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OFFERING MEMORANDUM DATED 27 NOVEMBER 2014 ENECO HOLDING N.V. (Incorporated As a Public Company with Limited Liability With

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OFFERING MEMORANDUM DATED 27 NOVEMBER 2014 ENECO HOLDING N.V. (Incorporated As a Public Company with Limited Liability With OFFERING MEMORANDUM DATED 27 NOVEMBER 2014 ENECO HOLDING N.V. (incorporated as a public company with limited liability with its statutory seat in Rotterdam, The Netherlands) EUR 500,000,000 Perpetual Fixed Rate Reset Securities The issue price of the EUR 500,000,000 Perpetual Fixed Rate Reset Securities (the "Securities") will be issued by Eneco Holding N.V. (the "Issuer" or "Eneco") is 99.232 per cent. of their principal amount. Interest is payable subject to and in accordance with the Terms and Conditions of the Securities. From (and including) 1 December 2014 until (but excluding) 1 December 2021 the Securities will bear interest at a rate of 3.25 per cent. per annum, payable annually in arrear on 1 December of each year. Thereafter, unless previously redeemed, the Securities, from (and including) 1 December 2021 to (but excluding) the date on which they are redeemed, will bear interest at a rate per annum which shall be the aggregate of the applicable Margin (which will include, after the First Step-up Date, a 0.25 % step-up over the initial credit spread and, after the Second Step-up Date, a further 0.75 % step-up) and the five year Swap Rate determined two TARGET Business Days prior to the beginning of each Reset Period, payable annually in arrear on 1 December of each year, all as described in "Terms and Conditions of the Securities — Coupon Payments". Payments on the Securities will be made without deduction for or on account of taxes of The Netherlands to the extent described under "Terms and Conditions of the Securities — Taxation". The Issuer may at its discretion elect to defer any payment of interest on the Securities, see "Terms and Conditions of the Securities — Deferral of Interest". Any amounts so deferred shall constitute Arrears of Interest (as defined in the Terms and Conditions of the Securities). Arrears of Interest shall bear interest. The Issuer may pay outstanding Arrears of Interest, in whole or in part, at any time (as described in the Terms and Conditions of the Securities). The Issuer shall pay any outstanding Arrears of Interest, in whole but not in part, on the first to occur of the following dates: (i) the Coupon Payment Date immediately following a Mandatory Payment Event (as defined in the Terms and Conditions of the Securities) and (ii) the date on which the Securities are redeemed (in whole, but not in part) in accordance with Condition 3 (Winding-up), Condition 6(b) (Optional Redemption by the Issuer), Condition 6(c) (Redemption for Taxation Reasons), Condition 6(d) (Redemption for Accounting Reasons), Condition 6(e) (Redemption for Rating Reasons), Condition 6(f) (Redemption following exercise of Clean-up Call) or Condition 6(g) (Redemption for Major Corporate Event), all as described in "Terms and Conditions of the Securities – Deferral of Interest". The Securities are perpetual securities in respect of which there is no fixed redemption date, see "Terms and Conditions of the Securities — Redemption and Purchase". The Securities will become due and payable in the event of a winding-up of the Issuer, see "Terms and Conditions of the Securities — Winding-up". The Securities may be redeemed at the option of the Issuer, including, without limitation, upon the occurrence of a Withholding Tax Event, a Tax Deduction Event, an Accounting Event, a Rating Event or following a Major Corporate Event and following exercise by the Issuer of a Clean-up Call (each as defined in the Terms and Conditions of the Securities). See "Terms and Conditions of the Securities — Redemption and Purchase", which also includes the terms applicable to such redemption including the basis for calculating the redemption amounts payable. The Securities will constitute subordinated obligations of the Issuer as described in "Terms and Conditions of the Securities — Status and Subordination" and "Terms and Conditions of the Securities — Winding-up". Investing in the Securities involves certain risks. The principal risk factors that may affect the abilities of the Issuer to fulfil their respective obligations under the Securities are discussed under "Risk Factors" below. - i- Application has been made to admit the Securities to the official list of the Luxembourg Stock Exchange (the "Official List") and to trading on the Luxembourg Stock Exchange's Euro MTF Market (the "Euro MTF Market"). The Euro MTF Market is not a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments. References in this offering memorandum (the "Offering Memorandum") to the Securities being "listed" (and all related references) shall mean that the Securities have been admitted to the Official List and admitted to trading on the Euro MTF Market. This Offering Memorandum has been approved as a prospectus issued in compliance with part 2 of the Luxembourg rules and regulations by the Luxembourg Stock Exchange in its capacity as competent authority under Part IV of the Luxembourg law of 10 July 2005 on prospectuses for securities, as amended for the purposes of giving information with regard to the Securities described in this Offering Memorandum. The Securities have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act") and are subject to United States tax law requirements. The Securities are being offered outside the United States by the Managers (as defined in "Subscription and Sale") in accordance with Regulation S under the Securities Act ("Regulation S"), and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Securities will be in bearer form and in the denomination of EUR 100,000 with integral multiples of EUR 1,000 in excess thereof each. The Securities will initially be in the form of a temporary global security (the "Temporary Global Security"), without interest coupons, which will be deposited on or around 1 December 2014 (the "Closing Date") with a common depositary for Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg"). The Temporary Global Security will be exchangeable, in whole or in part, for interests in a permanent global security (the "Permanent Global Security" and together with the Temporary Global Security, the "Global Securities"), without interest coupons, not earlier than 40 days after the Closing Date upon certification as to non-U.S. beneficial ownership. Interest payments in respect of the Securities cannot be collected without such certification of non-U.S. beneficial ownership. The Permanent Global Security will be exchangeable in certain limited circumstances in whole, but not in part, for Securities in definitive form in the denomination of EUR 100,000 each and with interest coupons attached. See "Summary of Provisions Relating to the Securities in Global Form". The Securities will be rated BBB by Standard & Poor's Credit Market Services Europe Limited ("S&P"). Standard & Poor's Credit Market Services Europe Limited is established in the EEA and registered under Regulation (EU) No 1060/2009, as amended (the "CRA Regulation"). Standard & Poor's Credit Market Services Europe Limited appears on the latest update of the list of registered credit rating agencies (as of 24 November 2014) on the ESMA website http://www.esma.europa.eu. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning credit rating agency. STRUCTURING ADVISORS AND JOINT GLOBAL CO-ORDINATORS Barclays The Royal Bank of Scotland JOINT BOOKRUNNERS ABN AMRO Barclays BNP PARIBAS ING The Royal Bank of Scotland 27 November 2014 - ii- CONTENTS Page IMPORTANT NOTICES ............................................................................................................................. 1 INFORMATION INCORPORATED BY REFERENCE ............................................................................ 3 RISK FACTORS .......................................................................................................................................... 4 OVERVIEW ............................................................................................................................................... 14 TERMS AND CONDITIONS OF THE SECURITIES ............................................................................. 17 SUMMARY OF PROVISIONS RELATING TO THE SECURITIES IN GLOBAL FORM .................. 38 USE OF PROCEEDS ................................................................................................................................. 40 DESCRIPTION OF THE ISSUER............................................................................................................. 41 TAXATION ............................................................................................................................................... 55 SUBSCRIPTION AND SALE ................................................................................................................... 58 GENERAL INFORMATION .................................................................................................................... 60 INDEX OF DEFINED TERMS ................................................................................................................. 62 IMPORTANT
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