Standard&Poor's affirmed its unsolicited 'AAA/A-1+' sovereign credit ratings on the State of The Netherlands on Jan. 13, 2012, and removed the long-term rating from CreditWatch negative. We are affirming the 'AA/A-1+' counterparty credit ratings on Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) and its guaranteed subsidiaries, and removing the long-term ratings from CreditWatch with negative implications, where they were placed on Dec. 7, 2011. The outlook on Rabobank Nederland's long-term counterparty credit rating is negative, in line with that on The Netherlands. On Jan. 23, 2012, Standard&Poor's Ratings Services affirmed its 'AA/A-1+' counterparty credit ratings on Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) and guaranteed subsidiaries Rabohypotheekbank N.V., Rabobank Australia Ltd., and Rabobank New Zealand Ltd. The long-term
