Rabobank Group

Subprime exposure minimal

16-11-2007

The Global Financial Markets division ("GFM") within Rabobank International has announced some reductions in staff due to the changed market prospects in the field of structured credit. As a side effect of this announcement, rumours have surfaced that Rabobank has suffered "substantial losses" due to subprime exposures. Rabobank wishes again to firmly state that this is not the case. Our subprime exposure is minimal and of the highest quality. In the present financial markets turmoil, the contribution of GFM to the profit of our wholesale business has declined. GFM is however a small part of the total activities of Rabobank Group, which is predominantly a Dutch domestic retail business. This business is doing extremely well and is even profiting from the present turmoils.

Rabobank Group remains positive on its overall performance and confident that it will again reach its financial targets for the full year 2007 (these targets are: a tier 1 ratio of at least 10%, a net profit growth of minimal 12% and a return on equity of above 10%)