(The following press release issued by SNS Reaal NV was obtained from 
Progress on corporatization of SNS Property Finance. 
Thursday, June 20, 2013.
 SNS REAAL is making good progress in realising the Minister of Finance’s 
instruction to bring about an independent property organization that will 
manage the property and property finance portfolio of SNS Property Finance in 
the years ahead. The organization will move to a new location on July 2nd and 
will later continue with another name. In the context of the corporatization, 
Hans Copier will become its new CEO on Monday, June 24th.  
These changes underpin the transition towards an independently operating 
property organization. With an eye for value maximisation for the Dutch State, 
the independent organization will focus on a controlled and professional 
phase-out of its property finance and property portfolio. The corporatization 
means that the property activities will disappear from SNS Retail Bank’s 
balance sheet, allowing the bank to focus on its core activities. SNS Property 
Finance’s corporatization route is followed in close consultation with the 
Ministry of Finance, which is being advised by BlackRock Solutions about the 
set-up and structure of the corporatization.  
New situation  
As CEO, Hans Copier will lead the organization. Until the beginning of this 
year he was country manager Netherlands at CBRE Global Investors, where he also 
served as fund manager for various Dutch property funds. Copier is succeeding 
Jaap van Dijk, who will be focussing within SNS REAAL on the preparation and 
implementation of the restructuring plan for the European Commission. “Since 
January 1st 2010, Jaap van Dijk led SNS Property Finance. Despite very 
challenging circumstances the organization managed to reduce its portfolio 
considerably during that period and I am grateful to him for his contributions 
to that process”, says Gerard van Olphen, Chairman of the Executive Board of 
SNS REAAL. “The product of the new situation for SNS REAAL, SNS Property 
Finance is entering a new period as well. This calls for a new CEO. I am 
confident that Hans Copier will play a valuable role.”  
Credit limits  
The total of credit limits of SNS Property Finance amounts to EUR 7.7 billion 
(as at the end of March 2013). The level of anticipated loans amounts to EUR 
2.8 billion. The Dutch State intends to provide a guarantee of approximately 
EUR 5 billion for the funding of the property organization. When the guarantee 
is obtained, in combination with the transfer SNS Bank will not have any credit 
exposure to a corresponding finance amount. Accordingly, it will no longer 
carry the corresponding risk-weighted assets in its capital ratios either. In 
addition, the Dutch State intends to capitalise the property organization. The 
structure described above with regard to Property Finance (the spin-off, the 
funding guarantee and the capitalisation of the property organization) is 
subject to the European Commission’s consent. The intention is to phase out the 
portfolio over a period of eight to ten years.
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