Coöperatieve Rabobank U.A. Monthly Investor Report. Dutch National Transparency Template Covered Bond. Reporting Period: 1 May May 2017

Transcription

1 Monthly Investor Report Dutch National Transparency Template Covered Bond Reporting Period: 1 May May 2017 Reporting Date: 26 June 2017 AMOUNTS ARE IN EURO Jorgen de Vries / Sjaak-Jan Baars Jorgen.de.Vries@rabobank.com / Sjaak-Jan.Baars@rabobank.com Report Version February 2016

2 Table of Contents Page Covered Bonds 3 Asset Cover Test 4 Counterparty Credit Ratings & Triggers 5 Ledgers & Investments 6 Regulatory Information 7 Delinquencies 8 Stratifications 9 Glossary 26 Contact Information 28 2 of 28

3 Covered Bonds Series ISIN Currency Initial Principal Balance* Outstanding Amount* Issuance Date Date IRS Counterparty Redemption Type LCR HQLA Category CB01 XS EUR 1,500,000,000 1,500,000, % 31/05/17 31/05/24 Bullet 1 CB02 XS EUR 1,000,000,000 1,000,000, % 31/05/17 31/05/32 Bullet 1 * Amounts to be reported in the relevant currency, and also the euro-equivalent amounts The issuer believes that, at the time of issuance and based on transparency data made publicly available by the issuer, the above listed bonds meet the eligibility criteria for classification as a Level 1 or Level 2A asset (as specified in the column LCR HQLA Category) in accordance with Chapter 2 of the LCR delegated act. It should be noted that whether or not a bond is a liquid asset for the purposes of the Liquidity Coverage Ratio under Regulation (EU) 575/2013 is ultimately a matter to be determined by the relevant investor or institution and its relevant supervisory authority and the issuer does not accept any responsibility in this regard. 3 of 28

4 Asset Cover Test Asset Cover Test A 2,549,801, B 0.00 C 0.00 D 0.00 E 0.00 X 0.00 Y 0.00 Z 0.00 A+B+C+D+E-X-Y-Z 2,549,801, Outstanding bonds 2,500,000, Pass/Fail Pass ACT Cover Ratio % Parameters Asset percentage % Cap LTV Cut-Off indexed valuation % non-nhg % Cap LTV Cut-Off indexed valuation % NHG % % of Index Increases % % of Index Decreases % Reserve Fund 0.00 Supplemental Liquidity Reserve Amount 0.00 Deduction Set-Off 0.00 Ratings S&P Moody's Fitch NR Aaa NR Other UCITS compliant CRR compliant ECBC Label compliant True True True Overcollateralisation Legally required minimum OC 5.00 % Documented minimum OC 0.00 % Available Nominal OC 7.34 % 4 of 28

5 Counterparty Credit Ratings & Triggers S&P (ST/LT) Moody's (ST/LT) Fitch (ST/LT) DBRS (ST/LT) Role Party Rating trigger Current rating Rating trigger Current rating Rating trigger Current rating Rating trigger Current rating Consequence if breached* Account Bank Issuer Issuer Issuer Issuer Issuer Issuer Issuer Issuer or Administrator Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. Coöperatieve Rabobank U.A. / / P-1 / P-1 / / / / / Replacement of Account Bank or other remedy / / P-1 / P-1 / / / / / Item "alpha" paragraph (g) of the Asset Cover Test is activated (deposit set-off deduction) / / P-1 / P-1 / / / / / Item "X" of Asset Cover Test is activated (interest rate risk deduction) / / / Baa1 / Aa2 / / / / Item "Y" of Asset Cover Test is activated (commingling risk deduction) / / / Baa3 / Aa2 / / / / Notification Event / / / Baa1 / Aa2 / / / / Originators to pledge Residual Claims to the CBC or Residual Claims deduction in Asset Cover Test / / P-1 / P-1 / / / / / Reserve Fund Required Amount to be at least Rating Trigger Required Amount / / / A3 / Aa2 / / / / Unless rating is regained within 12 months, Originators to pledge Residual Claims to the CBC or Residual Claims deduction in Asset Cover Test / / / Baa3 / Aa2 / / / / Increase frequency of verification by Asset Monitor of Asset Cover Test * Event is triggered if credit rating is below the rating as mentioned in the table 5 of 28

6 Ledgers & Investments Ledgers Revenue Ledger 0.00 Principal Ledger 0.00 Reserve Fund Ledger 0.00 Total 0.00 Investments Substitution Assets Balance 0.00 Authorised Investments Balance 0.00 Total 0.00 Liquidity Buffer Outflows 0.00 Required Liquidity Buffer 0.00 Inflows 45,900, Cash Bonds Available Liquidity Buffer 45,900, of 28

7 Regulatory Information CRR Article 129 Article 129 CRR "Exposures in the form of covered bonds" (7) Exposures in the form of covered bonds are eligible for preferential treatment, provided that the institution investing in the covered bonds can demonstrate to the competent authorities that: (a) it receives portfolio information at least on: (i) the value of the covered pool and outstanding covered bonds; value of the cover pool value of the outstanding covered bonds (ii) the geographical distribution and type of cover assets, loan size, interest rate and currency risks; geographical distribution of cover assets type of cover assets loan size interest rate risk and currency risk (iii) the maturity structure of cover assets and covered bonds; and maturity structure of cover assets maturity structure of covered bonds (iv) the percentage of loans more than ninety days past due; (b) the issuer makes the information referred to in point (a) available to the institution at least semi annually. table Portfolio characteristics table Covered Bonds table 14 Geographical Distribution table Portfolio Characteristics table 3 Outstanding Loan Amount table Covered Bonds for coupon and currency information of the covered bonds table 10 for coupons of mortgages table Counterparty Ratings & Triggers for IRS/TRS information See base prospectus for information about hedging Only EUR denominated mortgages: see BP table 6 Legal table Covered Bonds table Delinquencies table Portfolio Characteristics Overcollateralisation Legally required minimum OC Documented minimum OC Nominal OC table Asset Cover Test table Asset Cover Test table Asset Cover Test 7 of 28

8 Delinquencies From ( > ) Until ( <= ) Arrears Amount Aggregate Outstanding Not. Amount % of Total Nr of Mortgage Loanparts % of Total Performing ,679,299, % 26, % 3.43 % % <= 30 days 17, ,879, % % 3.83 % % 30 days 60 days % % 0.00 % % 60 days 90 days 2, , % % 3.00 % % 90 days 120 days % % 0.00 % % 120 days 150 days % % 0.00 % % 150 days 180 days % % 0.00 % % 180 days > % % 0.00 % % Total 20, ,683,460, % 26, % 3.43 % % 8 of 28

9 Stratifications Portfolio Characteristics Principal amount 2,796,700, Value of saving deposits 113,239, Net principal balance 2,683,460, Construction Deposits 1,784, Net principal balance excl. Construction and Saving Deposits 2,681,676, Number of loans 14,124 Number of loanparts 26,329 principal balance (borrower) 189, principal balance (loanpart) 101, average current interest rate 3.43 % average maturity (in years) average remaining time to interest reset (in years) 9.16 average seasoning (in years) 2.92 average CLTOMV % average % Maximum current interest rate 6.50 % Minimum current interest rate 1.40 % Type of cover assets: Currency Portfolio: Frequency of publication National Transparancy Template: Dutch Residential Mortgages EUR Monthly 9 of 28

10 2. Redemption Type Description Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total Interest Only 596,591, % 7, % 3.24 % % Annuity 1,143,056, % 11, % 3.11 % % Lineair 231,033, % 2, % 2.87 % % Banksavings 712,779, % 5, % 4.30 % % Total 2,683,460, % 26, % 3.43 % % 10 of 28

11 3. Outstanding Loan Amount From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loans % of Total < ,458, % % 2.86 % % 25,000-50,000 16,089, % % 3.07 % % 50,000-75,000 33,900, % % 3.07 % % 75, ,000 88,844, % % 3.26 % % 100, , ,719, % 3, % 3.38 % % 150, , ,408, % 3, % 3.41 % % 200, , ,445, % 2, % 3.47 % % 250, , ,098, % 1, % 3.60 % % 300, , ,233, % % 3.53 % % 350, , ,970, % % 3.49 % % 400, ,000 75,512, % % 3.50 % % 450, ,000 63,638, % % 3.33 % % 500, ,000 51,449, % % 3.43 % % 550, ,000 37,302, % % 3.30 % % 600, ,000 24,921, % % 3.27 % % 650, ,000 26,940, % % 3.35 % % 700, ,000 18,000, % % 3.33 % % 750, ,000 18,621, % % 3.15 % % 800, ,000 11,457, % % 3.13 % % 850, ,000 14,128, % % 3.24 % % 900, ,000 6,423, % % 3.77 % % 950,000-1,000,000 2,896, % % 3.06 % % >= Total 2,683,460, % 14, % 3.43 % % 11 of 28

12 4. Origination Year From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < ,519, % 5, % 4.28 % % ,261, % 4, % 3.90 % % ,746, % 4, % 3.34 % % ,572, % 7, % 2.88 % % ,678, % 4, % 2.68 % % >= ,682, % % 2.39 % % Total 2,683,460, % 26, % 3.43 % % 12 of 28

13 5. Seasoning From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1 year 134,618, % 1, % 2.58 % % 1 year - 2 years 756,967, % 7, % 2.80 % % 2 years - 3 years 570,583, % 5, % 3.11 % % 3 years - 4 years 345,457, % 3, % 3.69 % % 4 years - 5 years 664,097, % 5, % 4.16 % % 5 years - 6 years 211,736, % 1, % 4.39 % % 6 years - 7 years 7 years - 8 years 8 years - 9 years 9 years - 10 years >= 10 years Total 2,683,460, % 26, % 3.43 % % 13 of 28

14 6. Legal From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < ,583, % % 2.54 % % ,051, % % 2.85 % % ,202, % % 2.78 % % ,387, % % 3.12 % % ,162, % 1, % 3.16 % % ,718, % 6, % 3.45 % % ,913, % 7, % 2.83 % % ,789, % 1, % 3.60 % % ,706, % 1, % 3.79 % % ,254, % 2, % 3.92 % % ,023, % 2, % 4.13 % % ,669, % % 4.21 % % ,996, % % 3.49 % % >= 2100 Total 2,683,460, % 26, % 3.43 % % 14 of 28

15 7. Remaining Legal Tenor From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1 year 608, % % 2.47 % % 1 year - 2 years 1,147, % % 2.64 % % 2 years - 3 years 1,397, % % 2.68 % % 3 years - 4 years 1,385, % % 2.70 % % 4 years - 5 years 1,967, % % 3.09 % % 5 years - 6 years 2,763, % % 2.88 % % 6 years - 7 years 3,386, % % 2.75 % % 7 years - 8 years 3,253, % % 2.87 % % 8 years - 9 years 4,327, % % 2.70 % % 9 years - 10 years 3,927, % % 2.83 % % 10 years - 11 years 6,003, % % 2.74 % % 11 years - 12 years 6,873, % % 2.80 % % 12 years - 13 years 6,009, % % 2.86 % % 13 years - 14 years 10,867, % % 2.99 % % 14 years - 15 years 10,009, % % 3.06 % % 15 years - 16 years 10,648, % % 3.37 % % 16 years - 17 years 10,104, % % 3.19 % % 17 years - 18 years 12,791, % % 3.11 % % 18 years - 19 years 15,164, % % 2.95 % % 19 years - 20 years 15,747, % % 3.19 % % 20 years - 21 years 15,949, % % 3.21 % % 21 years - 22 years 15,893, % % 3.23 % % 22 years - 23 years 16,886, % % 3.18 % % 23 years - 24 years 18,897, % % 3.25 % % 24 years - 25 years 24,347, % % 3.22 % % 25 years - 26 years 88,651, % % 3.69 % % 26 years - 27 years 241,756, % 2, % 3.61 % % 27 years - 28 years 397,207, % 3, % 3.11 % % 28 years - 29 years 504,476, % 4, % 2.76 % % 29 years - 30 years 108,467, % 1, % 2.72 % % >= 30 years 1,122,542, % 10, % 3.92 % % Total 2,683,460, % 26, % 3.43 % % 15 of 28

16 8. Current Loan To Original Market Value From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loans % of Total < 10 % 3,137, % % 2.83 % % 10 % - 20 % 18,315, % % 2.87 % % 20 % - 30 % 38,221, % % 3.06 % % 30 % - 40 % 66,699, % % 3.08 % % 40 % - 50 % 108,309, % % 3.05 % % 50 % - 60 % 183,228, % 1, % 3.17 % % 60 % - 70 % 275,326, % 1, % 3.16 % % 70 % - 80 % 288,258, % 1, % 3.57 % % 80 % - 90 % 548,664, % 2, % 3.45 % % 90 % % 1,011,161, % 4, % 3.57 % % 100 % % 142,138, % % 3.58 % % 110 % % 120 % % 130 % % 140 % % >= 150% Total 2,683,460, % 14, % 3.43 % % 16 of 28

17 9. Current Loan To Indexed Market Value From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loans % of Total < 10 % 3,921, % % 2.85 % % 10 % - 20 % 22,367, % % 2.88 % % 20 % - 30 % 45,868, % % 3.06 % % 30 % - 40 % 89,720, % % 3.07 % % 40 % - 50 % 147,281, % % 3.06 % % 50 % - 60 % 250,744, % 1, % 3.15 % % 60 % - 70 % 296,834, % 1, % 3.39 % % 70 % - 80 % 515,411, % 2, % 3.50 % % 80 % - 90 % 792,803, % 3, % 3.54 % % 90 % % 492,634, % 2, % 3.54 % % 100 % % 25,873, % % 4.58 % % 110 % % 120 % % 130 % % 140 % % >= 150% Total 2,683,460, % 14, % 3.43 % % 17 of 28

18 10. Loanpart (interest rate bucket) From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 0.5 % 0.5 % % 1.0 % % 14,953, % % 1.40 % % 1.5 % % 67,346, % % 1.77 % % 2.0 % % 385,652, % 4, % 2.22 % % 2.5 % % 521,656, % 5, % 2.72 % % 3.0 % % 475,031, % 4, % 3.18 % % 3.5 % % 337,340, % 3, % 3.69 % % 4.0 % % 434,307, % 4, % 4.24 % % 4.5 % % 280,223, % 2, % 4.69 % % 5.0 % % 125,168, % 1, % 5.17 % % 5.5 % % 39,228, % % 5.64 % % 6.0 % % 2,542, % % 6.04 % % 6.5 % % 11, % % 6.50 % % >= 7.0 % Total 2,683,460, % 26, % 3.43 % % 18 of 28

19 11. Remaining Interest Rate Fixed Period From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1 year 138,738, % 1, % 2.82 % % 1 year - 2 years 65,653, % % 3.13 % % 2 years - 3 years 69,279, % % 3.00 % % 3 years - 4 years 38,358, % % 3.36 % % 4 years - 5 years 116,947, % 1, % 4.34 % % 5 years - 6 years 393,986, % 3, % 4.35 % % 6 years - 7 years 163,199, % 1, % 4.13 % % 7 years - 8 years 331,672, % 3, % 3.25 % % 8 years - 9 years 480,893, % 4, % 2.68 % % 9 years - 10 years 215,799, % 2, % 2.57 % % 10 years - 11 years 44,834, % % 4.23 % % 11 years - 12 years 8,358, % % 4.48 % % 12 years - 13 years 25,664, % % 3.56 % % 13 years - 14 years 44,890, % % 3.14 % % 14 years - 15 years 24,987, % % 4.10 % % 15 years - 16 years 45,846, % % 5.22 % % 16 years - 17 years 11,779, % % 5.30 % % 17 years - 18 years 50,712, % % 3.81 % % 18 years - 19 years 233,308, % 2, % 3.16 % % 19 years - 20 years 109,308, % % 3.17 % % 20 years - 21 years 9,918, % % 4.85 % % 21 years - 22 years 2,827, % % 5.36 % % 22 years - 23 years 2,719, % % 4.03 % % 23 years - 24 years 4,966, % % 3.71 % % 24 years - 25 years 8,367, % % 5.36 % % 25 years - 26 years 12,567, % % 5.55 % % 26 years - 27 years 1,616, % % 5.39 % % 27 years - 28 years 10,570, % % 4.23 % % 28 years - 29 years 14,362, % % 3.75 % % 29 years - 30 years 1,324, % % 3.51 % % 30 year >= Total 2,683,460, % 26, % 3.43 % % 19 of 28

20 12. Interest Payment Type Description Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total Floating 20,559, % % 2.18 % % Fixed 2,662,901, % 25, % 3.44 % % Total 2,683,460, % 26, % 3.43 % % 20 of 28

21 13. Property Description Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total Appartement 408,811, % 2, % 3.26 % % House 2,274,649, % 11, % 3.46 % % Business Other Total 2,683,460, % 14, % 3.43 % % 21 of 28

22 14. Geographical Distribution (by province) Province Aggregate Outstanding Amount % of Total Nr of Loans % of Total Groningen 53,214, % % 3.36 % % Friesland 98,115, % % 3.17 % % Drenthe 66,771, % % 3.31 % % Overijssel 190,661, % 1, % 3.51 % % Gelderland 310,805, % 1, % 3.42 % % Flevoland 47,836, % % 3.35 % % Utrecht 252,477, % 1, % 3.43 % % Noord-Holland 405,691, % 1, % 3.33 % % Zuid-Holland 541,137, % 2, % 3.46 % % Zeeland 75,790, % % 3.38 % % Noord-Brabant 465,593, % 2, % 3.51 % % Limburg 175,365, % 1, % 3.55 % % Unspecified Total 2,683,460, % 14, % 3.43 % % 22 of 28

23 15. Occupancy Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total Owner Occupied 2,683,460, % 14, % 3.43 % % Buy-to-let Total 2,683,460, % 14, % 3.43 % % 23 of 28

24 16. Loanpart Payment Frequency Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total Monthly 2,683,460, % 14, % 3.43 % % Quarterly Semi-annually Annually Total 2,683,460, % 14, % 3.43 % % 24 of 28

25 17. Guarantee Type Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total NHG Guarantee 1,322,385, % 8, % 3.56 % % Non-NHG Guarantee 1,361,075, % 6, % 3.31 % % Total 2,683,460, % 14, % 3.43 % % 25 of 28

26 Glossary Term Account Bank ACT ACT (alfa) ACT (bèta) ACT A ACT B ACT C ACT D ACT E ACT X ACT Y Asset Percentage Calculation Date CLTOMV Construction Deposit Credit Rating Definition / Calculation The bank at which the AIC Account is maintained from time to time being, as at the Programme Date, Rabobank and following termination of the AIC Account Agreement, such other replacement account bank as may be appointed in accordance with the AIC Account Agreement (unless the context otherwise requires). Asset Cover Test. Asset Cover Test has the meaning ascribed to such term in Clause 3 (Asset Cover Test) of the Asset Monitor Agreement. " α" means for each Transferred Receivable the lower of its Current Balance and the sum of the following elements, to the extent applicable to it: (a) if it is a Category 3 Receivable: an amount calculated on the basis of a method notified to the Rating Agency related to the Savings and Accrued Savings Interest in connection with such Transferred Receivable, provided that no amount will be deducted if and to the extent that a Master Sub-Participation Agreement is effective in relation to the relevant Transferred Receivable; (b) if it was used to fund a Construction Deposit: the amount of the Construction Deposit; (c) if it was in breach of the Receivable Warranties as of the relevant Transfer Date: such amount as is necessary to reduce its Adjusted Current Balance or Current Balance, as the case may be, to zero; (d) if it is a Defaulted Receivable: such amount as is necessary to reduce its Current Balance to zero; (e) if it is 3 months or more in arrears (other than any Defaulted Receivable): such amount as is necessary to reduce its Current Balance to 30 per cent. of its Current Balance; (f) if it is a Bank Savings Receivable: the amount standing to the credit of the related Bank Savings Account, unless it concerns a Participation Receivable, in which case an amount equal to the relevant Participation is already deducted as part of the definition of Net Outstanding Principal Balance; (g) if any of the Issuer's ratings from the Rating Agency fall below the relevant minimum rating determined to be applicable or agreed by the Rating Agency, being as at the Programme Date 'P-1(cr)' (short-term) by Moody's and the related Borrower has a deposit with Rabobank or any other Originator that engages in the business of, amongst other things, attracting or accepting deposits: an amount equal to the amount by which the aggregate deposits of such Borrower (other than any deposit relating to a Bank Savings Loan) exceeds EUR 100,000 (or such other amount which is not advanced to a Borrower in accordance with the Dutch deposit guarantee scheme (depositogarantiestelsel)); and/or (h) if the Originator has a Residual Claim (excluding, for the avoidance of doubt, a Further Advance) and (i) a RC Trigger Event has occurred and (ii) a RC Deduction Notice has been delivered to the CBC and the Trustee: an amount equal to the Deductible Residual Claim; For each Transferred Receivable the lower of (i) the LTV Cut-Off Percentage of its Indexed Valuation and (ii) α minus L. "L" means for each Transferred Receivable its Current Balance minus the LTV Cut-Off Percentage of its Indexed Valuation provided that if the result is negative, L shall be zero and if the result exceeds α, L shall equal α; The lower of: (a) the sum of all Adjusted Current Balances of all Transferred Receivables. The "Adjusted Current Balance" of a Transferred Receivable is the lower of: (i) the Current Balance of such Transferred Receivable minus α; and (ii) the LTV Cut-Off Percentage of the Indexed Valuation relating to such Transferred Receivable, minus β; and (b) the Asset Percentage of: the sum of the Current Balance minus α of all Transferred Receivables; The aggregate amount of all Principal Receipts, all Adjusted Revenue Receipts on the Transferred Receivables and (without double counting) all amounts received by the CBC under any Swap Agreement after netting up to the end of the immediately preceding Calculation Period which have not been applied in accordance with the Trust Deed; The aggregate amount of (i) all Transferred Collateral in cash which has not been applied in accordance with the Trust Deed and (ii) the amounts standing to the credit of the Reserve Ledger; The aggregate outstanding principal balance of all Transferred Collateral in Substitution Assets and accrued interest thereon which has not been applied in accordance with the Trust Deed. Substitution Assets will be valued on a monthly basis and be taken into account for their mark-to-market value at a discount based on a methodology proposed to the Rating Agency; Not applicable In respect of each Series of Covered Bonds in respect of which no Portfolio Swap is entered into by the CBC, for as long as (i) the Issuer's rating from the Rating Agency falls below the relevant minimum rating determined to be applicable or agreed by the Rating Agency, being as at the Programme Date 'P-1(cr)' by Moody's and (ii) the interest payable in respect of the relevant Series of Covered Bonds (expressed as a percentage per annum) exceeds the weighted average interest rate of all Transferred Assets, an amount equal to the higher of: (a) zero; and (b) the product of: (i) the aggregate of: (A) the interest (expressed as a percentage per annum) payable in respect of the relevant Series of Covered Bonds in respect of which no Portfolio Swap is entered into by the CBC less (B) the weighted average interest rate of all Transferred Assets; (ii) the remaining maturity in years of the relevant Series of Covered Bonds; (iii) the euro equivalent of the aggregate Principal Amount Outstanding of the relevant Series of Covered Bonds (and in respect of those Covered Bonds not denominated in euro, converted into euro at the respective Structured Swap Rate); For the purpose of calculating the interest payable by the CBC in respect of any Series of Covered Bonds which is a Floating Rate Covered Bond, the interest as most recently determined in respect of such Series of Covered Bonds shall be used. Means: (a) if the Issuer's rating from the Rating Agency falls below the relevant minimum rating determined to be applicable or agreed by the Rating Agency, being as at the Programme Date 'Baa1(cr)' by Moody's, an amount equal to the Net Outstanding Principal Balance of all Receivables on the last day of the month immediately preceding the Calculation Date multiplied by the Monthly Payment Ratio as calculated in respect of the calendar month immediately preceding the Calculation Date, in connection with commingling risk; or (b) if (i) the Issuer's credit rating from the Rating Agency is at least equal the relevant minimum rating determined to be applicable or agreed by the Rating Agency, being as at the Programme Date 'Baa1(cr)'; or (ii) following the occurrence of a Notification Event and the relevant Borrowers have been notified of the assignment of the Receivables, zero; 100% or such other percentage figure as is determined from time to time in accordance with the Asset Monitor Agreement. The date falling two Business Days before each CBC Payment Date. The "relevant" Calculation Date in respect of any Calculation Period will be the first Calculation Date falling after the end of that period and the "relevant" Calculation Date in respect of any CBC Payment Date will be the last Calculation Date prior to that CBC Payment Date; Current Loan to Indexed Market Value means the ratio calculated by dividing the current outstanding loan amount by the Indexed Valuation. Current Loan to Original Market Value means the ratio calculated by dividing the current outstanding loan amount by the Market Value. Certain Eligible Receivables result from a mortgage loan agreement under which the relevant Borrower has requested part of the loan to be disbursed into a blocked deposit account specifically opened in his name for such purpose, in anticipation of construction or improvement costs to be incurred by him at a later stage in connection with the Property (a "Construction Deposit"; bouwdepot) An assessment of the credit worthiness of the notes assigned by the credit rating agencies. 26 of 28

27 Term Current Balance Index Indexed Valuation IRS Loan Loanpart(s) LTV Cut-Off Percentage Market Value Date (Bonds) Minimum Overcollateralization Net Outstanding Principal Balance NHG Guarantee Nominal OC NPV assumptions (when stated) Occupancy Original Market Value Originator Pre- Liquidity Ledger Remaining Tenor Reserve Fund Savings Seasoning Series Servicer Definition / Calculation In relation to an Eligible Receivable at any date, the aggregate (without double counting) of the Net Outstanding Principal Balance, Accrued Interest (unless it concerns calculations for either the Asset Cover Test or the Amortisation Test Aggregate Receivable Amount, in which case Accrued Interest will not be included) and Arrears of Interest as at that date; The index of increases or decreases, as the case may be, of house prices issued by the Land Registry in relation to residential properties in. At any date in relation to any Transferred Receivable secured over any Property: (a) where the Original Market Value of that Property is equal to or greater than the Price Indexed Valuation as at that date, the Price Indexed Valuation; or (b) where the Original Market Value of that Property is less than the Price Indexed Valuation as at that date, the Original Market Value plus [ ]% (or, if a different percentage is required or sufficient from time to time for the Covered Bonds to comply with Article 129 CRR and the Issuer wishes to apply such different percentage, then such different percentage) of the difference between the Original Market Value and the Price Indexed Valuation; Interest rate swap (if any) Any loan (including the Initial Advance and any Further Advance) or loan part (leningdeel) granted by the relevant Originator to a Borrower pursuant to the terms of a Loan Agreement; One or more of the loan parts (leningdelen) of which a Rabobank Mortgage Loan or RHB Mortgage Loan consists. Such percentage as is required from time to time for the Covered Bonds to comply with Article 129 CRR, currently being 80% for all Transferred Receivables. The market value (marktwaarde) given to that Property by the most recent valuation addressed to the Originator that transferred the relevant Transferred Receivable to the CBC; In respect of a Series the Interest Payment Date which falls no more than 45 years after the Issue Date of such Series and on which the Covered Bonds of such Series are expected to be redeemed at their Principal Amount Outstanding in accordance with the Conditions as specified in the relevant Final Terms; The minimum overcollateralization required by either law, the programme documentation or rating agencies. In relation to a Transferred Receivable, at any date, the Gross Outstanding Principal Balance of such Receivable less, if it is a Participation Receivable, an amount equal to the Participation on such date. Guarantees (borgtochten) issued by Stichting Waarborgfonds Eigen Woningen under the terms and conditions of the National Mortgage Guarantee (Nationale Hypotheek Garantie), as from time to time amended; The actual overcollateralization which is calculated by dividing (i) the total outstanding balance of the cover assets included in the cover pool by (ii) the total amount of outstanding covered bonds (both excluding accrued interest). Not applicable The way the mortgaged property is used (e.g. owner occupied). The market value (marktwaarde) given to that Property by the most recent valuation addressed to the Originator that transferred the relevant Transferred Receivable to the CBC; The time in years from the reporting date to the maturity date of a loan. Not applicable The time in years from the reporting date to the maturity date of a loan. Pursuant to the Trust Deed, the CBC will be required to maintain a Reserve Fund on the AIC Account (which Reserve Fund is administered through the Reserve Fund Ledger). In consideration for the CBC to assume the Guarantee, the Issuer will transfer to the CBC an amount equal to the Reserve Fund Required Amount and such further amounts as are necessary from time to time to ensure that an amount up to the Reserve Fund Required Amount is standing to the credit of the Reserve Fund Ledger. With respect to (i) a Category 3 Receivable, the savings part of all premiums received by the Participant from the relevant Borrower under or pursuant to the relevant insurance policy, and (ii) a Bank Savings Receivable, all payments made by the relevant Borrower to the related Bank Savings Account The time between the origination of the relevant loan the respective reporting period. A Tranche of Covered Bonds together with any further Tranche or Tranches of Covered Bonds which are (i) expressed to be consolidated and form a single series and (ii) identical in all respects (including as to listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices. Rabobank 27 of 28

28 Contact Information Account Bank Coöperatieve Rabobank U.A. Administrator Coöperatieve Rabobank U.A. Croeselaan 18 Croeselaan CB Utrecht 3521 CB Utrecht Arranger Coöperatieve Rabobank U.A. Asset Monitor KPMG Accountants N.V. Croeselaan 18 Laan van Langerhuize CB Utrecht 1186 DS Amstelveen CBC Rabo Covered Bond Company B.V. CBC's Director Intertrust Management B.V. Prins Bernhardplein 200 Prins Bernhardplein JB Amsterdam 1097 JB Amsterdam Dealer Coöperatieve Rabobank U.A. Guarantor Rabo Covered Bond Company B.V. Croeselaan 18 Prins Bernhardplein CB Utrecht 1097 JB Amsterdam Holding Stichting Holding Rabo Covered Bond Company Initial Originators Coöperatieve Rabobank U.A. Prins Bernhardplein 200 Croeselaan JB Amsterdam 3521 CB Utrecht Initial Originators Rabohypotheekbank N.V. Initial Servicer Coöperatieve Rabobank U.A. Croeselaan 18 Croeselaan CB Utrecht 3521 CB Utrecht Issuer Coöperatieve Rabobank U.A. Issuer or Administrator Coöperatieve Rabobank U.A. Croeselaan 18 Croeselaan CB Utrecht 3521 CB Utrecht Listing Agent Coöperatieve Rabobank U.A. Principal Paying Agent Citibank, N.A., London Branch Croeselaan 18 Canada Square, Canary Wharf 3521 CB Utrecht E14 5LB London United Kingdom Registrar Citigroup Global Markets Deutschland AG Servicer Coöperatieve Rabobank U.A. Reuterweg 16 Croeselaan Frankfurt 3521 CB Utrecht Germany Trustee Stichting Security Trustee Rabo Covered Bond Company Prins Bernhardplein 200 Trustee's Director Amsterdamsch Trustee's Kantoor B.V. Prins Bernhardplein JB Amsterdam 1097 JB Amsterdam 28 of 28