FCMAN062233_20110907.pdf
FINAL TERMS
DATED 06 SEPTEMBER 2011

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

100,000 STOXX® 600 BANK INDEX TURBO LONG CERTIFICATES
ISSUE PRICE: EUR 2.45
100,000 DOW JONES TURKEY TITANS 20 TURBO LONG CERTIFICATES
ISSUE PRICE: EUR 3.63
100,000 IBEX 35 INDEX TURBO LONG CERTIFICATES
ISSUE PRICE: EUR 8.64
150,000 DAX® INDEX TURBO LONG CERTIFICATES
ISSUE PRICE: EUR 2.53

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 UNITES 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

2

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.

3

Issuer:

(a)

Issuer: The Royal Bank of Scotland N.V., acting through its
principal office at Gustav Mahlerlaan 350 17A90, 1082 ME
Amsterdam, The Netherlands or its London branch at 250
Bishopsgate, London EC2M 4AA

(b)

Proposed Transfer to the Royal Bank of Scotland plc: RBS
is expected to become the issuer of the Securities as a
result of the Part VII Scheme (unless the Securities have
been exercised, redeemed or repurchased and cancelled
prior to the implementation of the Part VII Scheme).
Note that if it is stated that RBS is expected to become the
issuer of the Securities as a result of the Part VII Scheme,
this means that the Securities are expected to be subject
to the Part VII Scheme which, subject to such scheme
being implemented, would result in the Issuer of the
Securities becoming The Royal Bank of Scotland plc.
If it is stated that RBS is not expected to become the issuer
of the Securities as a result of the Part VII Scheme, this
means that RBS is not expected to become the issuer of
the Securities as part of the Proposed Transfers generally.
Refer to the section of the Base Prospectus
entitled "General Information - Part A: General Proposed Transfers" for further information.

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 September 2011

As, if and when issued trading:

7, 8 and 9 September 2011

Issue Date:

12 September 2011

Listing:

NYSE Euronext in Amsterdam, NYSE Euronext in Paris

Listing Date:

12 September 2011

Admission to Trading:

Application has been made for the Securities to be admitted to
trading on NYSE Euronext in Amsterdam with effect from 07
September 2011 and on NYSE Euronext in Paris with effect from
12 September 2011

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

4

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:

S&P: Not Applicable
Moody's: Not Applicable
Fitch: Not Applicable

5

INDEX TURBO CERTIFICATES
Series:

STOXX® 600 Bank Index Turbo Long Certificates

Issue Price:

EUR 2.45

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Index:

STOXX® 600 Bank Index (Bloomberg code: SX7P)

Current Financing Level on the Launch
Date:

106.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

3% 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:

5% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

3% 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:

110.00

6

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

Amendment to Offering Procedure for
the Securities:

None

ISIN:

NL0009896901

Common Code:

66379965

Mnemonic Code:

W656N

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.

7

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:

SX7P

Index disclaimer(s):

The Dow Jones STOXX Bank Index® is the intellectual property
(including registered trademarks) of Stoxx Limited, Zurich,
Switzerland and/or Dow Jones & Company, Inc., a Delaware
corporation, New York, USA, (the "Licensors"), which is used
under license. The securities based on the Index are in no way
sponsored, endorsed, sold or promoted by the Licensors and
neither of the Licensors shall have any liability with respect
thereto.

8

Series:

Dow Jones Turkey Titans 20 Turbo Long Certificates

Issue Price:

EUR 3.63

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Index:

Dow Jones Turkey Titans 20 (Bloomberg code: TR20I)

Current Financing Level on the Launch
Date:

465.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

7.5% 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:

TRY

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:

25% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

7.5% 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:

500.00

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
9

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

Amendment to Offering Procedure for
the Securities:

None

ISIN:

NL0009896919

Common Code:

66380114

Mnemonic Code:

W657N

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.
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

10

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.
FX Adjustment: The value of the Securities at maturity/expiration
will be affected both by the value or performance of the Underlying
and by the performance of the relevant FX rate between the
currency of the Underlying and the currency of the Securities.
Page where information about the past
and future performance of the
Underlying and its volatility can be
obtained:

TR20I

Index disclaimer(s):

(i) "Dow Jones" and "Dow Jones Turkey Titans 20SM" are service
marks of Dow Jones & Company, Inc. and have been licensed for
use for certain purposes by The Royal Bank of Scotland N.V. The
Royal Bank of Scotland's Securities based on the Dow Jones
Turkey Titans 20SM, are not sponsored, endorsed, sold or
promoted by Dow Jones, and Dow Jones makes no
representation regarding the advisability of investing in such
product(s). (ii) "Dow Jones", "Dow Jones Turkey Titans 20SM"
are service marks of Dow Jones & Company, Inc. Dow Jones has
no relationship to the Royal Bank of Scotland N.V., other than the
licensing of the Dow Jones Industrial Average (DJIA) and its
service marks for use in connection with the Securities. The
Securities are not sponsored, endorsed, sold or promoted by Dow
Jones or any of its licensors. Neither Dow Jones nor any of its
licensors makes any representation or warranty, express or
implied, to the owners of the Securities or any member of the
public regarding the advisability of investing in securities
generally or in the Securities particularly. The only relationship of
Dow Jones and its licensors to the Licensee is the licensing of
certain trademarks, trade names and service marks and of the
Dow Jones Turkey Titans 20SM, which is determined, composed
and calculated without regard to The Royal Bank of Scotland N.V.
or the Securities. Neither Dow Jones nor any of its licensors has
any obligation to take the needs of The Royal Bank of Scotland
N.V. or the owners of the Securities into consideration in
determining, composing or calculating Dow Jones Turkey Titans
20SM. Neither Dow Jones nor any of its licensors is responsible
for or has participated in the determination of the timing of, prices
at, or quantities of the Securities to be issued or in the
determination or calculation of the equation by which the
Securities are to be converted into cash. None of Dow Jones or
any of its licensors has any obligation or liability in connection with
the administration, marketing or trading of the Securities. DOW
JONES AND ITS LICENSORS DO NOT GUARANTEE THE
ACCURACY AND/OR THE COMPLETENESS OF THE DOW

11

JONES Turkey Titans 20SM OR ANY DATA RELATED
THERETO AND NONE OF DOW JONES NOR ANY OF ITS
LICENSORS SHALL HAVE ANY LIABILITY FOR ANY ERRORS,
OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES
AND ITS LICENSORS MAKE NO WARRANTY, EXPRESS OR
IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ROYAL
BANK OF SCOTLAND N.V., OWNERS OF THE Securities, OR
ANY OTHER PERSON OR ENTITY FROM THE USE OF THE
DOW JONES Turkey Titans 20SM OR ANY DATA RELATED
THERETO. NONE OF DOW JONES OR ITS LICENSORS
MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND
EACH EXPRESSLY DISCLAIMS ALL WARRANTIES, OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR USE WITH RESPECT TO THE DOW JONES
Turkey Titans 20SM OR ANY DATA RELATED THERETO.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT
SHALL DOW JONES OR ANY OF ITS LICENSORS HAVE ANY
LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE,
SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES,
EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT
FOR THE LICENSORS, THERE ARE NO THIRD PARTY
BENEFICIARIES
OF
ANY
AGREEMENTS
OR
ARRANGEMENTS BETWEEN DOW JONES AND THE ROYAL
BANK OF SCOTLAND N.V.

12

Series:

Ibex 35 Index Turbo Long Certificates

Issue Price:

EUR 8.64

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Index:

Ibex 35 Index (Bloomberg code: IBEX)

Current Financing Level on the Launch
Date:

7,280.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

3% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.01

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:

5% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

2% 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:

7,500.00

Stop Loss Price Rounding:

Upwards to the nearest whole 10 Index Points where "Index
Point" means the standard market quotation basis used by the
Index Sponsor with respect to the Index
13

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

Amendment to Offering Procedure for
the Securities:

None

ISIN:

NL0009896927

Common Code:

66379671

Mnemonic Code:

W658N

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.
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

14

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:

IBEX

Index disclaimer(s):

Sociedad de Bolsas, S.A., owner of the IBEX 35® Index and
holder of the registrations for the corresponding trademarks
associated therewith, will not sponsor, promote or recognize
investment in Notes, nor shall the authorization granted to the
Issuer for the use of the commercial IBEX 35® Index trademark
imply a favourable judgment in relation to the information offered
by the Issuer or the appropriateness or interest of an investment
in the above-cited financial product. Sociedad de Bolsas, S.A.,
does not guarantee the following in any cause regardless of the
reasons: a) the continuity of composition of the IBEX 35® Index
as it is today or at any other prior time; b) the continuity of the
method of calculation of the IBEX 35® Index as it is today or at
any other prior time; c) the continuity of the calculation,
formulation and the distribution of the IBEX 35® Index; d) the
accuracy, integrity or absence of defects or errors in the
composition or calculation of the IBEX 35® Index; and e) the
suitability of the IBEX 35® Index for the purposes provided in the
Notes. The parties to this term sheet recognize the rules for the
establishment of the prices of the securities in the IBEX 35® and
of the latter, in conformity with free competition in purchase and
sales orders in a neutral, transparent market, and they agree to
respect the same and to abstain from any action not in conformity
therewith.

15

Series:

DAX® Index Turbo Long Certificates

Issue Price:

EUR 2.53

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Index:

DAX® Index (Bloomberg code: DAX)

Current Financing Level on the Launch
Date:

5,050.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

3% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.01

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:

5% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

1.5% of Current Financing Level

Notional Dividend Amount:

Not 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:

5,210.00

Stop Loss Price Rounding:

Upwards to the nearest whole 10 Index Points where "Index
Point" means the standard market quotation basis used by the
Index Sponsor with respect to the Index
16

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

Amendment to Offering Procedure for
the Securities:

None

ISIN:

NL0009896935

Common Code:

66379663

Mnemonic Code:

W659N

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.
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

17

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:

DAX

Index disclaimer(s):

This Security is neither sponsored nor promoted, distributed or in
any other manner supported by Deutsche Börse AG (the
"Licensor"). The Licensor does not give any explicit or implicit
warranty or representation, neither regarding the results deriving
from the use of the Index and/or Index Trademark nor regarding
the Index value at a certain point in time or on a certain date nor
in any other respect. The Index is calculated and published by the
Licensor. Nevertheless, as far as admissible under statutory law
the Licensor will not be liable vis-à-vis third parties, including
investors, to point out potential errors in the Index. Neither the
publication of the Index by the Licensor nor the granting of a
license regarding the Index as well as the Index Trademark for
the utilisation in connection with the Security or other securities
or financial products, which derived from the Index, represents a
recommendation by the Licensor with respect to the
attractiveness on an investment in this product. In its capacity as
sole owner of all rights to the Index and the Index Trademark the
Licensor has solely licensed to the Issuer of the Security the
utilisation of the Index and the Index Trademark as well as any
reference to the Index and the Index Trademark in connection
with the Security.

18

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.

19

