Independent auditor's report
Executive Board's responsibility
Auditor's responsibility
Opinion
To the Executive Board and Supervisory Board of Rabobank Nederland
The 2012 annual figures set out on pages 106 to 112, which comprise the consolidated
statement of financial position as at 31 December 2012, the consolidated statement of
income, the consolidated statement of comprehensive income, the consolidated statement
ofchanges in equity, the consolidated statement of cash flows and the condensed statement
of business segments for the year then ended 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 auditor's report dated 25 February 2013.
The 2012 annual figures do not contain all disclosures required by International Financial
Reporting Standards as adopted by the European Union and by Part 9 of Book 2 of the Dutch
Civil Code. Reading the 2013 annual figures, therefore, is not a substitute for reading the
audited consolidated 2012 financial statements of Rabobank Nederland.
The Executive Board is responsible for the preparation of the 2012 annual figures in
accordance with the audited consolidated 2012 financial statements and the accounting
policies set out therein.
Our responsibility is to express an opinion on the 2012 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 2012 annual figures are consistent, in all material respects, with the
audited consolidated 2012 financial statements of Rabobank Nederland and in accordance
with the accounting policies set out therein.
Amsterdam, 25 February 2013
Ernst Young Accountants LLP
s/C.B. Boogaart
113 Independent auditor's report
