20. Equity About this Report Chairman's Foreword Corporate Management Report Appendices Governance Consolidated Financial Company Financial Statements Statements Subordinated Liabilities Notional (Amounts in millions) Currency Coupon Year of issuance Year of maturity 500 USD 4.00% 2017 2029, early repayment possible 2024 1,500 USD 3.75% 2016 2026 225 AUD 5.00% 2015 2025, early repayment possible 2020 475 AUD Variable 2015 2025, early repayment possible 2020 1,500 USD 4.375% 2015 2025 1,250 USD 5.25% 2015 2045 1,000 GBP 4.625% 2014 2029 2,000 EUR 2.50% 2014 2026, early repayment possible in 2021 50,800 JPY 1.429% 2014 2024 1,000 EUR 3.875% 2013 2023 1,750 USD 4.625% 2013 2023 1,250 USD 5.75% 2013 2043 1,000 EUR 4.125% 2012 2022 500 GBP 5.25% 2012 2027 1,500 USD 3.95% 2012 2022 1,000 EUR 3.75% 2010 2020 1,000 EUR 5.875% 2009 2019 10 EUR 4.21% 2005 2025 10 EUR 5.32% 2004 2024 Amounts in millions of euros 2018 2017 This item can be broken down as follows: Rabobank Certificates 7,445 7,440 Capital Securities 6,657 5,925 Revaluation reserves 199 386 Legal reserves (252) (359) Other reserves 24,373 22,733 Profit for the year 2,944 2,616 Total equity 41,366 38,741 Rabobank Certificates Rabobank Certificates represent participation rights issued by Rabobank via the foundation Stichting Administratie Kantoor Rabobank Certificaten and belong to the Common Equity Tier 1 capital of Rabobank. As from 2014, the Rabobank Certificates have been listed on Euronext Amsterdam. The total number of certificates is 297,961,365 with a nominal value of EUR 25 each. The actual payment policy of Rabobank pursuant to the Participation Rules in respect of the participation issued by Rabobank (and via AK Foundation in respect of the Rabobank Certificates) can be found on the Rabobank website. The distribution paid per certificate in 2018 was EUR 1.625 (2017: EUR 1.625). The Managing Board is entitled to decide not to pay the distribution. Unpaid distributions will not be paid at a later date. The amounts listed in the table below are based on the nominal value of EUR 25 per Rabobank Certificate. Cash flows arising from changes during the year in the Rabobank Certificates are included in the consolidated statement of cash flows. In January 2017 Rabobank issued Rabobank Certificates for a nominal amount of EUR 1.5 billion. Rabobank issued 60 million new Rabobank Certificates; each of these newly issued Certificate was priced at 108% of the nominal value of EUR 25. Rabobank Certificates Amounts in millions of euros 2018 2017 Changes during the year: Opening balance 7,440 5,948 Issue of Rabobank Certificates - 1,500 Changes Rabobank Certificates during the year 5 (8) Closing balance 7,445 7,440 Capital Securities Issue of EUR 1,000 Million The coupon is 4.625% per year and is made payable every six months in arrears as of the issue date (September 11,2018), for the first time on December 29,2018. The Capital Securities are perpetual and first redeemable on December 29,2025. As of December 29,2025, and subject to Capital Securities not being redeemed early, the distribution is set for a further five-year period, but without a step-up, based on the 5-year euro swap rate 4.098%. The coupon is fully discretionary. Issue of EUR 1,250 Million The coupon is 6.625% per year and is made payable every six months in arrears as of the issue date (April 26,2016), for the first time on June 29, 2016. The Capital Securities are perpetual and first redeemable on June 29, 2021As of June 29, 2021, and subject to Capital Securities not being redeemed early, the distribution is set for a further five-year period, but without a step- up, based on the 5-year euro swap rate 6.697%. The coupon is fully discretionary. Issue of EUR 1,500 Million The coupon is 5.5% per year and is made payable every six months in arrears as of the issue date (January 22, 2015), for the first time on June 29, 2015. The Capital Securities are perpetual and first redeemable on June 29, 2020. As of July, 29 2020, and subject to Capital Securities not being redeemed early, the distribution is set for a further five-year period, but without a step- Annual Report 2018 - Company Financial Statements 229

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Annual Reports Rabobank | 2018 | | pagina 231