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ChapterTABLE OF CONTENTSPageSUMMARY OF THE PROGRAMME ..................................................................................................................................................... 4RISK FACTORS..................................................................................................................................................................................... 11DOCUMENTS INCORPORATED BY REFERENCE........................................................................................................................... 28IMPORTANT INFORMATION ............................................................................................................................................................. 29GENERAL DESCRIPTION OF THE PROGRAMME .......................................................................................................................... 34FORM OF FINAL TERMS (LESS THAN EUR 50,000) ....................................................................................................................... 35FORM OF FINAL TERMS (AT LEAST EUR 50,000).......................................................................................................................... 73TERMS AND CONDITIONS OF THE NOTES .................................................................................................................................. 1101. Form, Denomination and Title....................................................................................................................... 1182. Transfers of Registered Notes........................................................................................................................ 1203. Status of the Notes ......................................................................................................................................... 1224. Interest and Other Calculations...................................................................................................................... 1225. Redemption and Purchase.............................................................................................................................. 1286. Currency Linked Redemption Notes and Commodity Linked Redemption Notes......................................... 1327. Index Linked Notes........................................................................................................................................ 1328. Equity Linked Notes ...................................................................................................................................... 1439. Fund Linked Notes......................................................................................................................................... 16310. Credit Linked Notes....................................................................................................................................... 17211. Payments........................................................................................................................................................ 21712. Taxation ......................................................................................................................................................... 22113. Prescription .................................................................................................................................................... 22214. Events of Default ........................................................................................................................................... 22215. Agents............................................................................................................................................................ 22316. Meeting of Noteholders, Modifications and Substitutions ............................................................................. 22317. Replacement of Notes, Certificates, Receipts, Coupons and Talons.............................................................. 22618. Increase and Further Issues ............................................................................................................................ 22619. Notices ........................................................................................................................................................... 22720. Governing Law and Jurisdiction .................................................................................................................... 227FORM OF THE NOTES ....................................................................................................................................................................... 229USE OF PROCEEDS............................................................................................................................................................................ 234CLEARING AND SETTLEMENT....................................................................................................................................................... 235DESCRIPTION OF BUSINESS OF RABOBANK GROUP................................................................................................................ 238RABOBANK GROUP STRUCTURE .................................................................................................................................................. 249MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.......... 252SELECTED FINANCIAL INFORMATION ........................................................................................................................................ 284RISK MANAGEMENT ........................................................................................................................................................................ 287GOVERNANCE OF RABOBANK GROUP........................................................................................................................................ 292REGULATION OF RABOBANK GROUP.......................................................................................................................................... 307CAPITALISATION OF RABOBANK GROUP................................................................................................................................... 312TAXATION .......................................................................................................................................................................................... 3131. The Netherlands............................................................................................................................................. 3132. Belgium.......................................................................................................................................................... 3143. Luxembourg................................................................................................................................................... 3184. United States Federal Income Taxation ......................................................................................................... 3205. EU Savings Directive..................................................................................................................................... 339ERISA CONSIDERATIONS ................................................................................................................................................................ 340TRANSFER RESTRICTIONS.............................................................................................................................................................. 342SUBSCRIPTION AND SALE .............................................................................................................................................................. 344GENERAL INFORMATION................................................................................................................................................................ 3513
SUMMARY OF THE PROGRAMMEThis summary must be read as an introduction to this Offering Circular. Any decision to invest in any Notesshould be based on a consideration of this Offering Circular as a whole, including the documentsincorporated by reference. The Issuer has no civil liability in respect of this summary, unless it is misleading,inaccurate or inconsistent when read together with the other parts of this Offering Circular. Where a claimrelating to information contained in this Offering Circular is brought before a court in an EEA State, theclaimant may, under the national legislation of the EEA State where the claim is brought, be required to bearthe costs of translating the Offering Circular before the legal proceedings are initiated. Words andexpressions defined in Terms and Conditions of the Notes below shall have the same meanings in thissummary.Unless the context otherwise requires, references in this summary to “Rabobank Group”, “Rabobank” or the“Group” are to Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank Nederland”) and itsmembers, subsidiaries and affiliates. Rabobank Nederland is a trading name of Coöperatieve CentraleRaiffeisen-Boerenleenbank B.A. Rabobank Structured Products is a defined name for the purposes of thisOffering Circular and the Structured Medium Term Note Programme of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.Issuer: Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Structured Products).Objects: According to article 3 of its articles of association, the object of Rabobank Nederland is to promotethe interests of its members, the local Rabobanks. It shall do so by: (i) promoting the establishment, continuedexistence and development of cooperative banks, (ii) conducting the business of banking in the widest sense,especially by acting as central bank for its members and as such entering into agreements with its members,(iii) negotiating rights on behalf of its members and, with due observance of the relevant provisions of thearticles of association, entering into commitments on their behalf, provided that such commitments have thesame implications for all its members, including the entering into collective labour agreements on behalf of itsmembers, (iv) participating in, managing and providing services to other enterprises and institutions, inparticular enterprises and institutions operating in the fields of insurance, lending, investments and/or otherfinancial services, (v) supervising the Local Rabobanks in accordance with the provisions of the DutchFinancial Supervision Act (Wet op het financieel toezicht) (the “Financial Supervision Act”), or any act thatreplaces it and (vi) doing all such other things as may be regarded as being incidental or conducive to theattainment of the objects specified above.Activities: Rabobank, founded over a century ago, is one of the largest banking groups in the Netherlands andranks in the top 25 banking institutions in the world in terms of Tier I capital. The Group is a cooperativebanking organisation comprising Rabobank Nederland (a cooperative entity licensed as a credit institution in theNetherlands), Rabobank Nederland’s local member credit institutions (the “Local Rabobanks”) and numerousspecialised finance and other subsidiaries. A system of cross guarantees provides for intra-Group credit supportamong Rabobank Nederland, all Local Rabobanks and certain subsidiaries in the event of a shortfall in assets inone of the entities. In the Netherlands, Rabobank Group follows an “Allfinanz” concept, meaning that itprovides an integrated range of financial services primarily comprising retail banking, wholesale banking andinternational retail banking, asset management and investment, leasing, real estate and distribution ofinsurance products to a wide range of both individual and corporate customers. As an Allfinanz provider, theGroup focuses on operations that produce fee-based income in addition to the Group’s traditional interestbasedincome sources. For example, Rabobank is active in asset management through Robeco Group N.V., thelargest retail investment manager in the Netherlands in terms of assets under management, in which RabobankNederland currently owns a 100 per cent. equity interest. Internationally, Rabobank pursues a niche strategy ininvestment and international corporate banking through Rabobank International. At 30 June 2009, RabobankGroup operated in the Netherlands through 152 Local Rabobanks, more than 1,100 branches of LocalRabobanks and more than 3,000 cash-dispensing machines.4
Page 1 and 2: Dit prospectus is gemaakt voor de u
Page 3 and 4: A Dutch language description of the
Page 5: FUND LINKED INTEREST NOTE PROVISION
Page 8 and 9: Where:SPX (0) means the Reference L
Page 10 and 11: (b)Whether the Notesrelate to a bas
Page 12 and 13: 37. Instalment Notes: Not Applicabl
Page 14 and 15: PART B - OTHER INFORMATION1. LISTIN
Page 16 and 17: Index to track general stock market
Page 18 and 19: (b)(c)(d)(e)(f)Conditions to which
Page 20 and 21: ANNEXDUTCH LANGUAGE DESCRIPTIONNEDE
Page 22 and 23: OFFERING CIRCULARRABOBANK STRUCTURE
Page 26 and 27: Rabobank’s current long-term depo
Page 28 and 29: y the International Swaps and Deriv
Page 30 and 31: Delivery of the Deliverable Obligat
Page 32 and 33: RISK FACTORSThe Issuer believes tha
Page 34 and 35: Transfer limits are determined acco
Page 36 and 37: Effect of governmental policy and r
Page 38 and 39: Currency Linked NotesThe Issuer may
Page 40 and 41: Adjustment to the terms and conditi
Page 42 and 43: Prospective purchasers of the Notes
Page 44 and 45: Notes issued at a substantial disco
Page 46 and 47: implementation of the Savings Direc
Page 48 and 49: Legal investment considerations may
Page 50 and 51: IMPORTANT INFORMATIONThis Offering
Page 52 and 53: equirement to publish a prospectus
Page 54 and 55: Issuer or such directors and office
Page 56 and 57: FORM OF FINAL TERMS (LESS THAN EUR
Page 58 and 59: REPRESENTATION CAN BE MADE AS TO TH
Page 60 and 61: 8. Maturity Date or Redemption Mont
Page 62 and 63: (i)Other terms relating to the meth
Page 64 and 65: Redemption Amounts and Late Payment
Page 66 and 67: INDEX LINKED INTEREST NOTE PROVISIO
Page 68 and 69: [[●]/See Schedule]](b)(c)(d)(e)Pa
Page 70 and 71: (Specify other)](f) Additional Fina
Page 72 and 73: (c) Day Count Fraction: [Actual/Act
Page 74 and 75:
(c)Provisions for determining Final
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(e)Relevant provisions for determin
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[The obligation(s) identified as fo
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(x) Physical Settlement Period: [
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(j) Fund Business Day: [[●] (Give
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DISTRIBUTION45. (a) If syndicated,
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PART B - OTHER INFORMATION 71. LIST
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composed by the Issuer and if the i
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(When completing this paragraph, co
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(h)(i)(j)(k)(l)[Procedure for exerc
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FORM OF FINAL TERMS (AT LEAST EUR 5
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(When adding any other terms, risk
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[Fund Linked Redemption]/[Dual Curr
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(f) Screen Rate Determination: [App
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(e)Currencies and/or formula isimpo
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(d)Provisions for determining theRa
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(f) Additional Disruption Events: [
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(j)Others terms or specialcondition
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[Actual/Actual (ISDA)]/[Other](d) O
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INDEX LINKED REDEMPTION NOTE PROVIS
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(g) Observation Date(s): [[●] (Gi
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Obligations:[The obligation(s) iden
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Terms relating to PhysicalDelivery:
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(vi) Benchmark Change: The benchmar
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(When adding any other final terms,
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PART B - OTHER INFORMATION 121. LIS
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information about the index can be
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(Include other information concerni
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SCHEDULE [●] TO THE FINAL TERMS(I
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Terms and Conditions for the purpos
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Day Count Fraction =[360 x (Y2 - Y
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“Delivery Agent”“Determinatio
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and/or of DTC, as applicable, as th
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Bearer Notes are represented either
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writing, be mailed by uninsured pos
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(b)Interest on Floating Rate Notes,
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The Agency Agreement contains provi
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(d)Interest on Dual Currency NotesI
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In the case of a partial redemption
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Where such calculation is made for
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Redemption Amount and/or the Strike
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(irrespective of whether that eight
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price risk of the Issuer issuing an
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espect of a Multi-Exchange Index ex
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exchange or quotation system as on
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8. Equity Linked Notes(a)Redemption
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e appropriate to preserve the econo
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case, such date of delivery shall b
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Equity Issuer or Underlying Equity
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For the avoidance of doubt, where a
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(vii)If the Calculation Agent deter
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(C)“Valid Date” shall mean a Sc
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effect transactions in, or obtain m
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occurrence of a Disrupted Day shall
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Calculation Agent) on the overall m
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9. Fund Linked Notes(a)Redemption o
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(x)(xi)(xii)any material change or
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elevant Final Terms) or its equival
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(c)Disrupted Days(i)Valuation Dates
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“FundAdministrator”“Fund Advi
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(b)Cash SettlementIf Cash Settlemen
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no further or other amount in respe
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Notice, the relevant Noteholder may
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the same highest or lowest value, t
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method or if such Obligation’s yi
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“Best AvailableInformation”mean
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(ii)(iii)where “Grace Period Exte
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“Deliverable Obligation”means,
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Obligation may be included as a Del
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“Assignable Loan”, “Consent R
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whose outstanding Voting Shares are
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Obligation”“Governmental Author
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Entity consolidates or amalgamates
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aforementioned currencies, which cu
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Default Requirement have become due
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Issuer a certificate signed by a Ma
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Quotations shall include or exclude
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effective.“Restructured Bond orLo
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Deliverable Obligation Characterist
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change in the Reference Obligation
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Derivatives Definitions.Upon the Ca
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(ii)The following Valuation Methods
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(l)Provisions relating to Multiple
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(d)Payments in respect of Registere
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12. TaxationAll payments of princip
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15. AgentsThe Issuing and Paying Ag
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The Agency Agreement may be amended
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the first payment of interest there
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FORM OF THE NOTESInitial Issue of N
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procure the delivery of, a Permanen
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−Notices. So long as any Notes ar
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CLEARING AND SETTLEMENTBook-Entry O
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Euroclear and Clearstream customers
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59.1 per cent., and the return on e
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agricultural market. Structured Fin
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Real estate, Rabo Vastgoedgroep N.V
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and that Rabobank Group’s broad r
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Leveraging Rabobank’s distributio
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RABOBANK GROUP STRUCTURECoöperatie
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Rabobank Nederland’s “central b
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continue. Management expects that t
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footnotes to the audited consolidat
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Operating expenses. Total operating
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Year ended 31 December20082007(rest
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Year ended 31 December20082007(rest
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Other income. Other income decrease
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Year ended 31 December 2007 compare
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Page 290 and 291:
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Year ended 31 December20082007*(res
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Contingent liabilities relate prima
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The BIS ratio is calculated by divi
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The table below sets forth a geogra
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(in millions of euro)BanksPublicaut
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The following table provides an ana
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At 31 December(in millions of euro)
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(in millions of euro) 30-Jun-09 31-
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RISK MANAGEMENTRabobank Group place
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Credit riskRabobank Group aims to o
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Liquidity risk is an organisation-w
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Supervisory BoardThe Supervisory Bo
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increasing legislation and regulati
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Supervisory Board of Rabobank Neder
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Auxiliary positionsDate of first ap
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Date of first appointment tothe Sup
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Date of first appointment tothe Sup
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Supervision & Monetary Affairs and
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REGULATION OF RABOBANK GROUPRaboban
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Dutch regulationGeneralAs of Septem
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EmergenciesThe Financial Supervisio
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TAXATIONGeneralThe following summar
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to dispose of the Notes. In some ca
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settlement institution and pays the
Page 340 and 341:
their own professional advisers as
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should consult their tax adviser co
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espect to the Discount Note for eac
Page 346 and 347:
(c) it does not provide for any pri
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U.S. federal income tax purposes) h
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Contingent NotesGain from the sale
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issue price of a Foreign Currency C
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4.3 U.S. Federal Income Tax Treatme
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Issuers intend to treat the Forward
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Retirement of an Option Note for Ca
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U.S. Holder will be required to dis
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‘“benefit plan investors”.
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(7) Distribution of this Offering C
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(d)(e)at any time to fewer than 100
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for the purposes of its business an
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e-offering or resale, directly or i
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GENERAL INFORMATION1. Application h
Page 374:
PRINCIPAL OFFICE OF THE ISSUERCoöp
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