Substitution EMTN Notes Schiphol Nederland B.V.

With effect on and from the 2nd of November 2015, N.V. Luchthaven Schiphol ("NVLS") shall be substituted in place of Schiphol Nederland B.V. ("SNBV") as principal obligor of the notes issued under the EMTN Programme of NVLS and SNBV that are listed below ("Notes").With effect on and from the 2nd of November 2015, NVLS shall be released as guarantor in respect of the Notes and SNBV shall guarantee the Notes in accordance with the EMTN Programme documentation.The Notes concerned are:

I	the €30,000,000 5.16 per cent Guaranteed Notes due 9 May 2018 (ISIN: XS0167622454);
II	the ¥20,000,000,000 3.155 per cent notes due 4 August 2038 (ISIN: XS0378569247);
III	the €50,000,000 4.463 per cent Guaranteed Notes due 23 October 2016 (ISIN: XS0459479555);
IV	the €15,000,000 4.283 per cent Guaranteed Notes due 23 October 2016 (ISIN: XS0459479472);
V	the €50,000,000 4.935 per cent Guaranteed Notes due 23 October 2019 (ISIN: XS0459479399);
VI	the €85,000,000 4.966 per cent Guaranteed Notes due 28 October 2019 (ISIN: XS0459442710);
VII	the €438,447,000 4.430 per cent Guaranteed Notes due 28 April 2021 (ISIN: XS0621167732);
VIII	the €40,000,000 3.0842 per cent Guaranteed Notes due 28 October 2025 (ISIN: XS0983151282);
IX	the €30,000,000 2.936 per cent Guaranteed Notes due 6 December 2025 (ISIN: XS0997565436); and
X	the €80,000,000 2.5 year Floating Rate Guaranteed Notes due 28 September 2016 (ISIN: XS1050663506).