Forward-looking statements
This document contains certain forward-looking statements with respect to the business, strategy
and plans of Rabobank Group and its current goals and expectations relating to its future financial
condition and performance. Statements that are not historical facts, including statements about
Rabobank Group or its directors' and/or management's beliefs and expectations, are forward-looking
statements. Words such as 'believes', 'anticipates', 'estimates', 'expects', 'intends', 'aims', 'potential',
'will', 'would', 'could', 'considered', 'likely', 'estimate' and variations of these words and similar future or
conditional expressions are intended to identify forward-looking statements but are not the exclusive
means of identifying such statements. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend upon circumstances that will or may occur in
the future.
Contents Management report Corporate governance Consolidated financial statements Financial statements
Examples of such forward-looking statements include, but are
not limited to: projections or expectations of the Group's future
financial position including profit attributable to provisions,
economic profit, dividends, capital structure, expenditures
or any other financial items or ratios; statements of plans,
objectives or goals of the Group or its management including
in respect of certain synergy targets; statements about the
future business and economic environments in the Netherlands
and elsewhere including, but not limited to, future trends
in interest rates, foreign exchange rates, credit and equity
market levels and demographic developments; statements
about competition, regulation, disposals and consolidation or
technological developments in the financial services industry;
and statements of assumptions underlying such statements.
Factors that could cause actual business, strategy, plans
and/or results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such
forward-looking statements made by the Group or on its behalf
include, but are not limited to: general economic and business
conditions in the Netherlands and internationally; inflation,
deflation, interest rates and policies of the Dutch Central
Bank, the European Central Bank and other G8 central banks;
fluctuations in exchange rates, stock markets and currencies;
the ability to access sufficient funding to meet the Group's
liquidity needs; changes to the Group's credit ratings; the ability
to derive cost savings and other benefits; changes in customer
preferences; changes to borrower or counterparty credit quality;
instability in the global financial markets, including Eurozone
instability and the impact of any sovereign credit rating
downgrade or other sovereign financial issues; technological
changes and risks to cyber security; natural and other disasters,
adverse weather and similar contingencies outside the Group's
control; inadequate or failed internal or external processes,
people and systems; acts of war, other acts of hostility, terrorist
acts and responses to those acts, geopolitical, pandemic or
other such events; changes in laws, regulations, taxation,
accounting standards or practices; regulatory capital or liquidity
requirements and similar contingencies outside the Group's
control; the policies and actions of governmental or regulatory
authorities in the Netherlands, the European Union (EU),
the US or elsewhere including the implementation of key
legislation and regulation; the implementation of the draft EU
crisis management framework directive and banking reform,
following the recommendations made by the Independent
Commission on Banking; the ability to attract and retain senior
management and other employees; actions or omissions by
the Group's directors, management or employees including
industrial action; the extent of any future impairment charges
or write-downs caused by, but not limited to, depressed asset
valuations, market disruptions and illiquid markets; market
related trends and developments; exposure to regulatory
or competition scrutiny, legal proceedings, regulatory
or competition investigations or complaints; changes in
competition and pricing environments; the inability to hedge
certain risks economically; the adequacy of loss reserves; the
actions of competitors, including non bank financial services
and lending companies; and the success of the Group in
managing the risks of the foregoing.
300 Rabobank Annual Report 2015