FCMAN140941_20120620.pdf
FINAL TERMS
DATED 06 JUNE 2012

The Royal Bank of Scotland N.V.
(incorporated in The Netherlands with its statutory seat in Amsterdam)

100,000 RBS VASTGOED INDEX TURBO LONG CERTIFICATES
ISSUE PRICE: EUR 3.20
100,000 RBS VASTGOED INDEX TURBO LONG CERTIFICATES
ISSUE PRICE: EUR 2.20

THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
SECURITIES LAWS OF ANY STATE OR POLITICAL SUBDIVISION OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S.
PERSON, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE REQUIREMENTS OF THE SECURITIES ACT
AND ANY APPLICABLE U.S. STATE SECURITIES LAWS. THE SECURITIES ARE BEING OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES TO
PERSONS OTHER THAN U.S. PERSONS ( AS DEFINED IN R EGULATION S UNDER THE S ECURITIES A CT) IN OFFSHORE TRANSACTIONS THAT MEET
THE REQUIREMENTS OF REGULATION S UNDER THE SECURITIES ACT. FUTHERMORE, TRADING IN THE SECURITIES HAS NOT BEEN APPROVED
BY THE UNITED STATES COMMODITY FUTURES TRADING COMMISSION UNDER THE UNITED STATES COMMODITY EXCHANGE ACT, AS
AMENDED.
THE SECURITIES DO NOT CONSTITUTE UNITS OF COLLECTIVE INVESTMENT SCHEMES WITHIN THE MEANING OF THE SWISS FEDERAL ACT ON
COLLECTIVE INVESTMENT SCHEMES ("CISA") AND ARE NOT SUBJECT TO THE APPROVAL OF, OR SUPERVISION BY THE SWISS FINANCIAL
MARKET SUPERVISORY AUTHORITY ("FINMA"). HOLDERS OF THE SECURITIES ARE EXPOSED TO THE CREDIT RISK OF THE ISSUER.
OR THE

FINAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions
and the Product Conditions applicable to each Series of Securities described herein (the "relevant
Product Conditions") as set forth in the Base Prospectus relating to Turbos dated 1 July 2011 (the "Base
Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes
of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document
constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article
5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so
supplemented. Full information on the Issuer and each Series of the Securities described herein is only
available on the basis of the combination of these Final Terms and the Base Prospectus as so
supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the
Issuer at 250 Bishopsgate, London EC2M 4AA, United Kingdom and copies may be obtained from the
Issuer at that address.
These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the
General Conditions and the relevant Product Conditions contained in the Base Prospectus as so
supplemented. These Final Terms, the relevant Product Conditions and the General Conditions
together constitute the Conditions of each Series of the Securities described herein and will be attached
to any Global Security representing each such Series of the Securities. In the event of any inconsistency
between these Final Terms and the General Conditions or the relevant Product Conditions, these Final
Terms will govern.
The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für
Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and
Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado
de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services
Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB),
Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), the
Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet),
the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway
(Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in
accordance with the Prospectus Directive.
In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any
Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss
Exchange Ltd.
So far as the Issuer is aware, no person (other than the Issuer in its separate capacities as Issuer and
Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the
Underlying" and "Risk Factors - Actions taken by the Issuer may affect the value of the Securities" in
the Base Prospectus) involved in the issue of the Turbo Certificates has an interest material to the offer.

2

Issuer:

The Royal Bank of Scotland N.V., acting through its principal
office at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The
Netherlands or its London branch at 250 Bishopsgate, London
EC2M 4AA

Clearing Agents:

Euroclear Amsterdam, Euroclear Bank S.A. as operator of the
Euroclear system, Clearstream Banking, société anonyme

Pricing Date(s):

Not Applicable

Subscription Period:

Not Applicable

Launch Date:

07 June 2012

Issue Date:

07 June 2012

Listing:

NYSE Euronext in Amsterdam, NYSE Euronext in Paris

Listing Date:

07 June 2012

Admission to Trading:

Application has been made for the Securities to be admitted to
trading on NYSE Euronext in Amsterdam with effect from 07 June
2012 and on NYSE Euronext in Paris with effect from 07 June
2012

Details of the minimum and/or
maximum amount of application:

Please refer to the section of the Base Prospectus entitled
"General Information - Information on the Offering of the
Securities - (d) Minimum/ Maximum Application Amount"

Manner in and date on which results of
the offer are to be made public:

Please refer to the section of the Base Prospectus entitled
"General Information - Information on the Offering of the
Securities - (f) Details of the Manner in Which the Results of the
Initial Offer are to be Made Public"

Announcements to Holders:

Delivered to Clearing Agents

Principal Agent:

The Royal Bank of Scotland N.V., London branch, 250
Bishopsgate, London EC2M 4AA

Registrar:

In respect of Securities cleared through CREST, Computershare
Investor Services PLC, The Pavilions, Bridgewater Road, Bristol,
BS13 8AE, England.
In respect of Securities not cleared through CREST, None

Agent(s):

ABN AMRO Bank N.V., MF 2020 Kemelstede 2, P.O. Box 3200,
4800 DE Breda, The Netherlands

Calculation Agent:

The Royal Bank of Scotland N.V., London branch, 250
Bishopsgate, London EC2M 4AA

Indication of Yield:

Not Applicable

Form of the Securities:

Dematerialised form

Ratings:

Standard & Poor's Credit Market Services Europe Limited: Not
Applicable
Moody's Investors Service Limited: Not Applicable
Fitch Ratings Limited: Not Applicable

3

INDEX TURBO CERTIFICATES
Series:

RBS Vastgoed Index Turbo Long Certificates

Issue Price:

EUR 3.20

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Index:

RBS Vastgoed Index (Bloomberg code: RBSZVAST)

Current Financing Level on the Launch
Date:

161.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

5% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exercise Time:

10.00 a.m. Central European Time

Final Reference Price:

As specified in Product Condition 1

Final Valuation Date:

Not Applicable

Financing Level Currency:

EUR

Issuer Call Commencement Date:

The first Business Day following the three month period from and
including the Launch Date

Issuer Call Notice Period:

One year

Maximum Premium:

10% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

5% of Current Financing Level

Notional Dividend Amount:

Applicable

Notional Dividend Period:

As specified in Product Condition 1

Relevant Currency:

As specified in Product Condition 1

Relevant Number of Trading Days:

For the purposes of:
Issuer Call Date: 5, or in respect of an Emerging Market
Disruption Event only, 180
Valuation Date: 5, or in respect of an Emerging Market Disruption
Event only, 180

Reset Date:

15th day

Securities Exchange:

NYSE Euronext in Amsterdam

Settlement Currency:

EUR

Settlement Date:

Up to the fifth Business Day following the Valuation Date, the last
day of the Stop Loss Termination Valuation Period or the Issuer
Call Date, as the case may be

Standard Currency:

As specified in Product Condition 1

Stop Loss Event:

As specified in Product Condition 1

Stop Loss Price on the Launch Date:

170.00

4

Stop Loss Price Rounding:

Upwards to the nearest whole 1 Index Point where "Index Point"
means the standard market quotation basis used by the Index
Sponsor with respect to the Index

Stop Loss Reset Date:

15th day

Stop Loss Termination Reference
Price:

As specified in Product Condition 1

Trigger Event:

Not Applicable

Valuation Date(s):

The last Trading Day of March in each year, commencing no
earlier than one year after the Launch Date

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

Amendments to the Offering Procedure
for the Securities:

Not Applicable

ISIN:

NL0010124780

Common Code:

77741976

Fondscode:

Not Applicable

Other Securities Code:

Mnemonic Code: 0299N

Sales Restriction:

The Securities have not been and will not be registered under the
United States Securities Act of 1933, as amended
(the "Securities Act") and the Securities may not be exercised,
offered, sold, transferred or delivered within the United States or
to, or for the account or benefit of, any U.S. person as defined in
Regulation S under the Securities Act. Furthermore, trading in the
Securities has not been approved by the United States
Commodity Futures Trading Commission under the United States
Commodity Exchange Act, as amended, and no U.S. person may
at any time trade or maintain a position in the Securities.

INFORMATION ON THE UNDERLYING
Performance of Underlying/formula/
other variable, explanation of effect on
value of investment and associated
risks and other information concerning
the Underlying:

General: Fluctuations in the value of the Underlying will have an
effect on the value of the Securities throughout the life of the
Securities and at maturity/expiration. The value of the Underlying
may go down or up throughout the life of the Securities.
Automatic Termination: If the value or performance of the
Underlying on any date meets certain specified conditions, it will
affect the value of the Securities, and will potentially lead to the
automatic termination of the Securities.
Positive Correlation: All other things being equal, positive
performance of the Underlying will have a positive effect on the
value of the Securities at maturity/expiration, and negative
performance of the Underlying will have a negative effect on the
value of the Securities at maturity/expiration.
Entitlement Less Than 1: Any increase in the value or
performance of the Underlying will have a lesser effect on the
value of the Securities at maturity/expiration than would have
been the case if the Securities had been exposed to one unit of
the Underlying.
5

Leverage: All other things being equal, positive or negative
changes in the performance of the Underlying will have a
proportionately larger effect on the value of the Securities, and
therefore leverage has the potential to magnify gains or losses of
the Securities.
No Capital Protection: All other things being equal, the value or
performance of the Underlying will affect the value of the
Securities at maturity/expiration, to such an extent that the value
of the Securities at maturity/expiration may be zero.
Page where information about the past
and future performance of the
Underlying and its volatility can be
obtained:

Bloomberg Page: RBSZVAST

Index disclaimer(s):

RBS has developed and is responsible for the methodology that
is employed in connection with the RBS Vastgoed Index.
Standard & Poor’s has provided a contribution to the RBS
Vastgoed Index in a limited manner. Standard & Poor's
contribution is limited to providing consulting services to RBS and
performing calculations and data distribution in connection with
the Index as well as maintenance of the Index. Standard & Poor's
does not sponsor, endorse, sell, or promote any investment fund
or other vehicle that is offered by third parties and that seeks to
provide an investment return based on the returns of the RBS
Vastgoed Index. A decision to invest in any such investment fund
or other vehicle should not be made in reliance on any of the
statements set forth in this document. Prospective investors are
advised to make an investment in any such fund or vehicle only
after carefully considering the risks associated with investing in
such funds, as detailed in an offering memorandum or similar
document that is prepared by or on behalf of the issuer of the
investment fund or vehicle. RBS has developed, maintained and
is the sole party responsible for the methodology that is employed
in connection with the RBS Vastgoed Index.

6

Series:

RBS Vastgoed Index Turbo Long Certificates

Issue Price:

EUR 2.20

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Index:

RBS Vastgoed Index (Bloomberg code: RBSZVAST)

Current Financing Level on the Launch
Date:

171.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

5% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exercise Time:

10.00 a.m. Central European Time

Final Reference Price:

As specified in Product Condition 1

Final Valuation Date:

Not Applicable

Financing Level Currency:

EUR

Issuer Call Commencement Date:

The first Business Day following the three month period from and
including the Launch Date

Issuer Call Notice Period:

One year

Maximum Premium:

10% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

5% of Current Financing Level

Notional Dividend Amount:

Applicable

Notional Dividend Period:

As specified in Product Condition 1

Relevant Currency:

As specified in Product Condition 1

Relevant Number of Trading Days:

For the purposes of:
Issuer Call Date: 5, or in respect of an Emerging Market
Disruption Event only, 180
Valuation Date: 5, or in respect of an Emerging Market Disruption
Event only, 180

Reset Date:

15th day

Securities Exchange:

NYSE Euronext in Amsterdam

Settlement Currency:

EUR

Settlement Date:

Up to the fifth Business Day following the Valuation Date, the last
day of the Stop Loss Termination Valuation Period or the Issuer
Call Date, as the case may be

Standard Currency:

As specified in Product Condition 1

Stop Loss Event:

As specified in Product Condition 1

Stop Loss Price on the Launch Date:

180.00

Stop Loss Price Rounding:

Upwards to the nearest whole 1 Index Point where "Index Point"
means the standard market quotation basis used by the Index
Sponsor with respect to the Index

7

Stop Loss Reset Date:

15th day

Stop Loss Termination Reference
Price:

As specified in Product Condition 1

Trigger Event:

Not Applicable

Valuation Date(s):

The last Trading Day of March in each year, commencing no
earlier than one year after the Launch Date

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

Amendments to the Offering Procedure
for the Securities:

Not Applicable

ISIN:

NL0010124798

Common Code:

77741437

Fondscode:

Not Applicable

Other Securities Code:

Mnemonic Code: 0300N

Sales Restriction:

The Securities have not been and will not be registered under the
United States Securities Act of 1933, as amended
(the "Securities Act") and the Securities may not be exercised,
offered, sold, transferred or delivered within the United States or
to, or for the account or benefit of, any U.S. person as defined in
Regulation S under the Securities Act. Furthermore, trading in the
Securities has not been approved by the United States
Commodity Futures Trading Commission under the United States
Commodity Exchange Act, as amended, and no U.S. person may
at any time trade or maintain a position in the Securities.

INFORMATION ON THE UNDERLYING

In addition see Appendix attached hereto

Performance of Underlying/formula/
other variable, explanation of effect on
value of investment and associated
risks and other information concerning
the Underlying:

General: Fluctuations in the value of the Underlying will have an
effect on the value of the Securities throughout the life of the
Securities and at maturity/expiration. The value of the Underlying
may go down or up throughout the life of the Securities.
Automatic Termination: If the value or performance of the
Underlying on any date meets certain specified conditions, it will
affect the value of the Securities, and will potentially lead to the
automatic termination of the Securities.
Positive Correlation: All other things being equal, positive
performance of the Underlying will have a positive effect on the
value of the Securities at maturity/expiration, and negative
performance of the Underlying will have a negative effect on the
value of the Securities at maturity/expiration.
Entitlement Less Than 1: Any increase in the value or
performance of the Underlying will have a lesser effect on the
value of the Securities at maturity/expiration than would have
been the case if the Securities had been exposed to one unit of
the Underlying.
Leverage: All other things being equal, positive or negative
changes in the performance of the Underlying will have a
proportionately larger effect on the value of the Securities, and
8

therefore leverage has the potential to magnify gains or losses of
the Securities.
No Capital Protection: All other things being equal, the value or
performance of the Underlying will affect the value of the
Securities at maturity/expiration, to such an extent that the value
of the Securities at maturity/expiration may be zero.
Page where information about the past
and future performance of the
Underlying and its volatility can be
obtained:

Bloomberg Page: RBSZVAST

Index disclaimer(s):

RBS has developed and is responsible for the methodology that
is employed in connection with the RBS Vastgoed Index.
Standard & Poor’s has provided a contribution to the RBS
Vastgoed Index in a limited manner. Standard & Poor's
contribution is limited to providing consulting services to RBS and
performing calculations and data distribution in connection with
the Index as well as maintenance of the Index. Standard & Poor's
does not sponsor, endorse, sell, or promote any investment fund
or other vehicle that is offered by third parties and that seeks to
provide an investment return based on the returns of the RBS
Vastgoed Index. A decision to invest in any such investment fund
or other vehicle should not be made in reliance on any of the
statements set forth in this document. Prospective investors are
advised to make an investment in any such fund or vehicle only
after carefully considering the risks associated with investing in
such funds, as detailed in an offering memorandum or similar
document that is prepared by or on behalf of the issuer of the
investment fund or vehicle. RBS has developed, maintained and
is the sole party responsible for the methodology that is employed
in connection with the RBS Vastgoed Index.

9

NO SIGNIFICANT CHANGE AND NO MATERIAL ADVERSE CHANGE
There has been no significant change in the trading or financial position of the Group taken as a whole since
30 June 2011 (the end of the last financial period for which either audited financial information or interim financial
information has been published).
Save in relation to matters referred to on pages 42 to 43 of the 2011 RBS Holdings Interim Results, relating to
the Group’s exposure to Greek sovereign debt, which the Group has made provision for therein, there has been
no material adverse change in the prospects of the Group taken as a whole since 31 December 2010 (the last
date to which the latest audited published financial information of the Group was prepared).

RESPONSIBILITY
The Issuer accepts responsibility for the information contained in the Base Prospectus, as completed and/or
amended by these Final Terms. To the best of the knowledge and belief of the Issuer (which has taken all
reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in
accordance with the facts and does not omit anything likely to affect the import of such information. Material
changes since the date of the Base Prospectus will trigger the need for a supplement under Article 16 of
Directive 2003/71/EC which will be filed with both the AFM and the SIX Swiss Exchange.

10

APPENDIX
INDEX DESCRIPTION - RBS Vastgoed PR Index

1.

Definitions:

“Business Day” means a day on which commercial banks in London and New York are usually open for business to the
public and settle payments;
“Exchange” means Eurolist by Euronext Amsterdam;
“Index Calculator” means, Standard & Poor’s, 55 Water Street, New York, NY 10041 or its successor;
“Index Launch Date” means 26 October 2005;
“Market Disruption Event” means
•

General moratorium in respect of banking activities in the country in which the Exchange is located; or

•

Governmental Default with respect to any security or indebtedness for money borrowed or guaranteed by any
Governmental Authority, there occurs a default, event of default or other similar condition or event (howsoever
described) including, but not limited to, (A) the failure of timely payment in full of principal, interest or other amounts
due (without giving effect to any applicable grace periods) in respect of any such security indebtedness for money
borrowed or guarantee, (B) a declared moratorium, standstill, waiver, deferral, repudiation or rescheduling of any
principal, interest or other amounts due in respect of any such security, indebtedness for money borrowed or
guarantee or (C) the amendment or modification of the terms and conditions of payment of any principal, interest or
other amounts due in respect of any such security, indebtedness for money borrowed or guarantee without the consent
of all holders of such obligation. The determination of the existence or occurrence of any default, event of default or
other similar condition or event shall be made without regard to any lack or alleged lack of authority or capacity of such
Governmental Authority to issue or enter into such security, indebtedness for money borrowed or guarantee; or

•

Nationalisation. Any expropriation, confiscation, requisition, nationalisation or other action by any Governmental
Authority which deprives this Issuer (or any of its Affiliates) of all or substantially all of its assets in the country of the
principal financial centre of the Settlement Currency; or

•

A change in law in the country of the principal financial centre of the Underlying Currency which may affect the
ownership in and/or the transferability of the Underlying Currency; or

•

The imposition of any tax and/or levy with punitive character which is imposed in the country of the principal financial
centre of the Underlying Currency; or

•

The occurrence or existence on any Trading Day during the one hour period that ends at the official close of trading on
an Exchange of any suspension of or limitation imposed on trading or the disruption or impairment in the ability of
market participants in general to effect transactions (by reason of movements in price reaching or exceeding limits
permitted by the relevant exchange or otherwise): (A) in the Shares on the Exchange or any other exchange on which
the Shares are listed; or (B) in any options contracts or futures contracts or other derivatives contracts relating to the
Shares on any Related Exchange if, in the determination of the Calculation Agent, such suspension or limitation is
material;

“Price” means the last traded price on the Exchange on the respective Trading Day;
“Re-weighting Date” means the date of the re-weighting of the RBS Vastgoed PR Index, subject to a Market Disruption
Event;
“Settlement Currency” means EUR;
“Share” means each ordinary share of the Share Company;
“Share Company” means each company, which is included in the RBS Vastgoed PR Index;
“Trading Day” means any day that is a trading day on the Exchange for the RBS Vastgoed PR Index other than a day on
which trading on the Exchange is scheduled to close prior to its regular weekday closing time.

2.

General description

The index (“RBS Vastgoed PR Index”) is price weighted and tracks 4 companies that operate in the real estate sector
(Euronext sector code 86) and that are listed on Eurolist by Euronext Amsterdam. The RBS Vastgoed PR Index is a price
index, which entails that it will not reinvest any dividends.
1

3.

RBS Vastgoed PR Index Composition

As of 6 June 2012 the RBS Vastgoed PR Index comprised the shares (the “Shares”) of the following 4 companies (each a
“Share Company” and together “Share Companies”) as selected by the Index Calculator on the Index Launch Date.
Share Company

ISIN Code

RIC code

Corio
Wereldhave
Vastned Retail
Eurocommercial
Properties

NL0000288967
NL0000289213
NL0000288918
NL0000288876

COR.AS
WEHA.AS
VASN.AS
SIPFc.AS

Number
of
shares in the
Index
1.375399
1.375399
1.375399
1.375399

Weight in the
Index
23.45%
35.28%
22.75%
18.52%

The RBS Vastgoed PR Index was proportionally weighted based on the Price of the Shares on the Index Launch Date. The
RBS Vastgoed PR Index shall comprise at any time of at least 3 Share Companies and ceases to exist if there are less than
3 Share Companies in the RBS Vastgoed PR Index.
4.

RBS Vastgoed PR Index Method of Calculation

On the Index Launch Date the Initial RBS Vastgoed PR Index Value was EUR 275.08 (“Initial Index Value”). Thereafter,
the value of the RBS Vastgoed PR Index (“Index Value”) will be calculated real-time and disseminated via Reuters in 15
second intervals, subject to a Market Disruption Event, according to the following formula:

N

Index Valuet

=

∑ (Number of Shares) × (Pr ice)
i =1

i, t

i, t

If, in the determination of the Index Calculator, a Market Disruption Event has occurred on any Business Day, the Index will
be calculated and published by the Index Calculator on the first succeeding Business Day, on which the Calculation Agent
determines that there is no Market Disruption Event, unless the Index Calculator determines that there is a Market Disruption
Event occurring on each of the five Business Days immediately following the original Business Day on which (but for the
Market Disruption Event) the Index would have been calculated and published by the Index Calculator. In that case
(regardless of the Market Disruption Event) the Index Calculator shall determine the Price of the Share affected by the
Market Disruption and the Index Value having regard to the then prevailing market conditions, the last reported trading price
of the respective Shares and such other factors as the Index Calculator determines to be relevant.
5.

Re-weighting of the RBS Vastgoed PR Index

The RBS Vastgoed PR Index shall be re-weighted in the event that, due to a corporate action like a merger, bankruptcy or
acquisition, a Share Company no longer forms part of the RBS Vastgoed PR Index. The remaining Shares shall be
proportionally based on their Price on such day.

(Index Value) before rebalance

= (Index Value) after rebalance

If, in the determination of the Index Calculator, a Market Disruption Event has occurred on any Re-weighting Date, the Reweighting shall be postponed to the first succeeding Trading Day on which the Calculation Agent determines that there is no
Market Disruption Event, unless the Index Calculator determines that there is a Market Disruption Event occurring on each of
the five Trading Days immediately following the original date which (but for the Market Disruption Event) would have been a
Re-weighting Date. In that case (i) the fifth Trading Day shall be deemed to be the Re-weighting Date (regardless of the
Market Disruption Event); and (ii) the Index Calculator shall determine the Price of the Share affected by the Market
Disruption and the Index Value having regard to the then prevailing market conditions, the last reported trading price of the
respective Shares and such other factors as the Index Calculator determines to be relevant.
6.

Publication of the RBS Vastgoed PR Index

The real-time prices of the RBS Vastgoed PR Index will be published on Reuters page .RBSZVAST.

2

