Fixed Income. The Dutch Way

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1 Fixed Income The Dutch Way

2 Table of contents SNS REAAL NV SNS Securities NV Fixed Income Why us? Contact information

3 SNS REAAL NV 4 th largest financial institution in the Netherlands Euronext listing May 2006 FY 2010 revenues: 7 billion Balance sheet FY 2010: billion Number outstanding shares: 288 million Market cap: > 1 billion S & P Moody s Fitch Tier 1 ratio FY 2010: 10.7% SNS REAAL SNS Bank BBB+ (stable) A- (stable) Baa1 (negative) A3 (negative) BBB+ (negative) A- (negative)

4 Shares of SNS REAAL Stichting Beheer SNS REAAL Floating shares 54,3% 45,7% SNS REAAL NV 100% 100% SNS BANK NV REAAL VERZEKERINGEN NV

5 Table of contents SNS REAAL NV SNS Securities NV Fixed Income Why us? Contact information

6 Organogram SNS REAAL 6

7 SNS Securities: a local specialist in a global market A large independent player in the Netherlands' securities market Strong and reliable position as a local Dutch securities firm on Euronext Amsterdam Comprises of some of the most experienced, talented and dedicated people in the industry with specialized knowledge of various disciplines Successful track record in providing highly regarded investment ideas Excellent reputation in the marketplace Strives to be one of the most interdisciplinary and innovative firms in the industry Personal service is our core principle In a world driven by improving efficiencies, we realize that the clients need can only be optimally served through personally tailored service. That's exactly what we do to sustain our market share.

8 Departments SNS Securities N.V. Fixed Income Equity Brokerage / Trading / LP Derivatives Research Capital Markets Private Clients Established since 1981 Independent financial institution with >140 employees Large institutional and international client base Asset Management

9 Table of contents SNS REAAL NV SNS Securities NV Fixed Income Why us? Contact information

10 Fixed Income the dealingroom

11 Fixed Income Team: THE ALTERNATIVE Trading in over 2,000 Eurobonds Large team consisting of 20 experienced specialists Special advisory desk to local and international institutional clients Partner to investors in the Netherlands and the whole of Europe Best service for retail desks (at other banks) Working with 700+ financial institutions worldwide Broad access to SNS REAAL Group network and funding Specialist in selling complete portfolio s of relatively less liquid bonds

12 Fixed Income products: Cash Bonds Government bonds Credits HY + EMD

13 Fixed Income Sales (local & international) Independent private partner for wholesale customers Often the only non-major bank on the approved (broker) list (Mostly) acting on an exclusive basis

14 Fixed Income Trading A large team of dealers with long-term experience in fixed income trading; working now for more than 10 years together Good and long lasting relationship with over 700 international as well as Dutch financial institutions Thorough knowledge of government, supra-national, financial and corporate bond markets as well as structured deals and convertibles Strong focus on relatively less liquid issues by investment grade issuers Experience in the primary and the secondary Dutch private placement market Quoting over 2,000 Euro and Euro-legacy issues on Bloomberg (also issues denominated in other currencies) Independent and solid reputation in the market Issuing agent for new issues by SNS Bank

15 SNSX / Order Desks Electronic Trading platform provided in Bloomberg for efficient trade executions {SNSX <GO>} Non-inventory option to request quotes for issues not traded so far on Experienced assistance in selecting the right Eurobond (yield, maturity & etc.) Creation of independent alternative investment products and structures aimed at private clients

16 {SNSX <GO>} ELECTRONIC TRADING SYSTEM ON Bloomberg Free access No costs Accessible

17 Specialist center A large team of highly qualified specialists trading and selling bonds (with an average of more than 20 years of experience each) Tailor made solutions for pension funds, asset managers, insurers etc. Long lasting relationships with most (major) Dutch institutional clients Independent & non-biased view as well as extensive knowledge on the fixed income securities market Extensive IBOXX based Eurobond selector & Trade idea tool (I-BEST-IT ) Specialized in creating independent structured finance solutions Optimal execution on complex trades Idea driven relative value (not limited to bonds only) Expert in combining up-to-date theoretical models to the state-of-the-art software programs

18 Samples of our Quantitative Analysis

19 Table of contents SNS REAAL NV SNS Securities NV Fixed Income Why us? Contact information

20 Why us? We have exceptional knowledge of the global fixed income market We have access to many sources of research We have execution power We adopt a long term strategy We can assist you in building spreadsheets and complex models We can assist you in guarding & maintaining your positions We are specialists in less liquid fixed income issues We are specialists in creating structured finance solutions We offer tailor made solutions to all our clients

21 We are always there for you Use our knowledge and let us know what you want

22 Table of contents SNS REAAL NV SNS Securities NV Fixed Income Why us? Contact information

23 Contact Information Sales Team (International) Tel: Rolf Bakker 8437 Eric Otto 8453 Clifton de la Sencerie 8915 Mirna Delis 8492 Address SNS Securities N.V. Nieuwezijds Voorburgwal 162 P.O. Box AE Amsterdam snssecurities.nl snsreaal.nl Sales Team (Local) Tel: Rob Hogenhuis Gert van der Scheer Bert Kok Hans Payralbe Peter Slieker Jacques de Jong Diemer de Vries Trading Team Tel: Frans van Dee 8438 Ferdy Snoeks 8455 Peter Westra 8464 Order Execution Tel: / 8930 Peter van den Heuvel Jan Joost Snijder Erwin Blaas Hein de Vries Reinhard van Marwijk Kooy

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com

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