Global Commercial Paper (GCP) Programme

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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.

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I don't understand or accept the disclaimer and will return to to the DSTA's home page.