De Volksbank NV (Covered Bond Prog): 26 December 2018

Under this Eur15bln Covered Bond Programme, de Volksbank N.V. (the Issuer) may from time to time issue Covered Bonds denominated in any currency agreed between the Issuer and the relevant Dealer, if any. As set out in the prospectus, the maximum aggregate nominal amount of the Covered Bonds from time to time outstanding under the Programme will not exceed €15bln (or its equivalent in other currencies as calculated) subject to any increase.

The Covered Bonds may be issued on a continuing basis to one or more of the Dealers and any additional Dealer appointed in respect of Covered Bonds under the Programme from time to time (which appointment may be for a specific issue or on an ongoing basis). Covered Bonds may be distributed by way of a public offer or private placements and, in each case, on a syndicated or non-syndicated basis.

De Volksbank was incorporated on 18 December 1990 as a "naamloze vennootschap", a public limited liability company under Dutch law, as a result of the merger of several regional savings banks. Its legal name is de Volksbank N.V. and its corporate seat is in Utrecht, the Netherlands. As per the date of this Base Prospectus, NLFI is, on behalf of the Dutch State and indirectly via de Volksholding B.V., the sole shareholder of de Volksbank. This holding structure, whereby NLFI holds the shares on behalf of the Dutch State, is also used by the Dutch State for certain other holdings in financial institutions