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RISK FACTORSThe Issuer believes that the following factors may affect its ability to fulfil its obligations under Notes issuedunder the Programme. Most of these factors are contingencies which may or may not occur and the Issuer isnot in a position to express a view on the likelihood of any such contingency occurring.In addition, factors which are material for the purpose of assessing the market risks associated with Notesissued under the Programme are also described below.The Issuer believes that the factors described below represent the principal risks inherent in investing in Notesissued under the Programme, but the Issuer may be unable to pay interest, principal or other amounts on or inconnection with any Notes for other reasons and the Issuer does not represent that the statements belowregarding the risks of holding any Notes are exhaustive. Prospective investors should also read the detailedinformation set out elsewhere in this Offering Circular (including any documents deemed to be incorporatedby reference herein) and reach their own views prior to making any investment decision.Unless the context otherwise requires, references in this chapter “Risk Factors” to “Rabobank Group”,“Rabobank” or the “Group” are to Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“RabobankNederland”) and its members, subsidiaries and affiliates. Rabobank Nederland is a trading name ofCoöperatieve Centrale Raiffeisen-Boerenleenbank B.A. Rabobank Structured Products is a defined name forthe purposes of this Offering Circular and the Structured Medium Term Note Programme of CoöperatieveCentrale Raiffeisen-Boerenleenbank B.A. References in this chapter “Risk Factors” to the “Bank” are toRabobank Group.Factors that may affect the Issuer’s ability to fulfil its obligations under Notes issued pursuant to theProgrammeBusiness and general economic conditionsThe profitability of Rabobank Group could be adversely affected by a continued worsening of generaleconomic conditions in the Netherlands and/or globally. The financial crisis which started in the second halfof 2007 affects all banks, particularly in respect of funding due to the liquidity shortage. Factors such asinterest rates, inflation, deflation, investor sentiment, the availability and cost of credit, the liquidity of theglobal financial markets and the level and volatility of equity prices can significantly affect the activity levelof customers and the profitability of Rabobank Group. For example, the continuing economic downturn, orsignificantly higher interest rates, could adversely affect the credit quality of Rabobank Group’s assets byincreasing the risk that a greater number of its customers would be unable to meet their obligations. Moreover,the market downturn and worsening of the economy could cause Rabobank Group to incur further mark-tomarketlosses in its trading portfolios or could reduce the fees Rabobank Group earns for managing assets orthe levels of assets under management. In addition, the continuing market downturn and increased competitionfor savings in the Netherlands could lead to a decline in the volume of customer transactions that RabobankGroup executes and, therefore, a decline in customer deposits and the income it receives from fees andcommissions and interest. See “Management’s Discussion and Analysis of Financial Condition and Results ofOperations – Factors affecting results of operations – General market conditions” and “Impact of the financialcrisis”. Continuing volatility in the financial markets or a protracted economic downturn in the Netherlands orRabobank Group’s other major markets could have a material adverse effect on Rabobank Group’s results ofoperations.Credit riskCredit risk is the risk that a client defaults on its obligations to pay sums due. In order to minimise this risk,Rabobank Group pursues a prudent policy for accepting new clients, characterised by careful assessment ofclients and their ability to make repayments. Rabobank Group grants loans only if it is expected that a client11