FCMAN121729_20101018.pdf
FINAL TERMS
DATED 14 OCTOBER 2010

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

250,000 SILVER TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 1.52
250,000 SILVER TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 2.21
250,000 SILVER TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 3.37
100,000 GOLD TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 12.48
100,000 GOLD TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 14.16
100,000 GOLD TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 16.01
100,000 GOLD TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 21.41
100,000 PALLADIUM TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 12.64
100,000 PALLADIUM TURBO SHORT CERTIFICATES
INDICATIVE ISSUE PRICE: EUR 9.87

THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OR POLITICAL SUBDIVISION OF THE UNITED STATES, AND MAY NOT BE
EXERCISED, OFFERED, SOLD, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, 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, 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. 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.

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 15 October 2010 (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 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 the Global Certificate
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), Commission Bancaire,
Financiere et des Assurances (CBFA), 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, the Czech National Bank (CNB), Comisia Nationala a
Valorilor Mobiliare (CNVM) 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.
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:

NECIGEF, Euroclear Bank S.A./N.V. as operator of the Euroclear
system, Clearstream Banking, société anonyme

Pricing Date:

Not Applicable

Subscription Period:

Not Applicable

Launch Date:

15 October 2010

As, if and when issued trading:

15, 18 and 19 October 2010

Issue Date:

20 October 2010

Listing:

NYSE Euronext in Amsterdam, NYSE Euronext in Paris

Listing Date:

20 October 2010

Admission to Trading:

Application has been made for the Securities to be admitted to
trading on NYSE Euronext in Amsterdam with effect from 15
October 2010 and on NYSE Euronext in Paris with effect from 20
October 2010

Announcements to Holders:

Delivered to Clearing Agents

Principal Agent:

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

Agent:

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

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.

Form of the Securities:

Dematerialised Form

3

COMMODITY TURBO CERTIFICATES
Series:

Silver Turbo Short Certificates

Issue Price:

EUR 1.52 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Silver on a per troy ounce basis (31.1035g) quoted in USD
(Reuters Page XAG=)

Current Financing Level on the Launch
Date:

USD 26.90

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:

1

Exchange:

London Bullion Market Association

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:

USD

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:

6% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

4% of Current Financing Level

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:

USD 25.50 (highest ask)

4

Stop Loss Price Rounding:

Downwards to the nearest one decimal place of the Financing
Level Currency

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

Valuation Time:

The time of the London daily fixing (currently 12:15 p.m. London
Time)

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598895

Common Code:

53567690

Mnemonic Code:

S450N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: SILV

5

Series:

Silver Turbo Short Certificates

Issue Price:

EUR 2.21 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Silver on a per troy ounce basis (31.1035g) quoted in USD
(Reuters Page XAG=)

Current Financing Level on the Launch
Date:

USD 27.90

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:

1

Exchange:

London Bullion Market Association

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:

USD

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:

6% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

4% of Current Financing Level

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:

USD 26.50 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest one decimal place of the Financing
Level Currency

Stop Loss Reset Date:

15th day
6

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

Valuation Time:

The time of the London daily fixing (currently 12:15 p.m. London
Time)

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598903

Common Code:

53567410

Mnemonic Code:

S451N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: SILV

7

Series:

Silver Turbo Short Certificates

Issue Price:

EUR 3.37 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Silver on a per troy ounce basis (31.1035g) quoted in USD
(Reuters Page XAG=)

Current Financing Level on the Launch
Date:

USD 29.50

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:

1

Exchange:

London Bullion Market Association

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:

USD

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:

6% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

4% of Current Financing Level

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:

USD 28.00 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest one decimal place of the Financing
Level Currency

Stop Loss Reset Date:

15th day
8

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

Valuation Time:

The time of the London daily fixing (currently 12:15 p.m. London
Time)

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598911

Common Code:

53567428

Mnemonic Code:

S452N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: SILV

9

Series:

Gold Turbo Short Certificates

Issue Price:

EUR 12.48 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Gold on a per troy ounce basis (31.1035g) quoted in USD
(Reuters Page XAU=)

Current Financing Level on the Launch
Date:

USD 1,557.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

2% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exchange:

London Bullion Market Association

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:

USD

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:

6% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

2% of Current Financing Level

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:

USD 1,525.00 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest whole unit of the Financing Level
Currency

Stop Loss Reset Date:

15th day
10

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

Valuation Time:

The time of the London morning fixing, currently 10:30 am London
time

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598762

Common Code:

53567762

Mnemonic Code:

S437N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: GOLDS

11

Series:

Gold Turbo Short Certificates

Issue Price:

EUR 14.16 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Gold on a per troy ounce basis (31.1035g) quoted in USD
(Reuters Page XAU=)

Current Financing Level on the Launch
Date:

USD 1,582.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

2% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exchange:

London Bullion Market Association

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:

USD

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:

6% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

2% of Current Financing Level

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:

USD 1,550.00 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest whole unit of the Financing Level
Currency

Stop Loss Reset Date:

15th day
12

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

Valuation Time:

The time of the London morning fixing, currently 10:30 am London
time

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598770

Common Code:

53567584

Mnemonic Code:

S438N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: GOLDS

13

Series:

Gold Turbo Short Certificates

Issue Price:

EUR 16.01 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Gold on a per troy ounce basis (31.1035g) quoted in USD
(Reuters Page XAU=)

Current Financing Level on the Launch
Date:

USD 1,608.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

2% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exchange:

London Bullion Market Association

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:

USD

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:

6% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

2% of Current Financing Level

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:

USD 1,575.00 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest whole unit of the Financing Level
Currency

Stop Loss Reset Date:

15th day
14

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

Valuation Time:

The time of the London morning fixing, currently 10:30 am London
time

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598788

Common Code:

53567681

Mnemonic Code:

S439N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: GOLDS

15

Series:

Gold Turbo Short Certificates

Issue Price:

EUR 21.41 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Gold on a per troy ounce basis (31.1035g) quoted in USD
(Reuters Page XAU=)

Current Financing Level on the Launch
Date:

USD 1,684.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

2% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exchange:

London Bullion Market Association

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:

USD

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:

6% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

2% of Current Financing Level

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:

USD 1,650.00 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest whole unit of the Financing Level
Currency

Stop Loss Reset Date:

15th day
16

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

Valuation Time:

The time of the London morning fixing, currently 10:30 am London
time

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598796

Common Code:

53567754

Mnemonic Code:

S440N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: GOLDS

17

Series:

Palladium Turbo Short Certificates

Issue Price:

EUR 12.64 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Palladium on a per troy ounce basis (31.1035g) quoted in
USD (Reuters Page XPDFIX=)

Current Financing Level on the Launch
Date:

USD 778.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

10% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exchange:

LPPM (The London Platinum and Palladium Market)

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:

USD

Issuer Call Commencement Date:

The first Business Day following the Launch Date

Issuer Call Notice Period:

One day

Maximum Premium:

15% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

10% of Current Financing Level

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:

USD 700.00 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest whole unit of the Financing Level
Currency

Stop Loss Reset Date:

15th day

18

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

Valuation Time:

The time of the London morning fixing (currently 9.45 a.m. London
Time)

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598812

Common Code:

53567649

Mnemonic Code:

S442N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: PALL

19

Series:

Palladium Turbo Short Certificates

Issue Price:

EUR 9.87 (Indicative)

Additional Market Disruption Events:

None

Business Day:

As specified in Product Condition 1

Cash Amount:

As specified in Product Condition 1

Commodity:

Spot Palladium on a per troy ounce basis (31.1035g) quoted in
USD (Reuters Page XPDFIX=)

Current Financing Level on the Launch
Date:

USD 739.00

Current Spread on the Launch Date:

2%

Current Stop Loss Premium Rate on
the Launch Date:

10% of Current Financing Level on the Launch Date

Emerging Market Disruption Events:

As specified in Product Condition 1

Entitlement:

0.1

Exchange:

LPPM (The London Platinum and Palladium Market)

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:

USD

Issuer Call Commencement Date:

The first Business Day following the Launch Date

Issuer Call Notice Period:

One day

Maximum Premium:

15% of Current Financing Level

Maximum Spread:

3.5%

Minimum Premium:

10% of Current Financing Level

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:

USD 665.00 (highest ask)

Stop Loss Price Rounding:

Downwards to the nearest whole unit of the Financing Level
Currency

Stop Loss Reset Date:

15th day

20

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

Valuation Time:

The time of the London morning fixing (currently 9.45 a.m. London
Time)

Amendment to General Conditions
and/or Product Conditions:

Not Applicable

ISIN:

NL0009598804

Common Code:

53567665

Mnemonic Code:

S441N

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
Bloomberg page where information about the past and future performance of the Underlying and its volatility
can be obtained: PALL

21

RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.

22

