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Amsterdam,
01 November 2007
Announcement regarding share and option plans for the ABN AMRO Managing Board members and severance package for Rijkman Groenink
In line with our usual policy of transparency, ABN AMRO today discloses the total value of share and options schemes for Managing Board members following a decision by the Supervisory Board to approve the award scheme relating to the Performance Share Plan (PSP) for 2006 and 2007.
Following the change of ownership, members of the ABN AMRO Managing Board tendered shares to the offer of the Consortium. Consistent with the terms of the executive remuneration schemes approved by shareholders, all outstanding shares and options earned by the Managing Board and staff prior to the change of ownership were cash settled at EUR 37.88 a share.
Share awards for the Managing Board are linked to the performance of the bank, including the total return to shareholders (TRS) and the average return on equity (ROE), and has been accumulated over a long period of time. Details are available in the annual reports. For the latest two cycles 2006-2009 and 2007-2010 the award has been set at 150%, given ABN AMRO's number 1 position in the peer group. The performance award in the last cycle was in the form of phantom shares. These shares, which have fiscal advantages for the bank, do not have voting rights and therefore can't be listed in the AFM register. Further details of the total awards will be disclosed via the usual channels: the annual report 2007 and the AFM website.
Furthermore, ABN AMRO's Supervisory Board and Rijkman Groenink, who will resign as Chairman of the Managing Board at the Extraordinary General Meeting of shareholders later today, have agreed a severance package. As part of the agreement, Mr Groenink will receive 22 months of salary plus (on target) bonus, amounting to EUR 4.3 million.
Press contact: +31 20 6288900
IR contact: +31 20 6287835
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ABN AMRO Bank N.V.
Press Relations
(HQ 9140)
P.O. Box 283
1000 EA Amsterdam
The Netherlands
Contact Press Relations
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