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ABN AMRO Holding N.V. Offer Memorandum Listing Particulars

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ABN AMRO Holding N.V. Offer Memorandum Listing Particulars 11JUL200716232030 3JUL200720235794 11JUL200603145894 Public Offer by RFS Holdings B.V. FOR ALL THE ISSUED AND OUTSTANDING ORDINARY SHARES, NOMINAL VALUE OF e0.56 PER SHARE, IN THE CAPITAL OF ABN AMRO Holding N.V. Offer Memorandum and Listing Particulars 20 July 2007 This Offer expires at 15:00 hours, Amsterdam time, on 5 October 2007, unless extended. OFFER MEMORANDUM dated 20 July 2007 11JUL200716232030 3JUL200720235794 11JUL200603145894 PUBLIC OFFER BY RFS HOLDINGS B.V. FOR ALL THE ISSUED AND OUTSTANDING ORDINARY SHARES, NOMINAL VALUE OF e0.56 PER SHARE, IN THE CAPITAL OF ABN AMRO HOLDING N.V. RFS Holdings B.V. (‘‘RFS Holdings’’), a company formed by an affiliate of Fortis N.V. and Fortis SA/NV (Fortis N.V. and Fortis SA/NV together ‘‘Fortis’’), The Royal Bank of Scotland Group plc (‘‘RBS’’) and an affiliate of Banco Santander Central Hispano, S.A. (‘‘Santander’’), is offering to acquire all of the issued and outstanding ordinary shares, nominal value e0.56 per share (‘‘ABN AMRO Ordinary Shares’’), of ABN AMRO Holding N.V. (‘‘ABN AMRO’’), on the terms and conditions set out in this document (the ‘‘Offer’’). Under the terms of the Offer, holders of ABN AMRO Ordinary Shares will receive for each ABN AMRO Ordinary Share validly tendered and not properly withdrawn: • e35.60 in cash; and • 0.296 newly issued ordinary shares, nominal value £0.25 per share, of RBS (‘‘New RBS Ordinary Shares’’). For the purposes of the Dutch offer rules, the Offer extends to the ABN AMRO ADSs (as defined below), provided that, as further detailed below, the holders of ABN AMRO ADSs are referred to the U.S. Prospectus (as defined below), which is incorporated by reference into this document and can be obtained from the global information agent. As at 13 July 2007, the last trading day prior to the announcement made on 16 July 2007, the total value of the consideration being offered by RFS Holdings was e38.40 per ABN AMRO Ordinary Share, based on the closing price of 640p for the RBS Ordinary Shares on the London Stock Exchange (the ‘‘LSE’’) on that date and an exchange rate of e1.00 to £0.6777 as published in The Financial Times on 14 July 2007. The consideration set out above assumes the payment by ABN AMRO of an interim (cash or share) dividend in respect of 2007 in an amount not to exceed e0.55 per ABN AMRO Ordinary Share (before deduction of any applicable withholding taxes). If ABN AMRO declares an interim (cash or share) dividend in respect of 2007 in excess of e0.55 per ABN AMRO Ordinary Share (before deduction of any applicable withholding taxes) or any other (cash or share) dividend, distribution, share split or analogous transaction in respect of the ABN AMRO Ordinary Shares, and the record date for such (cash or share) dividend, distribution, share split or analogous transaction precedes the Settlement of the Offer, the consideration set out above may be reduced by an amount, in the case of an interim (cash or share) dividend in respect of 2007 in excess of e0.55 per ABN AMRO Ordinary Share, equal to such excess (before deduction of any applicable withholding taxes), or otherwise by the full amount of any other such dividend, distribution, share split or analogous transaction (before deduction of any applicable withholding taxes). If ABN AMRO declares an interim (cash or share) dividend in respect of 2007 of e0.55 or less per ABN AMRO Ordinary Share (before deduction of any applicable withholding taxes), and the record date for such dividend precedes the Settlement of the Offer, the consideration set out above will not be adjusted. The Offer Period (as defined herein) commences on 23 July, 2007 and ends at 15:00 hours, Amsterdam time, on 5 October 2007, unless it is extended. If the Offer Period is extended, RFS Holdings will make a public announcement to that effect within three Euronext Amsterdam Trading Days after the end of the Offer Period in accordance with the provisions of article 9o, paragraph 5 of the 1995 Securities Decree. The Offer is subject to certain conditions, including an 80% Minimum Acceptance Condition (as defined herein), as further described in this document. RFS Holdings reserves the right to waive any or all of these conditions, to the extent legally permitted. A detailed description of the terms and conditions of this Offer appears in Part IX (‘‘The Offer—Terms of the Offer’’ and ‘‘The Offer—Conditions to the Offer’’) of this document. ABN AMRO Ordinary Shares are listed on the Eurolist market of Euronext Amsterdam (‘‘Euronext Amsterdam’’) and ABN AMRO ADSs are listed on the New York Stock Exchange. RBS Ordinary Shares are listed on the LSE. Prior to the Offer being declared unconditional, RBS intends to list the New RBS Ordinary Shares on Euronext Amsterdam. This document contains detailed information concerning the Offer. This document is addressed to (i) all ABN AMRO Shareholders located in the Netherlands and (ii) all ABN AMRO Shareholders who are located outside the Netherlands and the United States, if, pursuant to the local laws and regulations applicable to such holders, they are permitted to participate in the offer set out herein. RFS Holdings recommends that ABN AMRO Shareholders read this document and the Listing Particulars, including all documents incorporated by reference (herein and therein), carefully and seek independent advice where deemed appropriate in order to reach a balanced judgment of the Offer and the issue and listing of New RBS Ordinary Shares. THIS DOCUMENT IS NOT AN OFFER TO SELL SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY SECURITIES, NOR SHALL THERE BE ANY SALE OR PURCHASE OF SECURITIES PURSUANT HERETO, IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED OR WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE LAWS OF ANY SUCH JURISDICTION. The exchange agent for the Offer is: Fortis Bank (Nederland) N.V. PART I IMPORTANT INFORMATION 1 Restrictions Scope ABN AMRO Shareholders to whom this document is addressed are advised to study this document and the Listing Particulars (including all documents incorporated by reference (herein and therein)) carefully and to seek independent advice where deemed appropriate in order to reach a balanced judgment of the Offer and the issue and listing of New RBS Ordinary Shares. This document is addressed to (i) all ABN AMRO Shareholders located in the Netherlands and (ii) all ABN AMRO Shareholders who are located outside the Netherlands and the United States, if, pursuant to the local laws and regulations applicable to such holders, they are permitted to participate in the offer set out herein. In deciding whether to tender their ABN AMRO Ordinary Shares in the Offer, ABN AMRO Shareholders should rely only on the information contained in or incorporated by reference into this document. RFS Holdings has not authorised any person to provide ABN AMRO Shareholders with any information relating to the Offer that is different from, or in addition to, the information that is contained in or incorporated by reference into this document. This document does not constitute an offer to sell securities and it is not a solicitation of an offer to buy securities, nor shall there be any sale or purchase of securities pursuant hereto, in any jurisdiction in which such offer, solicitation or sale is not permitted or would be unlawful prior to registration or qualification under the laws of any such jurisdiction. The distribution of this document and any separate documentation regarding the Offer in jurisdictions other than the Netherlands, and the making of the Offer in jurisdictions other than the Netherlands, may be restricted by law and persons into whose possession this document and any separate documentation regarding the Offer comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. None of RFS Holdings, Fortis, RBS, Santander or any of their advisers assume any responsibility for any violation of such restriction by anyone wheresoever. United States RFS Holdings is making the same offer to all ABN AMRO Shareholders who are resident in the United States (‘‘U.S. Holders’’), and to all holders of ABN AMRO ADSs, wherever located, pursuant to a separate U.S. prospectus (the ‘‘U.S. Offer’’ and the ‘‘U.S. Prospectus’’). The Offer and the U.S. Offer have the same terms and are subject to the same conditions. This document is not for distribution into the United States. Offers and sales outside of the United States are being made pursuant to Regulation S under the U.S. Securities Act. Offers and sales of the New RBS Ordinary Shares to U.S. Holders are covered by the U.S. Prospectus. Offers and sales of the New RBS Ordinary Shares outside the United States are not covered by the U.S. Prospectus. Each U.S. Holder and holders of ABN AMRO ADSs must receive the U.S. Prospectus prior to tendering his or her ABN AMRO Ordinary Shares or ABN AMRO ADSs in the U.S. Offer. This document has not been submitted to the SEC and is not an offer or sale of securities in the United States. No copy of this document may be mailed, communicated or distributed in the United States or to U.S. Holders and holders of ABN AMRO ADSs in any manner. Each ABN AMRO Shareholder acquiring the New RBS Ordinary Shares in the Offer pursuant to this document will be deemed to have represented and warranted that it has acquired the New RBS Ordinary Shares in an ‘‘Offshore transaction’’ as such term is defined in Regulation S.
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