Thursday, November 21st, 2002
The Pierre Hotel, New York City

Established 1981
SNS Securities is one of the largest broker/dealers in The Netherlands, providing Institutional Research & Distribution, Corporate Brokerage, Investment Banking, & Private Client Services to a diversified client base, which includes financial institutions, corporations and high net worth individuals. Over the period January-August 2002, the company ranked #12 in terms of total equity volume on Euronext Amsterdam, with a market share of 2.9%. Over that period it ranked #12 at the Equity Market of Euronext Brussels, with a 3% market share. SNS Securities is a leading liquidity provider and corporate broker in shares of listed small & mid cap - and property companies, with an estimated market share of over 15%; furthermore it acts as listing & paying agent and liquidity provider for investments funds and ETF. The company is located in the centre of Amsterdam, the Netherlands and employs 90 people. Research is primarily distributed through the internet and major data vendors, such as First Call, Reuters, I/B/E/S, Multex, Investexst and Bloomberg. Other activities are Equity Capital Markets, Acquisition Finance , Prime Brokerage, Portfolio Management & Private Client Brokerage, and Custody, Clearing & Settlement. As per September 2002, the company manages in excess of € 0.4 billion for high net-worth individuals, endowments, charities, foundations and private institutions. The company was established in 1981, has been part of Banque Indosuez from 1990 until 1997 and is since then a subsidiary of SNS bank N.V., the banking arm of SNS Reaal Group, one of the largest financial institutions in The Netherlands.. (For information see below).

Registered broker/dealer at the Netherlands Authority for the Financial Markets - Dutch Securities Institute - Member of Euronext Equity Market Amsterdam, Brussels & Paris - Euronext Amsterdam Derivative Markets, Euronext Amsterdam Clearing & Depository - direct member, XETRA, Association of Dutch Stockbrokers, Association of Dutch Asset Managers, International Securities Market Association.

Connected to Alert, Oasis, Clearstream, Euroclear, GL Trade, Market Match, ClearNet, Reuters Intertrade Direct, S.W.I.F.T. and Bloomberg Electronic Equity Marketplace.

SNS Reaal Group is the #6 largest financial group and the #5 financial retail distribution network in the Netherlands. The group offers private and business customers in the Netherlands a complete range of banking, investment and insurance products though a variety of sales channels, through its all finance, multi-channel strategy. SNS bank is primarily active in retail banking, insurance, asset management, retail /on-line brokerage. Over first half of the year 2002, the group's total assets amounted to € 44 billion, with combined capital and reserves of € 1,6 billion and a net profit of € 87 million. The BIS Tier 1 capital ratio for SNS bank is 7.9. Assets under management amounted to around € 11 billion, securities in custody to about € 19 billion. Credit rating SNS bank: senior debt: Moody's A2, Fitch IBCA A+ outlook stable (pvs negative) September 27th 2002, Standard & Poors' A outlook steady (unch.) August 22nd, 2002.; SNS Reaal Group: Moody's A3, Standard & Poors' A-. The group employs a staff of about 5,700, and is headquartered in Utrecht, in the centre of the Netherlands.

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