SNS Reaal NV : Transfer SNS Bank NV to Dutch State final

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Wednesday, September 30, 2015

SNS REAAL NV (SNS REAAL) announces that it transferred all shares of SNS Bank NV (SNS Bank) to the Dutch State (the State) on 30 September for a sum of € 2.7 billion, as announced by the Minister of Finance in his Letter to the House of Representatives dated 28 August last.

The State at once transferred SNS Bank to holding company SNS Holding BV (SNS Holding). The shares in SNS Holding were also obtained by the State from SNS REAAL and subsequently transferred by the State to NLFI in exchange for certificates. SNS REAAL had already transferred all REAAL NV shares to Anbang Group Holdings Co. Ltd. on 26 July 2015. SNS REAAL's Articles of Association were amended with effect from 30 September, at which time the name of the Company was changed into SRH NV.

The wind-down process of SRH will be led by a new Chairman of the Executive Board. On 30 September, Maurice Oostendorp resigned from his position as (acting) Chairman of the Executive Board of SRH and he has been succeeded by Harmen de Mol van Otterloo with effect from the same date. Accordingly, the Executive Board of SRH is composed of Harmen de Mol van Otterloo and Dick Okhuijsen with effect from 30 September.

On 30 September, Joes Leopold and Maurice Oostendorp were appointed Supervisory Board members, the former as Chairman. The Supervisory Board members, Jan van Rutte, Jos Nijhuis, Jan Nijssen, Monika Milz and Ludo Wijgaarden resigned as a result of which the Supervisory Board of SRH comprises Joes Leopold (Chairman), Charlotte Insinger and Maurice Oostendorp as of 30 September.

From 2 October 2015, SRH can be contacted via www.srh.nl.

The Board of SNS Bank remains unchanged and comprises Maurice Oostendorp (CEO), Annemiek van Melick (CFO), Alexander Baas (COO), Martijn Wissels (CRO) and Rob Langezaal (CCO).

Jan Nijssen steps down as Supervisory Board member of SNS Bank with effect from 30 September. Jan van Rutte, Chairman of the Supervisory Board, thanks him for his contributions to the Company: 'We are indebted to Jan Nijssen for his dedication and commitment in the roles of Supervisory Board member and Chairman of the Risk Committee after having taken up office in 2011 as well as during the nationalisation process. Last spring, Jan Nijssen indicated he did not to wish to be reappointed Supervisory Board member for a second term. Bearing all his other activities in mind, I understand his decision to step down at this moment.'

The Supervisory Board's composition will otherwise remain unchanged, comprising Jan van Rutte (Chairman), Charlotte Insinger, Monika Milz, Ludo Wijngaarden and Jos Nijhuis.

The European Central Bank meanwhile approved the appointment of Maurice Oostendorp and Jan van Rutte in August 2015. There is a personal union between the Board and the Supervisory Board of SNS Bank and SNS Holding.

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