Independent auditor's report
To: The General Meeting of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
The 2014 annual figures set out on pages 146 to 153, which comprise the consolidated
statement of financial position as at 31 December 2014, 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 business segments for the year then
ended are derived from the audited consolidated financial statements 2014 of Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A. (hereafter: 'Rabobank'), Amsterdam. We expressed an
unqualified auditor's opinion on those financial statements in our auditor's report dated
31 March 2015.
The 2014 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 2014 annual figures, therefore, is not a substitute for reading the
audited consolidated 2014 financial statements of Rabobank.
Executive Board's responsibility
The Executive Board is responsible for the preparation of the 2014 annual figures in accordance
with the audited consolidated 2014 financial statements and the accounting policies set out
therein.
Auditor's responsibility
Our responsibility is to express an opinion on the 2014 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'.
Opinion
In our opinion, the 2014 annual figures are consistent, in all material respects, with the audited
consolidated 2014 financial statements of Rabobank and in accordance with the accounting
policies set out therein.
Amsterdam, 31 March 2015
Ernst Young Accountants LLP
C.B. Boogaart
154 Annual Report 2014 Rabobank Group
