Obbligazione SRLV N.V. 9% ( XS0616936372 ) in EUR

Emittente SRLV N.V.
Prezzo di mercato refresh price now   100 EUR  ▼ 
Paese  Paesi Bassi
Codice isin  XS0616936372 ( in EUR )
Tasso d'interesse 9% per anno ( pagato 1 volta l'anno)
Scadenza 14/04/2041



Prospetto opuscolo dell'obbligazione SRLEV N.V XS0616936372 en EUR 9%, scadenza 14/04/2041


Importo minimo 100 000 EUR
Importo totale 250 000 000 EUR
Coupon successivo 15/04/2026 ( In 12 giorni )
Descrizione dettagliata SRLEV N.V. è una società belga specializzata nella fornitura di soluzioni tecnologiche per l'industria automobilistica.

The Obbligazione issued by SRLV N.V. ( Netherlands ) , in EUR, with the ISIN code XS0616936372, pays a coupon of 9% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 14/04/2041









SRLEV N.V.
(the "Issuer")
(incorporated under the laws of the Netherlands with limited liability
and having its corporate seat in Alkmaar)

Issue and offer of up to 400,000,000 subordinated bonds due 2041
with a denomination of 100,000 each and integral multiples of 1,000 in excess thereof up to and including 199,000
at an issue price of 100 per cent. (the "Offering")

The Bonds are direct, unsecured, subordinated obligations of the Issuer and rank junior to all unsubordinated creditors of the Issuer, including policyholders of the Issuer.
Application has been made to Euronext Amsterdam N.V. ("Euronext") for up to 400,000,000 subordinated bonds due 2041 with a denomination of 100,000 each and
integral multiples of 1,000 in excess thereof up to and including 199,000 (the "Bonds") to be admitted to listing and trading on NYSE Euronext in Amsterdam ("Euronext
Amsterdam"), the regulated market of Euronext. The Bonds have the benefit of a guarantee from REAAL N.V. ("REAAL" and in its capacity as such, the "403-Statement
Provider") on the basis of a guarantee as referred to in Book 2, Section 403 of the Dutch Civil Code ("403-Statement").

This document together with the documents incorporated by reference herein constitute a prospectus for the purposes of Article 3 of Directive 2003/71/EC of the European
Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public and admitted to trading, as amended by
2010/73/EC Directive, to the extent implemented in the Relevant Member State (as defined below) (the "Prospectus Directive") and has been prepared in accordance with
Chapter 5.1 of the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the rules promulgated thereunder (the "DFSA"), (the "Prospectus"). This Prospectus
has been approved by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the "AFM"). The Bonds are expected to be issued and
admitted to listing and trading on or about 15 April 2011 (the "Closing Date").


Up to the Interest Payment Date falling in 2021 (the "First Call Date") the Bonds will bear a fixed rate of interest of 9 per cent., payable annually in arrears on 15 April of each
calendar year (each an "Interest Payment Date"). If on the First Call Date the Bonds will not have been redeemed in full in accordance with the terms and conditions of the
Bonds (the "Conditions"), the Bonds will bear a floating rate of interest of Euribor for 12 month deposits in euro plus a margin of 6.165 per cent.

Except on a Required Interest Deferral Date (as defined below), and subject to and in accordance with the Conditions, Interest (as defined below) on the Bonds shall be
payable on each Compulsory Interest Payment Date (as defined below). On any Interest Payment Date other than a Compulsory Interest Payment Date or a Required
Interest Deferral Date (any such date an "Optional Interest Payment Date"), the Issuer may elect to defer payment of interest accrued up to that date in respect of the
Bonds. Any unpaid interest shall as long as it remains unpaid constitute arrears of interest ("Arrears of Interest"). Arrears of Interest may, in accordance with the Conditions
and subject to, where such deferral was due to a Capital Adequacy Event, the prior approval of the Relevant Supervisory Authority to the extent required pursuant to the then
Applicable Capital Adequacy Regulations in order for the Bonds to qualify as regulatory capital, at the option of the Issuer be paid in whole or in part at any time, provided,
however, that all Arrears of Interest in respect of al Bonds for the time being outstanding shall become due and payable in full on whichever is the earliest of (a) the first
succeeding Compulsory Interest Payment Date, (b) the date of any redemption or substitution of the Bonds in accordance with Condition 5, and (c) the date upon which any
order is made or any request is granted for the imposition of emergency regulations (noodregeling) under the DFSA, bankruptcy (faillissement) of the Issuer or an order is
made or an effective resolution is passed for the dissolution (ontbinding) and subsequent liquidation of the Issuer.

If a Capital Adequacy Event (as defined below) has occurred and is continuing on any Interest Payment Date, the Issuer shall defer all or part of the relevant Interest Payment
(as defined below) on such Interest Payment Date (a "Required Interest Deferral Date") and the Issuer shall not have any obligation to make such Interest Payment, unless
the Interest Payment Date constitutes a Compulsory Interest Payment Date (as defined below).

The Bonds are scheduled to mature on the Interest Payment Date falling in 2041 (the "Maturity Date"). Provided that (i) no Capital Adequacy Event has occurred or is
continuing on such date and (ii) such redemption would itself not cause a Capital Adequacy Event, each Bond will be redeemed by the Issuer on the Maturity Date at its
principal amount outstanding together with accrued and unpaid interest and any Arrears of Interest, unless the Bonds are previously redeemed or purchased and cancelled in
full. Unless previously redeemed in full, the Issuer will have the option to redeem all of the Bonds in ful on the First Cal Date or on any Interest Payment Date thereafter at
their principal amount outstanding, together with accrued and unpaid interest and any Arrears of Interest, subject to and in accordance with the Conditions (the "Optional
Redemption"). In addition, at any time prior to the First Call Date, the Issuer may, subject to and in accordance with the Conditions, unless previously redeemed in full,
redeem the Bonds on not less than 30 nor more than 60 days' irrevocable notice to the holders of the Bonds (the "Bondholders") and Dexia Banque Internationale à
Luxembourg (the "Principal Paying Agent") in case of a Tax Event., a Regulatory Event or a Rating Agency Event (all as defined below). In case of a Tax Event, Regulatory
Event or Rating Agency Event in accordance with Conditions 5(c), 5(d) and 5(e), the Issuer may, in its sole discretion, opt for an alternative to redemption by either
substituting the Bonds for new bonds or by modifying the Conditions provided that such alternative is not prejudicial to the interests of the Bondholders.

The Bonds are expected to be assigned, upon issuance, a 'Baa2' rating by Moody's Investors Service Limited ("Moody's") and a 'BBB' rating by Standard & Poor's Rating
Services, a division of The McGraw-Hil Companies, Inc. ("S&P" and together with Moody's, the "Rating Agencies"). The rating of the Bonds addresses the assessment
made by each of the Rating Agencies of the likelihood of full and timely payment of interest and ultimate payment of principal on or before the Maturity Date. A rating is not a
recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time. For a discussion of some of the risks associated with an
investment in the Bonds, see under 'Risk Factors' herein.


The Bonds will be initially represented by a temporary global bond in bearer form (a "Temporary Global Bond"), without coupons, which is expected to be deposited on or
about the Closing Date with a common safekeeper for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Luxembourg").
Interests in the Temporary Global Bond will be exchangeable for interests in a permanent global bond (a "Permanent Global Bond"), without coupons not earlier than forty
(40) days after the Closing Date upon certification as to non-U.S. beneficial ownership. Interests in the Permanent Global Bond will only be exchangeable for Bonds in
definitive form upon the occurrence of an Exchange Event (as defined below). The expression "Global Bonds" means the Temporary Global Bond and the Permanent Global
Bond.

The Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended from time to time (the "Securities Act") or with any securities
regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to, or for the account or benefit
of, U.S. Persons (as defined in Regulation S under the Securities Act ("Regulation S"), except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act.

Capitalised terms used, but not defined, in this section can be found elsewhere in this Prospectus. For the page reference of the definitions of capitalised terms used herein
see under 'Index of Defined Terms'. The language of the Prospectus is English. Certain legislative references and technical terms have been cited in their original language in
order that the correct technical meaning may be ascribed to them under applicable law.

The date of this Prospectus is 12 April 2011.
Sole Structuring Adviser

UBS Investment Bank

Joint Lead Managers

Citi
Morgan Stanley
SNS Securities
UBS Investment Bank





TABLE OF CONTENTS



OVERVIEW........................................................................................................................................................................................... 4


RISK FACTORS ................................................................................................................................................................................. 11


Risks related to the Issuer ............................................................................................................................................................ 11
Risks related to the 403-Statement .............................................................................................................................................. 19
Risks related to the Bonds ............................................................................................................................................................ 20
IMPORTANT INFORMATION............................................................................................................................................................ 26
Responsibility statement ............................................................................................................................................................... 26
Notice to investors......................................................................................................................................................................... 26
TERMS AND CONDITIONS OF THE BONDS ................................................................................................................................. 29
1.
Form, Denomination and Title ........................................................................................................................................... 29
2.
Status.................................................................................................................................................................................. 30
3.
Winding-up ......................................................................................................................................................................... 31
4.
Interest Payments and Deferrals ....................................................................................................................................... 31
5.
Redemption and Purchases .............................................................................................................................................. 34
6.
Payments............................................................................................................................................................................ 37
7.
Non-Payment when due .................................................................................................................................................... 38
8.
No right to institute winding-up proceedings ..................................................................................................................... 39
9.
Taxation.............................................................................................................................................................................. 39
10.
Prescription......................................................................................................................................................................... 40
11.
Meetings of Bondholders, Modification, Waiver................................................................................................................ 40
12.
Replacement of the Bonds and Coupons ......................................................................................................................... 41
13.
Notices................................................................................................................................................................................ 41
14.
Further Issues .................................................................................................................................................................... 41
15.
Agents................................................................................................................................................................................. 41
16.
Governing Law and Jurisdiction ........................................................................................................................................ 42
17.
Definitions........................................................................................................................................................................... 42
THE OFFERING ................................................................................................................................................................................. 49
General .......................................................................................................................................................................................... 49
Subscription................................................................................................................................................................................... 49
Listing and Trading........................................................................................................................................................................ 49
Allocation ....................................................................................................................................................................................... 49
Payment, delivery, clearing and settlement ................................................................................................................................. 49
USE OF PROCEEDS ......................................................................................................................................................................... 50
INFORMATION ABOUT THE ISSUER AND BUSINESS OVERVIEW ........................................................................................... 51
General .......................................................................................................................................................................................... 51
History............................................................................................................................................................................................ 51
Organisational Structure ............................................................................................................................................................... 52
Recent developments ................................................................................................................................................................... 53
Principal activities.......................................................................................................................................................................... 53
SNS Asset Management............................................................................................................................................................... 54
Material contracts .......................................................................................................................................................................... 54
Dutch Corporate Governance Code ............................................................................................................................................. 55
Supervision.................................................................................................................................................................................... 55
Management Board....................................................................................................................................................................... 56
Supervisory Board......................................................................................................................................................................... 56
SUMMARY OF FINANCIAL INFORMATION ................................................................................................................................... 58
INFORMATION ABOUT THE 403-STATEMENT PROVIDER AND THE 403-STATEMENT ........................................................ 63
403-Statement ............................................................................................................................................................................... 63
The 403-Statement Provider......................................................................................................................................................... 63
History............................................................................................................................................................................................ 64
Recent developments ................................................................................................................................................................... 64
Material contracts .......................................................................................................................................................................... 64
Share capital and sole shareholder .............................................................................................................................................. 64
Management Board and Supervisory Board ................................................................................................................................ 64
DUTCH TAXATION............................................................................................................................................................................ 65
SUBSCRIPTION AND SALE ............................................................................................................................................................. 67



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European Economic Area ............................................................................................................................................................. 67
United Kingdom............................................................................................................................................................................. 68
United States ................................................................................................................................................................................. 68
General .......................................................................................................................................................................................... 68
GENERAL INFORMATION................................................................................................................................................................ 70
Authorisation.................................................................................................................................................................................. 70
Significant or material adverse change ........................................................................................................................................ 70
Listing and trading ......................................................................................................................................................................... 71
Documents incorporated by reference ......................................................................................................................................... 71
Documents available for inspection.............................................................................................................................................. 72
Website.......................................................................................................................................................................................... 73
Auditors.......................................................................................................................................................................................... 73
Clearing and Settlement Systems ................................................................................................................................................ 73
Ratings........................................................................................................................................................................................... 74
INDEX OF DEFINED TERMS ............................................................................................................................................................ 75



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OVERVIEW

The following overview is qualified in its entirety by the remainder of this Prospectus.

Issuer
SRLEV N.V.

403-Statement Provider
REAAL N.V.

Sole Structuring Adviser
UBS Limited


Joint Lead Managers
Citigroup Global Markets Limited, Morgan Stanley
& Co. International plc, SNS Securities N.V. and
UBS Limited.

Offering
Up to 400,000,000 subordinated bonds due on the
Interest Payment Date falling in 2041 with a
denomination of 100,000 each and integral
multiples of 1,000 in excess thereof up to and
including 199,000.

Closing Date
15 April 2011.

Issue price
100 per cent.

Maturity Date
The Bonds are scheduled to mature on the Interest

Payment Date fal ing in 2041.

First Call Date
The Interest Payment Date falling in 2021.



Redemption on Maturity
Provided that (i) no Capital Adequacy Event has

occurred and is continuing on the Maturity Date

and (ii) such redemption would not itself cause a
Capital Adequacy Event, each Bond will, subject to
and in accordance with Condition 5(a) be
redeemed by the Issuer on the Maturity Date at its
principal amount outstanding together with accrued
and unpaid interest and any Arrears of Interest,
unless the Bonds were previously redeemed or
purchased and cancelled in ful .

Optional redemption
Unless previously redeemed in full, the Issuer will

have the option to redeem all of the Bonds in full on
the First Call Date or on any Interest Payment Date
thereafter at their principal amount outstanding,
together with accrued and unpaid interest and any
Arrears of Interest, subject to and in accordance
with Condition 5(b). Any early redemption of the
Bonds will be subject to the prior approval of the
Relevant Supervisory Authority if required pursuant



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to the then Applicable Capital Adequacy
Regulations in order to qualify as regulatory capital.

Tax Event
If the Issuer would be required to pay additional
amounts as referred to in Condition 9 or if a Tax
Law Change occurs as a result of which the Issuer
may not obtain full or substantially full relief for the
purposes of Dutch corporation tax for any payment
of interest, this may cause a Tax Event as
described in Condition 5(c).

Redemption,
Substitution
and
Subject to the prior approval of the Relevant
Modification upon a Tax Event
Supervisory Authority to the extent required under

the then Applicable Capital Adequacy Regulations
in order to qualify as regulatory capital, the Issuer
may, in case of a Tax Event, subject to and in
accordance with Condition 5(c), in its sole
discretion either redeem the Bonds or opt for an
alternative to redemption by either substituting the
Bonds for new bonds or by modifying the
Conditions of the Bonds provided that such
alternative is not prejudicial to the interests of the
Bondholders.

Regulatory Event
If the Issuer is not permitted under Applicable
Capital Adequacy Regulations to treat the proceeds
of the Bonds as eligible to be treated as solvency
margin for the purposes of determining its
regulatory capital, this may cause a Regulatory
Event as described in Condition 5(d).

Redemption, Substitution and
In case of a Regulatory Event, the Issuer may,
Modification upon a Regulatory Event
subject to and in accordance with Condition 5(d), in

its sole discretion either redeem the Bonds or opt
for an alternative to redemption by either
substituting the Bonds for new bonds or by
modifying the Conditions of the Bonds provided
that such alternative is not prejudicial to the
interests of the Bondholders.

Rating Agency Event
If a change occurs in the methodology of any of the
Rating Agencies or in the interpretation thereof as a
result of which the equity content previously
assigned to the Bonds is reduced, this may cause a
Rating Agency Event as described in Condition
5(e).







5



Redemption, Substitution and
In case of a Rating Agency Event, the Issuer may,
Modification upon a Rating Agency
subject to and in accordance with Condition 5(e), in
Event
its sole discretion, either redeem the Bonds or opt

for an alternative to redemption by either
substituting the Bonds for new bonds or by
modifying the Conditions of the Bonds provided
that such alternative is not prejudicial to the
interests of the Bondholders, subject to the prior
approval of the Relevant Supervisory Authority if
required pursuant to the then Applicable Capital
Adequacy Regulations in order to qualify as
regulatory capital.

Applicable Interest Rate
Up to the First Call Date the Bonds will bear a fixed
rate of interest of 9 per cent., payable annual y in
arrears (the "Fixed Interest Rate").

From (and including) the First Call Date, the Bonds
will bear a floating rate of interest of Euribor for 12
month deposits in euro plus a margin of 6.165 per
cent. (the "Floating Interest Rate" and together
with the Fixed Interest Rate, the "Applicable
Interest Rate").

Arrears of Interest shall bear interest at the then
Applicable Interest Rate.

Interest Payment Date
Interest Payments on the Bonds will be payable

annually in arrears on 15 April of each calendar
year other than on a Required Interest Deferral
Date.

Optional Interest Payment Date
On any Interest Payment Date other than a

Compulsory Interest Payment Date or a Required
Interest Deferral Date, the Issuer may elect to defer
payment of interest accrued up to that date in
respect of the Bonds.

Capital Adequacy Event
If the Issuer is in breach of any relevant capital
adequacy level imposed to it under the Applicable
Capital Adequacy Regulations, such breach may
constitute a Capital Adequacy Event. Reference is
made to Condition 17 for the complete definition
hereof.

Required Interest Deferral Date
If a Capital Adequacy Event has occurred and is
continuing on any Interest Payment Date, the
Issuer shal defer all or part of such Interest
Payment on such Interest Payment Date and the



6



Issuer shall not have any obligation to make such
Interest Payment, unless the Interest Payment
Date constitutes a Compulsory Interest Payment
Date.

Compulsory Interest Payment Event
In the event that the Issuer or SNS REAAL, as the
case may be, among other things, has declared a
dividend to be payable on the shares in its capital
or repurchased shares in its own capital, such
event may trigger a Compulsory Interest Payment
Date. Reference is made to Conditions 4(f) and 17.

Compulsory Interest Payment Date
If an Interest Payment Date constitutes a

Compulsory Interest Payment Date as described in
Condition 4(f), Interest on the Bonds shall become
mandatorily due and payable and shall not be
deferred. An Interest Payment Date shall constitute
a Compulsory Interest Payment Date if a
Compulsory Interest Payment Event has occurred
in the period of six months prior to such Interest
Payment Date and provided no Capital Adequacy
Event occurred fol owing such Compulsory Interest
Payment Event.

Arrears of Interest
Arrears of Interest may, subject to, where such
deferral was due to a Capital Adequacy Event, the
prior approval of the Relevant Supervisory
Authority to the extent required pursuant to the then
Applicable Capital Adequacy Regulations in order
for the Bonds to qualify as regulatory capital, at the
option of the Issuer be paid in whole or in part at
any time, provided, however, that all Arrears of
Interest in respect of all Bonds for the time being
outstanding shall become due and payable in full
on whichever is the earliest of (a) the first
succeeding Compulsory Interest Payment Date; (b)
the date of any redemption or substitution of the
Bonds in accordance with Condition 5, and (c) the
date upon which any order is made or any request
is granted for the imposition of emergency
regulations (noodregeling) under the DFSA,
bankruptcy (faillissement) of the Issuer or an order
is made or an effective resolution is passed for the
dissolution (ontbinding) and subsequent liquidation
of the Issuer.

Status and subordination
The Bonds are direct, unsecured, subordinated
obligations of the Issuer and rank junior to the
Senior Creditors of the Issuer, present and future.



7



Senior Creditors shal mean present and future
creditors of the Issuer or the 403-Statement
Provider, as the case may be, (a) who are
unsubordinated creditors of the Issuer or the 403-
Statement Provider, as the case may be, including,
for the avoidance of doubt, any policyholders of the
Issuer or the 403-Statement Provider, as the case
may be, (b) whose claims are, or are expressed to
be, subordinated (whether only in the event of the
winding-up (faillissement of vereffening na
ontbinding) of the Issuer or the 403-Statement
Provider, as the case may be, or otherwise) to the
claims of unsubordinated creditors of the Issuer or
the 403-Statement Provider, as the case may be,
but are expressly required to rank senior to the
Bonds by mandatory provisions of law, or (c) who
are subordinated creditors of the Issuer or the 403-
Statement Provider, as the case may be, other than
those whose claims are, or are expressed to rank,
pari passu with, or junior to, the claims of the
Bondholders including, for the avoidance of doubt,
those whose claims relate to distribution on any
and all classes of share capital of the Issuer or the
403-Statement Provider, as the case may be.

Status of the 403-Statement
The Bonds have the benefit of the 403-Statement
which, subject to a default of the Issuer in
accordance with Condition 7, constitutes a direct,
unsecured, subordinated obligation of the 403-
Statement Provider which ranks junior to al Senior
Creditors of the 403-Statement Provider, present
and future.

Remedy for Non-Payment
The sole remedy against the Issuer available to any
Bondholder for recovery of amounts owing in
respect of the Bonds wil be the institution of
enforcement proceedings subject to and in
accordance with Condition 7. The Bondholders shall
not have the right to petition for or institute
proceedings for the winding-up (faillissement of
vereffening na ontbinding) of the Issuer in the
Netherlands or to institute equivalent insolvency
proceedings pursuant to any laws in respect of any
default of the Issuer under the Bonds.

Winding- Up Claims
The Bonds will rank on a winding-up (faillissement
of vereffening na ontbinding) of the Issuer in priority
to distributions on all classes of share capital of the
Issuer and will rank pari passu and without



8



preference among themselves, but will be
subordinated in right of payment to the claims of
Senior Creditors of the Issuer or the 403-Statement
Provider, as the case may be, present and future.

Form
The Bonds are in bearer form and wil be initially
represented by a Temporary Global Bond without
coupons, which is expected to be deposited on or
about the Closing Date with a common safekeeper
for Euroclear and Clearstream, Luxembourg.
Interests in the Temporary Global Bond will be
exchangeable for interests in a Permanent Global
Bond without coupons not earlier than forty (40)
days after the Closing Date upon certification as to
non-U.S. beneficial ownership. A Permanent Global
Bond (other than a Permanent Global Bond
deposited with Euroclear and/or Clearstream,
Luxembourg) will be exchangeable (free of charge),
in whole for security printed Definitive Bonds with,
where applicable, receipts, interest coupons or
coupon sheets and talons attached. Such
exchange may be made only upon the occurrence
of any Exchange Event.

Denomination
100,000 and integral multiples of 1,000 in excess
thereof up to and including 199,000.
Clearing systems
Euroclear and Clearstream, Luxembourg.

Common Safekeeper
Clearstream, Luxembourg.

Offer restrictions
The Offering of the Bonds is subject to applicable
sel ing and transfer restrictions. See 'Subscription
and Sale' below.

Relevant Supervisory Authority
The Dutch Central Bank (De Nederlandsche Bank)
or any subsequent relevant regulator supervising
the Issuer in respect of its compliance with any
Applicable Capital Adequacy Regulations.

Listing
Application has been made to have the Bonds
admitted to listing and trading on Euronext
Amsterdam.

Listing Agent
SNS Securities N.V.

Calculation Agent
Dexia Banque Internationale à Luxembourg.


Principal Paying Agent
Dexia Banque Internationale à Luxembourg.



9





Rating
The Bonds are expected to be assigned, upon
issuance, a 'Baa2' rating by Moody's and a 'BBB'
rating by S&P. The rating of the Bonds addresses
the assessment made by each of the Rating
Agencies of the likelihood of full and timely
payment of interest and ultimate payment of
principal on or before the Maturity Date. A rating is
not a recommendation to buy, sell or hold securities
and may be subject to revision, suspension or
withdrawal at any time. For a discussion of some of
the risks associated with an investment in the
Bonds, see under 'Risk Factors' herein.


Risk Factors
There are certain factors that may affect the
Issuer's ability to fulfil its obligations under the
Bonds. These are set out under Risk Factors below
and include risks related to the Issuer and risks
related to the Bonds.


Governing law
The Bonds will be governed by, and construed in
accordance with, Netherlands law.

Taxation
Payments in respect of the Bonds will be made

without withholding or deduction for or on account
of taxes levied in the Netherlands, subject in the
latter case to certain exceptions as provided in
Condition 9.




10