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 4
10 14 17 23 26 29 34 36 39 42 44 46 47 49 50 54 58 63 64 65 66 67
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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 Eco-markets Sustainability accolades Emerging Debt & Forex Markets Shipping Finance overview Structured Asset Finance & Aviation Capital
Appendix
Disclaimers
68
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 All International FRNs All Covered Bonds (All Currencies) Global Securitisations (ex Agencies) Cross Border Traditional Private Placements2 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 7 5 4 4 3 4 1 8 3 7 16 3 2 1 10 5 8
RBS is Global Bank of the Year
ABN AMRO is Sustainable Bank of the Year
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
Notes 1) Thomson Financial, Q1 2008 2) Private Placements Monitor, FY 2007 3) Euromoney FX Poll 2007
4 5 -
12 5 4 5 13 13 10 16 5
M&A M&A House House of ) of the the Year Year (Asia (Asia ) 2007 2007
Russia Russia and and CIS CIS Loan Loan House House of of the the Year Year 2007 2007
Best Best Bank Bank for for Liquidity Liquidity Management Management Western Western Europe Europe and and CEE CEE 2007 2007
4) FX Week Awards 2007 5) Thomson Financial, Completed Deals, Full Year 2007 6) Dealogic, Announced Deals, Full Year 2007
Energy Energy Advisor Advisor of of the the Year Year 2007 2007
EEMEA EEMEA Bond Bond House House of of the the Year Year 2007 2007
Best Best Bank Bank Europe Europe 2007 2007 Supply Supply Chain Chain Finance Finance 2007 2007
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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 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) 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) 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)
.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)
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)
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)
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)
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)
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)
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
United States
EMEA
Finland France Germany Greece Ireland Italy Portugal Spain Sweden United Kingdom
Asia Pacific
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
Central & Eastern Europe, Middle East & Africa

Czech Republic Egypt2 Emirates Kazakhstan Poland Romania Russia Slovakia Turkey Saudi Arabia3 South Africa United United Arab Emirates Uzbekistan
Western Europe
Austria Belgium Channel Island Denmark Finland France Germany Gibraltar Greece Ireland 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
Asia
Australia China Hong Kong (China) India Indonesia Japan Korea (South) Malaysia New Zealand Pakistan Philippines Singapore Taiwan Thailand Vietnam RBS6245d
Results
Financial information as at 28 February 2008
RBS group
GBP billion
Group operating profit Total assets

Risk-weighted assets
10.282 1,901
609
Return on equity (%) BIS capital ratio (%) Core tier 1 (%) BIS tier 1 ratio (%) Income ratio (%)
19.9 11.2 4.5 7.3 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 Moodys2
Short term Long term
Rating agency1
Rating type
Standard & Poors3

Short term Long term Short term
Fitch4
Long term
The Royal Bank of Scotland Group plc

The Royal Bank of Scotland plc ABN AMRO Bank NV
P-1
P-1 P-1
Aa1
Aaa Aa2
A-1+
A-1+ A-1+
AAAA AA-
F1+
F1+ F1+
AA+
AA+ 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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Capabilities by product area

Bond Markets
Bond Markets overview

League tables
All International Bonds RBS #7 All Euromarket Issues RBS #5 All Bonds in EUR RBS #4 All International FRNs
GBP, EUR, USD, AUD All International Bonds All Euromarket Issues All Bonds in EUR All International FRNs 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. Corporate FI 7th 5rd 4th 4th 2nd 9th 5th 9th 4th Emerging Markets All International Emerging Market Bonds EEMEA All Corporate Bonds in EUR 10th
9th
RBS #4
Source: Thomson Financial Q1 2008
Covered Bonds All Covered Bonds in EUR All Covered Bonds (all Currencies) All Jumbo Covered Bonds
Frequent Borrowers 3rd 3rd 6th
All Agency Bonds in EUR Municipal, City, State, Province in EUR
1st 7th
Leading in Non-Core Currencies
#1 in Cross-Border Traditional Private Placements (Private Placements Monitor, FY 2007)

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Bond Markets leadership and strong momentum

Key highlights
Consistently a leading player in the EUR market across all market

segments (Sovereign, Supranational, Agency, Financials and Corporates) with particular strength in continental Europe
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 League table progress across key client groups

Corporates, FIs and Frequent Borrowers
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
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
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
Strong secondary franchise, providing market critical liquidity

across GBP, EUR, IG, HY, ABS and CDS
Deep relationships with investors and seamless execution key in

difficult markets
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Bond Markets awards (selection)

Between the two companies we have received bond markets awards in almost every geography and client sector
Bond Arranger of the Year Infrastructure Journal March 2007 Best Lead Manager for Covered Bonds TheCover (Euroweek) 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 EEMEA Bond House IFR December 2007 Non-Core Currency Bond IBRD IFR December 2007 Latin American Bond CVRD IFR December 2007 Latin American Domestic Currency Bond IFC IFR December 2007 No. 2 Most Impressive Bank in other currencies (than USD, EUR, GBP) EuroWeek January 2007 Deal of the Year Gazprom Credit Magazine January 2008 Best Investment Grade Bond Deal of the Year Export-Import Bank of Korea Asiamoney January 2008 Deal of the Year, South Korea Kexim The Banker May 2008 Sterling Bond House IFR December 2007 Financial Bond Sub Debt RBS Tier 1, IFR December 2007 Sterling Bond Legal & General, IFR December 2007 Middle Eastern Financial Institution Bond of the Year Abu Dhabi Commercial Bank EuroWeek January 2007 3rd Z/Yen Ranking Operational Performance for Asia Securities 2007 No. 1 Senior Financial Institutions Bond Wachovia Bank EuroWeek January 2007 No.2 Best Asian Financial Institution Bond Deal of the Year Woori Bank Euroweek Asia January 2008 No.1 Best Asian Financial Institution Bond Deal of the Year Export-Import Bank of Korea Euroweek Asia January 2008 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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Securitisation
Securitisation global overview

League tables, Q1 2008
Global Securitisations (excluding Agencies) RBS #4 All ABS RBS #5 All MBS RBS #8
North American Securitisation House IFR 2006 and 2007
United States United States ABS United States MBS US MBS - FCA 8th 7th 5th
Europe Securitisations in GBP Securitisations All European RMBS* Securitisations All EUR All International Issuers All International Issuers (excluding self-funded) All European Issuers 1st 2nd 1st 1st 1st 1st
European Securitisation House IFR 2006 and 2007
Best Securitisation House Credit Magazine 2007/2006
Asia Pacific Securitisation of the Year- Softbank IFR December 2007 RMBS Deal of the Year Kazakh Mortgage Backed Securities 2007-1 ISR 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 Aircraft Capital Markets Award Airspeed Janes Transport Finance December 2007
ABS Arranger of the year Europe ISR 2006 and 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
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Securitisation leadership across regions and sectors

Key highlights
Leadership position in both developed and emerging markets

globally for term securitisation focused primarily on consumer asset classes
Strong franchise across key geographies United States, Europe

and Asia Pacific
Second largest conduit sponsor globally operating nine conduits

worldwide with commitments of USD65billion
Strong franchise across all key asset classes RMBS, CMBS,

ABS and WBS
Consistently a top player in EUR ABS. Ranked No. 1 four times in

the last seven years
Huge expansion of the United States ABS business

complementing a leading MBS/CMBS business
Italian healthcare asset/securitisation platform Rapidly expanding Eastern European ABS business. First to
market with ABS in Kazakhstan (RMBS) and Russia (credit cards) and lead Turkish ABS
Unrivalled position as No. 1 sales force in global ABS Continued No. 1 ranking in investor surveys (Orion, Credit,
Greenwich)
Deal successes include the largest Japanese WBS for Softbank

and landmark transactions in tough market conditions such as EMAC Netherlands)
Client confidence evidenced by repeat business in all geographies

(Delta Lloyd, Kensington, Ford, BES, Unipol, VW, Garanti, Bradesco)
RBS has the largest ABS trading desk and volumes in Europe
providing liquidity, a key service to investors
Strong United States Auto ABS franchise Reopened primary EUR ABS market with EMAC NL post summer
ABS market turmoil
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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Loan Markets
Loan Markets global overview

League tables
Global RBS #8 EMEA RBS #3 United States RBS #7 Asia Pacific
North America North America Loans US Loans US Leveraged Loans US Investment-Grade Loans 9th 7th 14th 5th Global Global Loans Europe 8th Western Europe EMEA Loans EMEA Leveraged Loans EMEA Sponsor Driven EMEA Non Sponsor Driven Leveraged EEMEA Emerging Markets EMEA Project Finance EMEA Financial Institutions
3rd 3rd 2nd 1st 2nd 3rd 1st 5th
Middle East Middle East Overall Middle East Financial Institutions FY 2007 Latin America Latin American Loans 6th 1st
RBS #10
Source: Thomson Financial bookrunners, Q1 2008
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
Source: Thomson Financial bookrunners Q1 2008
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Loan Markets leadership across regions and sectors

The combined loan markets businesses present our clients with a truly global platform and a product portfolio which is second to none
Key highlights
We hold a 50% market share in the Netherlands Leadership role in the emerging loan markets of
EMEA, Latin America and Asia
Leadership across key sectors such as project

finance, structured financing, real estate finance, M&A and leveraged finance
A reputation for structural innovation and delivering

tailor-made solutions for our clients
Combined real estate loan and CMBS platform in

Europe and Asia a ground-breaking initiative
Single unified syndication, sales and trading

platform which cuts across industries, products and geographies
Launched a dedicated FI team delivering

benchmark transactions (USD1.85billion facility for Qatar National Bank)
Integrated structured and corporate loans origination

platform
Launch of a dedicated shipping team winning key

mandates (USD404.9million term loan for TBS International Ltd)
Proven track record in cross border M&A financing

(thirty-five acquisition (non leverage) deals closed in Europe 2007)
Successfully brought transactions to market in the

most challenging conditions Rio Tinto and Heidelberg
Leading in loan trading delivering a strong

performance in the secondary market providing critical liquidity during market turmoil
A top 10 lead arranger in the US syndicated loan

market
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Loan Markets awards

The combined entities provide our clients with a global loan platform, recognised by leading trade media
Most Impressive Arranger Euroweek Loan Awards 2007 (& 2005-06) February 2008 Best Debt House Latin America Euromoney Awards of Excellence July 2007 Bank of the Year Americas PFI January 2007 Global Bank of the Year PFI January 2008 Best Project Finance House Euromoney Awards of Excellence July 2007 Russia and CIS Loan House IFR December 2007 India Loan House of the Year IFR Asia December 2007
Best Secondary Loan House Euroweek Loan Awards 2007 February 2008
Best Arranger of Acquisition Finance 2007 (& 2005-06) EuroWeek Loan Awards February 2008 No. 2 Asia Pacific Acquisition Financing House of the Year Euroweek February 2008
Best Arranger of Western European Loans Euroweek Loan Awards January 2007 Best Arranger of UK Loans Euroweek Loan Awards February 2008 Best Debt House in the Middle East Euromoney Awards for Excellence, July 2006 Best Arranger of Turkish Loans Euroweek Loan Awards February 2008
Best at Project Finance Middle East Euromoney Awards of Excellence July 2007 Best Arranger of Russian Loans 2007 (& 2006) Euroweek Loan Awards February 2008
Latin American Loan House of the Year IFR December 2006

Best Arranger of Corporate Loans Euroweek Loan Awards 2006 January 2007
Best Debt House-Pakistan The Asset December 2007
Best Arranger of CEE Loans (ex Russia) Euroweek Loan Awards February 2008
Best Arranger of Loans for Indian Borrowers Euroweek 2008
Best Arranger of Loans for Malaysian Borrowers Euroweek 2008
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Loan Markets deal success

Borrower 1 2 3 4 5 6 7 8 9 Dr Ing hcF Porsche AG Rio Tinto Plc HeidelbergCernent AG Akzo Nobel NV Imperial Tobacco Group Plc Iberdrola SA ProSiebenSat.1 Media AG Inmobiliaria Colonial SA-Colonial Grp 9 TDCA'S TDC A/S Value Country (USDm) 46,474.57 Germany 40,000.00 UK 21,930.68 Germany 18,622.11 UK 15,622.55 Spain 10,382.64 Germany 9,636.63 Spain 9,497.60 Denmark 8,800.00 Sweden 8,775.00 Switzerland 8,184.92 France 8,041.32 Australia 7,665.00 Saudi Arabia 7,470.80 France 7,182.87 UK 7,100.00 Malaysia 6,766.17 UK 6,516.11 Brazil 6,413.00 Switzerland Bank ABN AMRO RBS RBS RBS ABN AMRO/ RBS RBS RBS RBS RBS ABN AMRO RBS ABN AMRO/ RBS ABN AMRO RBS ABN AMRO ABN AMRO RBS ABN AMRO RBS Borrower 21 Amadeus Global Travel Distribution SA Value Country (USDm) 6,316.90 Spain Bank ABN AMRO
18,695.39 Netherlands ABN AMRO
22 Companhia Vale do Rio Doce CVRD

23 Gazprom 24 Banque PSA Finance 25 Dubai World 26 Cableuropa SA 27 Ojer Telekomunikasyon AS 28 Vivarte SA 29 Metrovacesa SA 30 Ojer Telekomunikasyon AS 31 Asciano Finance Trust 32 Premier Foods Plc 33 H3G Italia 34 Endemol Entertainment Holding NV 35 FirstGroup 36 Taylor Wood row plc 37 Tesco plc 38 Telenet BidCo NV 39 AV Metals Inc 40 Rosneft
6,000.00 Brazil
5,450.00 Russia 5,378.51 France 5,000.00 UAE 4,828.97 Spain 4,700.00 Turkey 4,504.27 France 4,403.13 Spain 4,300.00 Turkey 4,260.90 Australia 4,096.76 UK 3,894.08 Italy 3,799.70 Netherlands 3,750.00 UK 3,297.36 UK 3,281.38 UK 3,261.95 Belgium 3,100.00 Netherlands 3,098.00 Russia
ABN AMRO
ABN AMRO RBS RBS RBS ABN AMRO RBS RBS ABN AMRO ABN AMRO RBS ABN AMRO/ RBS ABN AMRO RBS RBS RBS ABN AMRO ABN AMRO ABN AMRO
10 SSAB Svenskt Stal AB 11 Glencore International AG 12 Pernod Ricard SA 13 Macquarie Group 14 Sabic Innovative Plastic Holdings BV 15 PPR SA 16 Corus Group Plc 17 Binariang GSM Sdn Bhd 18 Arqiva Ltd 19 TELEMAR SA 20 Vitol SA
RBS ABN AMRO RBS/ABN AMRO joined
Source: ABN AMRO/RBS Global Bookrunner Deal list

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Loan Markets deal successes (contd)

North American Public Power Deal of the Year OOIL Project Finance Magazine January 2008 Asia-Pacific Oil and Gas Deal of the Year Coogee Resources PFI January 2008 Middle East Power IWPP Deal of the Year Marafic Project Finance Magazine 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 European Leisure Deal of the Year - Spencer Dock Project Finance Magazine January 2008 Global Renewables Portfolio Refinancing Deal of the Year Babcock & Brown global wind partners Project Finance Magazine January 2008 Middle East Oil & Gas Deal of the Year RAK Petroleum Janes Transport Finance December 2007 Port Finance Deal of the Year North America GTC & MTC Holdings Janes Transport Finance December 2007 Best Leveraged Finance Deal, Australia CVCs acquisition of DCA Asiamoney January 2008 Trade Finance Deal of the Year 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 Project Finance Magazine February 2007 Asia Pacific Syndicated Loan, Leveraged Loan of the Year Tata Steel IFR Asia December 2007 Trade Finance Deal of the Year - Avea (Turkey) Trade Finance February 2008 Trade Finance Deal of the Year -United Company Rusal (Russia) TFR February 2008 Saudi Arabia, Deal of the Year 2007 SABIC The Banker May 2007 Best Syndicated Loan Tata Steel/ Corus The Asset December 2007 Best Leveraged Finance Deal of the Year, Asia Binariang GSM Asiamoney January 2008 Trade Finance Deal of the Year - Pluspetrol Norte (Peru) TFR February 2008 Trade Finance Deal of the Year - Evraz (Russia) TFR February 2008 South Asian Syndicated Loan of the Year 1. Reliance Industries 2. Tata Steel Year 3. Suzlon Energy Euroweek February 2008 Trade Finance Deal of the Year - Metinvest (Ukraine)) Trade Finance February 2008 Trade Finance Deal of the Year - Evraz (Russia) Trade Finance February 2008 Trade Finance Deal of the Year - Metinvest (Ukraine) TFR February 2008
Best Project Finance Deal Cross City Tunnel Finance Asia December 2007
Trade Finance Deal of the Year - Mechel (Russia) Trade Finance February 2008 Trade Finance Deal of the Year - PDVSA (Venezuela) Trade Finance February 2008 Trade Finance Deal of the Year -United Company Rusal (Russia) Trade Finance February 2008 Trade Finance Deal of the Year - KazMunaiGaz (Kazakhstan) Trade Finance February 2008
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Leveraged Finance/High Yield
Leveraged Finance/High Yield overview

Global Global High Yield Debt North America US Leveraged Loans 10th
14th Europe EMEA Leveraged Loans EMEA Sponsored Loans (Mandated Arrangers) EMEA Sponsored Loans Bookrunners 4th 3rd 3rd
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
Best Arranger of Acquisition Finance 2007 (& 2005-06) EuroWeek Loan Awards February 2008
USD 1,000,000,000 Asset Based Revolving Credit Facility USD 1,500,000,000 USD 1,500,000,000 Term Loan A Facility USD 5,165,000,000 USD 5,165,000,000 Term Loan B Facility USD USD 1,500,000,000 1,500,000,000 Senior Notes Joint Bookrunner and Lead Arranger August 2007
Leveraged Finance House of the Year Europe PEN Awards for Excellence in Advisory Services October 2007 Bank of Choice for European Leveraged Finance 2006 PEN Poll 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
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
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Leveraged Finance/High Yield leadership and growth

Key highlights
Global Network: Combined product expertise with advisory

services and network reach to lead many of the largest crossborder corporate leveraged transactions, including Orascom/Wind, Tata/Corus, SABIC/GE Plastics and Basell/Lyondell
Demonstrated outstanding deal success in 2007 across its

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))
Asia: Built the No. 1 ranked Asian leveraged finance franchise

(Dealogic FY 2007), including the sole underwriting of Maxis, at USD7.1billion of debt facilities the largest transaction ever attempted in ex-Japan Asia
Made significant investments in resources and created Leveraged

Capital Markets (alignment of Leveraged Loan Markets and High Yield Capital Markets and a Financial Sponsors Group) bringing together global coverage operation
Netherlands: ABN AMRO has topped the league table rankings

during the past five years in the Netherlands, leading transactions such as HEMA, Maxeda DIY and Endemol in 2007
Europe: RBS has remained in the top of the league table rankings
over the most difficult time in the market in 2007 and extended its deal footprint into Eastern Europe
United States: ABN AMRO has extended its reach in the United
States by creating a combined Leveraged Finance/High Yield franchise to support clients in cross-border acquisitions such as TNT Logistics (Netherlands/United States) and Hindalco/Novelis (India/Canada)
United States: RBS led some of the key United States deals
Bell Canada USD40billion and Alltel USD28billion
Asia Pacific: Strong growth with footprint extended into Hong

Kong and completed deals in Japan, Singapore, China, New Zealand
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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 Mandated Arrangers Project Finance Loans Bookrunners 8th 6th EMEA Project Finance Loans Mandated Arrangers 2nd
Telecoms PFI/PPP Oil & Gas Transport Project Finance Borrowers Survey 2007
Best Project Finance House Euromoney Awards for Excellence 2007 & 2006 Trade and Project Finance House of the Year The Banker Investment Banking Awards 2007 & 2006 Oil&Gas Adviser of the Year Infrastructure Journal Awards March 2008 Global Bank Arranger Infrastructure Journal Awards March 2008
Source: Thomson Financial Full Year 2007
Global Bank of the Year 2007 PFI Awards December 2007
Best Arranger of Project Finance Euromoney Loan Awards February 2008
Oil&Gas Arranger of the Year Infrastructure Journal Awards March 2008
Bank of the Year Americas PFI Awards January 2007
Best at Project Finance Middle East Euromoney, Awards of Excellence July 2007
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Project Finance winning deals

North America Public Power Deal of the Year Invenergy St Clair Project Finance January 2008
North America Single Asset Power Deal of the Year Sandy Creek Project Finance, January 2008
North America Acquisition Deal of the Year OOIL/Global Container Terminals Project Finance January 2008
Port Finance Deal of the Year2007 North America. Janes Transport Finance December 2007
European Transport Airport Deal of the Year2007 Budapest Airport Project Finance January 2008
European Leisure Deal of the Year 2007 Spencer Dock Project Finance January 2008
Global Renewables Portfolio Refinancing Deal of the Year 2007 Babcock & Brown Global Wind Partners Project Finance January 2008
Middle East IPP Deal of the Year 2007 Mesaieed (adviser) Project Finance January 2008
Global Deal of the Year Barka2/Al-Rusail (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 Janes Transport Finance December 2007 Middle East Independent Oil & Gas Deal of the Year 2007 RAK Petroleum Project Finance January 2008 Middle East Power IWPP Deal of the Year 2007 Marafiq Project Finance January 2008
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 Infrastructure Deal of the Year 2007 Mersin Port PFI awards January 2008
European Renewable Acquisition Deal of the Year Trinergy Project Finance January 2008 European Renewables (Biofuels) Deal of the Year Ensus Project Finance January 2008
Middle East Water/Utilities Deal of the Year Sur IWPP Project Finance January 2008
Asia-Pacific Oil and Gas Deal of the Year 2007 Coogee Resources PFI January 2008 EMEA Adviser of the Year 2006 PFI January 2007
Middle East Refinancing Deal of the Year SEGAS (adviser) Project Finance January 2008
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
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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 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 Research Awards and Ranking No. 1 Pan-European Economics; No. 3 Global Economics Thomson Extel survey 2007 No. 1 Top brokerage firm for Hedge Fund Research Thomson Extel survey 2007 No. 2 UK Small Cap Broker Thomson Extel survey 2007 No. 2 Accuracy of European recommendations No. 1 Accuracy of Asian recommendations AQ, Q2 2007 No. 4 most award winning broker for United Kingdom and Ireland Sunday Times StarMine survey 2006 Australia No. 1 Research House for Analysts Recommendations 2007 StarMine New Zealand Stockbroker of the Year 2007 INFINZ Awards
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Equity Capital Markets overview

ABN AMRO brings a strong ECM business to the combined bank
Tianjin Development Holdings Limited, China "We really admire ABN AMRO's teamwork, professionalism and dedication" Mr Wang Guanghao, Chairman, Tianjin Dev. Hold. Ltd, China
Bookrunner Positions Global Debt Equity and Equity Related Asia Pacific equities All UK Equities 10th 8th 5th
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
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 Dealogic, Recognition of Excellence February 2008 Deal of the Year, Kazakhstan Eurasian Natural Corporation The Banker May 2008
Equity-Linked Deal of the Year BAE Systems, The Treasurer 2006 Kazakhstan Deal of the year KazMunaiGas Exploration, The Banker 2007 Australian Deal of the Year Telstra 3 The Banker 2007 Taiwan Equities Deal of the Year ProMOS Technologies, IFR Asia 2006
Best GDR/ADR InnoLux Display Corp The Asset December 2007 Best Convertible Bond - Tata Steel The Asset December 2007 Best Australian Equity-Linked Deal of the Year Macquarie Communication Infrastructure Group The Asset December 2007
France Telecom, France
"ABN AMRO have worked with us over the last few years to raise capital through well structured transactions and have provided first class objective financial advice
Michel Combes, Chairman/ CEO of TDF, Former CFO of France Telecom, France
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Equity Capital Markets

ABN AMRO offers a full range of equity capital markets and related advisory services During the last ten years, we have led over 1,000 equity offerings around the world, awarding each structure its own degree of customisation, creativity and innovation
Key Highlights
Drawing on the full financial resources of its parents,

ABN AMRO offers world class equity capital markets expertise
Global equity distribution power. Over 800 equity

research, sales and trading professionals worldwide. Dedicated equities distribution personnel located in the United States to sell international offerings to key investors
Over one hundred and forty dedicated equity capital

markets specialists located in eleven regional hubs around the world
Established track record in key sectors and regions ABN AMRO has consistently been ranked in the top
five for small/mid-cap issues for the past five years with greater breadth of European small/mid-cap coverage than any other bank
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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 convertible bond issuance in Asia ex Japan since 2002 USD515m KEPCO South Korea Highest over subscription rate ever for a Hong Kong public offer USD161m Tianjin Ports Development Holdings Hong Kong 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 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 Largest UK convertible since 2002 USD1.1bn Shire Plc United Kingdom
Third largest CEE IPO and largest kazakh IPO ever USD2.3bn KazMunaiGas Kazakhstan
First ever Yen denominated convertible bond offering from India USD100m Larsen & Toubro, India
Largest ever IPO in India USD2.0bn Cairn India India
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 Dutch IPO in six years and first Dutch IPO with significant retail participation since 2000 EUR1.4bn SNS Reaal The Netherlands
Secondary offering since 2000, largest Australian offer in seven years and largest equity offer in the global telecoms sector since 2000. AUD15.5bn Telstra Australia
Largest hardunderwritten IPO in Australia in 2006 AUD691m RiverCity Motorway Group Australia
Third largest ever accelerated Capital increase globally. Largest ever accelerated transaction in Spain and second largest equity raising since 2000 EUR2.7bn Iberdrola Spain
First Bookrun United States Domestic convertible bond issue USD500m Suntech Power Holdings China
Mahindra & Mahindra Limited, India "Over the last three years we at Mahindra & Mahindra Limited had three opportunities to work with ABN AMRO twice for Global Convertible Issues (FCCBs) and once for the Initial Public Offering of one of our subsidiaries, Mahindra Finance, a focused rural finance company. We were impressed by the professional competency of ABN AMRO's team, which worked hard to get the best deal for the company. What impressed us even more was the friendly and cordial manner in which the ABN AMRO bankers interacted in spite of the time pressures and tight deadlines Bharat Doshi, Chief Financial Officer, Mahindra & Mahindra Limited, India
KPN, the Netherlands "During these past years KPN has gone through some major developments, during which we have received continuous support from ABN AMRO. The team has provided high quality advice to us on various occasions, which has helped KPN to position itself as an attractive investment in the European telecom sector. I am confident that the relationship between ABN AMRO and KPN will continue to be strong and on behalf of KPN I am very much looking forward to another exciting ten years of co-operation between our two companies Ad Scheepbouwer, CEO, KPN, the Netherlands
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Hoare Govett overview

Key relationships with
the Board of United Kingdom Plc
Activities
Equity fundraising (primary and secondary) IPOs as Sponsor (Main Market) and Nominated
Adviser (AIM)
Leading corporate
broker/adviser to over one hundred United Kingdom listed companies and investment funds No. 1 broker to deals in six of last seven years Client base ranging from FTSE 100 to AIM Leading franchise among FTSE 350, giving Hoare Govett a top five market share Combines with Equities to be the pre-eminent firm in the UK Mid and Smaller Cap market
Source: Thomson Financial
Public takeovers Transaction advice and execution

Hoare Govett the leading brokers to deals
Rank 2003 1 UBS Warburg 2 Hoare Govett 3 Cazenove 4 Merrill Lynch 5 CSFB 6 Lehman Brothers 6 West LB Panmure 6 Collins Stewart T. 9 Citigroup 10 Unicredito Italiano Rank 2004 1 Hoare Govett 1 Cazenove 3 UBS 4 Merrill Lynch 5 DKW 6 HSBC 7 CSFB 8 KBC 9 Numis 10 Goldman Sachs Rank 2005
General corporate finance advice Share buy backs Investor relations Share dealing services for clients
Rank 2006 1 Hoare Govett 2 Cazenove 3 Merrill Lynch 4 Panmure 4 Brewin Dolphin 4 Arbuthnot 7 UBS 7 KBC 9 Seymour Pierce 10 DKW
Rank 2007 1 Hoare Govett 2 Cazenove 3 UBS 3 Citigroup 3 Merrill Lynch 6 Evolution Securities 7 Deutsche Bank 7 Dresdner Kleinwort 7 Panmure Gordon 10 Collins Stewart
1 Hoare Govett 2 Cazenove 3 Merrill Lynch 4 DKW 5 Deutsche Bank 5 UBS 7 Collins Stewart 8 Citigroup 9 Durlacher 9 Teather & Greenw.
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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 Amlin Arriva Ashtead AVEVA Group Balfour Beatty BBA Aviation Bovis Homes Brown (N) Group BSS Group Charter Dairy Crest Dana Petroleum Dexion Absolute easyJet Group Emap FKI Hays Hunting Informa Imperial Energy Marstons Morgan Sindall Mouchel Parkman Northern Rock Premier Farnell Premier Foods Savills Severfield-Rowan Shanks Group Spectris Spirent VT Group WSP Group
Star Energy informa GBP502m Recommended cash offer for Datamonitor IBA Health GBP137m Proposal recommended all share offer for iSoft BAE Systems USD4.1bn Placing and acquisition of Armor Group Rexam EcoSecurities GBP286m GBP37.7m Placing and acquisition of Ol Plastic Products Secondary Placing GBPtbc Financial Adviser, Sponsor & Placing Agent Placing and Offer for Subscription SMG GBP95.1m Rights issue GBP340m Cash offer by Petronas Int. Corp Joint adviser & Broker
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May 2007
May 2007
June 2007
June 2007
November 2007
November 2007
November 2007
35

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 FX Market Share North America 2007 2006 6th 5th >10th FX Market Share Australasia 2007 2006 2nd 12th >10th 2007 2006 6th 6th >10th
Currency Derivatives House RISK Awards 2007 Best Leveraged Sector Platform Smartprime Profit & Loss, Digital FX Awards April 2008 Best Range of Execution Tools Profit & Loss, Digital FX Awards April 2008
2008 P&L Innovation Award Dashboards & Smartprime Profit & Loss, Digital FX Awards April 2008
Best Foreign Exchange Bank in the Netherlands Global Finance 2007
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
Source: 2007 Euromoney FX Poll, Euro-weighted
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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 5th 2nd 2nd 7th 5th 4th
5th 5th
Corporate votes Best Bank Overall for FX 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 5th 4th
Financial Institution votes
Best Bank Overall for FX Best Bank for FX Prime Brokerage
13th 3rd
8th 4th
2nd
Investors Best Bank Overall for FX 13th 8th
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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
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 4th 5th 6th 5th 3th 2nd 1st 1st
RISK End User Rankings 07
Interest Rate Swaps Interest Rate Options Exotic Interest Rate Products Forward Rate Agreements Cross Currency Swaps Cross Options Overall Currency Forwards Exotic Currency Products
Asia RISK End User Rankings 07 Interest rate derivatives overall Credit derivatives overall Currency derivatives overall
7th 9th 6th 8th 7th 2nd 7th 7th
The Banker Magazine
RISK Inter Dealer Rankings 07 Rates Forward Rate Agreements Exotic Interest Rate Products Short Dated Interest Rate Swaps Interest Rate Swaps Overnight Index Swaps Inflation Inflations Swaps EUR Inflations SWAPS GBP Inflation Caps/Floors GBP Inflation Caps/Floors EUR Inflation Caps/Floors USD Currency Vanilla Currency Options Currency Forwards Exotic Currency Options Cross Currency Swaps
9th 10th 9th
1st 2nd 3rd 5th 4th 1st 1st 1st 2nd 5th
Credit Derivatives Credit Hybrid Products, Asia ex Japan Credit Hybrid Products, Japan CPDOs, Asia ex japan Synthetic CDOs of ABS, Japan
Asia RISK Inter Dealer Rankings 07 Rates Interest Rate Swap - HKD
3rd 2nd 3rd 1st
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
2nd 1st 1st 1st 2nd 2nd 2nd 4th
1st 3rd 4th 5th
Currency Long-dated USD Long-dated Other Currencies Long-dated Yen Chinese Renminbi Forwards Hong Kong Dollar Forwards Japanese Yen Options Overall Currency derivatives
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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
Deal of the Year CPDOs RISK Awards 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
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Credit Derivatives and Alternatives Trading
Deal of the Year Surf (CPDO) Euromoney February 2007 Deal of the Year - Fremantle Credit Magazine December 2007 Most Innovative Structured Deal of the Year Surf (CPDO) The Asset, triple A awards January 2007
Deal of the Year Surf (CPDO) Risk Magazine January 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
No. 4 in Credit Derivatives Indices, CMBX No. 4 in Credit Derivatives Indices, ABX
No. 5 in Credit Derivatives Indices, CDX EM7 and diversified

No. 4 in Credit Derivatives Indices, iTraxx Asia No. 5 in Credit Derivatives Indices, bank proprietary platforms
Euromoney, Debt Trading poll, November 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
United Kingdom
February 2007
normal market conditions)
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
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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 AMSTEL SHER (Asia) Securitisation of Balance Sheet Exposures EUR500m Arranger January 2007 Constant Proportion Debt Obligation Surf Step-Up (Global) EUR50m Due Jul 2017 Euribor + 100bp
Life Settlements Notes (Global) US Life Settlement portfolio USD60m Contingent Coupons Due Aug 2016 CPPI of ABS (Europe) Static ABS portfolio with variable structural leverage EUR50m January 2007 Constant Proportion Debt Obligation AAA Surf (Europe) EUR40m Due Oct 2016 Euribor + 200bp
Angel CLO (Europe) CLO tranche EUR90m Arranger September 2007 Leopard V Tightest Print EUR400m European CLO for Prudential M&G
Kleros Preferred Funding CDO of ABS (Global) USD2bn Managed by Strategos Capital LLC, October 2007 Adrastea CDO of Super High Grade ABS (Global). Managed by Harding Advisory LLC USD2bn September 2007
Synergie Notes (Asia), managed by AXA IM 100% Principal Protected Long/Short Credit CPPI Notes USD55m Contingent Coupon Due Oct 2014
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Fund Linked Derivatives

Key highlights
ABN AMRO has successfully leveraged its Fund-linked Derivatives

platform in recent years to deliver a series of innovative and relevant solutions to the Banks client base worldwide
RBS Fund Derivatives have established centres in the US and

Europe, and become a leading-edge provider of Fund of Hedge Fund Manager solutions
The business is led by European hub for structuring and trading

investor derivative products linked to Mutual Funds and Alternatives
The business has pioneered a range of sophisticated financing

structures (including the first CLO of loans to Hedge Funds, and a flexible variable funding note with FX trading capabilities), and built an important distribution capability for Fund of Fund Managers
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
More recently, the team has established a structured derivative

service for institutional and private investors, providing principal protection and pass-through options on funds.
The firm has an established track record in structuring options on

Mutual Funds for third party retail distribution.
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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.
Mutual Fund Basket Linked Capital Protected Schuldschein EUR100m European Bank Fund of Hedge Fund financing USD325m US Bank Fund of Hedge Fund financing USD750m US Asset Manager Principal Protected Note with Embedded Call Option on RBS Fund of Funds USD50m UK Private Bank US Private Equity Capital Protected Notes USD130m Central Bank CEE Fund Basket Capital Protected Notes EUR660m EU Corporate Capital Protection Notes on Fund of Funds Fund of Hedge Funds EUR10m French Insurance Company Capital Protection Note on Fund of Funds Fund of Hedge Funds EUR30m Middle Eastern Bank Asia Real Estate Linked Notes USD250m European Bank
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
SRI/ECO Fund of Hedge Fund Capital Protected Notes USD30m Asian Bank
Momentum Capital Protection Basket of RBS Fund of Funds USD30m Asian Pension Fund
Fund of Hedge Fund Capital Protected Notes USD 250m Asian Insurance
Fund of Hedge Fund Basket Capital Protected Notes USD120m EU-Auto-Corporate
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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 Nordic for Structured Products Structured Products November 2007 #1 in OTC Stock Basket Options Asia Risk Inter Dealer Survey January 2008 Best in UK for Structured Products Structured Products November 2007 #1 in Ladder/Lookback Asia Risk Inter Dealer Survey January 2008
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
#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
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Exotics & Hybrid Structuring & Trading

The combination of RBS and ABN AMRO capabilities creates a top tier provider of derivatives across rates, currency and commodity
Key highlights
Global Integrated Trading & Structuring business in

complex products across Interest Rates, FX and Commodities
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
Onshore capabilities in 10 countries in both Interest

Rates and FX products with G11 and local currency offerings
Pioneer and leader in inflation derivatives

(structuring and trading) RBS was the first bank to launch inflation swaps and options on Bloomberg
Full complex product suite in Interest Rates, FX

Options and Commodities with over 100 new products developed since 2006
Recognised leader in currency derivatives providing

highly innovative solutions to its global client base
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
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
Pioneering transactions with innovative new

products e.g.
Knock In Spread Swap (KISS)

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

Landmark Transactions
Restructure of USD16.2bn Spread Option into long dated FX-linked structure with Indonesian public sector client 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
Credentials
Currency Derivatives House of the Year Risk 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
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
Inflation Derivatives House of the Year Risk Awards 2008 Ranked 4th on all Structured MTNs in 2007 Global MTN Awards 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 #4 Inflation Linked EMTN Sales Global MTN Awards 2007
Best Structured product in the Netherlands 2007 Macro Exotica Trading & PIP IEX Goudan Tak 2007 Digital Spread Note International Vanilla MTN Dealer of the Year Global MTN Awards 2007
Special Mention Inflation House Global MTN Awards 2007
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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 Today ABN AMRO is known as a client focused supplier of price risk solutions on all kind of commodities
>250,000,000 cubic metres Dutch Natural Gas Swap Restructuring of the price reference Trade execution November 2003 >1,020 MT LME Cash Nickel Swap >438,240 MWh APX Baseload Power Swap Hedging price risk on Dutch Power Trade execution April 2006 >20,000 MT Bitumen Swap
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
Hedging price risk on Nickel

Trade execution November 2005
Road building construction
Trade execution April 2008
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Capabilities
By product area Mergers & Acquisitions
Mergers & Acquisitions overview

League Tables, Global ABN AMRO #13
Americas United States Latin America 16th 5th Europe Europe Benelux 13th 3rd Asia Pacific 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 Best Arranger of Acquisition Financing Loans Euroweek Loan Awards 2006 January 2007 Excellence in Netherlands M&A - Involved in seven of the top ten M&A deals in the Netherlands Dealogic, Recognition of Excellence February 2008 Deal of the Year, UK Tata Steels Acquisition of Corus The Banker May 2008 Deal of the Year, Australia Carlyle Group and National Hires acquisition of Coates Hire The Banker May 2008 Deal of the Year, New Zealand The acquisition of Yellow Pages The Banker May 2008 Sweden Deal of the Year Opicas Acquisition of Capio The Banker 2007 European M&A Deal of the Year ABN AMRO Financial News Awards for Excellence in Investment Banking November 2007 Deal of the Year Acquisition of Scottish Power plc by Iberdrola Energy Risk January 2008 Deal of the Year Maynilad Water Re-privatisation CFO Asia December 2007 Deal of the Year, Philippines Maynilad Water Re-privatisation The Banker May 2008 Best Leveraged Buyout Acquisition of UTAC by Global A&T Electronics The Asset December 2007 Best M&A Deal of the Year Tata Steels Acquisition of Corus Asiamoney January 2008
Deal of the Year Best M&A Deal Best Cross-border M&A Deal
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
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Mergers and Acquisitions (M&A)

We are committed to providing our clients with in-depth knowledge of selected industry sectors on a global basis supported by a thorough understanding of the local conditions and first class transaction execution capability
Key Highlights
ABN AMRO employs more than 370 M&A professionals

in 28 countries working together closely under the auspices of a single global corporate finance management team
Akzo Nobel 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 Sale of Getronics N.V. to Royal KPN N.V.
Essent Kabelcom B.V. EUR 2,600,000,000 Acquisition of Essent Kabelcom B.V. Joint financial adviser, joint mandated lead arranger and joint bookrunner on the acquisition debt financing Netherlands, January 2007
Our local offices are supported by experienced advisory

professionals working out of our key centres London/Amsterdam Hong Kong
Sole financial Adviser, Netherlands, September 2007
Iberdrola S.A.
Sydney Sao Paulo
EUR 17,062,000,000 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
Through our network and contacts with the wider group,

we are well positioned to execute domestic and crossborder transactions
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).
USD 1,400,000,000 Acquisition of United Test and Assembly Center Ltd by Global A&T Electronics (jointly owned by TPG and Affinity) by way of scheme arrangement Financial Adviser Singapore, October 2007
Maxis Communications USD 11,700,000,000

The Coca-Cola Company USD 590,000,000
Offer by Binariang GSM to acquire 100% of the issued share capital of Maxis Communications in Malaysia Financial Adviser Malaysia, July 2007
Restructuring of the Coca-Cola bottling in the Philippines by gaining management control Sole Financial Adviser Philippines, February 2007
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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 Telecom, Media & Technology
Pearl Group Limited GBP 4,980,000,000 Advised Pearl Group of Resolution plc Joint Financial Adviser UK, November 2007
AmcorpGroup Berhad AMMB Holdings Berhad USD 695million Strategic sale of shares in AMMB to ANZ Group May 2007
USD 3,800,000,000
Royal & Sun Alliance Plc DKK 6.4billion (GBP584m) Acquisition of 24.7% minority in Codan Forsikring A/S Financial Adviser UK/Denmark , May 2007
EUR 2,100,000,000 Acquisition of Casema Holding B.V. and merger with Multikabel B.V. Financial Adviser to Cinven Netherlands, Sept 2006
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
Energy & Resources
Global Industries
EUR 11,000,000,000. Sale of Organon Biosciences by Akzo Nobel to Schering-Plough
EUR 17,062,553,639
Carrefour Group
GBP 6,200,000,000
Undisclosed Acquisition of Apollinaris Sole financial adviser to The Coca-Cola Company UK/Germany, May 2006 Undisclosed Mandatory tender offer for up to 100% of the shares in Deutz AG Sole Financial Advisor to SDF Italy/Germany, July 2007
Public Offer for Scottish Power by Iberdrola
825 million Acquisition of Atacado Financial & Strategic Adviser Brazil / France Announced, April 2007
Recommended cash offer for Corus Group plc
Financial Adviser Netherlands, November 2007
Sole Financial Adviser Spain/UK, April 2007
Financial Adviser UK/India, April 2007
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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 and services to corporates and FIs
Top 5 globally in
international payment flows (Euromoney, 2007)
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
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 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
Top 3 Trade
Business (excl air & shipping) Dealogic FY 2007)
No. 5 Best Cash

Management Bank in Asia voted by corporates (AsiaMoney 2007)
Transaction Banking helps clients optimise working capital enabling them to generate more profit with less capital while reducing risk
No. 6 Usage in Cash

Management in Asia (Greenwich2007)
TRI*M client
satisfaction scores increasing year-onyear with most regional scores above competitor average
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
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Transaction Banking awards

Transaction Banking An award winning business
Best Bank for Supply Chain Finance Europe Treasury Management International January 2008 Best CLS Linked Bank Offering Western Europe Global Finance January 2003 - 08 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 Bank for Liquidity Management Western Europe Global Finance January 2006 - 08
Trade Finance Deal of the Year - Magnitogorsk Iron and Steel Works (Russia) Trade Finance February 2008 Trade Finance Deal of the Year - OGK-4 (Russia) Trade Finance February 2008
Best Trade Finance Bank Europe Global Finance 2001-07 Second Best CLS Third Party Offering Globally FX Week Poll November 2007
Best Online Trade Finance Provider Trade Finance Awards for Excellence 2003-06
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
Best Bank for Supply Chain Finance South America Treasury Management International January 2008
Trade Finance Deal of the Year - Reliance Communications (India) TFR February 2008
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Transaction Banking products

Our clients can expect tailored solutions from a product range that spans their working capital cycles We take a fully comprehensive approach to our clients needs, creating complete solutions that integrate elements of our awardwinning product set. The breadth of our expertise and solutions gives us the flexibility to meet varied client demands
Payments
Electronic funds
transfers (domestic and cross-border) Domestic ACHs SEPA Credit Transfers Card issuance service (business credit/debit cards, corporate payroll cards, lodge cards) Cheque issuance service (bank cheque, corporate cheque) Tailor-made, timely reporting
Collections
Incoming electronic
funds transfer Cash/cheque collection services International direct debits Integrated receivables management Reconciliation services (SmartCollect, invoice matching) Global merchant services Settlement bank services
Liquidity management
Multi-bank cash
concentration Automated global balance transfer Zero balancing (domestic, regional and global) Notional pooling (single and multi currency) Interest optimisation (domestic and cross border) Shadow reporting of inter-company loan balances Short-term investment and funding Global netting Automated multicurrency conversion Liquidity advisory services
Trade and supply chain

Supply chain finance Traditional trade
products Trade financing Purchase order management Letters of credit document preparation
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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: Meet the financial and physical commodity requirements of our customer base globally across a broad range of industry sectors, including oil & gas, metals & mining, industrials & transportation, power and utilities. Provide short-, medium- and long-term hedging and risk solutions to RBS's existing project finance and structured finance customers around the world. Offer a complete derivatives risk management and trading platform for RBS customers. Develop bespoke commodities products for investors in combination with our existing Structured Investor Products platform. Enable customers to trade in carbon and green credits products. RBS Sempra Commodities deals in: Power - industry leading power marketer with a primary focus on the North American and the European wholesale markets. Natural gas - international natural gas marketer with a primary focus on the North American (ranked #4 in 2007 by 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.
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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, Spain Sempra Energy Risk March 2008 #4 European Electricity, Germany Sempra Energy Risk March 2008
#5 European Electricity, Eastern Europe - Sempra 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 UK NBP curve 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
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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 bank-mediated sale of CERs to private company June 2005 Sourcing CERs for carbon neutrality - June 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
Trading of EUAs for compliance June 2006 April 2008 >150 million tonnes CO2e Trading EUAs and CERs June 2006 April 2008
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)
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Appendix
Eco-markets
Market leader in renewables in 2007 RBS was 3rd in Infrastructure Journals Mandated Lead Arranger league table for wind and renewables financing
Wind
With more than 12 businesses ABN AMRO has the broadest range of expertise and experience in the market: Equities (IPOs, Hoare Govett has a strong energy sector client base and
a growing number of clients in the Eco-sector)
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
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) Climate Change & Environment Index Water Index Biofuels Commodity and Equity Indices Renewable Energy Waste Management Index, Natural Gas Index Eco Total Returns Index
Private Investor Products based on
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Sustainability accolades
The Top Global Banks for Environmental, Social and Strategic Governance (ESG)
Rank Bank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Socit Gnrale Credit Agricole SA RBS Global Banking & Markets ABN AMRO Holding NV BBV Argentaria SA Banco Santander Central Hispano SA Standard Chartered Plc Bank of Nova Scotia KBC Groupe SA BNP Paribas UBS AG HSBC Holdings Plc Mizuho Financial Group Citigroup Inc Credit Suisse Group Sustainable Bank of the Year Financial Times Sustainable Banking Awards June 2007 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
Rating
AAA AAA AAA AAA AA AA AA A A A A A A A A
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
Global Renewables Portfolio Refinancing Deal of the Year Babcock & Brown Global Wind Partners Project Finance magazine January 2008
16
17 18 19 20 21 22
Sumitomo Mitsui Financial Group

JP Morgan Chase & Company Fortis NV Mitsubishi UFS Financial Group Barclays Plc Deutsche Bank AG Bank of America Corporation
BBB
BBB BBB BBB BBB BB BB
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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
ABN AMRO's strong presence in 28 non-G11 countries stretches from Argentina to Vietnam, and remains
integrated through active networked hubs in London, New York, and Singapore
Offering 24-hour trading coverage and a globally integrated product suite with a complete range of non-G11
linear products, including FX, FX options, Fixed Income Trading, Rates, Credit and Structured Credit solutions
Through our extensive network coverage we provide onshore and offshore risk solutions in Local Markets across
associated asset classes, by tailoring local solutions that meet our clients needs including liquidity management, regulatory support, currency protection for global corporations; investment strategies for local companies with interests in G11 markets; or FX investments for hedge funds in search of higher yields
EEMEA Bond House IFR December 2007 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 Dealogic, Recognition of Excellence February 2008 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
Best Debt House - Latin America Euromoney July 2007 Latin America Loan House IFR December 2006
International Emerging Markets Bonds All International Emerging Market Bonds All International Emerging Market Bonds Latin America All International Emerging Market Bonds EEMEA 2nd 1st 3rd
Source: Thomson Finance Full Year 2007 Excellence in India Fixed Income Top Bank in: - India Syndicated Loans - India Energy and Natural Resources Fixed Income Dealogic, Recognition of Excellence February 2008
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
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
Excellence in Brazil Fixed Income Top Bank in: - Brazil Fixed Income - Brazil Fixed Income in Industrials and Consumer & Retail Dealogic, Recognition of 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
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Shipping Finance overview

RBS + ABN AMRO = a leading force in shipping and port financing, able to offer a full suite of products to our global clients in this sector
Key highlights
Experienced global marine M&A practitioner (Sell side advisor to

Fraser Surrey Docks, Adsteam), adviser to Financial Sponsors and provider of leveraged finance in this sector
Banker to over 150 of the worlds top shipping companies Leading lender to the shipping industry with a loan portfolio in
excess of USD23billion no.1 in Greece
Shipping House of the Year Janes Transport Finance 2007 Gala Awards December 2007 Shipping Debt Deal of the Year CSC Nanjing Tanker Janes Transport Finance 2007 Gala Awards December 2007 Asia Shipping Debt Deal of the Year Shanghai Time Shipping Janes Transport Finance January 2006 Ship Finance Bank of the Year 2005 Lloyds List Greek Awards
Active in marine Equity Capital Markets Broker to port companies and leading provider of research in
this sector
Principal asset classes: Bulk Carriers, Crude Oil & Product

Tankers, Container Ships, Chemical Tankers, LPG & LNG, Reefers and Car Carriers
ABN AMRO provides a full range of funding alternatives to the

Shipping & Ports sector
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

Amount (USDm)
45,000 30,000 15,000
DnB NOR
Commerzbank
Danske Bank
BNP Paribas
KfW IPEXBank Deutsche Schiffsbank
Lloyds TSB
Danish Ship Finance
Bremer Landesbank
JP Morgan
HSH Nordbank
Nordea
Mizuho
Calyon
SMBC
RBS
Deutsche Bank
Dresdner Bank
Fortis
Bank of Scotland
Natixis
DVB
HVB
ABN Amro
Most Innovative Ship Finance Deal of the year OSG Nakilat Shipping Economist 2005
Alpha Bank
Bank of Ireland
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Source: Marine Money International, May 2007
66
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
Structured Asset Finance

Media Financing
8th in Leveraged Media Loans (by volume) Loan Markets Association 2007
Aviation Capital
Executed in excess of 75 transactions completed in
2007 involving 251 aircraft
Combined commercial aircraft secured debt and

operating lease book of USD12billion
Own, managed or have committed to finance over 265

Executed in excess of 50 tax and debt transactions in the film and television sector raising in excess of USD10billion to date aircraft on operating lease, and debt finance over 300 aircraft
Aircraft Finance Innovator of the Year Janes Transport Finance December 2007 ABS Deal of the Year Airspeed ISR Awards December 2007 #5 Commercial Aircraft Lessor By Scale Air Finance Journal Survey 2007
GBP12.5billion
commitments
Consistently the largest arranger and participant in UK

film tax transactions by volume in the corporate market Corporate Jet Financing
1,800 facilities Over 300 relationships Lifetime revenues of

approx. GBP600million over 15+ years
Corporate and VIP Jet book > USD2.25billion Structured Asset Finance Aerospace & Defence has
committed financing for over 35, (mainly new, large cabin) Corporate Jets with an aggregate value of circa USD1.10billion outside North America
Residual value book of

c.GBP450million
Strong credit
counterparties and low default rates
75 years of experience in the aviation industry Market share of new jet Large Cabin space estimated
at 12%
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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 ABN AMRO is authorised by De Nederlandsche Bank and regulated by the Financial Services Authority; regulated by the AFM for the conduct of business in the Netherlands and the Financial Services Authority for the conduct of UK business. Copyright 2007 ABN AMRO. All rights reserved. This communication is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without ABN AMRO's prior express consent. RBS6245d
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Global disclaimer for trading areas
The contents of this document are indicative and are subject to change without notice. This document is intended for your sole use on the basis that before entering into this, and/or any related transaction, you will ensure that you fully understand the potential risks and return of this, and/or any related transaction and determine it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such advisors as you deem necessary to assist you in making these determinations. The Royal Bank of Scotland plc (RBS) will not act as your advisor or owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on RBS for investment advice or recommendations of any sort. RBS makes no representations or warranties with respect to the information and disclaims all liability for any use you or your advisors make of the contents of this document. However this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed. RBS and its affiliates, connected companies, employees or clients may have an interest in financial instruments of the type described in this document and/or related financial instruments. Such interest may include dealing, trading, holding, acting as market-makers in such instruments and may include providing banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein. RBS is authorised and regulated in the UK by the Financial Services Authority, in Hong Kong by the Hong Kong Monetary Authority, in Singapore by the Monetary Authority of Singapore, in Japan by the Financial Services Agency of Japan, in Australia RBS (Australia) Pty Ltd ABN 36 088 574 270 is authorised and regulated by the Australian Securities and Investments Commission and acts as agent for RBS ABN 30 101 464 528 and in the US, by the New York State Banking Department and the Federal Reserve Board. The financial instruments described in this document are made in compliance with an applicable exemption from the registration requirements of the US Securities Act of 1933. N.B. Trading Areas are: Government Trading; Credit Trading; Proprietary Trading & Hedging; Capital Markets Sales; Currency Options/Equity Index; Derivatives and Futures; Interest Rate Derivatives; Sales and Marketing; Futures Broking; Margin Trading; Shipping; Strategy and Agency Treasury Services (for the purposes of these disclaimers only) The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. The daisy device logo, RBS, The Royal Bank of Scotland and Make it happen are trade marks of The Royal Bank of Scotland Group plc. RBS6245d
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Global disclaimer for presentations by advisory areas to issuers
The information in this document is intended to provide you with a summary of potential transaction structures and terms and conditions that may or may not lead to transactions being entered into between us. It is not intended that either of us would be bound by any of these proposed terms and conditions until both of us agree to, and sign, formal written contracts. Nothing in this document should be construed as legal, tax or investment advice or as a recommendation or an offer to purchase or underwrite any securities from you, or to sell securities to you or to extend any credit to you or to do any of those things on your behalf. The information in this document is confidential and proprietary to us. It has been produced solely for your use and that of your professional advisers and should not be reproduced or disclosed to any other person without our consent. This document remains our property and must be returned to us on request and any copies you have made must be destroyed. Neither of us should rely on any representation or undertaking inconsistent with the above paragraphs. Any views or opinions (including statements or forecasts) constitute our judgement as of the date indicated and are subject to change without notice. We do not undertake to update this document. [This document is issued by The Royal Bank of Scotland plc ("RBS") which is authorised and regulated by the Financial Services Authority.]* For Private Placements, replace the sentence above with the paragraph below [This document is issued by The Royal Bank of Scotland plc ("RBS") which is authorised and regulated by the Financial Services Authority in accordance with the regulatory regime applying to United Kingdom ("UK") investment business. In the United States, this document is issued by RBS Securities Corporation (RBSSC), a member of the NASD and an indirect wholly-owned subsidiary of RBS]* * Delete as applicable N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, 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) The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. The daisy device logo, RBS, The Royal Bank of Scotland and Make it happen are trade marks of The Royal Bank of Scotland Group plc.
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Global disclaimer for presentations by advisory areas to investors
This document has been prepared for information purposes only. The investments and investment services referred to are not available to retail customers within the meaning of the rules of the Financial Services Authority, nor for persons who are subject to US securities laws and should not be distributed in the US or to any US person nor in any jurisdiction in which its distribution would be prohibited. It should not be construed as an offer or solicitation to buy or sell any securities or any interest in securities. The information in this document is confidential and is intended for use only by the recipient. It should not be reproduced or disclosed to any other person without our consent. This document remains our property and must be returned to us on request and any copies you have made must be destroyed. [Include where relevant: The information contained herein has been prepared by us on the basis of information provided by the [Transferor/Issuer] or one of more of its affiliates to assist interested parties in making a preliminary analysis of [Describe Transaction] and does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. The terms of this [Preliminary Term Sheet/Presentation] are qualified in their entirety by the Offering Circular, which will be made available by us in respect of the transaction described herein, which will supersede the terms hereof.]* This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us. We make no representation or warranty (express or implied) of any nature, nor do we accept any responsibility or liability of any kind, with respect to the accuracy or completeness of the information in this document. This shall not, however, restrict, exclude, or limit any duty or liability to a person under any applicable laws or regulations of any jurisdiction, which may not lawfully be disclaimed. Each recipient of this document should make its own independent evaluation of the transaction and of the relevance and adequacy of the information in this document and should make such other investigations as it deems necessary to determine whether to participate in the transaction. The Royal Bank of Scotland plc ("RBS"), and its affiliates, connected companies, employees or clients may have an interest in the securities (or related securities or other financial instruments or their related derivatives) ("Securities") mentioned in this document. This may involve activities such as dealing in, holding, acting as market-makers, or performing financial or advisory services, in relation to any of the Securities referred to in this document. It may also have acted as a manager or co-manager of a public offering of such Securities, and may also have an investment banking relationship with any companies mentioned in this document. Neither of us should rely on any representation or undertaking inconsistent with the above paragraphs. This document is issued by RBS, which is authorised and regulated by the Financial Services Authority. Any views or opinions (including statements or forecasts) constitute our judgement as of the date indicated and are subject to change without notice. [Additional paragraph for Asset-Backed issues: Average lives of, or the potential yields on, any security cannot be predicted as the actual rate of repayment on the underlying assets, as well as a number of other relevant factors, cannot be determined. No assurance can be given that the assumptions on which the possible average lives of, or yields on, the securities are made will provide to be realistic. Information about possible average lives of, or yields on, the securities in this document must, therefore, be viewed with caution.]* * Delete as applicable N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, 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) The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. The daisy device logo, RBS, The Royal Bank of Scotland and Make it happen are trade marks of The Royal Bank of Scotland Group plc.
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72

ABN AMRO RBS GBM JointCapabilities May92008

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Joint capabilities

ABN AMRO/RBS GBM joint capabilities presentation

Our joint capabilities at a glance

RBS is Global Bank of the Year

ABN AMRO is Sustainable Bank of the Year

What the media says

Truly global coverage

RBS locations after integration of ABN AMRO

Central & Eastern Europe, Middle East & Africa

Group operating profit Total assets

19.9 11.2 4.5 7.3 40.7

Standard & Poors3

The Royal Bank of Scotland Group plc

Capabilities by product area

Bond Markets overview

Frequent Borrowers 3rd 3rd 6th

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

Source: Thomson Financial Q1 2008

Leading in Non-Core Currencies

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

Bond Markets leadership and strong momentum

Consistently a leading player in the EUR market across all market

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

Strong multi-currency bank and insurance hybrid capital platform

Consistent League table progress across key client groups

Significant and rapidly growing global EM business. Currently No.

Recently reopened many of the different new issue market

Strong secondary franchise, providing market critical liquidity

Deep relationships with investors and seamless execution key in

Bond Markets awards (selection)

Capabilities by product area

Securitisation global overview

Source: Thomson Financial Q1 2008

European Securitisation House IFR 2006 and 2007

Best Securitisation House Credit Magazine 2007/2006

Securitisation House of the Year The Banker 2006

European Securitisation of the Year BTA Ipoteka IFR December 2007

ABS Arranger of the year Europe ISR 2006 and 2007

Securitisation leadership across regions and sectors

Leadership position in both developed and emerging markets

Strong franchise across key geographies United States, Europe

Second largest conduit sponsor globally operating nine conduits

Strong franchise across all key asset classes RMBS, CMBS,

Consistently a top player in EUR ABS. Ranked No. 1 four times in

Huge expansion of the United States ABS business

Deal successes include the largest Japanese WBS for Softbank

Client confidence evidenced by repeat business in all geographies

A leading ABS research house (ranked top five by Credit

Capabilities by product area

Loan Markets global overview

3rd 3rd 2nd 1st 2nd 3rd 1st 5th

Emerging Markets Emerging Markets Loans 6th

Source: Thomson Financial bookrunners Q1 2008

Loan Markets leadership across regions and sectors

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 origination

Launch of a dedicated shipping team winning key

Proven track record in cross border M&A financing

Successfully brought transactions to market in the

Leading in loan trading delivering a strong