Update on USD 250 million 7¾% Subordinated Deposit Notes, Series B, due 2023

Press release -

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On 27 May 2011 ABN AMRO Bank N.V. (ABN AMRO) announced an exchange and cash tender offer (Tender offer) for outstanding USD 250 million 7¾% Subordinated Deposit Notes, Series B, due 2023 of RBS N.V., New York Branch (formerly known as “ABN AMRO Bank N.V., New York Branch”) (the Existing Notes) into new 7.75% Fixed Rate Subordinated Notes due 2023. Although economically allocated to ABN AMRO, these Existing Notes remained a legal obligation of RBS N.V (RBS) as these Existing Notes were not legally transferred to ABN AMRO as part of the legal demerger in February of 2010.


In respect of the Tender offer, Existing Notes representing an aggregate of USD 114,434,000 in principal amount were tendered to ABN AMRO, subsequently sold by ABN AMRO to RBS and thereafter cancelled by RBS. ABN AMRO issued new notes of its own representing an aggregate of USD 114,434,000 in principal amount under the Tender offer. A principal amount of USD 135,566,000 of the Existing Notes was not offered in the Tender offer.

ABN AMRO has agreed with RBS that the outstanding USD 135,566,000 Existing Notes (US 00077TAA25) will be economically reallocated from ABN AMRO to RBS retroactively per 1 January 2012.

For further information, please contact:

ABN AMRO Press Office
pressrelations@nl.abnamro.com
+31 20 628 8900

ABN AMRO Investor Relations
investorrelations@nl.abnamro.com
+31 20 628 2282

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