SRLEV NV will pay deferred interest and resume coupon payments on its subordinated bonds

Resumption of coupon payments on the subordinated bonds issued by SRLEV NV

SRLEV NV (SRLEV) issued EUR 400 million subordinated bonds (ISIN code XS0616936372) and CHF 105 million undated callable subordinated bonds (ISIN code CH0130249581) (the Bonds). At the announcement of the completion of the sale of VIVAT to Anbang, SNS REAAL announced that SRLEV would continue to make use of its optional interest payment deferral right not to pay the coupons on the Bonds and that it would decide on the coupon payments after the capital injection. Now that VIVAT has received the capital injection, SRLEV decided to pay deferred interest and resume coupon payments on the Bonds on 6 November 2015.

Revocation of 403 statement in respect of SRLEV

With effect from 1 January 2016, financial institutions can no longer rely on an exemption from the obligation to publish full financial statements. As a result, liability statements under article 2:403(1)(f) of the Dutch Civil Code (DCC) (known as 403 statements, and as a prerequisite for this exemption) will lose their primary purpose. Furthermore, recent developments have demonstrated that financial institutions may be restrained from raising regulatory capital by such 403 statements. Therefore, VIVAT contemplates the revocation of its 403 statement in respect of SRLEV. In accordance with the procedure set out in article 2:404 DCC, a declaration to that effect will be filed with the Dutch Business Register (Handelsregister). Current creditors of SRLEV (including holders of the Bonds and policyholders) will retain their rights under the 403 statement as set out in article 2:404(2) DCC.