We have observed an increase in Dutch private bank F. Van Lanschot Bankiers' cost of risk since mid-2011, which partly reflects the weakened economic backdrop in The Netherlands. We are therefore revising our outlook on the bank to negative from stable, and affirming the 'A-/A-2' long- and short-term counterparty credit ratings. The negative outlook primarily reflects our view that we may reassess the economic risk in The Netherlands in the event of pronounced systemwide stress, or that we may revise our assessment of the bank's risk position. On Oct. 4, 2012, Standard&Poor's Ratings Services revised its outlook on Dutch private bank F. van Lanschot Bankiers N.V. (Van Lanschot) to negative from stable. At the same time we affirmed
