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Rabobank Addendum__FP07-0913-1307_

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					DOCUMENT DATED 14 SEPTEMBER 2007

         If you are in doubt as to any aspect of this Addendum, you should consult your stockbroker or other registered
dealer in securities, bank manager, solicitor, accountant or other professional advisers.

        The Singapore Exchange Securities Trading Limited (the "SGX-ST") takes no responsibility for the contents of
this Addendum, makes no representation as to its accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
Addendum. Admission to the Official List of the SGX-ST is not to be taken as an indication of the merits of
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. acting through its Hong Kong branch, the Index, the Shares,
the Underlying Shares or the Warrants.



                                        Addendum to the Base Listing Document
                                         relating to private placings of Warrants
                                                      to be issued by

                               Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
                       (a coöperatie formed under the law of the Netherlands with its statutory seat in Amsterdam)
                                           acting through its Hong Kong branch




         This Addendum is published in respect of warrants to be issued from time to time by Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (the "Issuer" or “Rabobank”) acting through its Hong Kong branch. The warrants
include American style physical delivery call warrants on single equities ("American Style Physical Delivery Call
Warrants"), European style physical delivery call warrants on single equities ("European Style Physical Delivery Call
Warrants"), American style cash settled call warrants on single equities ("American Style Cash Settled Call
Warrants"), European style cash settled call warrants on single equities ("European Style Cash Settled Call
Warrants"), American style physical delivery basket call warrants on a basket of equities ("American Style Physical
Delivery Basket Call Warrants"), European style physical delivery basket call warrants on a basket of equities
("European Style Physical Delivery Basket Call Warrants"), American style cash settled basket call warrants on a
basket of equities ("American Style Cash Settled Basket Call Warrants"), European style cash settled basket call
warrants on a basket of equities ("European Style Cash Settled Basket Call Warrants"), American style index call
warrants on indices ("American Style Index Call Warrants"), European style index call warrants on indices
("European Style Index Call Warrants"), European style cash settled average return call warrants on single equities
(“European Style Cash Settled Average Return Call Warrants”), American style physical delivery put warrants on
single equities ("American Style Physical Delivery Put Warrants"), European style physical delivery put warrants on
single equities ("European Style Physical Delivery Put Warrants"), American style cash settled put warrants on
single equities ("American Style Cash Settled Put Warrants"), European style cash settled put warrants on single
equities ("European Style Cash Settled Put Warrants"), American style cash settled basket put warrants on a basket
of equities ("American Style Cash Settled Basket Put Warrants"), European style cash settled basket put warrants
on a basket of equities ("European Style Cash Settled Basket Put Warrants"), American style index put warrants on

                                                                   1
indices ("American Style Index Put Warrants"), European style index put warrants on indices ("European Style
Index Put Warrants"), European style cash settled average return put warrants on single equities (“European Style
Cash Settled Average Return Put Warrants”), European style physically settled discount certificates (call spread
warrants) on single equities (“European Style Physically Settled Discount Certificates” or “Discount Certificates”),
European style cash settled daily lock in certificates (RaboJet Certs) (“European Style Cash Settled Daily Lock In
Certificates”) and such other warrants to be issued from time to time by the Issuer (together the "Warrants" save that
where the context requires references to the "Warrants" shall mean the American Style Physical Delivery Call
Warrants, European Style Physical Delivery Call Warrants, American Style Cash Settled Call Warrants, European Style
Cash Settled Call Warrants, American Style Physical Delivery Basket Call Warrants, European Style Physical Delivery
Basket Call Warrants, American Style Cash Settled Basket Call Warrants, European Style Cash Settled Basket Call
Warrants, American Style Index Call Warrants, European Style Index Call Warrants, European Style Cash Settled
Average Return Call Warrants, American Style Physical Delivery Put Warrants, European Style Physical Delivery Put
Warrants, American Style Cash Settled Put Warrants, European Style Cash Settled Put Warrants, American Style
Cash Settled Basket Put Warrants, European Style Cash Settled Basket Put Warrants, American Style Index Put
Warrants, European Style Index Put Warrants, European Style Cash Settled Average Return Put Warrants, European
Style Physically Settled Discount Certificates, European Style Cash Settled Daily Lock In Certificates or such other
warrants to be issued from time to time by the Issuer, as the case may be).

         This Addendum is published in connection with a listing of the Warrants on the SGX-ST for the purpose of
giving information with regard to the Issuer. The additional terms relating to each series of Warrants will be set out in a
supplemental listing document (each a "Supplemental Listing Document") which will be supplemental to, and should
be read in conjunction with the Base Listing Document dated 6 July 2007 (the "Base Listing Document") and this
Addendum.

          This Addendum does not constitute or form part of any offer, or invitation, to subscribe for or to sell, or
solicitation of any offer to subscribe for or to purchase, Warrants or other securities of the Issuer, nor is it calculated to
invite, nor does it permit the making of, offers by the public to subscribe for or purchase for cash or other consideration,
Warrants or other securities of the Issuer.

       Investors are warned that the price of the Warrants may fall in value as rapidly as it may rise and
holders may sustain a total loss of their investment. Prospective purchasers should therefore ensure that they
understand the nature of the Warrants and carefully study the risk factors set out in the Base Listing
Document and, where necessary, seek professional advice before they invest in the Warrants.

        The information in this Addendum does not take into account the investment objectives or financial
position of any particular investor. Accordingly, nothing in this Addendum should be construed as a
recommendation or invitation by the Issuer, or any associate of the Issuer, or any other person concerning
investment in the Warrants or any security underlying the Warrants.

        The Warrants constitute general unsecured contractual obligations of the Issuer and of no other
person and if you purchase the Warrants you are relying upon the creditworthiness of the Issuer and have no
rights under the Warrants against, if applicable, the company which has issued the underlying securities or
any companies forming part of any indices to which the Warrants relate.

      As at the date of this Addendum, the Issuer’s senior long-term debt was Aaa by Moody’s Investors Service Inc.
and AAA by Standard and Poor’s Ratings Group.

        The Issuer is regulated by the Dutch Central Bank.

      Subject as set out below, the Issuer accepts full responsibility for the information contained in the Base Listing
Document and this Addendum in relation to itself and the Warrants. To the best of the knowledge and belief of the

                                                              2
Issuer (who has taken all reasonable care to ensure that such is the case), the information contained in the Base
Listing Document and this Addendum for which it accepts responsibility is in accordance with the facts and does not
omit anything likely to affect the import of such information. The Base Listing Document and this Addendum should be
read in conjunction with the relevant Supplemental Listing Document.

         No persons have been authorised to give any information or to make any representation save as contained in
the Base Listing Document and this Addendum or otherwise authorised by the Issuer in connection with the Warrants
and, if given or made, such information or representation must not be relied upon as having been authorised by the
Issuer. Neither the delivery of the Base Listing Document or this Addendum nor any sale of any Warrants shall under
any circumstances create any implication that there has been no change in the affairs of the Issuer or its respective
subsidiaries and associates since the date hereof. The Base Listing Document or this Addendum do not
constitute an offer or an invitation by or on behalf of the Issuer to purchase or subscribe for any of the
Warrants.

         The distribution of this Addendum and the offering of the Warrants may, in certain jurisdictions, be restricted by
law. The Issuer requires persons into whose possession this Addendum comes to inform themselves of and observe
all such restrictions. The Issuer does not assume any fiduciary responsibility or liability for any consequences financial
or otherwise arising from the subscription or acquisition of the Warrants. An investor should make his own appraisal of
the risks and should consult to the extent necessary his own legal, financial, tax, accounting and other professional
advisors in this respect prior to any subscription or acquisition of the Warrants.

        In particular, the Warrants have not been, and will not be, registered under the United States Securities Act of
1933, as amended (the "Securities Act"). Subject to certain exceptions, Warrants, or interests therein, may not at any
time be offered, sold, resold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of,
any U.S. person (as defined in Regulation S under the Securities Act) or to others for offering, sale or resale in the
United States or to any such U.S. person. Offers and sales of Warrants, or interests therein, in the United States or to
U.S. persons would constitute a violation of United States securities laws unless made in compliance with registration
requirements of the Securities Act or pursuant to an exemption therefrom.

        The SGX-ST has made no assessment of, nor taken any responsibility for, the financial soundness of the
Issuer or the merits of investing in the Warrants, nor have they verified the accuracy or the truthfulness of statements
made or opinions expressed in this Addendum.

        The Issuer and/or any of its affiliates may repurchase Warrants at any time on or after the date of issue and
any Warrants so repurchased may be offered from time to time in one or more transactions in the over-the-counter
market or otherwise at prevailing market prices or in negotiated transactions, at the discretion of the Issuer. Investors
should not therefore make any assumption as to the number of Warrants in issue at any one time.

        The Issuer undertakes, in respect of each series of Warrants, until the Expiry Date (as defined in the applicable
Supplemental Listing Document) of such series of Warrants to make available for inspection by the public at the office
of Rabobank International, Singapore Branch, 77 Robinson Road #09-00, Singapore 068896, a copy of its publicly
available annual reports and interim financial statements (if any), the Instrument (as defined in the Conditions), the
Warrant Agent Agreement (as defined in the Conditions), the Memorandum and Articles of Association of the Issuer, a
copy of the Base Listing Document and a copy of this Addendum.

        This Addendum is supplemental to, and should be read in conjunction with, the Base Listing Document. Please
note that the Base Listing Document may from time to time be amended or updated. Prospective investors in the
Warrants should ask the Issuer if any additional addenda to the Base Listing Document or any later Base Listing
Document have been issued.



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         None of the Base Listing Document, this Addendum or any other information supplied in connection with the
Warrants is intended to provide the basis of any credit or other evaluation and should not be considered as a
recommendation by the Issuer that any recipient of the Base Listing Document, this Addendum or any other
information supplied in connection with the Warrants should purchase any of the Warrants. Each investor
contemplating purchasing or holding any of the Warrants should make its own independent investigation of the
financial condition and affairs of the Issuer and its own appraisal of the Issuer’s creditworthiness.

        All references herein to "Singapore dollars", "S$" and "SGD" are to the lawful currency of Singapore,
references to "US$" are to the lawful currency of the United States, references to "Rp" are to the lawful currency of the
Republic of Indonesia, references to "CHF" are to the lawful currency of Switzerland and references to "euros", "€" and
"EUR" are to the currency introduced at the third stage of European economic and monetary union pursuant to the
Treaty establishing the European Community, as amended from time to time.

      Capitalised terms not defined in this Addendum shall have the meaning given to them in the Base Listing
Document or the relevant Supplemental Listing Document.




                                                           4
                                            Table of Contents

                                                                                   Page

Recent Developments in the Issuer’s Business                                        6

Reproduction of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
Unaudited Consolidated Financial Statements for the Half Year ended 30 June 2007    8




                                                    5
                               RECENT DEVELOPMENTS IN THE ISSUER’S BUSINESS

Management

Supervisory Board of Rabobank


                                                                                    (1)
 Name                                                              Year Appointed                          Term Expires

 Cees (C.P.) Veerman                                                            2007                                 2011

(1)      As a result of a 2002 amendment of the management organisation of Rabobank the former supervisory council
was replaced by the supervisory board due to which the appointment date for a number of supervisory directors was
fixed at 2002 even though they had been previously on the supervisory council.



Litigation

         Other than set out herein, Rabobank is not, or during the last two financial years has not been, involved
(whether as defendant or otherwise) in, nor does it have knowledge of any threat of, any legal, arbitration,
administrative or other proceedings the result of which may have, in the event of an adverse determination, a
significant effect on the financial condition of Rabobank.

Stutts, et al. v. The De Dietrich Group, et al.

        In 2003, the Rabobank Group was named as a defendant in Stutts, et al. v. The De Dietrich Group, et al. filed
in the U.S. District Court for the Eastern District of New York. In the suit, certain U.S. veterans of the first Gulf War
allege that they have sustained injuries as a result of the Rabobank Group (among other banks) having served as a
correspondent bank with respect to letters of credit obtained by the Iraqi government in order to purchase materials
that may have been used in the manufacture of chemical weapons. Rabobank Group has successfully submitted a
response and has achieved that the suit, as far as Rabobank Group is concerned, has been dismissed. No notice of
appeal against this decision has been received in time so that it is no longer a pending claim against Rabobank Group.



Other Recent Developments

Acquisition of Athlon Car Lease by De Lage Landen completed

         Following its public offer for all outstanding shares in Athlon Holding N.V. (presently named: Athlon Car Lease
International B.V.) for cash consideration of € 30.25 per ordinary share, which offer price includes the rights to dividends
for the financial year 2005, De Lage Landen held at 21 July 2006 (after the expiration of the post-acceptance period)
99.6% of Athlon’s total issued and outstanding share capital. Presently De Lage Landen has 100% of shares in Athlon Car
Lease International B.V. The total investment (100%) will be approximately € 580 million. The combination of car leasing
companies Athlon Car Lease and De Lage Landen Translease (the car leasing subsidiary of De Lage Landen) has
resulted in a position as one of the market leaders in the Netherlands.

Bank Sarasin & Cie AG

        At the end of 2006, Rabobank exercised its call option to purchase all the shares in Eichbaum Holding AG, a
holding company owning a majority interest in Bank Sarasin & Cie AG. On 11 April 2007, the share purchase was finalized.

                                                             6
Rabobank now holds (through Eichbaum Holding AG) 46.06% of the share capital and 68.63% of the voting rights,
resulting in Rabobank having a controlling stake, in Bank Sarasin & Cie AG. Bank Sarasin & Cie AG retains its public
listing on the Swiss Stock Exchange, SWX.

Acquisition of Mid-State Bank & Trust

        On 30 April 2007, Mid-State Bank & Trust became part of the Rabobank Group. Mid-State Bank & Trust will be
merged into Rabobank N.A., Rabobank’s community banking subsidiary in California. Under the terms of the acquisition
agreement, Rabobank acquired all the shares of Mid-State Bank & Trust for a purchase price of US$ 37 per share in
cash, or a total purchase price of US$ 857 million. At the end of September 2006, Mid-State Bank & Trust’s total loans
amounted to US$ 1.57 billion and total assets to US$ 2.37 billion.

Robeco

       On 22 February 2007, Rabobank through Robeco acquired a 64% stake in the Swiss based Sustainability
Asset Management (SAM) Group, which has CHF 3.6 billion assets under management.



        As of the date of this Addendum, there is no other supplemental information relating to the Issuer, except for
information contained in the Base Listing Document, this Addendum and the relevant Supplemental Listing Document.




                                                          7
        REPRODUCTION OF COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
                      UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                           FOR THE HALF-YEAR ENDED 30 JUNE 2007

         The information set out below is a reproduction of the financial statements of the Issuer for the half-year ended
30 June 2007 and is extracted from the Rabobank Group Interim Report 2007. The financial statements of the Issuer
for the half-year ended 30 June 2007 should be read together with the Rabobank Group Interim Report 2007, which is
available for inspection at the office of Rabobank International, Singapore Branch, 77 Robinson Road #09-00,
Singapore 068896.

          Ernst & Young Accountants, independent auditors of the Issuer, have given and not withdrawn their written
consent to the inclusion of their review report dated 23 August 2007 and/or references to their name, included herein,
in the form and context in which they are included. The review report was not prepared exclusively for incorporation
into this Addendum.

        References to page numbers on the following pages are to pages of the Rabobank Group Interim Report 2007.




                                                            8
Interim financial
statements 2007
Consolidated balance sheet
Condensed consolidated profit and loss account
Condensed consolidated statement of changes in equity
Condensed consolidated cash flow statement
Business segments
Notes to the interim financial statements
Review report




                                               Interim financial statements 2007 | 23
                        Consolidated balance sheet


                        In millions of euros                                                  30-Jun-07   31-Dec-06   30-Jun-06


                        Assets
                        Cash and cash equivalents                                                 1,801       1,630       1,974
                        Due from other banks                                                    51,041       49,086      50,242
                        Trading financial assets                                                43,798       36,789      44,217
                        Other financial assets carried at fair value through profit or loss     24,272       21,468      22,466
                        Derivative financial instruments                                        23,976       18,992      21,300
                        Loans to customers                                                     365,817      354,924    314,888
                        Available-for-sale financial assets                                     52,545       48,961      48,477
                        Held-to-maturity financial assets                                         1,187       1,489       1,577
                        Investments in associates                                                 3,727       3,250       3,025
                        Intangible assets                                                         2,951       1,844        429
                        Property and equipment                                                    5,351       5,022       3,092
                        Investment properties                                                     1,193       1,338        774
                        Current tax assets                                                         436         176         217
                        Deferred tax assets                                                       1,570       1,477       1,466
                        Other assets                                                            12,009       10,009       7,323




                        Total assets                                                           591,674      556,455    521,467




24 | Rabobank Group Interim Report 2007
In millions of euros                                                30-Jun-07   31-Dec-06   30-Jun-06


Liabilities
Due to other banks                                                   108,835      113,644    104,007
Due to customers                                                     229,756      215,899    195,917
Debt securities in issue                                             146,199      128,066    128,007
Derivative financial instruments and other trade liabilities          31,574       26,694      29,580
Other debts                                                           12,813       10,649       8,359
Other financial liabilities at fair value through profit and loss     26,805       26,270      23,415
Provisions                                                              1,200       1,175        990
Current tax liabilities                                                  525         172         555
Deferred tax liabilities                                                 861         836         432
Employee benefits                                                        998        1,223       1,020
Subordinated debt                                                       2,411       2,450       2,510
Total liabilities                                                    561,977      527,078    494,792
Equity
Equity of Rabobank Nederland and local Rabobanks                      18,181       17,426      15,873
Rabobank Member Certificates issued by group companies                  5,807       5,808       5,811
                                                                      23,988       23,234      21,684
Trust Preferred Securities III to VI issued by Group companies          1,946       1,959       1,981
Minority interests                                                      3,763       4,184       3,010
Total equity                                                          29,697       29,377      26,675
Total equity and liabilities                                         591,674      556,455    521,467




                                                                                               Consolidated balance sheet | 25
                        Condensed consolidated profit and loss account

                                                                                           First half   First half
                        In millions of euros                                                   2007         2006


                        Interest                                                              3,293        3,264
                        Fees and commission                                                   1,406        1,157
                        Other                                                                   980          533
                        Income                                                                5,679        4,954


                        Staff costs                                                           2,171        1,984
                        Other administrative expenses                                         1,498        1,103
                        Depreciation and amortisation                                           196          167
                        Operating expenses                                                    3,865        3,254
                        Value adjustments                                                       166          227
                        Operating profit before taxation                                      1,648        1,473
                        Taxation                                                                283          272
                        Net profit                                                            1,365        1,201


                        Of which attributable to Rabobank Nederland and local Rabobanks       1,012          920
                        Of which attributable to holders of Rabobank Member Certificates        143          136
                        Of which attributable to Trust Preferred Securities III to VI             54           56
                        Of which attributable to minority interests                             156            89
                        Net profit for the period                                             1,365        1,201




26 | Rabobank Group Interim Report 2007
Condensed consolidated statement of changes in equity

                                                                           First half         First half
In millions of euros                                                           2007               2006
Retained earnings
At 1 January                                                                 17,055             15,172
Net profit attributable to Rabobank Nederland and local Rabobanks             1,012                920
Other                                                                          (131)             (126)
At 30 June                                                                   17,936             15,966


Net unrealised results
Foreign currency translation reserve
At 1 January                                                                      78                 93
Currency translation differences arising in the period                         (169)               (19)
At 30 June                                                                      (91)                 74
Revaluation reserve - Available-for-sale financial assets
At 1 January                                                                    213                184
Net unrealised results from fair value changes                                 (245)             (335)
Net realised results from disposals and impairment losses                       189                (16)
At 30 June                                                                      157              (167)
Revaluation reserve - Associates
At 1 January                                                                      94                   -
Results from fair value changes                                                   91                   -
At 30 June                                                                      185                    -
Revaluation reserve – Cash flow hedges
At 1 January                                                                    (14)                  1
Realised results                                                                   8                (1)
At 30 June                                                                       (6)                   -
Net unrealised results at 30 June                                               245                (93)
Equity of Rabobank Nederland and local Rabobanks                             18,181             15,873


Rabobank Member Certificates issued by group companies
At 1 January                                                                  5,808              5,811
Net profit attributable to holders of Rabobank Member Certificates              143                136
Changes in purchases and sales                                                   (1)                   -
Payments on Rabobank Member Certificates                                       (143)             (136)
At 30 June                                                                    5,807              5,811


Trust Preferred Securities III to VI issued by Group companies
At 1 January                                                                  1,959              2,092
Currency translation differences                                                (13)             (111)
Net profit attributable to Trust Preferred Securities                             54                 56
Payments on Trust Preferred Securities                                          (54)               (56)
At 30 June                                                                    1,946              1,981


Minority interests
At 1 January                                                                  4,184              2,996
Net profit attributable to minority interests                                   156                  89
Other                                                                          (577)               (75)
At 30 June                                                                    3,763              3,010
Equity at 30 June                                                            29,697             26,675



                                                                     Condensed consolidated statement of changes in equity | 27
                        Condensed consolidated cash flow statement

                                                                                                  First half   First half
                        In millions of euros                                                          2007         2006


                        Operating profit before taxation                                             1,648        1,473


                        Non-cash items recognised in profit and loss and other adjustments             108        (363)
                        Net (increase)/decrease in operating assets                               (27,153)     (23,454)
                        Net increase/(decrease) in liabilities relating to operating activities     34,724       23,438
                        Other changes                                                               (8,978)      (1,674)
                        Net cash flow from operating activities                                        349        (580)


                        Net cash flow from investing activities                                          19       (177)


                        Net cash flow from financing activities                                       (197)       (192)
                        Net increase/(decrease) in cash and cash equivalents                           171        (949)


                        Cash and cash equivalents at 1 January                                       1,630        2,923
                        Cash and cash equivalents at 30 June                                         1,801        1,974




28 | Rabobank Group Interim Report 2007
Business segments

                                      Wholesale           Asset
                       Domestic     banking and     management
                          retail   international           and
In millions of euros    banking    retail banking    investment   Leasing   Real estate   Other 3   Total


For the half-year
ended 30 June 2007
Segment income            2,866            1,649           715       482           302     (335)    5,679
Segment expense
(including value
adjustments)              1,971              937           474       339           208       102    4,031
Operating profit
before taxation            895               712           241       143            94     (437)    1,648
Taxation                   226                71            66        34            18     (132)     283
Net profit                 669               641           175       109            76     (305)    1,365


For the half-year
ended 30 June 2006
Segment income            2,794            1,287           385       363            78        47    4,954
Segment expense
(including value
adjustments)              1,985              814           257       250            19       156    3,481
Operating profit
before taxation            809               473           128       113            59     (109)    1,473
Taxation                   224                90            44        27            16     (129)     272
Net profit                 585               383            84        86            43        20    1,201




                                                                                                            3) Other includes various
                                                                                                            income and expense items
                                                                                                            not allocated to individual
                                                                                                            segments, such as income
                                                                                                            from insurance business,
                                                                                                            income and expense due to
                                                                                                            the application of centralised
                                                                                                            hedge accounting, and
                                                                                                            consolidation effects.




                                                                                                            Business segments | 29
Notes to the interim
financial statements
                        The consolidated interim financial statements of Rabobank          For the publication of its interim financial statements,
                        Group have been prepared in accordance with International          Rabobank Group has opted for the alternative of presenting
                        Financial Reporting Standards as adopted by the European           a condensed consolidated profit and loss account, a
                        Union, and are presented in conformity with IAS 34 Interim         condensed consolidated statement of changes in equity
                        Financial Reporting. Unless otherwise stated, all amounts are      and a condensed consolidated cash flow statement.
                        in euros. The accounting policies used for the consolidated
                        financial statements of Rabobank Group at 30 June 2007
                        are the same as those used for the consolidated financial
                        statements at 31 December 2006 and the comparative
                        figures at 30 June 2006. The comparative figures at 30 June
                        2006 have been restated to reflect the insights gained since
                        their preparation. For more information, the 2006
                        consolidated financial statements should be consulted.


                        The preparation of the consolidated interim financial
                        statements of Rabobank Group requires management to
                        make estimates and assumptions that affect the amounts
                        reported for assets and liabilities and the reporting of
                        contingent assets and liabilities at the date of these financial
                        statements, as well as the amounts reported for income
                        and expenses during the reporting period. Although
                        management based its estimates on the most careful
                        assessment of the current circumstances and activities,
                        the actual results might deviate from these estimates.




30 | Rabobank Group Interim Report 2007
Acquisitions
The main acquisitions in the first half of 2007 were Transtrend   The contribution of the newly acquired entities to the
(Netherlands), Mid-State Bank & Trust (US), HNS Banco (Chile),    profit for 2007 from the date of their acquisition amounts
Hagabank and Bank Hagakita (Indonesia), and Sustainable           to EUR 28 million, excluding the financing charges. If the
Asset Management Group (Switzerland). They are included           acquired entities had been consolidated for the first six
in the table below.                                               months of 2007 and the financing charges are included
                                                                  their contribution to the profit of Rabobank Group would
The goodwill is attributable to synergies that cannot be          have been EUR 15 million.
separately identified. Acquisitions are important strategic
steps for Rabobank and contribute directly to Rabobank            The total contribution to net profit by the interests acquired
Group’s profit. For the purpose of impairment testing,            or increased in Bouwfonds (Netherlands), Athlon
goodwill is allocated to cash-generating units. These units       (Netherlands) and Sarasin (Switzerland) during the period
represent the lowest level at which the goodwill is               under review amounts to EUR 56 million.
monitored. No impairments of goodwill were identified in
the first half of 2007, since recoverable amounts exceeded
the carrying values.


The carrying values of the assets and liabilities of the
acquired entities largely correspond to the fair values first
recognised in the financial statements of Rabobank Group.
The main differences concern separate newly valued
intangible assets and an upward revaluation property, plant
and equipment. The assets of the interests acquired in the
period under review amount to approximately EUR 3 billion.




                                                           Percentage equity
                                                       instruments acquired       Acquisition
In millions of euros             Acquisition date          with voting rights           price        Fair value       Goodwill


Year ended 30 June
2007
Transtrend                            01-03-2007                        51%               369               91                278
Mid-State Bank & Trust                30-04-2007                       100%               628              194                434
Other                                                                                     126               62                 64
Subtotal                                                                                1,123              347                776



                                                                                                            Notes to the interim financial statements | 31
Review report
                        To the Executive Board and Supervisory Board of                  in scope than an audit conducted in accordance with
                        Rabobank Nederland                                               auditing standards and consequently does not enable us to
                                                                                         obtain assurance that we would become aware of all
                        Introduction                                                     significant matters that might be identified in an audit.
                        We have reviewed the condensed consolidated interim              Accordingly, we do not express an audit opinion.
                        financial information as set out in this report on pages 23
                        to 31 of Coöperatieve Centrale Raiffeisen-Boerenleenbank         Conclusion
                        B.A. (Rabobank Nederland), Amsterdam, which comprises            Based on our review, nothing has come to our attention that
                        the consolidated balance sheet as at June 30, 2007,              causes us to believe that the accompanying condensed
                        condensed consolidated profit and loss account,                  consolidated interim financial information as at June 30,
                        condensed consolidated statement of changes in equity,           2007 is not prepared, in all material respects, in accordance
                        condensed consolidated cash flow statement and business          with IAS 34, ‘Interim Financial Reporting’, as adopted by the
                        segments for the six month period then ended, and the            European Union.
                        notes to the interim financial statements.


                        Scope                                                            Utrecht, 23 august 2007
                        We conducted our review in accordance with Dutch law
                        including standard 2410, ‘Review of Interim Financial            for Ernst & Young Accountants
                        Information Performed by the Independent Auditor of the
                        Entity’. A review of interim financial information consists of
                        making inquiries, primarily of persons responsible for
                        financial and accounting matters, and applying analytical
                        and other review procedures. A review is substantially less      /s/ G.H.C. de Meris




32 | Rabobank Group Interim Report 2007
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                  C-1
                 PRINCIPAL OFFICE OF THE ISSUER

         Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
                            Croeselaan 18
                           3521 CB Utrecht
                           The Netherlands

                       OFFICE OF THE ISSUER

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. Hong Kong branch
                    43rd Floor, Two Exchange Square
                            8 Connaught Place
                                 Central
                                Hong Kong

                             AUDITORS

                     Ernst & Young Accountants
                            Euclideslaan 1
                           3584 BL Utrecht
                           The Netherlands

                          WARRANT AGENT

                 The Central Depository (Pte) Limited
                            4 Shenton Way
                         #02-01 SGX Centre 2
                          Singapore 068807


                  LEGAL ADVISERS TO THE ISSUER
                        (as to Singapore law)

                        Allen & Gledhill LLP
                     One Marina Boulevard #28-00
                          Singapore 018989

				
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