Rabobank PIE Offer

The Rabo Capital PIE Share Offer is now Closed

• Minimum Dividend Rate of 8.00%p.a.^ which is equivalent to 9.03%p.a. on a non-PIE Investment for a 38% tax payer.

Rabo Capital Securities Limited (a wholly-owned subsidiary of Rabobank Nederland) is making an offer of up to $200 million PIE Capital Securities, with the ability to accept unlimited over subscriptions. The PIE Capital Securities constitute perpetual preference shares paying quarterly dividends at a fixed rate for the first five years.^

Funds raised from this offer will be used by Rabo Capital Securities Limited to invest in capital securities issued directly by Rabobank Nederland. Rabobank Nederland has a proud 110 year history and a global network spanning 43 countries, including New Zealand. Rabobank is the highest rated bank operating in New Zealand with credit ratings of AAA from Standard & Poor’s* and Aaa from Moody’s.

As Rabo Capital Securities Limited will be a Portfolio Investment Entity (“PIE”), investors in the PIE Capital Securities will have their tax on dividends capped at 30%. The resulting tax benefits are particularly appealing for investors on 33% and 38% marginal tax rates, while investors on lower tax rates will still benefit from a very attractive return.

• For more information please read the Frequently Asked Questions about the Rabo Capital PIE Share Offer.

 Media Release: Rabo Capital Securities sets margin on PIE Capital Securities.

Offer highlights include:

• Minimum Dividend Rate of 8% pa (equals 9.03% pa on a non-PIE investment for a 38% tax payer).
• Dividend Rate for the first 5 years will be set on Monday 25 May and may be higher than the minimum.
• It is expected the PIE Capital Securities will be rated AA- by Standard & Poor’s* and Aa2 by Moody’s.
• The offer is open from Monday 27 April 2009 to Friday 22 May 2009.
• Dividends paid quarterly with the first payment on 18 June 2009.
• Minimum investment amount is $5,000 and $1,000 increments thereafter.

The PIE Capital Securities are direct, unsecured and subordinated obligations of Rabo Capital Securities Limited and are not guaranteed by Rabobank Nederland or any other person. Applications can only be made using the application form included in the Investment Statement. No applications for preference shares in Rabo Capital Securities Limited will be accepted or money received unless the subscriber has received the Investment Statement for the offer.

 ^ The gross Dividend Rate for the first five years is expected to be set on Monday 25 May 2009 at a fixed margin over the benchmark five year swap rate. The issue margin will be set on Wednesday 29 April 2009. The gross dividend will not be less than 8% pa.

* Ratings are subject to change. For the latest ratings information please visit www.standardandpoors.com Ratings are solely statements of opinion and not statements of fact or recommendations to make any investment decisions.

Application has been made to NZX for permission to list the shares and all requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement.