Notice of Redemption

Notice of Redemption

The Royal Bank of Scotland N.V. (the "Issuer")

The holders of the A$575,000,000 Subordinated 6.50% Notes converting to Floating Rate Notes due 2018 of the Issuer, issued under its A$5,000,000,000 Debt Issuance Programme (ISIN Code: AU0000ABOHG2 (the "Notes")) have been notified by the Issuer of the upcoming redemption of the Notes on 17 February 2015. The amount of the Notes currently outstanding is A$123,223,000.

The Notes are being redeemed pursuant to Condition 6.4 of the Notes (Early redemption at the option of the Issuer) at par plus accrued and unpaid interest to the date of redemption. The Issuer has notified the holders pursuant to the terms of the Notes.

For further information, please contact:

Matthew Richardson

The Royal Bank of Scotland plc

250 Bishopsgate, London, EC2M 4AA

TEL: +44 20 7678 1800