Obbligazione RaboBank 2.49% ( XS1671578075 ) in NOK

RaboBank

100 NOK ⇌

Paesi Bassi

XS1671578075 ( in NOK )

2.49% per anno ( pagato 1 volta l'anno)

23/08/2027

Prospetto opuscolo dell'obbligazione Rabobank XS1671578075 en NOK 2.49%, scadenza 23/08/2027

1 000 000 NOK

300 000 000 NOK

24/08/2025 ( In 22 giorni )

Rabobank è una banca cooperativa olandese con una forte presenza nel settore agroalimentare e finanziario a livello globale.

L'obbligazione con codice ISIN XS1671578075, emessa da Rabobank, una primaria istituzione bancaria cooperativa con sede nei Paesi Bassi e riconosciuta per la sua solida presenza nel settore agricolo e alimentare a livello globale, presenta attualmente una quotazione di mercato al 100%, con un'emissione totale di 300.000.000 di Corone Norvegesi (NOK) e un lotto minimo di acquisto pari a 1.000.000 di NOK, caratterizzata da un tasso di interesse nominale del 2.49% e una scadenza fissata al 23 agosto 2027, con pagamenti di interessi a frequenza annuale.

Rabobank
Coöperatieve Rabobank U.A.
(a cooperative (coöperatie) formed under the laws of the Netherlands with its statutory seat in Amsterdam)
Coöperatieve Rabobank U.A. Australia Branch
(Australian Business Number 70 003 917 655)
(a cooperative (coöperatie) formed under the laws of the Netherlands with its statutory seat in Amsterdam)
Coöperatieve Rabobank U.A. New Zealand Branch
(New Zealand Business Number 9429038354397)
(a cooperative (coöperatie) formed under the laws of the Netherlands with its statutory seat in Amsterdam)
EUR 160,000,000,000 Global Medium-Term Note Programme
Due from seven days to perpetuity
Under the Global Medium-Term Note Programme described in this Base Prospectus (the "Programme"), Coöperatieve Rabobank U.A. ("Rabobank" or "Rabobank Nederland") may,
through its head office or through Coöperatieve Rabobank U.A. Australia Branch ("Rabobank Australia Branch") or through Coöperatieve Rabobank U.A. New Zealand Branch ("Rabobank
New Zealand Branch"), subject to compliance with all relevant laws, regulations and directives, from time to time, issue Global Medium-Term Notes (the "Notes"). References herein to the
"Issuer" shall mean Rabobank acting through its head office or through Rabobank Australia Branch or Rabobank New Zealand Branch.
The aggregate nominal amount of Notes outstanding will not at any time exceed EUR 160,000,000,000 (or the equivalent in other currencies). The Programme is, and Notes issued
under it may be, denominated in euro, which means the lawful currency of the member states of the European Union ("Member States") that have adopted the single currency pursuant to the
Treaty on the Functioning of the European Union, as amended.
Application has been made to the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten or the "AFM") in its capacity as competent authority under Dutch
securities laws (as defined below) to approve this Base Prospectus in connection with the issue by the Issuer of Fixed Rate Notes, Floating Rate Notes, Inverse Floating Rate Notes, Variable
Rate Notes, CMS Linked Notes, Range Accrual Notes and Zero Coupon Notes (in each case excluding such Notes which constitute money market instruments (as defined in Article 1(5) of
Directive 93/22/EC) having a maturity of less than 12 months ("Money Market Instruments") which are:
(a) offered to the public in the European Economic Area in circumstances which require the publication of a prospectus under Directive 2003/71/EC, as amended (the "Prospectus Directive"),
whether or not such Notes are listed and admitted to trading on any market; or
(b) either: (i) admitted to trading on Euronext Amsterdam N.V.'s Euronext in Amsterdam ("Euronext Amsterdam"); (ii) admitted to the official list of the Luxembourg Stock Exchange (the
"Official List") and admitted to trading on the regulated market of the Luxembourg Stock Exchange (the "Luxembourg Stock Exchange"); or (iii) admitted to trading on another regulated
market as defined under Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments (the "Markets in Financial Instruments Directive"),
such Notes hereinafter referred to as the "PD Notes". PD Notes may be issued in any denominations as agreed between the Issuer and the relevant Dealer(s), and any PD Notes which have
a denomination of less than EUR 100,000 (or its equivalent in any other currency) and do not otherwise fall within an exemption from the requirement to publish a prospectus under the
Prospectus Directive are referred to hereinafter as "Non-Exempt PD Notes".
This Base Prospectus is a base prospectus for the purposes of Article 5.4 of the Prospectus Directive and the Dutch Financial Supervision Act (Wet op het financieel toezicht) and
regulations thereunder (together "Dutch securities laws") and has been approved by the AFM in its capacity as competent authority under Dutch securities laws, in accordance with the
provisions of the Prospectus Directive and Dutch securities laws on 10 May 2017, in relation to PD Notes only.
The Issuer may also issue (a) Money Market Instruments and (b) unlisted Notes and/or Notes not admitted to trading on any regulated market in the European Economic Area (where
such Notes are, in addition, issued with a minimum denomination of at least EUR 100,000 (or its equivalent in any other currency) or otherwise fall within an exemption from the requirement to
publish a prospectus under the Prospectus Directive, such Notes, together with Money Market Instruments, are hereinafter referred to as "Exempt Notes"). The AFM has neither approved
nor reviewed information contained in this Base Prospectus in connection with the issue of any Exempt Notes.
The relevant final terms to this Base Prospectus (the "Final Terms") in respect of the issue of any Notes will specify whether such Notes will be listed on Euronext Amsterdam or the
Luxembourg Stock Exchange (or any other stock exchange) or whether the Notes will be unlisted. References in this Base Prospectus to Notes being "listed" (and all related references) shall
mean that such Notes have been admitted to trading on a regulated market.
The Notes of each Tranche (as defined herein) in bearer form will initially be represented by a temporary global note in bearer form, without interest coupons (each, a "temporary
Global Note"). If Global Notes in bearer form are stated in the relevant Final Terms to be issued in new global note ("NGN") form, the Global Notes will be delivered on or prior to the original
issue date of the relevant Tranche to a common safekeeper (the "Common Safekeeper") for Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream,
Luxembourg"). Notes in registered form will be represented by registered certificates (each, a "Certificate"), one Certificate being issued in respect of each Noteholder's entire holding of
Registered Notes (as defined below) of one Series, and may be represented by a Global Certificate (as defined below). Registered Notes issued in global form will be represented by registered
global certificates ("Global Certificates"). If a Global Certificate is held under the New Safekeeping Structure (the "NSS") the Global Certificate will be delivered on or prior to the original issue
date of the relevant Tranche to a Common Safekeeper for Euroclear and Clearstream, Luxembourg.
Global Notes in bearer form ("Bearer Notes") which are not issued in NGN form ("CGNs") and Global Certificates which are not held under the NSS will be deposited on the issue date
of the relevant Tranche either with (a) a common depositary for Euroclear and Clearstream, Luxembourg (the "Common Depositary") or (b) such other clearing system as agreed between the
Issuer and the relevant Dealer. Interests in temporary Global Notes will be exchangeable, in whole or in part, for interests in permanent global notes (each, a "permanent Global Note" and,
together with the temporary Global Notes, the "Global Notes"), or, if so stated in the relevant Final Terms, definitive Notes ("Definitive Notes"), on or after the date falling 40 days after the
completion of the distribution of such Tranche upon certification as to non-U.S. beneficial ownership. Interests in permanent Global Notes will be exchangeable for Definitive Notes in whole but
not in part as described under "Summary of Provisions Relating to the Notes while in Global Form".
Notes of each Tranche of each Series to be issued in registered form ("Registered Notes") and which are sold in an "offshore transaction" within the meaning of Regulation S
("Unrestricted Notes") under the U.S. Securities Act of 1933 (the "Securities Act") will initially be represented by a permanent registered global certificate (each, an "Unrestricted Global
Certificate"), without interest coupons, which may be deposited on the issue date (a) in the case of a Tranche intended to be cleared through Euroclear and/or Clearstream, Luxembourg, with
the Common Depositary on behalf of Euroclear and Clearstream, Luxembourg and (b) in the case of a Tranche intended to be cleared through a clearing system other than or in addition to
Euroclear and/or Clearstream, Luxembourg, The Depository Trust Company ("DTC") or delivered outside a clearing system, as agreed between the Issuer and the relevant Dealer.
Registered Notes issued by Rabobank which are sold in the United States to "qualified institutional buyers" within the meaning of Rule 144A ("Rule 144A") under the Securities Act
("Restricted Notes") will initially be represented by a permanent registered global certificate (each, a "Restricted Global Certificate" and, together with the "Unrestricted Global Certificate",
the "Global Certificates"), without interest coupons, which may be deposited on the issue date either with (a) the Common Depositary on behalf of Euroclear and Clearstream, Luxembourg or
(b) a custodian for, and registered in the name of Cede & Co. as nominee for, DTC.
Beneficial interests in Global Certificates held by Euroclear, Clearstream, Luxembourg and/or DTC will be shown on, and transfers thereof will be effected only through, records
maintained by Euroclear, Clearstream, Luxembourg and/or DTC and their participants. See "Clearing and Settlement". The provisions governing the exchange of interests in the Global Notes
and in each Global Certificate are described in "Summary of Provisions Relating to the Notes while in Global Form".
Senior long-term Notes issued under the Programme by Rabobank are expected to be rated AA- by Fitch Ratings Limited ("Fitch") and Senior long-term Notes issued under the
Programme by Rabobank Australia Branch are expected to be rated AA- by Fitch Australia Pty Ltd. ("Fitch Australia"). Senior unsecured Notes issued under the programme are expected to
be rated Aa2 by Moody's Investors Service Ltd. ("Moody's") and Senior Notes with a maturity of one year or more are expected to be rated A+ by Standard & Poor's Credit Market Services
France SAS ("Standard & Poor's"). Each of Fitch, Moody's and Standard & Poor's is established in the European Union and is registered under Regulation (EC) No 1060/2009 (the "CRA
Regulation"). Fitch Australia is not established in the European Union but the rating it has given to the Senior long-term Notes to be issued under the Programme is endorsed by Fitch, which
is established in the European Union and registered under the CRA Regulation. A list of credit rating agencies registered under the CRA Regulation is published by the European Securities
and Markets Authority on its website. In addition, this Base Prospectus contains or refers to certain credit ratings issued by DBRS Ratings Limited ("DBRS"). DBRS is established in the European
Union and is registered under the CRA Regulation.
Tranches of Notes (as defined below) to be issued under the Programme will be rated or unrated. Where a Tranche of Notes is to be rated, such rating will not necessarily be the same
as the rating assigned to the Notes already issued. Whether or not a rating in relation to any Tranche of Notes will be treated as having been issued by a credit rating agency established in the
European Union and registered under the CRA Regulation will be disclosed in the relevant Final Terms. A security rating is not a recommendation to buy, sell or hold securities and may be
subject to suspension, reduction or withdrawal at any time by the assigning rating agency without prior notice.
Factors which may affect the ability of the Issuer to fulfil its obligations under the Programme and factors which are material for the purpose of assessing the market risks associated
with Notes issued under the Programme are set out on pages 32 to 58.
This Base Prospectus supersedes and replaces the Base Prospectus dated 10 May 2016.

Arranger for the Programme
Credit Suisse

Dealers
Barclays
BofA Merrill Lynch
Crédit Agricole CIB
Credit Suisse
Citigroup
Goldman Sachs International
Daiwa Capital Markets Europe
J.P. Morgan
HSBC
Morgan Stanley
Mizuho Securities
Rabobank
Nomura
TD Securities
RBC Capital Markets
UBS Investment Bank

The date of this Base Prospectus is 10 May 2017

This Base Prospectus has been prepared on the basis that, except to the extent sub-
paragraph (ii) below may apply, any offer of Notes in any Member State of the European Economic
Area which has implemented the Prospectus Directive (each, a "Relevant Member State") will be
made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant
Member State, from the requirement to publish a prospectus for offers of Notes. Accordingly, any
person making or intending to make an offer in that Relevant Member State of Notes which are the
subject of an offering contemplated in this Base Prospectus as completed by Final Terms in
relation to the offer of those Notes may only do so (i) in circumstances in which no obligation arises
for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus
Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each
case, in relation to such offer, or (ii) in the circumstances described under "Public Offers of Non-
Exempt PD Notes in the European Economic Area" on pages 59 to 64. Except to the extent sub-
paragraph (ii) above may apply, neither the Issuer nor any Dealer has authorised, nor do they
authorise, the making of any offer of Notes in circumstances in which an obligation arises for the
Issuer or any Dealer to publish or supplement a prospectus for such offer.
No person has been authorised to give any information or to make any representation other
than those contained in this Base Prospectus in connection with the issue or sale of the Notes and,
if given or made, such information or representation must not be relied upon as having been
authorised by the Issuer or any of the Dealers or the Arranger (as defined in "Overview of the
Programme"). Neither the delivery of this Base Prospectus nor any sale made in connection
herewith shall, under any circumstances, create any implication that there has been no change in
the affairs of the Issuer since the date hereof or the date upon which this Base Prospectus has
been most recently amended or supplemented or that there has been no adverse change in the
financial position of the Issuer since the date hereof or the date upon which this Base Prospectus
has been most recently amended or supplemented or that any other information supplied in
connection with the Programme is correct as of any time subsequent to the date on which it is
supplied or, if different, the date indicated in the document containing the same.
None of the Dealers (excluding Rabobank (in its capacity as Dealer)) or the Arranger makes
any representation, express or implied, or accepts any responsibility, with respect to the accuracy
or completeness of any of the information in this Base Prospectus. Neither this Base Prospectus
nor any other financial statements should be considered as a recommendation by the Issuer, the
Dealers or the Arranger that any recipient of this Base Prospectus or any other financial statements
should purchase the Notes. Prospective investors should have regard to the factors described
under the section headed "Risk Factors" in this Base Prospectus. This Base Prospectus does not
describe all of the risks of an investment in the Notes. Each potential purchaser of Notes should
determine for itself the relevance of the information contained in this Base Prospectus and its
purchase of Notes should be based upon such investigation, as it deems necessary. None of the
Dealers nor the Arranger undertakes to review the financial condition or affairs of the Issuer during
the life of the arrangements contemplated by this Base Prospectus nor to advise any investor or
potential investor in the Notes of any information coming to the attention of any of the Dealers or
the Arranger.
In connection with the issue of any tranche of a Series of Notes (a "Tranche"), one or more
relevant Dealers (in such capacity, the "Stabilising Manager(s)") (or persons acting on behalf of
any Stabilising Manager(s)) may over-allot Notes or effect transactions with a view to supporting
the market price of the Notes at a level higher than that which might otherwise prevail. However,
there is no assurance that the Stabilising Manager(s) (or persons acting on behalf of a Stabilising
Manager) will undertake stabilisation action. Any stabilisation action may begin on or after the date
on which adequate public disclosure of the Final Terms of the offer of the relevant Tranche is made
and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after
A33539931
2

the issue date of the relevant Tranche and 60 days after the date of the allotment of the relevant
Tranche. Any stabilisation action or overallotment must be conducted by the relevant Stabilising
Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in accordance with all
applicable laws and rules.
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the
Issuer or the Dealers to subscribe for, or purchase, any Notes.
The distribution of this Base Prospectus and any Final Terms and the offering or sale of the
Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Base
Prospectus or any Final Terms come are required by the Issuer, the Dealers and the Arranger to
inform themselves about and to observe any such restriction. The Notes have not been and will
not be registered under the Securities Act or with any securities regulatory authority of any State
or other jurisdiction of the United States and are being sold pursuant to an exemption from the
registration requirements of such Act. The Notes include Notes in bearer form that are subject to
U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered or sold or, in
the case of Notes in bearer form, delivered within the United States or to, or for the account or
benefit of, U.S. persons as defined in Regulation S under the Securities Act ("Regulation S").
The Notes are being offered and sold outside the United States to non-U.S. persons in
reliance on Regulation S and (in the case of Restricted Notes issued by Rabobank) within the
United States to "qualified institutional buyers" in reliance on Rule 144A. Prospective purchasers
are hereby notified that sellers of Notes may be relying on the exemption from the provisions of
Section 5 of the Securities Act provided by Rule 144A. For a description of certain restrictions on
offers, sales, and transfers of Notes and on distribution of this Base Prospectus or any Final Terms
or any other offering material relating to the Notes, see "Plan of Distribution" and "Transfer
Restrictions".
The Notes have not been approved or disapproved by the U.S. Securities and Exchange
Commission (the "SEC"), any State securities commission in the United States or any other U.S.
regulatory authority, nor has any of the foregoing authorities passed upon or endorsed the merits
of the offering of the Notes or the accuracy or adequacy of this Base Prospectus. Any
representation to the contrary is a criminal offence in the United States.
IMPORTANT EEA RETAIL INVESTORS If the Final Terms in respect of any Notes includes
a legend entitled "Prohibition of Sales to EEA Retail Investors", the Notes are not intended, from
1 January 2018, to be offered, sold or otherwise made available to and, with effect from such date,
should not be offered, sold or otherwise made available to any retail investor in the European
Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more)
of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II"); (ii) a
customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor
as defined in the Prospectus Directive. Consequently no key information document required by
Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or
otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor in the EEA
may be unlawful under the PRIIPS Regulation.
Rabobank has been granted an authority to carry on a banking business in Australia
pursuant to section 9 of the Banking Act 1959 of Australia ("Banking Act") and is an authorised
deposit-taking institution ("ADI") within the meaning of the Banking Act. The Notes are not covered
by the depositor protection provisions contained in Division 2 of Part II of the Banking Act.
3

Section 11F of the Banking Act provides that if a foreign ADI, such as Rabobank (whether in
or outside Australia), suspends payment or is unable to meet its obligations, the assets of the
foreign ADI in Australia are to be available to meet the foreign ADI's liabilities in Australia in priority
to all other liabilities of the foreign ADI. Further, section 86 of the Reserve Bank Act 1959 of
Australia provides that debts due by an ADI to the Reserve Bank of Australia shall, in a winding-up
of the ADI, have priority over all other debts of the ADI. Other laws in Australia, the Netherlands
and other jurisdictions will also apply to the ranking of debts and other liabilities in a winding-up
of Rabobank. Rabobank does not make any representations as to whether the Notes, or any of
them, would constitute liabilities in Australia, under such statutory provisions.
The Notes do not represent deposit liabilities of the Issuer in New Zealand.
All figures in this Base Prospectus have not been audited, unless stated otherwise. These
figures are internal figures of Rabobank or Rabobank Group.
Unless the context otherwise requires, references in this Base Prospectus to "Rabobank"
and "Rabobank Nederland" are to Coöperatieve Rabobank U.A. and references to "Rabobank
Group" are to Rabobank and its group companies (within the meaning of Section 2:24b of the Dutch
Civil Code (the "DCC"), which shall in any event include its subsidiaries). References herein to the
"Issuer" shall mean Rabobank acting through its head office or through Rabobank Australia
Branch or Rabobank New Zealand Branch.
Unless otherwise specified or the context otherwise requires, references to "U.S.$", "USD"
and "U.S. Dollar" are to the lawful currency of the United States of America, to "AUD" and
"Australian Dollar" are to the lawful currency of Australia, to "NZD" and "New Zealand Dollar" are
to the lawful currency of New Zealand, to "euro", "Euro", "EUR" and "" are to the lawful currency
of the member states of the European Union that have adopted the single currency in accordance
with the Treaty establishing the European Community, as amended by the Treaty on the
Functioning of the European Union, to "Sterling" or "£" are to the lawful currency of the United
Kingdom of Great Britain and Northern Ireland, to "¥", "JPY" and "yen" are to the lawful currency
of Japan and to "Renminbi", "RMB" and "CNY" are to the lawful currency of the PRC.
In this Base Prospectus, references to "PRC" are to the People's Republic of China which,
for the purpose of this Base Prospectus, shall exclude Hong Kong, the Macau Special
Administrative Region of the People's Republic of China and Taiwan. References to "Renminbi
Notes" are to Notes denominated in CNY or Renminbi deliverable in Hong Kong, Singapore and
Taiwan.
Your attention is drawn to the important information on pages 67 to 69.

4

TABLE OF CONTENTS
Page
SUMMARY OF THE PROGRAMME RELATING TO PD NOTES .............................................................. 7
RISK FACTORS ........................................................................................................................................ 32
PUBLIC OFFERS OF NON-EXEMPT PD NOTES IN THE EUROPEAN ECONOMIC AREA .................. 59
DOCUMENTS INCORPORATED BY REFERENCE ................................................................................ 65
SUPPLEMENTARY PROSPECTUS ......................................................................................................... 66
IMPORTANT INFORMATION ................................................................................................................... 67
OVERVIEW OF THE PROGRAMME ........................................................................................................ 70
TERMS AND CONDITIONS OF THE NOTES .......................................................................................... 82
1
Definitions and Interpretation ............................................................................................................ 83
2
Form, Denomination and Title ........................................................................................................... 90
3
Exchanges of Exchangeable Bearer Notes and transfers of Registered Notes ............................... 91
4
Status of Notes .................................................................................................................................. 93
6
Interest and other calculations .......................................................................................................... 93
7
Redemption, Purchase and Options ............................................................................................... 110
8
Provisions Applicable to Equity Linked Notes ................................................................................. 116
9
Provisions applicable to Index Linked Notes................................................................................... 126
10 Provisions applicable to FX Linked Notes ....................................................................................... 134
11 Payments and Talons ..................................................................................................................... 139
12 Taxation
.......................................................................................................................................... 144
13 Prescription
..................................................................................................................................... 146
14 Events of Default ............................................................................................................................. 146
15 Meeting of Noteholders, modifications and substitutions ................................................................ 146
16 Replacement of Notes, Certificates, Receipts, Coupons and Talons ............................................. 149
17 Further
issues
................................................................................................................................. 150
18 Notices
............................................................................................................................................ 150
19 Governing Law and Jurisdiction ...................................................................................................... 150
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ...................... 152
USE OF PROCEEDS .............................................................................................................................. 161
CLEARING AND SETTLEMENT ............................................................................................................ 162
DESCRIPTION OF BUSINESS OF RABOBANK GROUP ..................................................................... 166
STRUCTURE AND GOVERNANCE OF RABOBANK GROUP .............................................................. 175
5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS ................................................................................................................................. 179
SELECTED FINANCIAL INFORMATION ............................................................................................... 213
RISK MANAGEMENT ............................................................................................................................. 217
GOVERNANCE OF RABOBANK GROUP ............................................................................................. 224
REGULATION OF RABOBANK GROUP ................................................................................................ 232
CAPITALISATION AND INDEBTEDNESS OF RABOBANK GROUP .................................................... 243
RABOBANK AUSTRALIA BRANCH ....................................................................................................... 246
RABOBANK NEW ZEALAND BRANCH ................................................................................................. 247
TAXATION .............................................................................................................................................. 248
Australia ....................................................................................................................................... 248
Belgium ........................................................................................................................................ 254
France .......................................................................................................................................... 257
Germany ....................................................................................................................................... 258
Luxembourg ................................................................................................................................. 259
The Netherlands ........................................................................................................................... 259
New Zealand ................................................................................................................................ 262
Switzerland ................................................................................................................................... 263
Taiwan .......................................................................................................................................... 265
United Kingdom ............................................................................................................................ 266
United States ................................................................................................................................ 267
TRANSFER RESTRICTIONS ................................................................................................................. 280
PLAN OF DISTRIBUTION ...................................................................................................................... 282
FORM OF FINAL TERMS - PD NOTES ................................................................................................. 290
FORM OF FINAL TERMS EXEMPT NOTES ....................................................................................... 318
GENERAL INFORMATION ..................................................................................................................... 359

6

Summary of the Programme relating to PD Notes
SUMMARY OF THE PROGRAMME RELATING TO PD NOTES

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered
in Sections A E (A.1 E.7). This summary contains all the Elements required to be included in a summary
relating to the Notes and the Issuer. Because some Elements are not required to be addressed, there may
be gaps in the numbering sequence of the Elements. Even though an Element may be required to be
inserted in the summary because of the nature of the Notes and the Issuer, it is possible that no relevant
information can be given regarding the Element. In this case, a short description of the Element is included
in the summary and marked as "Not Applicable".

Section A Introduction and warnings
Element
Title

A.1 Warning
and
This summary must be read as an introduction to this Base
Introduction:
Prospectus.
Any decision to invest in the Notes should be based on a
consideration of the Base Prospectus as a whole, including any
documents incorporated by reference.
Where a claim relating to the information contained in this Base
Prospectus is brought before a court, the plaintiff may, under the
national legislation of Member States of the European Economic Area
where the claim is brought, be required to bear the costs of translating
the Base Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the
summary, including any translation thereof, but only if the summary
is misleading, inaccurate or inconsistent when read together with the
other parts of this Base Prospectus or it does not provide, when read
together with the other parts of this Base Prospectus, key information
in order to aid investors when considering whether to invest in the
Notes.
A.2 Consent: Programme summary:
The Issuer may provide its consent to the use of this Base Prospectus and
the relevant Final Terms for subsequent resale or final placement of Notes
by financial intermediaries to whom the Issuer has given its consent to use
the Base Prospectus (an "Authorised Offeror"), provided that the
subsequent resale or final placement of Notes by such financial
intermediaries is made during the Offer Period specified in the relevant Final
Terms. Such consent may be subject to conditions which are relevant for
the use of the Base Prospectus.
In connection with any Public Offer of Non-Exempt PD Notes, the Issuer
accepts responsibility, in a Public Offer Jurisdiction, for the content of this
Base Prospectus under Article 6 of the Prospectus Directive in relation to
any person (an "Investor") to whom an offer of any Non-Exempt PD Notes
is made by an Authorised Offeror, where the offer is made in compliance
with all conditions attached to the giving of the consent.
7

Summary of the Programme relating to PD Notes
Consent:
Subject to the conditions set out below under "Common conditions to
consent":
(A)
the Issuer consents to the use of this Base Prospectus (as
supplemented as at the relevant time, if applicable) in connection
with a Public Offer of Non-Exempt PD Notes in a Public Offer
Jurisdiction by the relevant Dealer and by:
(i) any financial intermediary named as an Initial Authorised
Offeror in the relevant Final Terms; and
(ii) any financial intermediary appointed after the date of the
relevant Final Terms and whose name is published on the
Issuer's website (www.rabobank.com) and identified as an
Authorised Offeror in respect of the relevant Public Offer; and
(B)
if (and only if) Part B of the relevant Final Terms specifies "General
Consent" as "Applicable", the Issuer hereby offers to grant its
consent to the use of this Base Prospectus (as supplemented as at
the relevant time, if applicable) in connection with a Public Offer of
Non-Exempt PD Notes in a Public Offer Jurisdiction by any financial
intermediary which satisfies the following conditions:
(i) it is authorised to make such offers under the applicable
legislation implementing the Markets in Financial Instruments
Directive; and
(ii) it accepts the Issuer's offer to grant consent to the use of this
Base Prospectus by publishing on its website a statement that
it agrees to use the Base Prospectus in accordance with the
Authorised Offeror Terms and subject to the conditions to such
consent.
Common conditions to consent:
The conditions to the Issuer's consent to use this Base Prospectus in the
context of the relevant Public Offer are (in addition to the conditions
described in paragraph (B) above if Part B of the relevant Final Terms
specifies "General Consent" as "Applicable") that such consent:
(a)
is only valid in respect of the relevant Tranche of Non-Exempt PD
Notes;
(b)
is only valid during the Offer Period specified in the relevant Final
Terms; and
(c)
only extends to the use of this Base Prospectus to make Public
Offers of the relevant Tranche of Non-Exempt PD Notes in the Public
Offer Jurisdictions, as specified in the relevant Final Terms.

Issue specific summary:
[Consent: Subject to the conditions set out below, the Issuer consents to
the use of the Base Prospectus in connection with a Public Offer (as defined
below) of Notes by the [Dealer[s]/Manager[s]], [and] [each financial
intermediary whose name is published on the Issuer's website,
(www.rabobank.com), and identified as an Authorised Offeror in respect of
the relevant Public Offer/any financial intermediary which is authorised to
8

Summary of the Programme relating to PD Notes
make such offers under the applicable legislation implementing Directive
2004/39/EC (the "Markets in Financial Instruments Directive")] and
publishes on its website the following statement (with the information in
square brackets being completed with the relevant information):
"We, [insert legal name of financial intermediary], refer to the [insert title of
relevant PD Notes] (the "Notes") described in the Final Terms dated [insert
date] (the "Final Terms") published by Coöperatieve Rabobank U.A. [acting
through its [head office][Australia]/[New Zealand] Branch] (the "Issuer").
We hereby accept the offer by the Issuer of its consent to our use of the
Base Prospectus (as defined in the Final Terms) in connection with the offer
of the Notes in [Belgium, France, Germany, Luxembourg, the Netherlands
and the United Kingdom] (the "Public Offer") in accordance with the
Authorised Offeror Terms and subject to the conditions to such consent,
each as specified in the Base Prospectus, and we are using the Base
Prospectus in connection with the Public Offer accordingly."
A "Public Offer" of Notes is an offer of Notes (other than pursuant to Article
3(2) of the Prospectus Directive) in [Belgium, France, Germany,
Luxembourg, the Netherlands and the United Kingdom] during the Offer
Period specified below. Together with the [Dealer[s]/Manager[s]], those
persons to whom the Issuer gives its consent in accordance with the
foregoing provisions are the "Authorised Offerors" for such Public Offer.
Offer Period: The Issuer's consent referred to above is given for Public
Offers of Notes during the period from [] to [] (the "Offer Period").
Conditions to consent: The conditions to the Issuer's consent (in addition to
the requirements referred to above) are such that consent (a) is only valid
in respect of the relevant Tranche of Notes; (b) is only valid during the Offer
Period; [and] (c) only extends to the use of the Base Prospectus to make
Public Offers of the relevant Tranche of Notes in [Belgium, France,
Germany, Luxembourg, the Netherlands and the United Kingdom] [and (d)
[]].
An investor intending to acquire or acquiring Notes in a Public Offer from an
Authorised Offeror other than the Issuer will do so, and offers and sales of
such Notes to an investor by such Authorised Offeror will be made, in
accordance with any terms and other arrangements in place between such
Authorised Offeror and such investor including as to price, allocations,
expenses and settlement arrangements.
Each investor must look to the relevant Authorised Offeror at the time
of any such Public Offer for the provision of information regarding the
terms and conditions of the Public Offer and the Authorised Offeror
will be solely responsible for such information.]
[Not Applicable. The Notes are being offered on an exempt basis pursuant
to Article 3(2) of the Prospectus Directive. The Issuer has not given its
consent for any financial intermediary or other offeror to use the Base
Prospectus in connection with any offer of the Notes.]

9

Summary of the Programme relating to PD Notes
Section B Issuer
Element Title

B.1
The legal and
[Coöperatieve Rabobank U.A. acting through its [head
commercial
office]/[Australia]/[New Zealand] Branch]
name of the
The commercial name of the Issuer is "Rabobank".
Issuer:
B.2 The
domicile
The Issuer has its statutory seat in Amsterdam, is a cooperative entity
and legal form
(coöperatie) and is registered with the Trade Register of the Chamber of
of the Issuer,
Commerce under number 30046259. The Issuer operates under the laws of
the legislation
the Netherlands.
under which
the Issuer
operates and
its country of
incorporation:
B.4b A
description
Rabobank Group's results of operations are affected by a variety of market
of any known
conditions, including economic cycles, fluctuations in stock markets, interest
trends
rates and exchange rates, and increased competition. A deterioration in
affecting the
economic conditions, or Rabobank Group's inability to accurately predict or
Issuer and the
respond to such developments, could have a material adverse effect on
industries in
Rabobank Group's prospects, business, financial condition and results of
which it
operations.
operates:
The Issuer expects that the relatively low interest rate environment that it
faced in the recent past is likely to continue in 2017, with a corresponding
impact on Rabobank Group's results.
B.5 Description
of
Rabobank Group is an international financial services provider, operating on
the Issuer's
the basis of cooperative principles. Rabobank Group is comprised of the
Group and the
Issuer and its subsidiaries and participations in the Netherlands and abroad.
Issuer's
position within
the Rabobank
Group:
B.9 Profit
forecast
Not Applicable. The Issuer has not made any public profit forecasts or profit
or estimate:
estimates.
B.10 Qualifications
The independent auditor's reports on the Issuer's audited financial
in the
statements for the years ended 31 December 2015 and 31 December 2016
Auditors'
are unqualified.
report:
B.12 Selected
The following selected financial information is derived from and should be
Financial
read in conjunction with, Rabobank Group's audited consolidated financial
Information:
statements as at, and for the years ended, 31 December 2015 and 2016.

10