Commentary & Deal Flow

Coöperatieve Rabobank U.A., New York Branch (RABOBK), exp security ratings Aa2/A+/AA- (issuer ratings Aa2/A+/A+ (s/s/s)), US$ benchmark 3(a)2 exempt 3y FXD and/or FLOATING Senior Preferred due 4/1/29. Barc/JPM/MS/Rabo/RBC joint active books. Coupon Type: FXD: Fixed, Semi-Annual, 30/360; FRN: Floating, Quarterly, Act/360. Agreement with Respect to the Exercise of Bail-in Power and Resolution Stay: by its acquisition of the notes, each holder of notes acknowledges, agrees to be bound by, and consents to the exercise of, any Bail-in Power (as defined in the Terms Supplement) by the Resolution Authority (as defined in the Terms Supplement). The notes are not MREL eligible liabilities. Denoms: 250,000 x 1,000. Governing Law: New York Law. Sale into Canada: Yes - Exemption. Pricing 3/25. Settle 4/1 (T+5).

IPTs: T+70 area and SOFR equiv.

GUIDANCE: 3y FXD T+45#, 3y FRN SOFR+65#.

OTHER: