(The following press release from SNS Reaal NV was received by e-mail. The sender also posted the statement on www.snsreaal.nl) SRLEV postpones coupon payment on CHF105,000,000 undated callable subordinated bonds (ISIN code CH0130249581) SRLEV has issued CHF105,000,000 undated callable subordinated bonds in July 2011 under the ISIN code CH0130249581 (the Bonds), the terms and conditions of which are set out in a prospectus dated 15 July 2011 (the Terms and Conditions). The European Commission has recently decided not to allow SRLEV to pay the coupon due on the Bonds on the next interest payment date, i.e. 19 December 2013. Therefore, SRLEV makes use of its optional deferral right based on Condition 4(e) of the Terms and Conditions not to pay such coupon. This decision confirms the decision of the European Commission of 22 February 2013 in which the State aid measures as a result of the nationalization of SNS REAAL, the holding company of SRLEV, on 1 February 2013 have been preliminary approved with the provision that a coupon ban applies for those payments that do not stem from a legal obligation. Since the interest payment by SRLEV due on 19 December 2013 is not compulsory based on the Terms and Conditions, the European Commission does not allow SRLEV to pay this coupon. Pursuant to Condition 7 of the Terms and Conditions, such non payment of the coupon will not constitute an event of default. Unpaid interest shall as long as it remains unpaid constitute arrears of interest and shall bear the same rate of interest as is payable on the Bonds.
SNS UNIT POSTPONES COUPON PAYMENT ON SOME SUBORDINATED BONDS
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