Chairman's foreword Satisfactory results in uncertain market conditions The Dutch economy saw limited growth in 2011, and growth is expected to slow down further in 2012. Consumer and business confidence is not expected to recover in the near future. Employment trends are uncertain, additional cuts in government spending are likely, and pension benefits are under pressure. The state of the housing market continues to be worrying. Reforming the Dutch housing market should be a top priority, which could provide a significant boost to the recovery of consumer confidence and a pick-up in economic growth. Rabobank is the Dutch mortgage market leader, and during the year under review it presented an integrated plan for reforming the Dutch market for owner- occupied and rented residential properties. The cooperative structure and attitude, and the pursuit of sustainable development, constitute the basis of our organisation and put us in a position to withstand difficult economic conditions. We support the initiative of the United Nations to make 2012 the International Year of Cooperatives. In 2012, Rabobank intends to highlight the features of the cooperative more. Now, more than ever, it is important to show how we as a cooperative differ from other business models. The interest of the customer form the principal starting point for the services we provide in the Netherlands and other countries. They have always been leading, based on Rabobank's cooperative view of establishing ties with our members and customers. We are contributing to more sustainable food chains and, as a partner for the International Year of Cooperatives, we plan to help the UN accomplish its goals: to increase public awareness about cooperatives and to promote the sustainable growth of cooperatives around the world. From a financial perspective, Rabobank Group had a satisfactory year. Net profit in 2011 amounted to EUR 2.6 billion, which is a satisfying result given the difficult market.The European debt crisis and the failure to find an adequate solution fuelled the persistent turmoil on the financial markets. Consumer and business confidence suffered severely as a consequence, as did mutual confidence between banks. In the harsh economic climate, amounts due to customers increased considerably and the loan portfolio grew, albeit to a limited extent. The downturn in the economic recovery in the second half of 2011 led to a 30% rise in value adjustments. Our 46% equity interest in Swiss private bank Sarasin was sold in the year under review, enabling us to focus even more effectively on our strategic core business. The closing will take place in 2012. Our financial results are due primarily to the confidence shown by our customers and the efforts made by our 59,670 employees. During the year under review, we continued to simplify our product range. Our mortgages, payment platforms, consumer loan products, savings products and investment products have been made clearer for customers, and in many cases more affordable, too. Thanks to our culture and our approach, Rabobank has always had high levels of customer satisfaction. 2 Annual Report 2011 Rabobank Group

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Annual Reports Rabobank | 2011 | | pagina 3