Shareholders

Major shareholders

As per 2 November 2007, approximately 98.8% of ABN AMRO Holding’s ordinary shares are owned by the consortium of banks (constituted by Royal Bank of Scotland, Fortis and Banco Santander) through the Dutch vehicle RFS Holdings B.V., which is consolidated as part of the RBS Group. The consortium of Royal Bank of Scotland, Fortis and Banco Santander declared its offer unconditional and subsequently settled the tendered ABN AMRO shares on 17 October 2007. Including the tendering of the ABN AMRO ordinary shares during the subsequent offering period, 98.8% of the ABN AMRO ordinary shares were tendered; and in aggregate, all the shares tendered, represented approximately 98.8% of ABN AMRO voting rights. Immediately upon settlement of the offer, the tendered ABN AMRO shares became owned by the consortium banks through the Dutch vehicle RFS Holdings B.V., which is consolidated into the RBS Group.

Under the Dutch law, the acquiring party must have at least 95% of the outstanding shares in order to start a squeeze out procedure. Once initiated, usually a statutory squeeze out proceeding based on article 2:92aDutch Civil Code takes about 6 months, depending on the delay inter alia caused by opposition by defending parties. The ABN AMRO squeeze out has been initiated. As the ABN AMRO squeeze out is one not seen very often in Dutch law system, there is no high probability on how the judgement will eventually turn out . However it would be reasonable to expect the timeline to be around 6 months until conclusion. But once again, there are no guarantees at this point in time.