Obligation Rabobank 0.73% ( AU3FN0065710 ) en AUD

Rabobank

100 % ⇌

Pays-Bas

AU3FN0065710 ( en AUD )

0.73% par an ( paiement annuel )

27/01/2027

Prospectus brochure de l'obligation Rabobank AU3FN0065710 en AUD 0.73%, échéance 27/01/2027

10 000 AUD

700 000 000 AUD

27/04/2025 ( Dans 43 jours )

Rabobank est une banque coopérative néerlandaise multinationale spécialisée dans les services financiers pour les secteurs de l'agroalimentaire, des entreprises et des particuliers.

L'Obligation émise par Rabobank ( Pays-Bas ) , en AUD, avec le code ISIN AU3FN0065710, paye un coupon de 0.73% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 27/01/2027

Coöperatieve Rabobank U.A., Australia Branch
Final ISSUER Term Sheet
A$ 700 Million Floating Rate Notes, Due 27 January 2027

Issuer
Coöperatieve Rabobank U.A., Australia Branch
Lead Manager(s)
ANZ, CBA, NAB, UBS AG Australia Branch
Programme
A$15,000,000,000 Debt Issuance Programme, dated 13 January 2021
Instrument
A$ Floating Rate Notes ("Notes")
Status of Notes
Senior, unsecured ranking equally among themselves and at least equally
with all other unsecured, unsubordinated debt obligations of the Issuer
(except for debt mandatorily preferred by law).
Agreement with Respect to the
By its acquisition of the notes, each holder of notes will acknowledge,
Exercise of Dutch Bail-in Power
agree to be bound by, and consent to the exercise of, any Dutch Bail-in
Power by the Resolution Authority, as described in more detail in article 13
of the terms and conditions in relation to the Programme.
Credit Ratings

Issuer Rating
Expected Issue Rating

S&P Global
A+ (Stable)
A+

Moody's
Aa2 (Stable)
Aa2

Fitch
A+ (Stable)
AA-

A credit rating is not a recommendation to buy, sell or hold securities and
may be subject to revision, suspension or withdrawal at any time by the
relevant assigning organisation. The above Issuer Ratings are current as
at the date of this Term Sheet.
Opening Date
19 January 2022
Pricing Date
19 January 2022
Issue Date
27 January 2022
Maturity Date
27 January 2027
Issue Size
A$ 700,000,000
Benchmark
3mBBSW
Re-offer Margin to Benchmark
+73 bps
All-in Margin to Benchmark
+76.3 bps (inclusive of GST)
Fees
$987,000 plus GST (Total $1,085,700)
Coupon Rate
3mBBSW on the first day of each coupon period plus the Margin
Re-offer Capital Price
100.000 %
All-in Capital Price
99.8449%
All-in Proceeds
$698,914,300
Coupon Payment Dates
Every 27 January, 27 April, 27 July and 27 October commencing 27 April
2022 and ending on Maturity Date, subject to Business Day Convention.
(Paid quarterly in arrear)
Business Days
Sydney
Business Day Convention
Modified Following (adjusted)
Day Count Convention
Actual/365 (Fixed)
ISIN
AU3FN0065710
Common Code
243671990

Maturity Redemption Price
100%
Record Date
Close of business, 5 business days prior to the relevant coupon payment
date.
Listing
None
Denomination(s)
A$10,000 provided that the minimum aggregate consideration payable
(disregarding monies lent by the Issuer or its associates) will be:
(i)
A$500,000 within Australia (or its equivalent in another currency)
unless the Notes are otherwise issued in a manner that does not
require disclosure to investors in accordance with Part 6D.2 or
Part 7.9 of the Australian Corporations Act and the issue does not
constitute an offer to a "retail client" for the purposes of section
761G of the Australian Corporations Act; and
(ii)
A$250,000 outside of Australia
Repo-Eligibility
Application will be made to the Reserve Bank of Australia for the Notes to
be included as eligible securities for the Reserve Bank's domestic market
operations.
Governing Law
New South Wales
Withholding Tax
IWT Exempt
Clearing System
Austraclear, Euroclear, Clearstream
Registrar and Paying Agent
Computershare Investor Services Pty Limited
Target Market
MiFID II professionals/ECPs-only/No PRIIPs KID Manufacturer target
market (MiFID II product governance) is eligible counterparties and
professional clients only (all distribution channels). No PRIIPs key
information document (KID) has been prepared as not available to retail in
EEA.
Selling Restrictions
As set out in the Programme.
S.309B Notification: Prescribed
Solely for the purposes of its obligations pursuant to sections 309B(1)(a)
Capital Markets Products
and 309B(1)(c) of the Securities and Futures Act (Chapter 289 of
Singapore) (the "SFA"), the Issuer has determined, and hereby notifies all
relevant persons (as defined in Regulation 3(b) of the Securities and
Futures (Capital Markets Products) Regulations 2018 (the "SF (CMP)
Regulations")) that the Debt Instruments are "prescribed capital markets
products" (as defined in the SF (CMP) Regulations) and Excluded
Investment Products (as defined in MAS Notice SFA 04-N12: Notice on
the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
Disclaimer
This Term Sheet has been issued by Coöperatieve Rabobank U.A.,
Australia Branch ABN 70 003 917 655 ("Rabobank"). The Term Sheet is
intended only for use by authorised recipients and is intended exclusively
for market counterparties and wholesale clients, not retail clients.

This Term Sheet is for information purposes only and is not, and should
not be construed as, an issue of, an invitation or offer by Rabobank to
subscribe for, purchase or otherwise deal in any of the Notes. The
information herein is indicative and subject to change. To the extent of any
inconsistency, the terms of the Programme prevails. Neither Rabobank nor
any of its associates, directors, officers, employees or advisers or any
other person assumes no responsibility or liability for, or makes any
representation or warranty (express or implied) as to, the accuracy or
completeness of, or any errors or omissions in, any information contained
in this Term Sheet. All parties are advised to undertake their own
independent investigations and seek independent professional advice as
to the suitability of the Notes and to their tax, accounting, legal, regulatory
and any other implications. Any investment decision should rely on those
independent investigations and advice and not on this Term Sheet.

For full terms and conditions, relating to the Notes (including commercial
terms), please refer to the Information Memorandum dated 13 January
2021 relating to the Issuer's Programme, the General Conditions for the
Notes (each as amended or supplemented from time to time) and the
applicable Series Supplement relating to the Notes (dated on or about the
Issue Date).

This Term Sheet may not be reproduced, distributed or published, in whole
or in part, for any purpose, except with the prior written consent of
Rabobank.

ANZ Disclaimer:
This term sheet ("Term Sheet") is produced by Australia and New Zealand Banking Group Limited ("ANZ"), a company
incorporated in Australia, solely for informational purposes and is not to be construed as a solicitation, recommendation or an
offer to buy or sell the securities described in this Term Sheet ("Notes") by ANZ and should not be treated as giving investment
advice.
This Term Sheet was prepared using the information directly extracted from the information memorandum, offering circular or
other disclosure document for the Notes and is not intended to be a complete statement or summary of the Notes, particularly
with respect to the risk and special considerations associated with an investment in the Notes. This Term Sheet is subject to and
must be read in conjunction with the terms and conditions of the Notes and the offering documents (including any pricing
supplement, final terms or similar document relating to the Notes). ANZ does not undertake to update this Term Sheet.

This Term Sheet has no regard to the specific investment objectives, financial situation or particular needs of any specific
recipient, and ANZ in no way provides any financial, legal, taxation, accounting or investment advice to you in connection with
the Notes. Prior to making any decision in connection with the Notes recipients should consult with their own legal, regulatory,
tax, business, investment, financial, accounting and other relevant advisers having regard to their particular circumstances, and
make their own investment, hedging and trading decisions based upon their own judgement and upon advice from such advisers.
ANZ, its related bodies corporate, subsidiaries and their respective directors, officers and employees are not acting as advisers
to recipients and do not assume any duty of care in this respect.

ANZ does not guarantee the performance of any Notes. All investments entail a risk and may result in both profits and losses.
Past performance is not necessarily an indicator of future performance. The Notes described in this Term Sheet may not be
suitable for all investors, and transacting in these Notes may be considered risky. The acquisitions of any Notes are subject to
applicable offering documents, terms and conditions.

ANZ, its related bodies corporate, subsidiaries and/or their directors, officers and employees or clients may, from time to time, as
principal or agent, have long or short positions in, or may buy and sell, any Notes or related financial instruments or derivatives.
Furthermore, ANZ and its related bodies corporate, subsidiaries may perform investment or other banking services for, or solicit
investment or other banking services from, the Notes' issuer or credit support provider or any other company mentioned in the
Term Sheet. ANZ, its related bodies corporate, subsidiaries and/or their directors, officers and employees may also act as
placement agent, adviser or lender to the Notes' issuer or credit support provider or any other company mentioned in the Term
Sheet.

Please note that the contents of this Term Sheet have not been reviewed by any regulatory body or authority in any jurisdiction.
ANZ, its related bodies corporate, subsidiaries, and their respective directors, officers and employees, expressly disclaim any
responsibility and shall not be liable for any loss, damage, claim, liability, proceedings, cost or expense arising directly or indirectly
and whether in tort (including negligence), contract, equity or otherwise out of or in connection with the contents of and/or any
omissions from this Term Sheet to the extent permissible under relevant law.

Distribution of this Term Sheet to you is only as may be permissible by the laws of your jurisdiction and is subject to any restrictions
set out in the information memorandum, offering circular or other disclosure document for the Notes. This Term Sheet is not
directed to or intended for distribution or use by recipients resident or located in jurisdictions where its use or distribution would
be contrary to those laws or regulations, or in jurisdictions where ANZ or the issuer of the Notes would be subject to additional
licensing or registration requirements or is prohibited from distribution by any restrictions set out in the information memorandum,
offering circular or other disclosure document for the Notes. Further, the products and services mentioned in this document may
not be available in all countries.

This Term Sheet is not for distribution in the United States of America or to US persons (as defined in Regulation S under the US
Securities Act of 1933). This Term Sheet does not constitute an offer of securities in any jurisdiction. In particular, the Notes have
not been registered under the U.S. Securities Act of 1933 and may not be offered, sold or resold in the United States or to a US
person.

Australia: Any Term Sheets distributed from Australia are distributed by Australia and New Zealand Banking Group Limited (ABN
11 005 357 522). ANZ holds Australian Financial Services licence number 234527. In Australia this Term Sheet is only for
distribution to wholesale or professional investors whose ordinary business includes the buying or selling of securities such as
the Notes in circumstances where disclosure is not required under Chapters 6D or 7 of the Corporations Act 2001 (Cwth) and in

such other circumstances as may be permitted by applicable law. Such Term Sheet should not be distributed to, and is not
intended for, any other person.
Hong Kong: Any Term Sheets distributed from Hong Kong are distributed by the Hong Kong branch of ANZ, which is registered
by the Hong Kong Monetary Authority to conduct Type 1 (dealing in securities), Type 4 (advising on securities) and Type 6
(advising on corporate finance) regulated activities. In Hong Kong this Term Sheet is only for distribution to "professional
investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made under
that Ordinance.
WARNING: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised
to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain
independent professional advice.
Japan: Any Term Sheets distributed in Japan are distributed by ANZ Securities (Japan), Ltd. ("ANZSJL"), a subsidiary of ANZ.
In Japan this Term Sheet is only for distribution to "professional investors" (tokutei toshika) within the meaning of Article 2,
Paragraph 31 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended). ANZSJL is a financial
instruments business operator regulated by the Financial Services Agency of Japan (Registered Number: Director of Kanto Local
Finance Bureau (Kinsho), No. 3055) and is a member of the Japan Securities Dealers Association (Level 31, Marunouchi Building,
4-1 Marunouchi, 2-chome, Chiyoda-ku, Tokyo 100-633, Japan).
New Zealand: Any Term Sheets distributed from New Zealand are distributed by ANZ Bank New Zealand Limited. In New
Zealand this Term Sheet is only for distribution to "wholesale" clients as defined in the Financial Markets Conduct Act 2013 of
New Zealand.
Singapore: Any Term Sheets distributed from Singapore are distributed by the Singapore branch of ANZ, which is licensed in
Singapore under the Banking Act Cap. 19 of Singapore and is exempted from holding a financial adviser's licence under Section
23(1)(a) of the Financial Advisers Act Cap. 100 of Singapore. In Singapore this Term Sheet has not been registered as a
prospectus with the Monetary Authority of Singapore and is only for distribution only to "accredited investors" or (as the case may
be) "institutional investors" (each term as defined in the Securities and Futures Act Cap. 289 of Singapore ("SFA")) or in such
other circumstances as may be permitted under Sections 274 and 275 of the SFA.
Taiwan: Any Term Sheets distributed in Taiwan in connection with bonds to be offered and issued in Taiwan which are
denominated in currencies other than New Taiwan Dollars (Formosa bonds) are distributed by the Taipei branch of ANZ, which
is registered as an approved foreign exchange bank by Central Bank of Taiwan and holds a derivative license issued by the
Taiwan Financial Supervisory Commission and Central Bank of Taiwan. In Taiwan, this Term Sheet may only be made available
to ANZ customers who have requested or have consented to receive distribution of this Term Sheet.
United Kingdom: Any Term Sheets distributed from London are distributed by the London branch of ANZ, which is authorised
in the United Kingdom by the Prudential Regulation Authority ("PRA") and is subject to regulation by the Financial Conduct
Authority ("FCA") and limited regulation by the PRA. Details of ANZ's regulation by the PRA will be available on request. In the
United Kingdom this Term Sheet is only for distribution to persons who would come within the FCA Handbook Conduct of
Business Sourcebook and Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018 definitions of "eligible counterparty" or "professional client". Such Term Sheet is not intended for and must
not be distributed to private clients in the United Kingdom. It is not intended for and must not be offered, sold or otherwise made
available to any "retail investor". For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client,
as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European
Union (Withdrawal) Act 2018; or (ii) a customer within the meaning of the provisions of the UK Financial Services and Markets
Act (the "FSMA") and any rules or regulations made under the FSMA which were relied on immediately before exit day to
implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
Nothing here excludes or restricts any duty or liability to a customer which ANZ may have under FSMA or under the regulatory
system as defined in the Rules of the PRA and the FCA.

CBA Disclaimer:
This information has been prepared and issued by Commonwealth Bank of Australia ("Commonwealth Bank") and is intended
only for use by authorised recipients. Whilst Commonwealth Bank believe the contents of this term sheet are correct,
Commonwealth Bank make no representation or warranty, express or implied as to, and assume no responsibility or liability for,
the accuracy or completeness of, or any errors or omissions in, any information contained herein or in any accompanying
previous or subsequent material. The information given is indicative and is subject to change. The Program documentation
prevails where there is any inconsistency.

This terms sheet is not intended to be and does not constitute an invitation by Commonwealth Bank for applications to
purchase the Notes and is provided as information only. Accordingly persons contemplating purchasing the Notes should make
their own decision as to the sufficiency and relevance for their purpose of the information contained herein, undertake their own
independent investigation of the appropriateness of Notes for them taking into account their financial and taxation
circumstances, investment objectives and particular needs and take all appropriate advice from qualified professional persons
as they deem necessary. Any investment decision should rely on that investigation and appraisal and not on this terms sheet. If
it appears to the Commonwealth Bank that you may be a proscribed person or entity under the Charter of United Nations Act
1945 (Cth),or you may be in breach of the law of any jurisdiction relating to money laundering or counter-terrorism, or you
appear in a list of persons with whom dealings are proscribed by the government or a regulatory authority of any jurisdiction, or
act on behalf of or for the benefit of any such persons, then we may refuse/suspend/terminate any transaction and/or facility of
yours.

NAB Disclaimer:
This Term Sheet has been prepared based on information provided to National Australia Bank Limited (ABN 12 004 044 937,
AFSL 230686, "NAB") solely for informational purposes. It does not constitute a prospectus, of ering circular or any other type

of offering document and is not intended, in any jurisdiction, to be a recommendation, invitation, offer or solicitation or
inducement by NAB to buy or sell any securities (including the securities described in this Term Sheet ("Notes")), financial
instrument or product, or to engage in or refrain from engaging in any transaction. By receiving this Term Sheet, the recipient
acknowledges and agrees to the matters set out in this disclaimer.
This Term Sheet and the information contained herein must be treated as strictly confidential by the recipient and must not be
copied, altered, forwarded or distributed in any way to any other person.
This Term Sheet is intended only for use by authorised recipients who are professional [or sophisticated][1] investors who are
not "retail clients" within the meaning of section 761G of the Corporations Act 2001 (Cth) (the "Corporations Act") ("Retail
Clients") and whose ordinary business includes the buying or selling of securities such as the Notes. NAB specifically prohibits
the redistribution of this Term Sheet and accepts no liability whatsoever for the actions of third parties in this respect. This Term
Sheet and any offering document, advertisement or other offering material may only be issued or distributed or published in any
country or jurisdiction in circumstances that will result in compliance with all applicable laws and regulations. In Australia, this
Term Sheet and the information in it may only be distributed or published in a manner that does not require disclosure to
investors in accordance with Parts 6D.2 or Chapter 7 of the Corporations Act. In addition, this Term Sheet and the Notes are:
(a) not intended to be distributed, offered, sold or otherwise made available to and should not be offered, sold or
otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, (A) a "retail
investor" means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended),
where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II[; or (iii) not a
qualified investor as defined in Regulation (EU) 2017/1129 (as amended), and (B) the expression "of er" includes the
communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so
as to enable an investor to decide to purchase or subscribe for the Notes][2];
(b) not intended to be distributed, offered, sold or otherwise made available to and should not be offered, sold or
otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a "retail investor" means a
person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No
2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or (ii) a customer
within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, "FSMA") and any rules or
regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a
professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by
virtue of the EUWA[; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of
domestic law by virtue of the EUWA, and (B) the expression "of er" includes the communication in any form and by any means
of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase
or subscribe for the Notes][3]; and
(c) not an offer of any securities for sale in the United States and are not for publication or distribution in the United
States, and are only intended to be distributed, offered and sold outside the United States to non-US persons in reliance on
Regulation S under the U.S. Securities Act of 1933, as amended.
This Term Sheet is not intended to be a complete summary or statement of the Notes or the relevant transaction in connection
with the Notes, particularly with respect to the risk and other considerations associated with an investment in the Notes. This
Term Sheet is subject to and must be read in conjunction with the terms and conditions of the Notes and the offering
documents (including any pricing supplement, final terms or similar document relating to the Notes). NAB does not make any
representation or warranty, express or implied as to, nor assumes any responsibility or liability for, the accuracy or
completeness of, or any errors or omissions in, or for any damages, claims, costs or losses (whether direct, indirect,
consequential or otherwise) resulting from the use of or purported reliance on, any information contained in this Term Sheet or
in any accompanying previous or subsequent material. [The Note programme documentation prevails where there is any
inconsistency.][4] The information in this Term Sheet is indicative and is subject to change without notice.
The Notes do not represent deposits, protected accounts or other liabilities of NAB or any of its related bodies corporate (as
defined in the Corporations Act) or affiliates for the purposes of the Banking Act 1959 of Australia and are not obligations of any
government and, in particular, are not guaranteed by the Commonwealth of Australia. The holding of the Notes is subject to
investment risk, including possible delays in repayment and loss of income and principal invested. None of NAB or any of its
related bodies corporate (as defined in the Corporations Act) or affiliates:
(a) stands behind the capital value or performance of the Notes;
(b) guarantees the payment of interest or the repayment of principal due on the Notes; or
(c) guarantees in any way the performance of any obligations of any other party.
Neither NAB nor its related bodies corporate, and/or their directors, officers, employees or clients:
(a) acts as the adviser of or owes any fiduciary or other duties to any recipient of this Term Sheet in connection with this
and/or any related transaction; or
(b) has any responsibility to or liability for and does not owe any duty to any person who purchases or intends to
purchase Notes in respect of this transaction, including without limitation in respect of the preparation and due execution of the
transaction documents and the power, capacity or due authorisation of any other party to enter into and execute the transaction
documents.
No reliance may be placed on NAB for financial, legal, taxation, accounting or investment advice or recommendations of any
sort. Persons contemplating purchasing the Notes should make their own decision as to the sufficiency and relevance for their
purpose of the information contained in this Term Sheet and any offering documentation in respect of the Notes. Persons
contemplating purchasing the Notes should undertake their own independent investigation of the appropriateness of the Notes
for them taking into account their own financial and taxation circumstances, investment objectives and particular needs (among
others) and take all appropriate advice from qualified professional persons as they deem necessary. Any investment decision
should rely on that investigation and appraisal and the person's own judgement and not on this Term Sheet.
NAB and its affiliates, related companies, employees or clients may have an interest in securities or financial instruments of the
type described in this Term Sheet or in related financial instruments or other securities or derivatives. Such interest may include
dealing, trading, holding or acting as market-makers in such instruments and may include providing commercial or investment
banking, credit and other financial services to any company or issuer of securities or financial instruments referred to in this

Term Sheet. These interests and dealings could adversely affect the price or value of the Notes. NAB may also receive fees,
brokerage and commissions or other benefits in relation to the Notes. In addition, NAB or its related entities, employees,
directors and officers could have or may come into the possession of, information that is not contained in this Term Sheet or the
offering documentation relating to the Notes that may be relevant to any decision by a prospective investor to acquire the Notes
and which may or may not be publicly available to prospective investors. NAB is under no obligation to disclose such
information nor to account for any revenue or profits obtained in connection with the interests and activities described above.
[A rating is not a recommendation to buy, sell or hold any security and may be subject to suspension, change or withdrawal at
any time by the assigning rating agency. Credit ratings are for distribution only to a person: (a) who is not a Retail Client and is
also a sophisticated investor, professional investor or other investor in respect of whom disclosure is not required under Part
6D.2 or 7.9 of the Corporations Act; and (b) who is otherwise permitted to receive credit ratings in accordance with applicable
law in any jurisdiction in which the person may be located. Anyone who is not such a person is not entitled to receive this Term
Sheet and anyone who receives this Term Sheet or any offering documentation relating to the Notes must not distribute it to
any person who is not entitled to receive it.][5]
NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF ANY NOTES
DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS,
SALES, RESALES OR DELIVERY OF ANY NOTES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING
MATERIAL RELATING TO ANY SUCH NOTES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN
CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND
WHICH WILL NOT IMPOSE ANY OBLIGATION ON NAB OR ANY OF ITS AFFILIATES.
THE INFORMATION CONTAINED IN THIS TERM SHEET SUPERSEDES ANY PREVIOUS SUCH INFORMATION
DELIVERED TO ANY PROSPECTIVE INVESTOR.

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UBS AG is referred to as UBS SA.
This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the
specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational
purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. This
material is subject to and must be read in conjunction with the terms and conditions of the securities, the information memorandum
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provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a
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may be subject to revision, suspension or withdrawal at any time by the relevant assigning organisation. Credit ratings are for
distribution only to a person (a) who is not a "retail client" within the meaning of section 761G of the Corporations Act 2001 (Cth)
("Corporations Act") and is also a sophisticated investor, professional investor or other investor in respect of whom disclosure is
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