Notice to Noteholders: EUR 90mn Robeco Private Equity Certificates XS0239558819

Euro 90,000,000 Robeco Private Equrty Certificates due 28 February 2020 (ISIN: XS0239558819 Series Number 1) (the "Certificates") issued pursuant to a prospectus dated 28 February 2006 relating to the Certificates (the ooProspectus") - the obligations of Robeco Direct N.V. under the Certificates have been assumed by Cotiperatieve Rabobank U.A. (the "Issuer").

Capitalised terms not otherwise defined in this Notice shall have the meaning ascribed to it in the terms and conditions of the Certificates as set out in the Prospectus. The Issuer hereby informs the holders of the Certificates that they will be redeemed, and mature, on 28 February 2020 (the "Maturity Date").

This constitutes a "Notice" pursuant to Condition 10 of the terms and conditions of the Certificates as set out in the Prospectus and the effective date of this Notice is 29 January 2020.

Coöperatieve Rabobank U.A.

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