SNS UNIT POSTPONES COUPON PAYMENT ON SOME SUBORDINATED BONDS

     (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.
 
 
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