Rabo news https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html Rabobank News https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html Rabobank News en <![CDATA[Rabobank publishes Annual Report 2016]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/rabobank-publishes-annual-report-2016.html Rabobank today published the 2016 integrated Annual Report, in which it renders financial account and provides clear insight into Rabobank's significance for people, the environment and society.

The fact that the bank makes the difference is revealed in its concrete contribution to bringing about welfare and prosperity in the Netherlands and promoting a sustainable global food supply and the way in which we are working towards achieving a sustainable Rabobank. In more concrete terms, our focus is on helping customers get ahead, strengthening the economy and society and helping produce more food with fewer resources.

Integrated reporting
The Annual Accounts 2016 and the 'Capital Adequacy and Risk Management Report 2016' are also included in the integrated Annual Report. Rabobank today also published a compact annual review that is more accessible to a broader audience.

Links
All reports are available on the links below.
Annual Report
Annual Review
Infographic

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Tue, 21 Mar 2017 13:12:53 GMT
<![CDATA[DBRS assigns ‘AA’ Issuer Rating with a Stable Trend to Rabobank]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/dbrs-assigns-aa-issuer-rating-with-a-stable-trend-to-rabobank.html

On 7 March 2017 DBRS assigned Issuer Ratings to 43 European banking groups. Rabobank was assigned a ‘AA’ Issuer Rating with a Stable Trend. This is in line with Rabobank’s Senior Debt ratings.

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Investor News Thu, 09 Mar 2017 14:33:32 GMT
<![CDATA[Rabobank: the next cabinet must make visionary investments in the economic structure]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/rabobank-the-next-cabinet-must-make-visionary-investments-in-the-economic-structure.html The fact that the Dutch economy will perform so well both in 2017 and 2018 does not mean that the next cabinet can lean back and relax. Economic growth is expected to drop back after 2018. That is why the next cabinet must invest in strengthening the Netherlands’ economic structure, for example in order to maintain purchasing power. It would also be unwise to reverse economically smart reforms that have already been implemented, such as the increase in the retirement age. This is the message from Rabobank economists in their Economic Quarterly Report published today.

The Dutch economy recorded its highest rate of growth last year since the crisis; this year, growth will speed up even more, with the economy expected to expand by 2.3 per cent. In 2018, economic growth in the Netherlands will drop slightly to 2.0 per cent due to less buoyant growth in consumption. Unemployment will fall further, causing the unemployment rate to decrease to as little as 4.6 per cent in 2018. Rabobank economist Martijn Badir: “Despite this good economic performance, we see no reason for the next cabinet to lean back and relax. That is because in the longer term, economic growth in the Netherlands will be significantly lower due to pressure on both the supply of labour and productivity growth. Indeed, the current high growth figures should be seen as catch-up growth, making up for the economic lost ground since the crisis.”

“Make hay while the sun shines”
According to the economist, additional measures are needed to structurally bolster the economy. Badir: “The mantra is and remains: let’s make hay while the sun shines. Which is now. The next cabinet should make visionary investments in R&D, innovation and human capital in order to increase structural labour productivity. It is extremely important for serious action to be taken in investing in the long-term employability of workers. Human capital must be pushed much higher up the policy agenda, especially now that the labour market is becoming ever more flexible and technological developments are causing knowledge and skills to quickly become outdated.”

At the same time, the cabinet should beware of reversing economically sensible reforms. For example, a reduction in the state pension (AOW) retirement age would not only hit government finances, it would also damage the economy. Badir: “Under the current policy, the AOW retirement age will rise in tandem with life expectancy. If the next cabinet reduces the AOW retirement age to 65 again, that will not only mean less sustainable government finances, it will also result in fewer people offering their services in the labour market. In that case, the Dutch economy’s potential growth rate will fall further at a time when it is already under pressure, due in part to the ageing population.”

Rabobank economists are also advocating thorough reform of the tax system. Badir: “A new tax system must put an end to the economically distorting jumble of allowances and tax-deductible items. The current tax system is so complex mainly because allowances and new taxes have been added year in, year out, principally for short-term political ends. A lot of money is leaking out as a result, which is at the expense of our prosperity. Given the fragmented political landscape, it is to be hoped that the next cabinet will adopt ‘simplicity’ as a necessary precondition for a properly functioning tax system.”

Now that the economy is performing better and the government is expected to have a budget surplus in 2017, there is a danger of losing a sense of urgency about the need to keep health costs under control. Badir: “The debate about abolishing the insurance deductible is one example of this. However if healthcare costs spiral out of control again, households’ disposable income will probably barely rise in the next ten years, as taxes and premiums will need to increase to cover the costs."

The Dutch economy suffers more than its neighbours when there is a headwind but also experiences more of an upturn when there is a tailwind. “This vulnerability is undesirable, if only because it leads to uncertainty and undermines confidence,” says Badir. “The next cabinet can tackle this economic vulnerability by dismantling the barriers that currently exist, for example between pensions and the housing market. In this way, households would be able to use part of the money they have saved for their pension to reduce their debt on their own home, especially if they are paying off the mortgage in regular instalments anyway. They should also be able to use the capital tied up in their pensions or own home to finance education.”

Trump’s policy is having a negative effect on growth in world trade
The Rabobank economists are once again expecting moderate global economic growth in 2017 and 2018 of around 3 per cent. Rabobank economist Maartje Wijffelaars: “Our forecasts are subject to uncertainty, mainly due to political developments, including elections in a number of key eurozone member states. It is also difficult to assess the effects of the Brexit negotiations. In our forecasts, we are assuming that the protectionist measures President Trump is expected to take will have a negative effect on the growth in world trade. Even if no concrete measures materialise, the threat of such measures could still have a negative impact.

The Economic Quartlery Report is available at: www.rabobank.com/economics.

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Investor News Thu, 09 Mar 2017 10:25:53 GMT
<![CDATA[Fitch affirms Rabobank at 'AA-' with a Stable Outlook]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/fitch-press-release-24-February-2017.html

On 24 February 2017 Fitch Ratings announced that they have affirmed Coöperatieve Rabobank U.A.'s (Rabobank) Long-term Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook, Viability Rating (VR) at ‘a+’ and Short-term IDR at 'F1+'. The ratings actions are part of the annual review of Rabobank.

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Investor News Fri, 24 Feb 2017 16:20:20 GMT
<![CDATA[2016: Year of transition]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/press-release-annual-results-2016.html Rabobank’s transition got off to a good start in 2016. The bank’s strategy focuses on excellent customer service, improvement in the financial results, and a flexible and stronger balance sheet. Progress was made in all these areas. Customer satisfaction rose in all segments thanks to investments in digitalisation, organisational changes, and improvements in service provision. In 2016, as a cooperative bank, Rabobank reinforced its leading position in the Netherlands and successfully expanded its role in food & agri worldwide. The capital base was further strengthened, in line with the objectives. Thanks to a good operating result, the net profit amounted to EUR 2,024 million (-9%). The result came under substantial downward pressure from non-recurring items such as restructuring costs, an extra provision for compensating commercial customers with an interest rate derivatives contract, and an impairment on the stake in Achmea. The underlying operating profit before tax was EUR 4,090 million, (+14%). This is largely attributable to lower loan impairment charges and cost savings, while income levels were stable despite a low interest rate environment

  • The net profit amounted to EUR 2,024 million. All Rabobank businesses in the Dutch and international markets showed improvement in underlying results. The underlying operating profit before tax was EUR 4,090 million, 14% up on 2015 (EUR 3,592 million).
  • The decline in net interest income was limited despite reduction of the balance sheet and the low interest rate environment. Partly owing to the recovery of the Dutch economy, loan impairment charges fell sharply to EUR 310 million or 7 basis points, well below the long-year average.
  • The retail and commercial loan portfolios amounted to EUR 424 billion (EUR 425 billion in 2015). Amounts due to customers increased by EUR 10 billion to EUR 348 billion. Private savings rose by EUR 2 billion to EUR 142 billion despite additional repayments on residential mortgages.
  • Staff expenses fell by 6%, mainly due to a drop of 6,446 FTEs, bringing the total to 45,567 FTEs (internal and external employees). The intended reduction in staffing is proceeding quicker than planned. The cost/income ratio exclusive regulatory levies rose to 67.1%, partly due to non-recurring factors.
  • Rabobank aims to achieve a common equity tier 1 ratio of at least 14% in 2020 and a total capital ratio of at least 25%. Accordingly, Rabobank further reinforced its strong capital position in 2016. Solvency—measured as fully loaded common equity tier 1 ratio—rose by 1.5 percentage points to 13.5%. The current (transitional) common equity tier 1 ratio is 14.0% (31-12-2015: 13.5%). The sale of Athlon had a beneficial effect of 0.4 percentage points. The (transitional) total capital ratio improved from 23.2% to 25.0%.
  • In January 2017, Rabobank issued new Rabobank Certificates for a nominal amount of EUR 1.5 billion to retail and institutional investors. This raised the pro-forma common equity tier 1 ratio by a further 0.8 percentage point. Rabobank is accelerating the realisation of its capital targets in anticipation of an expected increase in capital requirements.

“2016 was a year of transition for Rabobank. We’re making progress towards achieving our strategic objectives but we’re not there yet. The bank’s objectives are to achieve excellent customer service, improvement in the financial results, and a flexible and stronger balance sheet. In 2016, we achieved what we set out to do in all three areas. I am proud that, thanks to the enormous efforts of our employees, all businesses have generated improved results, both in the Netherlands and abroad, and that surveys among our 8.7 million customers show that customer satisfaction has risen. Customers in our Retail, Private banking, Commercial and Wholesale banking businesses in the Netherlands, and in the food & agri domain worldwide, are increasingly appreciative of our service provision. Based on the developments in 2016, we look to the future with confidence.”

“On 1 January 2016, our new cooperative structure came into effect, making us more customer-oriented and more effective. In the new governance model, the local banks have a maximum focus on serving our customers in the Netherlands. Where possible, we perform support functions centrally. We put intensive effort into this transition in 2016.”

“The improvements at the bank are proceeding at high speed and are continuing in 2017. This asks a great deal from our employees. Many of them are seeing their jobs disappear as a consequence of digitalisation of our services, and the implementation of much-needed improvements particularly in the back-office and support functions. Certainly in view of the heavy demands they face, we are extremely grateful to our employees for their efforts in what was a very intensive year.”

“In 2016 we took several new initiatives to improve our customer service and to innovate. A good example is the 'mortgage within a week’ service. Since 1 July 2016, we have offered interest-rate averaging to our mortgage customers. Our market share in the mortgage sector rose from 20% to 21%. Commercial customers whose funding needs are less than EUR 1 million have benefited from our service, which offers them clarity on their funding request within one day. We are developing a model for peer-to-peer lending through Rabo&Co, which matches private banking customers with SME customers.”

“For our Wholesale clients, we were able to play a leading role in many major food & agri and other transactions in the Netherlands and worldwide. We were recently named the Best Commodity Bank by Global Finance Magazine. 2016 was also an extremely successful year for the international Rural business, with extremely high customer satisfaction scores and growth in the loan portfolio. One of the highlights was the Farm to Fork event on innovation in food & agri. The event was a showcase for how the bank brings clients together and shares knowledge.”

“In sectors experiencing structural problems, such as glass horticulture, pig farming and the dairy industry, Rabobank has taken the lead in the search for solutions. We are taking responsibility, in partnership with the sector.”

“Rabobank seeks to reflect the 17 Sustainable Development Goals of the United Nations in its activities. From a broad sustainability perspective, the SDGs provide direction to the priorities for a sustainable society. In this respect, our Banking for Food activities are leading in the world, but our activities at local banks in the Netherlands and through Rabobank Foundation also make a contribution. We make both people and resources available to shape these activities. Our cooperative dividend, which is invested in projects determined by the Member Councils of the local banks, amounted to EUR 49 million.”

“We received many accolades for our efforts on sustainability in 2016. In the Dutch Transparency Benchmark, we earned joint first place in the financial institutions category. RobecoSAM puts Rabobank at number 7 in its worldwide ranking of over 100 international banks and gave us the maximum score for climate contribution. In 2016, Sustainalytics analysed 396 banks worldwide, ranking Rabobank number 1 for its positive impact on the environment. Our joint venture with FMO and Norfund underlines our deep commitment to sustainable growth and development in Africa and its local financial sector. Together we invest in African banks to stimulate growth. Also worthy of mention is our first green bond, which we issued in 2016 with a total value of EUR 500 million. We will invest the returns in sustainable energy projects, such as wind farms and solar panels. Our vision on Banking for the Netherlands and Banking for Food drive the agenda for our contribution to the SDGs.”

“2016 was a year of contrast for Rabobank in financial terms. We achieved good operational results, saw a sharp fall in the loan impairment charges as the economy picked up, and succeeded in bringing down costs. The result was tempered by, among other things, non-recurring items such as restructuring costs, extra provisions for compensating commercial customers with an interest rate derivatives contract, and an impairment on the stake in Achmea. We achieved a good underlying operating profit before tax of EUR 4,090 million, 14% up on 2015.”

“A strong capital base is one of the main pillars of Rabobank’s strategy. Our objective is to achieve a common equity tier 1 ratio of at least 14% in 2020 and a total capital ratio of at least 25%. In 2016, we once again reinforced our strong capital position, partly through the sale of Athlon. The recent issue of new Rabobank Certificates with a nominal amount of EUR 1.5 billion also impacts the fully loaded common equity tier 1 ratio, thereby accelerating the realisation of our target of at least 14% in anticipation of a possible increase in capital requirements.”

“In 2016, we took steps to reduce the balance sheet, including the sale of mortgage portfolios to investors and a more intense focus on core activities. We intend to take more of the loan portfolio off-balance and will continue to reduce the balance sheet in 2017.”

In 2017, economic growth will pick up, but at the same time, there is economic and political uncertainty around the world. In Europe, the consequences of Brexit and the outcome of elections in the Netherlands, Germany and France will be influential factors.

In 2017, Rabobank will continue to invest in customer service provision. We will give priority to our digital activities and innovation, in combination with our identity as a bank firmly anchored in local communities and always nearby. Outside the Netherlands, we will further capitalise on the growth potential in Rural Banking and through our continued focus on F&A, we will reinforce our leading position in the F&A chain for our Wholesale clients. Overall, the positive developments Rabobank experienced in 2016 give us confidence for 2017 and beyond.

Rabobank Press Office +31 (0)30 2162758 or pressoffice@rabobank.nl

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

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Investor News Thu, 16 Feb 2017 06:30:00 GMT
<![CDATA[Webcast 2016 financial results Rabobank]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/webcast-2016-rabobank-financial-results.html

 

Rabobank will present its full year results 2016 on Thursday February 16, 2017. The press release and annual report will be published on www.rabobank.com/results around 7.30 a.m. CET. At 2 p.m. CET Rabobank will host a webcast for analysts and institutional investors.

Rabobank’s CEO Wiebe Draijer and CFO Bas Brouwers will present the results and discuss current developments, followed by a Q&A session. The event will be conducted in English.

Registration is required in order to participate in the webcast. For more information about the registration process, please send an email to IR@rabobank.com.

The on-demand version of the webcast, including the presentation sheets, can be found here.

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Investor News Thu, 09 Feb 2017 15:01:50 GMT
<![CDATA[Rabobank increases capital buffers by issuing EUR 1.5 billion new Rabobank Certificates]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/Rabobank_increases_capital_buffers_by_issuing_EUR_1.5_billion_new_Rabobank_Certificates.html Further to the offering of newly issued Rabobank Certificates, announced on 11 January 2017, Rabobank announces that the nominal issued amount will be EUR 1.5 billion. As a result of the issuance, Rabobank has accelerated meeting its target Common Equity Tier 1 ratio (‘CET1’) of minimal 14% and anticipates on an expected increase in capital requirements.

Rabobank will issue 60 million new Rabobank Certificates. The price per newly issued Rabobank Certificate has been set at 108% of the nominal value of EUR 25. The total book of demand was 2.4 times oversubscribed on the back of demand by both institutional and retail investors.

Delivery and payment, as well as the commencement of trading of the newly issued Rabobank Certificates will take place on Tuesday 24 January 2017 at 09.00 a.m. CET. After the issuance, a total nominal amount of approximately EUR 7.4 billion in Rabobank Certificates (297,961,365 Rabobank Certificates) will be outstanding.

Rabobank Certificates are certificates of Participations which are issued by Rabobank (through Stichting AK Rabobank Certificaten). The Rabobank Certificates are perpetual instruments listed on Euronext Amsterdam.

Rabobank Certificates are the most deeply subordinated capital of Rabobank and qualify as CET1 capital. Distributions on the Rabobank Certificates are discretionary and based on the nominal value. As per the current payment policy, Rabobank intends to pay distributions equal to the yield on the most recent 10-year Dutch state loan + 1.5%-point annually with a minimum of 6.5% annually. The intended distributions are paid quarterly.

Information on the issue of Rabobank Certificates can be found at Rabobank.com/ir.

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

This press release is not for distribution, directly or indirectly in or into the United States. This press release is not an offer to sell Rabobank Certificates or the solicitation of any offer to buy Rabobank Certificates, nor shall there be any offer of Rabobank Certificates in any jurisdiction in which such offer or sale would be unlawful.

This press release and the offering are only addressed to, and directed in Member States (other than the Netherlands) of the European Economic Area (the “EEA”) at persons who are “Qualified Investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). For these purposes, the expression “Prospectus Directive” means Directive 2003/71/EC, as amended.

In addition, in the United Kingdom this press release is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and qualified investors falling within Article 49(2)(a) to (d) of the Order, and (ii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”).

This press release must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons in the United Kingdom, and (ii) in any Member State of the EEA other than the Netherlands and the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this press release relates is available only to (a) Relevant Persons in the United Kingdom and will be engaged in only with Relevant Persons in the United Kingdom and (b) Qualified Investors in member states of the EEA (other than the Netherlands and the United Kingdom).

Each prospective investor should proceed on the assumption that it must bear the economic risk of an investment in Rabobank Certificates. None of Rabobank or any of the banks involved with the offering make any representation as to (i) the suitability of the Rabobank Participations for any particular investor, (ii) the appropriate accounting treatment and potential tax consequences of investing in the Rabobank Participations or (iii) the future performance of the Rabobank Participations either in absolute terms or relative to competing investments.

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Investor News Tue, 17 Jan 2017 13:50:13 GMT
<![CDATA[Offering of new Rabobank Certificates to further increase capital buffers]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/Offering_of_new_Rabobank_Certificates_to_further_increase_capital_buffers.html Rabobank intends to increase its capital buffers. The bank is offering new Rabobank Certificates to retail and institutional investors to further strengthen and optimise its capital position. With this offering, Rabobank will accelerate the realisation of its targets in anticipation of an expected increase in capital requirements. The subscription period for retail investors opens today and closes on 16 January 2017 17:30h CET. A roadshow for institutional investors will take place in the coming days. The offered Rabobank Certificates may be issued at a discount to the current trading price. The minimum expected issue size is EUR 1 billion.

A strong capital base is one of the main pillars of Rabobank’s strategy. Therefore, Rabobank targets by 2020 a Common Equity Tier 1-ratio ("CET1") of at least 14% of its risk-weighted assets and a total capital ratio of at least 25%. As a result of the Rabobank Certificates offering and given an ongoing strong focus on CET1, total capital and loss absorbing capital, Rabobank has adjusted its target Additional Tier 1 layer to roughly 2% from 3.5% of its risk-weighted assets. This will further optimise the capital stack.

As the timing of the issuance is close to the publication of Rabobank’s annual results, Rabobank announces today that it expects that the group’s capital ratios at 31 December 2016 will be higher than the corresponding ratios as reported in the half year 2016 results. On 30 June 2016 the (transitional) CET1 ratio was 13.4% and the total capital ratio amounted to 23.5%. Rabobank’s strong capital ratios are well above the current regulatory requirements and the intended issuance of Rabobank Certificates will further increase them. Rabobank also wants to inform investors that the result for the second half of 2016 will be negatively impacted by a non-cash impairment of Rabobank’s stake in Achmea of approximately EUR 700 million due to developments in the insurance sector. This impairment will be more than offset by a strong operational performance, low loan impairment charges and positive effects of the cost reduction programmes. Furthermore, this impairment has limited impact on the capital ratios.

Bas Brouwers, Chief Financial Officer: "Rabobank is traditionally one of the best capitalised banks in the world. The intended issuance will enable us to prudently manage our CET1 capital base in anticipation of the expected strengthening of regulatory requirements. In addition to the issuance, we will continue to reduce and optimise our balance sheet through the sale of loans to investors, develop lending opportunities which are less capital intensive and focus on our core business. This allows us to continue to serve our customers with mortgages and business loans and to keep on improving our performance in line with our ambition to be a leading customer-oriented cooperative bank in the Netherlands and in Food & Agri worldwide.”

Rabobank Certificates are certificates of Participations issued by Rabobank (through Stichting AK Rabobank Certificates). The Rabobank Certificates are perpetual instruments listed on Euronext Amsterdam and have a nominal value of EUR 25 each. The current total nominal amount outstanding is EUR 5.9 billion.

The Rabobank Certificates are the most subordinated capital instruments issued by Rabobank and qualify as CET1 capital. Distributions are fully discretionary. Rabobank currently intends to pay a distribution on the nominal value which equals to the effective return on the most recent 10-year Dutch state loan + 1.5%-point per annum with a minimum of 6.5% on an annual basis. The discretionary distribution is paid quarterly.

For this issuance, Rabobank has mandated an international syndicate of banks. In the Netherlands, Rabobank will act as Retail Coordinator and ABN Amro and ING will be involved in the retail offering.

Information on the issue of Rabobank Certificates can be found on www.rabobank.com/ir

 

Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.

This press release is not for distribution, directly or indirectly in or into the United States. This press release is not an offer to sell Rabobank Certificates or the solicitation of any offer to buy Rabobank Certificates, nor shall there be any offer of Rabobank Certificates in any jurisdiction in which such offer or sale would be unlawful.

This press release and the offering are only addressed to, and directed in Member States (other than the Netherlands) of the European Economic Area (the “EEA”) at persons who are “Qualified Investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). For these purposes, the expression “Prospectus Directive” means Directive 2003/71/EC, as amended.

In addition, in the United Kingdom this press release is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and qualified investors falling within Article 49(2)(a) to (d) of the Order, and (ii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”).

This press release must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons in the United Kingdom, and (ii) in any Member State of the EEA other than the Netherlands and the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this press release relates is available only to (a) Relevant Persons in the United Kingdom and will be engaged in only with Relevant Persons in the United Kingdom and (b) Qualified Investors in member states of the EEA (other than the Netherlands and the United Kingdom).

Each prospective investor should proceed on the assumption that it must bear the economic risk of an investment in Rabobank Certificates. None of Rabobank or any of the banks involved with the offering make any representation as to (i) the suitability of the Rabobank Participations for any particular investor, (ii) the appropriate accounting treatment and potential tax consequences of investing in the Rabobank Participations or (iii) the future performance of the Rabobank Participations either in absolute terms or relative to competing investments.

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Investor News Wed, 11 Jan 2017 11:15:44 GMT
<![CDATA[FGH Bank completes sale of RNHB]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2016/FGH_Bank_completes_sale_of_RNHB.html FGH Bank has completed the sale of the real estate financing activities of RNHB Hypotheekbank. RNHB Mortgage Bank is a label of FGH Bank NV, a fully owned subsidiary of Rabobank. RNHB Mortgage Bank has been sold to a consortium of investors including Vesting Finance.

RNHB has 60 employees, a credit portfolio of €1.7 billion and a customer database of more than 9 thousand loans.

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Investor News Thu, 29 Dec 2016 19:43:54 GMT
<![CDATA[Rabobank starts registration of Covered Bond Programme]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2016/Rabobank_starts_registration_of_Covered_Bond_Programme.html Rabobank has started the process to register its inaugural Covered Bond Programme with De Nederlandsche Bank (DNB). Rabobank intends to incorporate covered bonds into its future funding mix. The programme will further diversify and optimize Rabobank's funding composition, which supports the Strategic Framework of the bank.

An inaugural benchmark transaction could be contemplated in 2017 but timing will depend on market conditions and the overall funding needs of the bank. Furthermore, Rabobank requires DNB approval of the programme before it can decide to issue covered bonds.

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Investor News Tue, 13 Dec 2016 19:43:54 GMT