Rabo Capital Securities sets rate on PIE offer

Rabo Capital Securities sets rate on PIE Capital Securities offer

Rabo Capital Securities Limited (“Rabo Capital”) today announced the dividend rate for its PIE Capital Securities issue has been set at 8.7864%.

This reflects a margin of 3.75% over the five year swap rate of 5.0364%.

The dividend rate will be reset on June 18, 2014 for a further five years at a 3.75% margin over the prevailing five year swap rate.

After that, the dividend rate will be reset quarterly at the same margin over the prevailing 90-day bank bill rate.

Rabo Capital’s offer of PIE Capital Securities accepted a total of NZ$280 million in applications.

The offer was oversubscribed by 40%.

The NZ$280 million PIE Capital Securities will be allotted on May 27, 2009 and dividends will accrue from that date.

Patrick Mitchell, Director of Long Term Funding for Rabobank Nederland said the bank was very pleased with the success of the offer and the fact it had attracted strong support from such a wide range of investors.

ASB Bank is the Arranger to the offer.

ASB Bank, ANZ, part of ANZ National Bank Limited, and Forsyth Barr Limited are the Joint Lead Managers.

For further information contact one of the following joint lead managers:

• ASB Securities Limited on 0800 ASB OFFER (0800 272 633)

• ANZ, part of ANZ National Bank Limited, on 0800 ANZ IPO (0800 269 476)

• Forsyth Barr Limited on 0800 FORBAR (0800 367 227)

* 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.

Application has been made to NZX for permission to list the PIE Capital Securities and all requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this announcement have been duly complied with.

However, NZX accepts no responsibility for any statement in this announcement.

ENDS

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