Clearly defined medium-term strategy, focusing on the domestic franchise and food and agriculture business globally. Prioritization of long-term franchise growth over short-term returns. Market-leading presence in The Netherlands, with strongly performing domestic residential mortgages. Continuing adaptation to regulatory challenges, in particular changes to the Basel framework. Like for European peers, the persistently low interest rates put pressure on revenue generation. Higher reliance on wholesale funding than European peers. The positive outlooks on Rabobank and on its highly strategic subsidiary Rabobank New Zealand Ltd. stem from the positive economic trend S&P Global Ratings sees for banks operating in the Netherlands. We believe the risks posed by commercial real estate (CRE) are abating and the declining average loan-to-value (LTV) on mortgages at
