155 434,682 -0%
Impaired loans 13,737 12,809 +7%
- in % of loans 3.2% 2.9% +0.3%-pnt
Allowance 4,422 4,306 +3%
- in % of impaired loans 32% 34% -2%-pnt
2014-I 2013-I
Bad debt costs 1,188 1,106 +7%
- in bps (annual basis) 54 49 +5 bps
Break-down bad debt costs 2014-I 2013-I
Domestic mortgages 56 68 -18%
Domestic Lessors of real estate 505 212 +138%
Domestic Property Development 32 81 -61%
Domestic retail food & agri 64 94 -32%
Other domestic retail SMEs 277 339 -18%
Wholesale & Int. Retail 178 228 -22%
Leasing 69 85 -19%
Table 5: Group loans, impairments, allowances and bad debt costs
18Investor Relations
Results 2014-I

19. Bad debt costs at 54 bps
Bad debt costs 2014-I by client category: EUR 1,188mn
• Bad debt costs of EUR 1,188mn in 2014-I
• 54 basis points on an annual basis
• Bad debt costs consist of
• Domestic mortgages EUR 56mn, only 5% of total whereas
domestic mortgages make up 48% of total Group private sector
lending
• Domestic lessors of real estate EUR 505mn of which:
• Domestic retail EUR 160mn
• Rabo Real Estate Group EUR 345mn
• Domestic property development EUR 32mn of which:
• Domestic retail EUR 21mn
• Rabo Real Estate Group EUR 11mn
• Domestic retail food & agri EUR 64mn, mainly in horticulture
under glass. The other food & agri categories have very low bad
debt costs.
• Other domestic retail SMEs: EUR 277mn with relatively high bad
debt costs in industry
• Wholesale & international retail EUR 178mn of which
ACC Loan Management EUR 97mn (of which CRE: EUR 60mn)
• Leasing EUR 69mn
Domestic
mortgages
5%
Domestic
Lessors of real
estate
43%
Domestic
Property
Development
3%
Domestic retail
food and agri
5%
Other domestic
SMEs
23%
Wholesale&
Int.retail
15%
Leasing
6%
19Investor Relations
Results 2014-I

20. EUR billion CRDIV 30 June 2014* CRDIV 1 Jan 2014* CRDIII 31 Dec. 2013
Common Equity Tier 1 capital 27.2 26.0 28.6
Tier 1 capital 32.2 31.3 35.1
Total capital 42.6 38.6 41.7
Risk-weighted assets 216.2 208.8 210.8
Common Equity Tier 1-ratio 12.6% 12.5% 13.5%
Tier 1-ratio 14.9% 15.0% 16.6%
Total capital ratio 19.7% 18.5% 19.8%
Table 6: Impact of implementation CRDIV on qualifying capital
* Note
The CRD IV figures in this table are excluding interim results as defined in article 26 CRR.
20Investor Relations
Results 2014-I

21. Capital ratios at comfortable levels
• Risk-weighted assets EUR 216.2bn (+2%)
• The new CRDIV regulation is effective as of 1 January 2014
• The implementation of CRDIV and call of part of the Capital
Securities had a negative impact on the capital ratios
• The issue of Tier 2 capital had a positive effect on the ratios
• Regulatory capital ratios
• Common Equity Tier 1-ratio: 12.6%
• Tier 1-ratio: 14.9%
• Total capital ratio (BIS-ratio): 19.7%
• Basel III Leverage ratio: 4.6%
• Basel III (excluding management action)
• Fully loaded Common Equity Tier-1 ratio: 10.8%
• Fully loaded leverage ratio 3.3%
Capital ratios
10%
12%
14%
16%
18%
20%
22%
Total capital ratio
Tier 1-ratio
CommonEquity Tier 1-ratio
Implementation
CRDIV
21Investor Relations
* Note
The CRD IV figures on this page are excluding interim results as defined in
article 26 CRR.
Results 2014-I

23. 3. Loan portfolio
• Diversified portfolio with focus on the Netherlands
• Impairments, allowances and bad debt costs
• Domestic retail & Rabo Real Estate Group
• Wholesale, International Retail &Leasing
• Global spread of activities
• Domestic residential mortgage portfolio
• Loan-to-value domestic residential mortgages
• F&A portfolio
• Non-F&A portfolio
• Commercial real estate: high impairments
23Investor Relations

24. EUR bn June 2014 Dec 2013
Group total 433.2 434.7 -0%
• Domestic retail 298.8 303.1 -1%
• Wholesale & Int. retail 89.9 87.8 +2%
- Domestic Wholesale 12.8 12.1 +6%
- International
- Wholesale
- Rural & Retail
77.1
44.7
32.4
75.7
44.6
31.1
+2%
+0%
+4%
• Leasing 25.7 24.7 +4%
- Domestic 4.1 4.2 -7%
- International 21.6 20.5 +5%
• Rabo Real Estate Group 18.1 18.3 -1%
- Domestic lessors of
real estate & property
development
16.8 17.2 -2%
- Other 1.3 1.2 8%
Table 7: Group loan portfolio by entity
EUR million June 2014 Dec 2013
Total Domestic lending 333.8 337.7 -1%
• Mortgages 207.6 209.1 -1%
• Food & agri retail 28.7 29.2 -2%
• Commercial real estate
- Domestic retail
- Rabo Real Estate Group
28.8
10.7
18.1
30.2
11.9
18.3
-5%
-10%
-1%
• Other SMEs 51.8 52.9 -2%
• Wholesale 12.8 12.1 +6%
• Leasing 4.1 4.2 -2%
Table 8: Domestic loan portfolio by client category
24Investor Relations
Loan portfolio

25. Diversified portfolio with focus on the
Netherlands
Domestic portfolio by entity EUR 334bn (76% of Group loan portfolio)
Domestic portfolio by client category EUR 334bn
Domestic retail
90%
Wholesale
4%
Leasing
1%
Rabo Real Estate
Group
5%
Mortgages
62%
Food & agri retail
9%
Commercial real
estate
9%
Other SMEs
15%
Wholesale
4%
Leasing
1%
Group loan portfolio by entity EUR 433bn
International portfolio EUR 99bn (24% of Group loan portfolio)
Domestic retail
69%
Wholesale& Int.
Retail
21%
Leasing
6%
Rabo Real Estate
Group
4%
Retail
33%
Wholesale
45%
Leasing
22%
25Investor Relations
Loan portfolio

26. EUR million June 2014 % of loans Dec 2013 % of loans
Impaired loans Domestic retail 6,492 2.2% 6,651 2.2%
Wholesale & int. retail 2,666 3.0% 2,670 2.9%
Leasing 687 2.7% 721 2.9%
Rabo Real Estate Group 3,892 21.5% 2,767 15.1%
Total Rabobank Group 13,737 3.2% 12,809 2.9%
% of impaired loans % of impaired loans
Allowance Domestic retail 2,033 31% 2,275 34%
Wholesale & int. retail 678 25% 708 27%
Leasing 448 65% 480 67%
Rabo Real Estate Group 1,262 32% 842 30%
Total Rabobank Group 4,422 32% 4,306 34%
2014-I in bps * 2013-I in bps *
Bad debt costs Domestic retail 578 38 bps 629 41 bps
Wholesale & int. retail 178 35 bps 228 44 bps
Leasing 69 47 bps 85 59 bps
Rabo Real Estate Group 358 391 bps 164 180 bps
Total Rabobank Group 1,188 54 bps 1,106 49 bps
Table 9: Impairments, allowances and bad debt costs
26Investor Relations
* Annual basis
Loan portfolio

27. Impairments, allowances and bad debt costs
Group impaired loans by entity EUR 13.7bn
Group bad debt costs 2014-I by entity EUR 1,188mn
Group loan portfolio by entity EUR 433bn
Group allowance by entity EUR 4,422mn
Domestic retail
real estate
15%
Domestic retail
mortgages
6%
Domestic retail
F&A
9%
Other domestic
retail SMEs
18%
Wholesale& int.
retail
19%
Leasing
5%
Rabo Real Estate
Group
28%
Domestic retail
real estate
15%
Domestic retail
mortgages
5%
Domestic retail
F&A
6%
Other domestic
retail SMEs
23%
Wholesale& int.
retail
15%
Leasing
6%
Rabo Real Estate
Group
30%
Domestic retail
real estate
22%
Domestic retail
mortgages
5%
Domestic retail
F&A
9%
Other domestic
retail SMEs
10%
Wholesale& int.
retail
15%
Leasing
10%
Rabo Real Estate
Group
29%
27Investor Relations
Domestic retail
real estate
2%
Domestic retail
mortgages
48%
Domestic retail
F&A
7%
Other domestic
retail SMEs
12%
Wholesale& Int.
Retail
21%
Leasing
6%
Rabo Real Estate
Group
4%
Loan portfolio
Domestic retail
total 69%
Domestic retail
total 46%
Domestic retail
total 49%
Domestic retail
total 47%
Domestic real estate
total 6%
Domestic real estate
total 51%
Domestic real estate
total 45%
Domestic real estate
total 43%

28. EUR million June 2014
Loan portfolio (x 1,000) 298.8 -1%
Impaired loans 6,492 -2%
- in % of loans 2.2% 0%-pnt
Allowance 2,033 -11%
- in % of impaired loans 31% -3%-pnt
2014-I
Bad debt costs 578 -8%
- in bps (annual basis) 38 bps -3 bps
Table 10: Domestic retail: Loans & impairments
Domestic retail & Rabo Real Estate Group
EUR million June 2014
Loan portfolio (x 1,000) 18.1 -1%
Impaired loans 3,892 +41%
- in % of loans 21.5% +6.4%-pnt
Allowance 1,262 +50%
- in % of impaired loans 32% -2%-pnt
2014-I
Bad debt costs 358 +118%
- in bps (annual basis) 391 bps +211 bps
Table 11: Rabo Real Estate Group: Loans & impairments
• Local Rabobanks and Obvion
• Residential mortgages, savings, SMEs (incl. F&A and
commercial real estate financing), payment services, private
banking and insurance
• 123 Local cooperative banks with 591 branches
• 2 million members, 6.7 million private clients, 800,000
corporate clients
• 25,192 FTEs (-1,807)
• Net profit EUR 341mn (-21%)
• Bad debt costs 38 bps (41 bps)
• Loans EUR 299bn (-1%)
• Due to customers EUR 214bn (-1%)
• FGH Bank and Bouwfonds
• Commercial real estate financing, development of residential
property and real estate investment management
• Netherlands, France and Germany
• 1,506 FTEs
• Net result EUR -90mn (EUR -189mn)
• Bad debt costs 391 bps (180 bps)
• Loans EUR 18.1bn (-1%)
• Number of houses sold: 2,562 (+46%)
Domestic retail
Rabo Real Estate Group
28Investor Relations
Loan portfolio

29. EUR million June 2014
Loan portfolio (x 1,000) 89.9 +2%
Impaired loans 2,666 -0%
- in % of loans 3.0% +0.1%-pnt
Allowance 678 -4%
- in % of impaired loans 25% -2%-pnt
2014-I
Bad debt costs 178 -22%
- in bps (annual basis) 35 bps -9 bps
Table 12: Wholesale and int. retail: Loans & impairments
Wholesale, International Retail & Leasing
EUR million June 2014
Loan portfolio (x 1,000) 25.7 +4%
Impaired loans 687 -5%
- in % of loans 2.7% -0.2%-pnt
Allowance 448 -7%
- in % of impaired loans 65% -2%-pnt
2014-I
Bad debt costs 69 -19%
- in bps (annual basis) 47 bps -12 bps
Table 13: Leasing: Loans & impairments
• Dutch corporate clients with turnover >EUR 250mn
• International focus on food- and agribusiness
• Farm financing, community banking and F&A corporates
• Rabo Direct Banking
• 15,901 FTEs
• Net profit EUR 389mn (-45%)
• Bad debt costs 35 bps (44 bps)
• Loans EUR 89.9bn (+2%), of which EUR 12.8bn in the Netherlands
• F&A lending 57% of total
• Due to customers EUR 107bn (-1%) of which direct banking
EUR 29.7bn (+2%)
• De Lage Landen
• Financial lease, operational lease, car lease, consumer finance
• Increased focus on food- & agribusiness
• 36 countries, 5,183 FTEs
• Net profit EUR 223mn (-4%)
• Bad debt costs 47 bps (59 bps)
• Lease portfolio EUR 31.3bn (+4%) of which loans EUR 25.7bn
(+4%)
• F&A lease 32% of total
Wholesale and International Retail
Leasing
29Investor Relations
Loan portfolio

30. EUR billion Wholesale Rural & Retail TOTAL
Total International portfolio 98.7
• Int. Wholesale & Retail 44.7 32.4 77.1
- Europe excl. the Netherlands 12.4 2.2 14.6
- North America 17.7 11.3 29.0
- South America 5.0 2.8 7.8
- Australia & New Zealand 2.7 16.1 18.8
- Asia 6.8 - 6.8
- Africa 0.1 - 0.1
• Int. Leasing 21.6
Table 14: International loan portfolio
Global spread of activities
• 40 countries
• 766 foreign offices of which ca. 600 retail offices
• Loan portfolio internationalwholesale & retail EUR 77.1bn (+2%)
• Wholesale (EUR 44.7bn) is 58% of total
• Rural & Retail (EUR 32.4bn) is 42% of total
• Focus on food & agribusiness (EUR 50.8bn) is 66% of total
international wholesale & retail
• International leasing portfolio EUR 25.2bn
• of which EUR 21.6bn loans
30Investor Relations
Loan portfolio

31. Domestic residential mortgage portfolio
• Low loan losses 5.4 bps
• Loan-to-value ratio: 79.4% on average
• NHG: 21% of mortgage portfolio
• 93% of portfolio has (predominantly long-term) fixed interest rate
• Number of delinquencies and foreclosures remains very low
• Bank has first charge at default
• Bank has full recourse to the borrower
Delinquencies, recovery procedure and foreclosures 2014-I
in % of total number of domestic mortgages
100% 0.57% 0.35% 0.02%
Number of mortgage clients
1.2 million
>90 days past due in recovery procedure foreclosures
(annual basis)
Contractual fixed interest rate period Rabobank mortgages
>10 years
26%
6-10 years
44%
4-5 years
16%
2-3 years
3%
fixed <1yr
4%
variable
7%
31Investor Relations
Loan portfolio

32. EUR million June 2014 Dec 2013
Loans 207,586 209,142 -1%
Impaired loans 774 894 -13%
- in % of loans 0.37% 0.43% -0.06%-pnt
Allowance 207 198 +5%
- in % of impaired loans 27% 22% +5%-pnt
2014-I 2013-I
Bad debt costs 56 68 -18%
in bps (annual basis) 5.4 bps 6.4 bps -1.0 bps
Table 15: Domestic residential mortgage portfolio
32Investor Relations
Loan portfolio

33. * Note
Please note that loan-to-value (LTV) is not the only factor determining the risks
in Rabobank’s mortgage portfolio. There are a number of factors that can
mitigate the potential risk of a mortgage being higher than the actual value of
the house
• LTV figures do not take into account free savings accounts of the borrower
• LTV figures do not take into account securities and other assets of the
borrower
• To cover premature death risk, the majority of clients have a life insurance,
pledged to the bank
• An LTV in excess of 100% does not mean that the loan in question is
impaired. As long as the borrower is able to meet debt service, the
collateral value is less of an issue.
• By far most clients with an LTV>100% have a better than standard cost-to-
income ratio so that they are able to continue fulfilling their mortgage
obligations
Loan-to-value Guaranteed Other Total
0%-50% 1.5% 18.6% 20.1%
50%-60% 0.9% 7.5% 8.3%
60%-70% 1.1% 9.0% 10.2%
70%-80% 1.6% 8.4% 10.0%
80%-90% 2.2% 7.5% 9.8%
90%-100% 3.1% 8.4% 11.5%
100%-105% 2.6% 4.3% 6.9%
105%-110% 2.1% 3.6% 5.7%
110%-115% 1.8% 3.2% 5.0%
115%-120% 1.7% 2.9% 4.6%
120%-125% 1.0% 2.4% 3.3%
>125% 1.0% 3.6% 4.6%
20.6% 79.4% 100%
Average Loan-to-value in June 2014: 79.4% (Dec 2013: 80.7%)
Table 16: Loan-to-value domestic residential mortgage portfolio*
33Investor Relations
Loan-to-value domestic residential
mortgages
Loan portfolio

34. EUR million June 2014 Dec 2013
F&A loan portfolio (x 1,000) Domestic retail 28.7 29.2 -2%
Domestic wholesale 2.6 3.0 -13%
Domestic leasing 0.3 0.3 0%
International retail 16.0 15.5 +3%
International wholesale 32.0 31.0 +3%
International leasing 8.9 8.0 +11%
Total group 88.5 87.0 +2%
F&A impairments domestic retail Impaired 1,236 1,238 0%
- in % of loans 4.3% 4.2% +0.1%-pnt
Allowance 387 350 +11%
- in % of impaired 31% 28% +3%-pnt
2014-I 2013-I
F&A bad debt costs domestic retail Bad debt costs 64 94 -32%
in bps (on annual basis) 44 bps 64 bps -20 bps
Table 17: F&A portfolio
34Investor Relations
Loan portfolio

35. F&A portfolio
• F&A Group portfolio EUR 88.5bn, 21% of total Group loan
portfolio
• EUR 28.7bn, 10% of Domestic retail is in F&A
• EUR 50.8bn, 57% of Wholesale & int. retail is in F&A
• EUR 9.2bn, 36% of Leasing is in F&A
• F&A portfolio well diversified in:
• Subsectors
• Geography
• Links in the food supply chain
• Domestic market share 85%
Group F&A portfolio EUR 88.5bn
Dairy
16%
Grains & oilseeds
17%
Animal protein
19%
Fruit & veg
10%
Farm inputs
7%
Food retail &
foodservice
6%
Flowers
3%
Beverages
4%
Miscellaneous
crops
2%
Sugar
2%
Other
14%
Investor Relations
Loan portfolio
Domestic retail F&A portfolio EUR 28.7bn
Dairy
20%
Grains & oilseeds
5%
Animal protein
19%
Fruit & veg
14%
Farm inputs
5%
Food retail &
foodservice
6%
Flowers
9%
Other
22%
35

36. EUR million June 2014 Dec 2013
Non-F&A loan portfolio (x 1,000) Domestic retail 61.5 63.0 -2%
Domestic Rabo Real Estate Group 18.1 18.3 -1%
Domestic wholesale 15.3 13.3 +15%
Domestic leasing 2.4 2.4 0%
Other domestic retail 0.5 0.7
International wholesale & retail 20.0 25.3 -21%
International leasing 13.1 12.6 +4%
Total group 130.9 135.6 -3%
Non-F&A impairments domestic retail Impaired 4,414 4,449 -1%
- in % of loans 7.2% 7.1% +0.1%-pnt
Allowance 1,392 1,623 -14%
- in % of impaired 32% 36% -5%-pnt
2014-I 2013-I
Non-F&A bad debt costs domestic retail Bad debt costs 459 470 -2%
in bps (on annual basis) 148 bps 146 bps +2 bps
Table 18: Non-F&A portfolio
36Investor Relations
Loan portfolio

37. Non-F&A portfolio
• Non-F&A Group portfolio EUR 130.9bn, 30% of total Group loan
portfolio
• EUR 61,5bn, 21% of Domestic retail is in non-F&A
• EUR 35.3bn, 39% of Wholesale & int. retail is in non-F&A
• EUR 15.5bn, 60% of Leasing, is in non-F&A
• Non-F&A Portfolio well diversified in:
• Subsectors
• Geography
• Mainly SME lending
• Domestic market share: 42%
Group non-F&A portfolio EUR 130.9bn
37Investor Relations
Loan portfolio
Domestic retail non-F&A portfolio EUR 61.5bn
Lessors of real
estate
19%
Finance &
insurance (except
banks)
10%
Trade
12%
Professional
services
6%
Construction
(incl. Property
Dev.)
10%
Manufacturing
6%
Transportation &
warehousing
5%
Health care
5%
Retail (excl. food)
4%
Other
23%
Lessors of real
estate
16%
Finance &
insurance (except
banks)
5%
Trade
6%
Professional
services
4%
Construction
(incl. Property
Dev.)
13%
Manufacturing
4%
Transportation &
warehousing
6%
Health care
6%
Retail (excl. food)
4%
Other
36%

38. EUR million Loan portfolio
(x 1,000)
Impaired Allowance Bad debt costs
Domestic Lessors of real estate June 2014 June 2014 June 2014 2014-I
Domestic retail 8.8 1,452 649 160
Rabo Real Estate Group 15.8 3,761 1,195 345
Total domestic 24.6 5,213 1,844 505
Domestic Property development
Domestic retail 1.8 597 339 21
Rabo Real Estate Group 1.0 131 41 11
Total domestic 2.8 728 380 32
ACC Loan Management* 1.0 2,286 1,574 60
Domestic + ACC Loan Management June 2014 / 2014-I* 28.4 8,227 3,798 597
Domestic + ACC Loan Management Dec 2013 / 2013-I* 28.4 6,941 3,246 354
Table 19: Commercial real estate lending
38Investor Relations
*) Lessors of real estate and property development
Loan portfolio

39. Commercial real estate: high impairments
Break-down of domestic lessors of real estate
Offices
20%
Residential
25%
Retail outlets
20%
Industrial
25%
Land
5%
Other
5%
• Commercial real estate financing in Domestic retail, Rabo Real
Estate Group and ACC Bank
• Conservative valuation policy
• Domestic lessors of real estate loan portfolio
EUR 24.6bn (-6%)
• Domestic property development loan portfolio
EUR 2.9bn (-4%)
• ACC Loan Management EUR 1.0bn (-10%)
39Investor Relations
Loan portfolio

41. 4 Equity, liabilities & funding
• Well-balanced balance sheet
• High quality equity base
• IFRS equity versus qualifying capital
• Capital strategy Rabobank.
• Bail-in buffer EUR 51.6bn
• Strong protection against Senior bail-in
• Rabobank Certificates
• (Grandfathered) AdditionalTier 1
• Tier 2
• Senior contingent notes & Stress analysis Equity Capital Ratio
• Liquidity buffer EUR 103bn
• Excellent access to Senior unsecured funding
• The public market: Euro benchmark issuance & other currencies
• Short-term debt
• Private placements
• Preview FY2014
41Investor Relations

42. EUR million June 2014 Dec 2013
Assets Loans (incl. public sector) 462,739 455,909 +1%
Cash 40,612 43,039 -6%
Banks 40,980 40,787 +0%
Securities 53,209 56,780 -6%
Derivatives 45,335 39,703 +14%
Other 36,638 33,186 +10%
Total Assets 679,513 669,404 +2%
Equity & liabilities Equity 39,854 39,443 +1%
Due to customers 323,035 326,222 -1%
Long-term issued debt 163,694 164,935 -1%
Short-term issued debt 57,592 54,417 +6%
Banks 17,715 14,745 +20%
Derivatives 55,611 50,171 +11%
Other 22,012 19,471 +13%
Total equity & liabilities 679,513 669,404 +2%
Encumbered assets - in % of funded assets 4.1% 4.4% -0.3%-pnt
- according to EBA guidelines 6.6% 7.4% -0.8%-pnt
Table 20: Balance sheet
42Investor Relations
Equity, liabilities & funding

43. Well-balanced balance sheet
• Total assets EUR 679.5bn (+2%)
• Negligible asset encumbrance – only 4.1% of funded assets is
secured funding; according to new EBA guidelines , asset
encumbrance would be 6.6%
• Loan-to-deposit ratio 1.36
% of total % of total
Loans 463 68% Retainedearnings + reserves+ minority
interests
RabobankCertificates
Additional Tier 1
26
6
8
4%
1%
1%
Equity 40
6%
Due to customers 323 48%
Long-term issued debt 163 24%
486 72%
Cash 41 6% Short-termissued debt (CD / CP) 58 8%
Banks 41 6% Banks 18 3%
Securities 53 8%
Short-term assets 135 20% Short-term liabilities 76 11%
Derivatives 45 7% Derivatives 56 8%
Other 37 5% Other 22 3%
Total 680 100% Total 680 100%
Balance sheet (June 2014) in EUR bn
43Investor Relations
• Total of due to customers plus long term funding is more than loan
book
• Short-term assets (20%) much larger than short-term liabilities
(11%)
Equity, liabilities & funding

44. High quality equity base
Equity EUR 39.9bn
EUR million June 2014 Dec 2013
Equity 39,854 39,443
- Retained earnings,
reserves & minority
Interests
25,511 25,086
- Rabobank
Certificates
5,928 5,823
- (Grandfathered)
Additional Tier 1
8,415 8,534
Table 21: Equity
Retained
earnings,
reserves &
minority
interests
64%
Rabobank
Certificates
15%
(Grandfathered)
AdditionalTier 1
21%
44Investor Relations
Equity, liabilities & funding

45. Table 22: IFRS equity versus qualifying capital
EUR million IFRS equity Qualifying capital
Retained earnings 28,118 27,066
Rabobank Certificates 5,928 5,928
Non-controlling interests 470 33
Reserves -3,077 -3,077
Regulatory adjustments -6,162
Transitional adjustments 3,401
Common Equity Tier 1-capital 27,189
Capital Securities & Trust Preferred Securities III-VI 8,415 7,283
Transitional adjustments -2,223
Tier 1-capital 32,249
Subordinated debt 10,971
Transitional adjustments -606
Total IFRS equity / qualifying capital 39,854 42,614
45Investor Relations
IFRS equity versus qualifying capital
Equity, liabilities & funding

46. Rabobank’s capital strategy focuses on comfortable levels of the
Common Equity Tier 1-ratio and the Total capital ratio
• Risk Weighted Assets: EUR 216.2bn (June 2014)
Common Equity Tier 1-ratio 12.6%
• CET1-ratio was impacted negatively by
• Implementation of CRDIV in January 2014
• Increase of Risk Weighted Assets
• CET1-ratio was positively impacted by
• Slight increase of Rabobank Certificates
• Target CET1-ratio December 2016: 14%
Total Capital ratio 19.7%
• Total Capital ratio was impacted negatively by
• Implementation of CRDIV in January 2014, including haircut
on grandfathered Additional Tier 1 instruments
• Increase of Risk Weighted Assets
• Total Capital ratio was positively impacted by
• Slight increase of Rabobank Certificates
• Newly issued Tier 2 capital
• Target Total Capital ratio December 2016: >20%
Capital strategy Rabobank
Current and future capital structure in % of Risk Weighted Assets
10,7%
9,9%
2,8%
2,7%
3,1%
2,3%
3,2%
4,8%
0%
5%
10%
15%
20%
25%
Dec 2013 June 2014 Target Dec 2016
Tier 2-Capital
(Grandfathered) Additional Tier 1-Capital
Rabobank Certificates
Retained earnings & reserves
Common
Equity Tier 1
14%
Total Capital
>20%
46Investor Relations
Equity, liabilities & funding

47. EUR billion June 2014 Dec 2013
Retained earnings & reserves
of which
- retained earnings
- reserves
24.9
28.1
-3.1
24.6
28.1
-3.5
Rabobank Certificates 5.9 5.8
(Grandfathered) Additional Tier 1 8.4 8.5
Tier 2 11.1 7.8
Senior Contingent Notes (SCNs) 1.2 1.2
Total bail-in buffer * 51.6 48.0
Table 23: Bail-in buffer
Bail-in buffer EUR 51.6bn*
Bail-in buffer EUR 51.6bn*
• Rabobank has built a strong buffer, of 24% of RWA, which
would protect senior unsecured bondholders in the unlikely
event of bail-in of senior debt
0
10
20
30
40
50
60
dec-08 dec-09 dec-10 dec-11 dec-12 dec-13 jun-14
SCNs
T2
AT1
CET1
EUR bn
* Note
Capital figures based on gross numbers. i.e. excluding CET1 deductions
and including non-qualifying Tier 1 (grandfathered) and including
amortising Tier 2;
Bail-in buffer excluding Minority interests.
47Investor Relations
Equity, liabilities & funding

48. Strong protection against Senior bail-in
Potential impact of losses on Capital and Senior Unsecured*
0
50
100
150
200
250
June
2014
1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
CET1
AT1
T2
SCNs
Loss Senior Unsecured (% of total Senior Unsecured)
Loss
Senior Unsecured
Loss in % of balance sheet total (EUR 675bn)
EUR bn
-10%
-6%
-2%
• The large buffer of EUR 51.6bn serves as a strong
protection against bail-in of Senior Unsecured bonds
• Senior bonds not affected until losses exceed EUR 51.6bn
(7.5% of balance sheet total)
• Even if losses were to amount to 10% of balance sheet total
(EUR 67bn) losses for Senior debt holders would be limited
to 10%
48Investor Relations
Equity, liabilities & funding
* Note
Capital figures based on gross numbers. i.e. excluding CET1 deductions
and including non-qualifying Tier 1 (grandfathered) and including
amortising Tier 2

49. RabobankCertificates
Historical paid out distributions
• Rabobank Certificates are the most deeply subordinated capital instruments of Rabobank
• 237,961,365 Rabobank Certificates outstanding, which represent EUR 5.9bn in Common Equity Tier 1 capital.
• The quarterly intended pay out distribution on Rabobank Certificates is the higher of:
• 6.5% ,or
• the three-monthly average on an annual basis of the effective return on the most recent 10 year Dutch state loan +150bps
calculated based on a nominal value of EUR 25 divided by four
• Rabobank has the discretion not to pay a distribution on the Rabobank Certificates
• Rabobank has been profitable in each of its 115+ years of existence and has never not declared a distribution on its Certificates
49Investor Relations
5.89% 6.00%
5.49%
5.23%
5.35%
5.17%
.4,99% 5% 5% 5% 5% 5% 5% 5% 5%
5%
5% 5% 5% 5% 5%
5.2% 5.2%
6.5% 6.5% 6.5%
Average 10yr DSL + 1.5%
Higher of 10yr DSL + 1.5% or 6.5%
Average 10yr DSL
10yr most recent DSL
Equity, liabilities & funding

50. 1st call date Issue date
CHF 750mn, 6.875%, Capital Securities Nov 2014 July 2009
AUD 250mn, applicable BBSW+0.67%, Trust Preferred Securities V Dec 2014 Oct 2004
AUD 250mn, 6.415%, Trust Preferred Securities VI Dec 2014 Oct 2004
USD 2bn, 8.375%, Capital Securities July 2016 Jan 2011
USD 755mn, 5.254%, Trust Preferred Securities III Oct 2016 Oct 2004
USD 2bn, 8.4%, Capital Securities May 2017 Nov 2011
NZD 900mn, applicable 1-yr swap rate + 0.76%, Capital Securities Oct 2017 Oct 2007
GPB 350mn, 5.556%, Trust Preferred Securities IV Dec 2019 Oct 2004
CHF 350mn, 5.5%, Capital Securities June 2018 June 2008
ILS 323mn, 5.50%, Capital Securities July 2018 July 2008
NZD 280mn, applicable 5-yr swap rate + 3.75%, Capital Securities June 2019 May 2009
USD 2.9bn, 11%, Capital Securities June 2019 June 2009
GBP 250mn, 6.91%, Capital Securities June 2038 June 2008
Table 24: (Grandfathered) Additional Tier 1
• Total Additional Tier 1: EUR 8.4bn
• All currently outstanding Additional Tier 1 instruments are being grandfathered under CRDIV
(Grandfathered)AdditionalTier 1
50Investor Relations
Equity, liabilities & funding

51. 51Investor Relations
• Tier 2 capital increased to EUR 11bn
• AllTier 2 instruments are fully CRD IV compliant
Tier 2
Table 25: Tier 2 issues
Tier 2 issues 1st call date / maturity Issue date
EUR 1bn, 5.875% May 2019 May 2009
EUR 1bn, 3.750% Nov. 2020 Nov. 2010
EUR 2bn, 2.500% May 2021 / 2026 May 2014
EUR 1bn, 4.125% Sept. 2022 Sept. 2012
USD 1.5bn, 3.950% Nov. 2022 Nov. 2012
USD 1.75bn, 4.625% Dec. 2023 Nov. 2013
EUR 1bn, 3.875% July 2023 July 2013
GBP 500mn, 5.250% Sept. 2027 Sept. 2012
GBP 1bn, 4.625% May 2029 May 2014
USD 1.25bn, 5.750% Dec. 2043 Nov. 2013
Equity, liabilities & funding

52. Senior contingent notes
• March 2010: issue of EUR 1.25bn benchmark 10 year fixed rate senior note
• Annual coupon 6.875%
• Trigger: Equity Capital Ratio (ECR) <7%
• ECR June 2014: 15.7%
• In the unlikely event that ECR were to fall below 7%, write-down to 25% of par and immediate
repayment of this redemption price, thus strengthening Rabobank’s capital
52Investor Relations
Equity, liabilities & funding

53. Stress analysis Equity Capital Ratio
Stress analysis ECR
Retained Earnings + Member Certificates 28.1bn + 5.9bn
ECR June 2014 = ------------------------------------------------------- = -------------------------- = 15.7%
Risk Weighted Assets 216.2bn
• Trigger of ECR< 8% is hit if * losses made > EUR 17bn
or * RWA increase > EUR 210bn
• Trigger of ECR< 7% is hit if * losses made > EUR19bn
or * RWA increase > EUR 270bn
Change in Equity Capital
RWA change 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% RWA change
-30% 29,2% 27,0% 24,7% 22,5% 20,2% 18,0% 15,7% 13,5% 11,2% 9,0% -30%
-20% 25,6% 23,6% 21,7% 19,7% 17,7% 15,7% 13,8% 11,8% 9,8% 7,9% -20%
-10% 22,7% 21,0% 19,2% 17,5% 15,7% 14,0% 12,2% 10,5% 8,7% 7,0% -10%
0% 20,5% 18,9% 17,3% 15,7% 14,2% 12,6% 11,0% 9,4% 7,9% 6,3% 0%
10% 18,6% 17,2% 15,7% 14,3% 12,9% 11,5% 10,0% 8,6% 7,2% 5,7% 10%
20% 17,1% 15,7% 14,4% 13,1% 11,8% 10,5% 9,2% 7,9% 6,6% 5,2% 20%
30% 15,7% 14,5% 13,3% 12,1% 10,9% 9,7% 8,5% 7,3% 6,1% 4,8% 30%
40% 14,6% 13,5% 12,4% 11,2% 10,1% 9,0% 7,9% 6,7% 5,6% 4,5% 40%
50% 13,6% 12,6% 11,5% 10,5% 9,4% 8,4% 7,3% 6,3% 5,2% 4,2% 50%
60% 12,8% 11,8% 10,8% 9,8% 8,9% 7,9% 6,9% 5,9% 4,9% 3,9% 60%
70% 12,0% 11,1% 10,2% 9,3% 8,3% 7,4% 6,5% 5,6% 4,6% 3,7% 70%
80% 11,4% 10,5% 9,6% 8,7% 7,9% 7,0% 6,1% 5,2% 4,4% 3,5% 80%
90% 10,8% 9,9% 9,1% 8,3% 7,5% 6,6% 5,8% 5,0% 4,1% 3,3% 90%
100% 10,2% 9,4% 8,7% 7,9% 7,1% 6,3% 5,5% 4,7% 3,9% 3,1% 100%
30% 20% 10% 0% -10% -20% -30% -40% -50% -60%
Change in Equity Capital
53Investor Relations
Equity, liabilities & funding

54. EUR billion June 2014 Dec 2013
Liquidity buffer
(after regulatory haircuts)
Liquidity buffer 102.7 121.3 -15%*
Cash 36.6 38.7 -5%
Government debt 38.3 39.0 -2%
Other central bank eligible
assets
27,8 43,7 -36%*
Funding Due to customers 323.0 326.2 -1%
Domestic
- Private individuals
- Corporate
137.6
122.8
138.2
123.6
0%
-1%
International
- Private individuals
- Corporate
of which IDB
25.4
37.2
29.7
26.4
38.0
29.1
-4%
-2%
+2%
Wholesale funding 221.3 219.4 +1%
Short term issued debt (CD/CP) 57.6 54.4 +6%
Long term issued debt
- of which subordinated
163.7
11.1
164.9
7.8
-1%
+42%
Table 26: Liquidity
* Note
The decrease is mainly a result of adjusted DNB haircuts. DNB now assigns, for regulatory reporting, lower liquidity values to externally held securities (ABS) and securities
held internally that are backed by residential mortgages provided by Rabobank (RMBS). Despite these lower assigned values, the risk profile did not deteriorate.
54Investor Relations
Equity, liabilities & funding

55. Liquidity buffer EUR 103bn
• Liquidity buffer of EUR 103bn (EUR 121bn) comfortably covers
short-term debt issued
• The decrease by EUR 18bn is mainly a result of adjusted DNB
haircuts. DNB now assigns lower liquidity values to externally
held securities (ABS) and securities held internally that are
backed by residential mortgages provided by Rabobank (RMBS).
• Despite these lower assigned values, the risk profile did not
deteriorate.
• LCR at 161% (126%)
• NSFR at 119% (114%)
Liquidity buffer EUR 103bn
Liquidity buffer and Short-term issued debt
Cash
36%
Government
debt
37%
Other central
bank eligible
debt
27%
0
20
40
60
80
100
120
Liquiditybuffer Short-term issued debt
55Investor Relations
Equity, liabilities & funding

56. Table 27: Funding highlights January to August 2014 Table 28: Funding highlights 2013
56Investor Relations
Currency Size Features
EUR 3.4bn 1-year Floating Rate
EUR 1.75bn 1.5-year Floating Rate
EUR 1bn 5-year Floating Rate
EUR 1.5bn 5-year Fixed Rate
EUR 3bn 2-year Floating Rate
USD 1.75bn 5-year Fixed Rate
GBP 3bn 1-year Floating Rate
AUD 600mn 5-year Fixed Rate
CHF 700mn 2 & 7-year Floating & Fixed Rate
JPY 100.3bn 3, 5 & 10-year Samurai Fixed & Floating
AUD 675mn 4, 6 & 7-year Fixed Rate
CAD 125mn 5-year Fixed Rate
NOK 2.1bn 4 & 5-year Fixed Rate
NZD 750mn 3, 4 & 5-year Fixed Rate
SEK 750mn 3-year Floating Rate
TRY 475mn 2, 3 & 7-year Fixed Rate
ZAR 900mn 4, 5 & 7-year Fixed Rate
Currency Size Features
EUR 750mn 3-year Floating Rate
EUR 4.8bn 1-year Floating Rate
EUR 1.5bn 10-year Fixed Rate
EUR 2bn 2-year Floating Rate
USD 1bn 3-year Floating Rate
USD 1.5bn 5-year Fixed Rate
GBP 2.5bn 1-year Floating Rate
AUD 650mn 4-year Domestic deal
CHF 300 mn 7-year Fixed Rate
JPY 89.1bn 3 & 5-year Samurai Fixed & Floating
JPY 101.5bn 3 & 5-year Samurai Fixed & Floating
MXN 3.3bn 3, 4 & 5-year Fixed Rate
NOK 500mn 5-year Fixed Rate
NZD 100mn 5-year Fixed Rate
SEK 1bn 1 & 3-year Fixed Rate
TRY 625mn 3 & 4-year Fixed Rate
ZAR 1.4bn 3, 4 & 6-year Fixed Rate
Equity, liabilities & funding

57. Excellent access to Senior unsecured funding
• Rabobank issued over EUR 18bn of medium term funding in
Senior unsecured format during 2014-I
• Average maturity of the funding portfolio is 4.5 years with more
than EUR 40bn maturing in 2020 or later
• The global funding team operates close to the regional investor
base
• Rabobank is committed to liquid benchmark curves in the main
currencies
• All Rabobank issues have been well received with our investors
and provide good secondary performance
Maturity profile senior unsecured portfolio (Aug 2014)
Currency breakdown (in volume, Aug 2014)
EUR
53%
USD
14%
GBP
9%
AUD
7%
JPY
6%
Other
11%
0
5
10
15
20
25
30
35
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
EUR mn
57Investor Relations
Equity, liabilities & funding

58. Year of issue Maturity Coupon Issue size (EUR)
2010 16-Feb-15 3.0% 3bn
2006 18-Jan-16 3.375% 1.85bn
2011 20-Apr-16 3.875% 3.5bn
2009 5-May-16 4.375% 2.2bn
2007 16-Jan-17 4.25% 3bn
2010 21-Apr-17 3.375% 2bn
2008 15-Jan-18 4.75% 3.425bn
2011 17-Oct-18 3.5% 1.5bn
2014 22-Jan-19 1.75% 1.5bn
2010 14-Jan-20 4.125% 3.5bn
2011 12-Jan-21 4.125% 2bn
2006 7-Jun-21 4.375% 1.25bn
2012 11-Jan-22 4.0% 1.75bn
2007 6-Jun-22 4.75% 2.55bn
2013 22-May-23 2.375% 1.5bn
2010 14-Jul-25 4.125% 2.65bn
Table 29: EUR benchmark curve
58Investor Relations
Equity, liabilities & funding

59. The public market: Euro benchmark
issuance
Rabobank EUR senior spread performance (basis points over midswaps)
• Rabobank is committed to a liquid EUR benchmark curve in Senior unsecured format
• The EUR benchmarks have shown good liquidity in times of stress
• The curve consists of 16 maturities with a minimum size of EUR 1bn each and maturities up until 2025
• 10 of these issues have an issue size of EUR 2bn or larger
• In 2009 Rabobank issued the largest ever EUR benchmark done by a financial institution: a EUR 5bn, 5-year deal
• Rabobank issued a new EUR 1.5bn 5-year at MS+63 in January 2014 and the trade shows good secondary performance.
0
10
20
30
40
50
60
70
80
90
mei-13 jun-13 jul-13 aug-13 sep-13 okt-13 nov-13 dec-13 jan-14 feb-14 mrt-14 apr-14 mei-14 jun-14 jul-14
Secondary Trading Performance
RABOBK 1.5 bn 2.375% 2013 - 10y
RABOBK 1.5 bn 1.75% 2014 - 5y
59Investor Relations
Equity, liabilities & funding

60. Currency Size Features
AUD 14.1bn Eurobond + Kangaroo
CAD 5.4bn Eurobond + Maple
CHF 4.8bn Eurobond
CNY 1bn Dimsum bond
GBP 10.5bn Eurobond
HKD 2.6bn Eurobond
HUF 3.9bn Eurobond
JPY 1,127bn Eurobond + Samurai
MXN 14.2bn Eurobond
NOK 15.2bn Eurobond
NZD 4.3bn Eurobond + Kauri
SEK 2.8bn Eurobond
TRY 3.7bn Eurobond
USD 27.6bn Eurobond + 144a + 3a2
ZAR 11.4bn Eurobond
Table 30: Other currencies, public market (in local currency)
60Investor Relations
Equity, liabilities & funding

61. The public market: other currencies
• Rabobank is an active player in institutionalized markets like
USD, GBP, CHF, AUD and JPY
• With funding officers based in Utrecht, New York, Hong Kong,
Sydney and Tokyo we operate close to the markets
• Most currency exposure is swapped back to EUR
• Rabobank is a well established issuer in retail markets by
being active in these markets over many years
• Issuance is done in over 20 different currencies giving
investors opportunities to diversify currency risk in their
portfolios
• In the current low-yield environment, Rabobank continues to
experience high demand in niche currencies (e.g. NZD, NOK,
ZAR)
61Investor Relations
Equity, liabilities & funding

62. Programme Currency
Rabobank Nederland, (FCD) Multi currency
Rabobank Nederland, (ECP & ECD) Multi currency
Rabobank Nederland, Australia Branch (CD) AUD
Rabobank Nederland, New Zealand Branch (CD) NZD
Rabobank Nederland, Australia Branch (ECP) Multi currency
Rabobank Nederland, Hong Kong Branch (CD) Multi currency
Rabobank Nederland, London Branch (CD) Multi currency
Rabobank Nederland, New York Branch (YCD) USD
Rabobank USA Financial Corporation (CP) USD
Nieuw Amsterdam Receivables Corporation (US ABCP) USD
Nieuw Amsterdam Receivables Corporation (E ABCP) Multi currency
Table 31: Short-term funding programmes
62Investor Relations
Equity, liabilities & funding

63. Short-term debt
• Total short term debt (CP, CD, ABCP) outstanding at
June 2014: EUR 57.6bn (equivalent)
• Rabobank is a flexible and frequent issuer with priority given
to:
• Active maturity profile management
• Diversifying sources of funds
• To ensure response to investor requirements in all time zones,
short-term funding teams operate in several locations
including five key hubs:
• Utrecht
• London
• New York
• Sydney
• Hong Kong
• Issuance is offered in:
• Multiple currencies
• A variety of maturities
• Flexible ticket sizes
• Fixed and Floating rate
• Rabobank continues to see a good inflow of funding due to its
high creditworthiness
Maturity profile
EUR billion June 2014 Dec 2013
CD 44.1 42.8 +3%
CP / ABCP 13.5 11.6 +16%
Total short term debt 57.6 54.4 +6%
Table 32: Short-term funding
0
5
10
15
20
25
< 5 5-30 31-90 91-180 181-365 > 365
EUR bn
63Investor Relations
days
Equity, liabilities & funding

64. Private placements
• More than EUR 5.5bn raised in 2014 YtD in private placements, of which EUR 1.5bn are structured MTNs
• Over 130 transactions completed in 2014 with a broad group of dealers active in all global markets
• All exposures in other currencies are swapped back to floating Euro rate
• In 2013, a total amount of EUR 7.7bn was issued in Private Placements. The total number of transactions was over 250
• Rabobank is a prominent issuer in the structured MTN market and has the ability to issue in the most innovative products
• For example, Rabobank can issue in possible structures like
• Plain Vanilla – FRN
• Plain Vanilla – Fixed
• Interest Rate Linked
• Commodity Linked
• Fund/Equity Linked
• Inflation Linked
• FX Linked
64Investor Relations
Equity, liabilities & funding

65. Preview FY2014
• Slow recovery of Dutch economy
• Stable level of lending and amounts due to customers
• Further strengthening of Rabobank’s capital base
• Rabobank’s liquidity position well above Basel III requirements
• A continued strategic approach to benchmark funding,
especially in institutional markets in EUR, USD, AUD and JPY
65Investor Relations
Preview FY 2014

66. 1
Investor Relations – Rabobank
Group
Telephone: +31 30 712 2401 P.O. Box 17100, UCR 315
E-mail IR@rabobank.com 3500 HG Utrecht
Internet www.rabobank.com/IR The Netherlands
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