40 Other administrative expenses 4 1 Depreciation Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 of a Rabobank Certificate (RC) as listed on the NYSE Euronext. The instrument component is converted into DRNs at the time of allocation on completion of the performance year. The number of DRNs is determined on the basis of the closing rates for Rabobank Certificates, as traded on the NYSE Euronext during the first five trading days of February of each year. This therefore represents both the instrument component of the direct and the deferred portion of the variable remuneration.The final number of DRNs relating to the deferred portion is established on vesting (after a period of three years). The payment of the instrument component is subject to a one year retention period. After the end of the retention period, the employee receives, for each DRN (or a portion thereof) an amount in cash that corresponds with the value of the DRN at that moment. Payment of the variable remuneration is measured in accordance with IAS 19 Employee benefits.The immediate portion of the variable remuneration is recognised in the performance year, whereas the deferred portion is recognised in the years before vesting. The same system also applies, in broad terms, to non-identified staff, although no deferral policy applies to the first one hundred thousand euros and both the immediate and the deferred portion are paid fully in cash, which means that no DRNs are awarded. On 31 December 2016, the costs of equity instrument-based payments were 13 (2015: 8). On 31 December 2016, a liability of 30 was recognised (2015: 26) of which 10 (2015:11) was vested. The costs of variable remuneration paid in cash were 175 (2015:190).The number of DRNs outstanding is presented in the following table. in thousands 2016 2015 Opening balance 1,037 1,014 Awarded during the year 531 249 Paid during the year (362) (126) Changes from previous year 171 (100) Closing balance 1,377 1,037 The value of a DRN is linked directly to the price of a Rabobank Certificate. The estimated payments to be made for the variable remuneration are shown in the following table. On 31 December 2016 Yearofpayment in millions of euros 2017 2018 2019 2020 2021 Total Variable remuneration, excluding DRNs 173.3 6.6 8.4 9.9 - 198.3 DRNs 10.9 10.6 3.8 7.2 8.4 40.9 Total 184.2 17.3 12.2 17.1 8.4 239.2 On 31 December 2015 Year of payment in millions of euros 2016 2017 2018 2019 2020 Total Variable remuneration, excluding DRNs 189.7 6.2 7.0 7.0 - 209.9 DRNs 11.7 7.9 4.5 3.9 3.7 31.7 Total 201.4 14.1 11.6 10.8 3.7 241.6 in millions of euros 2016 2015 Additions and releases of provisions 1,063 506 IT expenses and software costs 718 634 Consultants fees 371 322 Training and travelling expenses 168 176 Publicity expenses 160 172 Result on derecognition and impairments on (in)tangible assets 96 32 Other expenses 1,059 1,074 Other administrative expenses 3,635 2,916 in millions of euros 2016 2015 Depreciation of property and equipment 250 250 Depreciation of intangible assets 188 193 Depreciation 438 443 237 Notes to the consolidated financial statements

Rabobank Bronnenarchief

Jaarverslagen Rabobank | 2016 | | pagina 238