Press conference

18 February 2016

Annual results 2015

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Annual results Wiebe Draijer, chairman of the executive board

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Annual results - financial analysis Bas Brouwers, CFO

Net profit 20% increase in profits

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(in EUR millions) 2015 2014 Movement

Net interest income 9,139 9,118 0%

Other income 3,875 3,771 3%

Total income 13,014 12,889 1%

Operating expenses 8,145 8,055 1%

Gross result 4,869 4,834 1%

Goodwill impairment 623 32 -

Loan impairment charges 1,033 2,633 -61%

Regulatory levies 344 488 -30%

Operating profit before

taxation

2,869 1,681 71%

Taxation 655 -161 -

Net profit 2,214 1,842 20%

Net profit (in EUR millions)

2.214

1.842

2.0072.058

2.627

2015 2014 2013 2012 2011

Development of net interest income Compared to the average total assets

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Net interest income (in EUR millions and in basis points of the average total assets)

• Net interest income stable at EUR 9.1 billion or 135 basis points of the average total assets

• Underlying fall in net interest income for local Rabobanks and Wholesale, Rural & Retail

• Increase in net interest income leasing and real estate

9.1399.1189.0959.1719.174

135135128124133

2015 2014 2013 2012 2011

Net interest income Net interest margin

Operating expenses Total operating expenses 1% higher, staff costs 6% lower

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Operating expenses (in EUR millions)

• Lower staff costs through reduction in internal staffing levels

• Increase in provisions for reorganisation adds to increase in other operating expenses

• The efficiency ratio excluding regulatory levies remained stable at 62.6%

4.862 5.494 5.3225.086 4.787

3.390 3.509 3.6642.969 3.358

2012

9,003

2011

8,252 8,145

2014

8,055

2013

9,760

774

2015

Libor settlement Staff costs Other operating expenses

62.6% 62.5%

74.9%

66.1% 64.9%

Efficiency ratio excl. regulatory levies

Staffing levels Changes in the number of internal and external employees in FTEs since 2012

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2012

65,700

Disinvestment

-1,500

2018

40,000

Performance

Now

-9,000

Vision

2016/Mars

-2,900

2015

51,900

Other BGZ Vision

2016/Mars

-500

Rabobank

Indonesia

-5,300

-6,100

-400

• In 2015, total staffing levels fell by approximately 2,000 FTE

• Vision 2016 and Mars: 6,100 jobs have been cut and 2,900 more will be cut in 2016

• Performance Now: in the period 2016 - 2018, a further 9,000 jobs will be shed

Number of employees (in FTEs)

Loan impairment charges Fall in loan impairment charges by EUR 1.6 billion to EUR 1.0 billion

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343

2015 2014

1,422

Domestic retail banking

Loan impairment charges (in EUR millions)

526

420

2015 2014

Wholesale and intern. retail banking

business

85

131

2015 2014

90

656

2015 2014

Leasing Real estate

37 52 59 60

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24 25 28

32 36

2015 2014 2013 2012 2011

10-year rolling average Loan impairment charges

Loan impairment charges (in basis points of average lending)

Regulatory levies Further structural increase in costs

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Regulatory levies (in EUR millions)

• Bank tax also accounts for an additional EUR 172 million; marginally higher than in 2014

• In 2015, the first contribution to the resolution fund was made to the amount of EUR 172 million

• Introduction in 2016 of ex-ante financed deposit guarantee scheme (EUR 130 million)

167

172

172

193172

130

321

197196

488

2013 2012 2011 Estimates

2016

495

2015

344

2014

Contribution to resolution fund SNS resolution levy Contribution to DGS Bank tax

Lending Loan portfolio falls by 1% to EUR 426 billion

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31/12/2015

426.2

Food and agri

5.8

TIS

6.4

Private individuals

2.9

31/12/2014

429.7

Private sector loan portfolio (in EUR billions)

• Loans to private individuals (EUR 208 billion) falls due to high level of mortgage repayments

• TIS portfolio (EUR 120 billion) falls in part due to a reduction in commercial real estate

• Food and agri portfolio increases to EUR 98 billion

Due to customers Rose by 3% to EUR 338 billion

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31/12/2015

337.6

Other

13.4

Savings

2.1

31/12/2014

326.3

Due to customers (in EUR billions)

• Private savings fell by 1% to EUR 140.5 billion

• Other due to customers rise at local Rabobanks and in the wholesale and international retail banking business

• The loan-to-deposit ratio improves from 1.32 at the end of 2014 to 1.25 at the end of 2015

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Capital ratios (as percentages) • Qualifying capital (CET1+ AT1 + T2) increases by

EUR 4.4 billion to EUR 49.5 billion

• Capital ratio improved by 1.9% points to 23.2%

• Common Equity Tier 1 ratio of 13.5% well above minimum SREP requirement

• Fully loaded Common Equity Tier 1 ratio increased to 12.0% (11.8%)

• Leverage ratio improved to 5.1% (4.9%)

13,6 13,2 13,5

9,5

SREP Capital

Requirements

31/12/2015

23.2

1/1/2015

20.8

31/12/2014

21.3

Capital ratio Common Equity Tier 1 ratio

Solvency Developments in CET 1 ratio and capital ratio

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Net profit (in EUR millions) • Economy growing, housing market recovering, and fall in loan impairment charges

• Further drop in number of employees

• Loans fall in part due to extra mortgage repayments

• Sharp fall in net profit because of an impairment on goodwill for RNA

• The loan portfolio grew by 4% to almost EUR 100 billion due to F&A

533

2015 2014

1,321

Loans (in EUR billion)

2014

281.9

2015

289.9

Wholesale and intern. retail banking

Business segments (1) Domestic retail banking

758

2014

-333

2015 2015 2014

98.8 95.2

Net profit (in EUR millions) Loans (in EUR billion)

498436

2015 2014 2015

35.7

2014

33.0

181

2015 2014

-263

2015

15.3

2014

16.7

Business segments (2) Leasing

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• Strong result thanks to higher net interest income and lower loan impairment charges

• Lease portfolio rose by 8% to EUR 36 billion

• Recovery in real estate market continues

• Loan portfolio reduced to EUR 15 billion

Net profit (in EUR millions) Lease portfolio (in EUR billions)

Net profit (in EUR millions) Loans (in EUR billions)

Real estate

33.0

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Annual results Wiebe Draijer, chairman of the executive board

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Thank you for your attention

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