FINAL TERMS

21 September 2016

VCL MASTER NETHERLANDS B.V.

a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws ofthe Netherlands with its statutory seat in Amsterdam)

as Issuer

for the issuance of the

EUR 6,600,000 Class A Series 2016-6 Notes

to be consolidated andform a single Series with the EUR 37,100,000 Class A Series 2016-6 Notes already outstanding)

issued pursuant to the

EUR 1, 000,000,000 Programme for the Issuance of Notes

These Final Terns are issued to give details of an issue of Class A Notes by VCL Master Netherlands B. V. under the EUR 1, 000,000,000 programme for the issuance of Notes ( the " Programme"). The Final Terms attached to the Base Prospectus dated 26 May 2016 are presented in the form of a separate document containing only the final terms according to Article 26 para. 5 subpara. 2 of the Commission' s Regulation ( EC) No 809/ 2004 of 29 April 2004. The Base Prospectus and the Final Terms have been published on the website of the Luxembourg Stock Exchange ( www.bourse.lu).

The Final Terms of the Series 2016- 6 Class A Notes must be read in conjunction with the Base Prospectus. Full information on the Issuer and the offer of the Series 2016-6 Class A Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. Capitalised terms not otherwise defined herein shall have the meaning specified in the Conditions of the Class A Notes. All references in these Final Terms to numbered Conditions are to be read as reference to the respective Conditions of the Class A Notes.

FRADMS # 1070966- v4 1. Issue Price: 100 percent. of the Nominal Amount

2. Further Issue Date ( Condition 8 ( a)): 26 September 2016

3. Class A Series Number: 2016- 6

Tranche Number: 2

4. Nominal amount: EUR 6,600,000

5. Aggregate Nominal Amount of Series 2016- 6 Class A Notes EUR 43, 700,000 including the Notes subject of these Final Terms):

6. Series 2016- 6 Class A Notes Interest Rate: EURIBOR rate for one month Euro deposits plus the Margin as set out in Condition 8 ( c)

Series 2016- 6 Class A Notes Factor ( Condition 7 ( c)) shall be calculated as follows:

43, 700, 000- KR NF= ------43, 700, 000

whereby NF means the Series 2016-6 Class A Notes Factor which is calculated to six decimal places KR means the total of all repayments of the nominal amount of all Series 2016-6 Class A Notes paid and contained respectively in each payment up to each respective Payment Date. The calculation of the Note Factor is described in the relevant definition.

Amount on which interest is to be paid on the first Payment EUR 43, 700,000 Date (Condition 9 ( a)):

7. Margin ( Condition 8 ( c )): 0.70 per cent. per annum

8. First occurring Payment Date with respect to the Series 25 October 2016 2016- 6 Class A Notes:

9. Series 2016- 6 Revolving Period Expiration Date: Payment Date falling in May 2017 ( or as extended in accordance with Condition 9 ( c))

FRADMS # 1070966- v4 10. Series 2016-6 Class A Scheduled Repayment Date (Condition Payment Date falling in May 2023 ( or 9 ( c)): as extended in accordance with Condition 9 ( c) as a consequence of the extension of the Series 2016-6 Class A Revolving Period Expiration Date)

11. Series 2016-6 Class A Final Maturity Date (Condition 9 ( c)): 25 November 2024 ( or as extended in accordance with Condition 9 ( c) as a

consequence of the extension of the Series 2016-6 Class A Revolving Period Expiration Date)

12. Settlement information: delivery free of payment

13. Intended to be held in a manner which would allow Yes. Note that the designation " yes" Eurosystem eligibility: simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and registered in the name of a nominee of one of the ICSDs acting as common safekeeper, and does not necessarily mean that the Notes will be recognized as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.

14. Clearing Codes:

ISIN Code XS 1452378745

Common Code 145237874

15. Admission to trading and total expenses: Application has been made for the Series 2016- 6 Class A Notes subject of these Final Terms to be admitted to trading on the regulated market of the Luxembourg Stock Exchange with effect from 26 September 2016. The

total expenses related to the admission to trading will amount to EUR 2,920.

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O u N nd bqC ZV These Final Terms comprise the final terms required to list and have admitted to trading the issue of Series 2016- 6 Class A Notes described herein ( as from 26 September 2016).

VCL Master Netherlands B. V. lntertrust Management BV

Troxy Hc;. der P.p. HaverKa np--Idema Proxyholder

FRADMS-# 1070966- v4 10