SNS REAAL TRANSFERS PROPERTY FINANCE SHARES TO DUTCH STATE

     (The following press release from SNS Reaal NV was received by e-mail. The 
sender verified the statement.) 
SNS REAAL transfers Property Finance to the State 
SNS REAAL announces that the shares in Property Finance will be transferred to 
the Dutch State on 30 December 2013. The State will subsequently transfer these 
shares to NLFI (NL Financial Investments). After the nationalisation of SNS 
REAAL on 1 February 2013, the Minister of Finance announced that the real 
estate and real estate loan portfolio would be separated.  The spin-off of the 
Property Finance activities is part of the restructuring plan for SNS REAAL, 
which the Dutch State submitted to the European Commission (EC) on 19 August 
2013. The EC approved the transfer on 19 December 2013. As per 30 December 
2013, the Dutch State will guarantee the funding by SNS Bank to Property 
Finance.