Tender offer class A and class B notes issued by Shield I BV

Press release -

Yesterday Standard & Poor's Rating Services, a division of The McGraw Hill Companies, Inc. ("S&P") placed the Shield I Class A Notes and Shield I Class B Notes on CreditWatch negative following an update of its criteria for assessing counterparty and supporting obligations published on 6 December 2010.


Shield I B.V. is a synthetic securitisation transaction that is envisaged to be terminated on the scheduled redemption date 20 January 2012. Fitch Ratings Ltd and Moody's Investors Service Limited continue to rate Shield I Class A Notes AAA/Aaa and the Shield I Class B Notes AA/Aa2, respectively.

By means of this Tender Offer ABN AMRO Bank N.V. provides an exit opportunity for the noteholders of the Shield I Class A Notes and Shield I Class B Notes following such notice by S&P by offering to purchase the Notes.

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