RabobankInvestor presentation H1 2018 results

18 January 2019

Disclaimer

2

This presentation (the “Presentation”) is prepared by Coöperatieve Rabobank U.A. (“Rabobank”) incorporated under the laws of the Netherlands. The liability of its members is excluded. Rabobank is among others regulated by De Nederlandsche Bank N.V. and by the Netherlands Authority for the Financial Markets, as well as the European Central Bank. This Presentation is solely for information purposes and on the basis of the acceptance of this disclaimer. Neither the Presentation nor any of its contents, in whole or in part, directly or indirectly, may be used for any other purpose without the prior written consent of Rabobank. This Presentation is only directed at Eligible Counterparties and Professional Clients, as defined in the Markets in Financial Instruments Directive 2014/65/EU (“MiFID”) (the “Recipient”). It is not directed at Retail Clients (as defined in MiFID).

The content of this Presentation reflects prevailing market conditions and Rabobank’s judgment as on 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. The information contained in this Presentation is published for the assistance of the Recipient, but is not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any Recipient nor will any information in this Presentation (including, but not limited to, Statistical Information (as defined below) and forward- looking statements) be subject to updating. Rabobank 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, Rabobank 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 Recipient is advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications.

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InvestingRabobank and the other parts of Rabobank Group that are designated as investment firms are registered as such with the Netherlands Authority for the Financial Markets. The aforementioned investment firms are licensed by the Netherlands Authority for the Financial Markets under the Financial Supervision Act. If you invest funds that you have borrowed, you run the risk of incurring a debt as well as losing the invested amounts.

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Nothing in this Presentation should be construed as legal, tax, accounting, regulatory or investment advice and the Recipient is advised to consult its own independent professional advisers in relation to investment in one of the products mentioned. The information contained herein does not purport to be complete and 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 Rabobank or on www.rabobank.com/ir.

The value of your investment can fluctuate. Past performance offers no guarantee for future results.

Investor Relations

Valuable progress on all our strategic objectives

3Investor Relations

Update on strategy• Continuing positive trend in customer satisfaction• Ready for next step in successful transformation of domestic retail

banking• Balance sheet optimization on track• Further progress in the execution of strategic portfolio management• Acceleration of our investments in digitization

Economic environment• Ongoing positive economic momentum in the Netherlands• Prolonged strong fundamentals in Dutch housing market• Solid global economic expansion amidst ongoing (geo)political

uncertainties• Persistent low interest rate environment despite gradual winding

down of extraordinary monetary policy

Improvement of financial results• Net profit +12% to € 1.7bn• Growth in loan portfolio (+ € 7.6bn) and deposit base (+€ 3.4bn)• Net interest income impacted by low interest rate environment• Ongoing impairment releases• Continued strong underlying performance

Strong capital ratios and optimized funding position• Capital targets already met and well positioned to absorb future

requirements• Rabobank intends to meet its limited MREL needs with Own Funds

and Non-Preferred Senior (NPS)• Rabobank has already started issuing in NPS format• Majority of long term funding budget raised in H1 2018

Jun 2018 PS NPS T2 AT1 Issuer/outlook

A+ A- BBB+ - A+/Positive

Aa3 A3 Baa1 Baa3 Aa3/Stable

AA- AA- A BBB- AA-/Stable

AA - - - AA/Stable

Rabobank at a glance

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Rabobank is one of the few banks with NPS rated in the ‘A-AA’ range

Mission | Growing a better world together Credit ratings

International38 countries

€ 63bnPrivate sector lending to F&A*

€ 41bnPrivate sector lending to TIS*

WRR & DLL loan portfolio per region in € bn

The Netherlands101 local Rabobanks

Investor Relations

420 offices

6.5million private

customers

1.9mnmembers

0.8mncorporate customers

20% 33%

Mortgages

€ 192bnPrivate savings

€ 120bn€ 59bnPrivate sector lending to TIS

€ 27bnPrivate sector lending to F&A

86 out of 100 points Industry ESG Leader

89 out of 100 points

PS: Preferred Senior; NPS: Non-Preferred Senior; T2: Tier 2; AT1: Additional Tier 1

ESG ratings

Domestic Retail Banking

€ 29bnPrivate sector lending by Leasing*

* Including WRR and DLL lending in the Netherlands

Topics

5

Update on strategy

H1 2018 results

Appendix:

• Dutch economy, housing market and credit ratings

• Financial results

• Loan portfolio

• Capital, funding & liquidity

• Current & future developments

Investor Relations

Growing a better world together

Banking for the Netherlands Banking for Food

10 Strategic Top Priorities

• 100% Digital convenience in everything

• Top customer advice nearby

• Growth with innovation

• Top performance• Optimal balance sheet• Exceptionally good

execution

• Concrete socially responsible contribution

• Involved members and communities

• Inspired employees• One-Rabobank culture

Excellent customerfocus

Rock-solidbank

Empoweredemployees

Meaningful cooperative

Strategy overviewFocus on 10 top priorities for 2018-2020

6Investor Relations

Highlights H1 2018 (I)

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Growth deposit base & loan book • Growth loan book by € 7.6bn • Deposit base increased by € 3.4bn

Excellent customer focus Meaningful cooperative

Most customer-friendly bank • 1st place by consumers as the most customer-friendly

bank in the Netherlands (Customer First Awards)• Sustained increase in domestic Net Promotor Scores

Strong progress in innovation• Rabobank innovation SurePay (IBAN name check) rolled

out to many Dutch banks and insurance companies• 1st Dutch bank to facilitate 3rd party payment initiation• Customers can check account balance or set a spending

alert using their voice via Google Assistant

Client-focused operating model• New client focused operating model for local Rabobanks

in the Netherlands as the foundation for a more effective and efficient banking operation

Industry leading in sustainability• Sustainalytics score: 86 + awarded ‘ESG Industry Leader’ • Oekom Prime: awarded ‘Industry Leader’ in 2017• RobecoSam: score 89 (11th worldwide)

First to launch ‘ESG Leader’ program• Rabobank was first to launch ESG Leader CP/CD program• Driven by Rabobank's 'ESG Industry Leader' status

Rabobank issues short term funding labelled as ESG investment

3rd Kickstart program launched (Food)• Launched Kickstart Waste to drive food waste reduction,

from stimulating innovations to financial support for farmers to improve replanting, logistics and storage

Driving energy efficient housing• Proprietary sustainability scan helps mortgage clients

identify sustainability improvements in their homes• Introduced Green Depot, a 2-year interest-free depot to

finance sustainable home improvements

Investor Relations

Highlights H1 2018 (II)

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Strong net profit• H1 net profit of € 1.7bn (+12%) supported by favorable

economic environment

Rock-solid bank Empowered employees

Comfortable capital position• Well positioned to absorb future

Basel IV and MREL requirements (30.96%)• Expected Non-Preferred Senior issuance in H2 2018

Continued strategic focus• Non-core domestic CRE portfolio divested with FGH Bank

portfolio sale• Repositioned BPD with focus on Dutch and German

market by divesting BPD France (expected closing: Q4)

Improved efficiency• Cost/Income ratio improved to 64.6% with further cost

reduction remaining a point of attention

#1 Employer in the Netherlands• Rabobank awarded #1 favorite employer to work for by

talents (university & higher vocational education)

Diversity strong and improving• Women well-represented in senior management

positions (33% overall, 40% in Managing Board)• Strong cultural diversity in our young talent pool (30%)

235 New start-up ideas generated• Employees from 13 countries generated 235 ideas for

start-ups through our innovation incubator program• Involved in 68 start-up communities and organizer of F&A

innovation events such as FoodBytes! and Terra

High employee mobility• 63% of the employees we had to let go found a job within

six months, which is above average for the banking sector in the Netherlands

+12%(€ 1.7bn)

CET1

Total Capital

15.8%

26.1%

64.6%(-3.0%-point)

Investor Relations

Ongoing successful transformation in the Netherlands…Ready for the next phase

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Phase 3 | Optimize service modelPhase 2 | Regionalize mid- & back officePhase 1 | Implement new governance

Investor Relations

January 2016

• Efficiency improvement through process standardization and regionalization of customer call centers and operational service centers

• Incorporated digitalization as an integral part of the strategy and change agenda

• Significantly reduced cost and FTE, while increasing Net Promotor Scores (NPS)

• Next step towards a more effective and efficient organization as per 1/1/2019

• Further optimization of omnichannel client service model

• 250 Market teams ensure customer intimacy through face-to-face contact, operating out of 90 banks supported by 14 regional teams

• Anticipating changing client demands and regulatory requirements

• Merger of 106 local Rabobanks with central entity to one legal entity with one banking license and one balance sheet

• More flexible, simple and adaptive structure supporting cooperative values

2016 -2018 June 2018

14 regions of 6-7

Rabobanks

…resulting in higher client appreciation and efficiency

10

37

60

33

56

21

52

Dec 15 Dec 16 Dec 17 Jun 18

NPS private banking customers

NPS retail customers

NPS business customers

Net Promotor Score (domestic market) FTE development Rabobank Group

* Including 1,255 FTEs due to the Athlon sale in 2016 ** This is the balance of -775 FTEs at DRB (of which ~400 FTEs transferred to the central

organization), and +669 FTEs at the other business segments

-106**

Dec 17

45,567

Ambition

43,623

38,500

Jun 18

-8,390*

52,013

Dec 15 Dec 16

43,729

Investor Relations

Before year-end 2018 we will improve the 30 most important customer journeys in the . Examples include:

• Opening of a joint current account to 5 minutes from 30 days

• Digitally temporary blocking of cards resulting in ~10% less cards distributed per month

• Strong growth in use of payment request +135% in last 6 months

Distinctive improvement in digital sales and servicing

>80% Active online corporate customers

>50% Digital onboarding for private individuals

>95mn Visits per month in the app

>85 Features available in the app

• Development of self-learning prediction model that classifies sales leads, leading to substantial increase in leads conversion success and creating an efficiency-drive in sales

• Credit risk forecasting in business lending with advanced early warning system using machine learning (>85% accuracy rate)

• With Google Assistant customers can check their account balance or set a spending budget using their voice

• Addition of Bunq account information, payment initiation recently launched

• Developers platform launched with expanding API’s and platform capabilities

Solid base of digital clients

Business driven data solutionsPreparing ourselves for Open Banking & Platform Banking

100% Digital convenience in everythingDigitizing our traditional services and channels

11Investor Relations

Growth with innovation on three dimensions

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We deliver innovations for our clients We help our clients innovate We actively invest in start-ups and scale-ups that fit our innovation focusand strategy

Investor Relations

IBAN name check launched with major Dutch banks, preparing for international expansion

Internal start-up enabling simple digital currency hedging. Adoption by Scandinavian bank will support international expansion

Recent winner of our internal Moonshotcampaign. Focused at digital cattle management by newly developed tech solution using ear-tags

International Food & Agri innovation ecosystem. Active on 3 continents, 1,300 start-up applications pitching from > 30 countries

Robotica innovation initiative, which executes Roboscans. Via this ecosystem robotica was introduced to 450 customers

We are partner of YES!Delft, the #1 tech incubator in Europe. > 200 Start-ups have collaborated (of which 65% Rabobank clients), with > € 30mn capital funding provided by Rabobank

Leading blockchain platform for SME clients, commercially live as of July. Developed with other European banks, Rabobank first Dutch bank with working platform in international trade market

Investment in JoinData to facilitate data streams in the Food & Agri sector

New mobile and online payment service in the Netherlands, a joint initiative of Rabobank and other Dutch banks

SustainabilityWe invest in the local and global community

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Sustainability: integrated in our day-to-day work We help clients to make a positive impact on their community with financial solutions, advice and network knowledge:

• GreenDepot: finance solution to invest in energy saving measures in houses

• We support clients in embedding circular practicesinto their businesses

• July 2018: introduction of Circular Economy financing guidelines (in cooperation with other banks)

Sustainability: Rabobank is a leaderWe allocate ample resources to sustainability. For example with € 19bn Sustainable Finance in total, Rabobank is a leading renewable energy projects financier

Rabobank was first to launch ESG Leader CP/CD program (€ 5bn), driven by Rabobank's 'ESG Leader' status as assessed by Sustainalytics.Under this program Rabobank issues short term funding labelled as ESG investment

In H1 2018 we were mandated several Sustainable Revolving Credit Facilities, for example by:

first sustainable RCF in Dutch construction marketa leading F&A company in Spain

Sustainability: partnership with UNRabobank and UN Environment are working on an ambition to finance $ 1bn to boost sustainable food production

Our mission fits naturally within the UN Sustainable Development Goals (‘SDG’). We also use SDG for internal steering and target setting

We developed client photos reflecting the sustainability performance of our larger business clients. This is used in the credit approval and monitoring process

Investor Relations

Optimization of Rabobank’s balance sheet is on trackCreating room for further growth of the core operations of the bank

14Investor Relations

2016 - 2017

Non-exhaustive selection of balance sheet initiatives

* Orix/Robeco will remain an important and trusted financial partner for Rabobank ** Multiple transactions between 2016 and 2018

H1 2018

Funding diversification

• Further diversification of our funding base (covered bonds, DLL asset backed securities, TLTRO, etc.)

• Decreasing funding costs via collateralized lending

Sale of substantial partsof Bouwfonds**

Sale of € 1.3bn CRE portfolio

Sale of Van Lanschot stake

Sale of OrixGroup stake*

$ 500mn asset backed

securities

Launch of € 25bn Covered Bond

program

€ 3.0bn capital relief

transaction

€ 600mn mortgage

portfolio sale

$ 500mn 12NC7 Tier 2 notes

Inaugural € 500mn

Green Bond

€ 1.1bn sale of Athlon Car Lease

€ 1.0bn mortgage

portfolio sale

Sale of remaining Robeco stake

$ 1.5bn 10-year Tier 2 notes

€ 1.25bn perp AT1 securities (coco)

€ 1.5bn Rabobank

Certificates

€ 2.0bn capital relief

transaction

€ 1.25bn FORDless STORM

and € 550mn Green STORM

2018

Green STORM 2016 and 2017

$ 824mn asset backed

securities

€ 1bn RMBS Purple STORM

transactionBalance sheet flexibility

• Creating flexibility for new lending and a solid balance sheet by investor participation

• This will not change the commercial relationship of our clients with Rabobank

Balance sheet reduction

• Focusing on the core of our strategy: Banking for the Netherlands and Banking for Food

• Reduction of non-core activities

Strengthening capital base

• Building and preserving our strong capital position

Valuable progress on our financial targets

15

Jun 2017

Dec 2017

Jun 2018

Ambition2020

Capital

Fully loadedCET1 ratio

14.7% 15.5% 15.8% >14%

Total capitalratio*

25.5% 26.2% 26.1% >25%

Profitability

ROIC 7.8% 6.9% 8.8% >8%

C/I ratio 67.6% 71.3% 64.6%

53-54%UnderlyingC/I ratio

63.9% 65.3% 62.9%

Funding Wholesale funding

€ 171bn € 160bn € 164bn < € 150bn

• Overall, we are well on track to deliver on our promises• CET1 ratio increased by ~1%-point over the last 12 months as a result of

adding net profit to retained earnings • We are well positioned to absorb the impact of new regulations such as

Basel IV and MREL, as our capital ratios are well in excess of our 2020 targets

• ROIC exceeded our 2020 ambition level on the back of enhanced efficiency and continued impairment releases

• C/I ratio improving due to stable income generation and ongoing restructuring program

• Further improvement of C/I ratio will remain a priority in the coming years, though our target has become challenging given the ongoing low interest rate environment and the acceleration of IT investments

• Wholesale funding slightly increased due to the growth of our balance sheet

Financial targets and results Achievements in H1 2018

Investor Relations

See slides 29 and 30 for further details on MREL

Topics

16

Update on strategy

H1 2018 results

Appendix:

• Dutch economy, housing market and credit ratings

• Financial results

• Loan portfolio

• Capital, funding & liquidity

• Current & future developments

Investor Relations

Positive net profit development

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In € mn H1 2017 H2 2017 H1 2018

Net interest income 4,454 4,389 4,274

Net fee & commission income 988 927 981

Other results 496 747 774

Total income 5,938 6,063 6,029

Operating expenses 3,755 4,299 3,611

Regulatory levies 258 247 284

Impairment charges -67 -123 -37

Operating profit before tax 1,992 1,640 2,171

Tax 476 482 473

Net profit 1,516 1,158 1,698

• Net profit +12% to € 1,698mn• Stable top line despite the challenging interest rate environment• Operating expenses down 4% in line with headcount reduction• Negative impairment charges continue to bolster net profit• Decrease in income tax mainly due to US tax reform• € 1.2bn of net profit added to retained earnings to further strengthen

our balance sheet and finance future growth (H1 2017: € 0.9bn)

Net profit (in € mn)

Profit & Loss account Main developments

Investor Relations

997

6922,024

2017

2,674

1,516

2018

1,698

1,158

2016

1,027

2015

2,214

1,522

H1

H2

Continued strong underlying performance

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• Rabobank was able to match its strong underlying performance realized in H1 2017

• Lower net releases from impairment allowances were offset by several favorable items in Other results

Exceptional items included in operating profit before tax

Main developments Underlying profit before tax (in € mn)

In € mn H1 2017 H2 2017 H1 2018

Fair Value items* -186 -127 -133

Restructuring costs -98 -61 -22

Provision RNA 0 -310 0

Derivatives framework 0 -51 0

Total effect -284 -549 -155

284

549

155

+2%

Operating profit before tax

Exceptional items

H1 2018

2,326

2,171

H2 2017

2,189

1,640

H1 2017

2,276

1,992

* H1 2017 and H2 2017 Fair Value items consist of results on (i) hedge accounting and (ii) issued debt instruments (structured notes). As from 2018 onwards the latter will be nil due to the adoption of IFRS 9

Investor Relations

Total income slightly up despite challenging interest rate environment

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• Corrected for the appreciation of the euro, total income was up 4%• Net interest income (NII) was down 4%. Excluding FX effects NII

declined by 2% due to the ongoing low interest rate environment and a lower average loan portfolio

• Net fee & commission income remained more or less stable:• DRB: up 2% driven by higher commissions on payment accounts and

AuM• WRR: down 3%, but in local currency up 4% mainly due to a strong

performance of our M&A division• Leasing: sharp rise due to higher fees on syndicated financial leases

in the US and a change in accounting treatment• Real Estate: fee level much lower due to the downscaling of the

activities of FGH Bank and Bouwfonds IM• Sharp rise in underlying Other results, driven by:

• a book profit on the sale of FGH Bank’s non-core CRE financing activities and a positive revaluation in the loan portfolio of ACC

• higher results at area developer BPD • the reversal of an impairment taken by DLL in H2 2017

Total income (in € mn) Development of (underlying) income

4,454 4,389 4,274

988 927 981

682 874 907

6,029

6,190 6,162

6,063

6,124

Net interest income

Net fee and commission income

Other results

FV itemsH1 2018

-133H2 2017

-127H1 2017

5,938

-186

Investor Relations

Net interest income impacted by prolonged low interest rate environment

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• Net interest margin improved slightly, mostly driven by a lower average balance sheet total

• Low and negative interest rate environment continues to affect net interest income (NII) due to: • lower margins on savings and payment account balances• the cost of prudently managing the Group’s sizeable liquidity buffer• continued high - but declining - level of early repayments on

mortgage loans• DRB: stable NII due to positive impact from new business margins on

mortgages and SME lending• WRR: NII slightly down, but improved in local currency in line with loan

portfolio growth • Leasing: NII down, mainly due to lower new lending margins• Real Estate: NII reduced to almost nil following the sale of virtually the

whole CRE loan portfolio

Net interest income (in € mn) and Net interest margin (in % of average balance sheet total)* Main developments

Investor Relations

NIM (12m-rolling average)

1.41%1.32% 1.33% 1.33% 1.29% 1.33%

1.39%

* Balance sheet total fluctuates during the year due to fair value items (such as derivatives) and the size of the liquidity buffer. The figures up to and including 2016 are including Athlon

4,482 4,6574,375 4,368 4,454 4,389 4,274

H1 2018H2 2016H1 2016H1 2015 H2 2015 H1 2017 H2 2017

Multi-year transformation program is paying off

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• Corrected for the appreciation of the euro, operating expenses were down 2%, driven by lower restructuring costs

• Staff costs decreased due to ongoing headcount reductions, a lower (final) payment in connection with a pension guarantee and FX effects

• Other operating expenses (excluding restructuring costs) more or less stable, despite higher project expenses related to legacy files and regulatory compliance

• Since 2015 our underlying cost base has been reduced by almost € 600mn on an annual basis

• The C/I ratio improved by 3%-points

Operating expenses (in € mn) Development of (underlying) expenses

H1 2017 H2 2017 H1 2018

C/I ratio 67.6% 75.0% 64.6%

Underlying C/I ratio 63.9% 66.6% 62.9%

2,206 2,266 2,127

1,4511,611

1,462

310

3,611

3,8773,589

4,299

3,657

Staff costs

Other Opex

Restructuringcosts

H1 2018

22

H2 2017

61

51

H1 2017

3,75598

Derivatives frameworkProvision RNA

Investor Relations

Development cost/income ratio incl. regulatory levies

Asset quality continues to benefit from economic tail wind

22

• For the third consecutive 6-month period negative impairment charges (IC), albeit somewhat smaller than in the previous two periods

• IC at -2 bps of average lending (10-year average: +34 bps)

• Limited or even negative IC in all business segments:• DRB: smaller net release of allowances; residential mortgage

portfolio continued to perform well with negligible IC • WRR: IC decreased to nil; nearly all business lines and regions

reported lower IC• Leasing: IC remained at a stable and moderate level• Real Estate: small release of allowance• Other: negative IC due to partial sale and revaluation of a legacy

investment portfolio

Impairment charges (in € mn and in bps of average lending) All segments benefited from benign economic environment

Investor Relations

-2 bps-3 bps -6 bps

-43 -73

-156

105

-103

41

65

-42

-27

35

Domestic Retail

-3

H2 2017

0

WRR

Leasing

Real Estate

H1 2018

Other -14 -2

H1 2017

-10

-€ 37mn-€ 67mn -€ 123mn

Non-performing loans improve on a like-for-like basis

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• Rabobank is frontrunner in applying the EBA ‘Definition of Default’ to its portfolio as from 1 January 2018. One-off impact on NPL stock: + € 1.9bn, mainly in the mortgage portfolio

• NPL stock further affected by: • Conservative write-off policy • Helping clients with ample prospects getting through tough times

• NPL decreased as a result of the favorable economic environment and the sale of non-core CRE exposure by FGH Bank

• Overall asset quality is improving, further evidenced by still favorable impairment charges and declining level of impairment allowances

• NPL level of remaining non-core CRE portfolio (ACC Ireland) is above average; excluding ACC the NPL ratio would be 3.2%

• NPL Coverage ratio decreased to 23% from 27% (Dec 2017) mainly as a result of:• sale of non-core CRE loans, which were highly provisioned• one-off increase in level of NPL in mortgage portfolio as a result of

application of the EBA ‘Definition of Default’

NPL development* (in € mn and in % of total loans & advances)

Non-performing loans (NPL)

Investor Relations

3.6% 3.4% 3.5% 3.5%

19,763 18,873 18,315 18,755

1,900 1,460

Dec 15 Dec 16 Dec 17 Jan 18 Net portfoliodevelopment

Jun 18

3.8%

20,215

* NPL includes both Stage 3 Loans & Advances and NPL in Financial Assets at Fair Value

Loan portfolio increased after a few years of slight contraction

24

• Domestic residential mortgages portfolio slightly down as new production was more than offset by continued elevated level of early repayments

• Domestic CRE lending** further down in line with strategy• WRR: exposure growth concentrated in Wholesale, both domestic and

abroad (especially in North America)• Leasing: steady underlying growth • 72% of private sector loan portfolio outstanding in the Netherlands• 47% of loan exposure to private individuals, 29% to trade, industry &

services and 24% to F&A

Composition of private sector loan portfolio (in € bn) Main developments

Investor Relations

193 193 192

23 22 22

27 27 27

42 42 43

62 61 65

37 36 37

27 27 29

WRR Rural & Retail

WRR Wholesale (excl. CRE)

Jun 18

Leasing

+2%

Domestic Retail mortgages

Domestic CRE **

Domestic Retail F&A

Domestic Retail other SMEs

408* 416411

Dec 17 Jan 18

* Due to the adoption of IFRS 9 as at 1 Jan. 2018 the loan portfolio declined by € 2.9bn ** This includes the aggregate exposure of the Domestic Retail Banking, WRR and Real Estate

business segments to CRE

Loan-to-deposit ratio improved slightly

25

• Deposits DRB: up € 6.3bn, partly supported by seasonal effects. The increase was split evenly over:• Private savings: typically vacation bonuses paid out in May,

temporarily boosting balances of accounts held by private individuals

• Other deposits: increase in current accounts held by SME clients• RaboDirect: balances decreased as we are withdrawing from the Irish

retail market• Deposits WRR and Other: mainly balances from corporate customers,

which remained more or less stable

• Loan-to-deposit (LtD) ratio slightly improved

Deposits from customers and private sector lending (in € bn) Main developments

Investor Relations

1.21 LtD ratio

411

229 229

416

235

28 28 25

84 86 87

341

WRR and Other

RaboDirect

408*

DRB

343* 347

Dec 17 Jan 18 Jun 18

1.20

Deposits from customersLending

* Due to the adoption of IFRS 9 as at 1 Jan. 2018 the loan portfolio declined by € 2.9bn and deposits increased by € 2.5bn

13.5% 14.0% 15.8% 15.8%

2.9% 3.6%3.0% 3.0%

6.8%7.4% 7.4% 7.3%

2015 2016 2017 H1 2018

Tier 2

AT1

CET1

MREL eligiblecapital

Capital position provides strong basis for regulatory developments

26

• CET1 capital well above target and capital requirements• Ratio strengthened by 30bps, driven by retained earnings and despite

the -14bps IFRS 9 impact• With a 15.8% fully loaded CET1 ratio Rabobank is solidly positioned for

the manageable impact of Basel IV• Rabobank is committed to its >14% CET1 target and continues to

further strengthen its CET1 base in anticipation of Basel IV

CET1 development (Fully loaded) CET1

• Rabobank has been building up its capital buffers to protect its senior funding against the (unlikely) risk of bail-in

• The total capital ratio of 26.1% offers a strong capital buffer to protect Rabobank’s senior funding base and NPS holders

• The introduction of NPS allows for optimization of Rabobank’s MREL stack

• Including the grandfathered AT1s and amortized part of Tier 2 with a maturity >1yr, Rabobank holds 26.5% of MREL eligible capital

Total capital development (Transitional) Total capital

Investor Relations

25.0% 26.2% 26.1%23.2%

26.5%

12.0% 13.5%15.5% 15.8%+0.6% -0.3%

2015 2016 2017 Profit minusdistributions

Other H1 2018

Rabobank solidly positioned for future MREL requirement

27

• Rabobank has received a binding MREL requirement of 30.96% (~€ 65bn – FYE2016). This number:• Includes the binding Basel I floor in the Recapitalization Amount• Is based on BRRD I - future MREL subject to ongoing political

developments (European trilogue) with regards to the risk reduction package

• With MREL eligible instruments of >30.96%*, Rabobank already meets its MREL requirement. As a result, no transition period is set

• Rabobank intends to meet its MREL requirement with a combination of Own Funds and Non-Preferred Senior only

• With MREL eligible capital of 26.5%, the additional MREL issuance is very manageable

MREL requirement (in % of RWA)

MREL requirement and position

* Under BRRD I preferred senior is MREL eligible and included in calculations

15.25%

26.50%

30.96%

11.65%

4.06%

LAA RCA CBR includingadjustments

Total MRELrequirement

MREL eligiblecapital

MREL eligibleinstruments*

8% TLOF

Investor Relations

Limited MREL issuance in light of Rabobank’s redemption profile

28

• Rabobank’s substantial own funds (€ 52.8bn) provide a significant buffer for NPS investors

• The introduction of NPS could gradually diminish the role of Tier 2 as key instrument to meet MREL requirements

• Rabobank intends to maintain a best-in-class Tier 2 layer protecting NPS holders

The role of NPS in the capital stack (in € bn) MREL strategy

• Upcoming senior unsecured redemptions (€ 63.7bn until 2021) allow for gradual refinancing into NPS to address MREL needs. Based on current RWAs, the MREL shortfall (excluding senior unsecured) is limited

• Rabobank expects NPS issuances of € 3-5bn per annum. This range is subject to regulatory and peer group developments and includes early anticipation of the expected Basel IV impact

2018-2021 senior unsecured maturity profile (in € bn) Issuance plans

19.315.9 14.4 14.1

2018 2019 2020 2021

13.7

15.6

31.46.0

15.4

CET1 AT1 Tier 2 Non-Preferred Senior Preferred Senior

PONV Resolution

Own funds: € 52.8bn

Investor Relations

0

10

20

30

2015 2016 2017 2018 H1

Senior Unsecured Green Covered TLTRO

Funding strategy: optimization and diversification

29

• Diversified wholesale funding mix achieved by tapping different markets, maturities, currencies and products

• Rabobank’s funding target for 2018 has been set at € 10 - 12bn including NPS (subject to balance sheet developments) of which ~€ 9bn has been funded in H1 2018: • Year-to-date issuance is distributed over USD, EUR, AUD and NZD

benchmarks, topped up with private placements in various markets• Continued commitment towards strategic and liquid benchmark curve • In line with Rabobank’s strategy of reducing its wholesale funding

dependency, it is likely that Rabobank remains a net negative issuer (also including NPS)

Product base further diversified (in € bn) Funding strategy: global market approach

55%

22%

6%

7%3%

7% EUR

USD

AUD

GBP

JPY

Other

Currency diversification

13.713.7

H1 2018

Investor Relations

Topics

30

Update on strategy

H1 2018 results

Appendix:

• Dutch economy, housing market and credit ratings

• Financial results

• Loan portfolio

• Capital, funding & liquidity

• Current & future developments

Investor Relations

The Dutch economy is still growing, albeit more slowly

31

Year-on-year change (%)Actual

2017Forecast

2018Forecast

2019

Gross Domestic Product 2.9 2.5 1.8

Private consumption 1.9 2.4 1.6

Government spending 1.1 1.1 2.0

Business investment 5.4 5.3 2.5

Residential investment 12.0 6.0 0.2

Exports 5.3 3.3 4.1

Imports 4.9 3.5 4.3

Inflation (%) 1.3 1.7 2.5

Unemployment (% labor force) 4.8 3.9 3.6

Government budget (% GDP) 1.1 0.6 0.9

Government debt (% GDP) 56.6 52.8 49.0

• Population 17mn• GDP € 738bn• GDP per capita 5th in the EU, 13th in the world• Household savings deposits € 351bn• Pension funds assets € 1,510bn (205% of GDP)• Household gross mortgage debt € 696bn

Key figures Dutch economy (Jan 2019)* Key characteristics Dutch economy

Investor Relations

• The Dutch economy has fully recovered from the financial crisis, with above EU-average GDP growth

• Unemployment rate is rapidly declining• Private consumption rising because of higher disposable income, high

consumer confidence and rising house prices• Housing market boom showing signs of fatigue with the number of

transactions declining in the first half of 2018• Inflation will increase further in 2018 and 2019, in part due to

pro-cyclical economic policy• The downside risks are mostly international in origin, in the form of

rising trade tensions and geopolitical risks

Economic Outlook

* Source: RaboResearch

Dutch housing market characterized by strong price growth but decreasing sales activity

32

House Price Index and number of transactions • House Price Index: 122.5 (June 2018; 2015 = 100) versus 120.9 peak in August 2008

• In 2017 a record number of ~242,000 existing homes were sold. Year-to-date sales were down 7.8% y-o-y. Forecast full year 2018: 225,000 transactions

• Prices rose by 9.2% in Q3 2018 (7.6% in 2017; 5.0% in 2016) and are expected to rise by 9.0% in 2018 and 6% in 2019

• Overall affordability remains relatively good, except for first-time buyers• Owner occupation rate is 56%, comparable to surrounding EU countries• Underlying fundamentals hint at further price increases in the short run:

• Increasing number of households and high income growth forecasted• Housing shortage, also visible in the non-regulated rental segment

where rent levels are rising quickly • Limited land available for housing and limited new production• Favorable tax regime: interest paid on mortgage loans, taken out for

owner-occupied houses, is income tax deductible. This makes house purchase vis-à-vis renting an attractive option

• Strict mandatory underwriting criteria and strong legal system mitigate credit risks

• Interest rates remain low

Investor Relations

(x 1,000)

40

60

80

100

120

140

160

50

100

150

200

250

300

2000 2006 2012 201812-months total of number os homes sold (x 1,000) (l)

House Price Index (2010=100) (r)

of

(2015=100)

National Mortgage Guarantee contributes to the strength of the Dutch mortgage market

33

About the National Mortgage Guarantee (NHG) fund

• Offers financial protection to both lender and borrower in the event the borrower is left with residual debt• Benefits from a back-stop government guarantee• Rated Triple A by Fitch and Moody’s• Underwriting criteria:

• Maximum house price € 265,000• For homes that are subject to energy-efficiency investments the maximum house price is € 280,900 • Affordability criteria (max. ratio of loan expenses-to-income and maximum 100% LTV) comparable to the criteria for non-NHG loans

Investor Relations

Specifically for borrowers

• Residual debt will in principle be forgiven • Lower interest rate• Borrowers pay a one-off guarantee fee of 1% of the mortgage loan

Specifically for mortgage lenders

• Due to the credit cover by the fund, regulatory capital requirements are lower• Extensive cover: not only residual debt, but also interest arrears and disposal costs• For mortgages originated after 1 January 2014 the lender will participate for 10% in any loss claims made under NHG• 20% of Rabobank’s mortgage portfolio benefits from National Mortgage Guarantee

Credit ratings remained strong in H1 2018

34

Dec 2017 Jun 2018Issuer ratings PS NPS T2 AT1 Issuer ratings

A+/Positive/A-1 A+ A- BBB+ - A+/Positive/A-1

Aa2/Negative/P-1 Aa3 A3 Baa1 Baa3 Aa3/Stable/P-1

AA-/Stable/F1+ AA- AA- A BBB- AA-/Stable/F1+

AA/Stable/R-1(high) AA - - - AA/Stable/R-1(high)

Investor Relations

NL Rest of Europe Rest of world

AA/Aa2

BB/Ba2

A-/A3

Graph based on the average rating score assigned by Fitch, Moody’s and S&P (July 2018) of the world’s 60 largest commercial banks (the Banker, July 2018), plus major Dutch banks

PS: Preferred Senior; NPS: Non-Preferred Senior; T2: Tier 2; AT1: Additional Tier 1

Topics

35

Update on strategy

H1 2018 results

Appendix:

• Dutch economy, housing market and credit ratings

• Financial results

• Loan portfolio

• Capital, funding & liquidity

• Current & future developments

Investor Relations

Rabobank posted 12% higher net profit

36

in € mn Jun 2017 Jun 2018 Change

Net interest income 4,454 4,274 -4%

Net fee & commission income 988 981 -1%

Other results 496 774 56%

Total income 5,938 6,029 2%

Operating expenses 3,755 3,611 -4%

Gross result 2,183 2,418 11%

Impairment charges -67 -37 +45%

Regulatory levies 258 284 10%

Operating profit before tax 1,992 2,171 9%

Tax 476 473 -1%

Net profit 1,516 1,698 12%

ROIC 6.9% 8.8% +1.9%-pnt

Cost/income ratio (incl. regulatory levies) 67.6% 64.6% -3.0%-pnt

Impairment charges -3 bps -2 bps +1 bps

Investor Relations

Underlying performance by business segment (I)

37

• Total income remained stable: downward pressure on NII (due to lower margins on savings and payment accounts) was compensated by favorable new lending margins and an increase in net fee & commission income

• Lower operating expenses (-7%), driven by a lower headcount due to the digitalization and centralization of services

• As in H1 2017, impairment releases contributed to operating profit, but to a much lesser extent (€ 27mn versus € 156mn)

• Slight reduction of loan portfolio due to continued elevated level of early mortgage repayments

Domestic Retail Banking (DRB) Main developments Domestic Retail Banking

• Corrected for the appreciation of the euro, the improvement in total income (+5%) outpaced the increase in operating expenses (+3%)

• Excluding FX effects NII was up 7%, in line with loan portfolio growth• Non-interest income corrected for FX effects 6% up, partly due to a strong

performance of our M&A and Private Equity divisions• Profit improvement driven by € 105mn lower impairment charges• Loan portfolio grew by 6%

Wholesale, Rural & Retail (WRR) Main developments Wholesale, Rural & Retail

1,715

2,731

1,371 4491,463

H1 2017

1,414 1,317

54

H2 2017

0%

Exceptional items

1,455Operating profit before tax

1,459

H1 2018

688

327

784312

+14%

784

Operating profit before tax

H1 2018

Exceptional items0

H2 2017H1 2017

6390688

(in € mn)

Investor Relations

Underlying performance by business segment (II)

38

• Total income up 5%, driven by the reversal of an impairment taken in H2 2017

• Marginally higher operating expenses due to business growth• Impairment charges decreased by 15% to € 35mn, well below long-term

average• Financial lease portfolio grew by 6%• Outlook positive for Leasing due to the shift to a ‘pay for use’ economy

Leasing Main developments Leasing

• Includes area developer BPD, investment manager Bouwfonds IM and FGH Bank; the latter was dissolved mid-2018

• Performance improvement driven by BPD, which closed 20% more transactions of new residential units

• Segment result benefited from a book profit on the sale of FGH Bank’s remaining non-core CRE loans

• NII plummeted due to a conscious reduction of the loan portfolio• As in H1 2017, impairment charges contributed to operating profit, but to a

lesser extent (€ 3mn versus € 43mn)• In August 2018 Rabobank reached agreement on the sale of BPD France

Real Estate Main developments Real Estate

(in € mn)

171

279249

16%

Operating profit before tax

Exceptional itemsH1 2018

2834

H2 2017

1776

H1 2017

244

-5

93

273

152

29

68%

Operating profit before tax

Exceptional items

H1 2018

1564

H2 2017

302

H1 2017

930

Investor Relations

Topics

39

Update on strategy

H1 2018 results

Appendix:

• Dutch economy, housing market and credit ratings

• Financial results

• Loan portfolio

• Capital, funding & liquidity

• Current & future developments

Investor Relations

Total assets up due to business growth

40

in € bn Dec 2017 Jan 2018 Jun 2018

Assets Loans and advances to customers 432.6 429.4 439.3

Cash 66.9 66.9 67.5

Loans and advances to banks 27.3 26.9 25.8

Securities 31.6 34.7 31.7

Derivatives 25.5 25.5 24.7

Other 19.1 19.1 18.8

Total Assets 603.0 602.5 607.8

Equity & liabilities Equity 39.6 39.6 40.5

Deposits from customers 340.7 343.2 346.6

Long-term issued debt 122.7 122.3 124.8

Short-term issued debt 37.7 37.7 39.0

Banks 18.9 18.9 19.9

Derivatives 28.1 28.6 26.5

Other 15.3 12.2 10.5

Total equity & liabilities 603.0 602.5 607.8

Encumbered assets According to EBA guidelines 10% 10% 11%

Investor Relations

Diversified loan portfolio with focus on the Netherlands

41

Group private sector loan portfolio by business segments Group private sector loan portfolio € 415.7bn

Investor Relations

* This includes the aggregate exposure of the Domestic Retail Banking, WRR and Real Estate business segments to domestic CRE

* Loan portfolio as at 1 Jan. 2018 declined by € 2.9bn due to the adoption of IFRS 9

Domestic CRE*5%

Domestic Retail mortgages

46%

Domestic Retail F&A6%

Domestic Retail other SMEs

11%

WRR (excl. domestic CRE)

25%

Leasing7%

in € bn Jan 2018* Jun 2018 change

Group total 408.1 415.7 2%

• Domestic Retail Banking 279.9 279.9 0%

• WRR 99.9 106.2 6%

− Domestic Wholesale 17.1 18.2 6%

− International Wholesale 47.1 50.7 8%

− International Rural & Retail 35.7 37.3 4%

• Leasing 27.1 29.0 7%

− Domestic 1.2 1.5 25%

− International 25.9 27.5 6%

• Real Estate 0.7 0.3 -57%

• Other 0.4 0.3 -25%

Rabobank largest financier of the Dutch economy

42

Domestic lending by client category Domestic private sector portfolio € 300.2bn(72% of Group loan portfolio)

Investor Relations

* This includes the aggregate exposure of the Domestic Retail Banking, WRR and Real Estate business segments to domestic CRE

Mortgages64%

Food & Agri retail9%

CRE *7%

Other SMEs14%

Wholesale (excl. CRE)

5%

Leasing1%

in € bn Jan 2018 Jun 2018 change

Total Domestic lending 299.3 300.2 0%

• Mortgages 193.1 191.8 -1%

• Food & Agri retail 27.0 26.6 -1%

• Commercial real estate* 21.7 22.0 1%

• Other SMEs 41.9 43.4 3%

• Wholesale (excl. domestic CRE) 13.9 14.2 5%

• Leasing 1.2 1.5 25%

• Other 0.4 0.3 -25%

Well diversified international loan portfolio

43

in € bn WholesaleRural &

RetailTOTAL

Total international portfolio

• WRR 50.7 37.3 88.0

− Europe excl. the Netherlands

13.8 - 13.8

− North America 16.3 16.2 32.5

− South America 8.1 3.7 11.8

− Australia & New Zealand 3.4 17.0 20.4

− Asia 8.3 0.4 8.7

− Africa 0.2 - 0.2

• Leasing 27.5

• Breakdown international loan portfolio WRR:• Wholesale: 58%• Rural & Retail: 42%

• Focus on Food & Agri business: F&A lending 60% of total WRR loan portfolio

• Leasing: share of Food & Agri business in total lease portfolio 35%

International private sector loan portfolio International private sector portfolio € 115.5bn (28% of Group loan portfolio)

Investor Relations

Rural & Retail32%

Wholesale44%

Leasing24%

Breakdown of loan portfolio based on country of residence

Credit quality loan portfolio further improved

44

NPL and allowances

Investor Relations

in € mn Jun 2018% of loans &

advancesNon-performing loans (NPL)

Domestic Retail Banking 12,061 4.3%WRR (incl. Other) 6,108 2.8%Leasing 518 1.7%Real Estate 68 13.5%Total Rabobank 18,755 3.5%

Jan 2018Total Rabobank 20,215 3.8%

Jun 2018Allowances (Stages 1, 2 & 3)

Domestic Retail Banking 2,601WRR (incl. Other) 1,147Leasing 255Real Estate 55Total Rabobank 4,058

Jan 2018Total Rabobank 4,361

• Declining levels of NPL and Impairment allowances evidence of continuing improvement of the credit quality of the loan portfolio

• January 2018 one-off impact on level of:• NPL stock: +€ 1.9bn (application of EBA ‘Definition of Default’) • Allowances: -€ 1.1bn (adoption of IFRS 9)

• NPL ratio calculation according to EBA definition; excluding remaining non-core CRE portfolio (ACC Ireland) the NPL ratio would be 3.2%

• NPL Coverage ratio calculated according to EBA definition, i.e. excluding IBNR (IAS 39) and Stage 1 + 2 (IFRS 9) allowances; decrease to 23% from 27% (Dec 2017) mainly as a result from:• sale of non-core CRE loans, which were highly provisioned• one-off increase in level of NPL in mortgage portfolio as a result of

application of the EBA ‘Definition of Default’

Main developments

Consistently strong-performing domestic residential mortgage portfolio (I)

45

Interest only22%

Partial interest only29%

Redeeming18%

Savings23%

Other 8%

• Loan portfolio –1% to € 192bn, mainly as a result of continued elevated level of early (partly) repayments due to the ongoing low interest rate environment

• As in H2 2017, releases exceeded new additions to allowances• As at 1 January 2018 NPL and allowances increased due to the

introduction of a new definition of default:• potential defaults are recognized at an earlier stage• excluding this one-off effect, the underlying development of the

asset quality is still positive• Number of delinquencies and foreclosures remains very low• Average loan-to-value ratio: 67% (Dec. 2017: 69%) • National Mortgage Guarantee (NHG): stable at 20.0% of mortgage

portfolio• 95% of portfolio has (predominantly long-term) fixed interest rates• Banks are in a preferential position to enforce the liquidation of

collateral• Bank has full recourse to the borrower• Share of interest only will decline due to prevailing tax regime

Portfolio by type of mortgage

Investor Relations

>10 Years30%

6-10 Years50%

4-5 Years9%

2-3 Years2%

Fixed <1yr4%

Variable5%

Portfolio by contractual fixed interest rate period

Consistently strong-performing domestic residential mortgage portfolio (II)

46

in € mn Jun 2017 Dec 2017 Jan 2018* Jun 2018 Change Dec 17 – Jun 18

Loans 194,483 193,110 193,110 191,791 -1%

Non-performing loans 1,293 1,112 2,912 2,347 -19%

− in % of loans 0.67% 0.58% 1.51% 1.22% -0.29%-pnt

Allowance 196 169 333 237 -29%

− in % of non-performing loans 15% 15% 11% 10% -1%-pnt

H1 2017 H2 2017 H1 2018Change

H1 2017 – H1 2018

Loan impairment charges 12 -10 -25 -€ 37mn

In basis points 1 bps -1 bps -3 bps -4 bps

Investor Relations

* NPL and allowances increased as at 1 Jan. 2018 due to the implementation of a new definition of default. See also previous slide

Loan-to-value mortgage portfolio decreased further

47

Loan-to-value NHG Guaranteed Other Total

0%-50% 2.7% 25.6% 28.3%

50%-60% 1.8% 10.4% 12.2%

60%-70% 2.6% 11.0% 13.6%

70%-80% 3.6% 10.3% 13.9%

80%-90% 4.2% 9.7% 13.9%

90%-100% 3.4% 6.4% 9.8%

100%-110% 1.1% 3.0% 4.1%

110%-120% 0.3% 1.4% 1.7%

>120% 0.3% 2.2% 2.5%

20.0% 80.0% 100.0%

• Average LTV portfolio June 2018: 67% (Dec 2017: 69%)• Prudent underwriting standards, including a Loan expenses-to-income

ratio, and active risk monitoring are the most important factors determining the risks in Rabobank’s mortgage portfolio

• LTV figures do not take into account: • free savings accounts of the borrower• securities and other assets of the borrower

• To cover premature death risk, the majority of clients have taken out a life insurance, pledged to the bank

• Some clients have taken out an insurance to cover unemployment risk• An LTV>100% does not mean that the loan in question is non-

performing. As long as the borrower is able to meet debt service, the collateral value is less of an issue

• Declining trend in the share of mortgages with an LTV >100% (8% in H1 2018)

LTV domestic residential mortgage portfolio Loan-to-value (LTV) is not the sole determinant of loan quality

Investor Relations

Well diversified business lending

48

Animal protein16%

Grains & oilseeds20%

Dairy22%

Fruit & veg10%

Farm inputs10%

Food retail & foodservice5%

Beverages3%

Sugar3%

Other11%

Well diversified business lending

• Subsectors• Geography• Links in the food supply chain

F&A portfolio

• € 100.0bn (+2%), 24% of total Group loan portfolio, of which:• Domestic retail SMEs: € 26.7bn • WRR: € 63.3bn • Leasing: € 10.1bn

• Domestic primary F&A market share around 86%

Non-F&A portfolio

• € 119.0bn (+3%), 29% of total Group loan portfolio, of which:• Domestic retail SMEs: € 59.2bn • WRR: € 40.9bn• Leasing: € 18.9bn

• Mainly SME lending

Group F&A portfolio € 100.0bn

Investor Relations

Lessors of real estate12%

Finance & insurance (except banks)

11%

Trade11%

Professional, scientific and technical services

6%Manufacturing

8%

Activities related to real estate8%

Transport and warehousing5%

Health care6%

Construction4%

Retail non-food4%

Other25%

Group non-F&A portfolio € 119.0bn

Commercial real estate: lower exposure, improving credit quality

49

Main developments

• CRE exposure being actively managed down (H1 2018: -4%; 2017: -4%; 2016: -15%)

• Improving real estate market is reflected in decreasing LTVs, NPL level and impairment allowances

• LTV of domestic lessors of real estate (i.e. buy-to-let) loan portfolio further improved to 68% (Dec 2017: 71%), mainly due to the further reduction of non-core exposure and improved market conditions

• In H1 2018 FGH Bank sold the final part of its non-core loan portfolio to RNHB (deal size: € 1.3bn)

• FGH Bank merged with Coöperatieve Rabobank U.A. on 30 June 2018

Development domestic commercial real estate lending (in € bn)

Investor Relations

Offices & mixed use25%

Residential23%Retail outlets

16%

Industrial14%

Land4%

Other 18%

Breakdown of domestic commercial real estate loan portfolio

CRE financing includes the aggregate exposure of the DRB, WRR and Real Estate business segments to domestic CRE

28 2624 23 23 22

Jun 16Dec 15 Dec 16 Jun 18Jun 17 Dec 17

Topics

50

Update on strategy

H1 2018 results

Appendix:

• Dutch economy, housing market and credit ratings

• Financial results

• Loan portfolio

• Capital, funding & liquidity

• Current & future developments

Investor Relations

• Rabobank 2018 CET1 requirement is built up as follows:• 4.5% Pillar 1 (P1)• 1.75% Pillar 2 Requirement (P2R)• 1.875% Capital Conservation Buffer (CCB)• 2.25% Systemic Risk Buffer (SRB)

• In 2019 the fully loaded CET1 requirement and MDA trigger is expected to be at 11.75% due to the phasing in of the CCB and SRB

• The undisclosed Pillar 2 Guidance (P2G) is not directly binding and not relevant for the MDA trigger

2018 SREP requirement (in %) 10.375% CET1 requirement in 2018

• Rabobank is committed to its >14% CET1 target • Current (fully loaded) CET1 ratio of 15.8% implies a substantial buffer of

5.4%-points (€ 10.7bn) over 2018 minimum CET1 requirements• Rabobank’s Distributable Items amounted to € 26.5bn at HY2018

Targets

51

4.5% 4.5%

15.8%

2018requirement

Expected fullyphased in

requirement2019

Rabobank CET1ratio H1 2018

Rabobanktarget 2020

11.75%

10.375%

2.25%

3%

2.5%1.875%

1.75%1.75%

>14%

P1

CCB

SRB

P2R

Strong capital buffer over SREP requirements

Investor Relations

13.5% 14.0% 15.8% 15.8%

2.9% 3.6%3.0% 3.0%

6.8%7.4% 7.4% 7.3%

2015 2016 2017 H1 2018

Tier 2

AT1

CET1

MREL eligiblecapital

Capital position provides strong basis for regulatory developments

52

• CET1 capital well above target and capital requirements• Ratio strengthened by 30bps, driven by retained earnings and despite

the -14bps IFRS 9 impact• With a 15.8% fully loaded CET1 ratio Rabobank is solidly positioned for

the manageable impact of Basel IV• Rabobank is committed to its >14% CET1 target and continues to

further strengthen its CET1 base in anticipation of Basel IV

CET1 development (Fully loaded) CET1

• Rabobank has been building up its capital buffers to protect its senior funding against the (unlikely) risk of bail-in

• The total capital ratio of 26.1% offers a strong capital buffer to protect Rabobank’s senior funding base and future NPS holders

• The introduction of NPS allows for optimization of Rabobank’s MREL stack

• Including the grandfathered AT1s and amortized part of Tier 2 with a maturity >1yr, Rabobank holds 26.5% of MREL eligible capital

Total capital development (Transitional) Total capital

Investor Relations

25.0% 26.2% 26.1%23.2%

26.5%

12.0% 13.5%15.5% 15.8%+0.6% -0.3%

2015 2016 2017 Profit minusdistributions

Other H1 2018

Rabobank solidly positioned for future MREL requirement

53

• Rabobank has received a binding MREL requirement of 30.96% (~€ 65bn – FYE2016). This number:• Includes the binding Basel I floor in the Recapitalization Amount• Is based on BRRD I - future MREL subject to ongoing political

developments (European trilogue) with regards to the risk reduction package

• With MREL eligible instruments of >30.96%*, Rabobank already meets its MREL requirement. As a result, no transition period is set

• Rabobank intends to meet its MREL requirement with a combination of Own Funds and Non-Preferred Senior only

• With MREL eligible capital of 26.5%, the additional MREL issuance is very manageable

MREL requirement (in % of RWA)

MREL requirement and position

* Under BRRD I preferred senior is MREL eligible and included in calculations

15.25%

26.50%

30.96%

11.65%

4.06%

LAA RCA CBR includingadjustments

Total MRELrequirement

MREL eligiblecapital

MREL eligibleinstruments*

8% TLOF

Investor Relations

Limited MREL issuance in light of Rabobank’s redemption profile

54

• Rabobank’s substantial own funds (€ 52.8bn) provide a significant buffer for NPS investors

• The introduction of NPS could gradually diminish the role of Tier 2 as key instrument to meet MREL requirements

• Rabobank intends to maintain a best-in-class Tier 2 layer protecting NPS holders

The role of NPS in the capital stack (in € bn) MREL strategy

• Upcoming senior unsecured redemptions (€ 63.7bn until 2021) allow for gradual refinancing into NPS to address MREL needs. Based on current RWAs, the MREL shortfall (excluding senior unsecured) is limited

• Rabobank expects NPS issuances of € 3-5bn per annum. This range is subject to regulatory and peer group developments and includes early anticipation of the expected Basel IV impact

2018-2021 senior unsecured maturity profile (in € bn) Issuance plans

19.315.9 14.4 14.1

2018 2019 2020 2021

13.7

15.6

31.46.0

15.4

CET1 AT1 Tier 2 Non-Preferred Senior Preferred Senior

PONV Resolution

Own funds: € 52.8bn

Investor Relations

Flexibility regarding the issuance of Non-Preferred Senior Debt

55

• Rabobank has updated its GMTN programme to include the flexibility to issue NPS prior to the final implementation of the law

• Rabobank issued its inaugural NPS before the adoption of the law, this temporary Preferred Senior debt will automatically change to reflect the statutory NPS ranking once the legislation becomes effective

• After the implementation of the CHD, MREL instruments will be issued directly in NPS format

• This approach is consistent with other European countries’ NPS law implementation processes

Implementation process of NPS

Automatic change in status to statutory NPS ranking

Credit Hierarchy Directive effective in the Netherlands

Issuance of inaugural NPSPari passu with existing senior debt

NPS documentation NPS• The Dutch Ministry of Finance is working on the implementation of

NPS under Dutch law, the Dutch Credit Hierarchy Directive (CHD). Final adoption of the law is expected in the course of 2018

• It is expected that the Dutch statutory framework will be equivalent toother European solutions and in line with EU proposals

Investor Relations

NPS issues Coupon Issue date Maturity

EUR 1bn 0.75% Aug 2018 Aug 2023

USD 1bn 3.875% Sep 2018 Sep 2023

USD 250mn 3m USD Libor + 86bps Sep 2018 Sep 2023

0

10

20

30

2015 2016 2017 2018 H1

Senior Unsecured Green Covered TLTRO

Funding strategy: optimization and diversification

56

• Diversified wholesale funding mix achieved by tapping different markets, maturities, currencies and products

• Rabobank’s funding target for 2018 has been set at € 10 - 12bn including NPS (subject to balance sheet developments) of which ~€ 9bn has been funded in H1 2018: • Year-to-date issuance is distributed over USD, EUR, AUD and NZD

benchmarks, topped up with private placements in various markets• Continued commitment towards strategic and liquid benchmark curve • In line with Rabobank’s strategy of reducing its wholesale funding

dependency, it is likely that Rabobank remains a net negative issuer (also including NPS)

Product base further diversified (in € bn) Funding strategy: global market approach

55%

22%

6%

7%3%

7% EUR

USD

AUD

GBP

JPY

Other

Currency diversification

13.713.7

H1 2018

Investor Relations

Covered Bonds as integrated part of the strategy

57

• Covered Bonds contribute to Rabobank's ongoing funding diversification and optimization

• Rabobank is building a benchmark curve after issuing its inaugural benchmark Covered Bond in May 2017 followed by three tranches in 2018

• Rabobank is committed to the Covered Bond market and actively involved in investor meetings and market events

• The registered Covered Bond program is characterized as soft bullet• The Cover Pool consists of high quality Prime Dutch residential

mortgage loans• Rabobank provides updated information related to the asset pool on the

dedicated Covered Bond-website

Characteristics Strategy

• Rabobank plans to be active with 1 or 2 benchmark issuances per annum and can also issue in private format

• Rabobank Covered Bond program functions as starting point for different trade opportunities

Dual recourse to Issuer and Cover Pool

Rated ‘Aaa’ by Moody’s

Strong Dutch legal Covered Bond framework in line with EBA’s best practices

ECBC Covered Bond Label

Regulatory overcollateralization at 5%

Periodic Asset Cover Test and Amortization Test(Extension Period of 12-months)

Favorable regulatory treatment, a.o. UCITS, CRR and LCR Level I

Trade Opportunities

Investor Relations

CRD IV qualifying capital

58

in € bn Dec 2017 Jan 2018 Jun 2018

Common Equity Tier 1 capital 31.3 30.5 31.4

Tier 1 capital 37.2 36.7 37.4

Total capital 51.9 51.6 52.0

Risk-weighted assets 198.3 198.2 199.3

Common Equity Tier 1-ratio (transitional) 15.8% 15.4% 15.8%

Common Equity Tier 1-ratio (fully loaded) 15.5% 15.4% 15.8%

Tier 1-ratio 18.8% 18.5% 18.8%

Total capital-ratio 26.2% 26.0% 26.1%

Equity Capital-ratio 17.3% 17.0% 17.5%

Leverage ratio (transitional) 6.0% 6.0% 6.0%

Leverage ratio (fully loaded) 5.4% 5.4% 5.4%

Investor Relations

Rabobank liquidity strategy

59

• Rabobank manages the Group’s liquidity positions according to an internally defined risk framework and external regulatory requirements

• The liquidity buffer strategy aims at high quality assets, with level 1 assets forming 95% of HQLA

• The € 3bn increase of the liquidity buffer in H1 2018 can be partly explained by a seasonal inflow of retail deposits (i.e. holiday allowances paid in May, boosting balances of accounts held by private individuals)

• The size of the liquidity buffer is comparable to June 2017 (€ 122bn)

Safe and sound liquidity profile(Jun 2018)

Liquidity strategy

• Rabobank aims to have an optimal blend of different funding sources for an effective management of its liquidity position

• Rabobank maintains a smooth funding maturity profile in order to avoid refinancing concentrations

• With a solid track-record of issuance across different currencies and locations, Rabobank keeps on working on its funding products diversification

Maturity profile short term debt (Jun 2018, in € bn)

LCR: 136%, well above >100%

NSFR: 119%, well above >100%

Strong liquidity buffer of € 119bn Cash and central bank

reserves71%

Other level 1 assets24%

Level 2a1%

Level 2b4%

Cash remains a major component of HQLA

Investor Relations

-

5

10

15

CET1 capital: Rabobank Certificates

60

Breakdown CET1 capital Rabobank Certificates

• Rabobank Certificates are the most deeply subordinated capital of Rabobank and qualify as CET1 capital

• In January 2017 Rabobank issued 60mn new Rabobank Certificates with a nominal value of € 25.00 each

• The total outstanding number of Rabobank Certificates is 297.9mn, representing € 7.4bn of CET1 capital

• Rabobank Certificates are listed on Euronext Amsterdam

Distributions

• Distributions on Rabobank Certificates are fully discretionary• As per the current payment policy, Rabobank intends to pay a quarterly

distribution which is the higher of: • € 0.40625 (6.5% on annual basis)• the 3-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 € 25.00 divided by 4

in € mn Dec 2017 Jan 2018 Jun 2018

Retained earnings 26,777 26,302 27,377

Expected distributions -54 -54 -31

Rabobank Certificates 7,440 7,440 7,440

Non-controlling interests

26 29 0

Reserves -1,401 -911 -870

Deductions -2,050 -2,317 -2,517

Transitional Guidance 525 24 26

Common Equity Tier 1 Capital

31,263 30,510 31,425

Investor Relations

Overview of Additional Tier 1 instruments

61

Additional Tier 1 Capital (Public) CRD IV compliant instruments

• As at 3o June 2018 € 2.7bn of CRD IV compliant instruments were outstanding

• The temporary write down capital securities have a dual trigger of 7% CET1 on Rabobank Group and 5.125% CET1 on Issuer level* respectively

• The announced intention by the Ministry of Finance to cancel tax deductibility of CoCo coupons does not currently trigger any change in our views with regards to the role of CoCo’s as part of Rabobank’s capital strategy, nor does Rabobank intend to exercise a Tax Call if the Government’s intention or the materialization therefore would constitute a Tax Law Change (as defined in the relevant T&Cs)

Grandfathered instruments

• As at 30 June 2018, all grandfathered instruments (€ 3.3bn) qualified as Additional Tier 1 capital

• In June 2018 Rabobank redeemed the CHF 5.5% Capital Securities, and in July 2018 ILS 323mn of Capital Securities at the first call dates

* Jun 2018: actual CET1 on Issuer level = 15.8%.

Nominal Coupon Issue date 1st call date

CRD IV Compliant AT1

Capital Securities EUR 1bn 4.625% Sep 2018 Dec 2025

Capital Securities EUR 1.5bn 5.50% Jan 2015 Jun 2020

Capital Securities EUR 1.25bn 6.63% April 2016 Jun 2021

Grandfathered AT1 (public)

Capital Securities NZD 280mn applicable 5-yr swap rate + 3.75%

May 2009 Jun 2019

Capital Securities USD 2.9bn 11% Jun 2009 Jun 2019

TPS IV GBP 350mn 5.56% Oct 2004 Dec 2019

Capital Securities GBP 250mn 6.91% Jun 2008 Jun 2038

Investor Relations

Tier 2 instruments totaling € 16.4bn

62

Tier 2 issues Coupon Issue date Maturity Call date

EUR 1bn 5.88% May 2009 May 2019

EUR 1bn 3.75% Nov 2010 Nov 2020

EUR 1bn 4.13% Sept 2012 Sept 2022

GBP 500mn 5.25% Sept 2012 Sept 2027

USD 1.5bn 3.95% Nov 2012 Nov 2022

EUR 1bn 3.88% July 2013 July 2023

USD 1.75bn 4.63% Nov 2013 Dec 2023

USD 1.25bn 5.75% Nov 2013 Dec 2043

EUR 2bn 2.50% May 2014 May 2026 May 2021

GBP 1bn 4.63% May 2014 May 2029

JPY 50.8bn 1.42% Dec 2014 Dec 2024

AUD 475mn 3m BBSW* + 2.5% July 2015 July 2025 July 2020

AUD 225mn 5.00% July 2015 July 2025 July 2020

USD 1.5bn 4.38% Aug 2015 Aug 2025

USD 1.25bn 5.25% Aug 2015 Aug 2045

USD 1.5bn 3.75% July 2016 July 2026

USD 500mn 4.00% March 2017 April 2029 April 2024

Tier 2

• All Tier 2 instruments are CRD IV compliant• Qualifying Tier 2 represents 7.3%-point of the total capital ratio

(including transitional adjustments)• € 1,670mn of Tier 2 is subject to amortization. € 848mn of the amortized

Tier 2’s have a remaining maturity >1yr and therefore fully qualify for MREL

• In addition to its main currencies, Rabobank will remain focused on a diversified Tier 2 investor base

• Rabobank intends to maintain a best-in-class Tier 2 layer protecting NPS holders

* Bank Bill Swap Benchmark Rate (Australian Financial Markets Association)

Investor Relations

Globally diversified wholesale funding portfolio

63

Public market

• Rabobank is committed to liquid benchmark curves and has excellent access to short-term as well as long-term funding

• Issuance is done in over 20 different currencies enabling investors to diversify their portfolios

• Capital instruments enjoy participation from a global investor base• Global funding team works closely to the market base and adheres to

latest market practices and regulatory requirements

Private Placements

• Active in all local markets• Possibility of different trade formats• Rabobank is a prominent issuer in structured MTNs, issuing about 10%

of funding in this format• Ability to issue in the most innovative products

Investor Relations

Topics

64

Update on strategy

H1 2018 results

Appendix:

• Dutch economy, housing market and credit ratings

• Financial results

• Loan portfolio

• Capital, funding & liquidity

• Current & future developments

Investor Relations

Rabobank will meet ‘Basel IV’ requirements

65

Assessment of December 2017 Basel IV proposals• Rabobank supports a robust, simple and transparent banking system. When transposing the Basel proposals into European law, Rabobank calls for:

• a level playing field to avoid an unwanted disproportionate impact on banks with large, strongly collateralized loan portfolios• consistency with current initiatives such as the ECB’s TRIM. Improvement of internal risk models is key and Rabobank remains in favor of a risk

sensitive approach rather than a simplified standardized model that does not fairly reflect the risks

Rabobank strategy / response• Upcoming new capital regulations (including Basel IV) were one of the drivers of the development of Rabobank’s current Strategic Framework

2016 – 2020. The indicative impact of the current Basel proposals falls within the assumptions used in developing the Strategic Framework• The continued execution of our strategy, including balance sheet optimization, will ensure that Rabobank will be able to absorb the impact of Basel IV• Rabobank will continue growing regulatory capital by retaining future profits• The underlying risks in our current assets and consequently our inherent risk profile are not impacted by the implementation of Basel IV • Continue servicing our clients is core to our strategy and will not be materially impacted. This also applies to our lending operations

Indication of impact• Pro forma calculations indicate an ~30-35% RWA increase. The following should be taken into account when assessing the indicated impact:

• The new regime will be implemented as of 2022 at the earliest • The output floor will be fully phased-in by 2027• The indication is based on our current interpretation of the proposals and based on expected choices to be made as included in the proposals• The indication excludes any technical, data-quality and strategic (balance sheet) management actions, which could mitigate the ultimate impact• Current Basel Committee proposals still to be reviewed and approved by the EU and, following that, enacted into Dutch law and regulations

• With an indicative ~50% RWA increase the impact of our large residential mortgage portfolio on the total indicative RWA increase is relatively high

Investor Relations

Impact of implementation of IFRS 9

66

CET 1 ratio

• The implementation of IFRS 9 had a negative impact of 14 bps on Rabobank’s CET1 ratio • Main driver is the adoption of new Classification & Measurement rules, resulting in a reduction of CET 1 capital• For regulatory capital calculation purposes the increased level of impairment allowances was offset by the existing IRB Shortfall

Impairment allowances

• IFRS 9 may result in a higher volatility of impairment charges, reflecting the forward-looking nature of impairments, using new frameworks which forecast losses based on 12-month and lifetime performing metrics (Expected Credit Losses)

Investor Relations

Stage 1 Stage 2 Stage 3Transferif credit risk has increased significantly since origination

Move backif transfer conditions above are no

longer being met

Change in credit quality since origination

Lifetime ECL

Defaulted

12-months ECL

No significant deterioration

Lifetime ECL

Significant deterioration

Impact IFRS 9 on balance sheet minimal

67

• Adoption of new Classification & Measurement rules on the asset side led to reclassification of non-core portfolios to Fair Value through P&L

• This reclassification resulted in a decrease in the level of impairment allowances by € 1.3bn

Impact Expected Credit Losses (ECL)

• Model-based allowances under IFRS 9 increased vs. IAS39• Impact on individually assessed allowances is negligible

Impact on IFRS capital

• C&M positively impacted IFRS capital, as positive impact of reclassification of structured notes to amortized cost more than compensated negative impact of other C&M adjustments

Impact on CET1 ratio

• For CET1 calculation purposes the increased level of impairment allowances was fully offset by the existing IRB Shortfall

• Total impact on CET1 ratio was -14 bps, driven by new C&M rules (due to existing prudential filters, the reclassification of structured notes to amortized cost had no impact on CET1 capital)

Impairment allowances Dec 2017 / Jan 2018 (in € mn)

IFRS capital Dec 2017 / Jan 2018 (in € mn)

1,304 4,517

IFRS 9ECL

227

C&MIAS39

5,594*

170144

C&MIAS39

39,610

IFRS 9ECL

39,584

* Including Impairment Allowances regarding Treasury related assets and contingent liabilities

Investor Relations

Impact Classification & Measurement (C&M)

Limited UK exposure and low direct impact of Brexit

68

• Rabobank’s direct exposure to clients in the UK is limited

• Total exposure UK (June 2018): € 9.0bn (excluding deposits at the BoE and sovereign exposure)

• Rabobank London’s franchise in the UK includes products and services for international clients in the fields of corporate banking, commercial financing and operations related to global financial markets

• The bank continues to monitor the (potential) impact of Brexit and has prepared contingency plans on the basis of (scenario) analyses. As per the UK regulator PRA guidance, and to continue its banking activities in the UK post-Brexit, in Q2 2018 Rabobank has submitted a Third Country Banking License application to the PRA/FCA and is actively engaged with home and host regulators (ECB, PRA and FCA) on the topic of Brexit preparedness

• We do not expect a significant adverse impact on our loan portfolio

• Indirect effect of Brexit could be negative for the Dutch economy. The UK is an important trade partner of the Netherlands. In value added terms, around 8% of Dutch exports go to the UK, and they contribute 2% to Dutch GDP. In addition, around 11% of total Dutch imports come from the UK

Investor Relations

Rabobank ready for PSD2 access to payment accounts

69

• We have supplied our customers with updated Terms & Conditions, and updated our products, processes and systems in compliance with PSD2• PSD2 was to become effective as of 13 January 2018. The Netherlands missed their planned timeline of June 2018 and aims now for Q4 2018• PSD2 (re)levels the playing field and aims for more innovation and competition in the payment market. It widens the scope of PSD1 by covering new

services and players, enabling third party access to payment accounts as well as by extending the scope of existing services• Timeline third party access to payment accounts: 14 September 2019

Investor Relations

PSD2 enables licensed parties, with explicit consent of the customer, to:

1. Directly initiate transactions on the payment accounts held at account holding banks

2. Retrieve payment transactions data from payment accounts with other banks

3. Get confirmation on the availability of sufficient funds on the payment accounts held at the account holding banks

Account holder Rabo account

Customer

Online offering Rabo app

Current

Customer

Rabo app

PSD2

Rabo account

1

2/3

Rabo account

1

2/3

Updates and changes to this presentation

70

• The latest version of this presentation is always available online on: • https://www.rabobank.com/en/investors/presentations/index.html• Please note that a FAQ section addressing additional topics that might be of interest is available on the IR website of Rabobank.

Investor Relations

Date Slide Content / change

17/9/2018 31 Updated key figures Dutch economy based on latest economic quarterly report (Sep 2018)

17/9/2018 4; 34 Removed footnote on ‘expected rating’ NPS as first instrument has been issued / rated

10/10/2018 31 Updated key figures Dutch economy based on latest economic forecast RaboResearch (Oct 2018)

31/10/2018 61 Added EUR 1bn, 4.625% AT1 issued in Sep. 2018

7/11/2018 55 Added NPS transactions

15/11/2018 32 Update house price developments based on latest housing market quarterly (Nov 2018)

12/12/2018 31 Updated key figures Dutch economy based on latest economic forecast RaboResearch (Dec 2018)

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Telephone +31 30 712 2401 E-mail IR@rabobank.comWebsite www.rabobank.com/IRBloomberg RABO NA

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