ABN AMRO RBS GBM JointCapabilities May92008

Joint capabilitiesMay 2008

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ABN AMRO/RBS GBM – joint capabilities presentation

• This presentation provides a useful overview to an internal audience, covering a range of complementary strengths and synergies across major asset classes and geographies, using current awards/accolades and league tables.

• Where the appropriate client agreement is held to present joint capabilities, the specific content can be taken from individual slides to create more focused material for external use.

• Please note that league table positions and volumes for 2007 are not aggregated, as it would misrepresent the position that would have existed if the two businesses had been working as one throughout the year. However, from 1 January 2008 transactions underwritten by RBS and ABN AMRO are consolidated for the purpose of expressing league table volumes and rankings. These new league table positions are labelled RBS only, and cover Q1 2008.

• We hope that you will find this pack of credentials to be a useful tool in aiding and understanding of the way that the two businesses fit together.

This presentation is designed to inform employees and clients of RBS’s and ABN AMRO’s capabilities. It should be noted, however, that currently clients can only benefit from the expertise of both banks if

they explicitly give their approval for a joint approach.

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Contents

Introduction 4

Capabilities by product area• Bond Markets 10

• Securitisation 14

• Loan Markets 17

• Leveraged Finance/High Yield 23

• Project Finance 26

• Equities 29– Hoare Govett 34

• FX 36

• Derivatives 39– Credit Derivatives and Alternatives Trading 42– Fund Linked Derivatives 44– Equity Derivatives 46– Exotics & Hybrid Structuring & Trading 47– Exotic Commodity Derivatives 49

• Mergers and Acquisitions 50

• Transaction Banking 54

• Commodities 58

Appendix• Eco-markets 63

• Sustainability – accolades 64

• Emerging Debt & Forex Markets 65

• Shipping Finance – overview 66

• Structured Asset Finance & Aviation Capital 67

Disclaimers 68

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Introduction

• A key priority for us is to bring the benefits of the combination of ABN AMRO with RBS to our joint client base.

• ABN AMRO brings considerable strengths in equities, corporate finance/advisory, emerging markets and transaction banking.

• RBS Global Banking & Markets brings its expertise from leading positions across the spectrum of debt and risk management products

globally, equally relevant to both borrowers and investors.

• Combined we maintain a broad global network in more than fifty countries for an extensive international presence, clients the combined

benefit of local knowledge and world class skills.

• RBS and ABN AMRO will continue to operate independently for several months, pending integration, and no client information will be shared

during this period. However, in some circumstances we will be able to provide access to new capabilities almost immediately.

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Our joint capabilities at a glance

League table positions, Q1 20081

All International Bonds 7

All Euromarket Issues 5

All Bonds in EUR 4

All International FRNs 4

All Covered Bonds (All Currencies) 3

Global Securitisations (ex Agencies) 4

Cross Border Traditional Private Placements2 1

Global Loans 8

EMEA Loans 3

US Loans 7

Asia Pacific Loans (Ex Japan, ex ANZ) 16

Emerging Markets Loans 3

European Leveraged Loans 2

Project Finance EMEA MLA 1

Global Equity Issues 10

UK Equity Issues 5

Asia Pacific (ex Japan) Equity Issues 8

Notes1) Thomson Financial, Q1 20082) Private Placements Monitor, FY 20073) Euromoney FX Poll 2007

4) FX Week Awards 20075) Thomson Financial, Completed Deals, Full Year 20076) Dealogic, Announced Deals, Full Year 2007

Best Bank Europe 2007Supply Chain Finance

2007


2007


2007


2007


2007


2007


2007


2007

‘India Loan House of the Year’

2007


2007


2007


2007


2007


2007


2007


2007

‘Best Bank for Liquidity Management Western

Europe and CEE’

2007


Europe and CEE’

2007


Europe and CEE’

2007


Europe and CEE’

2007


Europe and CEE’

2007


Europe and CEE’

2007


Europe and CEE’

2007


Europe and CEE’

2007

‘Russia and CIS Loan House of the Year’

2007


2007


2007


2007


2007


2007


2007


2007

‘EEMEA Bond House of the Year’

2007


2007


2007


2007


2007


2007


2007


2007

‘Best Lead Manager for Covered Bonds’

2007


2007


2007


2007


2007


2007


2007


2007

‘Energy Advisorof the Year’

2007


2007


2007


2007


2007


2007


2007


2007

‘M&A House of the Year (Asia)’

2007


2007


2007


2007


2007


2007


2007


2007

RBS is Global Bank of the Year ABN AMRO is Sustainable Bank of the Year

Polls, 2007

Global FX (by Marketshare)3 4 12

Best Bank for FX in the Eurozone4 - 5

Best Bank for Prime Brokerage4 5 4

Best bank Structured Product4 - 5

Global M&A5 - 13

European M&A5 - 13

Asia Pacific (ex Japan) M&A5 - 10

USA M&A6 - 16

Latin American M&A6 - 5

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“RBS has boasted one of the most consistent project finance teams of the last few years […]. The deal portfolio was probably the widest and most high profile of the market. Significantly, RBS can profess to have one of the most balanced projects lists in terms of sector and region”

(Project Finance International, Yearbook 2008)

What the media says

“ABN AMRO continued its form of 2006 and was involved not only in the leading M&A financings, which ruled centre stage, but also brought a broad mix of transactions for Indian corporate. This is the third year running that ABN AMRO has enjoyed pole position in this sector.”

(ifrAsia, December 2007)

“ while all major emerging markets bookrunners took full advantage of the booming conditions in early 2007, ABN AMRO stood out. … ABN AMRO almost doubled its market share this year, establishing itself as a top-tier force to be reckoned with.”

(ifr, December 2007)

“…the success of the USD 1.5 billion privatization of UTAC – a landmark deal that is the largest private equity-led public M&A transaction ever completed in Asia this year and the largest technology M&A deal in Singapore in the past six years.”

(The Asset, December 2007)

“This is the deal that catapults corporate India in the global M&A stage and starts a new trend in the country’s M&A history. The USD 13 billion equivalent acquisition, which included GBP 500 million of existing debt, is the largest by any India company and the second largest M&A deal in the steel industry.”

(The Asset, December 2007)

“…The three deals show that ABN AMRO is at the forefront is leading some of the biggest trends in Latin American debt: acquisition, financing, private equity, and local-market distribution. All are important benchmarks for the region“

(Euromoney, July 2007)

“RBS is the unrivalled leader in European syndicated loans and is consistently at the top of the leveraged finance league tables. It has also maintained its leadership in the sterling bond market and structured finance markets”

(EuroWeek, 2007)

“Royal Bank of Scotland came from nowhere to build a powerful fixed income franchise in Europe. Now it wants to go global…”

(Institutional Investor, 2007)

“Diversification, liquidity and leadership were the central tenets the marketplace not only needed but rewarded handsomely, making RBS Greenwich Capital IFR’s North American Securitisation House of the Year

“….for broadening its sterling franchise through the development of new business and providing leadership, innovation and liquidity in all market conditions, RBS is IFR’s Sterling Bond House of the Year”

(ifr, December 2007)

“As well as promoting the options market, RBS has also been keen to add more of an international presence to its traditional strength in UK inflation. The fruits of this global presence started to appear last year, with significant trades happening in all three of those markets.”

(Risk Magazine, 2008)

“Several international banks walked away from the Maxis deal, reckoning its size meant it couldn’t be done. ABN AMRO and CIMB showed it could.”

(Euromoney, February 2008)

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Truly global coverage

The combined businesses will have a significant presence in more than 50 countries

RBS locations before integration of ABN AMRO

RBS locations after integration of ABN AMRO

Notes: 1) Presence to be established during 2008 2) Rep office3) Presence through 40% stake in Saudi Hollandi Bank

North AmericaUnited States

Latin America--

Asia PacificAustraliaChinaHong Kong(China) Japan Malaysia Singapore

EMEAFinlandFranceGermanyGreeceIrelandItaly Portugal SpainSweden United Kingdom

ArgentinaBrazil1

CanadaChile

AsiaItaly LuxembourgNetherlandsNorwayPortugalSpain SwedenSwitzerlandUnited Kingdom

Central & Eastern Europe, Middle East & AfricaColombia

MexicoUnited StatesVenezuela

Americas

Western EuropeAustriaBelgiumChannel IslandDenmarkFinlandFranceGermanyGibraltarGreeceIreland

Czech Republic Egypt2

EmiratesKazakhstan Poland RomaniaRussia

SlovakiaTurkey Saudi Arabia3

South Africa United United Arab EmiratesUzbekistan

AustraliaChinaHong Kong (China)IndiaIndonesiaJapanKorea (South)Malaysia

New ZealandPakistanPhilippinesSingaporeTaiwanThailandVietnam

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Results

Financial information as at 28 February 2008

RBS group

GBP billion

Group operating profit 10.282

Total assets 1,901

Risk-weighted assets 609

Return on equity (%) 19.9

BIS capital ratio (%) 11.2

Core tier 1 (%) 4.5

BIS tier 1 ratio (%) 7.3

Income ratio (%) 40.7

Source – Published full-year 2007 results of The Royal Bank of Scotland Group including 76 days’ ownership of part of ABN AMRO Group

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Credit ratings

Credit agency ratings

Rating agency1 Moody’s2 Standard & Poor’s3 Fitch4

Rating type Short term Long term Short term Long term Short term Long term

The Royal Bank of Scotland Group plc P-1 Aa1 A-1+ AA- F1+ AA+

The Royal Bank of Scotland plc P-1 Aaa A-1+ AA F1+ AA+

ABN AMRO Bank NV P-1 Aa2 A-1+ AA- F1+ AA-

Notes: 1. Source – Credit Rating Agencies as listed2. On 17 October 2007 Moody’s Investor Services affirmed the ratings of The Royal Bank of Scotland Group plc and subsidiaries as above. The outlook for long-term debt remains negative. At the same time Moody’s affirmed

the ratings for ABN AMRO Bank NV, but changed the outlook on the long-term debt ratings from stable to developing3. On 3 September 2007 S&P affirmed the ratings of The Royal Bank of Scotland Group plc and subsidiaries as above. The outlook for long-term debt remains negative. On 23 October S&P affirmed the ratings of ABN AMRO

Bank NV and re-iterated the positive outlook for ratings4. On 9 Oct 2007 Fitch Ratings affirmed the ratings of The Royal Bank of Scotland Group plc and subsidiaries as above, noting that ABN AMRO Bank NV’’s long-term IDR of AA- remains on Rating Positive Watch to reflect

the average long-term IDR of the consortium members being higher than that of ABN AMRO

Capabilities by product areaBond Markets

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League tables

All International Bonds

RBS #7

All Euromarket Issues

RBS #5

All Bonds in EUR

RBS #4

All International FRNs

RBS #4

Source: Thomson Financial Q1 2008

Bond Markets – overview

#1 in Cross-Border Traditional Private Placements(Private Placements Monitor, FY 2007)

Leading in Non-Core Currencies

All International BondsAll Euromarket Issues

All Bonds in EURAll International FRNs

All International Sterling BondsAll International USD FRN

All IG US Corporate BondsAll IG Bonds in EUR

All AUD International Issues*All int SFR bonds ex secur.

GBP, EUR, USD, AUD7th

5rd

4th

4th

2nd 9th

5th

9th

4th


All Corporate Bonds in EUR

Corporate FI

10th

All Agency Bonds in EURMunicipal, City, State, Province in EUR

Frequent Borrowers

1st 7th

All International Emerging Market Bonds – EEMEA

Emerging Markets

9th

All Covered Bonds in EURAll Covered Bonds (all Currencies)

All Jumbo Covered Bonds

Covered Bonds

3rd

3rd

6th

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Bond Markets – leadership and strong momentum

Key highlights

• Consistently a leading player in the EUR market across all market segments (Sovereign, Supranational, Agency, Financials and Corporates) with particular strength in continental Europe

• World-class covered bond franchise and a leader in most of the constituent markets, throughout Europe and the United States

• Strong multi-currency bank and insurance hybrid capital platform offering both institutional and retail capabilities

• Consistent No. 3 position in the Swiss Franc market and the No.1 foreign house

• Significant and rapidly growing global EM business. Currently No. 2 as per IFR for all International Emerging Market Bonds

• Recently reopened many of the different new issue market segments following summer crisis demonstrating clients trust us to deliver what we say we will achieve. Covered Bonds – HBOS, EUR Corporate – E.ON, EUR Sovereign Market – Italy, Latam EM – TGI, Asian High Grade – Kexim

• Huge Momentum across the corporate spectrum

• Leading multi-currency bond franchise for Agencies, Supranationals and the European Public Sector with top positions in all markets

• Consistent League table progress across key client groups – Corporates, FIs and Frequent Borrowers

• World-class Capital Advisory & Structuring (Hybrid)

• Significant role in GBP/United Kingdom

• Leading in Private Placements, Liability Management and EMTNs

• United States franchise now No. 3 non-domestic bank in the United States

• Strong secondary franchise, providing market critical liquidity across GBP, EUR, IG, HY, ABS and CDS

• Deep relationships with investors and seamless execution – key in difficult markets

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Bond Markets – awards (selection)

Between the two companies we have received bond markets awards in almost every geography and client sector

No. 2 Most Impressive Bank in other currencies (than USD, EUR, GBP)EuroWeekJanuary 2007

No. 2 Most Impressive Bank in other currencies (than USD, EUR, GBP)EuroWeekJanuary 2007

Bond Arranger of the YearInfrastructure JournalMarch 2007

Bond Arranger of the YearInfrastructure JournalMarch 2007

Non-Core Currency Bond – IBRDIFRDecember 2007

Non-Core Currency Bond – IBRDIFRDecember 2007

Covered Bond – CFFIFRDecember 2007

Covered Bond – CFFIFRDecember 2007

EEMEA Bond House IFRDecember 2007

EEMEA Bond House IFRDecember 2007

Deal of the Year – MaxisEuromoneyFebruary 2008

Latin American Bond – CVRD IFRDecember 2007

3rd Z/Yen Ranking Operational Performance for Asia Securities 2007

3rd Z/Yen Ranking Operational Performance for Asia Securities 2007

Investment-grade Corporate Bond – EnelIFRDecember 2007

Investment-grade Corporate Bond – EnelIFRDecember 2007

Asia Shipping Debt Deal of the Year – CSC Nanjing Tanker Jane’s Transport Finance December 2007

Asia Shipping Debt Deal of the Year – CSC Nanjing Tanker Jane’s Transport Finance December 2007

Sterling Bond HouseIFRDecember 2007

Sterling Bond HouseIFRDecember 2007

Financial Bond – Sub Debt – RBS Tier 1, IFRDecember 2007

Financial Bond – Sub Debt – RBS Tier 1, IFRDecember 2007

Best High Grade Corporate Bond HouseCredit Magazine 2007

Best High Grade Corporate Bond HouseCredit Magazine 2007

2 Corporate Bond HouseTop 5 DCM House Financial News Awards for Excellence in Investment Banking 2007

2 Corporate Bond HouseTop 5 DCM House Financial News Awards for Excellence in Investment Banking 2007

Middle Eastern Financial Institution Bond of the Year – Abu Dhabi Commercial BankEuroWeekJanuary 2007

Middle Eastern Financial Institution Bond of the Year – Abu Dhabi Commercial BankEuroWeekJanuary 2007

Sterling Bond – Legal & General, IFRDecember 2007

Sterling Bond – Legal & General, IFRDecember 2007 Best Bank for Corporate Finance

2007 TMI AwardsDecember 2007

No. 1 Senior Financial Institu-tions Bond – Wachovia BankEuroWeek January 2007

Deal of the Year – Washington Mutual Covered BondEuromoneyDecember 2007

Latin American Domestic Currency Bond – IFCIFRDecember 2007

Deal of the Year – TransCredit BankCredit MagazineJanuary 2008

Deal of the Year – GazpromCredit MagazineJanuary 2008

Best Lead Manager for Covered Bonds TheCover (Euroweek) January 2008

Best Lead Manager for Covered Bonds TheCover (Euroweek) January 2008

No.2 Best Asian Financial Institution Bond Deal of the Year – Woori BankEuroweek AsiaJanuary 2008

Best Investment Grade Bond Deal of the Year – Export-Import Bank of KoreaAsiamoneyJanuary 2008

No.1 Best Asian Financial Institution Bond Deal of the Year – Export-Import Bank of KoreaEuroweek Asia January 2008

Best Supranational / Agency Deal of the Year – World BankEuroWeekJanuary 2008

No. 2 Best Sovereign Deal of the Year – Republic of ItalyEuroWeekJanuary 2008

Best Liquidity Provider – GBP Corporate BondsCredit Magazine 2007

Best Liquidity Provider – GBP Corporate BondsCredit Magazine 2007

Deal of the Year, South Korea – KeximThe BankerMay 2008

Capabilities by product areaSecuritisation

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Securitisation – global overview

League tables, Q1 2008

Global Securitisations (excluding Agencies)RBS #4

All ABSRBS #5

All MBSRBS #8

European Securitisation of the Year – BTA IpotekaIFRDecember 2007

RMBS Deal of the Year –Kazakh Mortgage Backed Securities 2007-1ISRDecember 2007

Emerging Market Deal of the Year – Thor Asset Purchase Utility receivables secur.ISRDecember 2007

North American Securitisation HouseIFR2006 and 2007

European Securitisation HouseIFR2006 and 2007

Best Securitisation HouseCredit Magazine2007/2006

ABS Arranger of the year – EuropeISR2006 and 2007

Securitisation House of the YearThe Banker2006

Corporate Deal of the Year, Europe - Punch Taverns FinanceISRDecember 2007

Aircraft Capital Markets Award – AirspeedJane’s Transport FinanceDecember 2007

ABS Deal of the Year, Europe - AirspeedISRDecember 2007

Asia Pacific Securitisation of the Year- SoftbankIFRDecember 2007

Securitisations in GBP Securitisations – All European RMBS*

Securitisations – All EURAll International Issuers

All International Issuers (excluding self-funded)All European Issuers

Europe1st

2nd

1st

1st

1st

1st


8th

7th

5th

United States ABSUnited States MBS

US MBS - FCA

United States

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Securitisation – leadership across regions and sectors

Key highlights

• Leadership position in both developed and emerging markets globally for term securitisation focused primarily on consumer asset classes

• Second largest conduit sponsor globally operating nine conduits worldwide with commitments of USD65billion

• Consistently a top player in EUR ABS. Ranked No. 1 four times in the last seven years

• Italian healthcare asset/securitisation platform

• Rapidly expanding Eastern European ABS business. First to market with ABS in Kazakhstan (RMBS) and Russia (credit cards) and lead Turkish ABS

• Client confidence evidenced by repeat business in all geographies (Delta Lloyd, Kensington, Ford, BES, Unipol, VW, Garanti, Bradesco)

• Strong United States Auto ABS franchise

• Reopened primary EUR ABS market with EMAC NL post summer ABS market turmoil

• Strong franchise across key geographies – United States, Europe and Asia Pacific

• Strong franchise across all key asset classes – RMBS, CMBS, ABS and WBS

• Huge expansion of the United States ABS business complementing a leading MBS/CMBS business

• Unrivalled position as No. 1 sales force in global ABS

• Continued No. 1 ranking in investor surveys (Orion, Credit, Greenwich)

• Deal successes include the largest Japanese WBS for Softbank and landmark transactions in tough market conditions such as E-MAC Netherlands)

• RBS has the largest ABS trading desk and volumes in Europe providing liquidity, a key service to investors

• A leading ABS research house (ranked top five by Credit Magazine for the last four years and No. 3 for best ABS ideas by Euromoney in 2007)

Capabilities by product areaLoan Markets

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Loan Markets – global overview

League tables

Global

RBS #8

EMEA

RBS #3

United States

RBS #7

Asia Pacific

RBS #10

Source: Thomson Financial bookrunners, Q1 2008

6th

1st

Middle East OverallMiddle East Financial Institutions

Middle East

Source: Thomson Financial bookrunners Q1 2008

3rdLatin American Loans

Latin America

FY 2007

Asia Pacific Leveraged Loans Asia Pacific Loans

Asia Pacific Loans (ex. Japan and Australia & New Zealand)Australia & New Zealand

Australia Syndicated LoansAustralasia Leveraged Loans

Asia Pacific5th

10th

16th

5th

5th

3rd

Global Loans

Global

8th Western Europe EMEA Loans

EMEA Leveraged LoansEMEA Sponsor Driven

EMEA Non Sponsor Driven LeveragedEEMEA Emerging Markets

EMEA Project FinanceEMEA Financial Institutions

Europe

3rd

3rd

2nd

1st

2nd

3rd

1st

5thNorth America LoansUS Loans

US Leveraged LoansUS Investment-Grade Loans

North America

9th

7th

14th

5th

Emerging Markets Loans

Emerging Markets

6th

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Loan Markets – leadership across regions and sectors

The combined loan markets businesses present our clients with a truly global platform and a product portfolio which is second to none

Key highlights

• We hold a 50% market share in the Netherlands

• Leadership role in the emerging loan markets of EMEA, Latin America and Asia

• A reputation for structural innovation and delivering tailor-made solutions for our clients

• Single unified syndication, sales and trading platform which cuts across industries, products and geographies

• Integrated structured and corporate loans origination platform

• Proven track record in cross border M&A financing (thirty-five acquisition (non leverage) deals closed in

Europe 2007)

• Leadership across key sectors such as project finance, structured financing, real estate finance, M&A and leveraged finance

• Combined real estate loan and CMBS platform in Europe and Asia – a ground-breaking initiative

• Launched a dedicated FI team delivering benchmark transactions (USD1.85billion facility for Qatar National Bank)

• Launch of a dedicated shipping team winning key mandates (USD404.9million term loan for TBS International Ltd)

• Successfully brought transactions to market in the most challenging conditions – Rio Tinto and Heidelberg

• Leading in loan trading delivering a strong performance in the secondary market providing critical liquidity during market turmoil

• A top 10 lead arranger in the US syndicated loan market

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Loan Markets – awards

The combined entities provide our clients with a global loan platform, recognised by leading trade media Best Debt House – Latin

AmericaEuromoney Awards of ExcellenceJuly 2007

Best Debt House – Latin AmericaEuromoney Awards of ExcellenceJuly 2007

Most Impressive Arranger EuroweekLoan Awards 2007 (& 2005-06)February 2008

Most Impressive Arranger EuroweekLoan Awards 2007 (& 2005-06)February 2008

Bank of the Year – Americas PFI January 2007

Bank of the Year – Americas PFI January 2007

Best Arranger of Western European LoansEuroweek Loan Awards January 2007

Best Arranger of Western European LoansEuroweek Loan Awards January 2007

Best Arranger of Corporate LoansEuroweek Loan Awards 2006January 2007

Best Arranger of Corporate LoansEuroweek Loan Awards 2006January 2007

Global Bank of the YearPFIJanuary 2008

Global Bank of the YearPFIJanuary 2008

Best Project Finance HouseEuromoney Awards of ExcellenceJuly 2007

Best Project Finance HouseEuromoney Awards of ExcellenceJuly 2007

Latin American Loan House of the YearIFR December 2006

Latin American Loan House of the YearIFR December 2006

Best at Project Finance - Middle EastEuromoney Awards of ExcellenceJuly 2007

Best at Project Finance - Middle EastEuromoney Awards of ExcellenceJuly 2007

Best Debt House in theMiddle EastEuromoney Awards for Excellence, July 2006

Best Debt House in theMiddle EastEuromoney Awards for Excellence, July 2006

Best Debt House-PakistanThe AssetDecember 2007

Best Debt House-PakistanThe AssetDecember 2007

India Loan House of the YearIFR AsiaDecember 2007

India Loan House of the YearIFR AsiaDecember 2007

Best Arranger of CEE Loans (ex Russia)Euroweek Loan Awards February 2008

Best Arranger of CEE Loans (ex Russia)Euroweek Loan Awards February 2008

Best Arranger of Russian Loans 2007 (& 2006)Euroweek Loan Awards February 2008

Best Arranger of Russian Loans 2007 (& 2006)Euroweek Loan Awards February 2008

Russia and CIS Loan HouseIFRDecember 2007

Russia and CIS Loan HouseIFRDecember 2007

Best Arranger of Loans for Indian BorrowersEuroweek 2008

Best Arranger of Loans for Indian BorrowersEuroweek 2008

Best Arranger of UK LoansEuroweek Loan Awards February 2008

Best Arranger of UK LoansEuroweek Loan Awards February 2008

Best Arranger of Acquisition Finance 2007 (& 2005-06) EuroWeek Loan AwardsFebruary 2008


Best Secondary Loan House Euroweek Loan Awards 2007February 2008

Best Secondary Loan House Euroweek Loan Awards 2007February 2008

Best Arranger of Turkish LoansEuroweek Loan Awards February 2008

Best Arranger of Turkish LoansEuroweek Loan Awards February 2008

No. 2 Asia Pacific Acquisition Financing House of the YearEuroweek February 2008


Best Arranger of Loans for Malaysian BorrowersEuroweek 2008

Best Arranger of Loans for Malaysian BorrowersEuroweek 2008

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Loan Markets – deal success

Borrower Value(USDm)

Country Bank

1 Dr Ing hcF Porsche AG 46,474.57 Germany ABN AMRO

2 Rio Tinto Plc 40,000.00 UK RBS

3 HeidelbergCernent AG 21,930.68 Germany RBS

4 Akzo Nobel NV 18,695.39 Netherlands ABN AMRO

5 Imperial Tobacco Group Plc 18,622.11 UK RBS

6 Iberdrola SA 15,622.55 Spain ABN AMRO/ RBS

7 ProSiebenSat.1 Media AG 10,382.64 Germany RBS

8 Inmobiliaria Colonial SA-Colonial Grp 9 TDCA'S

9,636.63 Spain RBS

9 TDC A/S 9,497.60 Denmark RBS

10 SSAB Svenskt Stal AB 8,800.00 Sweden RBS

11 Glencore International AG 8,775.00 Switzerland ABN AMRO

12 Pernod Ricard SA 8,184.92 France RBS

13 Macquarie Group 8,041.32 Australia ABN AMRO/ RBS

14 Sabic Innovative Plastic Holdings BV

7,665.00 Saudi Arabia

ABN AMRO

15 PPR SA 7,470.80 France RBS

16 Corus Group Plc 7,182.87 UK ABN AMRO

17 Binariang GSM Sdn Bhd 7,100.00 Malaysia ABN AMRO

18 Arqiva Ltd 6,766.17 UK RBS

19 TELEMAR SA 6,516.11 Brazil ABN AMRO

20 Vitol SA 6,413.00 Switzerland RBS

Borrower Value(USDm)

Country Bank

21 Amadeus Global Travel Distribution SA

6,316.90 Spain ABN AMRO

22 Companhia Vale do Rio Doce – CVRD

6,000.00 Brazil ABN AMRO

23 Gazprom 5,450.00 Russia ABN AMRO

24 Banque PSA Finance 5,378.51 France RBS

25 Dubai World 5,000.00 UAE RBS

26 Cableuropa SA 4,828.97 Spain RBS

27 Ojer Telekomunikasyon AS 4,700.00 Turkey ABN AMRO

28 Vivarte SA 4,504.27 France RBS

29 Metrovacesa SA 4,403.13 Spain RBS

30 Ojer Telekomunikasyon AS 4,300.00 Turkey ABN AMRO

31 Asciano Finance Trust 4,260.90 Australia ABN AMRO

32 Premier Foods Plc 4,096.76 UK RBS

33 H3G Italia 3,894.08 Italy ABN AMRO/ RBS

34 Endemol Entertainment Holding NV 3,799.70 Netherlands ABN AMRO

35 FirstGroup 3,750.00 UK RBS

36 Taylor Wood row plc 3,297.36 UK RBS

37 Tesco plc 3,281.38 UK RBS

38 Telenet BidCo NV 3,261.95 Belgium ABN AMRO

39 AV Metals Inc 3,100.00 Netherlands ABN AMRO

40 Rosneft 3,098.00 Russia ABN AMRO

Source: ABN AMRO/RBS Global Bookrunner Deal list

RBS

ABN AMRO

RBS/ABN AMRO joined

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Loan Markets – deal successes (cont’d)

Latin America Power Deal of the Year – Iberdrola MexicoProject Finance MagazineFebruary 2007

Asia Pacific Syndicated Loan, Leveraged Loan of the Year – Tata SteelIFR AsiaDecember 2007

Saudi Arabia, Deal of the Year 2007 – SABICThe BankerMay 2007

Best Syndicated Loan – Tata Steel/ CorusThe AssetDecember 2007

Best Project Finance Deal – Cross City TunnelFinance AsiaDecember 2007

Best Leveraged Finance Deal of the Year, Asia – Binariang GSM AsiamoneyJanuary 2008

North American Public Power Deal of the Year – OOILProject Finance MagazineJanuary 2008

Asia-Pacific Oil and Gas Deal of the Year – Coogee ResourcesPFIJanuary 2008

Middle East Power IWPP Deal of the Year – MaraficProject Finance MagazineJanuary 2008

Best Loan Arranger in Australian MarketAsiamoneyJanuary 2007

European Leisure Deal of the Year - Spencer DockProject Finance MagazineJanuary 2008

Global Renewables Portfolio Refinancing Deal of the Year – Babcock & Brown global wind partnersProject Finance MagazineJanuary 2008

Port Finance Deal of the Year – North America – GTC & MTC HoldingsJane’s Transport FinanceDecember 2007

Middle East Oil & Gas Deal of the Year – RAK PetroleumJane’s Transport FinanceDecember 2007 South Asian Syndicated Loan of

the Year1. Reliance Industries2. Tata Steel Year 3. Suzlon EnergyEuroweekFebruary 2008 Best Western European Loan

2006 - Telefonica/O2EuroWeekFebruary 2007 Best Leveraged Finance Deal,

Australia – CVC’s acquisition of DCAAsiamoneyJanuary 2008

European Transport Port Deal of the Year 2007 – Mersin PortProject FinanceJanuary 2008

Middle East Telecoms Deal of the Year 2007 – Etihad Etisalat (Mobily)Project FinanceJanuary 2008

Trade Finance Deal of the Year – XDM (China)Trade Finance February 2008

Trade Finance Deal of the Year –Ghana Cocoa Trade Finance February 2008

Trade Finance Deal of the Year-United Company Rusal (Russia)

Trade FinanceFebruary 2008

Trade Finance Deal of the Year- Mechel (Russia)Trade FinanceFebruary 2008

Trade Finance Deal of the Year- PDVSA (Venezuela)Trade FinanceFebruary 2008 Trade Finance Deal of the Year

- Metinvest (Ukraine))Trade FinanceFebruary 2008

Trade Finance Deal of the Year- Evraz (Russia) Trade FinanceFebruary 2008

Trade Finance Deal of the Year- Avea (Turkey)Trade FinanceFebruary 2008

Trade Finance Deal of the Year- KazMunaiGaz (Kazakhstan)Trade FinanceFebruary 2008

Trade Finance Deal of the Year- Evraz (Russia)TFRFebruary 2008

Trade Finance Deal of the Year- Pluspetrol Norte (Peru)TFRFebruary 2008

Trade Finance Deal of the Year- Metinvest (Ukraine)TFRFebruary 2008

Trade Finance Deal of the Year-United Company Rusal (Russia)TFRFebruary 2008

Capabilities by product areaLeveraged Finance/High Yield

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Leveraged Finance/High Yield – overview

Best Leveraged Finance Deal of the Year – Binariang GSM AsiamoneyJanuary 2008

4th

3rd

3rd

EMEA Leveraged Loans EMEA Sponsored Loans (Mandated Arrangers)

EMEA Sponsored Loans – Bookrunners

Europe

USD 1,500,000,000

USD 5,165,000,000

USD 1,500,000,000

USD 1,000,000,000 Asset Based Revolving Credit Facility USD 1,500,000,000 Term Loan A FacilityUSD 5,165,000,000 Term Loan B FacilityUSD 1,500,000,000 Senior NotesJoint Bookrunner and Lead ArrangerAugust 2007

Sole Underwriter May 2007

Maxis Communications Berhad

USD 7,100,000,000 Acquisition financing facility to Binariang GSM for the privatisation of Maxis Communications Berhad

Senior Debt Arranger of the YearAcquisitions MonthlyDecember 2007

Best Debt Provider - Europe Global Private Equity AwardsMarch 2007

Best Leveraged Finance Deal - CVC’s Acquisition of DCA2007 Asiamoney AwardsJanuary 2008

Bank of Choice for European Leveraged Finance 2006 PENPoll 2007

Leveraged Telecoms Deal of the Year – Arquiva acquisition of NGWTelecomfinance AwardsJanuary 2008



European Debt Provider of the YearPrivate Equity InternationalMarch 2008

Leveraged Finance House of the Year – EuropePEN Awards for Excellence in Advisory ServicesOctober 2007

No. 2 Asia Pacific Leveraged Finance Deal of the Year – 3Com Corp Euroweek,February 2008

Top Bank for European Leveraged FinancePrivate Equity News February 2007


US Leveraged Loans

North America

14th

Global High Yield Debt

Global

10th

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Leveraged Finance/High Yield – leadership and growth

Key highlights

• Global Network: Combined product expertise with advisory services and network reach to lead many of the largest cross-border corporate leveraged transactions, including Orascom/Wind, Tata/Corus, SABIC/GE Plastics and Basell/Lyondell

• Asia: Built the No. 1 ranked Asian leveraged finance franchise (Dealogic FY 2007), including the sole underwriting of Maxis, at USD7.1billion of debt facilities – the largest transaction ever attempted in ex-Japan Asia

• Netherlands: ABN AMRO has topped the league table rankings during the past five years in the Netherlands, leading transactions such as HEMA, Maxeda DIY and Endemol in 2007

• United States: ABN AMRO has extended its reach in the United States by creating a combined Leveraged Finance/High Yield franchise to support clients in cross-border acquisitions such as TNT Logistics (Netherlands/United States) and Hindalco/Novelis (India/Canada)

• Demonstrated outstanding deal success in 2007 across its footprint, with particular achievements in North America, one of the world’s most competitive markets (reflected in our third Rank in the TMT LBO/MBO Financing League table (01/01/07-31/07/07))

• Made significant investments in resources and created Leveraged Capital Markets (alignment of Leveraged Loan Markets and High Yield Capital Markets and a Financial Sponsors Group) bringing together global coverage operation

• Europe: RBS has remained in the top of the league table rankings over the most difficult time in the market in 2007 and extended its deal footprint into Eastern Europe

• United States: RBS led some of the key United States deals – Bell Canada USD40billion and Alltel USD28billion

• Asia Pacific: Strong growth with footprint extended into Hong Kong and completed deals in Japan, Singapore, China, New Zealand

Capabilities by product areaProject Finance

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Project Finance – overview

Best Project Finance Financial Advisory Bank

• Petrochemical

• Transport

Best Project Finance Arranging Bank

• Telecoms

• PFI/PPP

• Oil & Gas

• Transport

Project Finance Borrowers Survey 2007

Best at Project Finance Middle EastEuromoney, Awards of ExcellenceJuly 2007

Global

Project Finance Loans Mandated Arrangers 2nd

Americas

Project Finance Loans Mandated ArrangersProject Finance Loans Bookrunners

8th

6th

EMEA

Project Finance Loans Mandated Arrangers 2nd

Source: Thomson Financial Full Year 2007

Bank of the Year – Americas PFI Awards January 2007

Oil&Gas Arranger of the YearInfrastructure Journal AwardsMarch 2008

Oil&Gas Adviser of the YearInfrastructure Journal AwardsMarch 2008

Best Project Finance House EuromoneyAwards for Excellence 2007 & 2006

Trade and Project Finance House of the Year The Banker Investment Banking Awards 2007 & 2006

Global Bank Arranger Infrastructure Journal AwardsMarch 2008

Global Bank of the Year 2007 PFI Awards December 2007

Best Arranger of Project FinanceEuromoney Loan Awards February 2008

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Project Finance – winning deals

Asia–Pacific Transport Aviation Deal of the Year 2006Sydney Airport – Australia, Project FinanceMarch 2007

Structured Finance Transaction of the Year –Reliance Rail Consortium CFO AustraliaJanuary 2008

Infrastructure Deal of the Year 2007 – Mersin PortPFI awardsJanuary 2008

EMEA Adviser of the Year 2006PFIJanuary 2007

European Transport Port Deal of the Year 2007 – Mersin PortProject FinanceJanuary 2008

North America Public Power Deal of the Year – Invenergy St ClairProject Finance January 2008

North America Single Asset Power Deal of the Year – Sandy Creek Project Finance, January 2008

North America Acquisition Deal of the Year – OOIL/Global Container Terminals Project FinanceJanuary 2008

Port Finance Deal of the Year2007 – North America. Jane’s Transport FinanceDecember 2007

North America Transport Deal of the Year – Northwest ParkwayProject FinanceJanuary 2008

Middle East Water/Utilities Deal of the Year – Sur IWPPProject FinanceJanuary 2008

Middle East Refinancing Deal of the Year – SEGAS (adviser)Project FinanceJanuary 2008

Middle East PPP Deal of the Year 2007 – Al AinProject FinanceJanuary 2008

Middle East Power IWPP Deal of the Year 2007 MarafiqProject FinanceJanuary 2008

Middle East Independent Oil & Gas Deal of the Year 2007 – RAK PetroleumProject FinanceJanuary 2008

Airport Finance Deal of the Year 2007 – Europe. Budapest AirportJane’s Transport FinanceDecember 2007

European Leisure Deal of the Year 2007 – Spencer DockProject FinanceJanuary 2008

European Transport Airport Deal of the Year2007 – Budapest Airport Project FinanceJanuary 2008

Asia-Pacific Oil and Gas Deal of the Year 2007 – Coogee ResourcesPFIJanuary 2008

Asia Independents Oil & Gas Deal of the Year – Coogee ResourcesProject FinanceJanuary 2008

Global Renewables Portfolio Refinancing Deal of the Year 2007 – Babcock & Brown Global Wind Partners Project FinanceJanuary 2008

Middle East IPP Deal of the Year 2007 – Mesaieed (adviser)Project FinanceJanuary 2008

Middle East Manufacturing Deal of the Year 2007 – EMALProject FinanceJanuary 2008

Best Project Finance Deal 2007 – Leighton’s acquisition of Al HabtoorAsiamoneyJanuary 2008

Middle East Oil&Gas Deal of the Year – Qatargas IVProject FinanceJanuary 2008

European Renewable Acquisition Deal of the Year – TrinergyProject FinanceJanuary 2008

European Renewables (Biofuels) Deal of the Year – EnsusProject FinanceJanuary 2008

Global Deal of the Year – Barka2/Al-Rusail (adviser)Project Finance January 2008

Middle East Telecoms Deal of the Year 2007 – Etihad Etisalat (Mobily)Project FinanceJanuary 2008

Asia-Pacific Acquisition Deal of the Year – Tata Steel’s Corus acquisition bridge financingProject FinanceJanuary 2008

Capabilities by product areaEquities

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Equities – overview

Research, broking, distribution (primary and secondary) and execution of core equities products

ABN AMRO’s ideas-led approach across equities research, sales and trading, along with the product and delivery innovation of private investor products, continues to be highly valued by its clients

ABN AMRO’s primary market activities are carried out by our Equity Capital Markets group

Key Highlights

• ABN AMRO has one of the broadest equity product offerings in the international investment community

• Network of more than 1,000 Equities professionals based in over 26 countries

• Presence across Europe, Asia (ex-Japan) and Australia, plus distribution in the United States

• Wide range of high-quality equity services with an established track record in a number of key sectors – with particular strength in the smaller companies sector

• Our research teams cover 1,200 large companies

• Strength in core and derivatives with focused acceleration of growth in derivatives

Fully integrated equity multi-product set covering:

• derivative products, securities finance and equity-linked

• structuring and trading in core equities

• primary and secondary distribution to private, corporate, institutional and hedge fund clients

• corporate broking (Hoare Govett)

• investment research

• proprietary trading

Research Awards and Ranking

• No. 1 Pan-European Economics;

• No. 3 Global Economics – Thomson Extel survey 2007

• No. 1 Top brokerage firm for Hedge Fund Research – Thomson Extel survey 2007

• No. 2 UK Small Cap Broker – Thomson Extel survey 2007

• No. 2 Accuracy of European recommendations

• No. 1 Accuracy of Asian recommendations – AQ, Q2 2007

• No. 4 most award winning broker for United Kingdom and Ireland – Sunday Times StarMine survey 2006

• Australia – No. 1 Research House for Analysts Recommendations 2007 – StarMine

• New Zealand Stockbroker of the Year 2007 – INFINZ Awards

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Equity Capital Markets – overview

ABN AMRO brings a strong ECM business to the combined bank

Ministry of Finance, The Netherlands

"The most important thing for us is that we can really trust ABN AMRO to put our interests first and to think "outside the box" when necessary"

A.H. Betting, Director Financing , Directorate Ministry of Finance,

The Netherlands

France Telecom, France

"ABN AMRO have worked with us over the last few years to raise capital through well structured transactions and have provided first class objective financial advice“

Michel Combes,Chairman/ CEO of TDF, Former CFO of France Telecom, France

Tianjin Development Holdings Limited, China

"We really admire ABN AMRO's teamwork, professionalism and dedication"

Mr Wang Guanghao, Chairman, Tianjin Dev. Hold. Ltd,

China Equity-Linked Deal of the Year – BAE Systems, The Treasurer2006

Best GDR/ADR – InnoLux Display CorpThe AssetDecember 2007

Kazakhstan Deal of the year – KazMunaiGas Exploration, The Banker2007

Best Convertible Bond - Tata SteelThe AssetDecember 2007

Australian Deal of the Year – Telstra 3The Banker2007

Taiwan Equities Deal of the Year – ProMOS Technologies, IFR Asia2006

Deal of the Year, Kazakhstan – Eurasian Natural CorporationThe BankerMay 2008

Best Australian Equity-Linked Deal of the Year – Macquarie Communication Infrastructure GroupThe AssetDecember 2007

Best Secondary offerBest GDR /ADR – LG Philips LCD CompanyThe Asset2006

Top Bank in Benelux Investment Banking

Top Bank in Benelux Capital Markets

Dealogic, Recognition of Excellence2007

Eastern European Deal of the Year – Rosneft IPOThe Banker2007

Best Equity House in the NetherlandsEuromoney2006

Excellence in Netherlands Investment Banking, Top Bank in Netherlands Capital MarketsDealogic, Recognition of ExcellenceFebruary 2008


10th

8th

5th

Global Debt Equity and Equity RelatedAsia Pacific equities

All UK Equities

Bookrunner Positions

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Equity Capital Markets

ABN AMRO offers a full range of equity capital markets and related advisory services

During the last ten years, we have led over 1,000 equity offerings around the world, awarding each structure its own degree of customisation, creativity and innovation

Key Highlights

• Drawing on the full financial resources of its parents, ABN AMRO offers world class equity capital markets expertise

• Global equity distribution power. Over 800 equity research, sales and trading professionals worldwide. Dedicated equities distribution personnel located in the United States to sell international offerings to key investors

• Over one hundred and forty dedicated equity capital markets specialists located in eleven regional hubs around the world

• Established track record in key sectors and regions

• ABN AMRO has consistently been ranked in the top five for small/mid-cap issues for the past five years with greater breadth of European small/mid-cap coverage than any other bank

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KPN, the Netherlands

"During these past years KPN has gone through some major developments, during which we have received continuous support from ABN AMRO. The team has provided high quality advice to us on various occasions, which has helped KPN to position itself as an attractive investment in the European telecom sector. I am confident that the relationship between ABN AMRO and KPN will continue to be strong and on behalf of KPN I am very much looking forward to another exciting ten years of co-operation between our two companies“

Ad Scheepbouwer, CEO, KPN, the Netherlands

2006 and 2007 ECM highlights

Mahindra & Mahindra Limited, India

"Over the last three years we at Mahindra & Mahindra Limited had three opportunities to work with ABN AMRO – twice for Global Convertible Issues (FCCBs) and once for the Initial Public Offering of one of our subsidiaries, Mahindra Finance, a focused rural finance company. We were impressed by the professional competency of ABN AMRO's team, which worked hard to get the best deal for the company. What impressed us even more was the friendly and cordial manner in which the ABN AMRO bankers interacted in spite of the time pressures and tight deadlines“

Bharat Doshi, Chief Financial Officer, Mahindra & Mahindra Limited, India

Largest ever oil and gas IPO globally, largest European IPO since 1999, largest equity market privatisation of a Russian company ever and first ever mass retail offering in RussiaUSD10.7bn – Rosneft Russia

Largest convertible bond issuance in Asia ex Japan since 2002USD515m – KEPCOSouth Korea

Highest over – subscription rate ever for a Hong Kong public offerUSD161m – Tianjin Ports Development HoldingsHong Kong

First privatisation undertakenby the French government post the presidential and legislative elections. Sole bank to have been involved in all the France Telecom offerings since 2003 EUR2.7bn – France Telecom, France

Key role in supporting one of the most significantLatin America IPOS of 2007. A landmark domestic and emerging market transaction USD569.6m – MRV Engenharia e Participacoes SA

Largest secondary offering in Europe in 2006EUR5.5bn – NATIXIS, France

Third largest CEE IPO and largest kazakh IPO everUSD2.3bn – KazMunaiGas Kazakhstan

First ever Yen denominated convertible bond offering from IndiaUSD100m – Larsen & Toubro, India

Largest ever IPO in India USD2.0bn – Cairn IndiaIndia

Sixth largest IPO in CEE in 2007USD1bn – OJSC Magnitogorsk iron and steel works Russia

Second largest offering in the Netherlands in 2007 and largest sell-down as a percentage of market cap EUR523.9m – WavinThe Netherlands

Largest UK convertible since 2002 USD1.1bn – Shire PlcUnited Kingdom

Largest Dutch IPO in six years and first Dutch IPO with significant retail participation since 2000EUR1.4bn – SNS ReaalThe Netherlands

Secondary offering since 2000, largest Australian offer in seven years and largest equity offer in the global telecoms sector since 2000. AUD15.5bn – Telstra Australia

Largest hard-underwritten IPO in Australia in 2006AUD691m – RiverCityMotorway GroupAustralia

Third largest ever accelerated Capital increase globally. Largest ever accelerated transaction in Spain and second largest equity raising since 2000 EUR2.7bn – IberdrolaSpain

First ever equity and equity-linked combined offering in AustraliaAUD1.4bn – Macquarie Communications Group

First Bookrun United States Domestic convertible bond issueUSD500m – Suntech Power HoldingsChina

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Hoare Govett – overview

Activities• Equity fundraising (primary and secondary)

• IPOs – as Sponsor (Main Market) and Nominated Adviser (AIM)

• Public takeovers

• Transaction advice and execution

• Key relationships with the Board of United Kingdom Plc

• Leading corporate broker/adviser to over one hundred United Kingdom listed companies and investment funds

– No. 1 broker to deals in six of last seven years

– Client base ranging from FTSE 100 to AIM

– Leading franchise among FTSE 350, giving Hoare Govett a top five market share

– Combines with Equities to be the pre-eminent firm in the UK Mid and Smaller Cap market

Source: Thomson Financial

• General corporate finance advice

• Share buy backs

• Investor relations

• Share dealing services for clients

Hoare Govett – the leading brokers to deals

Rank 2003 Rank 2004 Rank 2005 Rank 2006 Rank 2007

1 UBS Warburg 1 Hoare Govett 1 Hoare Govett 1 Hoare Govett 1 Hoare Govett

2 Hoare Govett 1 Cazenove 2 Cazenove 2 Cazenove 2 Cazenove

3 Cazenove 3 UBS 3 Merrill Lynch 3 Merrill Lynch 3 UBS

4 Merrill Lynch 4 Merrill Lynch 4 DKW 4 Panmure 3 Citigroup

5 CSFB 5 DKW 5 Deutsche Bank 4 Brewin Dolphin 3 Merrill Lynch

6 Lehman Brothers 6 HSBC 5 UBS 4 Arbuthnot 6 Evolution Securities

6 West LB Panmure 7 CSFB 7 Collins Stewart 7 UBS 7 Deutsche Bank

6 Collins Stewart T. 8 KBC 8 Citigroup 7 KBC 7 Dresdner Kleinwort

9 Citigroup 9 Numis 9 Durlacher 9 Seymour Pierce 7 Panmure Gordon

10 Unicredito Italiano 10 Goldman Sachs 9 Teather & Greenw. 10 DKW 10 Collins Stewart

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Hoare Govett – a strong corporate client base

A broad spread of quality companies at all levels

Hoare Govett has won more than twenty clients since January 2006

More than 50% of our FTSE 350 clients have been advised by Hoare Govett for more than ten years

FTSE 100 clients

FTSE 250 clients

Aegis Group Bovis Homes easyJet Group Marstons Severfield-Rowan

Amlin Brown (N) Group Emap Morgan Sindall Shanks Group

Arriva BSS Group FKI Mouchel Parkman Spectris

Ashtead Charter Hays Northern Rock Spirent

AVEVA Group Dairy Crest Hunting Premier Farnell VT Group

Balfour Beatty Dana Petroleum Informa Premier Foods WSP Group

BBA Aviation Dexion Absolute Imperial Energy Savills

informa

GBP502m

Recommended cash offer for Datamonitor

May 2007

IBA Health

GBP137m

Proposal recommended all share offer for iSoft

May 2007

EcoSecurities

GBP37.7m

Secondary Placing

June 2007

SMG

GBP95.1m

Rights issue

November 2007

Placing and Offer for Subscription

GBPtbc

Financial Adviser, Sponsor & Placing Agent

November 2007

BAE Systems

USD4.1bn

Placing and acquisition of Armor Group

May 2007

Rexam

GBP286m

Placing and acquisition of Ol Plastic Products

June 2007

Star Energy

GBP340m

Cash offer by Petronas Int. Corp

Joint adviser & Broker

November 2007

Capabilities by product areaFX

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FX – overview

A world class FX business:

RBS #4

ABN AMRO #12

Best Foreign Exchange Bank in the Netherlands Global Finance 2007

No. 1 Best FX (Vanilla) Provider for Local (Asian) CurrenciesNo. 3 Best for Macro-Economic Research in AustraliaNo. 2 Best for Technical Analysis in AustraliaNo. 4 Best for Overall FX Services in IndiaNo. 5 Best for Overall FX Services in IndonesiaNo. 5 Best for Overall FX Services in MalaysiaNo. 4 Best for Overall FX Services in TaiwanNo. 3 Best for FX Prime Broking Services in TaiwanNo. 3 Best Single-Bank Electronic Trading Platform in Taiwan

Asiamoney, FX Poll, Corporate VotesSeptember 2007

>10th6th

5th

20072006

FX Market Share North America

FX Market Share Western Europe

20072006

3rd

4th >10th

FX Market Share Asia

20072006

6th

6th >10th

FX Market Share Australasia

20072006

2nd 12th >10th

Source: 2007 Euromoney FX Poll, Euro-weighted

Best Leveraged Sector Platform – SmartprimeProfit & Loss, Digital FX Awards April 2008

Currency Derivatives House RISK Awards 2007

2008 P&L Innovation Award – Dashboards & SmartprimeProfit & Loss, Digital FX Awards April 2008

Best Range of Execution ToolsProfit & Loss, Digital FX Awards April 2008

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FX week – best bank awards 2007

A world class FX business as voted for by

• Corporates

• Financial Institutions

• Investors

7th

5th

4th

5th

5th

6th

4th

5th

2nd

2nd

Best Bank Overall for FXBest Bank for Currency Options

Best Bank for FX Structured ProductsBest Bank for FX Prime Brokerage

Best Bank for USD/GBPBest Bank for EUR/GBP

Best Bank for FX in the EurozoneBest Bank for Emerging EMEA Currencies

Total votes

Investors

Best Bank Overall for FX 13th 8th

Financial Institution votes

Best Bank Overall for FXBest Bank for FX Prime Brokerage

13th 3rd

8th 4th

Corporate votes

Best Bank Overall for FXBest Bank for Structured ProductsBest Bank for FX in the Euro-zone

Best Bank for FX in Asia-PacificBest Bank for Emerging Asian Currencies

Best Bank for Emerging Lat. Am. Curr.Best Bank for FX in London

Best Bank for EUR/USDBest Bank for FX Research and Strategy

6th

2nd

4th

5th

3rd

3rd

5th

5th

4th

5th

Capabilities by product areaDerivatives

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Derivatives

A leading derivatives house across rates and currency, equity and property derivatives

RBS has a market leading Property Derivatives franchise. In October 2007, for example, RBS traded the first Japanese property derivative with Grosvenor Group…

RISK Magazine

ABN AMRO was at the forefront of the creation of the new market; it was the first bank to establish a full-time, dedicated property derivatives desk in London in September 2005. Furthermore, it was the first bank to launch a property derivatives sector trade, a USD61m deal which saw ABN AMRO breaking new ground as the first synthetic traders of United Kingdom retail property

The Banker Magazine

1st

2nd

3rd

5th

4th

1st

1st

1st

2nd

5th

1st

3rd

4th

5th

RatesForward Rate Agreements

Exotic Interest Rate ProductsShort Dated Interest Rate Swaps

Interest Rate SwapsOvernight Index Swaps

InflationInflations Swaps – EUR

Inflations SWAPS – GBPInflation Caps/Floors GBPInflation Caps/Floors EURInflation Caps/Floors USD

CurrencyVanilla Currency Options

Currency ForwardsExotic Currency Options

Cross Currency Swaps

RISK Inter Dealer Rankings 07

7th

9th

6th

8th

7th

2nd

7th

7th

Interest Rate SwapsInterest Rate Options

Exotic Interest Rate ProductsForward Rate Agreements

Cross Currency SwapsCross Options Overall

Currency ForwardsExotic Currency Products

RISK End User Rankings 07

2nd

1st

1st

1st

2nd

2nd

2nd

4th

RatesInterest Rate Swap - HKD

CurrencyLong-dated USD

Long-dated Other CurrenciesLong-dated Yen

Chinese Renminbi ForwardsHong Kong Dollar Forwards

Japanese Yen OptionsOverall Currency derivatives

Asia RISK Inter Dealer Rankings 07

RISK Corporate End-User Rankings 08

Interest Rate Swaps overallInterest Rate Options overall

Exotic Interest Rate Products overallForward Rate Agreements overall

Cross Currency Swaps overallCurrency Options overall

Currency Forwards overallExotic Currency Products overall

4th

5th

6th

5th

3th

2nd

1st

1st

9th

10th

9th

3rd

2nd

3rd

1st

Interest rate derivatives overallCredit derivatives overall

Currency derivatives overall

Credit DerivativesCredit Hybrid Products, Asia ex Japan

Credit Hybrid Products, JapanCPDOs, Asia ex japan

Synthetic CDOs of ABS, Japan

Asia RISK End User Rankings 07

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Derivatives – accolades

Deal of the Year – CPDOs RISK Awards2007

Innovation of the Year – CPDOsIFR Awards2006

Best Leverage Products – for the Introduction of Mini future CertificatesSwiss Derivatives AwardsApril 2007

#4 European Repo Business ICMA European Repo MarketSurvey 2007 (Market Value)

Most Innovative Banking ProductBucharest Business WeekFinancial Awards for Excellence December 2007

Best Issuer of the yearGerman Structured Society AwardsDecember 2006

Best Certificate of the YearThe introduction of Water Certificates – Italian Certificate AwardsMay 2007

Public’s Choice no1Gouden Tak AwardApril 2008 (The Netherlands)

Best Financial Innovation for Turbo product and Financial Product of the Year Golden Bull AwardsSeptember 2007

Best in Benelux for Structured ProductsStructured ProductsNovember 2007

Best Issuer of Leverage Products – for the Mini Future CertificatesItalian Certificate AwardsMay 2007

Inflation Derivatives House of the YearRISK AwardsJanuary 2008

5th Overall Risk Inter-Dealer Survey RISKSeptember 2007

5th OverallRisk Corporate End User SurveyRISKApril 2007

9th OverallRisk Institutional Investor End User SurveyRISK May 2007

Best in Nordic for Structured ProductsStructured ProductsNovember 2007

Best in United Kingdom for Structured ProductsStructured ProductsNovember 2007

Currency Derivatives House of the YearRISK AwardsJanuary 2007

Best in Japan for Synthetic CDO of ABS Asia Risk End-User Survey 2007

Most Original Product – AutopilotGouden Tak AwardApril 2008 (The Netherlands)

Best Issuer Overall Gouden Tak AwardApril 2008 (The Netherlands)

Best Web SiteGouden Tak AwardApril 2008 (The Netherlands)

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Credit Derivatives and Alternatives Trading

Innovation in Synthetic StructuresThe Dynamic Portfolio Insurance (DPI)

RBS engineered the DPI which is effectively an evolution of CPDO and CPPI technology providing credit managers with more flexibility. It is also a variant of Dynamic Portfolio Insurance (DPI). It is effectively a levered credit product offering managers considerably more flexibility than other levered products, resulting in the generation of positive performance for investors

• Improved returns through the credit cycle

• Principal protection (index linked if required)

• Portfolio transparency (composition and pricing)

• Diversification of underlying credits and investment strategies

• Ability to de-risk and lock in returns

• Daily liquidity (1 per cent bid/offer under normal market conditions)

• Sterling or Euro denominated

• Access the expertise of one of Europe’s most experienced credit managers

No. 4 in Credit Derivatives Indices, CMBX

No. 4 in Credit Derivatives Indices, ABX

No. 5 in Credit Derivatives Indices, CDX EM7 and diversified

No. 4 in Credit Derivatives Indices, iTraxx Asia

No. 5 in Credit Derivatives Indices, bank proprietary platformsEuromoney, Debt Trading poll, November 2007

Deal of the Year – Surf (CPDO) Risk MagazineJanuary 2007

Deal of the Year – Surf (CPDO)Euromoney February 2007

Innovation of the Year – Surf (CPDO)IFR December 2006

Deal of the Year - FremantleCredit Magazine December 2007

Polestar DPI EUR 100,000,000

Managed DPI Notes7 yrs and 10 yrs

February 2007

Arranger

United Kingdom

Most Innovative Structured Deal of the Year – Surf (CPDO) The Asset, triple A awards January 2007

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Credit and Alternatives Trading (cont’d)

Key transactions

Constant Proportion Debt ObligationAAA – Surf (Europe)EUR40mDue Oct 2016Euribor + 200bp

Polestar DPI for Threadneedle Asset ManagementGBP100mDynamic Portfolio Insurance

KILTS – CDO of ABSUSD150mSynthetic CDO of ABS for Wharton Asset Management

Gennaker Notes (Europe)100% Principal Protected EUR10m Long/Short Credit Index CPPI Notes

Constant Proportion Debt ObligationEUR50m AAA – Surf Step-Up (Europe)

Constant Proportion Debt ObligationSurf Step-Up (Global)EUR50mDue Jul 2017Euribor + 100bp

AMSTEL SHER (Asia)Securitisation of Balance Sheet ExposuresEUR500mArrangerJanuary 2007

PRAR (Europe)EUR15.5bn Securitisation of Balance Sheet ExposuresArranger, January 2007

Life Settlements Notes (Global)US Life Settlement portfolioUSD60mContingent CouponsDue Aug 2016

Adrastea CDO of Super High Grade ABS (Global). Managed by Harding Advisory LLCUSD2bnSeptember 2007

Kleros Preferred Funding CDO of ABS (Global)USD2bnManaged by Strategos Capital LLC, October 2007

Synergie Notes (Asia), managed by AXA IM100% Principal Protected Long/Short Credit CPPI Notes USD55mContingent Coupon Due Oct 2014

Alesco CLO (Global)Synthetic CLO for Cohen & Co.USD681mArrangerMarch 2007

Angel CLO (Europe)CLO trancheEUR90mArrangerSeptember 2007

CPPI of ABS (Europe)Static ABS portfolio with variable structural leverageEUR50mJanuary 2007

Leopard V – Tightest PrintEUR400mEuropean CLO for Prudential M&G

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Key highlights

• ABN AMRO has successfully leveraged its Fund-linked Derivatives platform in recent years to deliver a series of innovative and relevant solutions to the Bank’s client base worldwide

• The business is led by European hub for structuring and trading investor derivative products linked to Mutual Funds and Alternatives

• ABN Fund Derivatives has a devoted and growing presence in Asia with specialists in structuring products to meet the needs of local investors across the region

• The firm has an established track record in structuring options on Mutual Funds for third party retail distribution.

• RBS Fund Derivatives have established centres in the US and Europe, and become a leading-edge provider of Fund of Hedge Fund Manager solutions

• The business has pioneered a range of sophisticated financing structures (including the first CLO of loans to Hedge Funds, and a flexible variable funding note with FX trading capabilities), and built an important distribution capability for Fund of Fund Managers

• More recently, the team has established a structured derivative service for institutional and private investors, providing principal protection and pass-through options on funds.

Fund Linked Derivatives

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Fund Linked Derivatives - Deals

Fund Derivative products provide structured and dynamic solutions for clients, linked to a broad range of fund types and strategies:

•mutual funds

•alternative / absolute return

•traditional fixed income

•high yield

•Commodities

•real estate

•private equity

These solutions can help investors meet regulatory, tax and accounting requirements, enhance yields, and protect capital investments.

Fund of Hedge Fund financing USD325mUS Bank

Asia Real Estate Linked NotesUSD250mEuropean Bank

Fund of Hedge Fund Capital Protected NotesUSD 250m Asian Insurance

Fund Basket Capital Protected NotesEUR660mEU Corporate

US Private Equity Capital Protected NotesUSD130mCentral Bank CEE

Fund of Hedge Fund financingUSD750mUS Asset Manager

SRI/ECO Fund of Hedge Fund Capital Protected NotesUSD30mAsian Bank

Fund of Hedge Fund Basket Capital Protected NotesUSD120mEU-Auto-Corporate

Mutual Fund Basket Linked Capital Protected SchuldscheinEUR100mEuropean Bank

Gap Risk facilityFund of Hedge Funds & Mutual FundsUSD850mUS Custody Bank Momentum Capital Protection

Basket of RBS Fund of FundsUSD30mAsian Pension Fund

Capital Protection Notes on Fund of FundsFund of Hedge FundsEUR10mFrench Insurance Company

Capital Protection Note on Fund of FundsFund of Hedge FundsEUR30mMiddle Eastern Bank

Principal Protected Note with Embedded Call Option on RBS Fund of FundsUSD50mUK Private Bank

Collateralised Hedge Fund ObligationSeeding Hedge Fund PlatformUSD300mGlobal Institutional Investor

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Equity Derivatives

Structuring/packaging, distribution and trading of derivatives solutions to meet requirements of corporate, institutional, hedge fund and retail clients

Delivery of profitable trading strategies across a broad range of products

• Volatility products

• Exotics products

• Retail Certificates

• Securities Finance

Structuring/packaging, distribution and trading of derivatives solutions to meet requirements of corporates, private equity, holding companies & pension funds and retail clients

Delivery of profitable trading strategies across a broad range of products:

• Multi-asset structured products

• Bespoke structured equity financing transactions (delta one/equity swaps)

• Vanilla and light exotics on equity indices and single stock underlyers

Multi-asset structured products for distribution through internal and external intermediaries to retail, private banking and ultra-high net worth individuals

Bespoke structured equity financing transactions (delta one/equity swaps) via monetisation or acquisition of minority stakes in listed companies and the ability to provide large financing to corporates, private equity, holding companies and pension fund

Best in Nordic for Structured ProductsStructured ProductsNovember 2007

#1 in OTC Stock Basket OptionsAsia Risk Inter Dealer Survey January 2008

#4 European Repo Business ICMA European Repo Market Survey 2007 (market value)

PIP initiative – launch of online trading platform "marketindex” in the UK, after successful launch in Ger, Aust & Switz

Best in UK for Structured ProductsStructured Products November 2007

#1 in Ladder/LookbackAsia Risk Inter Dealer Survey January 2008

‘Best in Benelux for Structured Products’ – Structured Products magazineNovember 2007

‘Best Certificate of the Year’ first prize for the introduction of Water Certificates – Italian Certificate AwardsMay 2007

‘Best Issuer of Leverage Products’ first prize for the Mini Future Certificates – Italian Certificate AwardsMay 2007

‘Best Structured Product 2006’ and ‘Prize Awarded by the Public’ for the Digital Spread Note – Gouden Tak award April 2007 (Netherlands)

‘Best Financial Innovation’ for Turbo product and ‘Financial Product of the Year’ – Golden Bull AwardsSeptember 2007 (Netherlands)

‘Most Innovative Banking Product’ – Bucharest Business Week, Financial Awards for ExcellenceDecember 2007

‘Best Leverage Products’ first prize for the introduction of mini future certificates – Swiss Derivatives AwardsApril 2007

‘Best Participation Products’ second prize for the implementation of the CYD Research indices – Swiss Derivatives AwardsApril 2007

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Exotics & Hybrid Structuring & Trading

The combination of RBS and ABN AMRO capabilities creates a top tier provider of derivatives across rates, currency and commodity

Key highlights

• Global Integrated Trading & Structuring business in complex products across Interest Rates, FX and Commodities

• Onshore capabilities in 10 countries in both Interest Rates and FX products with G11 and local currency offerings

• Full complex product suite in Interest Rates, FX Options and Commodities with over 100 new products developed since 2006

• Over 6,000 Complex Derivative transactions done by MET in 30 currencies with clients in 60 countries around the globe in the past two year

• Pioneering transactions with innovative new products e.g.

– Knock In Spread Swap (KISS)

– Average Vols Swap

– Callable Ratio European Forward KO

• RBS’s flow delta trading businesses, incorporating short term markets is a leading provider of interest rates services covering all currencies and maturities. In exotic interest rate products RBS is ranked 2nd

• Pioneer and leader in inflation derivatives (structuring and trading) – RBS was the first bank to launch inflation swaps and options on Bloomberg

• Recognised leader in currency derivatives providing highly innovative solutions to its global client base

• The JV with Sempra Commodities will create a leading commodities business for both physical and derivative transactions. Currently Sempra is the No 1 metals dealer and No 4 Gas marketer

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Exotics & Hybrid Structuring & Trading (cont’d)

Landmark Transactions

One of the largest inflation hybrids ever traded EUR150m Lunar Funding V PLC Asset Backed Notes

Restructure of USD16.2bn Spread Option into long dated FX-linked structure with Indonesian public sector client

Restructuring of EUR243.4m Rates Exotics Structure with Portuguese public sector client

The largest inflation ranger every tradedEUR125m Range Accrual on Euro HICP – CMS payoff

Innovative and complex real rate swaption GBP270m real rate swaption for BNFL

MYR155m Structured funding swap with large Malaysian engineering corporation

A rare two dimensional hedge of Chilean Inflation and FX riskUSD250m for Chicago Bridge & Ioan

Groundbreaking onshore USD220m transaction in Brazil, combining complex derivative technology and local currency capabilities

First FX linked structured product for Malaysian retail market for AM Investment ManagementLaunch date: June 2007

Ranked 3rd on Interest Rate linked eMTN Sales Market Share in 2007January 2008

Top 2 (for 3 years) as hedge provider for largest French public sector bankRanked 4th on all Structured

MTNs in 2007Global MTN Awards 2007

Best Structured product in the Netherlands 2007Macro Exotica Trading & PIPIEX Goudan Tak 2007Digital Spread Note

‘International Vanilla MTN Dealer of the Year’Global MTN Awards 2007

Special Mention Inflation House Global MTN Awards 2007

#4 Inflation Linked EMTN SalesGlobal MTN Awards 2007

Currency Derivatives House of the YearRisk Awards 2007

Inflation swaps EUR: #1Inflation swaps GBP: #1Inflation caps/Floors GBP: #1Inflation caps/Floors EUR: #2Inflation caps/Floors USD: #5Inter-Dealer Rankings 2007Inflation Derivatives House of

the YearRisk Awards 2008

Large Gas swap (355mm cubic meters) with Dutch Energy Company (Hybrid Oil / FX) + special feature

Credentials

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Key highlights

• ABN AMRO was one of the first banks to become active in commodity price risk solutions. Our focus is purely on our clientbase by originating transactions on hedging the price risk on energy, precious and base metals ands EU Emissions. Our branch network is supported by the product specialists in Amsterdam and the trading team in London

• Our commodity product specialists have many years of combined experience in transacting energy and base metals derivatives and emissions trading, as early as 2002

• We have executed transactions in Gas and Power derivatives for tenors and volumes far beyond market standards

Exotic Commodity Derivatives

Early 2001 demand from the Dutch Utilities challenged ABN AMRO to create a Financial Market to hedge the price risk on gas and power

In the course of time ABN AMRO extended their service to hedge the price risk also for metals and EU Emissions

Today ABN AMRO is known as a client focused supplier of price risk solutions on all kind of commodities

>20,000 MT Bitumen Swap

Road building construction

Trade executionApril 2008

>438,240 MWh APX Baseload Power Swap

Hedging price risk on Dutch Power

Trade execution April 2006

>250,000,000 cubic metres Dutch Natural Gas Swap

Restructuring of the price reference

Trade executionNovember 2003

>1,020 MT LME Cash Nickel Swap

Hedging price risk on Nickel

Trade execution November 2005

CapabilitiesBy product area – Mergers & Acquisitions

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Mergers & Acquisitions – overview

League Tables, Global

ABN AMRO #13 Europe

EuropeBenelux

13th

3rd

Asia Pacific

Asia Pacific (ex-Japan)1 10th

Americas

United States Latin America

16th

5th

Energy Advisor of the YearAcquisitions MonthlyJanuary 2008

Sweden Deal of the Year – Opica’s Acquisition of Capio The Banker2007

• Best Deal of the Year• Best Domestic M&AAcquisition of Maxis Communications by BinariangGSMThe AssetDecember 2007

Best M&A Deal of the Year – Tata Steel’s Acquisition of CorusAsiamoneyJanuary 2008

• Deal of the Year• Best M&A Deal• Best Cross-border M&A DealTata Steel’s Acquisition ofCorusFinance AsiaDecember 2007

Deal of the Year – Maynilad Water Re-privatisationCFO AsiaDecember 2007

M&A House of the Year AsiamoneyJanuary 2008

Best Leveraged Buyout - Acquisition of UTAC by Global A&T ElectronicsThe AssetDecember 2007

Best Arranger of Acquisition Financing LoansEuroweek Loan Awards 2006January 2007

European M&A Deal of the Year – ABN AMRO

Financial News Awards for Excellence in Investment Banking November 2007


Deal of the Year – Acquisition of Scottish Power plc by Iberdrola Energy RiskJanuary 2008

Emerging Markets Deal of the Year – Acquisition of Wataniya by Qatar TelecomTelecom FinanceJanuary 2008

Source: Thomson Financial, FY 2007Note: (1) Dealogic, announced deals, Review Full Year 2007

Excellence in Netherlands M&A- Involved in seven of the top ten M&A deals in the Netherlands

Dealogic, Recognition of ExcellenceFebruary 2008

Deal of the Year, Kuwait - Acquisition of Wataniya by Qatar TelecomThe BankerMay 2008

Deal of the Year, UK – Tata Steel’s Acquisition of CorusThe BankerMay 2008

Deal of the Year, Malaysia – Binariang GSM’s acquisition of Maxis CommunicationThe BankerMay 2008

Deal of the Year, Philippines – Maynilad Water Re-privatisationThe BankerMay 2008

Deal of the Year, Australia – Carlyle Group and National Hire’s acquisition of Coates HireThe BankerMay 2008

Deal of the Year, New Zealand – The acquisition of Yellow PagesThe BankerMay 2008

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Mergers and Acquisitions (M&A)

We are committed to providing our clients with in-depth knowledge of selected industry sectors on a global basis supported by a thorough understanding of the local conditions and first class transaction execution capability

Key Highlights

• ABN AMRO employs more than 370 M&A professionals in 28 countries working together closely under the auspices of a single global corporate finance management team

• Our local offices are supported by experienced advisory professionals working out of our key centres

–London/Amsterdam

–Hong Kong

–Sydney

–Sao Paulo

• Through our network and contacts with the wider group, we are well positioned to execute domestic and cross-border transactions

• In 2007, we completed 168 transactions with an aggregate deal value of USD284billion and rank No. 13 worldwide (Dealogic).

EUR 1.250,000,000

Sale of Getronics N.V. to Royal KPN N.V.

Sole financial Adviser,Netherlands, September 2007

EUR 1.250,000,000



EUR 1.250,000,000



Essent Kabelcom B.V.

EUR 2,600,000,000

Acquisition of EssentKabelcom B.V.

Joint financial adviser, joint mandated lead arranger and joint bookrunner on the acquisition debt financingNetherlands, January 2007


EUR 2,600,000,000




EUR 2,600,000,000




EUR 2,600,000,000



Unibail

EUR 28,500,000,000

Merger-of-Equals by means of Public Offer by Unibail on Rodamco Europe

Financial and Strategic AdvisorJune 2007

Unibail

EUR 28,500,000,000



Unibail

EUR 28,500,000,000



USD 1,400,000,000

Acquisition of United Test and Assembly Center Ltd by Global A&T Electronics (jointly owned by TPG and Affinity) by way of scheme arrangement

Financial AdviserSingapore, October 2007

USD 1,400,000,000

Acquisition of United Test and Assembly Center Ltd by Global A&T Electronics (jointly owned by TPG and Affinity) by way of scheme arrangement

Financial AdviserSingapore, October 2007

Maxis Communications

USD 11,700,000,000

Offer by Binariang GSM to acquire 100% of the issued share capital of Maxis Communications in Malaysia

Financial AdviserMalaysia, July 2007


USD 11,700,000,000




USD 11,700,000,000



The Coca-Cola Company

USD 590,000,000

Restructuring of the Coca-Cola bottling in the Philippines by gaining management control

Sole Financial Adviser Philippines, February 2007


USD 590,000,000




USD 590,000,000



Tata Steel Limited

GBP 6,658,000,000

Acquisition of Corus Group plc

Joint Financial AdvisorUK/India, April 2007

Tata Steel Limited

GBP 6,658,000,000



Tata Steel Limited

GBP 6,658,000,000



Tata Steel Limited

GBP 6,658,000,000



Iberdrola S.A.

EUR 17,062,000,000

Acquisition of Scottish Power

Sole financial adviser and broker,mandated lead arranger and joint bookrunnerSpain/United Kingdom, April 2007

Iberdrola S.A.

EUR 17,062,000,000



Iberdrola S.A.

EUR 17,062,000,000



Iberdrola S.A.

EUR 17,062,000,000



Akzo Nobel

EUR 11,000,000,000.

Sale of Organon Biosciences by Akzo Nobel to Schering-Plough

Financial AdviserNetherlands, November 2007

Akzo Nobel

EUR 11,000,000,000.



Akzo Nobel

EUR 11,000,000,000.



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M&A – established international sector coverage

Sector coverage teams provide clients with in-depth knowledge of selected industry sectors on a global basis drawing on the local knowledge and market expertise needed to execute both domestic and cross-border transactions

Telecom, Media & Technology

EUR 2,100,000,000

Acquisition of Casema Holding B.V. and merger with MultikabelB.V.

Financial Adviser to CinvenNetherlands, Sept 2006

EUR 2,100,000,000



EUR 2,100,000,000



EUR 2,100,000,000



Carrefour Group

€ 825 million

Acquisition of Atacadão

Financial & Strategic Adviser Brazil / FranceAnnounced, April 2007

Carrefour Group

€ 825 million

Acquisition of Atacadão

Financial & Strategic Adviser Brazil / FranceAnnounced, April 2007

EUR 1.250,000,000



EUR 1.250,000,000



EUR 1.250,000,000



USD 3,800,000,000

Acquisition of 51% stake in Wataniya by Qatar Telecom

Sole Financial Adviser, Qatar, March 2007

USD 3,800,000,000

Acquisition of 51% stake in Wataniya by Qatar Telecom

Sole Financial Adviser, Qatar, March 2007

EUR 11,000,000,000.



EUR 11,000,000,000.



EUR 11,000,000,000.



GBP 6,200,000,000

Recommended cash offer for Corus Group plc

Financial AdviserUK/India, April 2007

GBP 6,200,000,000



GBP 6,200,000,000



GBP 6,200,000,000



FIPS

Advised Pearl Group of Resolution plc

Joint Financial AdviserUK, November 2007

Pearl Group Limited

GBP 4,980,000,000

AmcorpGroup BerhadAMMB Holdings Berhad

USD 695million

Strategic sale of shares in AMMB to ANZ Group

May 2007

Royal & Sun Alliance Plc

DKK 6.4billion (GBP584m)

Financial Adviser

Acquisition of 24.7% minority in Codan Forsikring A/S

UK/Denmark , May 2007

Global IndustriesEnergy & Resources

Undisclosed

Acquisition of Apollinaris

Sole financial adviser to The

UK/Germany, May 2006Coca-Cola Company

Mandatory tender offer for up to 100% of the shares in Deutz AG

Sole Financial Advisor to SDFItaly/Germany, July 2007

UndisclosedEUR 17,062,553,639

Public Offer for Scottish Power by Iberdrola

Sole Financial AdviserSpain/UK, April 2007

Capabilities by product areaTransaction Banking

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Transaction Banking – overview

• Leading provider of global transaction banking solutions, delivering cash, trade, supply chain and card products and services to corporates and FIs

• Processes more than 2 billion transactions annually in more than 50 currencies

• Products such as multi-bank cash concentration and our liquidity advisory desks were firsts for the industry, raising the bar for our competitors

• Fifth broadest geographic footprint, with presence in over 50 countries

• Our local banking presence combined with our broad product capabilities and award-winning delivery channels have resulted in strong client relationships

Leading Transaction Banking Business

• Top 5 globally in international payment flows (Euromoney, 2007)

• Top 3 – Trade Business (excl air & shipping) Dealogic FY 2007)

• No. 5 Best Cash Management Bank in Asia voted by corporates (AsiaMoney 2007)

• No. 6 Usage in Cash Management in Asia (Greenwich2007)

• TRI*M client satisfaction scores increasing year-on-year with most regional scores above competitor average

Unlock and leverage trapped cash Liquidity management• Optimise use of capital• Maximise returns by investing excess cash• Generate cash/funding through internal

sources• Strengthen balance sheet and mitigate risk

Improve payments efficiencyPayables solutions• Improve process efficiency• Optimise days payables outstanding• Improve and strengthen partner/supplier

relationships• Gain insights through leading information

tools

Streamline the supply chain Trade and supply chain management• Speed up delivery of goods at lower cost• Market-leading solutions including award-

winning MaxTrad trade portal• State-of-the-art technology plus long track

record• Global reach and consistency

Convert cash faster Receivables management• Improve control of information and

processes• Reduce days sales outstanding (i.e.

speeding up cash conversion)• Free up working capital

Transaction Banking helps clients optimise working capital enabling them to generate more profit with less capital while reducing risk

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Transaction Banking – awards

Transaction Banking – An award winning business

Best Bank for Liquidity Management – Western Europe Global Finance January 2006 - 08

Best Bank for Liquidity Management – Eastern Europe Global FinanceJanuary 2007 & 2008

Best Bank for Risk ManagementWestern EuropeGlobal FinanceJanuary 2006, 2007

Second Best CLS Third Party Offering GloballyFX Week PollNovember 2007

Best CLS – Linked Bank Offering Western EuropeGlobal FinanceJanuary 2003 - 08

Best Bank for Supply Chain Finance – EuropeTreasury Management InternationalJanuary 2008

Best Bank for Supply Chain Finance – South AmericaTreasury Management InternationalJanuary 2008

Best Corporate Banking Initiative – Supply Chain PortalIndian Banks’ Association, Banking Technology Awards 2007

Trade Finance Deal of the Year- Reliance Communications (India)TFRFebruary 2008

Trade Finance Deal of the Year- Magnitogorsk Iron and Steel Works (Russia)Trade FinanceFebruary 2008

Trade Finance Deal of the Year- OGK-4 (Russia) Trade FinanceFebruary 2008

Best Online Trade Finance ProviderTrade Finance Awards for Excellence 2003-06

Best Trade Finance Bank EuropeGlobal Finance2001-07

Best Corporate Banking Initiative – Business Banking PortalIndian Banks’ Association, Banking Technology Awards 2007

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Transaction Banking – products

Our clients can expect tailored solutions from a product range that spans their working capital cycles

We take a fully comprehensive approach to our clients’ needs, creating complete solutions that integrate elements of our award-winning product set. The breadth of our expertise and solutions gives us the flexibility to meet varied client demands

Payments Collections Liquidity management

Trade and supply chain

• Electronic funds transfers (domestic and cross-border)

• Domestic ACHs

• SEPA Credit Transfers

• Card issuance service (business credit/debit cards, corporate payroll cards, lodge cards)

• Cheque issuance service (bank cheque, corporate cheque)

• Tailor-made, timely reporting

• Incoming electronic funds transfer

• Cash/cheque collection services

• International direct debits

• Integrated receivables management

• Reconciliation services (SmartCollect™, invoice matching)

• Global merchant services

• Settlement bank services

• Multi-bank cash concentration

• Automated global balance transfer

• Zero balancing (domestic, regional and global)

• Notional pooling (single and multi currency)

• Interest optimisation (domestic and cross border)

• Shadow reporting of inter-company loan balances

• Short-term investment and funding

• Global netting

• Automated multi-currency conversion

• Liquidity advisory services

• Supply chain finance

• Traditional trade products

• Trade financing

• Purchase order management

• Letters of credit document preparation

Capabilities by product areaCommodities

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Commodities –

With RBS Sempra Commodities we are able to:

•Meet the financial and physical commodity requirements of our customer base globally across a broad range of industry sectors, including oil & gas, metals & mining, industrials & transportation, power and utilities.

•Provide short-, medium- and long-term hedging and risk solutions to RBS's existing project finance and structured finance customers around the world.

•Offer a complete derivatives risk management and trading platform for RBS customers.

•Develop bespoke commodities products for investors in combination with our existing Structured Investor Products platform.

•Enable customers to trade in carbon and green credits products.

RBS Sempra Commodities deals in:

•Power - industry leading power marketer with a primary focus on the North American and the European wholesale markets.

•Natural gas - international natural gas marketer with a primary focus on the North American (ranked #4 in 2007 by Platt’s) and European wholesale markets as well as the international Liquefied Natural Gas (‘LNG’).

•Coal - major participant in the international physical and financial wholesale coal and dry freight markets.

•Crude oil and oil products - worldwide trader of oil and oil products, specializing in physical delivery of crude oil and crude related product, storage and transportation, as well as on-shore and off-shore blending capabilities.

•Metals - leading metals trading group, specialising in base metals, precious metals, steel and plastics.

•Green credits - active participant in the international green credits markets via EUETS, the Kyoto Based Instruments Market, as well as all US based allowances markets including SO2, NOX, RGGI, RECs and VERs.

•Agricultural products - Growing business in ethanol and bio-fuels primarily focused on North America and warehousing storage facilities for coffee and cocoa.

Formed on 1st April 2008, RBS Sempra Commodities creates significant additional value by leveraging Sempra Energy and RBS' commodities capabilities across our extensive global footprint and deep corporate and institutional relationships.

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Commodities accolades

The combined entities provide our clients with a global commodities platform

1st Overall Metal Broker - SempraEnergy & Commodity Rankings 2008February 2008

1st Overall Metal Broker - SempraEnergy & Commodity Rankings 2008February 2008

#5 European Electricity, Spain – SempraEnergy RiskMarch 2008

#5 European Electricity, Spain – SempraEnergy RiskMarch 2008

#2 Research in Weather - SempraEnergy RiskMarch 2008

#2 Research in Weather - SempraEnergy RiskMarch 2008

#4 in Western US Natural Gas short term - SempraEnergy RiskMarch 2008

#4 in Western US Natural Gas short term - SempraEnergy RiskMarch 2008

#4 in UK NBP curve – SempraEnergy RiskMarch 2008

#4 in UK NBP curve – SempraEnergy RiskMarch 2008

#4 European Electricity, Germany – SempraEnergy RiskMarch 2008

#4 European Electricity, Germany – SempraEnergy RiskMarch 2008

#5 European Electricity, Eastern Europe - SempraMarch 2008

#5 European Electricity, Eastern Europe - SempraMarch 2008

#4 in Eastern US Natural Gas short term - SempraEnergy RiskMarch 2008

#4 in Eastern US Natural Gas short term - SempraEnergy RiskMarch 2008

#4 in Western US Natural Gas long term - SempraEnergy RiskMarch 2008

#4 in Western US Natural Gas long term - SempraEnergy RiskMarch 2008

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Key highlights

• ABN AMRO was one of the first banks to become active in the carbon markets. We focus on trading EU Allowances under the EU Emissions Trading Scheme and originating CER/ERU (Certified Emissions Reduction/Emission Reduction Unit) transactions via our branch network, supported by regional product specialists in Amsterdam, Sydney, Sao Paulo, and a trading team in London

• Our product specialists have many years of combined experience in emissions trading, including working for the Dutch Government’s CER buying program as early as 2001

• We have executed transactions in Issued CERs, Forward CERs out to 2012 and Safekeeping services for CERs (Seller holds CERs in our a/c Annex I National Registry)

Carbon Trading

The effort to combat climate change has given birth to a new and fast-growing commodity market. The Kyoto Protocol and related initiatives have created a novel asset: greenhouse gas emission reductions; commonly referred to as ‘carbon credits’.

The assets are created under government-established emissions trading systems – such as the EU Emissions Trading Scheme (ETS) and those planned in the US and Australia

>150 million tonnes CO2eTrading EUAs and CERsJune 2006 – April 2008

>150 million tonnes CO2eTrading EUAs and CERsJune 2006 – April 2008

Trading of EUAs for complianceJune 2006 – April 2008

Trading of EUAs for complianceJune 2006 – April 2008

First bank-mediated sale of CERs to private company – June 2005

First bank-mediated sale of CERs to private company – June 2005

Sourcing CERs for carbon neutrality - June 2007Sourcing CERs for carbon neutrality - June 2007

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Eco-markets

Market leader in renewables – in 2007 RBS was 3rd in Infrastructure Journal’s Mandated Lead Arranger league table for wind and renewables financing

Wind• Leading Market leader in wind farm financing• Over 8.7 GW financed globally since 1998 (2 GW in 2006 & 2005, and 3

GW in 2007)• Leading the market on new financing structures in new regimes• In-depth knowledge across a range of regulatory regimes including

financings of multi-jurisdictional portfolios of wind farms• Significant capability in Capital Markets, mezzanine debt and equity

Solar• Solar photovoltaic financing is new to the European market – only

surfaced in H2 2007 and has been confined to Iberia up until now• RBS is the leading international bank to take on financing in this area

With more than 12 businesses ABN AMRO has the broadest range of expertise and experience in the market:• Equities (IPOs, Hoare Govett has a strong energy sector client base and

a growing number of clients in the Eco-sector)• Structured Finance (windfarm financing)• Corporate finance (Acquisitions – Recent mandates include Suzlon

Energy’s EUR3.5bn takeover of REpower)• Trading (Voluntary offsets(Carbon Trading), Metals (platinum &

palladium), Agriculture (bio-fuel feedstocks), Derivatives / Hedging)

Investment products • Fund-Linked Derivatives • Natural catastrophe securities • CARE Notes• GRAIN Biofuel feedstock trading strategy• Global SRI equity product• Brazilian 'Ethical' equity fund, 'Green Fund' • Indian SRI fund, Renewable Energy Private Equity Fund (Q1 2008)

Private Investor Products based on• Climate Change & Environment Index• Water Index• Biofuels – Commodity and Equity Indices • Renewable Energy • Waste Management Index, Natural Gas Index • Eco Total Returns Index

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Sustainability – accolades

The Top Global Banks for Environmental, Social and Strategic Governance (ESG)

Rank Bank Rating

1 Société Générale AAA

2 Credit Agricole SA AAA

3 RBS Global Banking & Markets AAA

4 ABN AMRO Holding NV AAA

5 BBV Argentaria SA AA

6 Banco Santander Central Hispano SA AA

7 Standard Chartered Plc AA

8 Bank of Nova Scotia A

9 KBC Groupe SA A

10 BNP Paribas A

11 UBS AG A

12 HSBC Holdings Plc A

13 Mizuho Financial Group A

14 Citigroup Inc A

15 Credit Suisse Group A

16 Sumitomo Mitsui Financial Group BBB

17 JP Morgan Chase & Company BBB

18 Fortis NV BBB

19 Mitsubishi UFS Financial Group BBB

20 Barclays Plc BBB

21 Deutsche Bank AG BB

22 Bank of America Corporation BB

Source: Innovest, February 2008

Sustainable Bank of the Year Financial Times Sustainable Banking AwardsJune 2007

Award for Corporate Social Responsibility Best of European Business March 2007

World’s third Greenest CompanyThe Independent July 2007

Best European bank for

Corporate responsibility Dow Jones Sustainability Index (DJSI)September 2006

Gold Medal for International Corporate Achievement in Sustainable DevelopmentWorld Environment Center January 2006

Global Emerging Markets Sustainable Bank of the Year (ABN AMRO India)Financial Times Sustainable Banking AwardsJune 2007

Global Renewables Portfolio Refinancing Deal of the Year - Babcock & Brown Global Wind PartnersProject Finance magazineJanuary 2008

Renewables Arranger of the YearInfrastructure JournalMarch 2007

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Emerging Debt and Forex Markets

• ABN AMRO's strong presence in 28 non-G11 countries stretches from Argentina to Vietnam, and remains integrated through active networked hubs in London, New York, and Singapore

• Offering 24-hour trading coverage and a globally integrated product suite with a complete range of non-G11 linear products, including FX, FX options, Fixed Income Trading, Rates, Credit and Structured Credit solutions

• Through our extensive network coverage we provide onshore and offshore risk solutions in Local Markets across associated asset classes, by tailoring local solutions that meet our clients’ needs – including liquidity management, regulatory support, currency protection for global corporations; investment strategies for local companies with interests in G11 markets; or FX investments for hedge funds in search of higher yields

ABN AMRO is a leading bank in the emerging markets with local presence in 28 countries, covering 73 non-G11 currencies

Russia and CIS Loan House IFRDecember 2007

Best Arranger - Eastern European LoansEuroWeekJanuary 2007

Best Arranger of Russian LoansEuroWeekJanuary 2007

Best at Project Finance - Middle East EuromoneyJuly 2007

No. 5 Best Bank for Emerging EMEA CurrenciesFX Week, Best Bank Awards, Total VotesNovember 2007

Best Debt House - Middle EastEuromoney Awards for Excellence July 2006

EEMEA Bond HouseIFRDecember 2007

Best Debt House - Turkey EuromoneyJuly 2007

India Loan House IFR Asia AwardsDecember 2006, 2007

No. 1 Best FX (Vanilla) Provider for Asian Currencies Asiamoney, FX Poll, Corporate VotesSeptember 2007

No. 2 Most Impressive Bank in Other Currencies (than USD, EUR, GBP)EuroWeekJanuary 2007

Best Debt House – PakistanThe AssetDecember 2007

Best Debt House - Central Asia EuromoneyJuly 2007

Best Debt House - Kazakhstan EuromoneyJuly 2007

Best Debt House - Latin AmericaEuromoneyJuly 2007

Latin America Loan House IFRDecember 2006

Best Debt House - Venezuela EuromoneyJuly 2007

No. 4 Best Bank for Emerging Latin American Currencies FX Week, Best Bank Awards, Corporate VoteNovember 2007

Source: Thomson Finance Full Year 2007

International Emerging Markets Bonds

All International Emerging Market BondsAll International Emerging Market Bonds – Latin America

All International Emerging Market Bonds – EEMEA

2nd 1st 3rd

Excellence in Brazil Fixed IncomeTop Bank in:- Brazil Fixed Income- Brazil Fixed Income in Industrials and Consumer & Retail Dealogic, Recognition of ExcellenceFebruary 2008

Excellence in Eastern Europe Fixed Income, Top Bank in:- Emerging Market Fixed Income- Emerging Market Energy and Natural Resources Fixed Income- Led Russia Fixed IncomeDealogic, Recognition of ExcellenceFebruary 2008

Excellence in India Fixed IncomeTop Bank in:- India Syndicated Loans- India Energy and Natural Resources Fixed IncomeDealogic, Recognition of ExcellenceFebruary 2008

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Global shipping loan portfolio league table

Source: Marine Money International, May 2007

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Shipping Finance – overview

RBS + ABN AMRO = a leading force in shipping and port financing, able to offer a full suite of products to our global clients in this sector

Key highlights

• Experienced global marine M&A practitioner (Sell side advisor to Fraser Surrey Docks, Adsteam), adviser to Financial Sponsors and provider of leveraged finance in this sector

• Active in marine Equity Capital Markets

• Broker to port companies and leading provider of research in this sector

• ABN AMRO provides a full range of funding alternatives to the Shipping & Ports sector

• Banker to over 150 of the world’s top shipping companies

• Leading lender to the shipping industry with a loan portfolio in excess of USD23billion – no.1 in Greece

• Principal asset classes: Bulk Carriers, Crude Oil & Product Tankers, Container Ships, Chemical Tankers, LPG & LNG, Reefers and Car Carriers

• 70% of exposure secured against vessels under five years of age

• Wide range of innovative tax and residual value debt structures

• Tailor made risk management and investment products exclusive to the Bank’s global shipping client base

• Specialist syndication team within our loan markets platform

Shipping Debt Deal of the Year – CSC Nanjing TankerJane’s Transport Finance 2007 Gala AwardsDecember 2007

Shipping House of the YearJane’s Transport Finance 2007 Gala AwardsDecember 2007

Asia Shipping Debt Deal of the Year – Shanghai Time Shipping Jane’s Transport Finance January 2006

Ship Finance Bank of the Year 2005 Lloyds List Greek Awards

Most Innovative Ship Finance Deal of the year – OSG NakilatShipping Economist2005

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Structured Asset Finance & Aviation Capital

Structured Asset FinanceMedia Financing

Executed in excess of 50 tax and debt transactions in the film and television sector raising in excess of USD10billion to date

• Consistently the largest arranger and participant in UK film tax transactions by volume in the corporate market

Corporate Jet Financing

• Corporate and VIP Jet book > USD2.25billion

• Structured Asset Finance Aerospace & Defence has committed financing for over 35, (mainly new, large cabin) Corporate Jets with an aggregate value of circa USD1.10billion outside North America

• 75 years of experience in the aviation industry

• Market share of new jet ‘Large Cabin’ space estimated at 12%

Aviation Capital• Executed in excess of 75 transactions completed in

2007 involving 251 aircraft

• Combined commercial aircraft secured debt and operating lease book of USD12billion

• Own, managed or have committed to finance over 265 aircraft on operating lease, and debt finance over 300 aircraft

RBS has a large, sustainable and diversified book of assets under management, transacting assets since 1975 across all sectors, assets and products

Key Facts

• GBP12.5billion commitments

• 1,800 facilities

• Over 300 relationships

• Lifetime revenues of approx. GBP600million over 15+ years

• Residual value book of c.GBP450million

• Strong credit counterparties and low default rates

Aircraft Finance Innovator of the YearJane’s Transport Finance December 2007

#5 Commercial Aircraft LessorBy ScaleAir Finance Journal Survey2007

ABS Deal of the Year – AirspeedISR Awards December 2007

8th in Leveraged Media Loans(by volume)Loan Markets Association 2007

Disclaimers

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ABN AMRO Global Disclaimer

This marketing communication has been prepared by ABN AMRO Bank N.V. or an affiliated company (‘ABN AMRO’) and for the purposes of Directive 2004/39/EC has not been prepared in accordance with the legal and regulatory requirements designed to promote the independence of research. As such regulatory restrictions on ABN AMRO dealing in any financial instruments mentioned in this marketing communication at any time before it is distributed to you do not apply.

This marketing communication is for your private information only and does not constitute an analysis of all potentially material issues nor does it constitute an offer to buy or sell any investment. Prior to entering into any transaction with ABN AMRO, you should consider the relevance of the information contained herein to your decision given your own investment objectives, experience, financial and operational resources and any other relevant circumstances. Views expressed herein are not intended to be and should not be viewed as advice or as a recommendation. You should take independent advice on issues that are of concern to you.

Neither ABN AMRO nor other persons shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this communication.

Any views or opinions expressed herein might conflict with investment research produced by ABN AMRO.

ABN AMRO and its affiliated companies may from time to time have long or short positions in, buy or sell (on a principal basis or otherwise), make markets in the securities or derivatives of, and provide or have provided, investment banking, commercial banking or other services to any company or issuer named herein.

Any price(s) or value(s) are provided as of the date or time indicated and no representation is made that any trade can be executed at these prices or values. In addition, ABN AMRO has no obligation to update any information contained herein.

This marketing communication is not intended for distribution to retail clients in the UK under any circumstances.

For U.S. Clients: This document is intended for distribution only to major institutional investors as defined in Rule 15a-6(a)(2) under the U.S. Securities Act 1934. Any U.S. recipient of this document wanting further information or to effect any transaction related to this trade idea must contact a registered representative of ABN AMRO Incorporated, Park Avenue Plaza, 55 East 52nd Street, New York, N.Y. 10055, US, tel: +1 212 409 1000

ABN AMRO is authorised by De Nederlandsche Bank and regulated by the Financial Services Authority; regulated by the AFM for the conduct of business in the Netherlands and the Financial Services Authority for the conduct of UK business.

Copyright 2007 ABN AMRO. All rights reserved. This communication is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without ABN AMRO's prior express consent.

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Global disclaimer for trading areas

The contents of this document are indicative and are subject to change without notice. This document is intended for your sole use on the basis that before entering into this, and/or any related transaction, you will ensure that you fully understand the potential risks and return of this, and/or any related transaction and determine it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such advisors as you deem necessary to assist you in making these determinations. The Royal Bank of Scotland plc (“RBS”) will not act as your advisor or owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on RBS for investment advice or recommendations of any sort. RBS makes no representations or warranties with respect to the information and disclaims all liability for any use you or your advisors make of the contents of this document. However this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed.

RBS and its affiliates, connected companies, employees or clients may have an interest in financial instruments of the type described in this document and/or related financial instruments. Such interest may include dealing, trading, holding, acting as market-makers in such instruments and may include providing banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein. RBS is authorised and regulated in the UK by the Financial Services Authority, in Hong Kong by the Hong Kong Monetary Authority, in Singapore by the Monetary Authority of Singapore, in Japan by the Financial Services Agency of Japan, in Australia RBS (Australia) Pty Ltd ABN 36 088 574 270 is authorised and regulated by the Australian Securities and Investments Commission and acts as agent for RBS ABN 30 101 464 528 and in the US, by the New York State Banking Department and the Federal Reserve Board. The financial instruments described in this document are made in compliance with an applicable exemption from the registration requirements of the US Securities Act of 1933.

N.B. Trading Areas are: Government Trading; Credit Trading; Proprietary Trading & Hedging; Capital Markets Sales; Currency Options/Equity Index; Derivatives and Futures; Interest Rate Derivatives; Sales and Marketing; Futures Broking; Margin Trading; Shipping; Strategy and Agency Treasury Services (for the purposes of these disclaimers only)

The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.

The daisy device logo, RBS, The Royal Bank of Scotland and Make it happen are trade marks of The Royal Bank of Scotland Group plc.

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Global disclaimer for presentations by advisory areas to issuers

The information in this document is intended to provide you with a summary of potential transaction structures and terms and conditions that may or may not lead to transactions being entered into between us. It is not intended that either of us would be bound by any of these proposed terms and conditions until both of us agree to, and sign, formal written contracts.

Nothing in this document should be construed as legal, tax or investment advice or as a recommendation or an offer to purchase or underwrite any securities from you, or to sell securities to you or to extend any credit to you or to do any of those things on your behalf.

The information in this document is confidential and proprietary to us. It has been produced solely for your use and that of your professional advisers and should not be reproduced or disclosed to any other person without our consent. This document remains our property and must be returned to us on request and any copies you have made must be destroyed. Neither of us should rely on any representation or undertaking inconsistent with the above paragraphs.

Any views or opinions (including statements or forecasts) constitute our judgement as of the date indicated and are subject to change without notice. We do not undertake to update this document.

[This document is issued by The Royal Bank of Scotland plc ("RBS") which is authorised and regulated by the Financial Services Authority.]*

For Private Placements, replace the sentence above with the paragraph below

[This document is issued by The Royal Bank of Scotland plc ("RBS") which is authorised and regulated by the Financial Services Authority in accordance with the regulatory regime applying to United Kingdom ("UK") investment business. In the United States, this document is issued by RBS Securities Corporation (“RBSSC”), a member of the NASD and an indirect wholly-owned subsidiary of RBS]*

* Delete as applicable

N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, CDO’s and Risk Finance); Origination (including: UK Origination, Europe Origination, Frequent & Public Sector Borrowers, Financial Institutions Group Originations, High Yield Origination, Private Placements, Syndications); Group Treasury and FM Investment Management (Agency Treasury Services is a Trading Area for the purposes of these disclaimers)



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Global disclaimer for presentations by advisory areas to investors

This document has been prepared for information purposes only. The investments and investment services referred to are not available to retail customers within the meaning of the rules of the Financial Services Authority, nor for persons who are subject to US securities laws and should not be distributed in the US or to any US person nor in any jurisdiction in which its distribution would be prohibited. It should not be construed as an offer or solicitation to buy or sell any securities or any interest in securities.

The information in this document is confidential and is intended for use only by the recipient. It should not be reproduced or disclosed to any other person without our consent. This document remains our property and must be returned to us on request and any copies you have made must be destroyed.

[Include where relevant: The information contained herein has been prepared by us on the basis of information provided by the [Transferor/Issuer] or one of more of its affiliates to assist interested parties in making a preliminary analysis of [Describe Transaction] and does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.

The terms of this [Preliminary Term Sheet/Presentation] are qualified in their entirety by the Offering Circular, which will be made available by us in respect of the transaction described herein, which will supersede the terms hereof.]*

This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us. We make no representation or warranty (express or implied) of any nature, nor do we accept any responsibility or liability of any kind, with respect to the accuracy or completeness of the information in this document. This shall not, however, restrict, exclude, or limit any duty or liability to a person under any applicable laws or regulations of any jurisdiction, which may not lawfully be disclaimed.

Each recipient of this document should make its own independent evaluation of the transaction and of the relevance and adequacy of the information in this document and should make such other investigations as it deems necessary to determine whether to participate in the transaction.

The Royal Bank of Scotland plc ("RBS"), and its affiliates, connected companies, employees or clients may have an interest in the securities (or related securities or other financial instruments or their related derivatives) ("Securities") mentioned in this document. This may involve activities such as dealing in, holding, acting as market-makers, or performing financial or advisory services, in relation to any of the Securities referred to in this document. It may also have acted as a manager or co-manager of a public offering of such Securities, and may also have an investment banking relationship with any companies mentioned in this document.

Neither of us should rely on any representation or undertaking inconsistent with the above paragraphs.

This document is issued by RBS, which is authorised and regulated by the Financial Services Authority. Any views or opinions (including statements or forecasts) constitute our judgement as of the date indicated and are subject to change without notice.

[Additional paragraph for Asset-Backed issues:

Average lives of, or the potential yields on, any security cannot be predicted as the actual rate of repayment on the underlying assets, as well as a number of other relevant factors, cannot be determined. No assurance can be given that the assumptions on which the possible average lives of, or yields on, the securities are made will provide to be realistic. Information about possible average lives of, or yields on, the securities in this document must, therefore, be viewed with caution.]*

* Delete as applicable

N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, CDO’s and Risk Finance); Origination (including: UK Origination, Europe Origination, Frequent & Public Sector Borrowers, Financial Institutions Group Originations, High Yield Origination, Private Placements, Syndications); Group Treasury and FM Investment Management (Agency Treasury Services is a Trading Area for the purposes of these disclaimers)



ABN AMRO RBS GBM JointCapabilities May92008

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