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Rabobank Group

Investor Presentation FY2013

27 February 2014

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Investor Relations

Disclaimer

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 purpose without the prior written consent of RN. This presentation is only directed at Eligible Counterparties 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 information made available to it. To the extent permitted by law, RN excludes any liability howsoever 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 suitability of any products and to their tax, accounting, legal or regulatory implications. 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 information and 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. © Rabobank Nederland, 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 applicable prospectus or information memorandum including the risk factors, costs, terms and conditions and underlying values. The applicable prospectus or information memorandum is available with RN or on www.rabobank.com/ir. The value of your investment can fluctuate. Past performance offers no guarantee for future results.

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Investor Relations

Welcome to the world of Rabobank

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 programmes.

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

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Investor Relations

1 Key figures 6

2 Financial results Rabobank Group 10

3 Financial results Domestic retail + Wholesale & int. retail 12

4 Capital & risk-weighted assets 14

5 Buffer capital 16

6 Liquidity 18

7 Balance sheet 20

8 Loan portfolio 24

9 International loan portfolio 26

10 Wholesale & int. retail lending 27

11 Impairments, allowances and bad debt costs 28

12 Dutch residential mortgages 30

13 Actual loan-to-value Dutch residential mortgages 32

14 F&A portfolio 34

15 Non-F&A portfolio 36

16 Commercial real estate lending 38

17 Equity & liabilities 42

18 Equity 44

19 Hybrid capital issues 48

20 Tier 2 issues 49

21, 22 Funding highlights 2014, 2013 52

23 EUR benchmark curve 54

24 Other currencies public market 56

25 Short-term funding programmes 58

26 Short-term funding 59

27 Key figures Dutch economy 61

Contents Rabobank: Dutch, cooperative, solid, profitable 5

Members and local cooperatives basis of Rabobank 7 Consistent and focused strategy: Rabobank Group in 2016 8

Results FY2013 9 Net profit EUR 2bn 11 Net profit in all business lines except Real Estate Group 13 Capital ratios at comfortable levels 15 Capital buffer EUR 48bn 17 Liquidity buffer EUR 121bn 19 Negligible asset encumbrance 21

Loan portfolio 23 Diversified portfolio with focus on the Netherlands 25 Global spread of activities 27 Bad debt costs increased to 59 bps 29 Dutch residential mortgages 31 Dutch housing market 33 F&A portfolio 35 Non-F&A portfolio 37 Commercial real estate: high impairments 39

Equity, liabilities and funding 41 Equity & liabilities 43 High quality equity base 44 Capital strategy Rabobank 45 From Member Certificates to Rabobank Certificates 46 Rabobank Certificates pay out distribution 47 Hybrid capital & Tier 2 issues 49 Stress analysis Equity Capital Ratio 51 In-depth access to funding 53 The public market: Euro benchmark issuance 55 The public market: Other currencies 57 Short-term debt 59

Preview FY2014 61

Tables

Rabobank: Dutch, cooperative, solid, profitable 1

Members and local cooperatives basis of Rabobank

Consistent and focused strategy: Rabobank Group in 2016

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Investor Relations

Table 1: Key figures Dec 2013 / 2013 Dec 2012 / 2012

Financials Total assets (EUR mn) 674,164 750,710

Private sector loan portfolio (EUR mn) 438,975 458,091

Due to customers 329,400 334,271

Group equity 40,037 42,080

Net profit (EUR mn) 2,012 2,058

Domestic offices 722 826

Members (x1000) 1,947 1,918

Foreign places of business 769 759

Number of employees (in FTEs) 56,870 59,628

Market shares Mortgages (new mortgages in 2013) 26% 31%

Savings 38% 39%

SMEs 44% 43%

Agriculture & horticulture 85% 85%

Ratings Standard & Poor’s AA-/neg/A-1+ AA-/stable/A-1+

Moody’s Aa2/neg/P-1 Aa2/stable/P-1

Fitch AA-/neg/F1+ AA/stable/F1+

DBRS AAA/under review/R-1 (high) AAA/stable/R-1 (high)

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Investor Relations

Members and local cooperatives basis of Rabobank

• 1.9 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

Unique cross guarantee

• Local banks 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

Organisation structure

Unique cross guarantee

10 million clients 1.9 million members

129 local cooperative Rabobanks

ownership and cross-guarantee

Rabobank Nederland

specialised subsidiaries

De Lage Landen

Schretlen & Co

Rabobank Nederland

Rabo Mortgage Banks

Local Rabobanks

1st level 2nd level

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Investor Relations

• Predominantly Dutch bank

• Strong cooperative identity

• All-finance-leadership position in the Netherlands

• 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

Consistent and focused strategy: Rabobank Group in 2016

• Selective growth of loan portfolio

• Increased focus on core activities and on contribution of subsidiaries to Group strategic ambitions

• Economic developments and increased regulatory pressure lead to higher capital and liquidity buffers

• Financial targets:

• Return on equity 8% in 2016

• Cost reduction of EUR 1.2bn in 2016 compared to 2012

• Reduction in staff of 9,000 – 10,000 FTEs in 2016 compared to 2012

• Basel III Common Equity Tier 1-ratio of 14% in 2016

• Loan-to-deposit ratio 1.3 in 2016

• Strengthening of earnings capacity

• Reduction and diversification of capital market funding

Rabobank Group strategy

Results FY2013 2 Net profit EUR 2bn

Net profit in all business lines except Rabo Real Estate Group

Capital ratios at comfortable levels

Capital buffer EUR 48bn

Liquidity buffer EUR 121bn

Negligible asset encumbrance

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Investor Relations

Table 2: Financial results Rabobank Group EUR million 2013 2012

Total income 13,020 13,616 -4%

Total operating expenses 9,765 9,003 +8%

Gross profit 3,255 4,613 -29%

Bad debt costs 2,643 2,350 +12%

Banking tax 197 196 +1%

Operating profit before taxation 415 2,067 -80%

Net profit continued activities 347 1,909 -82%

Net profit discontinued activities 1,665 149

Net profit 2,012 2,058 -2%

Return on equity 5.2% 5.4% -0.2%-pnt

Efficiency ratio 75.0% 66.1% +8.9%-pnt

Bad debt costs in basis points 59 bps 52 bps +7 bps

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Investor Relations

Net profit FY2013 EUR 2bn

• Net profit FY2013 EUR 2,012mn (-2%)

• Net profit was impacted negatively by

• Decrease in value of real estate and land positions

• Settlement LIBOR / EURIBOR

• Decrease of profits Global Financial Markets and Private Equity

• Restructuring costs

FY2013 net profit EUR 2,012mn

• Net profit was impacted positively by

• Sale of Robeco

• Effect of change in pension arrangement

• Slight improvement of interest margin

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Investor Relations

Table 3: Financial results EUR million 2013 2012

Domestic retail Total income 7,540 7,289 +3%

Total operating expenses 5,015 4,360 +15%

Gross profit 2,525 2,929 -14%

Bad debt costs 1,384 1,329 +4%

Banking tax 90 91 -1%

Operating profit before taxation 1,051 1,509 -30%

Net profit 781 1,304 -40%

Efficiency ratio 66.5% 59.8% +6.7%-pnt

Bad debt costs in basis points 45 bps 44 bps +1 bps

Wholesale & int. retail Total income 4,047 4,005 +1%

Total operating expenses 3,134 2,416 +30%

Gross profit 913 1,589 -43%

Bad debt costs 568 621 -9%

Banking tax 75 60 +25%

Operating profit before taxation 270 908 -70%

Net profit 52 704 -93%

Efficiency ratio 77.4% 60.3% +17.1%-pnt

Bad debt costs in basis points 57bps 59 bps -2 bps

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Investor Relations

Net profit in all business lines except Rabo Real Estate Group

Net profit by business line (FY2013) • Group net profit -2% to EUR 2,012mn

• Domestic retail* -18% to EUR 781mn

• Wholesale & international retail decrease by EUR 652mn to EUR 52mn

• Leasing +15% to EUR 422mn

• Rabo Real Estate Group increase of loss by EUR 704mn to EUR 817mn loss

* For comparison reasons, the net profit of Domestic Retail over FY2012 is corrected for the amount of central costs which should have been charged to local banks in 2012. In 2013 these costs have indeed been charged to local banks from the central organization Rabobank Nederland.

Domestic retail*

Wholesale & Int. retail

Leasing

Rabo Real Estate Group

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Investor Relations

Table 4: Capital & risk-weighted assets EUR million Dec 2013 Dec 2012

Capital Equity 40,037 42,080 -5%

Total qualifying capital 41,650 42,321 -2%

Tier 1 capital 35,092 38,358 -9%

Core Tier 1 capital 28,551 29,307 -3%

Rabobank Equity capital 33,930 34,129 -1%

Risk-weighted assets RWA Rabobank Group 210,829 222,847 -5%

RWA Credit and Transfer risk 189,839 197,396 -4%

RWA Market risk 2,685 5,222 -49%

RWA Operational risk 18,305 20,229 -10%

Capital ratios Core Tier 1-ratio 13.5% 13.1% +0.4%-pnt

Tier 1-ratio 16.6% 17.2% -0.6%-pnt

Total capital ratio (BIS-ratio) 19.8% 19.0% +0.8%-pnt

Rabobank Equity capital ratio (ECR) 16.1% 15.3% +0.8%-pnt

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Investor Relations

Capital ratios at comfortable levels

Capital ratios (Dec 2013) • Risk-weighted assets EUR 210,829 (-5%)

Regulatory capital ratios

• Core Tier 1-ratio: 13.5%

• Tier 1-ratio: 16.6%

• Total capital ratio (BIS-ratio): 19.8%

• Pro forma Basel III Leverage ratio: 4.8%

Non-regulatory capital ratio

• Rabobank Equity capital ratio: 16.1%

Basel III (excluding management action)

• Fully loaded Common Equity Tier-1 ratio: 11.1%

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Investor Relations

Table 5: Bail-in buffer EUR million Dec 2013 Dec 2012

Retained earnings & reserves of which - retained earnings - reserves

24,641

28,107 -3,466

25,311

27,457 -2,146*

-3%

+2% -62%

Member Certificates 5,823 6,672 -13%

Hybrid capital 8,534 8,690 -2%

Subordinated debt 7,815 5,407 +45%

Senior Contingent Notes (SCNs) 1,210 1,250 -3%

Total bail-in buffer ** 48,023 47,330 +2%

* The Dec 2012 figure for reserves was corrected by EUR 2.3 bn due to the IAS 19R requirement to recognize remeasurements of DB pension schemes in other comprehensive income.

** Bail-in buffer excluding Minority interests

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Investor Relations

Bail-in buffer EUR 48bn

* Bail-in buffer excluding Minority interests

** The Dec 2012 figure for reserves was corrected by EUR 2.3bn due to the IAS 19R requirement to recognize remeasurements of DB pension schemes in other comprehensive income.

Rabobank bail-in buffer EUR 48 bn* (Dec 2013) • Rabobank has built a strong buffer, of 23% of RWA, which would protect senior unsecured bondholders in the unlikely event of bail-in of senior debt

• Bail-in buffer of EUR 48.0bn (+2%) consists of • Retained earnings & reserves EUR 25bn (-3%) of which:

- retained earnings EUR 28bn - reserves decreased by EUR 1.3bn to EUR -3.5bn due to the IAS 19R requirement to recognize remeasurements of DB pension schemes in other comprehensive income in 2013-I

• Member Certificates EUR 5.8bn (-13%)

• Hybrid capital EUR 8.5bn (-2%) due to the call of USD

130mn old style capital securities

• Subordinated debt EUR 7.8bn (+45%)

• SCNs EUR 1.25bn issued in March 2010

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Investor Relations

Table 6: Liquidity EUR million Dec 2013 Dec 2012

Liquidity buffer Liquidity buffer 121,346 156,571 -23%

- Cash (mainly ECB) 38,675 63,270 -39%

- Government debt 38,979 44,462 -12%

- Other central bank eligible assets 43,692 48,839 -11%

Funding Due to customers 329,400 334,271 -2%

Domestic - Private individuals - Corporate

138,230 123,590

138,422 128,556

-0% -4%

International - Private individuals - of which BGZ - Corporate - of which BGZ Of which IDB

26,374

- 41,206

-

29,060

25,421 3,855

41,873 2,741

24,208

+4%

-2%

+20%

Short term issued debt (CD/CP) 54,416 61,476 -12%

Long term issued debt - of which subordinated

164,935 7,815

191,301 5,407

-14% +45%

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Investor Relations

Liquidity buffer EUR 121bn • Liquidity buffer of EUR 121bn comfortably covers short-term

debt issued

• LCR at 126%

• NSFR at 114%

Liquidity buffer EUR 121bn (Dec 2013)

Liquidity buffer and Short-term issued debt (Dec 2013)

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Investor Relations

Table 7: Balance sheet EUR million Dec 2013 Dec 2012

Assets Loans (incl. public sector) 460,202 485,299 -5%

Cash 43,039 68,103 -37%

Banks 40,844 35,386 +15%

Securities 56,671 62,723 -10%

Derivatives 39,703 65,423 -39%

Other 33,705 33,776 -0%

Total Assets 674,164 750,710 -10%

Encumbered assets - in % of funded assets 4.4% 4.6% -0.2%-pnt

Capital & liabilities Equity 40,037 42,080 -5%

Due to customers 329,400 334,271 -1%

Long-term issued debt 164,935 191,300 -14%

Short-term issued debt 54,415 61,476 -11%

Banks 15,496 27,059 -43%

Derivatives 34,272 73,237 -53%

Other 35,740 21,287 +68%

Total capital & liabilities 674,164 750,710 -10%

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Investor Relations

Negligible asset encumbrance

• Total assets -10% to EUR 674bn

• Negligible asset encumbrance – only 4.4% of funded assets is secured funding

• Loan-to-deposit ratio 1.35

• Total of due to customers plus long term funding is more than loan book

• Short-term assets (21%) much larger than short-term liabilities (10%)

Balance sheet (Dec 2013) in EUR bn

% of total % of total

Loans 460 68% Capital 40 6%

Due to customers 329 49%

Long-term issued debt 165 24%

494 74%

Cash 43 6% Short-term issued debt (CD / CP)

54 8%

Banks 41 6% Banks 16 2%

Securities 57 9%

Short-term assets 141 21% Short-term liabilities 70 10%

Derivatives 40 6% Derivatives 34 5%

Other 33 5% Other 36 5%

Total 674 100% Total 674

100%

Loan portfolio 3 Diversified portfolio with focus on the Netherlands

Global spread of activities

Bad debt costs increased to 59 bps

Dutch residential mortgages

Dutch housing market

F&A portfolio

Non-F&A portfolio

Commercial real estate : high impairments

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Investor Relations

Table 8: Loan portfolio EUR million Dec 2013 Dec 2012

Group loan portfolio Private individuals 216,351 220,029 -2%

Food & agribusiness 86,976 92,436 -6%

Non-F&A 135,648 145,626 -7%

Total 438,975 458,091 -4%

Domestic loan portfolio Residential mortgages 209,142 209,593 -0%

Food & agribusiness 29,157 29,624 -2%

Domestic retail SMEs, excl. F&A 62,985 63,928 -1%

Large corporates 12,137 12,004 1%

Rabo Real Estate Group 18,319 18,711 -2%

Leasing 4,182 4,563 -8%

Other 1,860 2,747 -32%

Total 337,782 341,170 -1%

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Investor Relations

Diversified portfolio with focus on the Netherlands

• Group lending EUR 439bn (-4%)

• Domestic lending EUR 338bn (-1%)

• Domestic lending 77% of total

• Domestic residential mortgages 62% of total domestic lending

• Domestic commercial real estate EUR 27.3bn (incl. property development) • of which EUR 15.4bn Rabo Real Estate Group • and EUR 11.9bn Domestic retail

Group lending EUR 439bn (Dec 2013)

Domestic lending EUR 338bn (Dec 2013)

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Investor Relations

Table 9: International loan portfolio EUR billion Dec 2013 Dec 2012

Wholesale & int. Retail (excl. the Netherlands) 80.0 92.7 -14%

- Large corporates 48.9 54.2 -10%

- Rural & Retail 31.1 38.5 -20%

Leasing (excl. the Netherlands) 20.5 20.3 +1%

Total International loan portfolio 100.5 113.0 -11%

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Investor Relations

Global spread of activities

• 41 countries

• 769 foreign offices of which ca. 600 retail offices

• Loan portfolio international wholesale & retail EUR 80.0bn (-14%)

• Rural & retail (EUR 31.1bn) is 39% of total

• Wholesale (EUR 48.9bn) is 61% of total

• Focus on food & agribusiness (EUR 49.3bn) is 58% of total

• International leasing portfolio EUR 24.1bn

• of which EUR 20.5bn loans

In EUR bn Wholesale Rural & Retail TOTAL

Europe excl. the Netherlands 13.3 2.4 15.7

Americas 27.1 14.3 41.4

Australia / New Zealand 3.1 14.4 17.5

Asia 5.4 - 5.4

TOTAL 48.9 31.1 80.0

Table 10: wholesale & int. retail (excl. leasing) Dec. 2013

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Table 11: Impairments, allowances and bad debt costs EUR million Dec

2013 % of loans Dec 2012 % of loans change

Impaired loans Domestic retail 6,651 2.2% 5,317 1.7% +0.5%-pnt

Wholesale & int. retail 2,670 2.9% 3,456 3.2% -0.3%-pnt

Leasing 721 2.9% 905 3.6% -0.7%-pnt

Rabo Real Estate Group 2,767 15.1% 1,525 8.2% +6.9%-pnt

Total Rabobank Group 12,809 2.9% 11,203 2.4% +0.5%-pnt

% of impaired loans

% of impaired loans

Allowance Domestic retail 2,275 34% 2,027 38% -2%-pnt

Wholesale & int. retail 708 27% 951 28% -1%-pnt

Leasing 480 67% 488 54% +13%-pnt

Rabo Real Estate Group 842 30% 376 25% +5%-pnt

Total Rabobank Group 4,306 34% 3,842 34% 0%-pnt

2013 in bps 2012 in bps

Bad debt costs Domestic retail 1,384 45 bps 1,329 44 bps +1 bps

Wholesale & int. retail 568 57 bps 621 59 bps -2 bps

Leasing 170 59 bps 147 53 bps +6 bps

Rabo Real Estate Group 513 278 bps 237 124 bps +154 bps

Total Rabobank Group 2,643 59 bps 2,350 52 bps 7 bps

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Investor Relations

Bad debt costs increased to 59 bps

Bad debt costs FY2013 by business segment: EUR 2,643mn • Bad debt costs of EUR 2,643mn in 2013

• 59 basis points

• Bad debt costs consist of

• Dutch mortgages EUR 127mn, only 5% of total whereas Dutch mortgages make up 48% of total Group private sector lending

• Dutch lessors of real estate EUR 622mn of which: • Domestic retail EUR 137mn • Rabo Real Estate Group EUR 485mn

• Dutch property development EUR 189mn of which: • Domestic retail EUR 161mn • Rabo Real Estate Group EUR 29mn

• Dutch food & agri EUR 219mn, mainly in horticulture under glass. The other food & agri categories have very low bad debt costs.

• Other domestic SMEs: EUR 734mn with relatively high bad debt costs in non-food retail, construction, the catering industry and automotive

• Wholesale & international retail EUR 568mn, 26% lower than in 2012.

Of the amount of EUR 568mn, an amount of EUR 325mn of bad debt costs is related to ACC Bank.

Leasing EUR 170mn

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Investor Relations

Table 12: Dutch residential mortgages

EUR million Dec 2013 Dec 2012

Loans 209,142 209,593 -0%

Impaired loans 893 687 +30%

Allowance 198 176 +13%

2013 2012

Bad debt costs 127 113 +12%

in bps 6.1 5.6 +0.5 bps

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Investor Relations

Dutch residential mortgages

• Low loan losses 6 bps

• Loan-to-value ratio: 81% on average

• NHG: 20% of mortgage portfolio, 35% of new mortgages in 2013

• 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 2013 in % of total number of domestic mortgages

100% 0.55% 0.28% 0.03%

Number of mortgage clients 1.2 million

>90 days past due in recovery procedure Foreclosures

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Table 13: Actual loan-to-value Dutch residential mortgages* (Dec 2013) Loan-to-value Guaranteed Other Total

0%-50% 1.4% 18.1% 19.5%

* 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

50%-60% 0.8% 7.3% 8.1%

60%-70% 1.1% 8.9% 10.0%

70%-80% 1.3% 8.7% 10.0%

80%-90% 1.9% 7.4% 9.3%

90%-100% 2.7% 8.3% 11.0%

100%-105% 1.9% 4.0% 6.0%

105%-110% 2.3% 3.8% 6.1%

110%-115% 1.7% 3.3% 5.1%

115%-120% 1.8% 3.0% 4.8%

120%-125% 1.4% 2.8% 4.1%

>125% 1.5% 4.5% 5.9%

19.8% 80.2% 100%

Average Loan-to-value in Dec 2013: 81% (Dec 2012: 81%)

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Investor Relations

Dutch housing market

• 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

• Government guarantees (NHG)

• Affordability improved due to lower prices, lower interest rates and lower stamp duty

• Average house price -20% since 2008

• Owner occupation 60%, lower than EU average 69%

Contractual fixed interest rate period of Rabobank mortgages (Dec 2013)

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Investor Relations

Table 14: F&A portfolio EUR million Dec 2013 Dec 2012

Loan portfolio Domestic retail

29,157 29,624 -2%

Other 57,819 62,812 -8%

Total group 86,976 92,436 -6%

Impairments domestic retail Impaired 1,238 1,026 +21%

Allowance 350 376 -7%

% of impaired 28% 37% -9%-pnt

FY 2013 FY 2012

Bad debt costs domestic retail Bad debt costs 219 194 +13%

in bps 75 bps 65 bps +10 bps

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Investor Relations

F&A portfolio

• Group portfolio EUR 87.0 bn (-6%)

• Well diversified

• 20% of total Group loan portfolio

• Domestic market share 85%

Breakdown F&A portfolio Group total EUR 87 bn

(Dec 2013)

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Table 15: non-F&A portfolio EUR million Dec 2013 Dec 2012

Loan portfolio Domestic retail 62,985 63,928 -1%

Other 72,663 81,698 -11%

Total group 135,648 145,626 -7%

Impairments domestic retail Impaired 4,449 4,110 +8%

Allowance 1,623 1,411 +15%

% of impaired 36% 34% +2%-pnt

2013 2012

Bad debt costs domestic retail Bad debt costs 1,032 1,014 +2%

in bps 162 bps 157 bps +5 bps

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Non-F&A portfolio

• Group portfolio EUR 135.6bn (-7%)

• Well diversified

• 31% of total Group loan portfolio

• Mainly SME lending

• Domestic market share: 44%

Breakdown non-F&A portfolio Group total EUR 136bn (Dec 2013)

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Investor Relations

Table 16: Commercial real estate lending EUR million Loan portfolio Impaired Allowance Bad debt costs

Lessors of real estate the Netherlands Dec 2013 Dec 2013 Dec 2013 FY2013

Domestic retail 9,910 1,104 516 144

Rabo Real Estate Group 14,446 2,632 788 485

Total 24,356 3,737 1,304 629

Property development the Netherlands

Domestic retail 1,942 793 396 168

Rabo Real Estate Group 1,041 135 30 29

Total 2,984 928 426 197

ACC Bank Ireland* 1,102 2,276 1,516 249

Netherlands + ACC Dec 2013* 28,442 6,941 3,246 1,075

Netherlands + ACC Dec 2012* 30,453 5,185 2,382 632

* Lessors of real estate and property development

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Commercial real estate: high impairments

• Conservative valuation policy

• Domestic lessors of real estate loan portfolio EUR 24.4bn (-6%)

• Domestic property development loan portfolio EUR 3.0bn (-4%)

• ACC Bank Ireland EUR 1.1bn (-25%)

• Loan-to-value domestic lessors of real estate portfolio 82% (81%) on average

Break-down of domestic CRE portfolio

Bad debt costs and write-offs domestic CRE (in EUR mn)

Equity, liabilities & funding 4 Equity & liabilities

High quality equity base

Capital strategy Rabobank.

From Member Certificates to Rabobank Certificates

Rabobank Certificates pay out distribution

Hybrid capital & Tier 2 issues

Senior contingent notes

Stress analysis Equity Capital Ratio

In-depth access to funding

The public market: Euro benchmark issuance

The public market: other currencies

Short-term debt

Private placements

Preview FY2014

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Investor Relations

Table 17: Equity & liabilities EUR million Dec 2013 Dec 2012

Equity 40,037 42,080 -5%

Due to customers 329,400 334,271 -1%

Long-term issued debt 164,804 191,300 -14%

Short-term issued debt 54,415 61,476 -11%

Banks 15,496 27,059 -43%

Derivatives 34,272 73,237 -53%

Other 35,740 21,287 +68%

Total equity & liabilities 674,164 750,710 -10%

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Equity & liabilities

• Customer deposits -1%

• Equity -5%

• Long-term issued debt -14%

• Short-term issued debt -11%

• Treasury Rabobank Group covers:

• Capital

• Long term debt issued

• Short term debt issued

Equity & liabilities EUR 674bn (Dec 2013)

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Investor Relations

High quality capital base

Equity EUR 40.0bn

EUR million Dec 2013 Dec 2012

Equity 40,037 42,080

- Retained earnings, reserves & minority Interests

25,680 26,718

- Rabobank Certificates 5,823 6,672

- New style hybrid 2,859 2,859

- Old style hybrid 5,675 5,830

Table 18. Equity

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Investor Relations

Rabobank will further enhance the capital ratios and adjust the composition of capital.

Enhance capital ratios

• Total capital ratio to a minimum of 22%

• Core Tier 1-ratio to a minimum of 14%

Adjust the composition of capital

• increase retained earnings • ordinary profit retention • extra profit through reduction of operational costs • extra profit through reduction of capital costs • book profit through sale of assets

• reduce relative proportion of Rabobank Certificates capital

• increase T2 capital

Capital strategy Rabobank Current and future capital structure

in % of risk weighted assets

Core Tier 1 14%

Tier 1 17.5%

Total capital >20%

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Investor Relations

From Member Certificates to Rabobank Certificates

Structural overview Rabobank Certificates

Rabobank Nederland

Stichting AK Rabobank Certificaten

Participation

Investors (Members & non-members,

including institutional investors)

Rabobank Certificates

• Back in the year 2000, Rabobank issued its first series of Member Certificates, and followed this with further series in 2001, 2002 and 2005 raising in total €6.9bn in core capital in the process.

• From 2000 to December 2013, Member Certificates were owned only by Rabobank members and employees – and could only be traded or transferred once a month on an internal market operated by Rabobank.

• In line with its capital strategy, Rabobank withdrew Member Certificates to an amount of EUR 1bn in November 2013, reducing the amount outstanding to EUR 5.9 bn.

• On 3 December 2013, Rabobank announced its intentions to open up the Member Certificates to a broader group of investors and to list the certificates on an exchange.

• Following the approval of the holders, the Member Certificates were exchanged into Rabobank Certificates and listed on Euronext in Amsterdam as from 27 January 2014.

• There are 237,961,365 Rabobank Certificates outstanding, which represent €5.9bn in Common Equity Tier 1 capital.

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Investor Relations

Rabobank Certificates pay out distribution

Historical Paid Out Distributions

• The intended pay out distribution on Rabobank Certificates is the higher of:

6.5% (increased in December 2013 from 5.2% to 6.5% (first pay out on 29 March 2014), or

the three-monthly average on an annual basis of the effective return on the most recent 10 year Dutch state loan +150bps

• Rabobank has the discretion not to pay a distribution on the Certificates

• Rabobank has been profitable in each of its 115+ years of existence

• Rabobank has never not declared a distribution on its Certificates

5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5.2% 5.2%

6.5%

5.89% 6.00%

5.49% 5.23% 5.35%

5.17% 4.99%

Higher of 10yr DSL + 1.5% or 6.5% Average 10yr DSL + 1.5%

Average 10yr DSL

10yr most recent DSL

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Investor Relations

New Style Hybrid capital issues Issue date First redeemable Features

Capital Securities USD 2bn Jan 2011 July 2016 Coupon 8.375%, trigger ECR<8%, loss absorbing

Capital Securities USD 2bn Nov 2011 May 2017 Coupon 8.4%, trigger ECR<8%, loss absorbing

Old Style Hybrid capital issues Issue date First redeemable Features

Trust Preferred Securities III USD 755mn Oct 2004 Oct 2016 Non-cumulative; 5.254% fixed until call; Step up

Trust Preferred Securities IV GPB 350mn Oct 2004 Dec 2019 Non-cumulative; 5.556% fixed until call; Step up

Trust Preferred Securities V AUD 250mn Oct 2004 Dec 2014 Non-cumulative; applicable BBSW + 0.67% until call; Step up

Trust Preferred Securities VI AUD 250mn Oct 2004 Dec 2014 Non-cumulative; 6.415% fixed until call; Step up

Capital Securities NZD 900mn Oct 2007 Oct 2017 Non-cumulative; Non Step; applicable 1 yr swap rate + 0.76% until call

Capital Securities GBP 250mn June 2008 June 2038 Non-cumulative; Non Step; fixed to floating; 6.91% until call

Capital Securities CHF 350mn June 2008 June 2018 Non Cumulative; Non Step; fixed to floating; 5.5% until call

Capital Securities ILS 323mn July 2008 July 2018 Non-cumulative; fixed to floating; 5.50% fixed until call; Step up

Capital Securities USD225mn Sept 2008 March 2014 Non-cumulative; 7.375% fixed for life

Capital Securities NZD 280mn May 2009 June 2019 Non-cumulative; Non Step; Applicable 5yr swap rate + 3.75% until call

Capital Securities USD 2.9bn June 2009 June 2019 Non-cumulative; fixed to floating; fixed 11% until call; Step up

Capital Securities CHF 750mn July 2009 Nov 2014 Non-cumulative; fixed to floating; 6.875% fixed until call; Step up

Table 19. Hybrid Capital issues

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Investor Relations

Hybrid capital & Tier 2 issues

• New style hybrid capital total outstanding of USD 4bn Tier 1 Perp. NC 5.5 years

• Trigger: Equity Capital Ratio (ECR) <8%

• ECR Dec. 2013: 16.1%

• In the unlikely event that ECR were to fall below 8%, the new style Hybrid Tier 1 will absorb losses pro-rata with Equity Capital and other loss absorbing instruments

• Old style hybrid capital total outstanding of EUR 5.7bn in several currencies and formats

• Tier 2 total outstanding of EUR 7.8bn in several currencies and maturities

• Increasing buffer for senior unsecured bondholders

Tier 2 issues Issue date 1st call / maturity Features

USD 1.25bn, 5.750% Nov. 2013 Dec. 2043 30-y Bullet

USD 1.75bn, 4.625% Nov. 2013 Dec. 2023 10-y Bullet

EUR 1bn, 3.875% July 2013 July 2023 10-y Bullet

EUR 1bn, 5.875% May 2009 May 2019 10-y Bullet

EUR 1bn, 3.750% Nov. 2010 Nov. 2020 10-y Bullet

GBP 500mn, 5.250% Sept. 2012 Sept. 2027 15-y Bullet

EUR 1bn, 4.125% Sept. 2012 Sept. 2022 10-y Bullet

USD 1.5bn, 3.950% Nov. 2012 Nov. 2022 10-y Bullet

Table 20. Tier 2 issues (Dec 2013)

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Senior contingent notes

• March 2010: issue of EUR 1.25 bn benchmark 10 year fixed rate senior note

• Annual coupon 6.875%

• Trigger: Equity Capital Ratio (ECR) <7%

• ECR Dec. 2013: 16.1%

• 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

Why Rabobank issued this note

• Hedging tail risk reflects Rabobank’s prudence

• Further enhancing Rabobank’s creditworthiness

• Anticipating future regulation

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Investor Relations

Change in Equity Capital RWA change 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% RWA change

-30% 29,9% 27,6% 25,3% 23,0% 20,7% 18,4% 16,1% 13,8% 11,5% 9,2% -30% -20% 26,2% 24,1% 22,1% 20,1% 18,1% 16,1% 14,1% 12,1% 10,1% 8,0% -20% -10% 23,3% 21,5% 19,7% 17,9% 16,1% 14,3% 12,5% 10,7% 8,9% 7,2% -10%

0% 20,9% 19,3% 17,7% 16,1% 14,5% 12,9% 11,3% 9,7% 8,0% 6,4% 0% 10% 19,0% 17,6% 16,1% 14,6% 13,2% 11,7% 10,2% 8,8% 7,3% 5,9% 10% 20% 17,4% 16,1% 14,8% 13,4% 12,1% 10,7% 9,4% 8,0% 6,7% 5,4% 20% 30% 16,1% 14,9% 13,6% 12,4% 11,1% 9,9% 8,7% 7,4% 6,2% 5,0% 30% 40% 14,9% 13,8% 12,6% 11,5% 10,3% 9,2% 8,0% 6,9% 5,7% 4,6% 40% 50% 14,0% 12,9% 11,8% 10,7% 9,7% 8,6% 7,5% 6,4% 5,4% 4,3% 50% 60% 13,1% 12,1% 11,1% 10,1% 9,1% 8,0% 7,0% 6,0% 5,0% 4,0% 60% 70% 12,3% 11,4% 10,4% 9,5% 8,5% 7,6% 6,6% 5,7% 4,7% 3,8% 70% 80% 11,6% 10,7% 9,8% 8,9% 8,0% 7,2% 6,3% 5,4% 4,5% 3,6% 80% 90% 11,0% 10,2% 9,3% 8,5% 7,6% 6,8% 5,9% 5,1% 4,2% 3,4% 90%

100% 10,5% 9,7% 8,9% 8,0% 7,2% 6,4% 5,6% 4,8% 4,0% 3,2% 100% 30% 20% 10% 0% -10% -20% -30% -40% -50% -60%

Change in Equity Capital

Stress analysis Equity Capital Ratio

Stress analysis ECR

Retained Earnings + Member Certificates €28,107 + €5,823

• ECR Dec. 2013 = --------------------------------------------- = -------------------------- = 16.1%

Risk Weighted Assets €210,829

• Trigger of ECR< 8% is hit if * losses made >€17bn

or * RWA increase >€213bn

• Trigger of ECR< 7% is hit if * losses made >€19bn

or * RWA increase >€274bn

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Investor Relations

Currency Size Features

EUR 750mn 3-year FRN 3m Euribor +35bps

EUR 1.8bn 1-year FRN 3m Euribor +10bps

EUR 1.3bn 1-year FRN 3m Euribor +10bps

EUR 1.5bn 10-year Fixed Rate

EUR 2bn 2-year FRN 3m Euribor +20bps

EUR 1.7bn 1-year FRN 3m Euribor +10bps

USD 1bn 3-year FRN 3m Libor + 48bps

USD 1.5bn 5-year Fixed Rate

GBP 800 mn 1-year FRN 3m Libor +17bps

GBP 1.1bn 1-year FRN 3m GBP Libor +14bps

GBP 600mn 1-year FRN 3m GBP Libor +15bps

AUD 650mn 4-year Domestic deal

CHF 300 mn 7-year Fixed Rate

JPY 89.1bn 3 & 5-year Samurai Fixed & Floating

JPY 101bn 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

RUB 1.6bn 4 & 5-year Fixed Rate

SEK 1bn 1 & 3-year Fixed Rate

TRY 250mn 3 & 4-year Fixed Rate

ZAR 1.4bn 3, 4 & 6-year Fixed Rate

Table 21. Funding Highlights January to February 2014 Table 22. Funding Highlights 2013

Currency Size Features

EUR 1 bn 1-year Floating Rate

EUR 1.5 bn 5-year Fixed Rate

EUR 3bn 2-year Floating Rate

USD 1.75bn 5-year Fixed Rate

GBP 1.75bn 1-year Floating Rate

AUD 600 mn 5-year Fixed Rate

AUD 200 mn 6 & 7-year Fixed Rate

NOK 500 mn 4-year Fixed rate

NZD 100 mn 5-year Fixed rate

TRY 350 mn 2 & 3-year Fixed rate

ZAR 500 mn 4 & 5-year Fixed rate

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Investor Relations

In-depth access to funding

• Rabobank issued EUR 20bn of MTN funding in unsecured format during 2013

• Average maturity of the funding portfolio is 4.5 years with more than EUR 40bn maturing in 2019 or later

• The global funding team operates close to the regional investor base

• Rabobank is committed to a liquid EUR benchmark curve

• All Rabobank issues have been well received with our investors and provide secondary performance

• Rabobank has never issued in Covered Bond format, nor in Government Guaranteed format

Maturity profile portfolio (Feb 2014)

Currency breakdown (in volume, Feb 2014)

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Investor Relations

Table 23: EUR benchmark curve Year of issue Maturity Coupon Issue size (EUR) Reoffer

2010 16-Feb-15 3.0 3bn 50

2006 18-Jan-16 3.375 1.85bn 6

2011 20-Apr-16 3.875 3.5bn 75

2009 5-May-16 4.375 2.2bn 130

2007 16-Jan-17 4.25 3bn 5

2010 21-Apr-17 3.375 2bn 60

2008 15-Jan-18 4.75 3.425bn 19

2011 17-Oct-18 3.5 1.5bn 125

2014 22-Jan-19 1.75 1.5bn 63

2010 14-Jan-20 4.125 3.5bn 65

2011 12-Jan-21 4.125 2bn 100

2006 7-Jun-21 4.375 1.25bn 7

2012 11-Jan-22 4.0 1.75bn 175

2007 6-Jun-22 4.75 2.55bn 6

2013 22-May-23 2.375 1.5bn 85

2010 14-Jul-25 4.125 2.65bn 95

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Investor Relations

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: an EUR 5bn, 5 year deal

• Based on an orderbook of over EUR 2.2bn, Rabobank issued in January 2014 a new EUR 1.5bn 5y at MS+63.

40

50

60

70

80

90

100

jun-13 jul-13 aug-13 sep-13 okt-13 nov-13 dec-13 jan-14 feb-14

Secondary Trading Performance

RABOBK 1.5 bn 2.375% 2013 - 10y

RABOBK 1.5 bn 1.75% 2014 - 5y

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Investor Relations

Table 24: Other currencies, public market (in local currency) Currency Size Features

AUD 15.4bn Eurobond + Kangaroo

CAD 5.8bn Eurobond + Maple

CHF 5.2bn Eurobond

CNY 1bn Dimsum bond

GBP 10.9bn Eurobond

HKD 2.6bn Eurobond

HUF 3.9bn Eurobond

JPY 1,093bn Eurobond + Samurai

MXN 13.7bn Eurobond

NOK 15.9bn Eurobond

NZD 3.8bn Eurobond + Kauri

RUB 10.8bn Eurobond

SEK 4.3bn Eurobond

SGD 214mn Eurobond

TRY 3.8bn Eurobond

USD 27.9bn Eurobond + 144a + 3a2

ZAR 11.7bn Eurobond

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Investor Relations

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 New York, Utrecht, Hong Kong, Sydney and Tokyo we operate close to the markets

• All 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

• Most recently, in times of volatility, Rabobank experiences renewed buying in EM currencies (TRY, ZAR, HUN).

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Investor Relations

Table 25: Short-term funding programmes Programme Currency

Rabobank Nederland (FCD) Multi currency

Rabobank Nederland, Multi Branch (ECP & ECD) Multi currency

Rabobank Nederland, Australia Branch (NZDCD) NZD

Rabobank Nederland, Australia Branch (AUDCD) AUD

Rabobank Nederland, Australia Branch (ECP) Multi currency

Rabobank Nederland, Hong Kong Branch (CD) Multi currency

Rabobank Nederland, London Branch (CD) Multi currency

Rabobank Nederland, Singapore Branch (CP & CD) Multi currency

Rabobank Nederland, Tokyo Branch (CP) JPY

Rabo India Finance Pvt. Ltd. (CD) INR

Rabobank Nederland, New York Branch (YCD) USD

Rabobank USA Financial Corporation (CP) USD

ABCP

Nieuw Amsterdam Receivables Corporation (US ABCP) USD

Nieuw Amsterdam Receivables Corporation (E ABCP) Multi currency

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Investor Relations

Short-term debt

• Total short term debt (CP, CD, ABCP) outstanding at Dec 2013: EUR 54.4bn (equivalent)

• Rabobank is a flexible and frequent issuer. To ensure response to investor requirements, levels are posted on a daily basis in:

• Australia, Asia, Europe and the Americas

• Multiple currencies

• A variety of maturities across the curve

• Flexible ticket size

• Over the past years Rabobank has seen a good inflow of funding due to its high creditworthiness

• Priorities: tenor extension and short-term funding diversification

• Atlantis of USD 15bn has been ended

Maturity profile (Feb 2013)

In EUR mn 2013 2012

CD 42,796 40,400 6%

CP / ABCP 11,620 21,076 -45%

Total short term debt 54,416 61,476 -11%

Table 26: Short-term funding (Dec 2013)

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Investor Relations

Private placements

• More than EUR 7.5bn raised in 2013 in private placements

• Of which EUR 2.7bn are Structured MTNs. All exposures are swapped back to floating Euro rates

• Over 250 transactions completed with a broad group of dealers consisting of more than 25 different counterparties in 2013

• Rabobank can issue in possible structures:

• Plain Vanilla – FRN

• Plain Vanilla – Fixed

• Interest Rate Linked

• Commodity Linked

• Equity Linked

• Inflation Linked

• FX Linked

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Investor Relations

Preview FY2014

• Flat economic growth

• Limited decrease in lending and increase in amounts due to customers

• Further strengthening of Rabobank’s capital base

• Rabobank’s liquidity position: LCR and NSFR well above Basel III requirements

• A continued strategic approach to benchmark funding, especially in institutional markets in EUR, USD, AUD and JPY

2013 2014

Gross Domestic Product -1% 0.5%

Private consumption -2.25% -1.5%

Government spending -1,25% -0.25%

Private investment -7,25% 1.25%

Exports 2% 4.75%

Imports -0.25% 4.25%

Inflation 2.5% 1%

Unemployment 6.75% 7.5%

Government budget (% GDP) -3% -3.25%

Government debt (% GDP) 74.5% 75,5%

Table 27: Key figures Dutch economy (January 2014)

1

More information

Investor Relations – Rabobank Group

Tel.: +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

Bloomberg: RABO NA