Obbligazione RABO Structured Products 0% ( XS1778929395 ) in EUR

Emittente RABO Structured Products
Prezzo di mercato refresh price now   100 EUR  ⇌ 
Paese  Paesi Bassi
Codice isin  XS1778929395 ( in EUR )
Tasso d'interesse 0%
Scadenza 12/08/2028



Prospetto opuscolo dell'obbligazione RABOBANK STRUCTURED PRODUCTS XS1778929395 en EUR 0%, scadenza 12/08/2028


Importo minimo 200 000 EUR
Importo totale 70 000 000 EUR
Descrizione dettagliata Rabobank Structured Products offre soluzioni di investimento strutturate, combinando rendimenti potenziali con un livello di rischio definito, basate su indici, azioni, materie prime o tassi di interesse.

The Obbligazione issued by RABO Structured Products ( Netherlands ) , in EUR, with the ISIN code XS1778929395, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 12/08/2028









SERIES PROSPECTUS

Coöperatieve Rabobank U.A.
(RABOBANK STRUCTURED PRODUCTS)
Coöperatieve Rabobank U.A.
(a cooperative (coöperatie) with limited liability established under the laws of the Netherlands
with its statutory seat in Amsterdam, the Netherlands)
Series 8365
EUR 70,000,000 Notes due 2028
linked to the EURO STOXX 50® Index
This series prospectus (this "Series Prospectus") relates to the issuance of EUR 70,000,000 Notes due 2028 (the
"Notes") linked to the EURO STOXX 50® Index (the "Index") by Coöperatieve Rabobank U.A. (the "Issuer")
under its EUR 15,000,000,000 Structured Medium-Term Note Programme (the "Programme").
An investment in the Notes involves certain risks. For a discussion of these risks see "Risk Factors" on pages 8
to 29.
This Series Prospectus is a prospectus for the purposes of Article 5(3) of Directive 2003/71/EC, as amended, to the
extent that such amendments have been implemented in the Relevant Member State (the "Prospectus Directive").
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 to approve this Series Prospectus in
connection with the issue by the Issuer of Notes. Application has also been made to the Luxembourg Stock Exchange
for the Notes to be admitted to the official list of the Luxembourg Stock Exchange (the "Official List") and to be
admitted to trading on the Luxembourg Stock Exchange's regulated market (the "Regulated Market"). References
in this Series Prospectus to the Notes being "listed" (and all related references) shall mean that the Notes have been
admitted to the Official List and admitted to trading on the Regulated Market. The Regulated Market is a regulated
market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in
financial instruments (as amended, "MiFID II").
The Notes have been issued into and transferred through accounts at Euroclear Bank S.A./N.V. ("Euroclear") and
Clearstream, Luxembourg Banking, société anonyme ("Clearstream") and the Notes were, on issue, constituted by a
Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in
the limited circumstances set out in the Permanent Global Note, which were deposited with the common depositary
for Euroclear and Clearstream, Luxembourg.
Distribution of this Series Prospectus and the offering, sale or delivery of the Notes may be restricted in certain
jurisdictions by law (see "Subscription and Sale"). Persons into whose possession this Series Prospectus comes are
required by the Issuer and the Dealer to inform themselves about and to observe any such restriction.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the
"Securities Act") or any U.S. state securities laws, and may not be offered, sold, pledged or otherwise transferred in
the United States or to, or for the account or the benefit of, U.S. Persons (as such term is defined in Regulation S of
the Securities Act ("Regulation S")) unless the Notes are registered under the Securities Act or an exemption from
1




the registration requirements of the Securities Act is available and in accordance with all applicable securities laws
of any state of the United States and any other jurisdiction.
The Notes have not been approved or disapproved by the U.S. Securities and Exchange Commission, any state
securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing
authorities passed upon or endorsed the merits of the offering of the Notes or the accuracy or adequacy of this Series
Prospectus. Any representation to the contrary is a criminal offence in the United States.
IMPORTANT ­ EEA RETAIL INVESTORS ­ The Notes are not intended 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: (a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II"); (b) 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 (c) 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.
Unless the context otherwise requires, references in this Series Prospectus to "Rabobank Group", "Rabobank" or
the "Group" are to Coöperatieve Rabobank U.A. and its members, subsidiaries and affiliates. Rabobank is a trading
name of Coöperatieve Rabobank U.A. For the purposes of this Series Prospectus, references to "Coöperatieve
Rabobank U.A. (Rabobank Structured Products)" or "Rabobank Structured Products" are to Coöperatieve
Rabobank U.A. as Issuer.


Dealer
SOCIÉTÉ GÉNÉRALE
The date of this Series Prospectus is 29 March 2018.
2


Important Information
IMPORTANT INFORMATION
The Issuer (the "Responsible Person") accepts responsibility for the information contained in this Series
Prospectus. To the best of the knowledge and belief of the Responsible Person (which has taken all reasonable
care to ensure that such is the case), the information contained in this Series Prospectus is in accordance with
the facts and does not omit anything likely to affect the import of such information.
Where information has been sourced from a third party, this information has been accurately reproduced and,
as far as the Responsible Person is aware and is able to ascertain from information published by that third
party, no facts have been omitted which would render the reproduced information inaccurate or misleading.
The only persons authorised to use this Series Prospectus in connection with the offer of the Notes are the
Issuer and the Dealer.
This Series Prospectus is to be read in conjunction with all documents which are deemed to be incorporated
herein by reference (see "Documents Incorporated by Reference") and read and construed on the basis that
such documents are incorporated by reference in and form part of this Series Prospectus.
No person is or has been authorised to give any information or to make any representation other than those
contained in this Series 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 the
Dealer. Neither the delivery of this Series Prospectus nor any sale made in connection herewith shall, under
any circumstances, create an implication that there has been no change in the affairs of the Issuer since the
date hereof or the date upon which this Series 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 Series Prospectus has been most recently amended or supplemented or that any information
supplied in connection with the Notes 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.
Neither this Series Prospectus nor any other information supplied in connection with the Notes should be
considered as a recommendation by the Issuer or the Dealer that any recipient of this Series Prospectus or any
other information supplied in connection with the Notes should purchase the Notes. Each investor
contemplating purchasing the Notes should make its own independent investigation of the financial condition
and affairs, and its own appraisal of the creditworthiness, of the Issuer and of the terms of such Notes (see
"Risk Factors").
Neither this Series Prospectus nor any other information supplied in connection with the Notes constitutes an
offer or invitation by or on behalf of the Issuer or the Dealer to any person to subscribe for or to purchase the
Notes.
This Series Prospectus does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. Neither
the Issuer nor the Dealer represents that this Series Prospectus may be lawfully distributed, or that any of the
Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any
such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for
facilitating any such distribution or offering. In particular, no action has been taken by the Issuer or the Dealer
which would permit a public offering of any of the Notes or distribution of this document in any jurisdiction
where action for that purpose is required. Accordingly, the Notes may not be offered or sold, directly or
indirectly, and neither this Series Prospectus nor any advertisement or other offering material may be
distributed or published in any such jurisdiction, except under circumstances that will result in compliance
with any applicable laws and regulations. Persons into whose possession this Series Prospectus comes are
3


Important Information
required by the Issuer and Dealer to inform themselves about, and observe, any such restrictions on the
distribution of this Series Prospectus and the offering and sale of the Notes (see "Subscription and Sale").
Presentation of financial information
The audited consolidated financial statements of Rabobank Group for the years ended 31 December 2016 and
31 December 2017 incorporated by reference in this Series Prospectus have been prepared in accordance with
International Financial Reporting Standards as adopted by the EU pursuant to EU Regulation No 1606/2002
(IFRS) and comply with Part 9 of Book 2 of the Dutch Civil Code. The corresponding summary figures
incorporated by reference in this Series Prospectus have been derived from the audited consolidated financial
statements for the year ended 31 December 2017.
Change in accounting policies and presentation
Changes in accounting policies and presentation which apply to Rabobank Group are described in the
Rabobank Group consolidated financial statements 2016 and 2017, under note 2.1 "Other changes in
accounting principles and presentation".
Key performance indicators and non-IFRS measures
This Series Prospectus incorporates by reference certain financial measures that are not measures defined
under IFRS, including operating results. These non-IFRS financial measures are not measures of financial
performance under IFRS and should not be considered as a replacement for any IFRS financial measure. In
addition, such measures, as defined by Rabobank Group, may not be comparable to other similarly titled
measures used by other companies, because the above-mentioned non-IFRS financial measures are not
defined under IFRS, other companies may calculate them in a different manner than Rabobank Group which
limits their usefulness as comparative measures. Rabobank Group believes that these non-IFRS measures are
important to understand Rabobank Group's performance and capital position.
This Series Prospectus also incorporates by reference certain financial measures that are not measures defined
under EU IFRS, including regulatory capital, risk-weighted assets and underlying results. As of 2014, capital
metrics and risk exposures are reported under the Basel III framework.
Rounding and negative amounts
Certain figures incorporated by reference in this Series Prospectus, including financial information, have been
rounded. Accordingly, in certain instances the sum of the numbers in the text or a column or a row in tables
incorporated by reference in this Series Prospectus may not conform exactly to the total figure given for that
column or row.
In tables, negative amounts are shown between brackets. Otherwise, negative amounts are shown by "-" or
"negative" before the amount.
Forward-looking statements
This Series Prospectus includes "forward-looking statements" within the meaning of section 27A of the US
Securities Act of 1933 and section 21E of the US Exchange Act of 1934. All statements other than statements
of historical facts included in this Series Prospectus, including, without limitation, those regarding the Issuer's
financial position, business strategy, plans and objectives of management for future operations (including
development plans and objectives relating to the Issuer's products), are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Issuer or industry results to be materially
different from any future results, performance or achievements expressed or implied by such forward-looking
4


Important Information
statements. Such forward-looking statements are based on numerous assumptions regarding the Issuer's
present and future business strategies and the environment in which the Issuer will operate in the future.
Important factors that could cause the Issuer's actual results, performance or achievements to differ materially
from those in the forward-looking statements include, among others, changes or downturns in the Dutch
economy or the economies in other countries in which the Issuer conducts business, the impact of fluctuations
in foreign exchange rates and interest rates and the impact of future regulatory requirements. Additional
factors that could cause actual results, performance or achievements to differ materially include, but are not
limited to, those discussed under "Risk Factors".
These forward-looking statements speak only as of the date of this Series Prospectus. Other than as required
by law or the rules and regulations of the relevant stock exchange, the Issuer expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in the Issuer's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
All references in this document to "", "euro" and "EUR" 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 European Union (the "EC Member States"). All
references to the "U.S." and the "United States" are to the United States of America.
From time to time the credit rating agencies may revise outlooks on their ratings of the Issuer or the Issuer's
securities. Unless required by applicable law, the Issuer might not prepare a supplement to this in the event
that one or more of these credit rating agencies revise their ratings outlook on the Issuer or the Issuer's
securities.
Special considerations
A prospective purchaser may not rely on the Issuer, the Dealer or any of their respective affiliates in
connection with its determination as to the legality of its acquisition of the Notes or as to the other matters
referred to above and none of the Issuer or the Dealer or any of their respective affiliates has or assumes
responsibility for the lawfulness of the acquisition of the Notes by a prospective purchaser of the Notes,
whether under the laws of the jurisdiction of its incorporation or the jurisdiction in which it operates (if
different), or for compliance by that prospective purchaser with any law, regulation or regulatory policy
applicable to it.
The Index is calculated by a third party independent from the Issuer and, therefore, neither the Issuer nor the
Dealer will accept any liability for any act or failure to act by STOXX Limited (the "Index Sponsor") or any
of its agents in connection with, among other things, the calculation, adjustment, maintenance or cancellation
of the Index.
The Index Sponsor and its licensors (the "Licensors") have no relationship with the Issuer, other than the
licensing of the Index and the related trademarks for use in connection with the Notes, or with the Dealer. The
Index Sponsor and its Licensors do not (A) sponsor, endorse, sell or promote the Notes, (B) recommend that
any person invest in the Notes or any other securities, (C) have any responsibility or liability for or make any
decisions about the timing, amount or pricing of the Notes, (D) have any responsibility or liability for the
administration, management or marketing of the Notes, or (E) consider the needs of the Notes or the owners
of the Notes in determining, composing or calculating the Index or have any obligation to do so.
The Index Sponsor and their licensors, research partners or data providers give no warranty, and
exclude any liability (whether in negligence or otherwise), in connection with the Notes or their
performance. The Index Sponsor does not assume any contractual relationship with the purchasers of
the Notes or any other third parties. Specifically:
5


Important Information
·
the Index Sponsor and its Licensors, research partners or data providers do not give any
warranty, express or implied, and exclude any liability about:
·
the results to be obtained by the Notes, the owner of the Notes or any other person in
connection with the use of the Index and the data included in the Index;
·
the accuracy, timeliness and completeness of the Index and its data;
·
the merchantability and the fitness for a particular purpose or use of the Index and its
data;
·
the Index Sponsor and its Licensors, research partners or data providers give no warranty and
exclude any liability for any errors, omissions or interruptions in the Index or its data; and
·
under no circumstances will the Index Sponsor or its Licensors, research partners or data
providers be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive,
special or consequential damages or losses, arising as a result of such errors, omissions or
interruptions in the Index or its data or generally in relation to the Notes, even in circumstances
where the Index Sponsor or their licensors, research partners or data providers are aware that
such loss or damage may occur.
The licensing agreement between the Issuer and the Index Sponsor is solely for their benefit and not for
the benefit of the owners of the Notes or any other third parties.
6



TABLE OF CONTENTS
Page
IMPORTANT INFORMATION ......................................................................................................................... 3
RISK FACTORS ................................................................................................................................................ 8
DOCUMENTS INCORPORATED BY REFERENCE .....................................................................................30
TERMS AND CONDITIONS OF THE NOTES ..............................................................................................32
USE OF PROCEEDS ........................................................................................................................................43
CLEARING AND SETTLEMENT ...................................................................................................................44
SUBSCRIPTION AND SALE ..........................................................................................................................45
GENERAL INFORMATION ............................................................................................................................46
7


Risk Factors
RISK FACTORS
The Issuer believes that the following factors may affect its ability to fulfil its obligations under the Notes.
Most of these factors are contingencies which may or may not occur and the Issuer is not 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 the Notes
are also described below.
The Issuer believes that the factors described below represent the principal risks inherent in investing in the
Notes, but the Issuer may be unable to pay settlement amounts or other amounts on, or in connection with,
any of the Notes for other reasons and the Issuer does not represent that the statements below regarding the
risks of holding any Notes are exhaustive, provided that any risks that are not described below are either
considered by the Issuer to be non-material or are currently unknown to the Issuer. Prospective investors
should also read the detailed information set out elsewhere in this Series Prospectus (including any
documents deemed to be incorporated by reference herein) and reach their own views prior to making any
investment decision.
Factors that may affect the Issuer's ability to fulfil its obligations under the Notes
Business and general economic conditions
The profitability of Rabobank Group could be adversely affected by a worsening of general economic
conditions in the Netherlands or globally. Banks are still facing persistent turmoil in financial markets
following the European sovereign debt crisis that arose in the first half of 2010 and has continued since then.
In 2017, the Dutch economy showed further recovery. The gross domestic product of the Netherlands grew.
Contributions were made not just by exports but also by household consumption and investments in housing.
Factors such as interest rates, exchange rates, inflation, deflation, investor sentiment, the availability and cost
of credit, the liquidity of the global financial markets and the level and volatility of equity prices can
significantly affect the activity level of customers and the profitability of Rabobank Group. In addition, the
elections in several European countries and developments like Brexit could adversely affect the general
economic conditions and thereby the profitability of Rabobank Group. Persistent low interest rates have
negatively affected and continue to negatively affect the net interest income of Rabobank Group. Also, a
prolonged economic downturn, or significantly higher interest rates for customers, could adversely affect the
credit quality of Rabobank Group's assets by increasing the risk that a greater number of its customers would
be unable to meet their obligations. Moreover, a market downturn and worsening of the Dutch and global
economy could reduce the value of Rabobank Group's assets and could cause Rabobank Group to incur
further mark-to-market losses in its trading portfolios or could reduce the fees Rabobank Group earns for
managing assets or the levels of assets under management. In addition, a market downturn and increased
competition for savings in the Netherlands could lead to a decline in the volume of customer transactions that
Rabobank Group executes and, therefore, a decline in customer deposits and the income it receives from
commissions and interest. See "Management's Discussion and Analysis of Financial Condition and Results of
Operations
Material factors affecting results of operations
General market conditions" beginning on
page 282 of the Base Prospectus. Continuing volatility in the financial markets or a protracted economic
downturn in Rabobank Group's major markets or Rabobank Group's inability to accurately predict or respond
to such developments could have a material adverse effect on Rabobank Group's prospects, business,
financial condition and results of operations.


8


Risk Factors
Credit risk
Credit risk is defined as the risk that a bank will suffer economic losses because a counterparty cannot fulfil
its financial or other contractual obligations arising from a credit contract. A "credit" is each legal relationship
on the basis of which Rabobank Group, in its role as financial services provider, can or will obtain a claim on
a debtor by providing a product. In addition to loans and facilities (with or without commitment), credit as a
generic term also includes, among other things, guarantees, letters of credit and derivatives.
An economic downturn may result in an increase in credit risk and, consequently, loan impairments that are
above Rabobank Group's long-term average, which could have a material adverse effect on Rabobank
Group's business, financial condition and results of operations.
Country risk
With respect to country risk, a distinction can be made between transfer risk and collective debtor risk.
Transfer risk relates to the possibility of foreign governments placing restrictions on funds transfers from
debtors in that country to creditors abroad. Collective debtor risk relates to the situation in which a large
number of debtors in a country cannot meet their commitments for the same reason (e.g. war, political and
social unrest or natural disasters, but also government policy that does not succeed in creating macro-
economic and financial stability).
Unpredictable and unexpected events which increase transfer risk or collective debtor risk could have a
material adverse effect on Rabobank Group's business, financial condition and results of operations.
Rabobank performs a number of operations in the UK for its customers, including products and services for
international clients in the field of corporate banking, commercial financing and operations relating to global
financial markets. The extent and process by which the United Kingdom (or any other country) will exit the
European Union ("Brexit"), and the longer term economic, legal, political and social framework to be put in
place by the United Kingdom and the European Union are unclear at this stage and are likely to lead to
ongoing political and economic uncertainty and periods of exacerbated volatility in the United Kingdom,
wider European markets or other markets in which Rabobank Group operates. Any of these factors or the
terms of the outcome and the result of Brexit could have a material adverse effect on Rabobank Group's
results of operations and the value of the Notes.
Interest rate and inflation risk
Interest rate risk is the risk, outside the trading environment, of deviations in net interest income and/or the
economic value of equity as a result of changes in market interest rates. Interest rate risk results mainly from
mismatches between the periods for which interest rates are fixed for loans and funds entrusted. If interest
rates increase, the rate for Rabobank Group's liabilities, such as savings, may need to be adjusted
immediately. At the same time, the rates on the majority of Rabobank Group's assets, such as mortgages,
which have longer interest rate fixation periods, will not change before the end of the fixed rate period. As a
result, rising interest rates may have an adverse impact on Rabobank's earnings, although this impact should
be mitigated to some extent by higher interest revenues on assets that are funded by non- and low-interest-
bearing liabilities (reserves, balances on payment accounts and current accounts). Sudden and substantial
changes in interest rates or very low or negative interest rates could have a material adverse effect on
Rabobank Group's results of operations. Inflation and expected inflation can influence interest rates. An
increase in inflation may: (i) decrease the value of certain fixed income instruments which Rabobank Group
holds; (ii) result in surrenders (afkoop) of certain savings products with fixed rates below market rates by
banking customers of Rabobank Group; (iii) require Rabobank Group to pay higher interest rates on the
securities that it issues; and (iv) cause a general decline in financial markets.

9


Risk Factors
Funding and liquidity risk
Liquidity risk is the risk that the bank will not be able to meet all of its payment obligations on time, as well
as the risk that the bank will not be able to fund increases in assets at a reasonable price. This could happen if,
for instance, customers or professional counterparties suddenly withdraw more funds than expected which
cannot be absorbed by the bank's cash resources, by selling or pledging assets in the market or by borrowing
funds from third parties. Maintaining a comfortable liquidity position and retaining the confidence of both
professional market parties and retail customers have proved crucial, ensuring unimpeded access to the public
money and capital markets for Rabobank.
Market risk
The value of Rabobank Group's trading portfolio is affected by changes in market prices, such as interest
rates, equity prices, credit spreads, currencies and commodity prices. Any future worsening of the situation in
the financial markets could have a material adverse effect on Rabobank Group's business, financial condition
and results of operations.
Currency risk
Rabobank engages in activities that exposes it to Currency Exchange Rate risk ("FX Risk"). This risk may
originate from trading and non-trading activities, domestically or internationally and consequences will be
reflected in the profit and loss statement or in the equity account (through changes in revaluation
reserve/translation reserve account). FX Risk is the (dynamic) risk that exchange rates movements could lead
to volatility in the bank's cash flows, assets and liabilities, net profits and/or equity.
Operational risk
Operational risk is defined by Rabobank Group as "the risk of losses resulting from inadequate or failed
internal processes, people or systems or by external events". Rabobank Group operates within the current
regulatory framework with measuring and managing operational risk, including holding capital for this risk.
Events in modern international banking have shown that operational risks can lead to substantial losses.
Examples of operational risk incidents are highly diverse: fraud or other illegal conduct, failure of an
institution to have policies and procedures and controls in place to prevent, detect and report incidents of non-
compliance with applicable laws or regulations, inadequate control processes to manage risks, ineffective
implementation of internal controls, claims relating to inadequate products, inadequate documentation, losses
due to poor occupational health and safety conditions, errors in transaction processing, system failures and
cyber security. Furthermore, organisational change may result in an increased risk profile; Rabobank Group is
currently undergoing major changes such as large projects, reorganisations, and is undergoing a restructuring
in respect of its control system with the implementation of the Risk Control Framework. As these changes
unfold, the number of Rabobank Group's employees is declining. The combination of change in the company
and workforce may temporarily have a negative impact on existing work routines and projects and may
consequently timely lead to an increased risk profile. The occurrence of any possible increased number of
operational risk incidents or additional cost of complying with new regulation could have a material adverse
effect on Rabobank Group's reputation and could have a material adverse effect on Rabobank Group's
business, financial condition and results of operations. Operational risk includes all non-financial risk types
including legal risk and tax risk.
Legal risk
Rabobank Group is subject to a comprehensive range of legal obligations in all countries in which it operates.
As a result, Rabobank Group is exposed to many forms of legal risk, which may arise in a number of ways.
Rabobank Group faces risk where legal and arbitration proceedings whether private litigation or regulatory
enforcement action, are brought against it. The outcome of such proceedings is inherently uncertain and could
result in financial loss. Defending or responding to such proceedings can be expensive and time-consuming
10