The document summarizes the annual results for 2015 of Rabobank. It provides financial details such as a 20% increase in net profits to EUR 2.214 billion compared to 2014. Operating expenses increased 1% while staff costs decreased 6%. Loan impairment charges declined 61% resulting in a 71% rise in operating profit before taxation. Total lending fell 1% while amounts due to customers rose 3%. Capital and solvency ratios improved with the Common Equity Tier 1 ratio reaching 13.5%, above minimum requirements.

1. Press conference
18 February 2016
Annual results 2015

2. 2
Annual results
Wiebe Draijer, chairman of the executive board

3. 3
Annual results - financial analysis
Bas Brouwers, CFO

4. Net profit
20% increase in profits
4
(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
20152014201320122011

5. Development of net interest income
Compared to the average total assets
5
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
135135
128124133
20152014201320122011
Net interest incomeNet interest margin

6. Operating expenses
Total operating expenses 1% higher, staff costs 6% lower
6
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 5.322
5.086 4.787
3.390 3.509 3.664
2.969 3.358
2012
9,003
2011
8,252 8,145
2014
8,055
2013
9,760
774
2015
Libor settlementStaff costsOther operating expenses
62.6%62.5%
74.9%
66.1%64.9%
Efficiency ratio excl. regulatory levies

7. Staffing levels
Changes in the number of internal and external employees in FTEs
since 2012
7
2012
65,700
Disinvestment
-1,500
2018
40,000
Performance
Now
-9,000
Vision
2016/Mars
-2,900
2015
51,900
OtherBGZ 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)

8. Loan impairment charges
Fall in loan impairment charges by EUR 1.6 billion to EUR 1.0 billion
8
343
20152014
1,422
Domestic retail banking
Loan impairment charges (in EUR millions)
526
420
20152014
Wholesale and intern. retail banking
business
85
131
20152014
90
656
20152014
Leasing Real estate
37
52 59 60
24
24 25
28
32 36
20152014201320122011
10-year rolling average Loan impairment charges
Loan impairment charges (in basis points of average lending)

9. Regulatory levies
Further structural increase in costs
9
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
201320122011 Estimates
2016
495
2015
344
2014
Contribution to resolution fundSNS resolution levy Contribution to DGSBank tax

10. Lending
Loan portfolio falls by 1% to EUR 426 billion
10
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

11. Due to customers
Rose by 3% to EUR 338 billion
11
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

12. 12
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 EquityTier 1 ratio of 13.5% well above
minimum SREP requirement
• Fully loaded Common EquityTier 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

13. 13
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
20152014
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 20152014
98.895.2
Net profit (in EUR millions) Loans (in EUR billion)

14. 498
436
20152014 2015
35.7
2014
181
20152014
-263
2015
15.3
2014
16.7
Business segments (2)
Leasing
14
• 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

15. 15
Annual results
Wiebe Draijer, chairman of the executive board

16. 1616
Thank you for your attention
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