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The BIS ratio is calculated by dividing the total of Tier I and Tier II capital by the total of risk-weightedassets. At 30 June 2009, the BIS ratio came to 13.5 per cent. (2008: 13.0 per cent.). This exceeds the minimumrequirement set by the external supervisors of 8.0 per cent.The following table sets forth the risk-weighted capital ratios of Rabobank Group at 31 December 2008 and31 December 2007, in each case calculated under the Netherlands’ implementation of the relevant EUdirectives:Development in capital and solvency ratiosAt 31At 30 JuneDecember(amounts in millions of euro, except percentages) 2009 2008 2007Tier I capital 1 .................................................................... 31,178 30,358 28,518Tier I ratio 1 ........................................................................ 13.0% 12.7% 10.7%Qualifying capital 1 ............................................................ 32,273 30,912 29,190BIS ratio 1 .......................................................................... 13.5% 13.0% 10.9%Note:(1) Data for 2007 are based on Basel I requirements and data for 2008 have been based on the Basel II requirementswith effect from 1 January 2008.Selected statistical information*The following section discusses selected statistical information regarding Rabobank Group’s operations.Unless otherwise indicated, average balances are calculated based on monthly balances and geographic dataare based on the domicile of the customer. See “— Results of operations” for an analysis of fluctuations inRabobank Group’s results between periods.Return on equity and assetsThe following table presents information relating to Rabobank Group’s return on equity and assets for each ofthe past three years:2008 2007 2006Return on assets 1 ........................................................ 0.47% 0.45% 0.43%Return on equity 2 ....................................................... 8.67% 8.81% 8.57%Equity to assets ratio 3 ................................................ 5.47 5.20 5.09Notes:(1) Net profit as a percentage of total average assets, based on month-end balances.(2) Net profit as a percentage of average equity, based on quarter-end balances.(3) Average equity divided by average total assets, based on quarter-end balances.275
The following table presents information relating to payments on Rabobank Member Certificates for each ofthe past five years:(amounts in millions of euro, except percentages)2008 2007 2006 2005 2004Outstanding Rabobank Member Certificates 1 ......... 6.180 5,948 5,812 4,311 3,854Payments................................................................. 316 299 277 211 217Average yield .......................................................... 5.11% 5.03% 4.77% 4.89% 5.23%Note:(1) Average Outstanding Rabobank Member Certificates based on month-end balances.Loan portfolioRabobank Group’s loan portfolio consists of loans, overdrafts, assets subject to operating leases, finance leasereceivables to governments, corporations and consumers and reverse repurchase agreements. The followingtable analyses Rabobank Group’s loan portfolio by sector at 31 December 2008, 31 December 2007 and 31December 2006:At 31 December(in millions of euro) 2008 2007 2006Public sector ................................................................... 8,848 5,095 3,093Private sector (corporate lending) .................................. 217,521 177,863 160,019Private sector (personal lending) ................................... 194,229 180,392 166,340Total loans (gross) excluding securities transactions. 420,598 363,350 329,452Securities transactions .................................................... 3,812 14,422 28,396Hedge accounting ........................................................... (5,003) (2,522) (675)Total loans (gross) including securities transactions . 429,413 375,250 357,173Total loans (net) 1 ........................................................... 426,283 372,968 354,924Note:(1) The difference between total loans (gross) and total loans (net) represents provisions for loan losses.276
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Dit prospectus is gemaakt voor de u
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A Dutch language description of the
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FUND LINKED INTEREST NOTE PROVISION
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Where:SPX (0) means the Reference L
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(b)Whether the Notesrelate to a bas
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37. Instalment Notes: Not Applicabl
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PART B - OTHER INFORMATION1. LISTIN
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Index to track general stock market
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(b)(c)(d)(e)(f)Conditions to which
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ANNEXDUTCH LANGUAGE DESCRIPTIONNEDE
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OFFERING CIRCULARRABOBANK STRUCTURE
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ChapterTABLE OF CONTENTSPageSUMMARY
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Rabobank’s current long-term depo
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y the International Swaps and Deriv
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Delivery of the Deliverable Obligat
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RISK FACTORSThe Issuer believes tha
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Transfer limits are determined acco
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Effect of governmental policy and r
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Currency Linked NotesThe Issuer may
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Adjustment to the terms and conditi
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Prospective purchasers of the Notes
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Notes issued at a substantial disco
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implementation of the Savings Direc
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Legal investment considerations may
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IMPORTANT INFORMATIONThis Offering
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equirement to publish a prospectus
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Issuer or such directors and office
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FORM OF FINAL TERMS (LESS THAN EUR
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REPRESENTATION CAN BE MADE AS TO TH
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8. Maturity Date or Redemption Mont
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(i)Other terms relating to the meth
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Redemption Amounts and Late Payment
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INDEX LINKED INTEREST NOTE PROVISIO
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[[●]/See Schedule]](b)(c)(d)(e)Pa
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(Specify other)](f) Additional Fina
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(c) Day Count Fraction: [Actual/Act
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(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
Page 246 and 247: The Agency Agreement may be amended
Page 248 and 249: the first payment of interest there
Page 250 and 251: FORM OF THE NOTESInitial Issue of N
Page 252 and 253: procure the delivery of, a Permanen
Page 254 and 255: −Notices. So long as any Notes ar
Page 256 and 257: CLEARING AND SETTLEMENTBook-Entry O
Page 258 and 259: Euroclear and Clearstream customers
Page 260 and 261: 59.1 per cent., and the return on e
Page 262 and 263: agricultural market. Structured Fin
Page 264 and 265: Real estate, Rabo Vastgoedgroep N.V
Page 266 and 267: and that Rabobank Group’s broad r
Page 268 and 269: Leveraging Rabobank’s distributio
Page 270 and 271: RABOBANK GROUP STRUCTURECoöperatie
Page 272 and 273: Rabobank Nederland’s “central b
Page 274 and 275: continue. Management expects that t
Page 276 and 277: footnotes to the audited consolidat
Page 278 and 279: Operating expenses. Total operating
Page 280 and 281: Year ended 31 December20082007(rest
Page 282 and 283: Year ended 31 December20082007(rest
Page 284 and 285: Other income. Other income decrease
Page 286 and 287: Year ended 31 December 2007 compare
Page 292 and 293: Year ended 31 December20082007*(res
Page 294 and 295: Contingent liabilities relate prima
Page 298 and 299: The table below sets forth a geogra
Page 300 and 301: (in millions of euro)BanksPublicaut
Page 302 and 303: The following table provides an ana
Page 304 and 305: At 31 December(in millions of euro)
Page 306 and 307: (in millions of euro) 30-Jun-09 31-
Page 308 and 309: RISK MANAGEMENTRabobank Group place
Page 310 and 311: Credit riskRabobank Group aims to o
Page 312 and 313: Liquidity risk is an organisation-w
Page 314 and 315: Supervisory BoardThe Supervisory Bo
Page 316 and 317: increasing legislation and regulati
Page 318 and 319: Supervisory Board of Rabobank Neder
Page 320 and 321: Auxiliary positionsDate of first ap
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Page 324 and 325: Date of first appointment tothe Sup
Page 326 and 327: Supervision & Monetary Affairs and
Page 328 and 329: REGULATION OF RABOBANK GROUPRaboban
Page 330 and 331: Dutch regulationGeneralAs of Septem
Page 332 and 333: EmergenciesThe Financial Supervisio
Page 334 and 335: TAXATIONGeneralThe following summar
Page 336 and 337: to dispose of the Notes. In some ca
Page 338 and 339: settlement institution and pays the
Page 340 and 341: their own professional advisers as
Page 342 and 343: should consult their tax adviser co
Page 344 and 345: espect to the Discount Note for eac
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(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
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PRINCIPAL OFFICE OF THE ISSUERCoöp
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