Independent auditor's report on the
financial information
Scope
To the executive board and supervisory board of Rabobank Nederland
Introduction
We have audited whether the consolidated statement of financial position as at December 31,
2010, consolidated statement of income, consolidated statement of comprehensive income,
consolidated statement of changes in equity, consolidated statement of cash flows and
condensed business segments for the year then ended, as set out on pages 106 to 112 of this
annual report - hereafter'financial information'- of Coöperatieve Centrale Raiffeisen-
Boerenleenbank B.A. (Rabobank Nederland), Amsterdam, has been derived consistently from
the audited consolidated financial statements 2010 of Rabobank Nederland. In our auditor's
report dated February 28, 2011 we expressed an unqualified opinion on these consolidated
financial statements. The executive board of Rabobank Nederland is responsible for the
preparation of the financial information in accordance with the accounting policies as applied
in the consolidated financial statements 2010 of Rabobank Nederland. Our responsibility is to
express an opinion on the financial information.
We conducted our audit in accordance with Dutch law, including the Dutch Standards on
Auditing. This requires that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial information is derived
consistently from the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Opinion with respect to the financial information
In our opinion, the financial information has been derived consistently, in all material respects,
from the consolidated financial statements.
Emphasis of matter
For a better understanding of Rabobank Group's financial position and results and the scope
of our audit, we emphasize that the financial information should be read in conjunction with
the consolidated financial statements, from which the financial information has been derived
and our unqualified auditor's report thereon dated February 28, 2011Our opinion is not
qualified in respect of this matter.
Utrecht, February 28, 2011
Ernst Young Accountants LLP
/s/G.H.C. deMeris
113
Independent auditor's report on the financial information
