1. Acquisition of Bouwfonds Property Finance 10 October 2006

2. - 2 - BPF Loan Portfolio by asset category BPF loan portfolio (by asset class, 1H06) Note: For data and figures please refer to “Important information relating to financial data presented in this presentation” Bouwfonds Property Finance: a Property Finance leader Total Committed Loans = €9.8 bn

3. - 3 - BPF is a Profitable Business Total Income BPF (€ mn) Total Net Profit BPF (€ mn) Dutch GAAPIFRS Financial details Note: For data and figures please refer to “Important information relating to financial data presented in this presentation” Unadjusted for: 1. SNS REAAL cost of funding 2. normalized cost of risk 3. IFRS purchase price allocation Loans Committed BPF (€ mn) Unadjusted for SNS REAAL cost of funding 1.59%1.63%1.68%1.83%1.85% NII % of loans to customers

4. - 4 - Detailed Financials of BPF – Pro-forma Pro-forma financial data (€ mn) Financial details

5. - 5 - All BPF data and figures provided in this presentation are provided for comparison purposes only and are based on pro-forma BPF segmental information and management reports SNS REAAL and BPF data and figures for 1H06 correspond to the pro-forma business carved-out from ABN AMRO Bouwfonds N.V. that SNS REAAL is acquiring under the contractual framework – 2003, 2004 and 2005 are excluding the impact of the pro forma business carve out BPF data and figures are unaudited BPF data and figures are not adjusted for – Higher cost of funding for BPF under SNS REAAL ownership – Normalized cost of risk over-the-cycle – IFRS purchase price allocation Important Information Relating to Financial Data Presented in this Presentation

6. Disclaimer This slide is a presentation by SNS REAAL N.V. ("SNS") and has been prepared solely for informational purposes and does not constitute an offer to sell or to issue or the solicitation of an offer to buy or subscribe for SNS securities in any jurisdiction (including, without limitation the United States, United Kingdom, Germany, France and the Netherlands). Any and all information communicated by SNS should not be construed as an offer to sell or to issue or a solicitation of an offer to buy or subscribe for SNS securities. This announcement contains forward looking statements concerning future events. Those forward looking statements are based on the current information and assumptions of the SNS management concerning known and unknown risks and uncertainties. Forward looking statements do not relate to definite facts and are subject to risks and uncertainty. The actual results may differ considerably as a result of risks and uncertainties relating to SNS expectations regarding such matters as the assessment of market risk or possible acquisitions, or business expansion and premium growth and investment income or cash flow predictions or, more generally, the economic climate and changes in the law and taxation. SNS cautions that expectations are only valid on the specific dates, and accepts no responsibility for the revision or updating of any information following changes in policy, developments, expectations or the like. All BPF data and figures provided in this presentation are provided for comparison purposes only and are based on pro-forma BPF segmental information and management reports. SNS REAAL and BPF data and figures for 1H06 correspond to the pro-forma business carved-out from ABN AMRO Bouwfonds N.V. that SNS REAAL is acquiring under the contractual framework. 2003, 2004 and 2005 are excluding the impact of the pro forma business carve out. BPF data and figures are unaudited. BPF data and figures are not adjusted for (1) higher cost of funding for BPF under SNS REAAL ownership, (2) normalized cost of risk over-the-cycle, and (3) IFRS purchase price allocation Not for distribution or publication in the United States, Canada or Japan. The information contained herein is not intended for distribution or publication in the United States, Canada or Japan. Neither this announcement nor any copy of it may be – directly or indirectly – taken to, or distributed or published in the United States, Canada or Japan. The shares of SNS REAAL have not been and will not be registered under the U.S. Securities Act, 1933, as amended (the ‘Securities Act’), and may not be offered or sold in the United States unless they are registered under the Securities Act or exemption from such registration applies.