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Fortis, RBS and Santander declare unconditional offer for ABN AMRO


Further to their announcement of 8 October 2007, Fortis, RBS, Santander (collectively, the "Banks") and RFS Holdings have declared wholly unconditional the offer for ABN AMRO ordinary shares and ABN AMRO ADSs (the "Ordinary Shares Offer") and the offer for ABN AMRO Formerly Convertible Preference Shares (the "Preference Shares Offer", and, together with the Ordinary Shares Offer, the "Offers"). Settlement of the Offers will take place on 17 October 2007.

In accordance with normal practice in the Netherlands, the Banks will provide a Subsequent Offering Period to allow holders of ABN AMRO ordinary shares, ABN AMRO ADSs and ABN AMRO Formerly Convertible Preference Shares (together, "ABN AMRO Shareholders") who have not yet accepted the Offers to tender their ABN AMRO ordinary shares, ABN AMRO ADSs and ABN AMRO Formerly Convertible Preference Shares (together, "ABN AMRO Shares").

Further details of the Subsequent Offering Period are set out below. The Banks encourage ABN AMRO Shareholders who have not yet accepted the Offers to do so immediately.

Thus far 1,590,342,964 ABN AMRO ordinary shares (including shares underlying 35,341,532 ABN AMRO ADSs) have been tendered under the Ordinary Shares Offer or will be contributed by the Banks to RFS Holdings. These represent approximately 86% of ABN AMRO ordinary shares.

In accordance with the terms of the Ordinary Shares Offer, payment of the offer consideration of 35.60 in cash and 0.296 new RBS ordinary shares to holders of ABN AMRO ordinary shares and ABN AMRO ADSs who have validly tendered and not withdrawn their ABN AMRO ordinary shares or ABN AMRO ADSs before 3.00 pm (Amsterdam time) / 9.00 am (New York City time) on 5 October 2007 will take place on 17 October 2007.

In accordance with the terms of the Preference Shares Offer, payment of the offer consideration of 27.65 in cash to holders of ABN AMRO Formerly Convertible Preference Shares who have validly tendered and not withdrawn their ABN AMRO Formerly Convertible Preference Shares before 3.00 pm (Amsterdam time) / 9.00 am (New York City time) on 5 October 2007 will take place on 17 October 2007.

ABN AMRO Shareholders who have not yet accepted the Offers will have the opportunity to tender their ABN AMRO Shares from 11 October 2007 until no later than 3.00 pm (Amsterdam time) / 10.00 am (New York City time) on 31 October 2007 (the "Subsequent Offering Period") for the same consideration and pursuant to the terms set out in the offer documentation.

(Extracted from the press release of Royal Bank of Scotland)

Mergers in Indian Banks

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