ABN AMRO's Reverse Mortgage wins again for customers

PRESS RELEASE 5 December 2007

ABN AMRO has taken out the Money Magazine's 2008 Gold Award for Best Reverse Mortgage Award (Bank category) due to its customer-focused blend of flexibility, low fees, great rates and security. This latest achievement makes ABN AMRO's Reverse Mortgage the most awarded reverse mortgage in Australia.

"We are delighted to win the Gold Award for the second year running - being recognised as the Best Bank Reverse Mortgage provider is a great achievement," said Martin Lynch, Director of ABN AMRO Reverse Mortgages.

"We have found that customers find it increasingly important to get this type of product from a bank, so to be recognised as the best in this competitive field is not only significant but also very exciting."

Since its launch only two years ago, the ABN AMRO Reverse Mortgage product has been recognised and acclaimed by industry experts and customers alike, becoming a favourite for people aged 60+ seeking to release equity in their home through a lump sum cash advance, an income stream or the popular flexible drawdown facility.

"Feedback has been overwhelmingly positive, with retirees delighted by their ability to keep control of their finances, benefit from genuine value for money, a sense of security and the chance to improve their quality of life," said Mr Lynch.

"Importantly, we insist that all our customers seek independent legal and financial advice so that they're fully aware of their loan implications. We also provide financial intermediaries with calculators designed to model the effects of changes, such as house prices, interest rates and life expectancy scenarios", Mr Lynch said. "We recognise the importance of keeping customers fully informed and customers can get a full understanding of the product before taking out the loan through these tools and this process."

A table summarising the product's key features is shown here:

Flexibility	ABN AMRO offers a choice between fixed and variable rates, depending on the structure of the loan. Customers can enjoy one or a combination of the following three options: Lump sum Monthly income for up to 20 years Flexible drawdown
Competitive	Competitive, regularly reviewed interest rates No monthly charges No revaluation fees No drawdown fees
Guarantee	No negative equity guarantee - the customer can never owe the bank more than the value of their property
Security	Backed by one of the world's largest banks, ABN AMRO

One market leading feature is customers' ability to ring-fence 25% of the value of their property. This is above and beyond the no negative equity guarantee, which means that they will definitely have funds available to help meet their aged care needs.

"The key feature that led to so many awards is the "rainy day facility". This facility enables customers to have a flexible drawdown just in case they need it – if they don't use it, there are no monthly fees or charges and obviously no interest," said Mr Lynch. The stress relief for retirees in having this flexibility and control has been welcomed by customers.

About ABN AMRO

ABN AMRO Australia & New Zealand is a leading provider of investment and corporate banking products and services. ABN AMRO work with major corporations, financial institutions and public sector clients. Their teams have played key roles in some of the largest and most complex transactions, equity raisings and infrastructure projects undertaken.

About ABN AMRO worldwide

Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 1,120.1 bln (as at 30 June 2007). It has more than 4,000 branches in 53 countries, and has a staff of more than 99,000 full-time equivalents worldwide. ABN AMRO was acquired by the Consortium of RBS, Fortis and Santander in October 2007 and its various businesses will be divided among the three banks.