Independent auditor's report
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
To: The General Members'Council of Coöperatieve
Rabobank U.A.
The 2015 annual figures set out on page 116 to page 121,
which comprise the consolidated statement of financial
position as at 31 December 2015, 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 2015 of Coöperatieve
Rabobank U.A. (hereafter: 'Rabobank'), Amsterdam.
We expressed an unqualified auditor's opinion on those financial
statements in our auditor's report dated 17 February 2016.
The 2015 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 2015 annual figures, therefore, is not
a substitute for reading the audited consolidated 2015 financial
statements of Rabobank.
Executive Board's responsibility
The Executive Board is responsible for the preparation of
the 2015 annual figures in accordance with the audited
consolidated 2015 financial statements and the accounting
policies set out therein.
Auditor's responsibility
Our responsibility is to express an opinion on the 2015 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 2015 annual figures are consistent, in all
material respects, with the audited consolidated 2015 financial
statements of Rabobank and in accordance with the accounting
policies set out therein.
Amsterdam, 17 February 2016
Ernst Young Accountants LLP
signed by C.B. Boogaart
122 Rabobank Annual Report 2015
