NOTICE OF REPLACEMENT OF BANK N.V. BY NEDERLAND AS ISSUER OF CERTAIN SECURITIES

FRIESLAND BANK N.V. (a public limited company (naamloze vennootschap) established under the laws of the and having its statutory seat in , the Netherlands) (the Issuer)

to the holders of the EUR 8,900,000 10 years Zerobond Issued on 21 October 2008 under the Issuer's EUR 3,000,000,000 Debt Issuance Programme (ISIN: XS0394088057, Common Code: 39408805)

EUR 25,000,000 4.25 per cent. Notes due 14 December 2016 Issued on 14 December 2006 under the Issuer's EUR 3,000,000,000 Debt Issuance Programme (ISIN: XS0279033046, Common Code: 027903304)

EUR 25,000,000 Floating Rate Notes due December 2016 Issued on 8 December 2006 under the Issuer's EUR 3,000,000,000 Debt Issuance Programme (ISIN: XS0278233431, Common Code: 27823343)

EUR 25,000,000 Floating Rate Notes due 15 February 2016 Issued on 15 February 2006 under the Issuer's EUR 3,000,000,000 Debt Issuance Programme (ISIN: XS0244347612, Common Code: 024434761)

EUR 10,000,000 Fixed Rate Notes due 29 December 2025 Issued on 29 December 2005 under the Issuer's EUR 3,000,000,000 Debt Issuance Programme (ISIN: XS0239154643, Common Code: 023915464)

EUR 50,000,000 Subordinated Fixed Rate Notes due 8 January 2016 Issued on 28 December 2005 under the Issuer's EUR 3,000,000,000 Debt Issuance Programme (ISIN: XS0239147514, Common Code: 023914751)

EUR 25,000,000 3.90 per cent. Notes due 10 February 2015 Issued on 10 February 2005 under the Issuer's EUR 2,000,000,000 Debt Issuance Programme (ISIN: XS0211806293, Common Code: 021180629)

EUR 10,000,000 5.32 per cent. Subordinated Notes due February 2024 Issued on 26 February 2004 under the Issuer's EUR 2,000,000,000 Debt Issuance Programme (ISIN: XS0186404403, Common Code: 018640040)

(together, the Notes)

NOTICE IS HEREBY GIVEN that the Issuer has, together with Migratie FB Schuldtitels B.V., filed documentation on 22 August 2013 with the relevant Chamber of Commerce for a legal demerger which is envisaged to be effective on or about 1 October 2013. The demerger proposal inter alia outlines the legal process for the transfer of the Notes by Friesland Bank N.V.'s to Migratie FB Schuldtitels B.V. Following the demerger, but prior to the merger becoming effective, Migratie FB Schuldtitels B.V.'s shares will be transferred from Friesland Bank Holding N.V. to Rabobank Nederland (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A). Migratie FB Schuldtitels B.V. and Rabobank Nederland have simultaneously filed documentation with the relevant Chamber of Commerce for a legal merger which is envisaged to become effective the day after the aforementioned demerger has become effective. As a result of the merger, Migratie FB Schuldtitels B.V. will cease to exist. As a consequence, Rabobank Nederland will become the issuer of the Notes and all of Friesland Bank N.V.'s rights, obligations and liabilities under and in connection with the Notes will transfer to Rabobank Nederland.

The filed demerger documentation, including a description of assets and liabilities to be transferred to Migratie FB Schuldtitels B.V., and the filed merger documentation are available for consultation at the Chambers of Commerce.

Leeuwarden, the Netherlands, 23 August 2013

Friesland Bank N.V.