120618 Gasunie EMTN Base Prospectus

7/27/2019 120618 Gasunie EMTN Base Prospectus

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BASE PROSPECTUS

N.V. NEDERLANDSE GASUNIE(incorporated with limited liability in The Netherlands and having its corporate seat in

Groningen, The Netherlands)

7,500,000,000Euro Medium Term Note Programme

Due up to 50 years from the date of Issue

Under this Euro 7,500,000,000 Euro Medium Term Note Programme (the "Programme"),N.V. Nederlandse Gasunie ("Gasunie" or the "Issuer") may from time to time issue notes(the "Notes") denominated in any currency agreed between the Issuer and the relevantDealer (as defined below).

The maximum aggregate nominal amount of all Notes from time to time outstanding under

the Programme will not exceed Euro 7,500,000,000 (or its equivalent in other currenciescalculated as described in the Programme Agreement described herein), subject toincrease as described herein.

The Notes may be issued on a continuing basis to one or more of the Dealers specifiedunder "Summary" and any additional Dealer appointed under the Programme from time totime by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may befor a specific issue or on an ongoing basis. References in this Prospectus to the relevantDealershall, in the case of an issue of Notes being (or intended to be) subscribed by morethan one Dealer, be to all Dealers agreeing to subscribe such Notes.

An investment in Notes issued under the Programme involves certain risks. For a

discussion of these risks see "Risk Factors".

The Authority for the Financial Markets (Autoriteit Financile Markten, the "AFM"), in itscapacity as competent authority under the Financial Supervision Act (Wet op het financieeltoezicht, the "Wft"), has approved this Prospectus pursuant to Article 5:2 of the Wft.Application has been made to Euronext Amsterdam N.V. ("Euronext Amsterdam") to allowNotes issued under the Programme, during the period of 12 months from the date of thisProspectus, to be admitted to trading and to be listed on NYSE Euronext in Amsterdam.

References in this Prospectus to Notes being listed (and all related references) shall meanthat such Notes have been admitted to trading and listing on NYSE Euronext in Amsterdam.NYSE Euronext in Amsterdam is a regulated market for the purposes of Directive

93/22/EEC (the Investment Services Directive) and for the purposes of Directive2004/39/EC (the "Markets in Financial Instruments Directive").

Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect ofNotes, the issue price of Notes and any other terms and conditions not contained hereinwhich are applicable to each Tranche (as defined under "Terms and Conditions of theNotes") of Notes will be set out in a final terms supplement (the "Final Terms") which willbe provided to investors and filed with the competent authority on or before the date ofissue of the Notes of such Tranche.

The Programme provides that Notes may be listed or admitted to trading, as the case maybe, on such other or further stock exchanges, automated trading systems, over the counter

or other securities markets as may be agreed between the Issuer and the relevant Dealer.


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The Issuer may also issue unlisted Notes and/or Notes not admitted to trading on anymarket.

The Issuer may agree with any Dealer that Notes may be issued in a form not contemplatedby the Terms and Conditions of the Notes herein, in which event a supplementalProspectus, if appropriate, will be made available which will describe the effect of theagreement reached in relation to such Notes.

The rating of certain Series of Notes to be issued under the Programme may be specified inthe applicable Final Terms. Whether or not each credit rating applied for in relation torelevant Series of Notes will be issued by a credit rating agency established in theEuropean Union and registered under Regulation (EC) No. 1060/2009 (as amended) (theCRA Regulation) will be disclosed in the Final Terms.

Arranger

THE ROYAL BANK OF SCOTLAND

Dealers

ABN AMRO

BNP PARIBAS

DEUTSCHE BANK

J.P. MORGAN

RABOBANK INTERNATIONAL

BARCLAYS

CREDIT SUISSE

ING COMMERCIAL BANKING

THE ROYAL BANK OF SCOTLAND

UBS INVESTMENT BANK

The date of this Prospectus is 18 June 2012


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Important Notice

This Prospectus comprises a base prospectus for the purposes of Article 5.4 ofDirective 2003/71/EC(the Prospectus Directive) as amended (which includes theamendments made by Directive 2010/73/EU (the 2010 PD Amending Directive) to theextent that such amendments have been implemented in a relevant Member State ofthe European Economic Area.

The Issuer (the Responsible Person) accepts responsibility for the informationcontained in this Prospectus. To the best of the knowledge and belief of the Issuer(having taken all reasonable care to ensure that such is the case) the informationcontained in this Prospectus is in accordance with the facts and does not omitanything likely to affect the import of such information.

This Prospectus is to be read in conjunction with all documents which are deemed tobe incorporated herein by reference (see "Documents Incorporated by Reference").This Prospectus shall be read and construed on the basis that such documents are

incorporated and form part of this Prospectus.

The Dealers have not independently verified the information contained herein.Accordingly, no representation, warranty or undertaking, express or implied, is madeand no responsibility or liability is accepted by the Dealers as to the accuracy orcompleteness of the information contained or incorporated in this Prospectus or anyother information provided by the Issuer in connection with the Programme. NoDealer accepts any liability in relation to the information contained or incorporatedby reference in this Prospectus or any other information provided by the Issuer inconnection with the Programme.

No person is or has been authorised by the Issuer to give any information or to make

any representation not contained in or not consistent with this Prospectus or anyother information supplied in connection with the Programme or the Notes and, ifgiven or made, such information or representation must not be relied upon as havingbeen authorised by the Issuer or any of the Dealers.

Neither this Prospectus nor any other information supplied in connection with theProgramme or any Notes should be considered as a recommendation by the Issueror any of the Dealers that any recipient of this Prospectus or any other informationsupplied in connection with the Programme or any Notes should purchase any Notes.Each investor contemplating purchasing any Notes should make its ownindependent investigation of the financial condition and affairs, and its own appraisalof the creditworthiness, of the Issuer.

Neither this Prospectus nor any other information supplied in connection with theProgramme or the issue of any Notes constitutes an offer or invitation by or onbehalf of the Issuer or any of the Dealers to any person to subscribe for or topurchase any Notes.

Neither the delivery of this Prospectus nor the offering, sale or delivery of any Notesshall in any circumstances imply that the information contained herein concerningthe Issuer is correct at any time subsequent to the date hereof or that any otherinformation supplied in connection with the Programme is correct as of any timesubsequent to the date indicated in the document containing the same. The Dealersexpressly do not undertake to review the financial condition or affairs of the Issuer

during the life of the Programme or to advise any investor in the Notes of anyinformation coming to their attention. Investors should review, inter alia, the most


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recently published documents incorporated by reference into this Prospectus whendeciding whether or not to purchase any Notes.

The Notes have not been and will not be registered under the United StatesSecurities Act of 1933, as amended, (the Securities Act) and are subject to U.S. taxlaw requirements. Subject to certain exceptions, Notes may not be offered, sold ordelivered within the United States or to or for the account or benefit of U.S. persons(see "Subscription and Sale").

This Prospectus does not constitute an offer to sell or the solicitation of an offer tobuy any Notes in any jurisdiction to any person to whom it is unlawful to make theoffer or solicitation in such jurisdiction. The distribution of this Prospectus and theoffer or sale of Notes may be restricted by law in certain jurisdictions. The Issuer andthe Dealers do not represent that this Prospectus may be lawfully distributed, or thatany Notes may be lawfully offered, in compliance with any applicable registration orother requirements in any such jurisdiction, or pursuant to an exemption availablethereunder, or assume any responsibility for facilitating any such distribution or

offering. In particular, no action has been taken by the Issuer or the Dealers whichwould permit a public offering (unless expressly indicated otherwise) of any Notes ordistribution of this Prospectus in any jurisdiction where action for that purpose isrequired. Accordingly, no Notes may be offered or sold, directly or indirectly, andneither this Prospectus nor any advertisement or other offering material may bedistributed or published in any jurisdiction, except under circumstances that willresult in compliance with any applicable laws and regulations. Persons into whosepossession this Prospectus or any Notes may come must inform themselves about,and observe any such restrictions on the distribution of this Prospectus and theoffering and sale of Notes. In particular, there are restrictions on the distribution ofthis Prospectus and the offer or sale of Notes in the United States, the EuropeanEconomic Area (including The Netherlands, the United Kingdom, Italy and France)

and Japan, see "Subscription and Sale".

In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any)named as the Stabilising Manager(s) (or persons acting on behalf of any StabilisingManager(s)) in the applicable Final Terms may over-allot Notes or effect transactionswith a view to supporting the market price of the Notes at a level higher than thatwhich might otherwise prevail. However, there is no assurance that the StabilisingManager(s) (or persons acting on behalf of a Stabilising Manager) will undertakestabilisation action. Any stabilisation action may begin on or after the date on whichadequate public disclosure of the terms of the offer of the relevant Tranche of Notesis made and, if begun, may be ended at any time, but it must end no later than theearlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days

after the date of the allotment of the relevant Tranche of Notes. Any stabilisationaction or over-allotment must be conducted by the relevant Stabilising Manager(s)(or person(s) acting on behalf of any Stabilising Manager(s)) in accordance with allapplicable laws and rules.

All references in this document to Euro and refer to euros, all references in thisdocument to U.S. dollars, U.S.$and $refer to United States dollars, all references inthis document to CHF and SFR refer to Swiss francs and all references in thisdocument to Sterlingand refer to pounds sterling.


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CONTENTS

SUMMARY .......................................................................................................................................... 6

RISK FACTORS ................................................................................................................................11RESPONSIBILITY STATEMENT....................................................................................................... 21

DOCUMENTS INCORPORATED BY REFERENCE ......................................................................... 22

FORM OF FINAL TERMS RE ISSUES WITH A DENOMINATION OF LESS THAN EUR 100,000 .. 23

FORM OF FINAL TERMS RE ISSUES WITH A DENOMINATION OF AT LEAST EUR 100,000.....43

TERMS AND CONDITIONS OF THE NOTES................................................................................... 62

SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM..................84

USE OF PROCEEDS ........................................................................................................................87

DESCRIPTION OF THE ISSUER...................................................................................................... 88

FINANCIAL INFORMATION ............................................................................................................ 112

DUTCH TAXATION .........................................................................................................................119

SUBSCRIPTION AND SALE ........................................................................................................... 123

GENERAL INFORMATION.............................................................................................................. 129

______________________________


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SUMMARY

This summary must be read as an introduction to this Prospectus and any decisionto invest in any Notes should be based on a consideration of this Prospectus as awhole, including the documents incorporated by reference. Following theimplementation of the relevant provisions of the Prospectus Directive in eachMember State of the European Economic Area no civil liability will attach to theResponsible Persons in any such Member State in respect of this Summary,including any translation hereof, unless it is misleading, inaccurate or inconsistentwhen read together with the other parts of this Prospectus. Where a claim relating toinformation contained in this Prospectus is brought before a court in a Member Stateof the European Economic Area (or any other state), the plaintiff may, under thenational legislation of the Member State (or other state) where the claim is brought,be required to bear the costs of translating the Prospectus before the legalproceedings are initiated.

Words and expressions defined in "Terms and Conditions of the Notes" shall have the

same meanings in this summary.

Issuer: N.V. Nederlandse Gasunie

Description Issuer: N.V. Nederlandse Gasunie ("Gasunie", which termincludes, where the context permits, Gasuniessubsidiaries) is one of Europes leading gastransmission companies (Transmission SystemOperator, "TSO") by volumes transported. Gasunie isthe wholly state-owned holding company of the highpressure gas transmission system operator in The

Netherlands, Gas Transport Services B.V. ("GTS").Gasunie, through its wholly owned subsidiaryGasunie Deutschland GmbH & Co. KG ("GUD"), isalso the owner of a gas transport network in the northof Germany. In addition, Gasunie owns andparticipates in other gas infrastructure such as, gasstorages, LNG facilities and international pipelines.

Gasunie plays a strategically important role in theEuropean energy policy and security of supply, as itsnetwork allows Dutch gas to be transported from thelarge Groningen field and the small onshore and

offshore fields in The Netherlands to large exportmarkets such as Germany, and also facilitates theimport of gas from outside the European Union to theEuropean market.

Risk Factors: There are certain factors that may affect the Issuer'sability to fulfil its obligations under Notes issued underthe Programme. These factors relate to regulatoryand legislative risks, dependence on key customers,operational risk factors, risks related to substantialprojects, (re-)financing risks, credit risks, risks relatedto financial instruments, risks related to a downturn in

the economy, dependence on licenses andauthorizations, environmental risks and


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contingencies, risks related to the Pension Fund andthe risk of a possible future minorityprivatisation. These factors are further explainedunder "Risk Factors". In addition, there are certainfactors which are material for the purpose ofassessing market risks associated with Notesgenerally, as well as factors which are material for thepurpose of assessing the market risks related to thestructure of a particular issue of Notes issued underthe Programme, being Notes subject to optionalredemption by the Issuer, Index Linked Notes andDual Currency Notes, Partly-paid Notes, Variable rateNotes with a multiplier or other leverage factor,Inverse Floating Rate Notes, Fixed/Floating RateNotes and Notes issued at a substantial discount orpremium, see "Risk Factors".

Description: Euro Medium Term Note Programme

Arranger: The Royal Bank of Scotland plc

Dealers: ABN AMRO Bank N.V.Barclays Bank PLCBNP ParibasCredit Suisse Securities (Europe) LimitedDeutsche Bank AG, London BranchING Bank N.V.J.P. Morgan Securities LtdThe Royal Bank of Scotland plc

UBS LimitedRabobank International

and any other Dealers appointed in accordance withthe Programme Agreement.

Certain Restrictions: There are restrictions on the offer, sale and transfer of the Notes in the United States, the EuropeanEconomic Area, Japan and such other restrictions asmay be required in connection with the offering andsale of a particular Tranche of Notes

Agent: Deutsche Bank AG, London Branch

Paying Agent: Deutsche Bank AG, Amsterdam Branch

Currencies: Subject to compliance with all relevant laws,regulations and directives, Notes may be issued inEuros, U.S. dollars, Sterling, Swiss francs, Japaneseyen or in such other currency or currencies as theIssuer and the relevant Dealer(s) may agree.

Size: Up to Euro 7,500,000,000 (or the equivalent in other

currencies at the date of issue) in aggregate principalamount of Notes outstanding at any one time.


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Maturities: Subject to compliance with all relevant laws,regulations and directives, Notes will have maturitiesof up to 50 years from the date of issue.

Issue Price: Notes may be issued at their nominal amount or at adiscount or premium to their nominal amount. Partly-paid Notes may be issued, the Issue Price of whichwill be payable in two or more instalments.

Method of Issue: Notes may be issued by way of private or publicplacement and in each case on a syndicated or non-syndicated basis. The Notes will be issued in one ormore Series (which may be issued on the same dateor which may be issued in more than one Tranche ondifferent dates), maturing on the same date, bearinginterest (if any) on the same basis and otherwise on

identical terms. The Notes with respect to eachSeries may be issued in Tranches on a continuousbasis with no minimum issue size. Further Notes maybe issued as part of an existing Series.

Fixed Interest Rate Notes: Fixed interest will be payable in arrear on the date ordates in each year specified in the relevant FinalTerms and at maturity.

Floating Rate Notes: Floating Rate Notes will bear interest set separatelyfor each Series as follows:

(i) on the same basis as the floating rate under anational interest rate swap transaction in the relevantSpecified Currency governed by an agreementincorporating the 2006 ISDA Definitions (as amendedand supplemented) published by the InternationalSwaps and Derivatives Association, Inc. or

(ii) by reference to EURIBOR, LIBOR, LIBID or LIMEAN(or such other benchmark as may be specified in therelevant Final Terms) as adjusted for any applicablemargin.

Zero Coupon Notes: Zero Coupon Notes may be issued at their nominalamount or at a discount and will not bear interest.

Dual Currency Notes: Payments (whether in respect of principal or interestand whether at maturity or otherwise) in respect ofDual Currency Notes will be made in such currencies,and based on such rates of exchange, as may bespecified in the relevant Final Terms.

Index Linked Notes and othervariable linked Notes (includingInflation Linked Notes) (Linked

Notes):

Payments of principal in respect of LinkedRedemption Notes or of interest in respect of LinkedInterest Notes will be calculated by reference to such

index and/or formula as may be specified in therelevant Final Terms.


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Interest Periods and InterestRates:

Interest periods will be specified in the relevant FinalTerms. The length of the Interest Periods for theNotes and the applicable interest rate or its method ofcalculation may differ from time to time or be constantfor any Series. Notes may have a maximum interestrate, a minimum interest rate or both. All suchinformation will be set out in the relevant Final Terms.

Redemption: The applicable Final Terms will specify the basis for calculating the redemption amounts payable, whichmay be by reference to an index or formula or asotherwise provided in the relevant Final Terms.

Other Notes: Terms applicable to Instalment Notes, Partly-paidNotes and any other type of Note which the Issuerand any Dealer or Dealers may agree to issue under

the Programme will be set out in the relevant FinalTerms.

Form of Notes: Each Tranche will be represented by a permanentGlobal Note, or initially be represented by atemporary Global Note, which in each case will bedeposited on its date of issue either (i) with acommon depositary on behalf of Euroclear andClearstream, Luxembourg and/or any other agreedclearing system or (ii) with Euroclear Netherlands. Nointerest will be payable in respect of a temporaryGlobal Note, except as described under "Summary of

Provisions Relating to the Notes while in GlobalForm". Interests in a temporary Global Note will beexchangeable for interests in a permanent GlobalNote after the date falling 40 days after the issue dateof the relevant Tranche upon certification as to non-U.S. beneficial ownership. Interests in a permanentGlobal Note will be exchangeable for definitive Notesin bearer form as described under "Summary ofProvisions Relating to the Notes while in GlobalForm".

Denomination: Notes will be issued in such Denominations as may

be specified in the relevant Final Terms, save that theminimum Denomination of each Note will be suchamount as may be allowed or required from time totime by the relevant central bank (or equivalent body)or any loans or regulations applicable to the relevantspecified currency.

Optional Redemption: The Final Terms issued in respect of each issue of Notes will state whether such Notes may beredeemed prior to their stated maturity at the optionof the Issuer (either in whole or in part) and/or theholders and, if so, the terms applicable to such

redemption.


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Early Redemption: Except as provided in "Optional Redemption" above,Notes will be redeemable at the option of the Issuerprior to maturity only for tax reasons.

Redemption by Instalments: The Final Terms issued in respect of each issue ofNotes which are redeemable in two or moreinstalments will set out the dates on which, and theamounts in which, such Notes may be redeemed.

Listing: NYSE Euronext in Amsterdam or as otherwisespecified in the relevant Final Terms. As specified inthe relevant Final Terms, a Series of Notes may beunlisted.

Rating: The rating of certain Series of Notes to be issuedunder the Programme may be specified in theapplicable Final Terms. Whether or not each creditrating applied for in relation to relevant Series ofNotes will be issued by a credit rating agencyestablished in the European Union and registeredunder Regulation (EC) No. 1060/2009 (as amended)will be disclosed in the Final Terms.

Status of Notes: The Notes will constitute direct, unconditional andunsecured obligations of the Issuer, as more fullydescribed in "Terms and Conditions of the Notes".

Negative Pledge: As described in "Terms and Conditions of the Notes".

Withholding Tax: All payments of principal and interest in respect of theNotes will be made free and clear of withholdingtaxes of The Netherlands (provided that certainrequirements are met, see also "Dutch Taxation"),subject to customary exceptions, as more fullydescribed in "Terms and Conditions of the Notes".

Governing Law: Dutch law, which is the law directly applicable in TheNetherlands, being the part of the Kingdom of TheNetherlands located in Europe.


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RISK FACTORS

The following risk factors constitute all risks known by the Issuer and which could have amaterial adverse effect on the Issuers financial position, liquidity, business, and operatingresults, could adversely affect the Issuers revenues and profitability, and may result in aninability to pay interest, principal and/or other amounts on or in connection with Notesissued under the Programme. In addition, certain factors which are material for the purposeof assessing the market risks associated with Notes issued under the Programme are alsodescribed below.

The Issuer notes that whilst the factors described below represent all known material risksinherent in investing in Notes issued under the Programme, the inability of the Issuer to payinterest, principal or other amounts on or in connection with any Notes may occur for otherreasons and to this extent the Issuer does not represent that the statements belowregarding the risks of holding any Notes are exhaustive. Prospective investors should alsoread the detailed information set out elsewhere in this Prospectus and reach their own

views prior to making any investment decision.

The Issuers business is subject to various risks relating to changing competitive, economic,political, regulatory, legal, social, industrial, business and financial conditions. Theseconditions are described below and discussed in greater detail in the paragraph"Description of the Issuer".

Factors that may affect the Issuer's ability to fulfil its obligations under Notes issuedunder the Programme

Regulatory and legislative risks

Gasunie's results of operations, financial condition and cash flows depend, in large part,upon governmental regulations and European legislation. National regulatory authorities(the "NRAs") have been appointed by their respective governments to monitor compliancewith the Dutch Gas Act of 22 June 2000 (Gaswet; the "Gas Act" as amended and restatedfrom time to time) and the German Energy law of 7 July 2005 (Energiewirtschaftsgesetz,the "EnWG") and associated regulations. In The Netherlands and in Germany, tariffs ongas transport and related services are regulated and therefore set, respectively approved,by the competent NRA.

In The Netherlands the NRA is the Office of Energy Regulation (the "Energiekamer"), adirectorate of the Dutch Competition Authority (Nederlandse Mededingingsautoriteit, the"NMa"). In Germany the NRA is the Federal Network Agency (BundesNetzAgentur, the

"BNetzA"). The BNetzA is a federal authority under the German Federal Ministry ofEconomics and Technology.

Key risks for Gasunie relate to permitted tariffs for gas transport and related services.Changes in the value of the parameters of the relevant regulatory variables or in theregulatory methodology used will impact the tariff levels of Gasunie and therefore willimpact its cash flows, results of operations and financial position.

In a judgement of 29 June 2010 (AWB 09/162, 09/163, 09/168, 09/169, 09/170 and 09/417),the Dutch Trade and Industry Appeals Tribunal (College van Beroep voor het bedrijfsleven,the CBb) annulled the Method Decisions established for GTS by the NMa in December2008. These Method Decisions related to the period 2009-2012. In Method Decisions, the

NMa establishes the financial principles that are decisive for the tariffs that GTS charges toshippers. The CBb ordered the NMa to adopt a new Method Decision and ruled that the


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NMa failed to establish a regulatory method decision for the period 2006-2008. The NMawill therefore still have to establish a regulatory method decision for GTS for the period asof 1 January 2006. Any financial implications are expected to be reflected in future tariffs ofGTS. The CBb does not express an opinion on the level of the tariffs for the period 2006-2008 (following an earlier annulment by the CBb of Method Decisions for that period)

On 17 May 2011, the NMa published two draft Method Decisions per statutory task(transport, balancing and quality conversion); one for the period 2006-2009 and one for theperiod 2010-2013.

Based on these draft decisions Gasunie performed impairment testing on the gas transportnetwork in The Netherlands and on the goodwill as per 30 June 2011. On the basis of theinformation that was available at the time and taking into account the major uncertainties,the Executive Board concluded that impairment losses should be recognised on the gastransport network in The Netherlands and on the goodwill. The impairment losses amountto 221 million and 679 million respectively; 900 million in total. This impairment hasbeen recognized in the Semi-Annual Report 2011 of the Issuer and the financial effects

have been incorporated in the Annual Report 2011.

The NMa has issued revised Method Decisions for the periods 2006-2009 and 2010-2013,which have been published on 11 October 2011. In the revised Method Decisions GTS'initial regulatory asset base (legally and beneficially owned by Gasunie) has been valued at4.8 billion, as opposed to 6.4 billion in the Method Decisions 2009-2012, which had beenannulled by the CBb in the aforementioned judgment of 29 June 2010. The revised MethodDecisions result in a reduction of tariffs that GTS has charged to shippers in the period of2006 through 2011. The aggregate tariff reduction amounts to slightly less than 395million (including interest on overcharged tariffs). This amount will be set off against tariffsto be charged in 2012 and 2013 by way of a percentagewise discount on all entry and exittariffs.

On 22 November 2011 the representative organisation of large energy consumers(VEMW), the representative organisation of Dutch Energy companies (EnergieNederland) and GTS decided to appeal against the revised Method Decisions at the CBb.The revised Method Decisions will only change if this will be required due to the court rulingin the appeal proceedings. GTS expects a final court decision in Q3 2012

If these appeals would result in the revised Method Decisions being annulled, then the NMamay have to issue new Method Decisions. This may lead to a larger reduction of past tariffs(hence a larger discount on future tariffs) than the revised Method Decisions have givenrise to, which eventually could lead to an additional impairment loss.

For further details regarding the tariff regulation of GTS, see also current regulation andtariff model on page 96-97.

As a result of external indicators (i.e., information that has become available on aspectssuch as expected future developments in the regulatory model and a downward adjustmentof the permitted return on investment), analytical tests were performed to determine anypossible impairments on the gas transport network in Germany as of 31 December 2011.There is great uncertainty about the financial implications of the regulatory framework from2018. Gasunie currently assumes that the current regulatory framework will be maintainedafter 2017. The forecast for turnover permitted in the regulatory period from 2018 has beenadjusted downwards.

On the basis of the information that is currently available and taking into account the majoruncertainties, the Executive Board has concluded that impairment losses of 400 million


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should be recognised on the gas transport network in Germany, comprising impairmentlosses of 327.3 million on tangible fixed assets and 72.7 million on financial fixed assets.These impairment losses have been recognised in the 2011 Annual Report.

On 1 July 2011, Gasunie submitted the cost application for the following regulatory period

(2013-2017) to the BNetzA. The BNetzA will constitute the allowed total revenues for thisregulatory period based on these submitted costs in the summer or autumn of 2012. If theBNetzA would decide not to accept all the applied costs than this will reduce the revenues

of GUD below what is currently expected. In addition, the efficiency benchmark will bedetermined again which may also impact the revenue cap. Therefore there is a risk that theallowed revenues for 2013-2017 will be lower than the most recent expectations and that

therefore the cash flows and financial results of Gasunie Deutschland Transport ServicesGmbH ("GUDTS") could be lower. This implies a risk for the valuation of the network of

GUDTS.

The energy market is and will in the following years remain subject to various political andregulatory changes and discussions on both the national and European levels. More details

on the regulatory environment and developments can be found in the "Description of theIssuer".

Dependence on key customers

GasTerra B.V.s ("GasTerra") bookings are responsible for a significant part of Gasuniestotal revenues. This risk is mitigated however, both through GasTerras owners and thestructure of the market. GasTerra has the exclusive concession by the Dutch State to buyand sell all the Dutch gas under government control. Furthermore, GasTerra, like allshippers, is dependent on Gasunie to provide the gas transport as Gasunie is the only gasTSO in The Netherlands. Therefore, even if GasTerra for whatever reason ceases to be acustomer then its contracted transport capacity will surely be taken over by its successor(s)

as long as end-user demand for gas remains. GasTerras owners are Shell, ExxonMobil,Energiebeheer Nederland and the Dutch State. All these parties are highly rated, furtherlimiting the credit risk of GasTerra. The volume risk is also mitigated by the fact that theIssuer's returns are primarily based on the value of the regulated asset base and less onthe volumes transmitted through the infrastructure.

Operational risk factors

Disruptions of gas transmission or transportation, infrastructure or other constraints orinefficiencies may have a direct effect on Gasunie. Gasunie is furthermore dependent on

the financial position of market participants, and to a lesser extent on weather conditionsand seasonality. Any disruption and/or outages of Gasunie's or any related transport

systems and/or infrastructure, whether due to defaults of any party or due to naturaldisasters or attacks or otherwise, may adversely affect Gasunie's ability to fulfil itsobligations towards its customers and may, apart from loss of business, also result inGasunie being held liable to provide its customers or any other affected parties with

financial compensation of any kind, although these liabilities towards customers are limitedin the applicable service contracts.

Risks related to substantial projects

For the preservation and further expansion of Gasunies market position it is important thatGasunie successfully completes substantial projects and substantial investments. Besides

completion risks, unexpected risks or liabilities may exist, which have not been or may notbe identified in a due diligence investigation. One of the main risks related to largeinfrastructural projects is the long and often laborious procedures to obtain the necessary


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licenses and permits. This could lead to delays and even cancellation of projects.Furthermore, budget overruns on projects can lead to the regulator judging the investmentto be inefficient and this may lead to an unprofitable investment. Such risks may have amaterial adverse effect on the business operations, the results and the financial position ofGasunie.

One of the substantial projects that may be affected by the risks mentioned above is theNEL-pipeline. After a court ruling, there is now a delay in the planning procedure. Followinga decision from Lneburg Higher Administrative Court, no work may currently be performedover a distance of around 40 km. The NEL partners are having consultations with theclaimants and are researching alternative pipeline routes in the meantime. Account is beingtaken of the fact that this may cause the project to suffer a delay of the full commissioningof the NEL project.As the NEL is only one of two evacuating pipelines of the NordStreampipeline, it is possible that full commissioning of the second phase of the NordStreamproject may also be delayed. A delay in the second phase of the NordStream project wouldlead to a delay in revenues from this project and could eventually result in calling in certainguarantees provided by the shareholders. This may have a material adverse effect on the

business operations, the results and the financial position of Gasunie.

Furthermore, part of Gasunie's investment plan is non-discretionary since they are directlyrelated to its statutory tasks. Gasunie has relatively limited flexibility to cancel or delay thispart of the investment plan.

(Re-)financing risks

Gasunies ongoing major investment projects have generated large borrowing requirementsin the recent past and, as a result of the future investment programme, an increase inGasunies indebtedness is likely. Volatility and temporary closing of capital markets mayhinder Gasunie in securing timely financing of major projects and/or refinancing existing

debt at reasonable costs.

In order to mitigate the risk of the inability to secure timely financing, Gasunie concluded acommitted EUR 800,000,000 revolving credit facility (RCF) with a syndicate of 10 banks.The RCF was concluded on 28 October 2010 and has a maturity of 5 years.

Credit risks

Gasunies investment programmes are always based on binding long term commitmentsfrom market parties. Due to the economic and financial crisis, additional measures aretaken to limit the credit risk associated with customers and counterparties. GTS hastightened its screening procedures for customers, and a monitoring programme is used to

keep tabs on the financial situation of companies supplying critical materials and services.

Risks related to financial instruments

In principle derivative financial instruments could increase the financial risk profile of acompany as derivatives could be used to speculate on future market developments. Ifmarket developments are different than anticipated, a company could lose a substantialamount of money. However, Gasunie only uses derivative financial instruments to hedgeinterest rate risk and/or cross-currency exposure. Therefore, derivative financialinstruments are only used by Gasunie in order to reduce financial risk and marketexposures rather than to take on additional risk. Furthermore, when employing derivativefinancial instruments, Gasunie uses strict limits concerning the level of risk that is allowed

for each counterparty. Gasunie has drawn up criteria for selecting counterparties offinancial instruments in order to reduce the counterparty risk. These criteria limit the risk


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associated with possible credit concentration and market risk. Nevertheless, a derivativefinancial instrument could exhibit a negative market value during its lifetime. In someexceptional circumstances, Gasunie might be obliged to post cash collateral which willaffect its liquidity position.

Risks related to a downturn in the economy

An economic slowdown may lead to a decline in demand for gas and gas transmission.This is due to the fact that industries face lower demand and therefore will have a lower

production, reducing the need for gas and gas transport as an input in their productionprocess. This is partly mitigated by the fact that the Issuer's returns are largely dependenton the value of the regulated asset base, whereby volume risk is only born by the Issuer

within the regulatory periods.

Dependence on licences and authorisations

Gasunies subsidiaries are dependent on licences, authorisations, exemptions and/or

dispensations in order to operate their business. These licences, authorisations,exemptions and/or dispensations may be subject to amendments and/or additionalconditions being imposed on Gasunie. The imposing of additional conditions and/orrevoking of licences etc. may cause operational problems and delays in ongoing projectsand operations.

Environmental risks and contingencies

Gasunie's operations may be potentially hazardous and may be subject to the risk ofliability arising from environmental damages or pollution. Personal and external safety,health and environment are focal points in Gasunies policies. Gasunie has an establishedenvironmental policy in order to meet all applicable environmental standards. A disruption

in the gas infrastructure may lead to contingencies and may affect the public attitudetowards Gasunie and the gas infrastructure in general, causing limitations on the furtherdevelopment of the gas infrastructure.

Gasunie Pension Fund

Gasunie is one of the sponsors of Stichting Pensioenfonds Gasunie ("Pension Fund"). This amedium-sized corporate pension fund with a Final-pay Defined Benefit plan. The PensionFund has various participants, like active members, deferred members and retirees. Theseparticipants are all current and former employees of the Issuer and GasTerra B.V. Employeesof GUD do not draw benefits from the Pension Fund.

The Pension Funds liabilities amounted to 985,686,000 on 31 December 2011. The coverratio expresses the Pension Funds assets as a percentage of its future liabilities. Under theterms of the Dutch Pension Act (Pensioenwet), a pension fund is considered to beunderfunded if its cover ratio is less than 105%. Gasunie has committed itself to submitadditional payments to the Pension Fund such that the cover ratio exceeds the 105%mark ultimately the end of 2013. The magnitude of these additional contribution payments aredetermined on an annual basis and will obviously depend on future financial marketdevelopments. The cover ratio depends on the value of the Pension Funds assets, which arelargely dependent on the financial markets. The Pension Funds liabilities are discounted bythe long-term interest rates; therefore adverse movements in financial markets and/or adecrease in long-term interest rates may lead to a situation of underfunding. Any additionalcontribution payment will result in a lower profit for Gasunie.

On 31 December 2011 the cover ratio was 103.3%. As a consequence Gasunie made an


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additional contribution payment early 2012. This additional contribution payment for 2012 doesnot have a material impact of the financial situation of the Gasunie. On 30 April 2012 thecover ratio was 103.6%. A monthly update of the coverage ratio can be found on the websideof the Gasunie Pension Fund, www.pensioenfondsgasunie.nl.

Possible future minority privatisation

In June 2011, the Dutch Ministry of Economic Affairs, Agriculture and Innovation (EL&I)published the Energy Report, in which the Dutch government indicated that it is fullycommitted to building on the position of The Netherlands as a gas roundabout. The Ministerof EL&I also states in the Energy Report that Gasunie will have the option to privatise anon-controlling interest so as to allow cross-participations with TSO's in other jurisdictionsand to create new opportunities for funding investments for the energy infrastructure. Aminority privatisation may lead to a lower credit rating of Gasunie, once completed.

Factors which are material for the purpose of assessing the market risks associatedwith Notes issued under the Programme

The Notes may not be a suitable investment for all investors

Each potential investor in the Notes must determine the suitability of that investment in lightof its own circumstances. In particular, each potential investor should:

(i) have sufficient knowledge and experience to make a meaningful evaluation of theNotes, the merits and risks of investing in the Notes and the information containedor incorporated by reference in this Prospectus or any applicable supplement;

(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in thecontext of its particular financial situation, an investment in the Notes and the impact

the Notes will have on its overall investment portfolio;

(iii) have sufficient financial resources and liquidity to bear all of the risks of aninvestment in the Notes, including Notes with principal or interest payable in one ormore currencies, or where the currency for principal or interest payments is differentfrom the potential investor's currency or where the issue price is payable in morethan one instalment;

(iv) understand thoroughly the terms of the Notes and be familiar with the behaviour ofany relevant indices and financial markets; and

(v) be able to evaluate (either alone or with the help of a financial adviser) possible

scenarios for economic, interest rate and other factors that may affect its investmentand its ability to bear the applicable risks.

Some Notes are complex financial instruments. Sophisticated institutional investorsgenerally do not purchase complex financial instruments as stand-alone investments. Theypurchase complex financial instruments as a way to reduce risk or enhance yield with anunderstood, measured, appropriate addition of risk to their overall portfolios. A potentialinvestor should not invest in Notes which are complex financial instruments unless it hasthe expertise (either alone or with a financial adviser) to evaluate how the Notes willperform under changing conditions, the resulting effects on the value of the Notes and theimpact this investment will have on the potential investor's overall investment portfolio.
http://www.pensioenfondsgasunie.nl/


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Risks related to Notes generally

Set out below is a brief description of certain risks relating to the Notes generally:

Modification

The conditions of the Notes contain provisions for calling meetings of Noteholders toconsider matters affecting their interests generally. These provisions permit definedmajorities to bind all Noteholders including Noteholders who did not attend and vote at therelevant meeting and Noteholders who voted in a manner contrary to the majority.

EC Savings Directive

Based on Directive 2003/48/EC (the "EC Savings Directive"), the tax authorities of the EUMember States provide each other with details of payments of interest and similar incomemade to individuals or to certain limited types of entities who are the beneficial owner ofthose payments, but permits Austria and Luxembourg instead to impose a withholding taxon the payments concerned for a "transitional period" (35% from 1 July 2011 onwards). TheEC Savings Directive also provides that no such withholding tax should be levied where thebeneficial owner of the payment authorizes an exchange of information and/or where thebeneficial owner presents a certificate from the tax authority of the EU Member State inwhich the beneficial owner is resident.

A number of non-EU countries and certain dependent or associated territories, includingSwitzerland, have agreed to adopt similar measures (in certain cases on a reciprocal basis).The EC Savings Directive does not preclude EU Member States from levying other types ofwithholding tax. On 24 April 2009, the European Parliament approved an amended versionof certain changes proposed by the European Commission to these provisions, whichwould, if implemented, cause them to apply in a wider range of circumstances.

If, following the EC Savings Directive, a payment were to be made or collected through aMember State which has opted for a withholding system and an amount of, or in respect oftax were to be withheld from that payment, neither the Issuer nor any Paying Agent nor anyother person would be obliged to pay additional amounts with respect to any Note as aresult of the imposition of such withholding tax. The Issuer is required to maintain a PayingAgent in a Member State that will not be obliged to withhold or deduct tax pursuant to theDirective.

Change of law

The conditions of the Notes are based on Dutch law in effect as at the date of this

Prospectus. No assurance can be given as to the impact of any possible judicial decision orchange to Dutch law or administrative practice after the date of this Prospectus.

Notes where denominations involve integral multiples: definitive Notes

In relation to any issue of Notes which have denominations consisting of a minimumSpecified Denomination plus one or more higher integral multiples of another smalleramount, it is possible that such Notes may be traded in amounts that are not integralmultiples of such minimum Specified Denomination. In such a case a holder who, as aresult of trading such amounts, holds an amount which is less than the minimum SpecifiedDenomination in his account with the relevant clearing system at the relevant time may notreceive a definitive Note in respect of such holding (should definitive Notes be printed) and

would need to purchase a principal amount of Notes such that its holding amounts to aSpecified Denomination.


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If definitive Notes are issued, holders should be aware that definitive Notes which have adenomination that is not an integral multiple of the minimum Specified Denomination maybe illiquid and difficult to trade.

Risks related to the structure of a particular issue of Notes

A wide range of Notes may be issued under the Programme. A number of these Notes mayhave features which contain particular risks for potential investors. Set out below is adescription of the most material risks:

Notes subject to optional redemption by the Issuer

An optional redemption feature of Notes is likely to limit their market value. During anyperiod when the Issuer may elect to redeem Notes, the market value of those Notesgenerally will not rise substantially above the price at which they can be redeemed. Thisalso may be true prior to any redemption period.

The Issuer may be expected to redeem Notes when its cost of borrowing is lower than theinterest rate on the Notes. At those times, an investor generally would not be able toreinvest the redemption proceeds at an effective interest rate as high as the interest rate onthe Notes being redeemed and may only be able to do so at a significantly lower rate.Potential investors should consider reinvestment risk in light of other investments availableat that time.

Index Linked Notes and Dual Currency Notes

The Issuer may issue Notes with principal or interest determined by reference to an indexor formula, to changes in the prices of securities or commodities, to movements in currencyexchange rates or other factors (each, a Relevant Factor). In addition, the Issuer may

issue Notes with principal or interest payable in one or more currencies which may bedifferent from the currency in which the Notes are denominated. Potential investors shouldbe aware that:

(i) the market price of such Notes may be volatile;

(ii) they may receive no interest;

(iii) payment of principal or interest may occur at a different time or in a differentcurrency than expected;

(iv) they may lose all or a substantial portion of their principal;

(v) a Relevant Factor may be subject to significant fluctuations that may not correlatewith changes in interest rates, currencies or other indices;

(vi) if a Relevant Factor is applied to Notes in conjunction with a multiplier greater thanone or contains some other leverage factor, the effect of changes in the RelevantFactor on principal or interest payable likely will be magnified; and

(vii) the timing of changes in a Relevant Factor may affect the actual yield to investors,even if the average level is consistent with their expectations. In general, the earlierthe change in the Relevant Factor, the greater the effect on yield.


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Partly-paid Notes

The Issuer may issue Notes where the issue price is payable in more than one instalment.Failure to pay any subsequent instalment could result in an investor losing all of hisinvestment.

Variable rate Notes with a multiplier or other leverage factor

Notes with variable interest rates can be volatile investments. If they are structured toinclude multipliers or other leverage factors, or caps or floors, or any combination of thosefeatures or other similar related features, their market values may be even more volatilethan those for securities that do not include those features.

Inverse Floating Rate Notes

Inverse Floating Rate Notes have an interest rate equal to a fixed rate minus a rate basedupon a reference rate such as EURIBOR. The market values of those Notes typically aremore volatile than market values of other conventional floating rate debt securities basedon the same reference rate (and with otherwise comparable terms). Inverse Floating RateNotes are more volatile because an increase in the reference rate not only decreases theinterest rate of the Notes, but may also reflect an increase in prevailing interest rates, whichfurther adversely affects the market value of these Notes.

Fixed/Floating Rate Notes

Fixed/Floating Rate Notes may bear interest at a rate that the Issuer may elect to convertfrom a fixed rate to a floating rate or from a floating rate to a fixed rate. The Issuer's abilityto convert the interest rate will affect the secondary market and the market value of theNotes since the Issuer may be expected to convert the rate when it is likely to produce a

lower overall cost of borrowing. If the Issuer converts from a fixed rate to a floating rate, thespread on the Fixed/Floating Rate Notes may be less favourable than then prevailingspreads on comparable Floating Rate Notes tied to the same reference rate. In addition,the new floating rate at any time may be lower than the rates on other Notes. If the Issuerconverts from a floating rate to a fixed rate, the fixed rate may be lower than then prevailingrates on its Notes.

Notes issued at a substantial discount or premium

The market values of securities issued at a substantial discount or premium from theirprincipal amount tend to fluctuate more in relation to general changes in interest rates thando prices for conventional interest-bearing securities. Generally, the longer the remaining

term of the securities, the greater the price volatility as compared to conventional interest-bearing securities with comparable maturities.

Risks related to the investment market generally

Set out below is a brief description of the principal market risks, including liquidity risk,exchange rate risk, interest rate risk and credit risk:

The secondary market generally

Notes may have no established trading market when issued, and one may never develop. Ifa market does develop, it may not be very liquid. Therefore, investors may not be able to

sell their Notes easily or at prices that will provide them with a yield comparable to similarinvestments that have a developed secondary market. This is particularly the case for


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Notes that are especially sensitive to interest rate, currency or market risks, are designedfor specific investment objectives or strategies or have been structured to meet theinvestment requirements of limited categories of investors. These types of Notes generallywould have a more limited secondary market and more price volatility than conventionaldebt securities. Illiquidity may have a severely adverse effect on the market value of Notes.

Exchange rate risks and exchange controls

The Issuer will pay principal and interest on the Notes in the Specified Currency. Thispresents certain risks relating to currency conversions if an investor's financial activities aredenominated principally in a currency or currency unit (the Investor's Currency) other thanthe Specified Currency. These include the risk that exchange rates may significantlychange (including changes due to devaluation of the Specified Currency or revaluation ofthe Investor's Currency) and the risk that authorities with jurisdiction over the Investor'sCurrency may impose or modify exchange controls. An appreciation in the value of theInvestor's Currency relative to the Specified Currency would decrease (1) the Investor'sCurrency-equivalent yield on the Notes, (2) the Investor's Currency-equivalent value of the

principal payable on the Notes and (3) the Investor's Currency-equivalent market value ofthe Notes.

Government and monetary authorities may impose (as some have done in the past)exchange controls that could adversely affect an applicable exchange rate. As a result,investors may receive less interest or principal than expected, or no interest or principal.

Interest rate risks

Investment in Fixed Rate Notes involves the risk that subsequent changes in marketinterest rates may adversely affect the value of the Fixed Rate Notes.

Credit ratings may not reflect all risks

One or more independent credit rating agencies may assign credit ratings to the Notes. Theratings may not reflect the potential impact of all risks related to structure, market,additional factors discussed above, and other factors that may affect the value of the Notes.A credit rating is not a recommendation to buy, sell or hold securities and may be revised orwithdrawn by the rating agency at any time.

(In)stability of the Euro

Market perceptions concerning the instability of the Euro, the potential reintroduction ofindividual currencies within the Eurozone, or the potential dissolution of the Euro entirely,

could adversely affect the value of the Euro Notes.

Legal investment considerations may restrict certain investments

The investment activities of certain investors are subject to legal investment laws andregulations, or review or regulation by certain authorities. Each potential investor shouldconsult its legal advisers to determine whether and to what extent (1) Notes are legalinvestments for it, (2) Notes can be used as collateral for various types of borrowing and (3)other restrictions apply to its purchase or pledge of any Notes. Financial institutions shouldconsult their legal advisors or the appropriate regulators to determine the appropriatetreatment of Notes under any applicable risk-based capital or similar rules.


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RESPONSIBILITY STATEMENT

The Issuer (the Responsible Person) accepts responsibility for the information contained inthis Prospectus. To the best of the knowledge and belief of the Issuer (having taken allreasonable care to ensure that such is the case) the information contained in thisProspectus is in accordance with the facts and does not omit anything likely to affect theimport of such information.


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DOCUMENTS INCORPORATED BY REFERENCE

The following documents which have previously been published and have been filed withthe AFM shall be incorporated in, and form part of, this Prospectus:

(a) the N.V. Nederlandse Gasunie Report 2011, pages 70 through 152, containing thepublicly available audited financial statements of the Issuer (including the notesthereto and the auditors report thereon) in respect of the financial year ended 31December 2011;

(b) the N.V. Nederlandse Gasunie Report 2010, pages 46 through 124, containing thepublicly available audited financial statements of the Issuer (including the notesthereto and the auditors report thereon) in respect of the financial year 2010;

(c) the Semi-Annual Report 2011 N.V. Nederlandse Gasunie, pages 11 through 21,containing the reviewed financial statements of the Issuer for the period 1 January2011 through 30 June 2011;

(d) the Articles of Association of the Issuer;

(e) the Terms and Conditions of the Notes taken from the Prospectuses dated 30 May2006 (page 30 up to and including 48), 22 August 2008 (page 37 up to and including56) and 18 October 2010 (pages 51 up to and including 70).

Following the publication of this Prospectus, a supplement may be prepared by the Issuerand approved by the AFM in accordance with Article 5:23 of the Wft. Statements containedin any such supplement (or contained in any document incorporated by reference therein)shall, to the extent applicable (whether expressly, by implication or otherwise), be deemed

to modify or supersede statements contained in this Prospectus or in a document which isincorporated by reference in this Prospectus. Any statement so modified or supersededshall not, except as so modified or superseded, constitute a part of this Prospectus.

Copies of documents incorporated by reference in this Prospectus can be obtainedelectronically, free of charge, by downloading the documents from www.gasunie.nl/emtn.Requests for hard copies of these documents can be sent to [email protected].

The Issuer will, in the event of any significant new factor, material mistake or inaccuracyrelating to information included in this Prospectus which is capable of affecting theassessment of any Notes, prepare a supplement to this Prospectus or publish a newProspectus for use in connection with any subsequent issue of Notes.


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FORM OF FINAL TERMS RE ISSUES WITH A DENOMINATION OF LESS THAN EUR100,000

Set out below is the form of Final Terms in respect of each Tranche of Notes issued underthe Programme with a denomination of less than EUR 100,000.Text in this sectionappearing in italics does not form part of the form of the Final Terms but denotes directionsfor completing the Final Terms.

[Date]

N.V. Nederlandse Gasunie

Issue of [Aggregate Nominal Amount of Tranche] [Title of Notes]

under the 7,500,000,000

Euro Medium Term Note Programme

[The Prospectus referred to below (as completed by these Final Terms) has been preparedon the basis that, except as provided in sub-paragraph (ii) below, any offer of Notes in anyMember State of the European Economic Area which has implemented the ProspectusDirective (each a "Relevant Member State") will be made pursuant to an exemption underthe Prospectus Directive, as implemented in that Relevant Member State, from therequirement to publish a prospectus for offers of the Notes. Accordingly any person makingor intending to make an offer of the Notes may only do so:

(i) in circumstances in which no obligation arises for the Issuer or any Dealer to publisha prospectus pursuant to Article 3 of the Prospectus Directive or supplement a

prospectus pursuant to Article 16 of the Prospectus Directive, in each case, inrelation to such offer; or(ii) in those Public Offer Jurisdictions mentioned in item 35 below, provided such person

is one of the persons mentioned in item 35 below and that such offer is made duringthe Offer Period specified for such purpose therein.

Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of anyoffer of Notes in any other circumstances.]1

[The Prospectus referred to below (as completed by these Final Terms) has been preparedon the basis that any offer of Notes in any Member State of the European Economic Areawhich has implemented the Prospectus Directive (each a "Relevant Member State") will bemade pursuant to an exemption under the Prospectus Directive, as implemented in that

Relevant Member State, from the requirement to publish a prospectus for offers of theNotes. Accordingly any person making or intending to make an offer in that RelevantMember State of the Notes may only do so in circumstances in which no obligation arisesfor the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the ProspectusDirective or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, ineach case, in relation to such offer. Neither the Issuer nor any Dealer has authorised, notdo they authorise, the making of any offer of Notes in any other circumstances.]2

"Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, includingthe 2010 PD Amending Directive, to the extent implemented in the Relevant Member State),

1 Include this legend where a non-exempt offer of Notes is anticipated.

2 Include this legend where only an exempt offer of Notes is anticipated.


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and includes any relevant implementing measure in the Relevant Member State and "2010PD Amending Directive" means Directive 2010/73/EU.

PART A CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the

Conditions set forth in the Prospectus dated 18 June 2012 [and the supplementalProspectus dated [] which [together] constitute[s] a base prospectus for the purposes ofthe Prospectus Directive. This document constitutes the Final Terms of the Notes describedherein for the purposes of Article 5.4 of the Prospectus Directive and must be read inconjunction with such Prospectus [as so supplemented]. Full information on the Issuer andthe offer of the Notes is only available on the basis of the combination of these Final Termsand the Prospectus. The Prospectus [and the supplemental Prospectus] [is] [are] availablefor viewing and copies may be obtained free of charge, from the registered office of theIssuer and from the specified office of the Paying Agent.

The following alternative language applies if the first tranche of an issue which is beingincreased was issued under a prospectus with an earlier date.

Terms used herein shall be deemed to be defined as such for the purposes of theConditions (the "Conditions") set forth in the prospectus dated [30 May 2006] [22 August2008 and the supplemental prospectus dated 18 November 2008] [18 October 2010 andthe supplemental prospectus dated 30 September 2011]. This document constitutes theFinal Terms of the Notes described herein for the purposes of Article 5.4 of the ProspectusDirective (Directive 2003/71/EC) (the "Prospectus Directive") as amended (which includesthe amendments made by Directive 2010/73/EU (the 2010 PD Amending Directive) to theextent that such amendments have been implemented in a relevant Member State) andmust be read in conjunction with the Prospectus dated 18 June 2012 [and the supplementalProspectus dated []], which [together] constitute[s] a base Prospectus for the purposes ofthe Prospectus Directive, save in respect of the Conditions which are extracted from the

Prospectus dated [30 May 2006] [22 August 2008 and the supplemental prospectus dated18 November 2008] [18 October 2010 and the supplemental prospectus dated 30September 2011] and are attached hereto. Full information on the Issuer and the offer ofthe Notes is only available on the basis of the combination of these Final Terms and theProspectus dated 18 June 2012 [and the supplemental Prospectus dated []]. TheProspectus dated 18 June 2012 [and the supplemental Prospectus dated []] and theProspectus dated [30 May 2006] [22 August 2008 and the supplemental prospectus dated18 November 2008] [18 October 2010 and the supplemental prospectus dated 30September 2011] are available for viewing at []], and copies maybe be obtained free ofcharge, from the registered office of the Issuer and from the specified office of the PayingAgent.

[Include whichever of the following apply or specify as "Not Applicable (N/A). Note that thenumbering should remain as set out below, even if Not Applicable is indicated forindividual paragraphs or sub-paragraphs. Italics denote guidance for completing the FinalTerms.]

[When completing any final terms, or adding any other final terms or information,consideration should be given as to whether such terms or information constitute"significant new factors" and consequently trigger the need for a supplement to theProspectus under Article 16 of the Prospectus Directive.]

1. Issuer: N.V. Nederlandse Gasunie

2. [(i)] Series Number: [ ]

[(ii)] Tranche Number: [ ]


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(If fungible with an existing Series,details of that Series, including the dateon which the Notes become fungible).]

3. Specified Currency or Currencies: [ ]

4. Aggregate Nominal Amount: [ ]

[(i)] Series: [ ]

[(ii)] Tranche: [ ]

5. Issue Price: [ ] per cent of the Aggregate NominalAmount plus accrued interest from [insertdate] ( if applicable)]

6. (a) Specified Denominations: [ ][ ]

(b) Calculation Amount: (If only one Specified Denomination, insertthe Specified Denomination.

If more than one Specified Denomination,insert the highest common factor. Note:There must be a common factor in thecase of two or more SpecifiedDenominations.)

7. [(i)] Issue Date: [ ]

[(ii)] Interest Commencement Date: [ ]

8. Maturity Date: [specify date or (for Floating Rate Notes)Interest Payment Date falling in or nearestto the relevant month and year]

9. Interest Basis: [ per cent. Fixed Rate][[specify reference rate] +/ per cent.Floating Rate][Zero Coupon]

[Index Linked Interest][Other (specify)](further particulars specified below)

10. Redemption/Payment Basis: [Redemption at par][Index Linked Redemption][Dual Currency][Partly Paid][Instalment (specify Instalment Date(s) andInstalment Amount)][Other (specify)]

11. Change of Interest or

Redemption/Payment Basis:

[Specify details of any

provision for convertibility of Notes intoanother interest or redemption/ payment


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basis]

12. Put/Call Options: [Investor Put][Issuer Call][(further particulars specified below)]

13. [(i)] Status of the Notes: Senior

[(ii)] [Date [Board] approval forissuance of Notes obtained:

[ ] [and [ ], respectively]](N.B Only relevant where Board (or similar)authorisation is required for the particulartranche of Notes)]

14. Method of distribution: [Syndicated/Non-syndicated]

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

15. Fixed Rate Note Provisions [Applicable/Not Applicable]

(If not applicable, delete the remaining sub-paragraphs of this paragraph)

(i) Rate[(s)] of Interest: [ ] per cent. Per annum [payable[annually/semi-annually/quarterly/monthly]in arrear]

(ii) Interest Payment Date(s): [ ] in each year [adjusted in accordancewith [specify Business Day Convention andany applicable Business Centre(s) for thedefinition of Business Day]/not adjusted]

(iii) Fixed Coupon Amount[(s)]: [ ] per [ ] Calculation Amount

(iv) Broken Amount(s): [ ] per Calculation Amount, payable on theInterest payment Date falling [in/on] [ ]

(v) Day Count Fraction: [30/360 / Actual/Actual ([ICMA] /ISDA) /other]

(vi) Determination Dates: [ ] in each year (insert regular interestpayment dates, ignoring issue date ormaturity date in the case of a long or shortfirst or last coupon. N.B. only relevant

where Day Count Fraction is Actual/Actual([ICMA]))

(vii) Other terms relating to themethod of calculating interestfor Fixed Rate Notes:

[Not Applicable/give details]

16. Floating Rate Note Provisions [Applicable/Not Applicable](If not applicable, delete the remaining sub-paragraphs of this paragraph)

(i) Interest Period(s): [ ]


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(ii) Specified Interest PaymentDates:

[ ]

(iii) First Interest Payment Dates

(iv) Business Day Convention:

[ ]

[Floating Rate Convention/ FollowingBusiness Day Convention/ ModifiedFollowing Business Day Convention/Preceding Business Day Convention/ other(give details)]

(v) Business Centre(s): [ ]

(vi) Manner in which the Rate(s) ofInterest is/are to bedetermined:

[Screen RateDetermination/ISDADetermination/other (give details)]

(vii) Party responsible forcalculating the Rate(s) ofInterest and InterestAmount(s) (if not the [Agent]): [ ]

(viii) Screen Rate Determination:

Reference Rate: [ ] (Either LIBOR, EURIBOR or other,although additional information is requiredif other including fallback provisions in

the Agency Agreement) Interest Determination

Date(s):[ ] (Second London business day prior tothe start of each Interest Period if LIBOR(other than Sterling or euro LIBOR), firstday of each Interest Period if SterlingLIBOR and the second day on which theTARGET System is open prior to the startof each Interest Period if EURIBOR or euroLIBOR)

Relevant Screen Page: [ ] (In the case of EURIBOR, if notEURIBOR01 ensure it is a page which

shows a composite rate or amend thefallback provisions appropriately)

(ix) ISDA Determination:

Floating Rate Option: [ ]

Designated Maturity: [ ]

Reset Date: [ ]

(x) Margin(s): [+/-][ ] per cent. Per annum

(xi) Minimum Rate of Interest: [ ] per cent. Per annum(xii) Maximum Rate of Interest: [ ] per cent. Per annum


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(xiii)Day Count Fraction: [ ]

(xiv)Fall back provisions, roundingprovisions, denominator andany other terms relating to themethod of calculating intereston Floating Rate Notes, ifdifferent from those set out inthe Conditions:

[ ]

(xv)[Include other informationconcerning the underlyingrequired by Paragraph 4.7 ofAnnex V of the ProspectusDirective Regulation]

17. Zero Coupon Note Provisions [Applicable/Not Applicable](If not applicable, delete the remaining sub-paragraphs of this paragraph)

(i) [Amortisation/Accrual] Yield: [ ] per cent. Per annum

(ii) Reference Price: [ ]

(iii) Any other formula/basis ofdetermining amount payable:

[ ]

18. Index-Linked InterestNote/other variable-linked interest

Note Provisions

[Applicable/Not Applicable](If not applicable, delete the remaining sub-

paragraphs of this paragraph)

(i) Index/Formula/other variable: [give or annex details]

(ii) Party responsible forcalculating the Rate(s) ofInterest and/or InterestAmounts (if not the [Agent]):

(iii) Provisions for determiningCoupon where calculated byreference to Index and/orFormula and/or other variable:

(iv) Determination Date(s):

[ ]

[ ]

[ ]

(v) Provisions for determiningCoupon where calculation byreference to Index and/orFormula and/or other variableis impossible or impracticableor otherwise disrupted:

[need to include a description of marketdisruption or settlement disruption eventsand adjustment provisions]

[ ]

(vi) Interest or calculationperiod(s):

[ ]


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(vii) Specified InterestPayment Dates:

[ ]

(viii) Business Day Convention: [Floating Rate Convention/ FollowingBusiness Day Convention/Modified

Following Business DayConvention/Preceding Business DayConvention/other (give details)]

(ix) Business Centre(s): [ ]

(x) Minimum Rate/Amount ofInterest:

[ ] per cent. Per annum

(xi) Maximum Rate/Amount ofInterest:

[ ] per cent. Per annum

(xii) Day Count Fraction: [ ]

19. Dual Currency Note Provisions [Applicable/Not Applicable](If not applicable, delete the remaining sub-paragraphs of this paragraph)

(i) Rate of Exchange/method ofcalculating Rate of Exchange:

[give details]

(ii) Party, if any, responsible forcalculating the principal and/or Calculation Agent, if any,responsible for calculating theprincipal and/or interest due (if

not the [Agent]):

[ ]

(iii) Provisions applicable wherecalculation by reference toRate of Exchange impossibleor impracticable:

[ ]

(iv) Person at whose optionSpecified Currency(ies) is/arepayable:

[ ]

PROVISIONS RELATING TO REDEMPTION

20. Call Option: [Applicable/Not Applicable](If not applicable, delete the remaining sub-paragraphs of this paragraph)

(i) Optional Redemption Date(s): [ ]

(ii) Optional RedemptionAmount(s) of each Note andmethod, if any, of calculationof such amount(s):

[ ] per Calculation Amount/ AdjustedRedemption Price

- Optional RedemptionCalculation Date:

[[ ] Business Days prior to the Optional


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Redemption Date]]

- Determination Time: [ ]

- Reference Bond: [ ]

- Margin: [ ]

(iii) If redeemable in part:

(a) Minimum RedemptionAmount:

[ ] per Calculation Amount

(b) Maximum RedemptionAmount:


(iv) Notice period (if other than asset out in the conditions):

[ ] (N.B. If setting notice periods which aredifferent to those provided in the

Conditions, the Issuer is advised toconsider the practicalities of distribution ofinformation through intermediaries, forexample, clearing systems and custodians,as well as any other notice requirementswhich may apply, for example, as betweenthe Issuer and the Agent)

21. Put Option: [Applicable/Not Applicable](If not applicable, delete the remaining sub-paragraphs of this paragraph)

(i) Optional Redemption Date(s): [ ]

(ii) Optional RedemptionAmount(s) of each Note andmethod, if any, of calculationof such amount(s):


(iii) Notice period: [ ]

22. Final Redemption Amount ofeach Note

In cases where the Final

Redemption Amount is Index-Linked or other variable-linked:

(i) Index/Formula/variable:

(ii) Party responsible forcalculating Final RedemptionAmount (if not the [Agent]):

(iii) Provisions for determining FinalRedemption Amount wherecalculated by reference to Indexand/or Formula and/or other


[give or annex details]

[ ]

[ ]


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variable:

(iv) Determination Date(s):

(v) Provisions for determining FinalRedemption Amount where

calculation by reference toIndex and/or Formula and/orother variable is impossible orimpracticable or otherwisedisrupted:

(vi) Payment Date:

(vii) Minimum Final RedemptionAmount:

(viii) Maximum Final Redemption

Amount:

[ ]

[ ]

[ ]



23. Early Redemption Amount

Early Redemption Amount(s) perCalculation Amount payable onredemption for taxation reasons oron event of default or other earlyredemption and/or the method ofcalculating the same (if required orif different from that set out in the

Conditions):

[ ]

GENERAL PROVISIONS APPLICABLE TO THE NOTES

24. Form of Notes: Bearer Notes:[Temporary Global Note exchangeablefor a Permanent Global Note which isexchangeable for Definitive Notes on [ ]days notice/at any time/in the limitedcircumstances specified in the PermanentGlobal Note]

[Temporary Global Note exchangeable

for Definitive Notes on [] days notice]

[Permanent Global Note exchangeablefor Definitive Notes on [] days notice/atany time/in the limited circumstancesspecified in the Permanent Global Note]

(Ensure that this is consistent with thewording in the Form of the Notessection in the Prospectus and the Notesthemselves.)

25. New Global Note form: [Yes][No]

26. Financial Centre(s) or other special [Not Applicable/give


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provisions relating to Payment Dates: details. Note that this item relates to thedate and place of payment, and notinterest period end dates, to which items15 (ii), 16(iv) and 18(ix) relate]

27. Talons for future Coupons or

Receipts to be attached to DefinitiveNotes (and dates on which such Talonsmature):

[Yes/No. If yes, give details]

28. Details relating to Partly PaidNotes: amount of each paymentcomprising the Issue Price and date onwhich each payment is to be made [andconsequences (if any) of failure to pay,including any right of the Issuer to forfeitthe Notes and interest due on latepayment]:


29. Details relating to Instalment Notes:amount of each instalment, date onwhich each payment is to be made:


30. Other final terms: [Not Applicable/give details](When adding any other final termsconsideration should be given as towhether such terms constitute "significantnew factors and consequently trigger theneed for a supplement to the Prospectusunder Article 16 of the Prospectus

Directive.)

(If the Notes are derivative securities, thefollowing items will be set out here:(i) a description of the settlementprocedure;

(ii) a description of how any return on theNotes takes place, the payment ordelivery date, and the way it is calculated;

(iii) the exercise date or the finalreference date; and

(iv) the exercise price or the finalreference price of the underlying.)

(v) the time period, including any possibleamendments, during which the offer willbe open and description of the applicationprocess;

(vi) details of the minimum and/ormaximum amount of

application (whether in number of Notesor aggregate


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amount to invest;

(vii) method and time limits for paying upthe Notes and for delivery of the Notes;

(viii) a full description of the manner anddate in which results of the offer are to bemade public; and

(ix) process for notification to applicantsof the amount allotted and indicationwhether dealing may begin beforenotification is made.)

DISTRIBUTION

31. (i) If syndicated, names [andaddresses] of Managers [and

underwriting commitments]:

[Not Applicable/give names, [addressesand underwriting commitments]]

(Include names and addresses of entitiesagreeing to underwrite the issue on a firmcommitment basis and names andaddresses of the entities agreeing toplace the issue without a firmcommitment or on a best efforts basis ifsuch entities are not the same as theManagers.)

(ii) Date of [Subscription]Agreement:

[ ]

(iii) Stabilising Manager(s) (ifany):

[Not Applicable/give name]

32. If non-syndicated, name [andaddress] of relevant Dealer:

[Not Applicable/give name and address]

33. Total commission and concession:: [ ] per cent. Of the Aggregate NominalAmount

34. U.S. Selling Restriction [Reg. S Compliance Category 2; TEFRAD/TEFRA C/TEFRA not applicable]

35. Non-exempt offer: [Not Applicable] [An offer of the Notes

may be made by the Managers [and[specify, if applicable]] other thanpursuant to Article 3(2) of the ProspectusDirective in [specify relevant MemberState(s) which must be jurisdictionswhere the Prospectus and anysupplements have been passported](Public Offer Jurisdictions) during theperiod from [specify date] until [specifydate] (Offer Period). See furtherParagraph 10 of Part B below.

36. Additional selling restrictions: [Not Applicable/give details]


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PURPOSE OF FINAL TERMS

These Final Terms comprise the final terms required for issue [and] [public offer in the PublicOffer Jurisdictions] [and] [admission to trading on [NYSE Euronext in Amsterdam /theLuxembourg Stock Exchange/specify other] of the Notes described herein] pursuant to theEUR 7,500,000,000 Euro Medium Term Note Programme of N.V. Nederlandse Gasunie.

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms. [ hasbeen extracted from ]. The Issuer declares that, having taken all reasonable care to ensurethat such is the case, the information contained herein is, to the best of its knowledge, inaccordance with the facts and contains no omission likely to affect its import. The Issuerconfirms that the information extracted from [] has been accurately reproduced and that, sofar as it is aware, and is able to ascertain from information published by [], no facts havebeen omitted which would render the reproduced information inaccurate or misleading.

Signed on behalf of the Issuer:

By: ............................................Duly authorised


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PART B OTHER INFORMATION

1. LISTING

(i) Listing: [Amsterdam]/[other (specify)/None]

(ii) Admission to trading: [Application has been made for the Notes to beadmitted to trading on [ ] with effect from [ ].][Not Applicable.]

(Where documenting a fungible issue need toindicate that original securities are alreadyadmitted to trading.)

(If the Notes are derivative securities, thefollowing information will be set out here: nameand address of the entities which have a firmcommitment to act as intermediaries insecondary trading, providing liquidity throughbid and offer rates and description of the mainterms of their commitment)

2. RATINGS

Ratings: [The Notes to be issued [[have been]/[areexpected to be]] rated: [insert details]by [insertthe legal name of the relevant credit ratingagency entity(ies)].]

[Need to include a brief explanation of themeaning of the ratings if this has previously

been published by the rating provider.]

(The above disclosure should reflect the ratingallocated to Notes of the type being issuedunder the Programme generally or, where theissue has been specifically rated, that rating.)

[[Insert the legal name of the relevant credit

rating agency entity] is established in theEuropean Union and is registered under

Regulation (EC) No. 1060/2009 (as amended).[As such [insert the legal name of the relevant

credit rating agency entity] is included in the listof credit rating agencies published by the


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European Securities and Markets Authority onits website in accordance with such

Regulation.]

[[Insert the legal name of the relevant non-EU

credit rating agency entity]is not established inthe European Union and is not registered in

accordance with Regulation (EC) No.1060/2009 (as amended). [Insert the legal

name of the relevant non-EU credit ratingagency entity] is therefore not included in thelist of credit rating agencies published by the

European Securities and Markets Authority on

its website in accordance with suchRegulation.]]

[Insert the legal name of the relevant non-EU

CRA entity] is not established in the EuropeanUnion and has not applied for registrat

120618 Gasunie EMTN Base Prospectus

Documents

Transcript of 120618 Gasunie EMTN Base Prospectus