Obligation RABO Structured Products 0% ( XS1460821496 ) en EUR

RABO Structured Products

100 % ⇌

Pays-Bas

XS1460821496 ( en EUR )

11/08/2027

Prospectus brochure de l'obligation RABOBANK STRUCTURED PRODUCTS XS1460821496 en EUR 0%, échéance 11/08/2027

100 000 EUR

100 000 000 EUR

Rabobank Structured Products propose des investissements complexes combinant des actifs sous-jacents (actions, obligations, matières premières) avec des options ou autres dérivés pour générer un profil de rendement spécifique, souvent lié à un indice de référence ou à un événement précis.

L'Obligation émise par RABO Structured Products ( Pays-Bas ) , en EUR, avec le code ISIN XS1460821496, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 11/08/2027

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 8347
EUR 100,000,000 Notes due 2027
linked to the EURO STOXX 50® Index
This series prospectus (this "Series Prospectus") relates to the issuance of EUR 100,000,000 Notes due 2027 (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 7
to 22.
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 2004/39/EC of the European Parliament and of the Council on markets in
financial instruments.
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.
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 9 August 2016.
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 2013, 31
December 2014 and 31 December 2015 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.
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 2014 and 2015, under note 2.1 "Changes in accounting
policies and presentation as a result of new guidelines" and note 2.1 "Other changes in accounting principles
and presentation", respectively.
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
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.
4

Important Information
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:

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.
5

TABLE OF CONTENTS
Page
IMPORTANT INFORMATION ......................................................................................................................... 3
RISK FACTORS ................................................................................................................................................ 7
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................... 23
TERMS AND CONDITIONS OF THE NOTES ............................................................................................. 25
USE OF PROCEEDS ....................................................................................................................................... 36
CLEARING AND SETTLEMENT .................................................................................................................. 37
SUBSCRIPTION AND SALE ......................................................................................................................... 38
GENERAL INFORMATION ........................................................................................................................... 39
6

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. 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 and/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. In 2015,
the Dutch economy showed signs of a slight recovery. The still difficult economic circumstances have
resulted in reduced borrowing and interest rates. 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. Interest rates remained low in 2015 due to the measures taken by the
European Central Bank (the "ECB") intended to stimulate European economies, and have declined further in
2016. 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 Factors affecting results of operations General market conditions"
beginning on page 277 of the Base Prospectus. Continuing volatility in the financial markets or a protracted
economic downturn in the Rabobank Group's major markets could have a material adverse effect on
Rabobank Group's results of operations.
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.
7

Risk Factors
An economic downturn or an escalation of the European sovereign debt crisis may result in an increase in
credit risk and, consequently, loan losses that are above Rabobank Group's long-term average, which could
have a material adverse effect on Rabobank Group's 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 and/or collective debtor risk could have a
material adverse effect on Rabobank Group's results of operations.
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, can be adjusted immediately. This
does not apply to the majority of Rabobank Group's assets, such as mortgages, which have longer interest rate
fixation periods. 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: (a) decrease the value of certain fixed income
instruments which Rabobank Group holds; (b) result in surrenders of certain savings products with fixed rates
below market rates by banking customers of Rabobank Group; (c) require Rabobank Group to pay higher
interest rates on the securities that it issues; and (d) cause a general decline in financial markets.
Funding and liquidity risk
Liquidity risk is the risk that not all (re)payment commitments can be met. This could happen if clients or
other professional counterparties suddenly withdraw more funding than expected, which cannot be met by
Rabobank Group's cash resources, by selling or pledging assets or by borrowing funds from third parties.
Important factors in preventing this are preserving the trust of customers for retail funding and maintaining
access to financial markets for wholesale funding. If either of these was seriously threatened, this could have
a material adverse effect on Rabobank Group's results of operations.
Market risk
The value of Rabobank Group's trading portfolio is affected by changes in market prices, such as interest
rates, equities, currencies, certain commodities and derivatives. Any future worsening of the situation in the
financial markets could have a material adverse effect on Rabobank Group's results of operations.
Currency risk
Rabobank Group is an internationally active financial services provider. As such, part of its capital is invested
in foreign activities. This gives rise to currency risk, in the form of translation risk. In addition, the trading
books are exposed to market risk, in that they can have positions that are affected by changes in the exchange
rate of currencies. Sudden and substantial changes in the exchange rates of currencies could have a material
adverse effect on Rabobank Group's results of operations.
Operational risk
8

Risk Factors
As a risk type, operational risk has acquired its own distinct position in the banking world. It is defined within
the 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 as regards
measuring and managing operational risk, including holding capital for this risk. Events of recent decades 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 and system failures. The
occurrence of any such incidents or additional cost of complying with new regulation could have a material
adverse effect on Rabobank Group's reputation and results of operations.
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
and there is no guarantee that all costs incurred will be recovered even if Rabobank Group is successful.
Failure to manage these risks could have a negative impact on Rabobank Group's reputation and could have a
material adverse effect on Rabobank Group's results of operations. In addition, banking entities generally,
including the Rabobank Group, are experiencing heightened regulatory oversight and scrutiny, which may
lead to additional regulatory investigations or enforcement actions. These and other regulatory initiatives may
result in judgements, settlements, fines or penalties, or cause the Rabobank Group to restructure its operations
and activities, any of which could have a negative impact on the Rabobank Group's reputation or impose
additional operational costs, and could have a material adverse effect on the Rabobank Group's results of
operations. Rabobank Group is exposed to regulatory scrutiny and potentially significant claims, in relation
to, among other things, the sale of interest rate derivatives to SME clients. A negative outcome of any such
potentially significant claims (including proceedings, collective-actions and settlements), action taken by
supervisory authorities or other authorities, legislation, sector-wide measures, and other arrangements for the
benefit of clients and third parties could have a negative impact on the Rabobank Group's reputation or
impose additional operational costs, and could have a material adverse effect on the Rabobank Group's results
of operations, financial condition and prospects. For further information, see "Description of Business of
Rabobank Group Legal and arbitration proceedings" on page 273 of the Base Prospectus.
Tax risk
Rabobank Group is subject to the tax laws of all countries in which it operates. Tax risk is the risk associated
with changes in tax law or in the interpretation of tax law. It also includes the risk of changes in tax rates and
the risk of failure to comply with procedures required by tax authorities. Failure to manage tax risks could
lead to an additional tax charge. It could also lead to a financial penalty for failure to comply with required tax
procedures or other aspects of tax law. If, as a result of a particular tax risk materialising, the tax costs
associated with particular transactions are greater than anticipated, it could affect the profitability of those
transactions, which could have a material adverse effect on Rabobank Group's results of operations or lead to
regulatory enforcement action or may have a negative impact on Rabobank Group's reputation.
Systemic risk
Rabobank Group could be negatively affected by the weakness and/or the perceived weakness of other
financial institutions, which could result in significant systemic liquidity problems, losses or defaults by other
9

Risk Factors
financial institutions and counterparties. Financial services institutions that deal with each other are
interrelated as a result of trading, investment, clearing, counterparty and other relationships. This risk is
sometimes referred to as "systemic risk" and may adversely affect financial intermediaries, such as clearing
agencies, clearing houses, banks, securities firms and exchanges with whom Rabobank Group interacts on a
daily basis. Concerns about the creditworthiness of sovereigns and financial institutions in Europe and the
United States remain. The large sovereign debts and/or fiscal deficits of a number of European countries,
including those of Greece, and the United States go hand in hand with concerns regarding the financial
condition of financial institutions. Any of the above-mentioned consequences of systemic risk could have an
adverse effect on Rabobank Group's ability to raise new funding and its results of operations.
Effect of governmental policy and regulation
Rabobank Group's businesses and earnings can be affected by the fiscal or other policies and other actions of
various governmental and regulatory authorities in the Netherlands, the European Union, the United States
and elsewhere. Areas where changes could have an impact include, but are not limited to: the monetary,
interest rate, crisis management, asset quality review, recovery and resolution and other policies of central
banks and regulatory authorities, changes in government or regulatory policy that may significantly influence
investor decisions in particular markets in which Rabobank Group operates, increased capital requirements
and changes relating to capital treatment, changes and rules in competition and pricing environments,
developments in the financial reporting environment, stress-testing exercises to which financial institutions
are subject, implementation of conflicting or incompatible regulatory requirements in different jurisdictions
relating to the same products or transactions, or unfavourable developments producing social instability or
legal uncertainty which, in turn, may affect demand for Rabobank Group's products and services. Regulatory
compliance risk arises from a failure or inability to comply fully with the laws, regulations or codes
applicable specifically to the financial services industry. Non-compliance could lead to fines, public
reprimands, damage to reputation, enforced suspension of operations or, in extreme cases, withdrawal of
authorisations to operate.
As of 1 October 2012, the Dutch government introduced a bank tax for all entities that are authorised to
conduct banking activities in the Netherlands. The tax is based on the amount of the total liabilities on the
balance sheet of the relevant bank as at the end of such bank's preceding financial year, with exemptions for
equity, deposits that are covered by a guarantee scheme and for certain liabilities relating to insurance
business. The levy on short-term funding liabilities is twice as high as the levy on long-term funding
liabilities. Rabobank Group was charged a total of 172 million in bank tax and bank levies in 2015.
On 1 February 2013, the Dutch state nationalised the Dutch banking and insurance group SNS Reaal. To
finance this operation, a special, one-off resolution levy of 1 billion was imposed on banks based in the
Netherlands. Rabobank Group's share of the resolution levy was 321 million and had an adverse effect on
Rabobank Group's results of operations in 2014. As of 2015, Rabobank Group needs to make yearly
contributions to the resolution fund. In 2015, the contribution to the National Resolution Fund amounted to
172 million. On 1 January 2016 the European Single Resolution Fund (SRF) was set up. This fund will for a
large part replace the National Resolution Fund, including the Dutch National Resolution Fund (NRF) that
was set up on the 27 November 2015. If further financial institutions are bailed out, additional taxes or levies
could be imposed, which may have a material adverse effect on Rabobank Group's results of operations.
In November 2015, a new way of financing the Dutch deposit guarantee scheme (the "Dutch Deposit
Guarantee Scheme"), a pre-funded system that protects bank depositors from losses caused by a bank's
inability to pay its debts when due, came into force. The target level of the scheme is 0.8 per cent. of total
guaranteed deposits in the Netherlands. Each bank is required to pay a base premium per quarter of its total
guaranteed deposits in the Netherlands. A risk add-on may be charged depending on the risk-weighting of the
bank. Furthermore the Single Resolution Mechanism (see the risk factor entitled "Bank recovery and
10