GCP Information Memorandum

DISCLAIMER - IMPORTANT

ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBPAGE BY THE STATE OF THE NETHERLANDS IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.

THESE MATERIALS ARE NOT DIRECTED AT OR ACCESSIBLE BY PERSONS LOCATED IN THE UNITED STATES OTHER THAN QUALIFIED INSTITUTIONAL BUYERS AS DEFINED IN RULE 144A UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT")

Please read this notice carefully - it applies to all persons who view this webpage. Please note that the disclaimer set out below may be altered or updated. You should read it in full each time you visit the site.

Viewing the materials you seek to access may not be lawful in certain jurisdictions. In other jurisdictions, only certain categories of person may be allowed to view such materials. Any person resident who wishes to view these materials must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.

In particular, unless otherwise determined by The State of the Netherlands and permitted by applicable law and regulation, it is not intended, subject to certain exceptions, that any offering of the securities mentioned in such materials (the "Securities") by The State of the Netherlands would be made, or any documentation be sent, directly or indirectly, in or into, the United States.

The materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for the securities mentioned in such materials (the "Securities") in any jurisdiction or jurisdictions in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, the Securities have not been and will not be registered under the Securities Act, and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Securities will not be registered under or offered in compliance with applicable securities laws of any state, province, territory, county or jurisdiction of the United States. Accordingly, unless an exemption under the relevant securities law is applicable, any such securities may not be offered, sold, resold, delivered or distributed, directly or indirectly, in or into the United States or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction. There will be no public offering of such securities in the United States.

If you are not permitted to view materials on this webpage or are in any doubt as to whether you are permitted to view these materials, please exit this webpage.

Access to electronic versions of these materials is being made available on this webpage by The State of the Netherlands in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to The State of the Netherlands that they are doing so for information purposes only. Making press announcements and other documents available in electronic format does not constitute an offer to sell or the solicitation of an offer to buy securities of The State of the Netherlands. Further, it does not constitute a recommendation by The State of the Netherlands or any other party to sell or buy securities of The State of the Netherlands.

Electronic versions of these materials are not generally directed at or accessible by persons located in the United States.

By opening this document, I certify that I am not located in the United States or that I am a Qualified Institutional Buyer as defined in Rule 144A under the Securities Act and that I read and understood the disclaimer set out above. I understand that it may affect my rights. I agree to be bound by its terms. I confirm that I am permitted to proceed to the electronic versions of these materials. I will continue to the materials relating to the Global Commercial Paper (GCP) Programme.