Monthly Investor Report Dutch National Transparency Template Covered Bond Reporting Period: 1 January 2018-31 January 2018 Reporting Date: 26 February 2018 AMOUNTS ARE IN EURO Vincent Bakker / Koen de Man Vincent.Bakker@rabobank.com / Koen.de.Man@rabobank.com https://www.rabobank.com/nl/investors/funding/covered-bonds/index.html Report Version 2.2 - October 2017
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
Covered Bonds Series ISIN Currency Initial Principal Balance* Outstanding Amount* Issuance Date Date IRS Counterparty Redemption Type LCR HQLA Category CB01 XS1622193248 EUR 1,500,000,000 1,500,000,000 0.2500% 31/05/17 31/05/24 Bullet 1 CB02 XS1622193321 EUR 1,000,000,000 1,000,000,000 1.2500% 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
Asset Cover Test Asset Cover Test A 2,689,818,424.32 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 2,689,818,424.32 Outstanding bonds 2,500,000,000.00 Pass/Fail Pass ACT Cover Ratio 107.59 % Parameters Asset percentage 100.00 % Cap LTV Cut-Off indexed valuation % non-nhg 80.00 % Cap LTV Cut-Off indexed valuation % NHG 80.00 % % of Index Increases 90.00 % % of Index Decreases 100.00 % 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 10.34 % 4 of 28
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
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 19,249,056.00 Required Liquidity Buffer 19,249,056.00 Inflows 47,327,887.00 Cash Bonds Available Liquidity Buffer 47,327,887.00 6 of 28
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
Delinquencies From ( > ) Until ( <= ) Arrears Amount Aggregate Outstanding Not. Amount % of Total Nr of Mortgage Loanparts % of Total Performing 0.00 2,752,009,266.44 99.77 % 27,936 99.81 % 3.44 % 33.65 68.89 % <= 30 days 24,807.52 6,394,385.44 0.23 % 54 0.19 % 3.46 % 34.99 69.16 % 30 days 60 days 0.00 0.00 0.00 % 0 0.00 % 0.00 % 0.00 0.00 % 60 days 90 days 0.00 0.00 0.00 % 0 0.00 % 0.00 % 0.00 0.00 % 90 days 120 days 0.00 0.00 0.00 % 0 0.00 % 0.00 % 0.00 0.00 % 120 days 150 days 0.00 0.00 0.00 % 0 0.00 % 0.00 % 0.00 0.00 % 150 days 180 days 0.00 0.00 0.00 % 0 0.00 % 0.00 % 0.00 0.00 % 180 days > 0.00 0.00 0.00 % 0 0.00 % 0.00 % 0.00 0.00 % Total 24,807.52 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 8 of 28
Stratifications Portfolio Characteristics Principal amount 2,902,405,640.88 Value of saving deposits 144,001,989.00 Net principal balance 2,758,403,651.88 Construction Deposits 1,362,816.44 Net principal balance excl. Construction and Saving Deposits 2,757,040,835.44 Number of loans 14,734 Number of loanparts 27,990 principal balance (borrower) 187,213.50 principal balance (loanpart) 98,549.61 average current interest rate 3.44 % average maturity (in years) 33.66 average remaining time to interest reset (in years) 8.67 average seasoning (in years) 3.67 average CLTOMV 78.49 % average 68.89 % Maximum current interest rate 6.50 % Minimum current interest rate 1.20 % Type of cover assets: Currency Portfolio: Frequency of publication National Transparancy Template: Dutch Residential Mortgages EUR Monthly 9 of 28
2. Redemption Type Description Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total Interest Only 674,304,186.31 24.45 % 8,158 29.15 % 3.16 % 34.96 62.40 % Annuity 1,077,471,644.32 39.06 % 11,241 40.16 % 3.08 % 26.33 71.08 % Lineair 217,898,040.89 7.90 % 2,523 9.01 % 2.83 % 25.93 63.43 % Banksavings 788,729,780.36 28.59 % 6,068 21.68 % 4.34 % 44.69 72.95 % Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 10 of 28
3. Outstanding Loan Amount From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loans % of Total <= 25.000 2,681,758.77 0.10 % 153 1.04 % 2.86 % 18.14 9.03 % 25,000-50,000 19,538,575.16 0.71 % 489 3.32 % 3.02 % 21.12 19.89 % 50,000-75,000 35,469,811.63 1.29 % 560 3.80 % 2.99 % 24.38 31.86 % 75,000-100,000 105,055,634.20 3.81 % 1,174 7.97 % 3.27 % 27.71 49.65 % 100,000-150,000 478,508,278.35 17.35 % 3,743 25.40 % 3.39 % 31.51 64.82 % 150,000-200,000 620,894,064.47 22.51 % 3,561 24.17 % 3.47 % 34.15 71.36 % 200,000-250,000 535,205,481.66 19.40 % 2,397 16.27 % 3.49 % 35.42 73.64 % 250,000-300,000 304,196,875.82 11.03 % 1,117 7.58 % 3.58 % 36.33 72.27 % 300,000-350,000 183,372,712.62 6.65 % 567 3.85 % 3.52 % 34.72 71.00 % 350,000-400,000 124,691,615.90 4.52 % 334 2.27 % 3.49 % 34.59 70.77 % 400,000-450,000 76,617,481.90 2.78 % 181 1.23 % 3.47 % 34.33 70.49 % 450,000-500,000 60,775,731.03 2.20 % 128 0.87 % 3.38 % 33.04 70.66 % 500,000-550,000 51,942,090.88 1.88 % 99 0.67 % 3.34 % 33.51 71.95 % 550,000-600,000 37,822,906.02 1.37 % 66 0.45 % 3.37 % 33.05 69.79 % 600,000-650,000 20,606,773.62 0.75 % 33 0.22 % 3.35 % 33.09 73.80 % 650,000-700,000 26,928,661.99 0.98 % 40 0.27 % 3.28 % 33.52 71.56 % 700,000-750,000 21,630,833.17 0.78 % 30 0.20 % 3.03 % 31.91 68.25 % 750,000-800,000 13,270,195.48 0.48 % 17 0.12 % 2.91 % 31.59 70.44 % 800,000-850,000 13,162,018.01 0.48 % 16 0.11 % 3.28 % 32.26 68.53 % 850,000-900,000 16,631,832.68 0.60 % 19 0.13 % 3.39 % 33.31 68.91 % 900,000-950,000 7,442,945.31 0.27 % 8 0.05 % 3.51 % 36.59 74.57 % 950,000-1,000,000 1,957,373.21 0.07 % 2 0.01 % 2.92 % 32.79 85.08 % > 1.000.000 Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 11 of 28
4. Origination Year From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1995 1995-1996 1996-1997 1997-1998 1998-1999 1999-2000 2000-2001 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 790,157,225.50 28.65 % 6,804 24.31 % 4.23 % 41.69 72.31 % 2013-2014 361,385,728.74 13.10 % 3,691 13.19 % 3.89 % 33.53 67.11 % 2014-2015 445,238,865.74 16.14 % 4,859 17.36 % 3.34 % 29.04 65.99 % 2015-2016 644,653,921.48 23.37 % 6,905 24.67 % 2.90 % 29.75 67.50 % 2016-2017 459,314,428.09 16.65 % 4,944 17.66 % 2.69 % 30.25 69.75 % 2017-2018 57,653,482.33 2.09 % 787 2.81 % 2.73 % 30.86 64.22 % >= 2018 Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 12 of 28
5. Seasoning From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1 year 52,490,861.67 1.90 % 719 2.57 % 2.74 % 30.90 64.42 % 1 year - 2 years 415,716,476.13 15.07 % 4,466 15.96 % 2.69 % 30.23 69.79 % 2 years - 3 years 654,992,831.86 23.75 % 7,005 25.03 % 2.86 % 29.76 67.63 % 3 years - 4 years 456,629,776.96 16.55 % 5,021 17.94 % 3.30 % 29.19 65.96 % 4 years - 5 years 361,534,150.93 13.11 % 3,700 13.22 % 3.86 % 32.65 67.13 % 5 years - 6 years 667,102,255.00 24.18 % 5,839 20.86 % 4.19 % 41.63 71.59 % 6 years - 7 years 149,937,299.33 5.44 % 1,240 4.43 % 4.39 % 41.71 74.61 % 7 years - 8 years 8 years - 9 years 9 years - 10 years >= 10 years Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 13 of 28
6. Legal From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 2018 2018-2020 2,264,665.24 0.08 % 55 0.20 % 2.61 % 1.00 35.54 % 2020-2025 14,603,201.29 0.53 % 386 1.38 % 2.76 % 4.70 38.30 % 2025-2030 33,454,894.23 1.21 % 596 2.13 % 2.79 % 9.80 42.06 % 2030-2035 53,227,016.73 1.93 % 930 3.32 % 3.01 % 14.46 49.55 % 2035-2040 88,271,339.30 3.20 % 1,235 4.41 % 3.13 % 19.45 56.66 % 2040-2045 576,025,810.98 20.88 % 6,063 21.66 % 3.41 % 25.73 66.74 % 2045-2050 813,650,579.49 29.50 % 8,318 29.72 % 2.84 % 28.03 70.26 % 2050-2055 177,893,845.43 6.45 % 1,849 6.61 % 3.59 % 34.49 64.23 % 2055-2060 229,634,598.26 8.32 % 2,105 7.52 % 3.78 % 39.66 68.77 % 2060-2065 302,117,982.34 10.95 % 2,677 9.56 % 3.90 % 44.46 71.99 % 2065-2070 331,617,167.69 12.02 % 2,707 9.67 % 4.18 % 49.41 75.94 % 2070-2075 133,577,098.50 4.84 % 1,045 3.73 % 4.25 % 53.51 77.99 % 2075-2080 2,065,452.40 0.07 % 24 0.09 % 3.56 % 57.54 75.68 % 2080-2085 2085-2090 2090-2095 2095-2100 >= 2100 Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 14 of 28
7. Remaining Legal Tenor From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1 year 865,623.77 0.03 % 20 0.07 % 2.34 % 0.45 39.62 % 1 year - 2 years 1,503,319.57 0.05 % 40 0.14 % 2.83 % 1.39 32.63 % 2 years - 3 years 1,515,731.01 0.05 % 47 0.17 % 2.54 % 2.40 33.71 % 3 years - 4 years 2,885,717.03 0.10 % 70 0.25 % 2.86 % 3.51 37.27 % 4 years - 5 years 3,133,403.19 0.11 % 75 0.27 % 2.93 % 4.41 40.01 % 5 years - 6 years 4,367,175.04 0.16 % 97 0.35 % 2.59 % 5.50 38.07 % 6 years - 7 years 2,800,155.56 0.10 % 97 0.35 % 2.85 % 6.50 40.96 % 7 years - 8 years 4,089,601.76 0.15 % 94 0.34 % 2.63 % 7.53 40.39 % 8 years - 9 years 4,578,229.65 0.17 % 99 0.35 % 2.73 % 8.48 38.34 % 9 years - 10 years 8,680,150.94 0.31 % 149 0.53 % 2.75 % 9.54 39.94 % 10 years - 11 years 7,720,048.86 0.28 % 111 0.40 % 2.82 % 10.42 45.24 % 11 years - 12 years 9,115,525.66 0.33 % 155 0.55 % 2.87 % 11.48 44.70 % 12 years - 13 years 9,807,514.74 0.36 % 215 0.77 % 2.87 % 12.57 47.94 % 13 years - 14 years 9,921,658.99 0.36 % 183 0.65 % 3.01 % 13.50 48.55 % 14 years - 15 years 11,623,370.59 0.42 % 185 0.66 % 3.07 % 14.48 50.08 % 15 years - 16 years 10,550,024.25 0.38 % 165 0.59 % 3.09 % 15.41 50.56 % 16 years - 17 years 11,213,190.93 0.41 % 178 0.64 % 3.07 % 16.46 50.78 % 17 years - 18 years 15,064,419.03 0.55 % 235 0.84 % 3.03 % 17.45 53.55 % 18 years - 19 years 19,000,917.45 0.69 % 258 0.92 % 3.24 % 18.46 57.41 % 19 years - 20 years 18,811,177.07 0.68 % 261 0.93 % 3.03 % 19.46 57.54 % 20 years - 21 years 17,547,887.06 0.64 % 249 0.89 % 3.21 % 20.47 55.40 % 21 years - 22 years 18,691,192.60 0.68 % 238 0.85 % 3.12 % 21.46 58.92 % 22 years - 23 years 20,105,412.99 0.73 % 274 0.98 % 3.20 % 22.47 55.65 % 23 years - 24 years 26,351,939.54 0.96 % 347 1.24 % 3.22 % 23.50 62.43 % 24 years - 25 years 51,679,536.78 1.87 % 665 2.38 % 3.35 % 24.53 63.80 % 25 years - 26 years 183,027,926.00 6.64 % 1,849 6.61 % 3.67 % 25.54 66.98 % 26 years - 27 years 317,419,787.79 11.51 % 3,171 11.33 % 3.27 % 26.53 68.36 % 27 years - 28 years 429,678,490.31 15.58 % 4,204 15.02 % 2.83 % 27.48 70.85 % 28 years - 29 years 268,442,397.55 9.73 % 2,711 9.69 % 2.67 % 28.27 72.57 % 29 years - 30 years 39,535,723.57 1.43 % 551 1.97 % 3.08 % 29.34 63.34 % >= 30 years 1,228,676,402.60 44.54 % 10,997 39.29 % 3.93 % 43.89 71.46 % Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 15 of 28
8. Current Loan To Original Market Value From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loans % of Total <= 10 % 3,425,783.72 0.12 % 142 0.96 % 2.89 % 19.59 6.79 % 10 % - 20 % 21,578,448.58 0.78 % 428 2.90 % 2.89 % 22.34 13.96 % 20 % - 30 % 45,548,974.48 1.65 % 556 3.77 % 2.92 % 25.53 22.65 % 30 % - 40 % 79,678,550.57 2.89 % 688 4.67 % 3.06 % 27.39 31.18 % 40 % - 50 % 137,791,926.94 5.00 % 977 6.63 % 3.03 % 28.14 40.18 % 50 % - 60 % 209,617,548.13 7.60 % 1,181 8.02 % 3.19 % 31.39 48.84 % 60 % - 70 % 311,970,086.71 11.31 % 1,539 10.45 % 3.21 % 32.38 57.52 % 70 % - 80 % 333,974,910.77 12.11 % 1,623 11.02 % 3.57 % 34.32 66.23 % 80 % - 90 % 576,305,284.19 20.89 % 2,486 16.87 % 3.50 % 35.00 75.01 % 90 % - 100 % 977,152,002.12 35.42 % 4,842 32.86 % 3.60 % 35.16 83.60 % 100 % - 110 % 61,360,135.67 2.22 % 272 1.85 % 3.75 % 39.04 88.37 % 110 % - 120 % 120 % - 130 % 130 % - 140 % 140 % - 150 % > 150% Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 16 of 28
9. Current Loan To Indexed Market Value From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loans % of Total <= 10 % 4,860,143.20 0.18 % 181 1.23 % 2.93 % 18.76 7.52 % 10 % - 20 % 29,681,943.92 1.08 % 530 3.60 % 2.87 % 22.78 15.74 % 20 % - 30 % 65,998,419.86 2.39 % 694 4.71 % 2.93 % 26.26 25.61 % 30 % - 40 % 119,713,872.38 4.34 % 907 6.16 % 3.05 % 28.08 35.50 % 40 % - 50 % 211,492,707.83 7.67 % 1,283 8.71 % 3.07 % 29.87 45.45 % 50 % - 60 % 325,583,497.81 11.80 % 1,687 11.45 % 3.22 % 31.85 55.30 % 60 % - 70 % 420,705,020.93 15.25 % 1,976 13.41 % 3.47 % 33.63 65.50 % 70 % - 80 % 686,542,735.75 24.89 % 3,129 21.24 % 3.53 % 34.62 75.32 % 80 % - 90 % 759,373,925.33 27.53 % 3,703 25.13 % 3.55 % 35.05 84.51 % 90 % - 100 % 132,162,175.99 4.79 % 632 4.29 % 4.18 % 42.78 93.03 % 100 % - 110 % 2,289,208.88 0.08 % 12 0.08 % 4.09 % 44.46 101.42 % 110 % - 120 % 120 % - 130 % 130 % - 140 % 140 % - 150 % > 150% Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 17 of 28
10. Loanpart (interest rate bucket) From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 0.5 % 0.5 % - 1.0 % 1.0 % - 1.5 % 19,318,580.46 0.70 % 229 0.82 % 1.41 % 29.72 50.50 % 1.5 % - 2.0 % 115,355,276.84 4.18 % 1,492 5.33 % 1.79 % 29.54 57.02 % 2.0 % - 2.5 % 424,312,120.73 15.38 % 4,856 17.35 % 2.22 % 29.25 62.15 % 2.5 % - 3.0 % 510,727,339.18 18.52 % 5,403 19.30 % 2.71 % 29.74 68.73 % 3.0 % - 3.5 % 437,680,989.62 15.87 % 4,432 15.83 % 3.18 % 30.93 69.45 % 3.5 % - 4.0 % 289,830,015.96 10.51 % 2,757 9.85 % 3.69 % 31.85 71.37 % 4.0 % - 4.5 % 396,455,025.98 14.37 % 3,783 13.52 % 4.24 % 38.97 73.16 % 4.5 % - 5.0 % 333,755,916.57 12.10 % 2,907 10.39 % 4.69 % 40.86 72.85 % 5.0 % - 5.5 % 173,983,373.64 6.31 % 1,624 5.80 % 5.17 % 40.54 71.84 % 5.5 % - 6.0 % 54,648,556.49 1.98 % 479 1.71 % 5.63 % 41.21 71.90 % 6.0 % - 6.5 % 2,327,103.89 0.08 % 26 0.09 % 6.03 % 43.04 72.16 % 6.5 % - 7.0 % 9,352.52 0.00 % 2 0.01 % 6.50 % 28.83 67.27 % >= 7.0 % Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 18 of 28
11. Remaining Interest Rate Fixed Period From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1 year 124,625,686.54 4.52 % 1,528 5.46 % 2.64 % 31.86 61.25 % 1 year - 2 years 73,742,517.41 2.67 % 867 3.10 % 3.16 % 31.16 63.80 % 2 years - 3 years 61,109,307.61 2.22 % 748 2.67 % 3.27 % 32.66 64.32 % 3 years - 4 years 42,428,203.38 1.54 % 517 1.85 % 3.83 % 34.67 65.85 % 4 years - 5 years 431,035,097.44 15.63 % 3,686 13.17 % 4.43 % 42.10 74.44 % 5 years - 6 years 208,434,237.32 7.56 % 1,987 7.10 % 4.26 % 36.18 70.96 % 6 years - 7 years 227,696,432.01 8.25 % 2,450 8.75 % 3.51 % 29.33 68.42 % 7 years - 8 years 433,435,446.42 15.71 % 4,463 15.94 % 2.83 % 30.51 67.11 % 8 years - 9 years 333,055,709.32 12.07 % 3,544 12.66 % 2.46 % 30.25 67.23 % 9 years - 10 years 169,284,355.79 6.14 % 1,767 6.31 % 3.04 % 34.06 66.12 % 10 years - 11 years 17,591,312.84 0.64 % 193 0.69 % 4.30 % 35.02 67.40 % 11 years - 12 years 15,841,654.61 0.57 % 207 0.74 % 3.82 % 30.14 65.27 % 12 years - 13 years 48,244,384.03 1.75 % 549 1.96 % 3.22 % 29.47 66.27 % 13 years - 14 years 19,183,592.50 0.70 % 211 0.75 % 3.31 % 31.20 66.46 % 14 years - 15 years 69,316,684.41 2.51 % 594 2.12 % 4.98 % 41.14 69.75 % 15 years - 16 years 15,415,432.13 0.56 % 160 0.57 % 5.29 % 35.23 68.56 % 16 years - 17 years 24,590,060.75 0.89 % 260 0.93 % 4.27 % 31.14 66.67 % 17 years - 18 years 149,072,777.48 5.40 % 1,464 5.23 % 3.26 % 30.66 69.14 % 18 years - 19 years 193,758,950.78 7.02 % 1,869 6.68 % 3.09 % 31.02 72.09 % 19 years - 20 years 35,420,094.53 1.28 % 349 1.25 % 3.96 % 37.72 68.86 % 20 years - 21 years 5,587,323.25 0.20 % 56 0.20 % 4.91 % 39.07 71.67 % 21 years - 22 years 1,759,362.32 0.06 % 22 0.08 % 4.72 % 40.94 63.64 % 22 years - 23 years 4,575,309.10 0.17 % 50 0.18 % 3.77 % 39.25 71.34 % 23 years - 24 years 2,915,135.35 0.11 % 30 0.11 % 3.77 % 35.42 72.12 % 24 years - 25 years 22,028,631.93 0.80 % 157 0.56 % 5.52 % 47.85 77.25 % 25 years - 26 years 3,344,816.19 0.12 % 27 0.10 % 5.72 % 41.95 75.44 % 26 years - 27 years 5,115,904.56 0.19 % 55 0.20 % 4.62 % 27.72 72.62 % 27 years - 28 years 15,133,974.28 0.55 % 137 0.49 % 3.87 % 28.94 74.98 % 28 years - 29 years 4,612,924.41 0.17 % 41 0.15 % 3.61 % 29.33 82.55 % 29 years - 30 years 48,333.19 0.00 % 2 0.01 % 4.08 % 29.36 84.76 % 30 year >= Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 19 of 28
12. Interest Payment Type Description Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total Floating 22,035,727.91 0.80 % 380 1.36 % 2.05 % 29.62 56.57 % Fixed 2,736,367,923.97 99.20 % 27,610 98.64 % 3.45 % 33.69 68.99 % Total 2,758,403,651.88 100.00 % 27,990 100.00 % 3.44 % 33.66 68.89 % 20 of 28
13. Property Description Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total Appartement 396,623,562.93 14.38 % 2,760 18.73 % 3.25 % 30.77 68.13 % House 2,361,780,088.95 85.62 % 11,974 81.27 % 3.47 % 34.14 69.02 % Business Other Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 21 of 28
14. Geographical Distribution (by province) Province Aggregate Outstanding Amount % of Total Nr of Loans % of Total Groningen 56,146,492.37 2.04 % 385 2.61 % 3.30 % 31.92 71.93 % Friesland 100,244,860.11 3.63 % 657 4.46 % 3.17 % 32.15 70.78 % Drenthe 72,093,094.30 2.61 % 441 2.99 % 3.30 % 32.36 71.87 % Overijssel 193,671,622.98 7.02 % 1,120 7.60 % 3.51 % 34.61 71.28 % Gelderland 325,838,965.38 11.81 % 1,754 11.90 % 3.42 % 33.30 68.90 % Flevoland 47,694,990.80 1.73 % 284 1.93 % 3.32 % 33.20 73.40 % Utrecht 254,211,191.95 9.22 % 1,182 8.02 % 3.41 % 34.47 66.24 % Noord-Holland 417,159,467.57 15.12 % 1,988 13.49 % 3.33 % 33.63 63.76 % Zuid-Holland 550,873,944.36 19.97 % 2,886 19.59 % 3.50 % 33.61 68.91 % Zeeland 82,847,458.61 3.00 % 528 3.58 % 3.49 % 32.82 74.07 % Noord-Brabant 480,224,993.41 17.41 % 2,441 16.57 % 3.54 % 34.37 69.48 % Limburg 177,396,570.04 6.43 % 1,068 7.25 % 3.56 % 32.83 73.59 % Unspecified Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 22 of 28
15. Occupancy Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total Owner Occupied 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % Buy-to-let Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 23 of 28
16. Loanpart Payment Frequency Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total Monthly 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % Quarterly Semi-annually Annually Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 24 of 28
17. Guarantee Type Description Aggregate Outstanding Amount % of Total Nr of Loans % of Total NHG Guarantee 1,326,023,069.98 48.07 % 8,241 55.93 % 3.62 % 35.45 75.84 % Non-NHG Guarantee 1,432,380,581.90 51.93 % 6,493 44.07 % 3.28 % 31.99 62.46 % Total 2,758,403,651.88 100.00 % 14,734 100.00 % 3.44 % 33.66 68.89 % 25 of 28
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 Available Liquidity Buffer Calculation Date CLTOMV Construction Deposit 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. Means available liquid assets on reserved accounts of the CBC, plus interest payments and principal repayments from the underlying assets (including derivatives) to which the CBC is contractually entitled for the following six (6) months period. 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) 26 of 28
Term Definition / Calculation Credit Rating Current Balance Index Indexed Valuation IRS Liquidity Buffer Test 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 Required Liquidity Buffer Reserve Fund Savings Seasoning Series Servicer An assessment of the credit worthiness of the notes assigned by the credit rating agencies. 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) Means a monthly check, whether the Available Liquidity Buffer is equal to / or higher than the Required Liquidity Buffer, calculated in accordance with article 40(g) of the Decree on Prudential Rules under the FSA (Besluit prudentiele regels Wft) and annually checked by the Asset Monitor. 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. Means an amount which is such amount as required for covered bonds pursuant to the CB Regulations to meet the obligation regarding interest payments and redemptions (the latter only in case of hard bullet covered bonds) under the covered bonds for the following six (6) months period including senior cost. 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
Contact Information Account Bank Coöperatieve Rabobank U.A. Administrator Coöperatieve Rabobank U.A. Croeselaan 18 Croeselaan 18 3521 CB Utrecht 3521 CB Utrecht Arranger Coöperatieve Rabobank U.A. Asset Monitor KPMG Accountants N.V. Croeselaan 18 Laan van Langerhuize 1 3521 CB Utrecht 1186 DS Amstelveen CBC Rabo Covered Bond Company B.V. CBC's Director Intertrust Management B.V. Prins Bernhardplein 200 Prins Bernhardplein 200 1097 JB Amsterdam 1097 JB Amsterdam Dealer Coöperatieve Rabobank U.A. Guarantor Rabo Covered Bond Company B.V. Croeselaan 18 Prins Bernhardplein 200 3521 CB Utrecht 1097 JB Amsterdam Holding Stichting Holding Rabo Covered Bond Company Initial Originators Coöperatieve Rabobank U.A. Prins Bernhardplein 200 Croeselaan 18 1097 JB Amsterdam 3521 CB Utrecht Initial Originators Rabohypotheekbank N.V. Initial Servicer Coöperatieve Rabobank U.A. Croeselaan 18 Croeselaan 18 3521 CB Utrecht 3521 CB Utrecht Issuer Coöperatieve Rabobank U.A. Issuer or Administrator Coöperatieve Rabobank U.A. Croeselaan 18 Croeselaan 18 3521 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 18 60323 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 200 1097 JB Amsterdam 1097 JB Amsterdam 28 of 28