Bond Nederlandse Waterbank 0% ( XS1069923479 ) in EUR

Nederlandse Waterbank

100 % ⇌

Netherlands

XS1069923479 ( in EUR )

01/06/2064

Prospectus brochure of the bond Nederlandse Waterschapsbank XS1069923479 en EUR 0%, maturity 01/06/2064

The Nederlandse Waterschapsbank (NWB Bank) is a Dutch bank specializing in financing water management projects and providing financial services to water boards (waterschappen) in the Netherlands.

The Bond issued by Nederlandse Waterbank ( Netherlands ) , in EUR, with the ISIN code XS1069923479, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 01/06/2064

FINAL TERMS
30 May 2014
Nederlandse Waterschapsbank N.V.
(incorporated under the laws of the Netherlands with limited liability and having its corporate seat in
The Hague)
Issue of EUR 50,000,000 Callable Zero Coupon Notes due 2 June 2064 under the 60,000,000,000
Debt Issuance Program
This document constitutes the Final Terms relating to the issue of Notes described herein. Terms used
herein shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes
(the `Conditions') set forth in the Base Prospectus dated 28 April 2014 which constitutes a base
prospectus for the purposes of Directive 2003/71/EC (the `Prospectus Directive' which term includes
Directive 2010/73/EU (the `2010 PD Amending Directive') to the extent implemented in a relevant
member state of the European Economic Area in which the Notes are issued (each, a `Relevant Member
State')). This document constitutes the Final Terms of the Notes described herein for the purposes of
Article 5(4) of the Prospectus Directive and must be read in conjunction with such Base Prospectus. Full
information on the Issuer and the offer of the Notes is only available on the basis of the combination of
these Final Terms and the Base Prospectus. The Base Prospectus is available for viewing at the registered
office of the Issuer at Rooseveltplantsoen 3, 2517 KR The Hague, the Netherlands. A copy will also be
available from the Issuer's website https://www.nwbbank.com/funding-programmes.html. In addition,
copies may be obtained from Citibank N.A., Citigroup Centre Canada Square, Canary Wharf, London
E14 5LB, United Kingdom (the `Principal Paying Agent') and, only with respect to Tranches of Notes
which are solely offered and sold by the Issuer and/or the Dealers in bearer form outside the United States
to non-U.S. persons in reliance on Regulation S, from Banque Internationale à Luxembourg, 69, route
d'Esch, 2953 Luxembourg, Grand Duchy of Luxembourg (the `Non-U.S. Paying Agent').

1.
Issuer:
Nederlandse Waterschapsbank N.V.
2.
(a)
Series Number:
1388

(b)
Tranche Number:
1
3.
Specified Currency or Currencies:
Euro ("EUR")
4.
Aggregate principal amount:

Tranche:
EUR 50,000,000

Series:
EUR 50,000,000
5.
(a)
Issue Price of Tranche:
100 per cent. of the aggregate principal amount

(b)
Net proceeds:
EUR 50,000,000
6.
(a)
Specified Denominations:
EUR 500,000

(b)
Calculation Amount:
EUR 500,000

7.
(a)
Issue Date:
2 June 2014

(b)
Interest Commencement Date:
Not Applicable
8.
Maturity Date:
2 June 2064 subject to adjustment with the
Following Business Day Convention and
subject to Issuer Call Option

9.
Interest Basis:
Zero Coupon

(further particulars specified below)
10.
Redemption/Payment Basis:
519.4264348832 per cent. of the aggregate
principal amount

(further particulars specified below)
11.
Change of Interest Basis:
Not Applicable

12.
Investor Put/Issuer Call Options:
Issuer Call Option

(further particulars specified below)
13.
Automatic Early Redemption:
Not Applicable
14.
Dual Currency Note Provisions:
Not Applicable
15.
Status of the Notes:
Senior
16.
(a) Listing and admission to trading:
Application has been made by the Issuer (or on
its behalf) for the Notes to be admitted to listing
and trading on the Luxembourg Stock
Exchange with effect from the Issue Date

(b) Estimate of total expenses related to EUR 7,000
admission to trading:

17.
Offer solely outside the United States in Applicable
reliance on Regulation S:

The Notes will be in bearer form and in
substantially the form set forth in schedule 3 to
the agency agreement entered into between the
Issuer and the Non-U.S. Paying Agent dated 28
April 2014.
18.
Method of distribution:
Non-syndicated
19.
Name, address and contact details of Non-U.S. Paying Agent
Calculation Agent:
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
20.
Fixed Rate Note Provisions:
Not Applicable
21.
Floating Rate Note Provisions:
Not Applicable
22.
Zero Coupon Note Provisions:
Applicable

(a) Accrual Yield:
3.35 per cent. per annum

(b) Reference Price:
100 per cent. of the aggregate principal amount

(c) Day Count Fraction in relation to Early 30/360
Redemption Amounts and late payment:
23.
FX Linked Interest Note Provisions:
Not Applicable
24.
Inflation Linked Note Provisions:
Not Applicable
25.
CMS Linked Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
26.
Issuer Call Option:
Applicable

(a) Optional Redemption Date(s):
The Issuer has the right to call the Notes, in
whole but not in part, on 2 June 2024 and 2
June 2044 each date subject to adjustment in
accordance with the Following Business Day
Convention.

(b) Optional Redemption Amount(s) of In relation to the Optional Redemption Date
each Note:
scheduled to fall on 2 June 2024, the Optional
Redemption Amount of each Note will be EUR
695,144.0566345 per Calculation Amount

In relation to the Optional Redemption Date
scheduled to fall on 2 June 2044, the Optional
Redemption Amount of each Note will be EUR
1,343,644.668556per Calculation Amount

(c) If redeemable in part:

(i) Minimum Redemption Amount:
Not Applicable

(ii) Maximum Redemption Amount:
Not Applicable

(d) Notice Period:
A minimum of 5 TARGET2 Business' Days
and a maximum of 30 TARGET2 Business'
Days
27.
Investor Put Option:
Not Applicable
28.
Early Redemption:
Applicable

(a) Early Redemption Amount(s) payable As set out in the Condition 7.5(b)
on redemption:

(b) Redemption for tax reasons (Condition Applicable
7.2) permitted on days other than
Interest Payment Dates:

(c) Redemption for tax reasons (Condition Not Applicable
7.2) permitted on Interest Payment
Dates:

(d) Unmatured Coupons to become void Not Applicable
upon early redemption:

(e) Early Redemption Unwind Costs:
Not Applicable
29.
Whether Condition 8(a) of the Notes applies Condition 8(b) applies and Condition 7.2
(in which case Condition 7.2 (Redemption applies.
for tax reasons) of the Notes will not apply)
or whether Condition 8(b) of the Notes
applies (in which case Condition 7.2
(Redemption for tax reasons) may be
specified as being Applicable):

30.
Final Redemption Amount:
EUR 2,597,132.174416per Calculation Amount

31.
FX Linked Redemption Note Provisions:
Not Applicable
32.
Automatic Early Redemption Provisions:
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
33.
Form of Notes:

(a) Form:
Bearer Notes
Temporary Bearer Global Note exchangeable
from 40 days after the Issue Date, upon
certification as to non-U.S. beneficial
ownership if Bearer Notes issued pursuant to
the TEFRA D Rules, for interests in a
Permanent Bearer Global Note which is
exchangeable for Definitive Bearer Notes only
upon the occurrence of an Exchange Event

(b) New Global Note:
Applicable

(c) New Safekeeping Structure:
Applicable; but only as to Regulation S Global
Note

(d) Form of Definitive Bearer Notes:
Standard Euromarket
34.
Financial Centre(s) or other special TARGET2 and London
provisions relating to Payment Dates:
35.
Talons for future Coupons or Receipts to be Not Applicable
attached to Definitive Bearer Notes (and
dates on which such Talons mature):
36.
Details relating to Partly Paid Notes:
Not Applicable
37.
Details relating to Installment Notes:
Not Applicable
38.
Redenomination:
Not Applicable
DISTRIBUTION

39.
(a) If syndicated, names of Managers:
Not Applicable

(b) Date of Subscription Agreement:
Not Applicable

(c) Stabilizing Manager(s) (if any):
Not Applicable

40.
If non-syndicated, name of Dealer:
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP

41.
Names of Financial Intermediaries:
Not Applicable
42.
Eligibility:
Reg. S only
43.
U.S. Selling Restrictions:
Reg. S Compliance Category 2; TEFRA D
OPERATIONAL INFORMATION

44.
Any clearing system(s) other than DTC, Not Applicable
Euroclear Bank S.A./N.V./ and Clearstream
Banking, société anonyme and the relevant
Identification numbers:
45.
Delivery:
Delivery against payment
46.
Paying Agent(s):
Non-U.S. Paying Agent

47.
Offer Period:
Not Applicable
48.
Reduction of subscriptions:
Not Applicable, the terms of the offer do not
provide for any reductions of subscriptions
49.
Maximum and minimum subscription Not Applicable
amount:
50.
Intended to be held in a manner which Yes
would allow Eurosystem eligibility:

Note that the designation `yes' simply means
that the Notes are intended upon issue to be
deposited with one of the International Central
Securities Depositories (`ICSDs') as common
safekeeper, and registered in the name of a
nominee of one of the ICSDs acting as common
safekeeper, that is, held under the new
safekeeping structure as designated by the
European Central Bank, and does not
necessarily mean that the Notes will be
recognized as eligible collateral for Eurosystem
monetary policy and intra-day credit operations
by the Eurosystem either upon issue or at any or
all times during their life. Such recognition will
depend upon the European Central Bank being
satisfied that the Eurosystem eligibility criteria

have been met
51.
For the purpose of Condition 14, notices to No
be published in the Financial Times:

ISIN:
XS1069923479

CUSIP:
Not Applicable

CINS:
Not Applicable

Common Code:
106992347

Any other relevant code:
German WKN: A1ZJTG
52.
Ratings:
The Notes to be issued have been rated:

S& P: AA+

Moody's: Aaa

Standard & Poor's Credit Market Services
Europe Limited and Moody's Investors Service
Limited are established in the European Union
and registered under Regulation (EC) No
1060/2009, as amended. As such, Standard &
Poor's Credit Market Services Europe Limited
and Moody's Investors Service Limited is
included in the list of credit rating agencies
published by the European Securities and
Markets Authority on its website in accordance
with such Regulation.

A rating is not a recommendation to buy, sell or
hold Notes and may be subject to suspension,
change or withdrawal at any time by the
assigning rating agency.
53.
Interests of natural and legal persons Save for any fees payable to the Dealers, so far
involved in the Issue:
as the Issuer is aware, no person involved in the
issue of the Notes has an interest material to the
offer.
54.
Reasons for the offer, estimated net
proceeds and total expenses:

(a) Reasons for the offer/Use of Proceeds:
See `Use of Proceeds' wording in Base
Prospectus

(b) Estimated net proceeds:
EUR 50,000,000

(c) Estimated total expenses:
EUR 7,000

55.
Indication of yield (Fixed Rate Notes only)
Not Applicable

56.
Historic Interest Rates (Floating Rate Notes Not Applicable
and CMS Linked Notes only)

The Issuer does not intend to provide post-issuance information
57.
Performance of index, explanation of effect on value of investment and associated risks and
other information concerning the underlying (Inflation Linked Notes only).

Not Applicable

The Issuer does not intend to provide post-issuance information
58.
Performance of rate[s] of exchange and explanation of effect on value of investment (Dual
Currency Notes, FX Linked Notes and notes to which Automatic Early Redemption provisions
applies where the trigger level is an exchange rate only.)

Not Applicable

The Issuer does not intend to provide post-issuance information.
59.
TERMS AND CONDITIONS OF THE OFFER

Not Applicable
60.
FUNGIBLE ISSUES

Issue fungible with previous issue:
Not Applicable

PURPOSE OF FINAL TERMS
These Final Terms comprise the final terms required for issue and admission to listing and trading on
the Luxembourg Stock Exchange of the Notes described herein pursuant to the 60,000,000,000 Debt
Issuance Program of Nederlandse Waterschapsbank N.V.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in 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 these Final Terms is in accordance with the facts and does not omit anything
likely to affect the import of such information.
Signed on behalf of the Issuer:
By: