ABN AMRO RBS GBM JointCapabilities May92008

Joint capabilities
May 2008
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 RBSs and ABN AMROs 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
Capabilities by product area
Bond Markets
Securitisation
Loan Markets
Leveraged Finance/High Yield
Project Finance
Equities
Hoare Govett
FX
Derivatives
Credit Derivatives and Alternatives Trading
Fund Linked Derivatives
Equity Derivatives
Exotics & Hybrid Structuring & Trading
Exotic Commodity Derivatives
Mergers and Acquisitions
Transaction Banking
Commodities
10
14
17
23
26
29
34
36
39
42
44
46
47
49
50
54
58
Appendix
Eco-markets
Sustainability accolades
Emerging Debt & Forex Markets
Shipping Finance overview
Structured Asset Finance & Aviation Capital
63
64
65
66
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
All Euromarket Issues
All Bonds in EUR
7
5
4
All International FRNs

All Covered Bonds (All Currencies)
Global Securitisations (ex Agencies)
Cross Border Traditional Private Placements 2
Global Loans
EMEA Loans
US Loans
Asia Pacific Loans (Ex Japan, ex ANZ)
Emerging Markets Loans
European Leveraged Loans
Project Finance EMEA MLA
Global Equity Issues
UK Equity Issues
Asia Pacific (ex Japan) Equity Issues
RBS is Global Bank of the Year
ABN AMRO is Sustainable Bank of the Year
4
3
4
1
8
3
7
16
3
2
1
10
5
8
Polls, 2007
Global FX (by Marketshare)3
Best Bank for FX in the Eurozone4
Best Bank for Prime Brokerage4
Best bank Structured Product4
Global M&A5
European M&A5
Asia Pacific (ex Japan) M&A5
USA M&A6
Latin American M&A6
12
5
4
5
13
13
10
16
5
4) FX Week Awards 2007

5) Thomson Financial, Completed Deals, Full Year 2007
6) Dealogic, Announced Deals, Full Year 2007
M&A
M&A
House
M&AHouse
House
of
of
the
Year
(Asia)
ofthe
theYear
Year(Asia)
(Asia)
Best
Best
Lead
Manager
for
BestLead
LeadManager
Managerfor
for
Covered
Covered
Bonds
CoveredBonds
Bonds
Russia
Russia
and
CIS
Russiaand
andCIS
CIS
Loan
Loan
House
of
the
Year
LoanHouse
Houseof
ofthe
theYear
Year
Best
Best
Bank
for
Liquidity
BestBank
Bankfor
forLiquidity
Liquidity
Management
Management
Western
ManagementWestern
Western
Europe
Europe
and
CEE
Europeand
andCEE
CEE
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
Energy
Energy
Advisor
EnergyAdvisor
Advisor
of
of
the
Year
ofthe
theYear
Year
EEMEA
EEMEA
Bond
House
EEMEABond
BondHouse
House
of
of
the
Year
ofthe
theYear
Year
India
India
Loan
House
IndiaLoan
LoanHouse
House
of
of
the
Year
ofthe
theYear
Year
Best
Best
Bank
Europe
2007
BestBank
BankEurope
Europe2007
2007
Supply
Supply
Chain
Finance
SupplyChain
ChainFinance
Finance
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
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Notes
1) Thomson Financial, Q1 2008
2) Private Placements Monitor, FY 2007
3) Euromoney FX Poll 2007
4
5
-
What the media says

Diversification, liquidity and
leadership were the central tenets
the marketplace not only needed
but rewarded handsomely, making
RBS Greenwich Capital IFRs 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
IFRs Sterling Bond House of the
Year
(ifr, 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)
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)
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)
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)
This is the deal that catapults

corporate India in the global M&A
stage and starts a new trend in the
countrys 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)
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 couldnt
be done. ABN AMRO and CIMB
showed it could.
(Euromoney, February 2008)
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)
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 localmarket distribution. All are important
benchmarks for the region
(Euromoney, July 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)
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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

North America
EMEA
Asia Pacific
United States
Finland
France
Germany
Greece
Ireland
Italy
Portugal
Spain
Sweden
United Kingdom
Australia
China
Hong Kong
(China)
Japan
Malaysia
Singapore
Latin America
--
RBS locations after integration of ABN AMRO

Americas
Argentina
Brazil1
Canada
Chile
Colombia
Mexico
United States
Venezuela
Western Europe
Notes:
1) Presence to be established during 2008

2) Rep office
3) Presence through 40% stake in Saudi Hollandi Bank
Italy
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
Czech Republic
Egypt2
Emirates
Kazakhstan
Poland
Romania
Russia
Asia
Australia
China
Hong Kong (China)
India
Indonesia
Japan
Korea (South)
Malaysia
Slovakia
Turkey
Saudi Arabia3
South Africa United
United Arab Emirates
Uzbekistan
New Zealand
Pakistan
Philippines
Singapore
Taiwan
Thailand
Vietnam
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Austria
Belgium
Channel Island
Denmark
Finland
France
Germany
Gibraltar
Greece
Ireland
Central & Eastern Europe,

Middle East & Africa
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
Moodys2
Standard & Poors3
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 listed
2. On 17 October 2007 Moodys 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 Moodys affirmed
the ratings for ABN AMRO Bank NV, but changed the outlook on the long-term debt ratings from stable to developing
3. 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 ratings
4. 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 NVs 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
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Bond Markets
Bond Markets overview

League tables
RBS #7
RBS #5
Corporate FI
GBP, EUR, USD, AUD

All Bonds in EUR
All International Sterling Bonds
All International USD FRN
All IG US Corporate Bonds
All IG Bonds in EUR
All AUD International Issues*
All int SFR bonds ex secur.
All Corporate Bonds in EUR
7th
5rd
4th
4th
2nd
9th
5th
9th
10th
4th
All Bonds in EUR

Emerging Markets
RBS #4
All International Emerging Market Bonds EEMEA
9th

RBS #4
Source:
Thomson Financial Q1 2008
Frequent Borrowers
Covered Bonds
All Covered Bonds in EUR
All Covered Bonds (all Currencies)
All Jumbo Covered Bonds
3
3rd
6th
rd
All Agency Bonds in EUR

Municipal, City, State, Province in EUR
1st
7th
Source: Thomson Financial Q1 2008
Leading in Non-Core
Currencies
#1 in Cross-Border Traditional Private Placements

(Private Placements Monitor, FY 2007)
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11
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
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
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
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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12
Bond Markets awards (selection)

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

IFR
December 2007
Sterling Bond House

IFR
December 2007
Best Lead Manager for Covered

Bonds
TheCover (Euroweek)
January 2008
Non-Core Currency Bond IBRD

IFR
December 2007
Financial Bond Sub Debt

RBS Tier 1, IFR
December 2007
Latin American Bond CVRD

IFR
December 2007
Sterling Bond Legal & General,

IFR
December 2007
Latin American Domestic

Currency Bond IFC
IFR
December 2007
Middle Eastern Financial

Institution Bond of the Year
Abu Dhabi Commercial Bank
EuroWeek
January 2007
No. 2 Most Impressive Bank in

other currencies (than USD,
EUR, GBP)
EuroWeek
January 2007
3rd Z/Yen Ranking

Operational Performance for
Asia Securities 2007
Deal of the Year Gazprom

Credit Magazine
January 2008
No. 1 Senior Financial Institutions Bond Wachovia Bank

EuroWeek
January 2007
Best Investment Grade Bond

Deal of the Year Export-Import
Bank of Korea
Asiamoney
January 2008
No.2 Best Asian Financial

Institution Bond Deal of the Year
Woori Bank
Euroweek Asia
January 2008
Deal of the Year, South Korea

Kexim
The Banker
May 2008
No.1 Best Asian Financial

Institution Bond Deal of the Year
Export-Import Bank of Korea
Euroweek Asia
January 2008
Covered Bond CFF

IFR
December 2007
Deal of the Year Washington
Mutual Covered Bond
Euromoney
December 2007
Deal of the Year Maxis
Euromoney
February 2008
Best Supranational / Agency
Deal of the Year World Bank
EuroWeek
January 2008
No. 2 Best Sovereign Deal of the
Year Republic of Italy
EuroWeek
January 2008
Deal of the Year TransCredit
Bank
Credit Magazine
January 2008
13
Best High Grade Corporate Bond

House
Credit Magazine
2007
Best Liquidity Provider GBP
Corporate Bonds
Credit Magazine
2007
Best Bank for Corporate Finance
2007
TMI Awards
December 2007
2 Corporate Bond House
Top 5 DCM House
Financial News Awards for
Excellence in Investment
Banking 2007
Investment-grade Corporate
Bond Enel
IFR
December 2007
Asia Shipping Debt Deal of the
Year CSC Nanjing Tanker
Janes Transport Finance
December 2007
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Bond Arranger of the Year

Infrastructure Journal
March 2007

Securitisation
Securitisation global overview

League tables, Q1 2008
Global Securitisations
(excluding Agencies)
RBS #4
All ABS
RBS #5
Europe
United States
United States ABS

United States MBS
US MBS - FCA
8
7th
5th
th
All MBS
RBS #8
Securitisations in GBP
Securitisations All European RMBS*
Securitisations All EUR
All International Issuers
All International Issuers (excluding self-funded)
All European Issuers
North American Securitisation

House
IFR
2006 and 2007
1st
2nd
1st
1st
1st
1st
European Securitisation House

IFR
2006 and 2007
Asia Pacific Securitisation of the

Year- Softbank
IFR
December 2007
Securitisation House of the Year

The Banker
2006
European Securitisation
of the Year BTA Ipoteka
IFR
December 2007
ABS Deal of the Year, Europe Airspeed

ISR
December 2007
ABS Arranger of the year

Europe
ISR
2006 and 2007
RMBS Deal of the Year

Kazakh Mortgage Backed
Securities 2007-1
ISR
December 2007
Emerging Market Deal of the

Year Thor Asset Purchase
Utility receivables secur.
ISR
December 2007
Corporate Deal of the Year,

Europe - Punch Taverns Finance
ISR
December 2007
Aircraft Capital Markets Award

Airspeed
December 2007
15
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Best Securitisation House

Credit Magazine
2007/2006
Securitisation leadership across regions and sectors

Key highlights
Leadership position in both developed and emerging markets
Strong franchise across key geographies United States, Europe
globally for term securitisation focused primarily on consumer

asset classes
and Asia Pacific
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
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,
Italian healthcare asset/securitisation platform

Rapidly expanding Eastern European ABS business. First to
Greenwich)
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)
Deal successes include the largest Japanese WBS for Softbank
and landmark transactions in tough market conditions such as EMAC Netherlands)
RBS has the largest ABS trading desk and volumes in Europe
Strong United States Auto ABS franchise

Reopened primary EUR ABS market with EMAC NL post summer
ABS market turmoil
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)
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16

Loan Markets
Loan Markets global overview

League tables
Global
Global
Global Loans
Europe
Western Europe
EMEA Loans
EMEA Leveraged Loans
EMEA Sponsor Driven
EMEA Non Sponsor Driven Leveraged
EEMEA Emerging Markets
EMEA Project Finance
EMEA Financial Institutions
8th
RBS #8
EMEA
RBS #3
United States
RBS #7
North America
North America Loans
US Loans
US Leveraged Loans
US Investment-Grade Loans
9th
7th
14th
5th
3rd
3rd
2nd
1st
2nd
3rd
1st
5th
Middle East
Asia Pacific
Middle East Overall

Middle East Financial Institutions
RBS #10
FY 2007
6th
1st
Latin America
Source: Thomson Financial
bookrunners, Q1 2008
Latin American Loans
3rd
Asia Pacific
Asia Pacific Leveraged Loans
Asia Pacific Loans
Asia Pacific Loans (ex. Japan and Australia & New Zealand)
Australia & New Zealand
Australia Syndicated Loans
Australasia Leveraged Loans
5th
10th
16th
5th
5th
3rd
Emerging Markets
Emerging Markets Loans
6th
18
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Source: Thomson Financial bookrunners Q1 2008
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
Leadership across key sectors such as project
A reputation for structural innovation and delivering
Combined real estate loan and CMBS platform in
Single unified syndication, sales and trading
Launched a dedicated FI team delivering
Integrated structured and corporate loans
Launch of a dedicated shipping team winning key
EMEA, Latin America and Asia
tailor-made solutions for our clients
platform which cuts across industries, products and

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

Europe 2007)
finance, structured financing, real estate finance,

M&A and leveraged finance
Europe and Asia a ground-breaking initiative
benchmark transactions (USD1.85billion facility for

Qatar National Bank)
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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19
Loan Markets awards

The combined entities
provide our clients with
a global loan platform,
recognised by leading
trade media
Most Impressive Arranger

Euroweek
Loan Awards 2007 (& 2005-06)
February 2008
Global Bank of the Year

PFI
January 2008
Best Project Finance House

Euromoney Awards of
Excellence
July 2007
India Loan House of the Year

IFR Asia
December 2007
Best Debt House Latin

America
Euromoney Awards of
Excellence
July 2007
Best Secondary Loan House

Euroweek Loan Awards 2007
February 2008
Russia and CIS Loan House

IFR
December 2007
Best Arranger of Acquisition

Finance 2007 (& 2005-06)
EuroWeek Loan Awards
February 2008
Best Arranger of
Western European Loans
Euroweek Loan Awards
January 2007
Best at Project Finance Middle East

Euromoney Awards of
Excellence
July 2007
No. 2 Asia Pacific Acquisition

Financing House of the Year
Euroweek
February 2008
Bank of the Year Americas

PFI
January 2007
Latin American Loan House of

the Year
IFR
December 2006
Best Arranger of Corporate
Loans
January 2007
Best Arranger of
UK Loans
February 2008
Best Debt House in the
Middle East
Euromoney Awards for
Excellence,
July 2006
Best Arranger of
Turkish Loans
February 2008
Best Arranger of Russian

Loans 2007 (& 2006)
February 2008
Best Arranger of CEE Loans

(ex Russia)
February 2008
Best Debt House-Pakistan

The Asset
December 2007
Best Arranger of Loans for

Indian Borrowers
Euroweek 2008
Best Arranger of Loans for

Malaysian Borrowers
Euroweek 2008
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20
Loan Markets deal success

Borrower
Value Country
(USDm)
Bank
Borrower
Value Country
(USDm)
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
Dr Ing hcF Porsche AG
46,474.57 Germany
ABN AMRO
Rio Tinto Plc
40,000.00 UK
RBS
HeidelbergCernent AG
21,930.68 Germany
RBS
Akzo Nobel NV
18,695.39 Netherlands ABN AMRO
Imperial Tobacco Group Plc
18,622.11 UK
RBS
Iberdrola SA
15,622.55 Spain
ABN AMRO/
RBS
ProSiebenSat.1 Media AG
10,382.64 Germany
RBS
26 Cableuropa SA
4,828.97 Spain
RBS
Inmobiliaria Colonial SA-Colonial

Grp 9 TDCA'S
9,636.63 Spain
RBS
27 Ojer Telekomunikasyon AS
4,700.00 Turkey
ABN AMRO
28 Vivarte SA
4,504.27 France
RBS
TDC A/S
9,497.60 Denmark
RBS
29 Metrovacesa SA
4,403.13 Spain
RBS
10 SSAB Svenskt Stal AB
8,800.00 Sweden
RBS
30 Ojer Telekomunikasyon AS
4,300.00 Turkey
ABN AMRO
11 Glencore International AG
8,775.00 Switzerland
ABN AMRO
31 Asciano Finance Trust
4,260.90 Australia
ABN AMRO
12 Pernod Ricard SA
8,184.92 France
RBS
32 Premier Foods Plc
4,096.76 UK
RBS
13 Macquarie Group
8,041.32 Australia
ABN AMRO/
RBS
33 H3G Italia
3,894.08 Italy
ABN AMRO/
RBS
14 Sabic Innovative Plastic

Holdings BV
7,665.00 Saudi
Arabia
ABN AMRO
34 Endemol Entertainment Holding NV
3,799.70 Netherlands
ABN AMRO
35 FirstGroup
3,750.00 UK
RBS
15 PPR SA
7,470.80 France
RBS
36 Taylor Wood row plc
3,297.36 UK
RBS
16 Corus Group Plc
7,182.87 UK
ABN AMRO
17 Binariang GSM Sdn Bhd
7,100.00 Malaysia
ABN AMRO
37 Tesco plc
3,281.38 UK
RBS
18 Arqiva Ltd
6,766.17 UK
RBS
38 Telenet BidCo NV
3,261.95 Belgium
ABN AMRO
19 TELEMAR SA
6,516.11 Brazil
ABN AMRO
39 AV Metals Inc
3,100.00 Netherlands
ABN AMRO
40 Rosneft
3,098.00 Russia
ABN AMRO
20 Vitol SA
6,413.00 Switzerland
RBS
Source: ABN AMRO/RBS Global Bookrunner Deal list
RBS/ABN AMRO joined
21
RBS6245d
RBS
ABN AMRO
Loan Markets deal successes (contd)

North American Public Power
Deal of the Year OOIL
Project Finance Magazine
January 2008
European Leisure Deal of the

Year - Spencer Dock
January 2008
Asia-Pacific Oil and Gas Deal of

the Year Coogee Resources
PFI
January 2008
Global Renewables Portfolio

Refinancing Deal of the Year
Babcock & Brown global wind
partners
January 2008
Middle East Power IWPP Deal of

the Year Marafic
January 2008
Best Loan Arranger in Australian
Market
Asiamoney
January 2007
Best Western European Loan
2006 - Telefonica/O2
EuroWeek
February 2007
Trade Finance Deal of the Year
Ghana Cocoa
Trade Finance
February 2008
Middle East Oil & Gas Deal of

the Year RAK Petroleum
December 2007
Port Finance Deal of the Year
North America GTC & MTC
Holdings
December 2007
Best Leveraged Finance Deal,
Australia CVCs acquisition of
DCA
Asiamoney
January 2008
XDM (China)
Trade Finance
February 2008
Middle East Telecoms Deal of

the Year 2007 Etihad Etisalat
(Mobily)
Project Finance
January 2008
European Transport Port Deal of
the Year 2007 Mersin Port
Project Finance
January 2008
Latin America Power Deal of the
Year Iberdrola Mexico
February 2007
Asia Pacific Syndicated Loan,
Leveraged Loan of the Year
Tata Steel
IFR Asia
December 2007
- Avea (Turkey)
Trade Finance
February 2008
-United Company Rusal (Russia)
TFR
February 2008
Best Leveraged Finance Deal of

the Year, Asia Binariang GSM
Asiamoney
January 2008
Best Syndicated Loan Tata

Steel/ Corus
The Asset
December 2007

- Pluspetrol Norte (Peru)
TFR
February 2008
Best Project Finance Deal

Cross City Tunnel
Finance Asia
December 2007

- Evraz (Russia)
TFR
February 2008

- Mechel (Russia)
Trade Finance
February 2008
South Asian Syndicated Loan of

the Year
1. Reliance Industries
2. Tata Steel Year
3. Suzlon Energy
Euroweek
February 2008

- PDVSA (Venezuela)
Trade Finance
February 2008
-United Company Rusal (Russia)
Trade Finance
February 2008
- KazMunaiGaz (Kazakhstan)
Trade Finance
February 2008

- Metinvest (Ukraine))
Trade Finance
February 2008
- Evraz (Russia)
Trade Finance
February 2008
- Metinvest (Ukraine)
TFR
February 2008
RBS6245d
22
Saudi Arabia, Deal of the Year

2007 SABIC
The Banker
May 2007

Leveraged Finance/High Yield
Leveraged Finance/High Yield overview

Global
Global High Yield Debt
10th
North America
US Leveraged Loans
14th
Europe
EMEA Leveraged Loans
EMEA Sponsored Loans (Mandated Arrangers)
EMEA Sponsored Loans Bookrunners
Maxis Communications Berhad

USD 7,100,000,000
Acquisition financing facility to
Binariang GSM for the privatisation
of Maxis Communications Berhad
Sole Underwriter
May 2007
USD 1,000,000,000
Asset Based Revolving Credit
Facility
USD 1,500,000,000
USD
Term 1,500,000,000
Loan A Facility
USD
USD 5,165,000,000
5,165,000,000
Term
Loan B Facility
USD 1,500,000,000
1,500,000,000
USD
Senior Notes
Joint Bookrunner and
Lead Arranger
August 2007
4th
3rd
3rd
Leveraged Finance House of the

Year Europe
PEN Awards for Excellence in
Advisory Services
October 2007
Best Debt Provider - Europe

Global Private Equity Awards
March 2007
Best Leveraged Finance Deal of

the Year Binariang GSM
Asiamoney
January 2008
Senior Debt Arranger of the Year

Acquisitions Monthly
December 2007
Bank of Choice for European

Leveraged Finance 2006
PEN
Poll 2007
Top Bank for European

Leveraged Finance
Private Equity News
February 2007
No. 2 Asia Pacific Leveraged

Finance Deal of the Year 3Com
Corp
Euroweek,
February 2008
European Debt Provider of the

Year
Private Equity International
March 2008
Best Leveraged Finance Deal CVCs Acquisition of DCA

2007 Asiamoney Awards
January 2008
Leveraged Telecoms Deal of the

Year Arquiva acquisition of
NGW
Telecomfinance Awards
January 2008
24
RBS6245d

Finance 2007 (& 2005-06)
EuroWeek Loan Awards
February 2008
Leveraged Finance/High Yield leadership and growth

Key highlights
Global Network: Combined product expertise with advisory
Demonstrated outstanding deal success in 2007 across its
Asia: Built the No. 1 ranked Asian leveraged finance franchise
Made significant investments in resources and created Leveraged
Netherlands: ABN AMRO has topped the league table rankings
Europe: RBS has remained in the top of the league table rankings
United States: ABN AMRO has extended its reach in the United
United States: RBS led some of the key United States deals
services and network reach to lead many of the largest crossborder corporate leveraged transactions, including Orascom/Wind,
Tata/Corus, SABIC/GE Plastics and Basell/Lyondell
(Dealogic FY 2007), including the sole underwriting of Maxis, at
USD7.1billion of debt facilities the largest transaction ever
attempted in ex-Japan Asia
footprint, with particular achievements in North America, one of the

worlds most competitive markets (reflected in our third Rank in
the TMT LBO/MBO Financing League table (01/01/07-31/07/07))
Capital Markets (alignment of Leveraged Loan Markets and High
Yield Capital Markets and a Financial Sponsors Group) bringing
together global coverage operation
during the past five years in the Netherlands, leading transactions

such as HEMA, Maxeda DIY and Endemol in 2007
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)
over the most difficult time in the market in 2007 and extended its
deal footprint into Eastern Europe
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
RBS6245d
25

Project Finance
Project Finance overview

Global
Project Finance Loans Mandated Arrangers
2nd
Best Project Finance

Financial Advisory Bank
Petrochemical
Transport
Best Project Finance
Arranging Bank
Americas
Project Finance Loans Bookrunners
8th
6th
EMEA
Telecoms
2nd
PFI/PPP
Oil & Gas
Source: Thomson Financial Full Year 2007
Transport
Project Finance
Borrowers Survey
2007
Trade and Project Finance
House of the Year
The Banker Investment Banking
Awards
2007 & 2006
Global Bank Arranger

Infrastructure Journal Awards
March 2008
Global Bank of the Year 2007

PFI Awards
December 2007
Oil&Gas Arranger of the Year

March 2008
Oil&Gas Adviser of the Year

March 2008
Bank of the Year Americas

PFI Awards
January 2007
Best at Project Finance

Middle East
Euromoney, Awards of
Excellence
July 2007
27
Best Arranger of Project Finance

Euromoney Loan Awards
February 2008
RBS6245d
Best Project Finance House

Euromoney
Awards for Excellence
2007 & 2006
Project Finance winning deals

North America Acquisition Deal
of the Year OOIL/Global
Container Terminals
Project Finance
January 2008
European Transport Airport Deal

of the Year2007 Budapest
Airport
Project Finance
January 2008

Refinancing Deal of the Year
2007 Babcock & Brown Global
Wind Partners
Project Finance
January 2008
Global Deal of the Year

Barka2/Al-Rusail (adviser)
Project Finance
January 2008
North America Single Asset

Power Deal of the Year Sandy
Creek Project Finance,
January 2008
Port Finance Deal of the

Year2007 North America.
December 2007
European Leisure Deal of the

Year 2007 Spencer Dock
Project Finance
January 2008
Middle East IPP Deal of the Year

2007 Mesaieed (adviser)
Project Finance
January 2008
AsiaPacific Transport Aviation

Deal of the Year 2006
Sydney Airport Australia,
Project Finance
March 2007
Middle East Oil&Gas Deal of the

Year Qatargas IV
Project Finance
January 2008
North America Transport Deal of

the Year Northwest Parkway
Project Finance
January 2008
Airport Finance Deal of the Year

2007 Europe.
Budapest Airport
December 2007
Asia Independents Oil & Gas

Deal of the Year Coogee
Resources
Project Finance
January 2008
Structured Finance Transaction

of the Year
Reliance Rail Consortium
CFO Australia
January 2008
European Renewable
Acquisition Deal of the Year
Trinergy
Project Finance
January 2008
Middle East Water/Utilities Deal

of the Year Sur IWPP
Project Finance
January 2008
Middle East Independent Oil &

Gas Deal of the Year 2007 RAK
Petroleum
Project Finance
January 2008
Asia-Pacific Oil and Gas Deal of

the Year 2007 Coogee
Resources
PFI
January 2008
Infrastructure Deal of the Year

2007 Mersin Port
PFI awards
January 2008
European Renewables (Biofuels)

Deal of the Year Ensus
Project Finance
January 2008
Middle East Refinancing Deal of

the Year SEGAS (adviser)
Project Finance
January 2008
Middle East Power IWPP Deal of

the Year 2007 Marafiq
Project Finance
January 2008
EMEA Adviser of the Year 2006

PFI
January 2007
Middle East Telecoms Deal of

the Year 2007 Etihad Etisalat
(Mobily)
Project Finance
January 2008
Best Project Finance Deal 2007

Leightons acquisition of Al
Habtoor
Asiamoney
January 2008
Middle East Manufacturing Deal

of the Year 2007 EMAL
Project Finance
January 2008
Middle East PPP Deal of the Year

2007 Al Ain
Project Finance
January 2008
European Transport Port Deal of

the Year 2007 Mersin Port
Project Finance
January 2008
Asia-Pacific Acquisition Deal of

the Year Tata Steels Corus
acquisition bridge financing
Project Finance
January 2008
28
RBS6245d
North America Public Power

Deal of the Year Invenergy St
Clair
Project Finance
January 2008

Equities
Equities overview
Research, broking,
distribution (primary and
secondary) and
execution of core
equities products
ABN AMROs 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 AMROs 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
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
30
RBS6245d
Fully integrated equity multiproduct 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
Equity Capital Markets overview

ABN AMRO brings a
strong ECM business to
the combined bank
Bookrunner Positions
Global Debt Equity and Equity Related

Asia Pacific equities
All UK Equities
Tianjin Development Holdings

Limited, China
"We really admire ABN AMRO's

teamwork, professionalism and
dedication"
Mr Wang Guanghao, Chairman,
Tianjin Dev. Hold. Ltd,
China
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
10th
8th
5th
Best Equity House in the

Netherlands
Euromoney
2006
Eastern European Deal of the
Year Rosneft IPO
The Banker
2007
Top Bank in Benelux Investment
Banking
Top Bank in Benelux Capital
Markets
Dealogic, Recognition of
Excellence
2007
Best Secondary offer

Best GDR /ADR LG Philips
LCD Company
The Asset
2006
Excellence in Netherlands
Investment Banking, Top Bank in
Netherlands Capital Markets
Excellence
February 2008
Deal of the Year, Kazakhstan
Eurasian Natural Corporation
The Banker
May 2008
Best GDR/ADR
InnoLux Display Corp
The Asset
December 2007
Kazakhstan Deal of the year

KazMunaiGas Exploration, The
Banker
2007
Best Convertible Bond - Tata

Steel
The Asset
December 2007
Australian Deal of the Year

Telstra 3
The Banker
2007
Best Australian Equity-Linked

Deal of the Year
Macquarie Communication
Infrastructure Group
The Asset
December 2007
Taiwan Equities Deal of the Year

ProMOS Technologies,
IFR Asia
2006
RBS6245d
Michel Combes,
Chairman/ CEO of TDF, Former
CFO of France Telecom, France
Equity-Linked Deal of the Year

BAE Systems,
The Treasurer
2006
31
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
RBS6245d
32
2006 and 2007 ECM highlights

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 Russia
USD10.7bn Rosneft Russia
Largest secondary
offering in Europe
in 2006
EUR5.5bn
NATIXIS, France
Largest Dutch IPO in

six years and first
Dutch IPO with
significant retail
participation since
2000
EUR1.4bn SNS
Reaal
The Netherlands
Largest convertible
bond issuance in Asia
ex Japan since 2002
USD515m KEPCO
South Korea
Third largest CEE IPO

and largest kazakh
IPO ever
USD2.3bn
KazMunaiGas
Kazakhstan
Highest over
subscription rate ever for
a Hong Kong public offer
USD161m Tianjin Ports
Development Holdings
Hong Kong
First ever Yen

denominated
convertible bond
offering from India
USD100m Larsen &
Toubro, India
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 ever
IPO in India
USD2.0bn
Cairn India
India
Largest hardunderwritten IPO in

Australia in 2006
AUD691m RiverCity
Motorway Group
Australia
First privatisation undertaken

by 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
Sixth largest IPO in
CEE in 2007
USD1bn OJSC
Magnitogorsk iron and
steel works Russia
Third largest ever accelerated

Capital increase globally.
Largest ever accelerated
transaction in Spain and
second largest equity raising
since 2000
EUR2.7bn Iberdrola
Spain
Key role in supporting one

of the most significant
Latin America IPOS of 2007.
A landmark domestic and
emerging market transaction
USD569.6m MRV Engenharia
e Participacoes SA
Second largest offering

in the Netherlands in
2007 and largest selldown as a percentage
of market cap
EUR523.9m Wavin
The Netherlands
First ever equity and
equity-linked
combined offering in
Australia
AUD1.4bn Macquarie
Communications Group
Largest UK
convertible since
2002
USD1.1bn
Shire Plc
United Kingdom
First Bookrun United

States Domestic
convertible bond issue
USD500m Suntech
Power Holdings
China
KPN, the Netherlands
"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
"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
Bharat Doshi, Chief Financial Officer, Mahindra & Mahindra Limited, India
33
Ad Scheepbouwer, CEO, KPN, the Netherlands
RBS6245d
Mahindra & Mahindra Limited, India
Hoare Govett overview

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
Activities
Equity fundraising (primary and secondary)
IPOs as Sponsor (Main Market) and Nominated
Adviser (AIM)
Public takeovers
Transaction advice and execution
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
RBS6245d
Source: Thomson Financial
34
Hoare Govett a strong corporate client base

A broad spread of quality
companies at all levels
FTSE 100 clients
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 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
Star Energy
IBA Health
BAE Systems
Rexam
GBP502m
GBP137m
USD4.1bn
GBP286m
Recommended cash offer for

Datamonitor
Proposal recommended all

share offer for iSoft
Placing and acquisition of

Armor Group
Placing and acquisition of Ol

Plastic Products
May 2007
May 2007
May 2007
June 2007
EcoSecurities
Placing and Offer for

Subscription
GBP37.7m
GBPtbc
Secondary Placing
Financial Adviser,
Sponsor & Placing Agent
June 2007
35
November 2007
SMG
GBP95.1m
Rights issue
GBP340m
Cash offer by
Petronas Int. Corp
Joint adviser & Broker
November 2007
November 2007
RBS6245d
informa

FX
FX overview
A world class FX
business:
RBS #4
ABN AMRO #12
FX Market Share Western Europe

2007
2006
3rd
4th
>10th
FX Market Share Asia
Currency Derivatives House

RISK Awards
2007
2007
2006
FX Market Share North America

2007
2006
2008 P&L Innovation Award

Dashboards & Smartprime
Profit & Loss, Digital FX Awards
April 2008
>10th
2007
2006
No. 1 Best FX (Vanilla) Provider for Local (Asian) Currencies

No. 3 Best for Macro-Economic Research in Australia
No. 2 Best for Technical Analysis in Australia
No. 4 Best for Overall FX Services in India
No. 5 Best for Overall FX Services in Indonesia
No. 5 Best for Overall FX Services in Malaysia
No. 4 Best for Overall FX Services in Taiwan
No. 3 Best for FX Prime Broking Services in Taiwan
No. 3 Best Single-Bank Electronic Trading Platform in Taiwan
Asiamoney, FX Poll, Corporate Votes
September 2007
2nd
12th
>10th
Source: 2007 Euromoney FX Poll, Euro-weighted
RBS6245d
Best Foreign Exchange Bank

in the Netherlands
Global Finance
2007
>10th
FX Market Share Australasia
Best Leveraged Sector Platform

Smartprime
April 2008
Best Range of Execution Tools
April 2008
6th
5th
6th
6th
37
FX week best bank awards 2007

A world class FX
business as voted for by
Corporates
Financial Institutions
Investors
Total votes
Best Bank Overall for FX
Best Bank for Currency Options
Best Bank for FX Structured Products
Best Bank for FX Prime Brokerage
Best Bank for USD/GBP
Best Bank for EUR/GBP
Best Bank for FX in the Eurozone
Best Bank for Emerging EMEA Currencies
6th
4th
7th
5th
4th
5th
2nd
2nd
5th
th
votes
5Corporate
Financial Institution votes

Best Bank for FX Prime Brokerage
13th
3rd
8th
4th

Best Bank for Structured Products
Best Bank for FX in the Euro-zone
Best Bank for FX in Asia-Pacific
Best Bank for Emerging Asian Currencies
Best Bank for Emerging Lat. Am. Curr.
Best Bank for FX in London
Best Bank for EUR/USD
Best Bank for FX Research and Strategy
6th
5th
3rd
3rd
5th
5th
4th
2nd
5th
4th
Investors
13th
8th
RBS6245d
38

Derivatives
Derivatives
A leading derivatives
house across rates and
currency, equity and
property derivatives
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
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
RISK End User Rankings 07
RISK Corporate End-User Rankings 08

Interest Rate Swaps overall
Interest Rate Options overall
Exotic Interest Rate Products overall
Forward Rate Agreements overall
Cross Currency Swaps overall
Currency Options overall
Currency Forwards overall
Exotic Currency Products overall
4
5th
6th
5th
3th
2nd
1st
1st
th
Interest Rate Swaps

Interest Rate Options
Exotic Interest Rate Products
Forward Rate Agreements
Cross Currency Swaps
Cross Options Overall
Currency Forwards
Exotic Currency Products
7th
9th
6th
8th
7th
2nd
7th
7th
Asia RISK End User Rankings 07
1st
2nd
3rd
5th
4th
Inflation
Inflations Swaps EUR
Inflations SWAPS GBP
Inflation Caps/Floors GBP
Inflation Caps/Floors EUR
Inflation Caps/Floors USD
1st
1st
1st
2nd
5th
Currency
Vanilla Currency Options
Currency Forwards
Exotic Currency Options
Cross Currency Swaps
1st
3rd
4th
5th
40
9th
10th
9th
Credit Derivatives
Credit Hybrid Products, Asia ex Japan
Credit Hybrid Products, Japan
CPDOs, Asia ex japan
Synthetic CDOs of ABS, Japan
3rd
2nd
3rd
1st
Asia RISK Inter Dealer Rankings 07

Rates
Interest Rate Swap - HKD
2nd
Currency
Long-dated USD
Long-dated Other Currencies
Long-dated Yen
Chinese Renminbi Forwards
Hong Kong Dollar Forwards
Japanese Yen Options
Overall Currency derivatives
1st
1st
1st
2nd
2nd
2nd
4th
RBS6245d
RISK Inter Dealer Rankings 07

Rates
Forward Rate Agreements
Exotic Interest Rate Products
Short Dated Interest Rate Swaps
Interest Rate Swaps
Overnight Index Swaps
Interest rate derivatives overall

Credit derivatives overall
Currency derivatives overall
Derivatives accolades
Inflation Derivatives House of
the Year
RISK Awards
January 2008
5th Overall
Risk Inter-Dealer Survey
RISK
September 2007
Most Original Product

Autopilot
Gouden Tak Award
April 2008
(The Netherlands)
Best Issuer Overall

Gouden Tak Award
April 2008
(The Netherlands)
Best Web Site

Gouden Tak Award
April 2008
(The Netherlands)
Currency Derivatives House of

the Year
RISK Awards
January 2007
5th Overall
Risk Corporate End User Survey
RISK
April 2007
Best in Benelux for Structured

Products
Structured Products
November 2007
Best in Nordic for Structured

Products
Structured Products
November 2007
Publics Choice no1

Gouden Tak Award
April 2008
(The Netherlands)
Innovation of the Year CPDOs

IFR Awards
2006
9th Overall
Risk Institutional Investor End
User Survey
RISK May 2007
#4 European Repo Business

ICMA European Repo Market
Survey 2007
(Market Value)
Best Issuer of Leverage

Products for the Mini Future
Certificates
Italian Certificate Awards
May 2007
Best Leverage Products for the

Introduction of Mini future
Certificates
Swiss Derivatives Awards
April 2007
Best in Japan for Synthetic CDO

of ABS
Asia Risk End-User Survey 2007
Best Financial Innovation for

Turbo product and Financial
Product of the Year Golden Bull
Awards
September 2007
Best Certificate of the Year

The introduction of Water
Certificates Italian Certificate
Awards
May 2007
Best in United Kingdom for

Structured Products
Structured Products
November 2007
Most Innovative Banking

Product
Bucharest Business Week
Financial Awards for Excellence
December 2007
Best Issuer of the year

German Structured Society
Awards
December 2006
Deal of the Year CPDOs

RISK Awards
2007
RBS6245d
41
Credit Derivatives and Alternatives Trading
Deal of the Year Surf (CPDO)

Euromoney
February 2007
Deal of the Year Surf (CPDO)

Risk Magazine
January 2007
Deal of the Year - Fremantle

Credit Magazine
December 2007
Innovation of the Year Surf

(CPDO)
IFR
December 2006
Innovation in Synthetic Structures

The 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
Most Innovative Structured Deal

of the Year Surf (CPDO)
The Asset, triple A awards
January 2007
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
No. 4 in Credit Derivatives Indices, CMBX

No. 4 in Credit Derivatives Indices, ABX
United Kingdom
No. 5 in Credit Derivatives Indices, CDX EM7 and diversified
February 2007
normal market conditions)
No. 4 in Credit Derivatives Indices, iTraxx Asia

No. 5 in Credit Derivatives Indices, bank proprietary platforms
Euromoney, Debt Trading poll, November 2007
Sterling or Euro denominated

Access the expertise of one of Europes
most experienced credit managers
Polestar DPI
EUR 100,000,000
Managed DPI Notes
7 yrs and 10 yrs
Arranger
RBS6245d
42
Credit and Alternatives Trading (contd)

Key transactions
Polestar DPI for Threadneedle

Asset Management
GBP100m
Dynamic Portfolio Insurance
Constant Proportion Debt

Obligation
EUR50m
AAA Surf Step-Up (Europe)
KILTS CDO of ABS

USD150m
Synthetic CDO of ABS for Wharton
Asset Management
PRAR (Europe)
EUR15.5bn Securitisation of
Balance Sheet Exposures
Arranger, January 2007
Gennaker Notes (Europe)

100% Principal Protected EUR10m
Long/Short Credit Index CPPI
Notes
Alesco CLO (Global)

Synthetic CLO for Cohen & Co.
USD681m
Arranger
March 2007
Life Settlements Notes (Global)

US Life Settlement portfolio
USD60m
Contingent Coupons
Due Aug 2016
Angel CLO (Europe)

CLO tranche
EUR90m
Arranger
September 2007
Kleros Preferred Funding

CDO of ABS (Global)
USD2bn
Managed by Strategos Capital
LLC, October 2007
AMSTEL SHER (Asia)

Securitisation of Balance Sheet
Exposures
EUR500m
Arranger
January 2007
CPPI of ABS (Europe)

Static ABS portfolio with variable
structural leverage
EUR50m
January 2007
Leopard V Tightest Print

EUR400m
European CLO for Prudential M&G
Adrastea
CDO of Super High Grade ABS
(Global). Managed by Harding
Advisory LLC
USD2bn
September 2007

Obligation
Surf Step-Up (Global)
EUR50m
Due Jul 2017
Euribor + 100bp

Obligation
AAA Surf (Europe)
EUR40m
Due Oct 2016
Euribor + 200bp
Synergie Notes (Asia), managed

by AXA IM
100% Principal Protected
Long/Short Credit CPPI Notes
USD55m
Contingent Coupon
Due Oct 2014
RBS6245d
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Fund Linked Derivatives

Key highlights
ABN AMRO has successfully leveraged its Fund-linked Derivatives
RBS Fund Derivatives have established centres in the US and
The business is led by European hub for structuring and trading
The business has pioneered a range of sophisticated financing
platform in recent years to deliver a series of innovative and

relevant solutions to the Banks client base worldwide
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
Europe, and become a leading-edge provider of Fund of Hedge

Fund Manager solutions
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.
Mutual Funds for third party retail distribution.
RBS6245d
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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

USD750m
US Asset Manager
Collateralised Hedge Fund

Obligation
Seeding Hedge Fund Platform
USD300m
Global Institutional Investor
Gap Risk facility

Fund of Hedge Funds & Mutual
Funds
USD850m
US Custody Bank
Mutual Fund Basket Linked
Capital Protected Schuldschein
EUR100m
European Bank
Fund of Hedge Fund financing
USD325m
US Bank
Principal Protected Note with

Embedded Call Option on RBS
Fund of Funds
USD50m
UK Private Bank
Capital Protection Note on Fund

of Funds
Fund of Hedge Funds
EUR30m
Middle Eastern Bank
US Private Equity Capital

Protected Notes
USD130m
Central Bank CEE
Asia Real Estate Linked Notes

USD250m
European Bank
Fund Basket Capital Protected

Notes
EUR660m
EU Corporate
SRI/ECO Fund of Hedge Fund

Capital Protected Notes
USD30m
Asian Bank
Capital Protection Notes on

Fund of Funds
Fund of Hedge Funds
EUR10m
French Insurance Company
Momentum Capital Protection

Basket of RBS Fund of Funds
USD30m
Asian Pension Fund
Fund of Hedge Fund Basket

Capital Protected Notes
USD120m
EU-Auto-Corporate
Fund of Hedge Fund Capital

Protected Notes
USD 250m
Asian Insurance
RBS6245d
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Equity Derivatives
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 UK for Structured
Products
Structured Products
November 2007
#1 in OTC Stock Basket Options

Asia Risk Inter Dealer Survey
January 2008
#1 in Ladder/Lookback
Asia 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 Benelux for Structured Products

Structured Products magazine
November 2007
Best Certificate of the Year first prize for the
introduction of Water Certificates Italian
Certificate Awards
May 2007
Best Issuer of Leverage Products first prize
for the Mini Future Certificates Italian
Certificate Awards
May 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 Awards
September 2007 (Netherlands)
Most Innovative Banking Product
Bucharest Business Week, Financial Awards
for Excellence
December 2007
Best Leverage Products first prize for the
introduction of mini future certificates
Swiss Derivatives Awards
April 2007
Best Participation Products second prize
for the implementation of the CYD Research
indices Swiss Derivatives Awards
April 2007
46
RBS6245d
Best in Nordic for Structured

Products
Structured Products
November 2007
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
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.
RBSs 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
Knock In Spread Swap (KISS)

Average Vols Swap
Callable Ratio European Forward KO
RBS6245d
47
Exotics & Hybrid Structuring & Trading (contd)

Credentials
Landmark Transactions
Restructure of USD16.2bn
Spread Option into long dated
FX-linked structure with
Indonesian public sector client
Innovative and complex real rate

swaption
GBP270m real rate swaption for
BNFL
First FX linked structured
product for Malaysian retail
market for AM Investment
Management
Launch date: June 2007
One of the largest inflation
hybrids ever traded
EUR150m Lunar Funding V PLC
Asset Backed Notes
MYR155m Structured funding
swap with large Malaysian
engineering corporation
The largest inflation ranger every

traded
EUR125m Range Accrual on
Euro HICP CMS payoff
Large Gas swap (355mm cubic
meters) with Dutch Energy
Company (Hybrid Oil / FX) +
special feature
Groundbreaking onshore
USD220m transaction in Brazil,
combining complex derivative
technology and local currency
capabilities
A rare two dimensional hedge of
Chilean Inflation and FX risk
USD250m for Chicago Bridge &
Ioan
Restructuring of EUR243.4m
Rates Exotics Structure with
Portuguese public sector client
Currency Derivatives House of

the Year
Risk Awards 2007
Inflation Derivatives House of
the Year
Risk Awards 2008
Ranked 4th on all Structured
MTNs in 2007
Global MTN Awards 2007
Inflation swaps EUR: #1

Inflation swaps GBP: #1
Inflation caps/Floors GBP: #1
Inflation caps/Floors EUR: #2
Inflation caps/Floors USD: #5
Inter-Dealer Rankings 2007
Top 2 (for 3 years) as hedge

provider for largest French
public sector bank
Ranked 3rd on Interest Rate
linked eMTN Sales Market Share
in 2007
January 2008
Best Structured product in the

Netherlands 2007
Macro Exotica Trading & PIP
IEX Goudan Tak 2007
Digital Spread Note
#4 Inflation Linked EMTN Sales

International Vanilla MTN Dealer

of the Year
Special Mention Inflation House

RBS6245d
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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
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
Today ABN AMRO is

known as a client
focused supplier of price
risk solutions on all kind
of commodities
>1,020 MT LME Cash Nickel
Swap
>438,240 MWh APX

Baseload Power Swap
>20,000 MT Bitumen Swap
Restructuring of the price

reference
Hedging price risk on

Nickel
Hedging price risk on

Dutch Power
Road building construction
Trade execution
November 2003
Trade execution
November 2005
Trade execution
April 2006
Trade execution
April 2008
49
RBS6245d
>250,000,000 cubic metres

Dutch Natural Gas Swap
Capabilities
By product area Mergers & Acquisitions
Mergers & Acquisitions overview

League Tables, Global
ABN AMRO #13
Americas
Europe
United States
Latin America
16
5th
Asia Pacific
Europe
Benelux
th
13th
3rd
Asia Pacific (ex-Japan)1
10th
Source: Thomson Financial, FY 2007Note:

(1) Dealogic, announced deals, Review Full Year 2007
M&A House of the Year
Asiamoney
January 2008
Energy Advisor of the Year
Acquisitions Monthly
January 2008
No. 2 Asia Pacific Acquisition
Financing House of the Year
Euroweek
February 2008
Financing Loans
January 2007
Excellence in Netherlands M&A

- Involved in seven of the top ten
M&A deals in the Netherlands
Excellence
February 2008
Sweden Deal of the Year

Opicas Acquisition of Capio
The Banker
2007
Deal of the Year, Philippines

Maynilad Water Re-privatisation
The Banker
May 2008
European M&A Deal of the Year

ABN AMRO
Best Leveraged Buyout Acquisition of UTAC by Global

A&T Electronics
The Asset
December 2007
Deal of the Year, UK Tata

Steels Acquisition of Corus
The Banker
May 2008
Financial News Awards for

Excellence in Investment
Banking
November 2007
Deal of the Year, Australia

Carlyle Group and National
Hires acquisition of Coates Hire
The Banker
May 2008
Deal of the Year Acquisition of

Scottish Power plc by Iberdrola
Energy Risk
January 2008
Deal of the Year, New Zealand

The acquisition of Yellow Pages
The Banker
May 2008
Deal of the Year Maynilad

Water Re-privatisation
CFO Asia
December 2007
Tata Steels Acquisition of

Corus
Finance Asia
December 2007
Emerging Markets Deal of the
Year Acquisition of Wataniya
by Qatar Telecom
Telecom Finance
January 2008
Deal of the Year, Malaysia

Binariang GSMs acquisition of
Maxis Communication
The Banker
May 2008
Best Deal of the Year

Best Domestic M&A
Acquisition of Maxis
Communications by Binariang
GSM
The Asset
December 2007
Deal of the Year, Kuwait Acquisition of Wataniya by Qatar
Telecom
The Banker
May 2008
RBS6245d
51
Deal of the Year

Best M&A Deal
Best Cross-border M&A Deal
Best M&A Deal of the Year Tata

Steels Acquisition of Corus
Asiamoney
January 2008
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
Essent Kabelcom B.V.

Akzo Nobel
EUR 2,600,000,000
EUR 11,000,000,000.
EUR 1.250,000,000
Sale of Organon Biosciences

by Akzo Nobel to
Schering-Plough
Sale of Getronics N.V. to Royal

KPN N.V.
Financial Adviser
Netherlands, November 2007
Sole financial Adviser,

Netherlands, September 2007
Acquisition of Essent
Kabelcom B.V.
Joint financial adviser, joint
mandated lead arranger and joint
bookrunner on the acquisition
debt financing
Netherlands, January 2007
Unibail
EUR 28,500,000,000
Iberdrola S.A.
EUR 17,062,000,000
Through our network and contacts with the wider group,

we are well positioned to execute domestic and crossborder transactions
Merger-of-Equals by means of
Public Offer by Unibail on
Rodamco Europe
Financial and Strategic Advisor
June 2007
Acquisition of Scottish Power

Sole financial adviser and
broker,mandated lead arranger
and joint bookrunner
Spain/United Kingdom, April 2007
Tata Steel Limited

GBP 6,658,000,000
Acquisition of Corus Group plc
Joint Financial Advisor
UK/India, April 2007
In 2007, we completed 168 transactions with an
aggregate deal value of USD284billion and rank No. 13

worldwide (Dealogic).
Maxis Communications
USD 1,400,000,000
USD 11,700,000,000
Acquisition of United Test and

Assembly Center Ltd by Global
A&T Electronics (jointly owned by
TPG and Affinity) by way of
scheme arrangement
Offer by Binariang GSM to

acquire 100% of the issued share
capital of Maxis Communications
in Malaysia
Financial Adviser
Singapore, October 2007
Financial Adviser
Malaysia, July 2007
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
RBS6245d
52
M&A established international sector coverage

Sector coverage teams
provide clients with indepth 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
FIPS
Pearl Group Limited

GBP 4,980,000,000
Advised Pearl Group
of Resolution plc
Joint Financial Adviser
UK, November 2007
Telecom, Media & Technology
USD 3,800,000,000
AmcorpGroup Berhad
AMMB Holdings Berhad
Royal & Sun Alliance Plc
USD 695million
Strategic sale of shares in
AMMB to ANZ Group
DKK 6.4billion (GBP584m)

Acquisition of 24.7% minority
in Codan Forsikring A/S
May 2007
Financial Adviser
UK/Denmark , May 2007
Energy & Resources
EUR 11,000,000,000.
Sale of Organon Biosciences by
Akzo Nobel to Schering-Plough
Financial Adviser
Netherlands, November 2007
EUR 1.250,000,000
Acquisition of 51% stake in
Wataniya by Qatar Telecom
Sale of Getronics N.V. to Royal

KPN N.V.
Sole Financial Adviser,

Qatar, March 2007
Sole financial Adviser,

Netherlands, September 2007
Global Industries
Carrefour Group
EUR 17,062,553,639
Public Offer for Scottish Power
by Iberdrola
Sole Financial Adviser

Spain/UK, April 2007
GBP 6,200,000,000
Undisclosed
Undisclosed
Recommended cash offer for

Corus Group plc
Acquisition of Apollinaris
Mandatory tender offer for up

to 100% of the shares in Deutz
AG
Financial Adviser
UK/India, April 2007
Sole financial adviser to The

Coca-Cola Company
UK/Germany, May 2006
Sole Financial Advisor to SDF

Italy/Germany, July 2007
825 million
Acquisition of Atacado
Financial & Strategic Adviser
Brazil / France
Announced, April 2007
RBS6245d
53

Transaction Banking
Transaction Banking overview

Leading provider of global transaction banking solutions, delivering cash, trade, supply chain and card products
Leading Transaction
Banking Business
Top 5 globally in
international payment
flows (Euromoney,
2007)
Top 3 Trade
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
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
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
Improve payments efficiency

Payables 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 awardwinning MaxTrad trade portal
State-of-the-art technology plus long track
record
Global reach and consistency
55
RBS6245d
satisfaction scores
increasing year-onyear with most
regional scores above
competitor average
Transaction
Banking helps
clients optimise
working capital
enabling them to
generate more
profit with less
capital while
reducing risk
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
Transaction Banking awards

Transaction Banking
An award winning
business
Best Bank for Supply Chain

Finance Europe
Treasury Management
International
January 2008
Best Trade Finance Bank

Europe
Global Finance
2001-07
Best CLS Linked Bank Offering

Western Europe
Global Finance
January 2003 - 08
Second Best CLS Third Party

Offering Globally
FX Week Poll
November 2007
Best Bank for Liquidity

Management Eastern Europe
Global Finance
January 2007 & 2008
Best Bank for Risk Management
Western Europe
Global Finance
January 2006, 2007
Best Online Trade Finance

Provider
Trade Finance Awards for
Excellence
2003-06
Best Bank for Liquidity

Management Western Europe
Global Finance
January 2006 - 08
Best Bank for Supply Chain

Finance South America
Treasury Management
International
January 2008

- Magnitogorsk Iron and Steel
Works (Russia)
Trade Finance
February 2008
- OGK-4 (Russia)
Trade Finance
February 2008
Best Corporate Banking

Initiative Supply Chain Portal
Indian Banks Association,
Banking Technology Awards
2007
Best Corporate Banking
Initiative Business Banking
Portal
Indian Banks Association,
Banking Technology Awards
2007

- Reliance Communications
(India)
TFR
February 2008
RBS6245d
56
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
Incoming electronic
Multi-bank cash
Supply chain finance

Traditional trade
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
funds transfer
Cash/cheque collection
services
International direct
debits
Integrated receivables
management
Reconciliation services
(SmartCollect, invoice
matching)
Global merchant
services
Settlement bank
services
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 multicurrency conversion
Liquidity advisory
services
products
Trade financing
Purchase order
management
Letters of credit
document preparation
RBS6245d
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Commodities
Commodities
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.
With RBS Sempra Commodities we are able to:
RBS Sempra Commodities deals in:
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.
Power - industry leading power marketer with a primary

focus on the North American and the European
wholesale markets.
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.
Natural gas - international natural gas marketer with a

primary focus on the North American (ranked #4 in 2007
by Platts) 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.
RBS6245d
59
Commodities accolades
The combined entities
provide our clients with
a global commodities
platform
1st Overall Metal Broker Sempra

Energy & Commodity Rankings
2008
February 2008
#5 European Electricity,
Eastern Europe - Sempra
March 2008
#4 in UK NBP curve Sempra

Energy Risk
March 2008
#5 European Electricity, Spain

Sempra
Energy Risk
March 2008
#4 European Electricity,
Germany Sempra
Energy Risk
March 2008
#4 in Western US Natural Gas

short term - Sempra
Energy Risk
March 2008
#4 in Eastern US Natural Gas

short term - Sempra
Energy Risk
March 2008
#4 in Western US Natural Gas

long term - Sempra
Energy Risk
March 2008
#2 Research in Weather Sempra

Energy Risk
March 2008
RBS6245d
60
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 governmentestablished emissions
trading systems such
as the EU Emissions
Trading Scheme (ETS)
and those planned in the
US and Australia
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
First
First bank-mediated
bank-mediated sale
sale of
of
CERs
CERs to
to private
private company
company
June
June 2005
2005
Sourcing
Sourcing CERs
CERs for
for carbon
carbon
neutrality
neutrality -- June
June 2007
2007
Our product specialists have many years of combined
experience in emissions trading, including working for

the Dutch Governments 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)
Trading
Trading of
of EUAs
EUAs for
for
compliance
compliance
June
June 2006
2006 April
April 2008
2008
>150
>150 million
million tonnes
tonnes CO2e
CO2e
Trading
Trading EUAs
EUAs and
and CERs
CERs
June
June 2006
2006 April
April 2008
2008
RBS6245d
61
Appendix
Eco-markets
Market leader in renewables in 2007 RBS was 3 rd in

Infrastructure Journals Mandated Lead Arranger league
table for wind and renewables financing
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
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
a growing number of clients in the Eco-sector)

Structured Finance (windfarm financing)
Corporate finance (Acquisitions Recent mandates include Suzlon
Energys EUR3.5bn takeover of REpower)
Trading (Voluntary offsets(Carbon Trading), Metals (platinum &
palladium), Agriculture (bio-fuel feedstocks), Derivatives / Hedging)
Investment products
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
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
RBS6245d
63
Sustainability accolades
The Top Global Banks for Environmental, Social and
Strategic Governance (ESG)
Rating
Socit Gnrale
AAA
Credit Agricole SA
AAA
RBS Global Banking & Markets
AAA
ABN AMRO Holding NV
AAA
BBV Argentaria SA
AA
Banco Santander Central Hispano SA
AA
Standard Chartered Plc
AA
Bank of Nova Scotia
KBC Groupe SA
10
BNP Paribas
11
UBS AG
12
HSBC Holdings Plc
13
Mizuho Financial Group
14
Citigroup Inc
15
Credit Suisse Group
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
Award for Corporate Social

Responsibility
Best of European Business
March 2007
Gold Medal for International

Corporate Achievement in
Sustainable Development
World Environment Center
January 2006
Renewables Arranger of the Year

Infrastructure Journal
March 2007
Worlds third Greenest Company

The Independent
July 2007
Best European bank for

Corporate responsibility
Dow Jones Sustainability Index
(DJSI)
September 2006
Global Emerging Markets

Sustainable Bank of the Year
(ABN AMRO India)
Financial Times Sustainable
Banking Awards
June 2007

Refinancing Deal of the Year Babcock & Brown Global Wind
Partners
Project Finance magazine
January 2008
RBS6245d
Rank Bank
Sustainable Bank of the Year

Financial Times Sustainable
Banking Awards
June 2007
BB
Source: Innovest, February 2008
64
Emerging Debt and Forex Markets

ABN AMRO is a leading
bank in the emerging
markets with local
presence in 28
countries, covering 73
non-G11 currencies
Best Debt House - Latin America
Euromoney
July 2007
Latin America Loan House
IFR
December 2006
Best Debt House - Venezuela

Euromoney
July 2007
No. 4 Best Bank for Emerging
Latin American Currencies FX
Week, Best Bank Awards,
Corporate Vote
November 2007
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
International Emerging Markets Bonds
EEMEA Bond House

IFR
December 2007
All International Emerging Market Bonds

All International Emerging Market Bonds Latin America
All International Emerging Market Bonds EEMEA
Best Arranger - Eastern

European Loans
EuroWeek
January 2007
Russia and CIS Loan House
IFR
December 2007
Best Arranger of Russian Loans
EuroWeek
January 2007
Excellence in Eastern Europe
Fixed Income, Top Bank in:
- Emerging Market Fixed Income
- Emerging Market Energy and
Natural Resources Fixed
Income
- Led Russia Fixed Income
Excellence
February 2008
2nd
1st
3rd
Source: Thomson Finance Full Year 2007

Best Debt House - Turkey
Euromoney
July 2007
Best at Project Finance Middle East
Euromoney
July 2007
Best Debt House - Middle East
Euromoney Awards for
Excellence
July 2006
No. 5 Best Bank for Emerging
EMEA Currencies
FX Week, Best Bank Awards,
Total Votes
November 2007
65
Excellence in India Fixed Income

Top Bank in:
- India Syndicated Loans
- India Energy and Natural
Resources Fixed Income
Excellence
February 2008
No. 2 Most Impressive Bank in

Other Currencies (than USD,
EUR, GBP)
EuroWeek
January 2007
Best Debt House - Central Asia
Euromoney
July 2007
Best Debt House - Kazakhstan

Euromoney
July 2007
India Loan House
IFR Asia Awards
December 2006, 2007
Best Debt House Pakistan
The Asset
December 2007
No. 1 Best FX (Vanilla) Provider
for Asian Currencies
Asiamoney, FX Poll, Corporate
Votes
September 2007
RBS6245d
Excellence in Brazil Fixed

Income
Top Bank in:
- Brazil Fixed Income
- Brazil Fixed Income in
Industrials and Consumer &
Retail
Excellence
February 2008
ABN AMRO's strong presence in 28 non-G11 countries stretches from Argentina to Vietnam, and remains
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
Shipping House of the Year

2007 Gala Awards
December 2007
Key highlights
Experienced global marine M&A practitioner (Sell side advisor
Banker to over 150 of the worlds top shipping companies

Leading lender to the shipping industry with a loan portfolio in
Principal asset classes: Bulk Carriers, Crude Oil & Product
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
Shipping Debt Deal of the Year

CSC Nanjing Tanker
2007 Gala Awards
December 2007
Asia Shipping Debt Deal of the
Year Shanghai Time Shipping
January 2006
excess of USD23billion no.1 in Greece
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 Banks global shipping client base
Specialist syndication team within our loan markets platform
Global shipping loan portfolio league table
Ship Finance Bank of the Year

2005
Lloyds List Greek Awards
Source: Marine Money International, May 2007
66
RBS6245d
Most Innovative Ship Finance

Deal of the year OSG Nakilat
Shipping Economist
2005
Structured Asset Finance & Aviation Capital

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
Structured Asset Finance
Aviation Capital
Media Financing
Executed in excess of 75 transactions completed in

2007 involving 251 aircraft
8th in Leveraged Media Loans

(by volume)
Loan Markets Association
2007
Combined commercial aircraft secured debt and

operating lease book of USD12billion
Own, managed or have committed to finance over

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
265 aircraft on operating lease, and debt finance over

300 aircraft
Aircraft Finance Innovator of the
Year
December 2007
#5 Commercial Aircraft Lessor

By Scale
Air Finance Journal Survey
2007
ABS Deal of the Year Airspeed

ISR Awards
December 2007
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%
RBS6245d
67
Disclaimers
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
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.
69
RBS6245d
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.
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.
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.
70
RBS6245d
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)
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
71
RBS6245d
N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, CDOs 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)
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
72
RBS6245d
N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, CDOs 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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Joint capabilities

ABN AMRO/RBS GBM joint capabilities presentation

Capabilities by product area

Our joint capabilities at a glance

All International FRNs

RBS is Global Bank of the Year

ABN AMRO is Sustainable Bank of the Year

4) FX Week Awards 2007

What the media says

while all major emerging markets

RBS has boasted one of the most

ABN AMRO continued its form of

Royal Bank of Scotland came from

This is the deal that catapults

As well as promoting the options

Several international banks walked

RBS is the unrivalled leader in

The three deals show that ABN

the success of the USD 1.5

Truly global coverage

RBS locations before integration of ABN AMRO

RBS locations after integration of ABN AMRO

1) Presence to be established during 2008

Central & Eastern Europe,

Return on equity (%)

BIS capital ratio (%)

Core tier 1 (%)

BIS tier 1 ratio (%)

Income ratio (%)

Standard & Poors3

The Royal Bank of Scotland Group plc

The Royal Bank of Scotland plc

ABN AMRO Bank NV

Capabilities by product area

Bond Markets overview

GBP, EUR, USD, AUD

All Corporate Bonds in EUR

All Bonds in EUR

All International Emerging Market Bonds EEMEA

All International FRNs

All Agency Bonds in EUR

Source: Thomson Financial Q1 2008

#1 in Cross-Border Traditional Private Placements

Bond Markets leadership and strong momentum

Consistently a leading player in the EUR market across all market

Huge Momentum across the corporate spectrum

Supranationals and the European Public Sector with top positions

World-class covered bond franchise and a leader in most of the

Significant and rapidly growing global EM business. Currently No.

Recently reopened many of the different new issue market

segments following summer crisis demonstrating clients trust us to

Consistent League table progress across key client groups

World-class Capital Advisory & Structuring (Hybrid)

Strong secondary franchise, providing market critical liquidity

Deep relationships with investors and seamless execution key in

Bond Markets awards (selection)

EEMEA Bond House

Sterling Bond House

Best Lead Manager for Covered

Non-Core Currency Bond IBRD

Financial Bond Sub Debt

Latin American Bond CVRD

Sterling Bond Legal & General,

Latin American Domestic