RaboResearch Disclosure

Coöperatieve Rabobank U.A. (CRUA) publishes economic and market reports under the RaboResearch (RR) label. Occasionally the RR Global Economics & Markets (RR GEM) reports may mention names of issuers or (issuer’s) financial instruments. These mentions may result in mandatory regulatory disclosures of potential conflicts of interest of CRUA in respect of the covering analyst(s), an issuer or a financial instrument mentioned in the RR GEM report.

With regard to these mentions and mandatory disclosures CRUA would like to state that:

    RR’s policy prohibits its analysts from owning or trading of any financial instrument of any issuer in the analyst's area of coverage, likewise the RR policy generally prohibits RR analysts from executing an outside interest at an issuer in the analyst's area of coverage.

    CRUA may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) and trade or otherwise effect transactions for their own account in issuer’s or financial instruments mentioned in the RR GEM reports. In the event such a position is to be disclosed (i.e. passing a to CRUA applicable regulatory threshold) its existence will be disclosed in the registers of the Authority for the Financial Markets in the Netherlands.

    CRUA may receive fees for investment banking services from issuers (underwriting, placing of financial instruments as per MiFID II). In case such an issuer is mentioned in a RR GEM report and CRUA has earned such fees during the past 12 months the existence of such fees will be disclosed in the table below.

    CRUA acts as a primary dealer for the Kingdom of the Netherlands and the Federal Republic of Germany.

Disclosure - Last updated 29 August 2025

ISSUERS FROM WHOM CRUA EARNED FEES IN THE LAST 12 MONTHS
ACHMEA BANK
ANZ BANKING GROUP
ASR
BANK OF AMERICA
BANK OF NOVA SCOTIA
BARCLAYS BANK
BBVA (Banco Bilbao Vizcaya Argentaria SA)
BELFIUS BANK
BNG BANK
BNP PARIBAS
BPCE SFH
CFF (Crédit Foncier de France)
CITIBANK
COMMONWEALTH BANK OF AUSTRALIA
COUNCIL OF EUROPE
CREDIT AGRICOLE
DE VOLKSBANK
DEUTSCHE BANK
DZ HYP
EIB EARN (European Investment Bank)
FEDERAL REPUBLIC OF GERMANY
FMO - NL Financierings-Maatschappij voor Ontwikkelingslanden NV
Goldman Sachs
HSBC
JEFFERIES
JOINT LAENDER
JP MORGAN
KNAB N.V.
LAND BERLIN
LAND BRANDENBURG (state)
LAND BREMEN (state)
Land Hessen
LAND NRW (State of North Rhine-Westphalia)
LAND SAXONY-ANHALT (state)
LAND SCHLESWIG-HOLSTEIN (state)
LBBW (Landesbank Baden-Württemberg)
LOWER SAXONY (state)
Mizuho Financial Group Inc
MORGAN STANLEY
NATIONAL AUSTRALIA BANK
NATWEST GROUP
NATIONALE NEDERLANDEN
Norinchukin
NWB BANK (Nederlandse Waterschapsbank)
RABOBANK
RBC (Royal Bank of Canada)
RENTENBANK (Landwirtschaftliche Rentenbank)
SANTANDER
SOCIETE GENERALE
STADT HAMBURG LSA
TORONTO-DOMINION BANK (TD Bank)
TRIODOS BANK NV
UBS GROUP
WELLS FARGO & CO
WESTPAC BANKING GROUP