Obligation NatWest Global Markets N.V. 6.35% ( XS0502703860 ) en USD

NatWest Global Markets N.V.

100 % ⇌

Pays-bas

XS0502703860 ( en USD )

6.35% par an ( paiement semestriel )

12/11/2010 - Obligation échue

Prospectus brochure de l'obligation NATWEST MARKETS N.V XS0502703860 en USD 6.35%, échue

NatWest Markets N.V. est une filiale de NatWest Group plc, opérant en tant qu'entité juridique distincte offrant des services de marchés de capitaux, notamment la banque d'investissement, le trading et la gestion des risques.

L'Obligation émise par NatWest Global Markets N.V. ( Pays-bas ) , en USD, avec le code ISIN XS0502703860, paye un coupon de 6.35% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 12/11/2010

LAUNCHPAD PROGRAMME
BASE PROSPECTUS RELATING TO REVERSE EXCHANGEABLE SECURITIES
DATED: 1 JULY 2011

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

BASE PROSPECTUS RELATING TO
REVERSE EXCHANGEABLE SECURITIES
THE ROYAL BANK OF SCOTLAND N.V.
LAUNCHPAD PROGRAMME

PROSPECTIVE PURCHASERS OF THE SECURITIES DESCRIBED IN THIS BASE PROSPECTUS (THE "SECURITIES") SHOULD ENSURE THAT
THEY UNDERSTAND FULLY THE NATURE OF THE SECURITIES AND THE EXTENT OF THEIR EXPOSURE TO THE RISKS ASSOCIATED WITH
THE SECURITIES. THE MARKET PRICE AND/OR VALUE OF THE SECURITIES MAY BE VOLATILE AND HOLDERS OF THE SECURITIES MAY
SUSTAIN A TOTAL LOSS IN THE VALUE OF THEIR INVESTMENT (UNLESS THE SECURITIES ARE OF A TYPE IN WHICH CAPITAL IS
PROTECTED). PROSPECTIVE PURCHASERS NEED TO CONSIDER THE SUITABILITY OF AN INVESTMENT IN THE SECURITIES IN LIGHT OF
THEIR OWN FINANCIAL, FISCAL, REGULATORY AND OTHER CIRCUMSTANCES. PLEASE REFER, IN PARTICULAR, TO THE SECTIONS "RISK
FACTORS" IN THIS BASE PROSPECTUS AND IN THE REGISTRATION DOCUMENT FOR A MORE COMPLETE EXPLANATION OF THE RISKS
ASSOCIATED WITH AN INVESTMENT IN THE SECURITIES.
SERIES OF SECURITIES TO BE ISSUED UNDER THE PROGRAMME DESCRIBED BY THIS BASE PROSPECTUS (THE "PROGRAMME") MAY BE
RATED OR UNRATED. WHERE A SERIES OF SECURITIES IS TO BE RATED, SUCH RATING WILL NOT NECESSARILY BE THE SAME AS ANY
RATING ASSIGNED TO ANY SECURITIES ALREADY ISSUED. WHETHER OR NOT A RATING IN RELATION TO ANY SERIES OF SECURITIES
WILL BE TREATED AS HAVING BEEN ISSUED BY A CREDIT RATING AGENCY ESTABLISHED IN THE EUROPEAN UNION AND REGISTERED
UNDER REGULATION (EC) NO 1060/2009 ON CREDIT RATING AGENCIES (THE "CRA REGULATION") WILL BE DISCLOSED IN THE
RELEVANT FINAL TERMS. A SECURITY RATING IS NOT A RECOMMENDATION TO BUY, SELL OR HOLD SECURITIES AND MAY BE SUBJECT
TO SUSPENSION, REDUCTION OR WITHDRAWAL AT ANY TIME BY THE ASSIGNING RATING AGENCY.
THE SECURITIES HAVE NOT BEEN 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 OFFERED,
SOLD, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
ANY U.S. PERSON, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE REQUIREMENTS OF THE
SECURITIES ACT AND ANY APPLICABLE U.S. STATE SECURITIES LAWS. THE SECURITIES ARE BEING OFFERED AND SOLD ONLY OUTSIDE
THE UNITED STATES TO PERSONS OTHER THAN U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN
OFFSHORE TRANSACTIONS THAT MEET THE REQUIREMENTS OF 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.
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.

THIS BASE PROSPECTUS CONSTITUTES A BASE PROSPECTUS FOR THE PURPOSES OF ARTICLE 5.4 OF
DIRECTIVE 2003/71/EC (THE "PROSPECTUS DIRECTIVE").
THE ROYAL BANK OF SCOTLAND N.V. (THE "ISSUER") ACCEPTS RESPONSIBILITY FOR THE INFORMATION
CONTAINED IN THIS BASE PROSPECTUS, AS COMPLETED AND/OR AMENDED BY THE 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 DOCUMENT IS IN ACCORDANCE
WITH THE FACTS AND DOES NOT OMIT ANYTHING LIKELY TO AFFECT THE IMPORT OF SUCH INFORMATION.
APPLICATION WILL BE MADE TO NYSE EURONEXT FOR SECURITIES TO BE ADMITTED TO TRADING AND
LISTED ON EURONEXT AMSTERDAM N.V. ("EURONEXT AMSTERDAM") BY NYSE EURONEXT UP TO THE
EXPIRY OF 12 MONTHS FROM THE DATE OF THIS BASE PROSPECTUS. IN ADDITION, SECURITIES MAY BE
LISTED OR ADMITTED TO TRADING, AS THE CASE MAY BE, ON ANY OTHER STOCK EXCHANGE OR MARKET
SPECIFIED IN THE APPLICABLE FINAL TERMS. THE ISSUER MAY ALSO ISSUE UNLISTED SECURITIES.
REFERENCES IN THIS PROGRAMME TO SECURITIES BEING "LISTED" (AND ALL RELATED REFERENCES)
SHALL, UNLESS THE CONTEXT OTHERWISE REQUIRES, MEAN THAT SUCH SECURITIES WILL BE ADMITTED TO
TRADING AND WILL BE LISTED ON EURONEXT AMSTERDAM OR ANY OTHER REGULATED MARKET FOR THE
PURPOSES OF DIRECTIVE 2004/39/EC (THE "MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE").
THE ISSUER HAS NOT AUTHORISED THE MAKING OR PROVISION OF ANY REPRESENTATION OR INFORMATION
REGARDING THE ISSUER OR ANY SECURITIES OTHER THAN THOSE CONTAINED IN THIS BASE PROSPECTUS.
NEITHER THE DELIVERY OF THIS DOCUMENT NOR THE DELIVERY OF ANY OTHER DOCUMENTS OF THE
LAUNCHPAD PROGRAMME NOR ANY INFORMATION PROVIDED IN THE COURSE OF A TRANSACTION IN
SECURITIES SHALL, IN ANY CIRCUMSTANCES, BE CONSTRUED AS A RECOMMENDATION BY THE ISSUER TO
ENTER INTO ANY TRANSACTION WITH RESPECT TO ANY SECURITIES. EACH PROSPECTIVE INVESTOR
CONTEMPLATING A PURCHASE OF SECURITIES SHOULD MAKE ITS OWN INDEPENDENT INVESTIGATION OF
THE RISKS ASSOCIATED WITH A TRANSACTION INVOLVING ANY SECURITIES.
THE DELIVERY OF THIS DOCUMENT DOES NOT AT ANY TIME IMPLY THAT THERE HAS BEEN NO CHANGE IN
THE AFFAIRS OF THE ISSUER SINCE THE DATE OF THIS BASE PROSPECTUS OR THE DATE UPON WHICH THIS
BASE PROSPECTUS HAS BEEN MOST RECENTLY AMENDED OR SUPPLEMENTED. THE ISSUER DOES NOT
INTEND TO PROVIDE ANY POST-ISSUANCE INFORMATION.
THE DISTRIBUTION OF THIS DOCUMENT AND THE OFFERING, SALE AND DELIVERY OF THE SECURITIES IN
CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT
COMES ARE REQUIRED BY THE ISSUER TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH
RESTRICTIONS. FOR A DESCRIPTION OF CERTAIN RESTRICTIONS ON OFFERS, SALES AND DELIVERIES OF
SECURITIES AND THE DISTRIBUTION OF THIS DOCUMENT AND OTHER OFFERING MATERIAL RELATING TO
THE SECURITIES PLEASE REFER TO "SELLING RESTRICTIONS" IN THIS BASE PROSPECTUS.
NO PERSON HAS BEEN AUTHORISED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS
OTHER THAN THOSE CONTAINED IN THIS BASE PROSPECTUS AND, IF GIVEN OR MADE, SUCH INFORMATION
OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORISED BY THE ISSUER.
WHERE INFORMATION HAS BEEN SOURCED FROM A THIRD PARTY, THE ISSUER CONFIRMS THAT THIS
INFORMATION HAS BEEN ACCURATELY REPRODUCED AND THAT AS FAR AS THE ISSUER IS AWARE AND IS
ABLE TO ASCERTAIN FROM INFORMATION PUBLISHED BY THAT THIRD PARTY, NO FACTS HAVE BEEN
OMITTED WHICH WOULD RENDER THE REPRODUCED INFORMATION INACCURATE OR MISLEADING.
THIS BASE PROSPECTUS IS TO BE READ IN CONJUNCTION WITH ALL DOCUMENTS THAT ARE DEEMED TO BE
INCORPORATED HEREIN BY REFERENCE AND SHALL BE READ AND CONSTRUED ON THE BASIS THAT SUCH
DOCUMENTS ARE INCORPORATED IN AND FORM PART OF THE BASE PROSPECTUS.
THE ISSUER DOES NOT REPRESENT THAT THIS DOCUMENT MAY BE LAWFULLY DISTRIBUTED, OR THAT
SECURITIES MAY BE LAWFULLY OFFERED, IN COMPLIANCE WITH ANY APPLICABLE REGISTRATION OR
OTHER REQUIREMENTS IN ANY JURISDICTION, OR PURSUANT TO AN EXEMPTION AVAILABLE THEREUNDER,
OR ASSUME ANY RESPONSIBILITY FOR FACILITATING ANY SUCH DISTRIBUTION OR OFFERING. IN
PARTICULAR, NO REPRESENTATION IS MADE BY THE ISSUER, WHICH WOULD PERMIT A PUBLIC OFFERING
OF THE SECURITIES OR POSSESSION OR DISTRIBUTION OF THIS PROSPECTUS OR ANY OFFERING MATERIAL
2

IN RELATION TO THE SECURITIES IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED.
NO OFFERS, SALES OR DELIVERIES OF ANY SECURITIES, OR DISTRIBUTION OF ANY OFFERING MATERIAL
RELATING TO THE SECURITIES, MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES
WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WILL NOT
IMPOSE ANY OBLIGATION ON THE ISSUER. FOR A DESCRIPTION OF CERTAIN RESTRICTIONS ON OFFERS,
SALES AND DELIVERIES OF SECURITIES AND THE DISTRIBUTION OF THIS DOCUMENT AND OTHER OFFERING
MATERIAL RELATING TO THE SECURITIES PLEASE REFER TO "SELLING RESTRICTIONS" IN THIS BASE
PROSPECTUS.
IN CONNECTION WITH THE ISSUE OF ANY SERIES OF SECURITIES, THE DEALER OR DEALERS (IF ANY)
NAMED AS THE STABILISING MANAGER(S) (OR ANY PERSON ACTING ON BEHALF OF ANY STABILISING
MANAGER(S)) IN THE APPLICABLE FINAL TERMS MAY OVER-ALLOT SECURITIES OR EFFECT TRANSACTIONS
WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE SECURITIES AT A LEVEL HIGHER THAN THAT
WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING
MANAGER(S) (OR ANY PERSON ACTING ON BEHALF OF ANY STABILISING MANAGER) WILL UNDERTAKE
STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH
ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT SERIES OF SECURITIES IS
MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30
DAYS AFTER THE ISSUE DATE OF THE RELEVANT SERIES OF SECURITIES AND 60 DAYS AFTER THE DATE OF
THE ALLOTMENT OF THE RELEVANT SERIES OF SECURITIES. ANY STABILISATION ACTION OR OVER-
ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT STABILISING MANAGER(S) (OR PERSONS ACTING ON
BEHALF OF ANY STABILISATION MANAGER(S)) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.
FOR UNITED KINGDOM TAX PURPOSES, THE TERM "SECURITY" OR "SECURITIES" REFERS TO
INSTRUMENTS OF THE TYPE DESCRIBED IN THIS BASE PROSPECTUS AND IS NOT INTENDED TO BE
DETERMINATIVE (OR INDICATIVE) OF THE NATURE OF THE INSTRUMENT FOR THE PURPOSES OF UNITED
KINGDOM TAXATION.
THIS BASE PROSPECTUS WILL BE FILED WITH THE SIS SWISS EXCHANGE LTD AND APPLICATION MAY BE
MADE TO LIST THE SECURITIES UNDER THE PROGRAMME ON THE SIX SWISS EXCHANGE LTD. IN RESPECT
OF SECURITIES TO BE LISTED ON THE SIX SWISS EXCHANGE LTD, THE PROGRAMME, TOGETHER WITH THE
FINAL TERMS, WILL CONSTITUTE THE LISTING PROSPECTUS PURSUANT TO THE LISTING RULES OF THE SIX
SWISS EXCHANGE LTD.

3

Securities which are sold to a non-U.S. person (within the meaning of Regulation S ("Regulation S")
under the U.S. Securities Act of 1933, as amended (the "Securities Act")) in an "offshore
transaction" within the meaning of Regulation S may be issued in global bearer form or
dematerialised form.

CONTENTS PAGE

Page
SUMMARY ..................................................................................................................................7
RISK FACTORS.........................................................................................................................32
RESPONSIBILITY STATEMENT.................................................................................................45
DOCUMENT INCORPORATED BY REFERENCE.........................................................................46
TAXATION................................................................................................................................53
SELLING RESTRICTIONS..........................................................................................................71
FORM OF THE SECURITIES ......................................................................................................84
CLEARING AND SETTLEMENT .................................................................................................88
GENERAL INFORMATION.........................................................................................................90
GENERAL CONDITIONS .........................................................................................................102
PRODUCT CONDITIONS RELATING TO:.................................................................................117
Single Stock Reverse Exchangeable Securities I.......................................................117
Single Stock Reverse Exchangeable Securities II .....................................................140
Worst of Basket Reverse Exchangeable Securities ...................................................161
Single Stock Knock-in Reverse Exchangeable Securities.........................................182
Single Stock Knock-in Reverse Exchangeable Securities II .....................................203
Single Stock Knock-in Reverse Exchangeable Securities III....................................219
Single Stock Knock-out Reverse Exchangeable Securities .......................................241
Basket Knock-in Reverse Exchangeable Securities ..................................................262
Basket Knock-out Reverse Exchangeable Securities ................................................283
Index Reverse Exchangeable Securities ....................................................................304
Index Reverse Exchangeable Securities II.................................................................318
Index Knock-in Reverse Exchangeable Securities ....................................................332
Index Knock-in Reverse Exchangeable Securities II.................................................347
Index Knock-out Reverse Exchangeable Securities ..................................................361
Commodity Reverse Exchangeable Securities ..........................................................376
Commodity Reverse Exchangeable Securities II.......................................................389
Commodity Knock-in Reverse Exchangeable Securities ..........................................402
Commodity Future Reverse Exchangeable Securities...............................................415
5

Commodity Future Knock-in Reverse Exchangeable Securities...............................428
Certificate Reverse Exchangeable Securities.............................................................441
Fund Reverse Exchangeable Securities .....................................................................459
Fund Knock-in Reverse Exchangeable Securities .....................................................490
FORM OF FINAL TERMS ........................................................................................................521

6

SUMMARY

This summary must be read as an introduction to this Base Prospectus and any decision to invest in
any Securities should be based on a consideration of this Base Prospectus as a whole, including the
documents incorporated by reference. No civil liability attaches to the Issuer in respect of this
Summary, including any translation thereof, unless it is misleading, inaccurate or inconsistent
when read together with the other parts of this Base Prospectus. Where a claim relating to
information contained in this Base Prospectus is brought before a court in a Member State of the
European Economic Area (an "EEA State"), the claimant may, under the national legislation of
the EEA State where the claim is brought, be required to bear the costs of translating the Base
Prospectus before the legal proceedings are initiated.
Words and expressions defined elsewhere in this Base Prospectus shall have the same meanings in
this summary.
Issuer:
The Royal Bank of Scotland N.V. (previously named ABN
AMRO Bank N.V.) (the "Issuer" or "RBS N.V.") acting
through its London branch at 250 Bishopsgate, London,
EC2M 4AA.
History and Incorporation:
RBS N.V. is a public limited liability company

incorporated under Dutch law on 7 February 1825. RBS
N.V. is registered in the Trade Register of Amsterdam
under number 33002587. RBS N.V.'s registered office is
at Gustav Mahlerlaan 350 17A90, 1082 ME Amsterdam,
The Netherlands.
RBS N.V. is a wholly-owned subsidiary of RBS Holdings
N.V. (previously named ABN AMRO Holding N.V.)
("RBS Holdings"), which is a public limited liability
company incorporated under Dutch law on 30 May 1990.
The registered office of RBS Holdings is at Gustav
Mahlerlaan 350 17A90, 1082 ME Amsterdam, The
Netherlands.
RBS Holdings has one subsidiary, RBS N.V., and RBS
N.V. has various subsidiaries.
7

As used herein, the "Group" refers to RBS Holdings and
its consolidated subsidiaries. The term "RBSG" refers to
The Royal Bank of Scotland Group plc and the "RBSG
Group" refers to RBSG and its subsidiaries consolidated
in accordance with International Financial Reporting
Standards. The term "RBS" refers to The Royal Bank of
Scotland plc.
Overview:
The Issuer is a bank licensed and regulated by the Dutch

Central Bank (De Nederlandsche Bank).

The Issuer operates on a significant scale across Europe,
the Middle East and Africa (EMEA), the Americas and
Asia. The Group had total assets of 200.4 billion and
owner's equity of 4.95 billion as at 31 December 2010.
As at 31 December 2010, the Group's capital ratios were a
total capital ratio of 15.8 per cent., a Core Tier 1 capital
ratio of 8.7 per cent. and a Tier 1 capital ratio of 11.0 per
cent.
RBS Holdings and RBS N.V. form part of the RBSG
Group. RBSG is the holding company of a large global
banking and financial services group. Headquartered in
Edinburgh, the RBSG Group operates in the United
Kingdom, the United States and internationally through its
three principal subsidiaries, RBS, National Westminster
Bank Public Limited Company ("NatWest") and RBS
N.V. Both RBS and NatWest are major United Kingdom
clearing banks. In the United States, the RBSG Group's
subsidiary Citizens is a large commercial banking
organisation. Globally, the Group has a diversified
customer base and provides a wide range of products and
services to personal, commercial and large corporate and
institutional customers.
The RBSG Group had total assets of £1,453.6 billion and
owners' equity of £75.1 billion as at 31 December 2010.
As at 31 December 2010, the RBSG Group's capital ratios
were a total capital ratio of 14.0 per cent., a Core Tier 1
8

capital ratio of 10.7 per cent. and a Tier 1 capital ratio of
12.9 per cent.
Group Organisational Structure:
The Group comprises of the following four segments:

· Global Banking & Markets ("GBM"): The GBM
segment represents the business providing an
extensive range of debt and equity financing, risk
management and investment services as a leading
banking partner to major corporations and
financial institutions around the world. The GBM
business within the Group is organised along four
principal business lines: Global Lending, Equities,
Short Term Markets & Funding and Local
Markets.
· Global Transaction Services ("GTS"): GTS
provides global transaction services, offering
Global Trade Finance, Transaction Banking and
International Cash Management.
· Central Items: The Central Items segment includes
group and corporate functions, such as treasury,
capital management and finance, risk
management, legal, communications and human
resources. Central Items manages the Group's
capital resources, statutory and regulatory
obligations and provides services to the branch
network.
· Non-Core Segment: The Non-Core segment
contains a range of businesses and asset portfolios
managed separately that the Group intends to run
off or dispose of, in line with the RBSG Group
strategy for Non-Core assets. It also includes the
remaining assets and liabilities in RBS N.V. that
have not yet been sold, wound down or
alternatively transferred by the Consortium
Members (as defined below), in which each of the
Consortium Members has a joint and indirect
9

interest.
Global Banking & Markets, Global Transaction Services
and Central Items comprise the Group's Core segments.
These RBS N.V. businesses are part of global business
units of the RBSG Group that operate across multiple legal
entities. The strategy of RBS N.V. is part of the overall
business strategy of the RBSG Group. RBS Holdings has
been restructured into Core and Non-Core components.
The RBSG Group expects to substantially run down or
dispose of the businesses, assets and portfolios within the
Non-Core division by 2013 and has completed the sale of
businesses in Latin America, Asia, Europe and the Middle
East.
Separation from the ABN AMRO On 17 October 2007, RFS Holdings B.V., ("RFS
Group:
Holdings"), which at the time was owned by RBSG, Fortis
N.V., Fortis S.A./N.V., Fortis Bank Nederland (Holding)
N.V. and Banco Santander, S.A. ("Santander"),
completed the acquisition of ABN AMRO Holding N.V.,
which was renamed RBS Holdings N.V. on 1 April 2010
when the shares in ABN AMRO Bank N.V. were
transferred to ABN AMRO Group N.V., a holding
company for the interests of the State of The Netherlands
(the "Dutch State"). This marked a substantial completion
of the restructuring of the activities of ABN AMRO
Holding N.V. in accordance with the agreement between
RBSG, the Dutch State and Santander (the "Consortium
Members"). RBS Holdings has one direct subsidiary,
RBS N.V., a fully operational bank within the Group,
which is independently rated and regulated by the Dutch
Central Bank.
On 31 December 2010, the share capital of RFS Holdings
was amended, such that approximately 98 per cent. of RFS
Holdings' issued share capital is now held by RBSG, with
the remainder being held by Santander and the Dutch
State. Ultimately it is expected that RFS Holdings will
10

Obligation NatWest Global Markets N.V. 6.35% ( XS0502703860 ) en USD

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