Rabobank Nederland - Robeco.com

Bearer Notes are serially numbered and are issued with Coupons (and, where appropriate, a
Talon) attached, save in the case of Zero Coupon Notes in which case references to interest (other than
in relation to interest due after the Maturity Date), Coupons and Talons in these Conditions are not
applicable. Instalment Notes are issued with one or more Receipts attached.
Registered Notes are represented by registered certificates (‘Certificates’) and, save as provided
in Condition 3(c), each Certificate shall represent the entire holding of Registered Notes by the same
holder. Notes issued by Rabobank Nederland and sold in the United States to qualified institutional
buyers pursuant to Rule 144A under the Securities Act will initially be represented by a Restricted
Global Certificate in registered form.
Title to the Bearer Notes and the Receipts, Coupons and Talons appertaining thereto shall pass
by delivery and title to the Registered Notes shall pass by registration in the register which the Issuer
shall procure to be kept by the Registrar in accordance with the provisions of the Agency Agreement
(the ‘Register’), unless applicable law provides otherwise or provides for additional formalities for
transfer of title. In so far as applicable law requires notification to the debtor for a valid transfer of title
to the Registered Notes, the registration of the transfer by the Registrar shall constitute evidence of
this notification. Except as ordered by a court of competent jurisdiction or as required by law, the holder
(as defined below) of any Note, Receipt, Coupon or Talon shall be deemed to be and may be treated
as its absolute owner for all purposes, whether or not it is overdue and regardless of any notice of
ownership, trust or an interest in it, any writing on it (or on the Certificate representing it) or its theft or
loss (or that of the related Certificate) and no person shall be liable for so treating the holder.