Obligation RABO Structured Products 2.6% ( XS1904252076 ) en CLP

RABO Structured Products

100 % ▲

Pays-Bas

XS1904252076 ( en CLP )

2.6% par an ( paiement annuel )

29/10/2019 - Obligation échue

Prospectus brochure de l'obligation RABOBANK STRUCTURED PRODUCTS XS1904252076 en CLP 2.6%, échue

100 000 000 CLP

17 000 000 000 CLP

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 XS1904252076 émise par RABOBANK STRUCTURED PRODUCTS aux Pays-Bas, d'un montant total de 17 000 000 000 CLP, avec un prix actuel de marché de 100%, un taux d'intérêt de 2,6%, une taille minimale d'achat de 100 000 000 CLP, une maturité au 29/10/2019 et une fréquence de paiement de 1, est arrivée à échéance et a été remboursée.

Coöperatieve Rabobank U.A.
(Rabobank Structured Products)
(Chamber of Commerce registration number 30046259)
(a cooperative (coöperatie) formed under the laws of the Netherlands with its statutory seat in Amsterdam)
EUR 15,000,000,000
Structured Medium-Term Note Programme
Due from seven days to perpetuity

Under the EUR 15,000,000,000 Structured Medium-Term Note Programme (the "Programme"), described in this base prospectus (the "Base Prospectus") Coöperatieve Rabobank
U.A. (the "Issuer", "Coöperatieve Rabobank U.A. (Rabobank Structured Products)" or "Rabobank Structured Products") may, subject to compliance with all relevant laws,
regulations and directives, from time to time issue medium-term notes (the "Notes").
The aggregate nominal amount of Notes outstanding will not at any time exceed EUR 15,000,000,000 (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") as competent authority under Regulation (EU)
2017/1129 (the "Prospectus Regulation") to approve this Base Prospectus in connection with the issue by the Issuer of Notes (in each case excluding such Notes which constitute
money market instruments (as defined in Article 2(1) of Directive 2009/65/EC) having a maturity of less than 12 months ("Money Market Instruments")) which are:
(a)
offered to the public in the European Economic Area or in the United Kingdom in circumstances which require the publication of a prospectus under the Prospectus Regulation,
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 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (as
amended, "MiFID II"),
such Notes hereinafter referred to as the "PR Notes". PR Notes may be issued in any denominations as agreed between the Issuer and the relevant Dealer(s), and any PR 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 Regulation are referred to hereinafter as "Non-Exempt PR Notes".
This prospectus has been approved by the AFM as competent authority under Regulation (EU) 2017/1129. The AFM only approves this prospectus as meeting the standards of
completeness, comprehensibility and consistency imposed by Regulation (EU) 2017/1129. Such approval should not be considered as an endorsement of the quality of the securities
that are the subject of this prospectus. Investors should make their own assessment as to the suitability of investing in the securities.
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 or in
the United Kingdom (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 Regulation, 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 bear er form, without interest coupons (each a "temporary
Global Note"). 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").
Global Notes in bearer form and Global Certificates 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 the Issuer 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 are expected to be rated AA- by Fitch Ratings Limited ("Fitch"). Senior unsecured Notes issued under the Programme are
expected to be rated Aa3 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 S&P Global Ratings
Europe Limited, France Branch ("S&P"). Each of Fitch, Moody's and S&P is established in the European Union or in the United Kingdom and is registered under Regulation (EC) No
1060/2009 (the "CRA Regulation"). In addition, this Base Prospectus contains or refers to certain credit ratings issued by DBRS Ratings Limited ("DBRS"). DBRS is established in
the United Kingdom 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.
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 or in the United Kingdom 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 17 to 54.
This Base Prospectus will be valid as a base prospectus under the Prospectus Regulation for 12 months from 1 September 2020. The obligation to
supplement this Base Prospectus in the event of significant new factors, material mistakes or material inaccuracies will not apply following the expiry of
that period.
This Base Prospectus supersedes and replaces the base prospectus dated 13 June 2019.

Arranger and Dealer for the Programme
Rabobank
The date of this Base Prospectus is 1 September 2020

1

This Base Prospectus has been prepared on the basis that, except to the extent sub-paragraph Error!
Reference source not found. below may apply, any offer of Notes in any Member State of the European
Economic Area and the United Kingdom (each, a "Relevant State") wil be made pursuant to an exemption
under the Prospectus Regulation from the requirement to publish a prospectus for offers of Notes.
Accordingly, any person making or intending to make an offer in that Relevant 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 (a) in circumstances in which no obligation arises for the Issuer or
any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a
prospectus pursuant to Article 23 of the Prospectus Regulation, in each case, in relation to such offer or
(b) in the circumstances described under "Public Offers of Non-Exempt PR Notes in the European
Economic Area and in the United Kingdom" on pages 82 to 87. Except to the extent sub-paragraph Error!
Reference source not found. above may apply, neither the Issuer nor any Dealer(s) 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.
In connection with the issue of any tranche of a Series of Notes (a "Tranche"), one or more relevant
Dealer(s) (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 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.
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 Dealer(s) 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 the Issuer) 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 these and certain restrictions further 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
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 Base Prospectus. Any representation to the contrary is a criminal offence
in the United States.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET The Final Terms in respect of any Notes will
include a legend entitled "MiFID II Product Governance" which wil outline the target market assessment
in respect of the Notes and which channels for distribution of the Notes are appropriate. Any person
2

subsequently offering, sel ing or recommending the Notes (a "distributor") should take into consideration
the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its
own target market assessment in respect of the Notes (by either adopting or refining the target market
assessment) and determining appropriate distribution channels).
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the
Arranger nor any Dealer(s) nor any of their respective affiliates will be a manufacturer for the purpose of
the MiFID Product Governance Rules.
IMPORTANT EEA AND UK RETAIL INVESTORS If the Final Terms in respect of any Notes includes
a legend entitled "Prohibition of Sales to EEA and UK Retail Investors", the Notes are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available
to any retail investor in the European Economic Area ("EEA") or in the United Kingdom (the "UK"). 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 MiFID II; (b) a customer within the meaning of Directive (EU) 2016/97 (the
Insurance Distribution Directive), 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 Regulation.
Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the
"PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors
in the EEA or in the UK has been prepared and therefore offering or selling the Notes or otherwise making
them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.
Singapore SFA Product Classification In connection with Section 309B of the Securities and Futures Act
(Chapter 289) of Singapore (the "SFA") and the Securities and Futures (Capital Markets Products)
Regulations 2018 of Singapore (the "CMP Regulations 2018"), unless otherwise specified before an offer
of Notes, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1)
of the SFA), that the Notes are "prescribed capital markets products" (as defined in the CMP Regulations
2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of
Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
Unless the Final Terms in respect of any Notes specifies "Prohibition of Sales to Belgian Consumers" as
"Not Applicable", the Notes are not intended to be offered, sold or otherwise made available to, and will
not be offered, sold or otherwise made available to, "consumers" (consumenten/consommateurs) within
the meaning of the Belgian Code of Economic law (Wetboek economisch recht/Code de droit économique).
Credit ratings are for distribution only to a person in Australia who is not a 'retail client' within the meaning
of section 761G of the Corporations Act 2001 of Australia and is also a sophisticated investor, professional
investor or other investor in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the
Corporations Act 2001 of Australia. Anyone in Australia who is not such a person is not entitled to receive
this Base Prospectus and anyone who receives this Base Prospectus must not distribute it to any person
in Australia who is not entitled to receive it.
Benchmarks Regulation Amounts payable on Notes issued under the Programme may be calculated
by reference to any of STR, LIBID, LIMEAN, GBP-ISDA-Swap Rate, EURIBOR, EONIA, EUR-ISDA-
EURIBOR-Swap Rate, STIBOR, CNH HIBOR, JPY-ISDA-Swap Rate or USD-ISDA-Swap Rate as
specified in the applicable Final Terms. As at the date of this Base Prospectus, the administrators (if any)
of LIBID, LIMEAN, GBP-ISDA-Swap Rate, EUR-ISDA-EURIBOR-Swap Rate, STIBOR, CNH HIBOR, JPY-
ISDA-Swap Rate and USD-ISDA-Swap Rate are not included in ESMA's register of administrators under
Article 36 of the Regulation (EU) No. 2016/1011 (the "Benchmarks Regulation"). As far as the Issuer is
aware, the transitional provisions in Article 51 of the Benchmarks Regulation apply, such that the
administrators of LIBID, LIMEAN, GBP-ISDA-Swap Rate, EURIBOR, EONIA, EUR-ISDA-EURIBOR-Swap
Rate, STIBOR, CNH HIBOR, JPY-ISDA-Swap Rate and USD-ISDA-Swap Rate are not currently required
to obtain authorisation or registration (or, if located outside the European Union or in the United Kingdom,
recognition, endorsement or equivalence).
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Amounts payable under the Notes may also be calculated by reference to LIBOR, EURIBOR, EONIA,
STR, SONIA or SOFR, which are provided by: in the case of LIBOR, ICE Benchmark Administration Ltd
("IBA"); in the case of both EURIBOR and EONIA, the European Money Markets Institute (the "EMMI"); in
the case of EONIA, the European Central Bank; in the case of SONIA, the Bank of England; and in the
case of SOFR, the Federal Reserve Bank of New York (the "FRBNY"). As at the date of this Base
Prospectus, both IBA and EMMI appear on the register of administrators and benchmarks established and
maintained by ESMA pursuant to Article 36 of the Benchmarks Regulation. As at the date of this Base
Prospectus, the European Central Bank, the Bank of England and the FRBNY do not appear in ESMA's
register of administrators under the Benchmarks Regulation. As far as Rabobank is aware, none of EONIA,
SONIA or SOFR fall within the scope of the Benchmarks Regulation by virtue of Article 2 of the Benchmarks
Regulation.
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 Group",
"Rabobank" or the "Group" are to Coöperatieve Rabobank U.A. and its subsidiaries. Rabobank Nederland
and Rabobank are trading names of Coöperatieve Rabobank U.A. For the purposes of this Base
Prospectus, references to "Coöperatieve Rabobank U.A. (Rabobank Structured Products)" or
"Rabobank Structured Products" are to Coöperatieve Rabobank U.A. as Issuer.
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 "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,
to "Australian Dollar" are to the lawful currency of the Commonwealth of Australia, to "New Zealand
Dollar" are to the lawful currency of New Zealand, to "JPY" and "yen" are to the lawful currency of Japan,
to "SEK" are to the lawful currency of Sweden, and to "Renminbi", "RMB" and "CNY" are to the lawful
currency of the PRC.
In this Base Prospectus, references to the "United States" are to the United States of America, to the
"United Kingdom" are to the United Kingdom of Great Britain and Northern Ireland and to "PRC" are to
the People's Republic of China which, for the purpose of this Base Prospectus, shal 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 also drawn to the important information on pages 91 to 96.
4

TABLE OF CONTENTS
OVERVIEW OF THE PROGRAMME .......................................................................................................... 9
RISK FACTORS ........................................................................................................................................ 17
KEY FEATURES OF THE PR NOTES AND DESCRIPTION OF HOW THE UNDERLYINGS MAY
AFFECT THE VALUE OF THE NOTES ............................................................................................ 55
PUBLIC OFFERS OF NON-EXEMPT PR NOTES IN THE EUROPEAN ECONOMIC AREA AND THE
UNITED KINGDOM ........................................................................................................................... 82
DOCUMENTS INCORPORATED BY REFERENCE ................................................................................ 88
SUPPLEMENTARY PROSPECTUS ......................................................................................................... 90
IMPORTANT INFORMATION ................................................................................................................... 91
GENERAL CONDITIONS OF THE NOTES .............................................................................................. 97
1 Definitions and Interpretation ............................................................................................... 97
2 Form, Denomination and Title ............................................................................................ 116
3 Transfers of Registered Notes ............................................................................................ 117
4 Status of the Notes .............................................................................................................. 119
5 Interest and Other Calculations .......................................................................................... 119
6 Redemption at the Maturity Date ........................................................................................ 155
7 Redemption prior to the Maturity Date ............................................................................... 165
8 Payments .............................................................................................................................. 169
9 Physical Delivery .................................................................................................................. 174
10
Taxation ............................................................................................................................ 178
11
Prescription ...................................................................................................................... 179
12
Events of Default .............................................................................................................. 179
13
Agents ............................................................................................................................... 180
14
Meeting of Noteholders, Modifications and Substitutions .......................................... 180
15
Replacement of Notes, Certificates, Receipts, Coupons and Talons ......................... 183
16
Further Issues .................................................................................................................. 183
17
Notices .............................................................................................................................. 184
18
Governing Law and Jurisdiction .................................................................................... 184
ANNEX I: COMMODITY LINKED NOTES AND COMMODITY INDEX LINKED NOTES ....................... 186
1 Incorporation and Interpretation ........................................................................................ 186
2 Definitions Applicable to Commodity Linked Notes and Commodity Index Linked Notes

186
3 Adjustments to Observation Dates .................................................................................... 196
4 Adjustments to Averaging Dates ....................................................................................... 197
5 Additional Disruption Events, Adjustments for Commodity Linked Notes in respect of
Commodities in European Currencies, Correction of Reference Value and Adjustments to a
Commodity Index ....................................................................................................................... 198
ANNEX II: EQUITY LINKED NOTES ...................................................................................................... 200
5

1 Incorporation and Interpretation ........................................................................................ 200
2 Definitions Applicable to Equity Linked Notes ................................................................. 200
3 Adjustments to Observation Dates .................................................................................... 204
4 Adjustments to Averaging Dates ........................................................................................ 205
5 Potential Adjustment Events, Delisting, Merger Event, Tender Offer, Nationalisation and
Insolvency, Additional Disruption Events and Adjustments for Equity Linked Notes in
respect of Equities quoted in European Currencies ............................................................... 205
6 Partial Lookthrough Depositary Receipt Provisions ........................................................ 208
7 Full Lookthrough Depositary Receipt Provisions ............................................................. 210
ANNEX III: EQUITY INDEX LINKED NOTES ......................................................................................... 213
1 Incorporation and Interpretation ........................................................................................ 213
2 Definitions Applicable to Equity Index Linked Notes ....................................................... 213
3 Adjustments to Observation Dates .................................................................................... 217
4 Adjustments to Averaging Dates ........................................................................................ 218
5 Adjustments to an Equity Index and Additional Disruption Events ................................ 219
ANNEX IV: FUND LINKED NOTES ....................................................................................................... 221
1 Incorporation and Interpretation ........................................................................................ 221
2 Definitions Applicable to Fund Linked Notes .................................................................... 221
3 Adjustments in relation to a Trigger Event ........................................................................ 223
4 Adjustments to Observation Dates .................................................................................... 228
5 Adjustments to Averaging Dates ........................................................................................ 229
6 Notice .................................................................................................................................... 230
ANNEX V: FX LINKED NOTES .............................................................................................................. 231
1 Incorporation and Interpretation ........................................................................................ 231
2 Definitions Applicable to FX Linked Notes ........................................................................ 231
3 Adjustments to Observation Dates .................................................................................... 233
4 Adjustments to Averaging Dates ........................................................................................ 233
5 Fallback Reference Date ...................................................................................................... 234
6 Corrections to Published and Displayed Rates ................................................................ 234
7 Successor Currency ............................................................................................................ 234
8 Rebasing of FX Linked Notes ............................................................................................. 235
9 Consequences of an Additional Disruption Event ............................................................ 235
ANNEX VI: INFLATION INDEX LINKED NOTES ................................................................................... 236
1 Definitions Applicable to Inflation Index Linked Notes .................................................... 236
2 Adjustments ......................................................................................................................... 237
ANNEX VII: GLOBAL FLOOR FEATURE CONDITIONS ....................................................................... 240
1 Incorporation and Interpretation ........................................................................................ 240
2 Definitions ............................................................................................................................. 240
3 Methodology ......................................................................................................................... 240
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ANNEX VIII: NON-DELIVERABLE CURRENCY FEATURE CONDITIONS ........................................... 241
1 Incorporation and Interpretation ........................................................................................ 241
2 Definitions Applicable to FX Linked Notes ........................................................................ 241
3 Methodology ......................................................................................................................... 242
4 Adjustment to Observation Date ........................................................................................ 242
5 Corrections to Published and Displayed Rates ................................................................ 242
6 Successor Currency ............................................................................................................ 242
7 Rebasing of the Notes ......................................................................................................... 243
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ...................... 244
1 Temporary Global Notes ..................................................................................................... 245
2 Permanent Global Notes ..................................................................................................... 245
3 Global Certificates ............................................................................................................... 245
4 Partial Exchange of Permanent Global Notes ................................................................... 246
5 Delivery of Notes .................................................................................................................. 246
6 Exchange Date ..................................................................................................................... 246
7 Legend .................................................................................................................................. 246
1 Payments .............................................................................................................................. 247
2 Prescription .......................................................................................................................... 247
3 Meetings ................................................................................................................................ 247
4 Cancellation .......................................................................................................................... 247
5 Purchase ............................................................................................................................... 248
6 Issuer's Option ..................................................................................................................... 248
7 Events of Default .................................................................................................................. 248
8 Notices .................................................................................................................................. 248
USE OF PROCEEDS .............................................................................................................................. 249
CLEARING AND SETTLEMENT ............................................................................................................ 250
DESCRIPTION OF BUSINESS OF RABOBANK GROUP ..................................................................... 253
STRUCTURE AND GOVERNANCE OF RABOBANK GROUP .............................................................. 262
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS ................................................................................................................................. 266
SELECTED FINANCIAL INFORMATION ............................................................................................... 297
RISK MANAGEMENT ............................................................................................................................. 301
GOVERNANCE OF RABOBANK GROUP ............................................................................................. 309
REGULATION OF RABOBANK GROUP ............................................................................................... 317
CAPITALISATION AND INDEBTEDNESS OF RABOBANK GROUP .................................................... 329
TAXATION .............................................................................................................................................. 332
1 Belgium ................................................................................................................................. 332
2 European Union ................................................................................................................... 336
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3 France ................................................................................................................................... 336
4 Germany ................................................................................................................................ 337
5 Luxembourg ......................................................................................................................... 338
6 The Netherlands ................................................................................................................... 339
7 United Kingdom ................................................................................................................... 341
8 United States Federal Income Taxation ............................................................................. 342
ERISA CONSIDERATIONS .................................................................................................................... 360
TRANSFER RESTRICTIONS ................................................................................................................. 362
PLAN OF DISTRIBUTION ...................................................................................................................... 364
FORM OF FINAL TERMS IN RESPECT OF PR NOTES ....................................................................... 371
FORM OF FINAL TERMS IN RESPECT OF EXEMPT NOTES ............................................................. 428
GENERAL INFORMATION ..................................................................................................................... 479

8

Overview of the Programme
OVERVIEW OF THE PROGRAMME
The following general description does not purport to be complete and is taken from, and is qualified in its
entirety by, the remainder of this Base Prospectus and, in relation to the terms and conditions of any
particular Tranche of Notes, the relevant Final Terms. Words and expressions defined in the Terms and
Conditions shall have the same meanings in this general description. The Issuer may agree with any Dealer
that Notes may be issued in a form other than that contemplated in the Terms and Conditions in which
event (in the case of PR Notes only) a supplement to this Base Prospectus or new Base Prospectus, if
appropriate, will be made available which will describe the effect of the agreement reached in relation to
such Notes.
The following general description is qualified in its entirety by the remainder of this Base Prospectus.
Issuer:
Coöperatieve Rabobank U.A. (Rabobank Structured Products)

Legal Entity Identifier
DG3RU1DBUFHT4ZF9WN62

of the Issuer:
Website of the Issuer:
www.rabobank.com

Description:
Structured Medium-Term Note Programme

Date:
1 September 2020

Size:
Up to EUR 15,000,000,000 (or the equivalent in other currencies at

the date of issue) aggregate nominal amount of Notes outstanding at
any one time.
Use of Proceeds:
The net proceeds from the issues of the Notes will be used by the

Issuer in connection with its banking business, unless otherwise
specified in the relevant Final Terms with respect to a specific
Tranche of Notes.
Arranger and Dealer(s):
Coöperatieve Rabobank U.A. (in its capacity as Dealer)

The Issuer may from time to time terminate the appointment of any

Dealer under the Programme or appoint additional dealers either in
respect of one or more Tranches or in respect of the whole
Programme. References to a "Dealer" is to each person appointed as
a dealer in respect of one or more Tranches.
Fiscal Agent:
Deutsche Bank AG, London Branch, if the global notes representing

the Notes are or will be deposited with Euroclear or Clearstream, or
Coöperatieve Rabobank U.A., if the global notes representing the
Notes are or will be solely deposited with Euroclear Netherlands.
Method of Issue:
The Notes will be issued on a syndicated or non-syndicated basis.

The Notes will be issued in Series having one or more issue dates
and on terms otherwise identical (or identical other than in respect of
the first payment of interest), the Notes of each Series being intended
to be interchangeable with all other Notes of that Series. Each Series
may be issued in Tranches on the same or different issue dates. The
specifics of each Tranche (which will be supplemented, where
necessary, with supplemental terms and conditions and, save in
respect of the issue date, issue price, first interest payment and
nominal amount, will be identical to the terms of other Tranches of the
same Series) will be set out in the relevant Final Terms.
9

Overview of the Programme
Issue Price:
Notes may be issued at their nominal amount or at a discount or

premium to their nominal amount. Partly Paid Notes may be issued,
the issue price of which will be payable in two or more instalments.
Form of Notes:
The Notes may be issued in bearer form only, in bearer form

exchangeable for Registered Notes, or in registered form only. Each
Tranche of Bearer Notes will initially be represented by a temporary
Global Note, without interest coupons, which will be deposited on the
issue date with a Common Depositary on behalf of Euroclear and
Clearstream, Luxembourg. No interest will be payable in respect of a
temporary Global Note, except as described under "Summary of
Provisions Relating to the Notes while in Global Form". Interests in a
temporary Global Note will be exchangeable for interests in a
permanent Global Note or, if so stated in the relevant Final Terms, for
Definitive Notes, after the date falling 40 days after the completion of
the distribution of the Tranche as certified in writing by the relevant
Dealer upon certification as to non-U.S. beneficial ownership.
Interests in a permanent Global Note will be exchangeable for
Definitive Notes in bearer form as described under "Summary of
Provisions Relating to the Notes while in Global Form".

Registered Notes will be represented by Certificates, one Certificate

being issued in respect of each Noteholder's entire holding of
Registered Notes of one Series and may be represented by a Global
Certificate. Unrestricted Notes in registered form will initially be
represented by 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 a Common Depositary on behalf of
Euroclear and Clearstream, Luxembourg or (b) in the case of a
Tranche intended to be cleared through a clearing system other than
or in addition to Euroclear, Clearstream, Luxembourg and/or DTC or
delivered outside a clearing system, as agreed between the Issuer
and the relevant Dealer. Restricted Notes in registered form will
initially be represented by a Restricted Global Certificate, without
interest coupons, which may be deposited on the issue date either (a)
with a Common Depositary on behalf of Euroclear and Clearstream,
Luxembourg or (b) with a custodian for, and registered in the name of
Cede & Co. as nominee for, DTC. Notes which are offered and sold
in the United States to "qualified institutional buyers" pursuant to Rule
144A are issued as Restricted Notes or Notes represented by a
Restricted Global Certificate.

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 a Global Note

for another Global Note and Definitive Notes and the exchange of
interests in each Global Certificate for individual Certificates are
10