Media Presentation

Wiebe Draijer & Bas Brouwers17 August 2017

Interim results 2017

Investor Relations

Good progress made in realising strategic objectives

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Transition progress tangible across the bank

The implementation of our strategy…

• Positive trend in Customer Satisfaction levels

• Our balance sheet optimisation is on track

• Total staff reduction target for the years 2016-2018 on schedule

…combined with the benign economic environment…

• Negative loan impairment charges

• NPLs further down

…led to significant improvement of results…

• Substantial increase in net profit: +52% to € 1.5bn

• Resilient income (despite adverse interest rate environment) underpinned by strong franchise

• Improved underlying performance on the back of improved asset quality

…and even stronger capital and liquidity ratios

• Capital targets for 2020 have already been met and are well above current regulatory requirements

• Liquidity ratios further improved

• Further growth and diversification of our capital and funding mix

Investor Relations

A client centered cooperative bank with roots in F&A

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Strategy

Make a substantial contribution to welfare and prosperity in the Netherlands

Make a substantial contribution to feeding the world sustainably

Vision

Mission

Banking for Food

Banking for the

Netherlands

1. Excellent customer

focus

2. Flexibility and balance sheet

reduction

3.Improving

performance

Investor Relations

Positive trend in customer satisfaction

4

24

45

19

52

11

38

June 14 Dec 14 June 15 Dec 15 June 16 Dec 16 June 17

NPS private banking customers

NPS retail customers

NPS business customers

Domestic net promotor scores (NPS)

1. Excellent customer

focus

Investor Relations

Digital Transformation & Innovation @ Rabobank

5

IBAN-Name check Payment request in WhatsApp

Invoices in TellowSmart contracts Digital Trade Chain

• Mobile banking app: mortgage insights and payment requests

• Full mobile identification process when opening account

• Digital sales of insurances: up 66%

• Digital Identity Service provider

• Tellow

• IBAN-Name check

• Digital Trade Chain

We develop innovative services for our customers

We digitalise our traditional products & services

We support our customers in their innovation challenge

• Start-up Accelerator Terra for F&A

• Supporting 70+ Startup Hubs

• Rabo & Co: full roll-out

Investor Relations

Our balance sheet optimisation is on track

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Balance sheet reduction

Balance sheet flexibility

Strengtheningcapital base

Balance sheet optimisation

2. Flexibility and balance sheet

reduction

Funding diversification

Continuous decrease of our CRE and mortgage loan portfolios

Building infrastructure for future transactions

Rabobank Certificates issuanceand increased retained earnings Covered Bonds issuance

Investor Relations

Rabobank is continuing to rationalise its business

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Number of staff (in FTEs, incl. external hires)

3. Improving

performance

869

1,255

5,191

2018 Forecast

38,500

PlannedJune 17

44,698

RealisedDec 16

45,567

AthlonRealisedDec 15

52,013

Investor Relations

The financial targets are set in the context of a more flexible and reduced balance sheet; ultimate reduction will be dependent on the final outcome of Basel IV

Rabobank has met its 2020 capital targets; on track with profitability and funding ambitions

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Actuals June 2016

Actuals Dec 2016

ActualsJune 2017

Ambition2020

CapitalCET1 ratio 13.4% 14.0% 15.0% > 14%

Total capital ratio 23.5% 25.0% 25.5% > 25%

ProfitabilityROIC 5.4% 5.2% 7.8% > 8%

C/I incl. reg. levies 76.6% 70.9% 67.6% 53%-54%

Funding & Liquidity Wholesale funding € 201bn € 189bn € 171bn < € 150bn

Financial targets and realisation

Investor Relations

Substantial increase in net profit

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Profit & Loss account

in € mn H1 2016 H2 2016 H1 2017

Net interest income 4,375 4,368 4,454

Net fee & commission income 982 936 988

Other results 543 1,601 496

Total income 5,900 6,905 5,938

Operating expenses -4,276 -4,318 -3,755

Regulatory levies -246 -237 -258

Impairment Achmea 0 -700 0

Loan impairment charges -148 -162 67

Operating profit before tax 1,230 1,488 1,992

Tax -233 -461 -476

Net profit 997 1,027 1,516

1,516

1,027997

H2 2016 H1 2017

+52%

H1 2016

Net profit (in € mn)

Investor Relations

Improved underlying performance

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Underlying profit before tax (in € mn)

1,2301,488

1,992

452

284

811

+12%

Exceptional items

H1 2017

2,276

H2 2016

1,940

H1 2016

2,041

Exceptional items included in operating profit before tax

In € mn H1 2016 H2 2016 H1 2017

Athlon 83 278

Fair Value items -190 295 -186

Derivatives Framework -514

Restructuring costs -190 -325 -98

Impairment Achmea -700

Total effect -811 -452 -284

Operating profit before tax

Investor Relations

Underlying performance by business segment

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Domestic Retail Banking Wholesale, Rural & Retail

Leasing Real Estate

7421,394

623

1,365 49

H1 2016

1,443

+6%

H1 2017

685

638

+7%

H1 2017H1 2016

6424

342249

-86

244

-5

H1 2016

256

-5%

H1 2017

Leasing Real Estate

342249

-86

244

-5

H1 2016

256

-5%

H1 2017

Operating profit before taxExceptional items

126 116

H1 2017

4120

13913

-14%

H1 2016

Investor Relations

Resilient total income

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Total income (in € mn)

4,375

936982

4,454

567

355

4,368

951

988

682

295

166

-190 -186

H2 2016H1 2016

5,900 5,938

6,1246,255

6,905

5,924

Net interest income

Other results excl. FV items

Athlon

FV itemsH1 2017

Net fee and commission income

Investor Relations

Net interest income development

NIM 12m-rolling average

4,522 4,596 4,482 4,657

4,375 4,368 4,454

1.36% 1.35% 1.32% 1.33% 1.33% 1.29%1.33%

H1 2014 H2 2014 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017

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

NIM 12m-rolling average

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Investor Relations

Staff costs trending down as a result of restructuringprogramme

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Operating expenses (in € mn)

Derivatives Framework

Development cost/income ratio incl. regulatory levies

H1 2016 H2 2016 H1 2017

C/I ratio 76.6% 66.0% 67.6%

Underlying C/I ratio 63.0% 66.4% 63.9%

2,264 2,257 2,136

1,2251,659

1,521

325514 77Restructuring

H1 2017

4,276

H1 2016

Athlon

H2 2016

983,755

3,6573,916

Other Opex

Staff costs

3,489

4,318

83 190

Investor Relations

Asset quality further improved: extremely low loan impairment charges

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Loan impairment charges (LIC), (in € mn and in bps of average lending)

162148

-67

H2 2016

-145%

H1 2017H1 2016

-3 bps7 bps 7 bps

-43

-156

12105117

4141

-15 Other

Domestic Retail

Leasing

Real Estate

WRR

-11-11

Investor Relations

Stable loan portfolio with focus on the Netherlands

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196 194

24 2328 28

41 40

108 104

28 28

Dec 16

425

Dec 15

426

Dec 14

429

-2%

Domestic Retail mortgages

Domestic commercial real estate

Domestic Retail F&A

Other Domestic Retail SMEs

WRR

Leasing

June 17

418

Development of the loan portfolio (in € bn)

Investor Relations

Deposits from customers and LtD ratio

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

1.32 1.25 LtD ratio1.22

425426429 418

227223

3131

8593

343

Lending

1

Domestic Retail

Other

Rabo Direct

WRR

346327 1

348

Dec 14 Dec 15 Dec 16 June 17

1.21

Investor Relations

Solid growth of common equity tier 1 ratio

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Transitional CET1 development

Fully loaded CET1 development

14.0%15.0%

0.8% 0.4% 0.1%

0.3%

2016 CRD IV phase in2017

RabobankCertificates

Issuance

Profit minusdistributions

Other 2017 H1

>14%0.8% 0.5%

2014 2015 2016 RabobankCertificates

issuance

Profit, RWAchange and

other

H1 2017 Target 2020

11.8% 12.0%13.5%

14.7%

Investor Relations

13.6% 13.5% 14.0% 15.0%

2.4% 2.9% 3.6% 3.1%2.0%

5.3%6.8%

7.4% 7.4%

0.0%2014 2015 2016 H1 2017 Target 2020

23.2%25.0%

>14%

25.5%

21.3%

>25.0%

Rabobank already meets the > 25% total capital target

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Capital structure(in % of RWA)

CET1

AT1

Tier 2

Investor Relations

Funding strategy: diversification in combination with lower needs

Investor base further diversified (in € bn)

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Rabobank from net positive to net negative issuer (in € bn)

0

10

20

30

2012 2013 2014 2015 2016 2017 (Aug)

Senior Green Covered TLTRO

-20

-10

0

10

20

302009 2010 2011 2012 2013 2014 2015 2016 2017

More information

Press Office Rabobank

Telephone +31 30 216 2758 E-mail pressoffice@rabobank.nlWebsite www.rabobank.com/press

Q&A

Investor Relations

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