Independent auditor's report
Opinion
To the Executive Board and Supervisory Board of Rabobank Nederland
The 2011 annual figures set out on pages 108 to 114, which comprise the consolidated
statement of financial position as at 31 December 2011, the consolidated statement of
income, the consolidated statement of comprehensive income, the consolidated statement
of changes in equity, the consolidated statement of cash flows and the condensed statement
of business segments are derived from the audited consolidated financial statements of
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland), Amsterdam.
We expressed an unqualified auditor's opinion on those financial statements in our report
dated 29 February 2012.
The 2011 annual figures do not contain all disclosures required by International Financial
Reporting Standards as adopted by the European Union and Part 9 of Book 2 of the Dutch Civil
Code. Reading the 2011 annual figures, therefore, is not a substitute for reading the audited
consolidated 2011 financial statements of Rabobank Nederland.
Executive Board's responsibility
The Executive Board is responsible for the preparation of the 2011 annual figures in
accordance with the audited consolidated 2011 financial statements and the accounting
policies set out therein.
Auditor's responsibility
Our responsibility is to express an opinion on the 2011 annual figures based on our
procedures, which were conducted in accordance with Dutch law, including the Dutch
Standard on Auditing 810 'Engagements to report on summary financial statements'.
In our opinion, the 2011 annual figures are consistent, in all material respects, with the audited
consolidated 2011 financial statements of Rabobank Nederland and in accordance with the
accounting policies set out therein.
Amsterdam, 29 February 2012
Ernst Young Accountants LLP
/s/G.H.C. deMeris
115
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