Adrie ZwanenbergInvestor Relations

June 23th, 2009

AgInvesting 2009

New York

WATER

Thirsty for investments

Disclaimer

All information provided by Rabobank Nederland in this presentation does not represent an offer, investment advice or any kind of financial service.

Rabobank Nederland is a trade name of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.

Rabobank Nederland is registered by the Chamber of Commerce under nr. 30046259.

DisclaimerAlthough Rabobank Nederland has obtained the information provided from sources that should be considered reliable, it cannot guarantee its accuracy or completeness. The information provided is purely of an indicative nature and is subject to change without notice at any time.

The information provided does not confer any rights. Rabobank Nederland cannot guarantee that the presentation does not contain errors. Neither Rabobank Nederland nor any other provider of information accepts any liability for the content of this presentation.

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Water is an issue in the heart of Africa….

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…in the heart of London…

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…and in the USA

•Excluding capital projects related to dams, raw water reservoirs, future growth and fire protection

Source: EPA, February 2009

Total water loss nationwide is estimated 23 billion liters per day= combined water consumption of the 10 biggest cities

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Water is certainly an issue for agriculture

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Nature has a perfect water cycle…

Source: World Business Council for Sustainable Development

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…but only 0.5% of world’s water is available as fresh water…

Source: World Business Council for Sustainable Development

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Source: World Business Council for Sustainable Development

…and that available water amount is badly distributed over the globe…

Annual renewable water (m³/person/year)

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Source: SAM

…and within countries, like in China

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Source: World Business Council for Sustainable Development

The users of water areagriculture, industry and households…

…and all of them want MORE !

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drinking hygiene

sanitation

irrigationenergy cooling food & drinks

manufacturing

Demand for water is growingfor all sorts of uses…

Source: SAM

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poor infrastructure salinization

leaks inpipelines

environmentalpollution

…while supply is under pressure

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Irrigation is part of Rabobank’sFood & Agribusiness lending

Total lending Rabobank €409bn of which F&A €68bn

Group lending by customer category total €409 bn

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Rabobank finances all links of the F&A chain with a focus on agriculture

Group F&A lending by link in the chain total €68bn

7%

63%

16%

7% 7%

DomesticInternational

Farm inputs

Agriculture &

horticultureProcessing Trade

Retail & food-

service

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€bn

F&A portfolio well spread over sectors

Group lending by F&A sector total €68bn (Dec ‘08)• F&A portfolio well diversified

• F&A is 17% of Group portfolio

• F&A portfolio evenly spread domestic vs. international

• Portfolio growth in 2008: +15%

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Global trade flows of grains & oilseeds…

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…and global trade flows of dairy products…

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…are examples of global flows of water

Importers and exporters of virtual water due to agricultural trade flows

Source: IWMI

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Agriculture: increasing demand for water…

Demand for water increases due to strong increase offood, feed, fuel and fibre

Water is an issue for agriculture:

• lower yields if water is scarce

• higher price for water intake

• need to invest in securing water, eg water rights

• regulatory constraints

• reputation constraints

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The price of water is increasing

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Average price of waterin USD/m³

+4%

+48%

+14%

-1%

+86%

+35%

+11%

+55%

+70%

+30%

Source: NUS Consulting Group

…requires investments in new technologies

Technologies to increase water use efficiency:

• system modernization

• monitoring crop water demand

• metering water use

• Sprinkler & drip irrigation

• waste water reuse

• desalination

• drought-tolerant crops

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Investment opportunities can be found in all parts of the water cycle…

Source: SAMInvestor Relations

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Business in water Examples of companies active in the USA

Water utilities

Water distribution

Water treatment

Irrigation equipment

Monitoring

Water investment funds

Biotechnology

…and in many companies

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Conclusions

Water is thirsty for investments indeed

Investment opportunities will be enhanced furtherthrough:

• Increasing water scarcity

• Higher price for water

• Governmental stimulation packages to mitigate the impact of the economic crisis

Many opportunities of investing in water, directly orindirectly

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More information on Rabobank

RabobankInvestor RelationsP.O. Box 17100, UCR 3153500 HG UtrechtThe Netherlands

Tel.: +31 30 216 5777Fax: +31 30 291 7105E-mail: IR@rabobank.comInternet: www.rabobank.com/IRBloomberg: RABO NA

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