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OFFERING CIRCULARRABOBANK STRUCTURED PRODUCTSCoöperatieve C<strong>en</strong>trale Raiffe<strong>is</strong><strong>en</strong>-Boer<strong>en</strong>le<strong>en</strong>bank B.A.(a coöperatie with limited liability establ<strong>is</strong>hed un<strong>de</strong>r the laws of the Netherlandswith its statutory seat in Amsterdam, the Netherlands)EUR 10,000,000,000Structured Medium Term Note ProgrammeDue from sev<strong>en</strong> days to perpetuityUn<strong>de</strong>r the EUR 10,000,000,000 Structured Medium Term Note Programme <strong>de</strong>scribed in th<strong>is</strong> Offering Circular (the “Programme”),Coöperatieve C<strong>en</strong>trale Raiffe<strong>is</strong><strong>en</strong>-Boer<strong>en</strong>le<strong>en</strong>bank B.A. (“Rabobank Structured Products” or the “Issuer”) may, subject to compliance withall rele<strong>van</strong>t laws, regulations and directives, from time to time <strong>is</strong>sue medium term notes (the “Notes”).The Notes <strong>is</strong>sued un<strong>de</strong>r th<strong>is</strong> Programme may be <strong>is</strong>sued in bearer form (“Bearer Notes”) or in reg<strong>is</strong>tered form (“Reg<strong>is</strong>tered Notes”). Theaggregate nominal amount of Notes outstanding will not at any time exceed EUR 10,000,000,000 (or the equival<strong>en</strong>t in any other curr<strong>en</strong>cies).The Programme <strong>is</strong>, and Notes <strong>is</strong>sued un<strong>de</strong>r it may be, <strong>de</strong>nominated in euro, which means the lawful curr<strong>en</strong>cy of the member states of theEuropean Union that have adopted the single curr<strong>en</strong>cy in accordance with the Treaty establ<strong>is</strong>hing the European Community (signed in Romeon 25 March 1957), as am<strong>en</strong><strong>de</strong>d by the Treaty of European Union (signed in Maastricht on 7 February 1992), or any other curr<strong>en</strong>cy agreedbetwe<strong>en</strong> the Issuer and the rele<strong>van</strong>t Dealer(s).Bearer Notes for which TEFRA D <strong>is</strong> specified in the rele<strong>van</strong>t Final Terms will be repres<strong>en</strong>ted initially by a temporary global Note, withoutinterest coupons, which will be <strong>de</strong>posited either (i) with a common <strong>de</strong>positary for Euroclear and Clearstream, (ii) with Euroclear Netherlands,or (iii) as otherw<strong>is</strong>e agreed betwe<strong>en</strong> the Issuer and the rele<strong>van</strong>t Dealer(s), as applicable, on or about the <strong>is</strong>sue date of the rele<strong>van</strong>t Notes. Thetemporary global Note will be exchangeable for <strong>de</strong>finitive Notes in bearer form following the expiration of 40 days after the later of thecomm<strong>en</strong>cem<strong>en</strong>t of the offering and the closing date, upon certification as to non-U.S. b<strong>en</strong>eficial ownership as may be required by U.S. taxlaws and regulations, as <strong>de</strong>scribed un<strong>de</strong>r “Form of the Notes”.An investm<strong>en</strong>t in Notes <strong>is</strong>sued un<strong>de</strong>r the Programme involves certain r<strong>is</strong>ks. For a d<strong>is</strong>cussion of these r<strong>is</strong>ks see “R<strong>is</strong>k Factors” on pages11 – 27.Th<strong>is</strong> Offering Circular <strong>is</strong> a base <strong>prospectus</strong> for the purposes of Article 5.4 of Directive 2003/71/EC (the “Prospectus Directive”) and theDutch Financial Superv<strong>is</strong>ion Act (Wet op het financieel toezicht) (the “Financial Superv<strong>is</strong>ion Act”) and regulations thereun<strong>de</strong>r (together,“Dutch securities laws”) and has be<strong>en</strong> approved by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markt<strong>en</strong> or“AFM”), in its capacity as compet<strong>en</strong>t authority un<strong>de</strong>r the Dutch securities laws, in accordance with the prov<strong>is</strong>ions of the Prospectus Directiveand the Dutch securities laws on 21 December 2009. Application may be ma<strong>de</strong> for Notes <strong>is</strong>sued un<strong>de</strong>r the Programme within twelve (12)months of the date of th<strong>is</strong> Offering Circular to be admitted for trading on Euronext Amsterdam by NYSE Euronext (“Euronext Amsterdam”).Euronext Amsterdam <strong>is</strong> a regulated market for the purposes of Directive 2004/39/EC (the “Markets in Financial Instrum<strong>en</strong>ts Directive”).Refer<strong>en</strong>ces in th<strong>is</strong> Programme to Notes being “l<strong>is</strong>ted” (and all related refer<strong>en</strong>ces) shall mean that such Notes have be<strong>en</strong> admitted to a regulatedmarket. In ad<strong>dit</strong>ion, Notes may be l<strong>is</strong>ted or admitted to trading, as the case may be, on any other stock exchange or market and unl<strong>is</strong>ted Notesmay also be <strong>is</strong>sued pursuant to the Programme. The applicable final terms to th<strong>is</strong> Offering Circular (the “Final Terms”) in respect of the <strong>is</strong>sueof any Notes will specify whether such Notes will be l<strong>is</strong>ted on Euronext Amsterdam (or any other stock exchange) or whether the Notes willnot be l<strong>is</strong>ted. In relation to each separate <strong>is</strong>sue of Notes, the price and amount of such Notes will be <strong>de</strong>termined by the Issuer and the rele<strong>van</strong>tDealer(s) in accordance with prevailing market con<strong>dit</strong>ions at the time of the <strong>is</strong>sue of the Notes and will be set out in the rele<strong>van</strong>t Final Terms.

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