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ACHMEA BANK N.V. €10,000,000,000 Medium Term

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ACHMEA BANK N.V. €10,000,000,000 Medium Term ACHMEA MTN PROGRAMME BASE PROSPECTUS BASE PROSPECTUS DATED 11 JULY 2019 ACHMEA BANK N.V. (incorporated with limited liability in The Netherlands with its statutory seat in The Hague) €10,000,000,000 Medium Term Note Programme This Base Prospectus has been approved by the Central Bank of Ireland (the "Central Bank"), as competent authority under Directive 2003/71/EC and amendments thereto, including Directive 2010/73/EU (as amended, supplemented or superseded from time to time, the "Prospectus Directive"). The Central Bank only approves this Base Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Such approval relates only to Notes (as defined below) which are to be admitted to trading on the regulated market of the Stock Exchange (as defined below) or other regulated markets for the purpose of Directive 2014/65/EU (as amended, "MiFID II") in any Member State of the European Economic Area. This Base Prospectus constitutes a "base prospectus" for the purpose of the Prospectus Directive. Under this €10,000,000,000 medium term note programme (the "Programme"), Achmea Bank N.V. (the "Issuer" or the "Bank", as the case may be) may from time to time issue medium term notes (the "Notes"), which expression shall include Senior Notes and Subordinated Notes (each as defined in "Terms and Conditions of the Notes"). The price and amount of the Notes to be issued under the Programme will be determined by the Issuer and the relevant Dealer(s) (as defined below) at the time of issue in accordance with prevailing market conditions. The Notes may be issued on a continuing basis to one or more of the Dealers specified in "Overview – Dealers" and any additional Dealer appointed under the Programme from time to time by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an ongoing basis. The Dealer or Dealers subscribing or intending to subscribe the issue of any Notes is or are referred to as the "relevant Dealer(s)" in respect of those Notes. Application has been made to The Irish Stock Exchange plc trading as Euronext Dublin (the "Stock Exchange") for Notes issued under the Programme to be admitted to the official list (the "Official List") and trading on its regulated market. The Notes may be listed on such other or further stock exchange(s) or market(s) as may be agreed between the Issuer and the relevant Dealer(s). The Issuer may also issue unlisted Notes. References in this Base Prospectus to Notes being "listed" (and all related references) shall mean that such Notes have been admitted to trading and have been listed on the Stock Exchange or such other or further stock exchange(s) or market which may be agreed. Each Tranche of Notes will be issued on the terms set out herein under "Terms and Conditions of the Notes" (the "Conditions") as completed by a document specific to such Tranche called final terms (the "Final Terms"). This Base Prospectus must be read and construed together with any supplements hereto and with any information incorporated by reference herein and, in relation to any Tranche of Notes, must be read and construed together with the relevant Final Terms. Notice of the aggregate nominal amount of the relevant Notes, interest (if any) payable in respect of such Notes, the issue price of such Notes and any other terms and conditions not contained herein which are applicable to each Tranche of Notes will be set out in the Final Terms, which, with respect to such Notes to be listed, will be delivered to the Stock Exchange or such other or further stock exchange(s) or market on or before the date of issue of such Tranche and deposited with the Central Bank and the relevant competent authorities of other Member States. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Notes may be offered and sold outside the United States to non- U.S. persons in reliance on Regulation S ("Regulation S") under the Securities Act. For a description of these and certain further restrictions on offers, sales and transfers of Notes, see "Subscription and Sale". The Notes of each Tranche will be in bearer form or in registered form. Bearer Notes will (unless otherwise specified in the applicable Final Terms) initially be represented by a Global Note (as defined in "Form of Notes"). Global Notes will be deposited on or about the relevant Issue Date (as specified in the applicable Final Terms) with either (i) in the case of a Global Note which is not intended to be issued in New Global Note ("NGN") form, as specified in the applicable Final Terms, a depositary or a common depositary for Euroclear Bank SA/NV as operator of the Euroclear System ("Euroclear") and/or Clearstream Banking, S.A., Luxembourg ("Clearstream, Luxembourg") and/or for any other agreed clearing system or with Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. ("Euroclear Netherlands"), or (ii) in the case of a Global Note which is intended to be issued in NGN form, as specified in the applicable Final Terms, a common safekeeper for Euroclear and/or Clearstream, Luxembourg. Registered Notes will (unless otherwise specified in the applicable Final Terms) initially be represented by a Global Registered Note (as defined in "Form of Notes") registered in the name of, and deposited with, a depositary or a common depositary on behalf of Euroclear and/or Clearstream, Luxembourg and/or any other agreed clearing system, or with Euroclear Netherlands. The Issuer may agree with the relevant Dealer that Notes may be issued in a form not contemplated by the Conditions set out herein, in which event a supplement to this Base Prospectus, if appropriate, will be made available which will describe the effect of the agreement reached in relation to such Notes. Arranger DEUTSCHE BANK Dealer DEUTSCHE BANK AG, LONDON BRANCH 239356-4-1-v7.0 55-40716429 ACHMEA MTN PROGRAMME BASE PROSPECTUS CONTENTS Page OVERVIEW ................................................................................................................................................. 1 RISK FACTORS .......................................................................................................................................... 7 IMPORTANT INFORMATION ................................................................................................................ 35 INCORPORATION BY REFERENCE; DEFINITIONS & INTERPRETATION.................................... 39 USE OF PROCEEDS ................................................................................................................................. 41 FORM OF FINAL TERMS ........................................................................................................................ 42 TERMS AND CONDITIONS OF THE NOTES ....................................................................................... 54 FORM OF NOTES ..................................................................................................................................... 86 ACHMEA BANK N.V. .............................................................................................................................. 92 BUSINESS DESCRIPTION OF ACHMEA GROUP................................................................................ 99 OVERVIEW OF THE DUTCH RESIDENTIAL MORTGAGE MARKET ........................................... 103 TAXATION IN THE NETHERLANDS.................................................................................................. 107 SUBSCRIPTION AND SALE ................................................................................................................. 110 GENERAL ............................................................................................................................................... 114 239356-4-1-v7.0 - i - 55-40716429 ACHMEA MTN PROGRAMME BASE PROSPECTUS OVERVIEW This part must be read as an introduction to the Programme and does not purport to be complete and is taken from, and is qualified in all respects by, the remainder of this Base Prospectus and, in relation to the terms and conditions of any particular Tranche of Notes, the applicable Final Terms. Any decision to invest in the Notes should be based on a consideration of this Base Prospectus as a whole, including any amendment and supplement hereto and the documents incorporated herein by reference. Words and expressions defined elsewhere in this Base Prospectus shall have the same meaning in this section. Issuer: Achmea Bank N.V. a public company with limited liability (naamloze vennootschap) incorporated under the laws of The Netherlands, having its corporate seat (statutaire zetel) in The Hague, The Netherlands and its registered office at Spoorlaan 298, 5017 JZ Tilburg, The Netherlands and registered with the Commercial Register (Handelsregister) of the Dutch Chamber of Commerce under number 27154399. Guarantor: None. Risk Factors: There are certain factors that may affect the Issuer's ability to fulfil its obligations under Notes issued under the Programme. These include the fact that the Issuer's results
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