AVVISO n.7594 04 Maggio 2010 SeDeX − LEV. CERTIFICATES
AVVISO n.7594 | 04 Maggio 2010 | SeDeX − LEV. CERTIFICATES |
Mittente del comunicato : Borsa Italiana
Societa' oggetto dell'Avviso
: THE ROYAL BANK OF SCOTLAND N.V.
Oggetto : Inizio negoziazione 'Leverage Certificates' 'THE ROYAL BANK OF SCOTLAND N.V.'
Testo del comunicato
Si veda allegato.
Disposizioni della Borsa
Strumenti finanziari: Mini Futures Certificates su Indici
Emittente: THE ROYAL BANK OF SCOTLAND N.V.
Rating Emittente: Società di rating
Long term
Data report
Moody's Aa3 04/08/2009
Standard & Poor's A+ 01/04/2009
Fitch AA- 17/10/2008
Oggetto: INIZIO NEGOZIAZIONI IN BORSA
Data di inizio negoziazioni: 05/05/2010
Mercato di quotazione: Borsa - Comparto SEDEX “Leverage Certificates” Orari e modalità di negoziazione: Negoziazione continua e l’orario stabilito dall’art.
IA.5.1.5 delle Istruzioni
Operatore incaricato ad assolvere l’impegno di quotazione:
The Royal Bank of Scotland N.V. Member ID Specialist: MM1393
CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE
Mini Futures Certificates su Indici
Tipo di liquidazione: monetaria
Modalità di esercizio: europeo
DISPOSIZIONI DELLA BORSA ITALIANA
Dal giorno 05/05/2010, gli strumenti finanziari "Mini Futures Certificates su Indici" (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.
Allegati:
- Scheda riepilogativa delle caratteristiche dei securitised derivatives;
- Estratto del prospetto di quotazione dei Securitised Derivatives
Num. Serie | Codice Isin | Local Market TIDM | TIDM | Short Name | Long Name | Sottostante | Quantità | Lotto Negoziazione | EMS |
4 | NL0009361716 | NL1716 | X5GV | NL1716FTMIBML | XXXXXXXXXXXX00000XX00000X000000 | XXXX XXX | 0000000 | 10 | 20240 |
5 | NL0009361682 | NL1682 | X5GW | NL1682DAXML | RBSDAXSLML5500AB5610E310320 | DAX | 400000 | 10 | 3690 |
6 | NL0009361690 | NL1690 | X5I8 | NL1690DAXML | RBSDAXSLML5450AB5559E310320 | DAX | 400000 | 10 | 3440 |
7 | NL0009361708 | NL1708 | X5I9 | NL1708DAXML | RBSDAXSLML5400AB5508E310320 | DAX | 400000 | 10 | 3220 |
11 | NL0009361799 | XX0000 | X0XX | XX0000XXXXX | XXXXXXXXXX00000XX00000X000000 | DJ Industrial Average | 800000 | 10 | 28740 |
12 | NL0009361781 | XX0000 | X0XX | XX0000XXXXX | XXXXXXXXXX0000XX0000X000000 | DJ Industrial Average | 500000 | 10 | 21330 |
13 | NL0009361773 | XX0000 | X0XX | XX0000XXXXX | XXXXXXXXXX0000XX0000X000000 | DJ Industrial Average | 800000 | 10 | 16960 |
14 | NL0009361823 | NL1823 | X5H0 | NL1823N225ML | RBSN225SLML9500AB9785E310320 | Nikkei 225 | 800000 | 10 | 20060 |
15 | NL0009361815 | NL1815 | X5H1 | NL1815N225ML | RBSN225SLML9000AB9270E310320 | Nikkei 225 | 800000 | 10 | 15180 |
16 | NL0009361765 | NL1765 | X5H2 | NL1765ND100ML | RBSND100SLML1700AB1802E310320 | Nasdaq 100 | 500000 | 10 | 9980 |
17 | NL0009361757 | NL1757 | X5H3 | NL1757ND100ML | RBSND100SLML1600AB1696E310320 | Nasdaq 000 | 000000 | 00 | 0000 |
18 | NL0009361807 | NL1807 | X5H4 | NL1807SP500ML | RBSSP500SLML1000AB1030E310320 | S&P 000 | 000000 | 00 | 00000 |
19 | NL0009361856 | NL1856 | X5H5 | NL1856RDXML | RBSRDXSLML1250AB1375E310320 | RDX | 800000 | 10 | 10330 |
20 | NL0009361849 | NL1849 | X5H6 | NL1849RDXML | RBSRDXSLML1200AB1320E310320 | RDX | 800000 | 10 | 8560 |
21 | NL0009361872 | NL1872 | X5H7 | NL1872SWISMML | RBSSWISMSLML5500AB5665E310320 | Swiss Market Index | 500000 | 10 | 3160 |
22 | NL0009361864 | NL1864 | X5H8 | NL1864SWISMML | RBSSWISMSLML5000AB5150E310320 | Swiss Market Index | 500000 | 10 | 2190 |
23 | NL0009361831 | NL1831 | X5H9 | NL1831N225MS | RBSN225SLMS12700AB12319E310320 | Nikkei 225 | 800000 | 10 | 19010 |
24 | NL0009361880 | NL1880 | X5HA | NL1880RDXMS | RBSRDXSLMS1850AB1665E310320 | RDX | 500000 | 10 | 6980 |
25 | NL0009361898 | NL1898 | X5HB | NL1898RDXMS | RBSRDXSLMS2000AB1800E310320 | RDX | 500000 | 10 | 4920 |
FINAL TERMS
DATED 21 APRIL 2010
The Royal Bank of Scotland N.V.
(incorporated in The Netherlands with its statutory seat in Amsterdam)
1,000,000 FTSE MIB INDEX MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.179
1,000,000 FTSE MIB INDEX MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.209
1,000,000 FTSE MIB INDEX MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.229
1,000,000 FTSE MIB INDEX MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.249
400,000 DAX® INDEX MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.681
400,000 DAX® INDEX MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.731
400,000 DAX® INDEX MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.781
800,000 EURO STOXX 50® MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.27
800,000 EURO STOXX 50® MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.30
800,000 EURO STOXX 50® MINI FUTURE LONG CERTIFICATES INDICATIVE ISSUE PRICE: EUR 0.35
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: (I) 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; AND (II) ONLY WITH RESPECT TO THE EQUITY CERTIFICATES (AS DEFINED HEREIN) IN REGISTERED FORM TO U.S. PERSONS WHO ARE "QUALIFIED INSTITUTIONAL BUYERS" (AS DEFINED IN RULE 144A OF 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.
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 Certificates dated 1 July 2009 (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 s 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 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx and copies may be obtained from the Issuer at that address.
These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.
The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), 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), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority, the Czech National Bank (CNB) and Comisia Nationala a Valorilor Mobiliare (CNVM) 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 (i) the Issuer, (ii) the 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 and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.
Issuer: The Royal Bank of Scotland N.V., acting through its principal office at Gustav Xxxxxxxxxx 00, 0000 XX Xxxxxxxxx, Xxx Xxxxxxxxxxx or its London branch at 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX
Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A./N.V. as operator of the Euroclear system, Clearstream Banking, société anonyme
Form of the Securities:
(Only applicable to Securities where the Clearing Agent is SIX SIS Ltd)
Dematerialised Form
Launch Date: 22 April 2010
Subscription Period: Not Applicable
As, if and when issued trading: Not Applicable
Issue Date: 22 April 2010
Listing: Italian Stock Exchange (Sedex)
Listing Date: The Issue Date or as soon as practicable thereafter
Pricing Date: Not Applicable
Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date
Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland N.V., London branch, 000
Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx
Registrar: None
Agent(s): BNP Paribas Milan
Calculation Agent: The Royal Bank of Scotland N.V., London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx
Indication of Yield: Not Applicable
INDEX EXPRESS CERTIFICATES
Series: FTSE MIB Index Mini Future Long Certificates
Issue Price: EUR 0.179 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 21,420 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 2%
Current Spread: 2.5%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 21,000 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of
the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.0001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: FTSE MIB Index (Bloomberg code: FTSEMIB)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Not Applicable
Notional Dividend Period: Not Applicable
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the "opening-auction price" of each Share that comprises the relevant Index on the Exchange
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such
event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Trading Day" from Product Condition 1 in its entirety and replacing it with the following:
"Trading Day" means, in relation to the Index, any day on which the Index Sponsor should calculate and publish the relevant level of the Index according to its rules;";
(15) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
Amendments to the Offering Procedure for the Securities:
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank";
(20) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank"; and
(21) Product Conditions - Relating to Index Express Certificates, the definition of Market Disruption Event in Product Condition 4(a) is amended by deleting from the first sentence the words "that ends at the official close" and replacing them with the words "starting from the official opening".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex A to the Final Terms and containing all the key characteristics of the FTSE MIB Index Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361740
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
INFORMATION ON THE UNDERLYING
Page where information about the past and future performance of the Underlying and its volatility can be obtained:
Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.
Bloomberg code: FTSEMIB <INDEX>
Website: xxx.xxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): "FTSE" is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. The Royal Bank of Scotland N.V. is licensed by FTSE to redistribute the FTSE MIB. All rights in and to the FTSE MIB vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the FTSE MIB.
Series: FTSE MIB Index Mini Future Long Certificates
Issue Price: EUR 0.209 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 21,114 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 2%
Current Spread: 2.5%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 20,700 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.0001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: FTSE MIB Index (Bloomberg code: FTSEMIB)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Not Applicable
Notional Dividend Period: Not Applicable
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the "opening-auction price" of each Share that comprises the relevant Index on the Exchange
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Trading Day" from Product Condition 1 in its entirety and replacing it with the following:
"Trading Day" means, in relation to the Index, any day on which the Index Sponsor should calculate and publish the relevant level of the Index according to its rules;";
(15) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following
Amendments to the Offering Procedure for the Securities:
words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank";
(20) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank"; and
(21) Product Conditions - Relating to Index Express Certificates, the definition of Market Disruption Event in Product Condition 4(a) is amended by deleting from the first sentence the words "that ends at the official close" and replacing them with the words "starting from the official opening".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex A to the Final Terms and containing all the key characteristics of the FTSE MIB Index Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361732
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the
Bloomberg code: FTSEMIB <INDEX>
Website: xxx.xxxx.xxx and xxx.xxxxxxxxxxxxx.xx
Underlying and its volatility can be obtained:
Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): "FTSE" is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. The Royal Bank of Scotland N.V. is licensed by FTSE to redistribute the FTSE MIB. All rights in and to the FTSE MIB vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the FTSE MIB.
Series: FTSE MIB Index Mini Future Long Certificates
Issue Price: EUR 0.229 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 20,910 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 2%
Current Spread: 2.5%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 20,500 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.0001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: FTSE MIB Index (Bloomberg code: FTSEMIB)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Not Applicable
Notional Dividend Period: Not Applicable
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the "opening-auction price" of each Share that comprises the relevant Index on the Exchange
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Trading Day" from Product Condition 1 in its entirety and replacing it with the following:
"Trading Day" means, in relation to the Index, any day on which the Index Sponsor should calculate and publish the relevant level of the Index according to its rules;";
(15) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following
Amendments to the Offering Procedure for the Securities:
words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank";
(20) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank"; and
(21) Product Conditions - Relating to Index Express Certificates, the definition of Market Disruption Event in Product Condition 4(a) is amended by deleting from the first sentence the words "that ends at the official close" and replacing them with the words "starting from the official opening".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex A to the Final Terms and containing all the key characteristics of the FTSE MIB Index Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361724
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the
Bloomberg code: FTSEMIB <INDEX>
Website: xxx.xxxx.xxx and xxx.xxxxxxxxxxxxx.xx
Underlying and its volatility can be obtained:
Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): "FTSE" is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. The Royal Bank of Scotland N.V. is licensed by FTSE to redistribute the FTSE MIB. All rights in and to the FTSE MIB vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the FTSE MIB.
Series: FTSE MIB Index Mini Future Long Certificates
Issue Price: EUR 0.249 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 20,706 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 2%
Current Spread: 2.5%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 20,300 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.0001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: FTSE MIB Index (Bloomberg code: FTSEMIB)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Not Applicable
Notional Dividend Period: Not Applicable
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the "opening-auction price" of each Share that comprises the relevant Index on the Exchange
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Trading Day" from Product Condition 1 in its entirety and replacing it with the following:
"Trading Day" means, in relation to the Index, any day on which the Index Sponsor should calculate and publish the relevant level of the Index according to its rules;";
(15) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following
Amendments to the Offering Procedure for the Securities:
words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank";
(20) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank"; and
(21) Product Conditions - Relating to Index Express Certificates, the definition of Market Disruption Event in Product Condition 4(a) is amended by deleting from the first sentence the words "that ends at the official close" and replacing them with the words "starting from the official opening".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex A to the Final Terms and containing all the key characteristics of the FTSE MIB Index Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361716
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the
Bloomberg code: FTSEMIB <INDEX>
Website: xxx.xxxx.xxx and xxx.xxxxxxxxxxxxx.xx
Underlying and its volatility can be obtained:
Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): "FTSE" is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. The Royal Bank of Scotland N.V. is licensed by FTSE to redistribute the FTSE MIB. All rights in and to the FTSE MIB vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the FTSE MIB.
ADDITIONAL INFORMATION
The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Certificates and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Certificates.
Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Certificateholder is (i) an individual not engaged in an entrepreneurial activity to which the Certificates are connected, (ii) a non commercial partnership, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains accrued under the sale or the exercise of the Certificates are subject to a 12.5 per cent substitute tax (imposta sostitutiva).
Particular provisions apply to Certificates held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Certificates not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on capital gains realised on each sale or redemption of the Certificates ; (2) under the "risparmio gestito" regime any capital gains realised by the Italian resident individuals holding the Certificates not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Certificates, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 12.5 per cent. substitute tax, to be paid by the managing authorised intermediary.
Where an Italian resident Certificateholder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Certificates are effectively connected, capital gains arising from the Certificates will not be subject to imposta sostitutiva, but must be included in the relevant Certificateholder's income tax return and are therefore subject to Italian corporate tax.
Capital gains realised by non-Italian resident Certificateholders are not subject to Italian taxation, provided that the Certificates (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.
It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Certificates would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of
30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Certificates may be subject to an Italian withholding tax, levied at the rate of 27 per cent. The 27 per cent. withholding tax mentioned above does not apply to payments made to a non-Italian resident Certificateholder and to an Italian resident Certificateholder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.
Series: DAX® Index Mini Future Long Certificates
Issue Price: EUR 0.681 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 5,610 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 2%
Current Spread: 2%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 5,500 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: DAX® Index (Bloomberg code: DAX)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Applicable
Notional Dividend Period: As stated in Product Condition 1
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(15) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank"; and
Amendments to the Offering Procedure for the Securities:
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex B to the Final Terms and containing all the key characteristics of the DAX® Index Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the first Business Day following the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361682
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the Underlying and its volatility can be obtained:
Bloomberg code: DAX <INDEX>
Website: xxx.xxxxxxxx-xxxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): This Security is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law
the Licensor will not be liable vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilisation in connection with the Security or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor with respect to the attractiveness on an investment in this product. In its capacity as sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the The Royal Bank of Scotland
N.V. of the Security the utilisation of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the Security.
Series: DAX® Index Mini Future Long Certificates
Issue Price: EUR 0.731 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 5,559 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 2%
Current Spread: 2%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 5,450 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: DAX® Index (Bloomberg code: DAX)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Applicable
Notional Dividend Period: As stated in Product Condition 1
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(15) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank"; and
Amendments to the Offering Procedure for the Securities:
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex B to the Final Terms and containing all the key characteristics of the DAX® Index Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the first Business Day following the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361690
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the Underlying and its volatility can be obtained:
Bloomberg code: DAX <INDEX>
Website: xxx.xxxxxxxx-xxxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): This Security is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law
the Licensor will not be liable vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilisation in connection with the Security or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor with respect to the attractiveness on an investment in this product. In its capacity as sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the The Royal Bank of Scotland
N.V. of the Security the utilisation of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the Security.
Series: DAX® Index Mini Future Long Certificates
Issue Price: EUR 0.781 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 5,508 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 2%
Current Spread: 2%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 5,400 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: DAX® Index (Bloomberg code: DAX)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Applicable
Notional Dividend Period: As stated in Product Condition 1
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(15) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank"; and
Amendments to the Offering Procedure for the Securities:
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex B to the Final Terms and containing all the key characteristics of the DAX® Index Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the first Business Day following the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361708
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the Underlying and its volatility can be obtained:
Bloomberg code: DAX <INDEX>
Website: xxx.xxxxxxxx-xxxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): This Security is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law
the Licensor will not be liable vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilisation in connection with the Security or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor with respect to the attractiveness on an investment in this product. In its capacity as sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the The Royal Bank of Scotland
N.V. of the Security the utilisation of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the Security.
ADDITIONAL INFORMATION
The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Certificates and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Certificates.
Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Certificateholder is (i) an individual not engaged in an entrepreneurial activity to which the Certificates are connected, (ii) a non commercial partnership, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains accrued under the sale or the exercise of the Certificates are subject to a 12.5 per cent substitute tax (imposta sostitutiva).
Particular provisions apply to Certificates held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Certificates not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on capital gains realised on each sale or redemption of the Certificates ; (2) under the "risparmio gestito" regime any capital gains realised by the Italian resident individuals holding the Certificates not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Certificates, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 12.5 per cent. substitute tax, to be paid by the managing authorised intermediary.
Where an Italian resident Certificateholder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Certificates are effectively connected, capital gains arising from the Certificates will not be subject to imposta sostitutiva, but must be included in the relevant Certificateholder's income tax return and are therefore subject to Italian corporate tax.
Capital gains realised by non-Italian resident Certificateholders are not subject to Italian taxation, provided that the Certificates (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.
It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Certificates would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of
30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Certificates may be subject to an Italian withholding tax, levied at the rate of 27 per cent. The 27 per cent. withholding tax mentioned above does not apply to payments made to a non-Italian resident Certificateholder and to an Italian resident Certificateholder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.
Series: EURO STOXX 50® Mini Future Long Certificates
Issue Price: EUR 0.27 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 2,761 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 3%
Current Spread: 2%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 2,680 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: EURO STOXX 50® (Bloomberg code: SX5E)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Not Applicable
Notional Dividend Period: Not Applicable
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(15) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank"; and
Amendments to the Offering Procedure for the Securities:
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex C to the Final Terms and containing all the key characteristics of the EURO STOXX 50® Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the first Business Day following the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361674
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the Underlying and its volatility can be obtained:
Bloomberg code: SX5E <INDEX>
Website: xxx.xxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): STOXX and Xxx Xxxxx have no relationship to the The Royal Bank of Scotland N.V., other than the licensing of the Dow Xxxxx Euro STOXX 50 Index® and the related trademarks for use in connection with the Securities. STOXX and Dow Xxxxx do not: Sponsor, endorse, sell or promote the Securities. Recommend that any person invest in the Securities or any other securities. Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Securities. Have any responsibility
or liability for the administration, management or marketing of the Securities. Consider the needs of the Securities or the owners of the Securities in determining, composing or calculating the Euro Stoxx 50 Index® or have any obligation to do so. STOXX and Xxx Xxxxx will not have any liability in connection with Securities. Specifically, STOXX and Dow Xxxxx do not make any warranty, express or implied and disclaim any and all warranty about: The results to be obtained by the Securities, the owner of the Securities or any other person in connection with the use of the Euro STOXX 50 Index® and the data included in the Euro STOXX 50 Index®; The accuracy or completeness of the Euro STOXX 50 Index® and its data; The merchantability and the fitness for a particular purpose or use of the Euro STOXX 50 Index® and its data; STOXX and Dow Xxxxx will have no liability for any errors, omissions or interruptions in the Euro STOXX 50 Index® or its data; Under no circumstances will STOXX or Xxx Xxxxx be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or Dow Xxxxx knows that they might occur. The licensing agreement between the The Royal Bank of Scotland N.V. and STOXX is solely for their benefit and not for the benefit of the owner of the Securities or any other third parties.
Series: EURO STOXX 50® Mini Future Long Certificates
Issue Price: EUR 0.30 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 2,730 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 3%
Current Spread: 2%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 2,650 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: EURO STOXX 50® (Bloomberg code: SX5E)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Not Applicable
Notional Dividend Period: Not Applicable
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(15) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank"; and
Amendments to the Offering Procedure for the Securities:
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex C to the Final Terms and containing all the key characteristics of the EURO STOXX 50® Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the first Business Day following the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361666
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the Underlying and its volatility can be obtained:
Bloomberg code: SX5E <INDEX>
Website: xxx.xxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): STOXX and Xxx Xxxxx have no relationship to the The Royal Bank of Scotland N.V., other than the licensing of the Dow Xxxxx Euro STOXX 50 Index® and the related trademarks for use in connection with the Securities. STOXX and Dow Xxxxx do not: Sponsor, endorse, sell or promote the Securities. Recommend that any person invest in the Securities or any other securities. Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Securities. Have any responsibility
or liability for the administration, management or marketing of the Securities. Consider the needs of the Securities or the owners of the Securities in determining, composing or calculating the Euro Stoxx 50 Index® or have any obligation to do so. STOXX and Xxx Xxxxx will not have any liability in connection with Securities. Specifically, STOXX and Dow Xxxxx do not make any warranty, express or implied and disclaim any and all warranty about: The results to be obtained by the Securities, the owner of the Securities or any other person in connection with the use of the Euro STOXX 50 Index® and the data included in the Euro STOXX 50 Index®; The accuracy or completeness of the Euro STOXX 50 Index® and its data; The merchantability and the fitness for a particular purpose or use of the Euro STOXX 50 Index® and its data; STOXX and Dow Xxxxx will have no liability for any errors, omissions or interruptions in the Euro STOXX 50 Index® or its data; Under no circumstances will STOXX or Xxx Xxxxx be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or Dow Xxxxx knows that they might occur. The licensing agreement between the The Royal Bank of Scotland N.V. and STOXX is solely for their benefit and not for the benefit of the owner of the Securities or any other third parties.
Series: EURO STOXX 50® Mini Future Long Certificates
Issue Price: EUR 0.35 (Indicative) Additional Market Disruption Events: None
Basket: Not Applicable
Business Day: As stated in Product Condition 1
Calculation Period: As stated in Product Condition 1
Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx
Certificate: Not Applicable
Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 2,678 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date
The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective
Current Premium: 3%
Current Spread: 2%
Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:
(a) the Current Strike Level on the previous Exchange Business Day; plus
(b) Funding Cost; and minus
(c) Notional Dividend Amounts.
The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The
Current Strike Level on the Launch Date shall be 2,600 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date
The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00
p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective
Early Termination Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Early Termination Amount shall not be less than zero:
(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement
The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Where:
“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and
“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent
Early Termination Date: Not Applicable
Early Termination Event: Occurs if, in the determination of the Calculation Agent and
subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)
Where:
“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading
price of the Shares, and such other factors as the Calculation Agent determines relevant
Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001
Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption
Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time
Exercise Date: 31 March 2020
Express Long: Applicable
Express Short: Not Applicable
Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date
or the Issuer Call Date, as the case may be
Funding Cost: As stated in Product Condition 1
Index: EURO STOXX 50® (Bloomberg code: SX5E)
Initial Reference Price: Not Applicable
Interest: Not Applicable
Interest Amount: Not Applicable
Interest Payment Dates: Not Applicable
Interest Period: Not Applicable
Interest Rate: Not Applicable
Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable
Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance
with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:
(Final Reference Price - Current Strike Level) x Entitlement
The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards
Issuer Call Commencement Date: The first Business Day immediately following the one year period
from (and including) the Launch Date
Issuer Call Notice Period: One calendar month
Launch Date: 22 April 2010
Notional Dividend Amount: Not Applicable
Notional Dividend Period: Not Applicable
Pricing Date(s): Not Applicable
Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:
Early Termination Date: Not Applicable
Valuation Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Issuer Call Date: 5, or in respect of an Emerging Market Disruption Event only, 180
Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month
Settlement Currency: EUR
Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date
Standard Currency: As stated in Product Condition 1
Underlying Currency: EUR
Valuation Date(s): The Exercise Date
Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index
Amendments to General Conditions and/or Product Conditions:
(A)(1) General Condition 3 is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(2) General Condition 5(b) is amended by deleting the following words in the second sentence: "or it has otherwise become undesirable, for any reason," and by deleting the following words in the final sentence "may" and "but are not limited to,";
(3) General Condition 5(b)(i) is deleted and replaced with the words: "Intentionally left blank";
(4) General Condition 5(b)(ii) is deleted and replaced with the words: "Intentionally left blank";
(5) General Condition 5(b)(iv) is deleted and replaced with the words: "Intentionally left blank";
(6) General Condition 5(b)(v) is deleted and replaced with the words: "Intentionally left blank";
(7) General Condition 5(c)(i) is amended by deleting the following words in the second sentence: "less the cost to the Issuer of unwinding any related hedging arrangements";
(8) General Condition 5(d) is deleted and replaced with the words: "Intentionally left blank";
(9) General Condition 7(a) (ii) (iii) and (iv) are deleted and replaced with the words: "Intentionally left blank";
(10) General Condition 7(b) is deleted in its entirety and replaced with the following:
"Modifications: The Issuer may, without the consent of the Holders or any of them, modify any provision of the Conditions which is: (i) of a formal, minor or technical nature; or (ii) made to correct a manifest error in its absolute discretion, provided any such modification is not materially prejudicial to the interests of the Holders. Notice of any such modification will be given to the Holders in accordance with General Condition 4 but failure to give, or the non-receipt of such notice will not affect the validity of any such modification.";
(11) General Condition 8 is deleted in its entirety and replaced with the following:
"SUBSTITUTION: (a) Substitution of Issuer. The Issuer may at any time without the consent of the Holders substitute for itself as issuer of the Securities with regard to any and all rights, obligations and liabilities under and in connection with the Securities: (A) The Royal Bank of Scotland plc, registered in Scotland under No. 90312, with its registered office at 00 Xx Xxxxxx Xxxxxx, Xxxxxxxxx XX0 0XX, ("RBS" or the "Substitute") subject to the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; or (B) any entity being any subsidiary or affiliate of RBS other than RBS (also, the "Substitute"), subject to: (i) the Issuer having given at least 30 days' prior notice of the date of such substitution to the Holders in accordance with General Condition 4; and (ii) the Issuer or RBS having issued a legal, valid and binding guarantee of the obligations and liabilities of the Substitute under the Securities for the benefit of each and any of the Holders; and in each case (A) and (B) subject to all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect. In the event of any substitution of the Issuer, any reference in the Conditions to the Issuer shall from such time be construed as a reference to the Substitute. (b) Substitution of Office. The Issuer shall have the right upon notice to the Holders in accordance with General Condition 4 to change the office through which it is acting and shall specify the date of such change in such notice.";
(12) Product Conditions - Relating to Express Certificates are amended by deleting Product Condition 4(d) in its entirety and replacing it with the following: "The Calculation Agent may make adjustments to the Conditions in order to account for any such event if it considers it appropriate to do so. The Calculation Agent shall, as soon as practicable after receipt of any written request to do so, advise a Holder of any determination made by it pursuant to this Product Condition 4 on or before the date of receipt of such request. The Calculation Agent shall make available for
inspection by Holders copies of any such determinations. In making any such determinations or calculations, the Calculation Agent shall act at all times in good faith and a commercially reasonable manner, with an aim of neutralising the distorting effects of such event."
(13) Product Conditions - Relating to Index Express Certificates are amended by deleting the definition of "Prevailing Rate" from Product Condition 1 in its entirety and replacing it with the following:
"Prevailing Rate" means the rate, as determined by the Calculation Agent in its sole and absolute discretion, for deposits in the Underlying Currency in the inter-bank market for each Calculation Period, by reference to the overnight LIBOR rate as published on Bloomberg page: BBAM and if no such page reference exists, such other page reference as the Calculation Agent determines or such other sources as the Calculation Agent may reasonably determine to be appropriate at such time;";
(14) Product Conditions - Relating to Index Express Certificates are amended by deleting Product Condition 3(d) in its entirety and replacing it with the following:
"Cash Settlement. Upon exercise, termination pursuant to an Issuer Call or following an Early Termination Event, in respect of each Security, a Holder shall receive, from the Issuer, on the Settlement Date either:
(i) The Cash Amount; or
(ii) The Issuer Call Cash Amount, following an Issuer Call; or
(iii) The Early Termination Amount, following an Early Termination Event.";
(15) Product Conditions - Relating to Index Express Certificates, Product Condition 3(i) is deleted and replaced with the words: "Intentionally left blank";
(16) Product Conditions - Relating to Index Express Certificates, Product Condition 3(j) is deleted and replaced with the words: "Intentionally left blank";
(17) Product Conditions - Relating to Index Express Certificates, Product Condition 3(k) is amended by deleting the following words: "for each Security with respect to which a Notice has been delivered to the account specified in the relevant Notice";
(18) Product Conditions - Relating to Index Express Certificates, Product Condition 3(l) is deleted and replaced with the words: "Intentionally left blank"; and
Amendments to the Offering Procedure for the Securities:
(19) Product Conditions - Relating to Index Express Certificates, Product Condition 3(m) is deleted and replaced with the words: "Intentionally left blank".
(B) "Renunciation of payment of the Cash Amount and Issuer Call Cash Amount"
The Holder has the right to renounce receipt of the Cash Amount and the Issuer Call Cash Amount from the Issuer. The declaration of renunciation (the "Dichiarazione di Rinuncia") to renounce receipt of the Cash Amount or Issuer Call Cash Amount, executed according to the attached Annex C to the Final Terms and containing all the key characteristics of the EURO STOXX 50® Mini Future Long Certificates (to specify the relevant Series of Securities), must be sent by fax by 10:00 a.m. Milan time on the first Business Day following the Valuation Date or Issuer Call Date, as applicable.
None
ISIN: NL0009361658
Common Code: Not Applicable
Fondscode: Not Applicable
WKN: Not Applicable
Other Securities Code: Not Applicable
Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("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
Page where information about the past and future performance of the Underlying and its volatility can be obtained:
Bloomberg code: SX5E <INDEX>
Website: xxx.xxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore
Index disclaimer(s): STOXX and Xxx Xxxxx have no relationship to the The Royal Bank of Scotland N.V., other than the licensing of the Dow Xxxxx Euro STOXX 50 Index® and the related trademarks for use in connection with the Securities. STOXX and Dow Xxxxx do not: Sponsor, endorse, sell or promote the Securities. Recommend that any person invest in the Securities or any other securities. Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Securities. Have any responsibility
or liability for the administration, management or marketing of the Securities. Consider the needs of the Securities or the owners of the Securities in determining, composing or calculating the Euro Stoxx 50 Index® or have any obligation to do so. STOXX and Xxx Xxxxx will not have any liability in connection with Securities. Specifically, STOXX and Dow Xxxxx do not make any warranty, express or implied and disclaim any and all warranty about: The results to be obtained by the Securities, the owner of the Securities or any other person in connection with the use of the Euro STOXX 50 Index® and the data included in the Euro STOXX 50 Index®; The accuracy or completeness of the Euro STOXX 50 Index® and its data; The merchantability and the fitness for a particular purpose or use of the Euro STOXX 50 Index® and its data; STOXX and Dow Xxxxx will have no liability for any errors, omissions or interruptions in the Euro STOXX 50 Index® or its data; Under no circumstances will STOXX or Xxx Xxxxx be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or Dow Xxxxx knows that they might occur. The licensing agreement between the The Royal Bank of Scotland N.V. and STOXX is solely for their benefit and not for the benefit of the owner of the Securities or any other third parties.
ADDITIONAL INFORMATION
The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Certificates and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Certificates.
Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Certificateholder is (i) an individual not engaged in an entrepreneurial activity to which the Certificates are connected, (ii) a non commercial partnership, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains accrued under the sale or the exercise of the Certificates are subject to a 12.5 per cent substitute tax (imposta sostitutiva).
Particular provisions apply to Certificates held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Certificates not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on capital gains realised on each sale or redemption of the Certificates ; (2) under the "risparmio gestito" regime any capital gains realised by the Italian resident individuals holding the Certificates not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Certificates, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 12.5 per cent. substitute tax, to be paid by the managing authorised intermediary.
Where an Italian resident Certificateholder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Certificates are effectively connected, capital gains arising from the Certificates will not be subject to imposta sostitutiva, but must be included in the relevant Certificateholder's income tax return and are therefore subject to Italian corporate tax.
Capital gains realised by non-Italian resident Certificateholders are not subject to Italian taxation, provided that the Certificates (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.
It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Certificates would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of
30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Certificates may be subject to an Italian withholding tax, levied at the rate of 27 per cent. The 27 per cent. withholding tax mentioned above does not apply to payments made to a non-Italian resident Certificateholder and to an Italian resident Certificateholder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
Annex A
Modulo - Dichiarazione di rinuncia all'esercizio
(Facsimile)
"FTSE MIB INDEX MINI FUTURE LONG CERTIFICATES"
I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai certificates in oggetto
La presente dichiarazione deve essere compilata a cura del portatore dei certificates in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]
Nome e Ragione/denominazione sociale dell’Intermediario
[Att: Nome del responsabile dell’ufficio titoli]
[numero di fax – ufficio titoli]
A BNP Paribas, Filiale di Milano Corporate Actions
Tel: (x00) 00 0000 0000
Fax: (x00) 00 0000 0000
Copia a:
The Royal Bank of Scotland N.V. Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000
Fax: + 00 (0) 000 000 0000
"FTSE MIB INDEX MINI FUTURE LONG CERTIFICATES" (DI SEGUITO, CERTIFICATES)
Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:
A. di rinunciare in modo irrevocabile all’esercizio dei Certificates con le caratteristiche di seguito descritte;
B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Amendments to General Conditions and/or Product Conditions" dei Final Terms relativi ai Certificates. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Certificates, di cui il Portatore intende rinunciare all’esercizio.
(Il Portatore dei Certificates)
(Cognome e nome o ragione/denominazione sociale)
(Via e numero civico)
(Comune, provincia) (Telefono)
Serie dei Certificates
Codice ISIN dei Certificates
Numero dei Certificates, di cui si rinuncia all’esercizio.
Il Portatore dei Certificates accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).
Luogo e data
Sottoscrizione (sottoscrizioni) del Portatore dei Certificates
Annex B
Modulo - Dichiarazione di rinuncia all'esercizio
(Facsimile)
"DAX® INDEX MINI FUTURE LONG CERTIFICATES"
I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai certificates in oggetto
La presente dichiarazione deve essere compilata a cura del portatore dei certificates in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]
Nome e Ragione/denominazione sociale dell’Intermediario
[Att: Nome del responsabile dell’ufficio titoli]
[numero di fax – ufficio titoli]
A BNP Paribas, Filiale di Milano Corporate Actions
Tel: (x00) 00 0000 0000
Fax: (x00) 00 0000 0000
Copia a:
The Royal Bank of Scotland N.V. Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000
Fax: + 00 (0) 000 000 0000
"DAX® INDEX MINI FUTURE LONG CERTIFICATES" (DI SEGUITO, CERTIFICATES)
Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:
A. di rinunciare in modo irrevocabile all’esercizio dei Certificates con le caratteristiche di seguito descritte;
B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Amendments to General Conditions and/or Product Conditions" dei Final Terms relativi ai Certificates. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Certificates, di cui il Portatore intende rinunciare all’esercizio.
(Il Portatore dei Certificates)
(Cognome e nome o ragione/denominazione sociale)
(Via e numero civico)
(Comune, provincia) (Telefono)
Serie dei Certificates
Codice ISIN dei Certificates
Numero dei Certificates, di cui si rinuncia all’esercizio.
Il Portatore dei Certificates accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).
Luogo e data
Sottoscrizione (sottoscrizioni) del Portatore dei Certificates
Annex C
Modulo - Dichiarazione di rinuncia all'esercizio
(Facsimile)
"EURO STOXX 50® MINI FUTURE LONG CERTIFICATES"
I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai certificates in oggetto
La presente dichiarazione deve essere compilata a cura del portatore dei certificates in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]
Nome e Ragione/denominazione sociale dell’Intermediario
[Att: Nome del responsabile dell’ufficio titoli]
[numero di fax – ufficio titoli]
A BNP Paribas, Filiale di Milano Corporate Actions
Tel: (x00) 00 0000 0000
Fax: (x00) 00 0000 0000
Copia a:
The Royal Bank of Scotland N.V. Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000
Fax: + 00 (0) 000 000 0000