Capabilities by product areaBond Markets

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Bond Markets overviewLeague tables All International BondsRBS #7 All Euromarket IssuesRBS #5 All Bonds in EUR RBS #4 All International FRNs RBS #4

Source: Thomson Financial Q1 2008#1 in Cross-Border Traditional Private Placements (Private Placements Monitor, FY 2007)Leading in Non-Core CurrenciesAll International BondsAll Euromarket IssuesAll Bonds in EURAll International FRNsAll International Sterling BondsAll International USD FRNAll IG US Corporate BondsAll IG Bonds in EURAll AUD International Issues*All int SFR bonds ex secur.GBP, EUR, USD, AUD7th5rd4th4th2nd 9th5th9th

4thSource: Thomson Financial Q1 2008All Corporate Bonds in EUR Corporate FI10th

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Bond Markets leadership and strong momentum

Key highlights

Consistently a leading player in the EUR market across all market segments (Sovereign, Supranational, Agency, Financials and Corporates) with particular strength in continental Europe World-class covered bond franchise and a leader in most of the constituent markets, throughout Europe and the United StatesStrong multi-currency bank and insurance hybrid capital platform offering both institutional and retail capabilities Consistent No. 3 position in the Swiss Franc market and the No.1 foreign houseSignificant and rapidly growing global EM business. Currently No. 2 as per IFR for all International Emerging Market BondsRecently 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 KeximHuge Momentum across the corporate spectrumLeading multi-currency bond franchise for Agencies, Supranationals and the European Public Sector with top positions in all marketsConsistent League table progress across key client groups Corporates, FIs and Frequent Borrowers World-class Capital Advisory & Structuring (Hybrid) Significant role in GBP/United Kingdom Leading in Private Placements, Liability Management and EMTNsUnited States franchise now No. 3 non-domestic bank in the United States Strong secondary franchise, providing market critical liquidity across GBP, EUR, IG, HY, ABS and CDSDeep 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 clientsectorBond Arranger of the YearInfrastructure JournalMarch 2007EEMEA Bond House IFRDecember 2007Deal of the Year MaxisEuromoneyFebruary 20083rd Z/Yen Ranking Operational Performance for Asia Securities 2007Investment-grade Corporate Bond EnelIFRDecember 2007Asia Shipping Debt Deal of the Year CSC Nanjing Tanker Janes Transport Finance December 2007

Sterling Bond HouseIFRDecember 2007Financial Bond Sub Debt RBS Tier 1, IFRDecember 2007Best High Grade Corporate Bond HouseCredit Magazine 20072 Corporate Bond HouseTop 5 DCM House Financial News Awards for Excellence in Investment Banking 2007 Middle Eastern Financial Institution Bond of the Year Abu Dhabi Commercial BankEuroWeekJanuary 2007Sterling Bond Legal & General, IFRDecember 2007Best Bank for Corporate Finance 2007 TMI AwardsDecember 2007No. 1 Senior Financial Institu-tions Bond Wachovia BankEuroWeek January 2007Deal of the Year Washington Mutual Covered BondEuromoneyDecember 2007Latin American Domestic Currency Bond IFCIFRDecember 2007Deal of the Year TransCredit BankCredit MagazineJanuary 2008Deal of the Year GazpromCredit MagazineJanuary 2008No.2 Best Asian Financial Institution Bond Deal of the Year Woori BankEuroweek AsiaJanuary 2008No.1 Best Asian Financial Institution Bond Deal of the Year Export-Import Bank of KoreaEuroweek Asia January 2008Best Supranational / Agency Deal of the Year World BankEuroWeekJanuary 2008No. 2 Best Sovereign Deal of the Year Republic of ItalyEuroWeekJanuary 2008Best Liquidity Provider GBP Corporate BondsCredit Magazine 2007Deal of the Year, South Korea KeximThe BankerMay 2008

Capabilities by product areaSecuritisation

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Securitisation global overviewLeague tables, Q1 2008Global Securitisations (excluding Agencies)RBS #4 All ABSRBS #5 All MBSRBS #8European Securitisation of the Year BTA IpotekaIFRDecember 2007RMBS Deal of the Year Kazakh Mortgage Backed Securities 2007-1ISRDecember 2007Emerging Market Deal of the Year Thor Asset Purchase Utility receivables secur.ISRDecember 2007North American Securitisation HouseIFR2006 and 2007European Securitisation HouseIFR2006 and 2007Best Securitisation HouseCredit Magazine2007/2006ABS Arranger of the year EuropeISR2006 and 2007Securitisation House of theYearThe Banker 2006 Corporate Deal of the Year, Europe - Punch Taverns FinanceISRDecember 2007Aircraft Capital Markets Award AirspeedJanes Transport FinanceDecember 2007ABS Deal of the Year, Europe - AirspeedISRDecember 2007Asia Pacific Securitisation of the Year- SoftbankIFRDecember 2007Source: Thomson Financial Q1 2008

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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 classesSecond largest conduit sponsor globally operating nine conduits worldwide with commitments of USD65billionConsistently a top player in EUR ABS. Ranked No. 1 four times in the last sevenyearsItalian healthcare asset/securitisation platformRapidly expanding Eastern European ABS business. First to market with ABS in Kazakhstan (RMBS) and Russia (credit cards) and lead TurkishABSClient confidence evidenced by repeat business in all geographies (Delta Lloyd, Kensington, Ford, BES, Unipol, VW, Garanti, Bradesco)Strong United States Auto ABS franchiseReopened primary EUR ABS market with EMAC NL post summer ABS market turmoilStrong franchise across key geographies United States, Europe and Asia PacificStrong franchise across all key asset classes RMBS, CMBS, ABS and WBSHuge expansion of the United States ABS business complementing a leading MBS/CMBS businessUnrivalled position as No. 1 sales force in globalABSContinued No. 1 ranking in investor surveys (Orion, Credit, Greenwich) Deal successes include the largest Japanese WBS for Softbank and landmark transactions in tough market conditions such as E-MAC Netherlands)RBS has the largest ABS trading desk and volumes in Europe providing liquidity, a key service to investorsA leading ABS research house (ranked top five by Credit Magazine for the last four years and No. 3 for best ABS ideas by Euromoney in 2007)

Capabilities by product areaLoan Markets

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Loan Markets global overviewLeague tables GlobalRBS #8EMEARBS #3United States RBS #7Asia Pacific RBS #10

Source: Thomson Financial bookrunners, Q1 20086th1stMiddle East OverallMiddle East Financial InstitutionsMiddle EastSource: Thomson Financial bookrunners Q1 20083rdLatin American LoansLatin AmericaFY 2007Asia Pacific Leveraged Loans Asia Pacific LoansAsia Pacific Loans (ex. Japan and Australia & New Zealand)Australia & New ZealandAustralia Syndicated LoansAustralasia Leveraged LoansAsia Pacific5th10th16th5th5th3rdWestern Europe EMEA LoansEMEA Leveraged LoansEMEA Sponsor DrivenEMEA Non Sponsor Driven LeveragedEEMEA Emerging MarketsEMEA Project FinanceEMEA Financial InstitutionsEurope3rd3rd2nd1st2nd3rd1st5th

North America LoansUS LoansUS Leveraged LoansUS Investment-Grade LoansNorth America 9th7th14th5thEmerging Markets LoansEmerging Markets6th

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Loan Markets leadership across regions and sectorsThe 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 NetherlandsLeadership role in the emerging loan markets of EMEA, Latin America and AsiaA reputation for structural innovation and delivering tailor-made solutions for ourclients Single unified syndication, sales and trading platform which cuts across industries, products and geographiesIntegrated structured and corporate loans origination platform Proven track record in cross border M&A financing (thirty-five acquisition (non leverage) deals closed in Europe 2007)Leadership across key sectors such as project finance, structured financing, real estate finance, M&A and leveraged financeCombined real estate loan and CMBS platform in Europe and Asia a ground-breaking initiativeLaunched a dedicated FI team delivering benchmark transactions (USD1.85billion facility for Qatar National Bank)Launch of a dedicated shipping team winning key mandates (USD404.9million term loan for TBSInternationalLtd)Successfully brought transactions to market in the most challenging conditions Rio Tinto and HeidelbergLeading in loan trading delivering a strong performance in the secondary market providing critical liquidity during market turmoilA top 10 lead arranger in the US syndicated loan market

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Loan Markets awardsThe combined entities provide our clients with a global loan platform, recognised by leading trade mediaBest Debt House Latin AmericaEuromoney Awards of ExcellenceJuly 2007Most Impressive Arranger EuroweekLoan Awards 2007 (& 2005-06)February 2008Bank of the Year Americas PFI January 2007Best Arranger of Western European LoansEuroweek Loan Awards January 2007Best Arranger of Corporate LoansEuroweek Loan Awards 2006January 2007Global Bank of the YearPFIJanuary 2008Best Project Finance HouseEuromoney Awards of ExcellenceJuly 2007Latin American Loan House of the YearIFR December 2006Best at Project Finance - Middle EastEuromoney Awards of ExcellenceJuly 2007Best Debt House in theMiddle EastEuromoney Awards for Excellence, July 2006Best Debt House-PakistanThe AssetDecember 2007India Loan House of the YearIFR AsiaDecember 2007Best Arranger of CEE Loans (ex Russia)Euroweek Loan Awards February 2008Best Arranger of Russian Loans 2007 (& 2006)Euroweek Loan Awards February 2008Russia and CIS Loan HouseIFRDecember 2007Best Arranger of Loans for Indian BorrowersEuroweek 2008Best Arranger of UK LoansEuroweek Loan Awards February 2008Best Arranger of Acquisition Finance 2007 (& 2005-06) EuroWeek Loan AwardsFebruary 2008Best Secondary Loan House Euroweek Loan Awards 2007February 2008Best Arranger of Turkish LoansEuroweek Loan Awards February 2008Best Arranger of Loans for Malaysian BorrowersEuroweek 2008

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Loan Markets deal success

BorrowerValue (USDm)CountryBank1Dr Ing hcF Porsche AG46,474.57Germany ABN AMRO 2Rio Tinto Plc40,000.00UK RBS 3HeidelbergCernent AG21,930.68Germany RBS 4Akzo Nobel NV18,695.39Netherlands ABN AMRO5Imperial Tobacco Group Plc18,622.11UK RBS 6Iberdrola SA15,622.55Spain ABN AMRO/ RBS 7ProSiebenSat.1 Media AG10,382.64Germany RBS 8Inmobiliaria Colonial SA-Colonial Grp 9 TDCA'S9,636.63Spain RBS 9TDC A/S9,497.60Denmark RBS 10SSAB Svenskt Stal AB8,800.00Sweden RBS 11Glencore International AG8,775.00Switzerland ABN AMRO 12Pernod Ricard SA8,184.92France RBS 13Macquarie Group8,041.32Australia ABN AMRO/ RBS 14Sabic Innovative Plastic Holdings BV 7,665.00Saudi Arabia ABN AMRO 15PPR SA7,470.80France RBS 16Corus Group Plc7,182.87UK ABN AMRO 17Binariang GSM Sdn Bhd7,100.00Malaysia ABN AMRO 18Arqiva Ltd6,766.17UK RBS 19TELEMAR SA6,516.11Brazil ABN AMRO 20Vitol SA6,413.00Switzerland RBS

BorrowerValue (USDm)CountryBank21Amadeus Global Travel Distribution SA6,316.90Spain ABN AMRO 22Companhia Vale do Rio Doce CVRD6,000.00Brazil ABN AMRO 23Gazprom5,450.00Russia ABN AMRO 24Banque PSA Finance5,378.51France RBS 25Dubai World5,000.00UAE RBS 26Cableuropa SA4,828.97Spain RBS 27Ojer Telekomunikasyon AS4,700.00Turkey ABN AMRO 28Vivarte SA4,504.27France RBS 29Metrovacesa SA4,403.13Spain RBS 30Ojer Telekomunikasyon AS4,300.00Turkey ABN AMRO 31Asciano Finance Trust4,260.90Australia ABN AMRO 32Premier Foods Plc4,096.76UK RBS 33H3G Italia3,894.08Italy ABN AMRO/ RBS 34Endemol Entertainment Holding NV3,799.70Netherlands ABN AMRO 35FirstGroup3,750.00UK RBS 36Taylor Wood row plc3,297.36UK RBS 37Tesco plc3,281.38UK RBS 38Telenet BidCo NV3,261.95Belgium ABN AMRO 39AV Metals Inc3,100.00Netherlands ABN AMRO 40Rosneft3,098.00Russia ABN AMROSource: ABN AMRO/RBS Global Bookrunner Deal list

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Loan Markets deal successes (contd)Latin America Power Deal of the Year Iberdrola MexicoProject Finance MagazineFebruary 2007Asia Pacific Syndicated Loan, Leveraged Loan of the Year Tata SteelIFR AsiaDecember 2007Best Syndicated Loan Tata Steel/ CorusThe AssetDecember 2007Best Project Finance Deal Cross City TunnelFinance AsiaDecember 2007Best Leveraged Finance Deal of the Year, Asia Binariang GSM AsiamoneyJanuary 2008Global Renewables Portfolio Refinancing Deal of the Year Babcock & Brown global wind partnersProject Finance MagazineJanuary 2008Port Finance Deal of the Year North America GTC & MTC HoldingsJanes Transport FinanceDecember 2007South Asian Syndicated Loan of the YearReliance IndustriesTata Steel Year Suzlon EnergyEuroweekFebruary 2008 European Transport Port Deal of the Year 2007 Mersin Port Project FinanceJanuary 2008Middle East Telecoms Deal of the Year 2007 Etihad Etisalat (Mobily) Project FinanceJanuary 2008Trade Finance Deal of the Year- Metinvest (Ukraine)) Trade FinanceFebruary 2008Trade Finance Deal of the Year- Evraz (Russia) Trade FinanceFebruary 2008Trade Finance Deal of the Year- Avea (Turkey) Trade FinanceFebruary 2008

Trade Finance Deal of the Year- Evraz (Russia)TFRFebruary 2008Trade Finance Deal of the Year- Pluspetrol Norte (Peru) TFRFebruary 2008Trade Finance Deal of the Year- Metinvest (Ukraine)TFRFebruary 2008Trade Finance Deal of the Year-United Company Rusal (Russia) TFRFebruary 2008

Capabilities by product areaLeveraged Finance/High Yield

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Leveraged Finance/High Yield overviewBest Leveraged Finance Deal of the Year Binariang GSM AsiamoneyJanuary 20084th3rd3rd

EMEA Leveraged Loans EMEA Sponsored Loans (Mandated Arrangers)EMEA Sponsored Loans BookrunnersEuropeSenior Debt Arranger of theYearAcquisitions MonthlyDecember 2007Best Debt Provider - Europe Global Private Equity AwardsMarch 2007Best Leveraged Finance Deal - CVCs Acquisition of DCA2007 Asiamoney AwardsJanuary 2008Bank of Choice for European Leveraged Finance 2006 PENPoll 2007 Leveraged Telecoms Deal of the Year Arquiva acquisition of NGWTelecomfinance AwardsJanuary 2008Best Arranger of Acquisition Finance 2007 (& 2005-06) EuroWeek Loan AwardsFebruary 2008European Debt Provider of the YearPrivate Equity InternationalMarch 2008Leveraged Finance House of the Year EuropePEN Awards for Excellence in Advisory ServicesOctober 2007No. 2 Asia Pacific Leveraged Finance Deal of the Year 3Com Corp Euroweek,February 2008Top Bank for European Leveraged FinancePrivate Equity News February 2007Source: Thomson Financial Q1 2008US Leveraged LoansNorth America 14thGlobal High Yield DebtGlobal10th

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Leveraged Finance/High Yield leadership and growth

Key highlights

Global Network: Combined product expertise with advisory services and network reach to lead many of the largest cross-border corporate leveraged transactions, including Orascom/Wind, Tata/Corus, SABIC/GE Plastics and Basell/LyondellAsia: 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-JapanAsia 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 2007United 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 TNTLogistics (Netherlands/United States) and Hindalco/Novelis (India/Canada)Demonstrated outstanding deal success in 2007 across its footprint, with particular achievements in North America, one of the worlds most competitive markets (reflected in our third Rank in the TMT LBO/MBO Financing League table (01/01/07-31/07/07))Made significant investments in resources and created Leveraged Capital Markets (alignment of Leveraged Loan Markets and High Yield Capital Markets and a Financial Sponsors Group) bringing together global coverage operationEurope: RBS has remained in the top of the league table rankings over the most difficult time in the market in 2007 and extended its deal footprint into Eastern Europe United States: RBS led some of the key United States deals Bell Canada USD40billion and Alltel USD28billionAsia Pacific: Strong growth with footprint extended into Hong Kong and completed deals in Japan, Singapore, China, New Zealand

Capabilities by product areaProject Finance

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Project Finance overviewBest Project Finance Financial Advisory BankPetrochemicalTransportBest Project Finance Arranging BankTelecomsPFI/PPPOil & GasTransport

Best at Project Finance Middle EastEuromoney, Awards of ExcellenceJuly 2007Source: Thomson Financial Full Year 2007Bank of the Year Americas PFI Awards January 2007Oil&Gas Arranger of the YearInfrastructure Journal AwardsMarch 2008Oil&Gas Adviser of the YearInfrastructure Journal AwardsMarch 2008Best Project Finance House EuromoneyAwards for Excellence 2007 & 2006 Trade and Project Finance House of the Year The Banker Investment Banking Awards 2007 & 2006 Global Bank Arranger Infrastructure Journal AwardsMarch 2008 Global Bank of the Year 2007 PFI Awards December 2007 Best Arranger of Project FinanceEuromoney Loan Awards February 2008

GlobalProject Finance Loans Mandated Arrangers2nd

AmericasProject Finance Loans Mandated ArrangersProject Finance Loans Bookrunners8th6th

EMEAProject Finance Loans Mandated Arrangers2nd

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Project Finance winning dealsAsiaPacific Transport Aviation Deal of the Year 2006Sydney Airport Australia, Project FinanceMarch 2007Structured Finance Transaction of the Year Reliance Rail Consortium CFO AustraliaJanuary 2008Infrastructure Deal of the Year 2007 Mersin Port PFI awardsJanuary 2008EMEA Adviser of the Year 2006PFIJanuary 2007European Transport Port Deal of the Year 2007 Mersin Port Project FinanceJanuary 2008North America Public Power Deal of the Year Invenergy St ClairProject Finance January 2008North America Single Asset Power Deal of the Year Sandy Creek Project Finance, January 2008North America Acquisition Deal of the Year OOIL/Global Container Terminals Project FinanceJanuary 2008Port Finance Deal of the Year2007 North America. Janes Transport FinanceDecember 2007North America Transport Deal of the Year Northwest ParkwayProject FinanceJanuary 2008Middle East Water/Utilities Deal of the Year Sur IWPPProject FinanceJanuary 2008Middle East Refinancing Deal of the Year SEGAS (adviser)Project FinanceJanuary 2008Middle East PPP Deal of the Year 2007 Al AinProject FinanceJanuary 2008Middle East Power IWPP Deal of the Year 2007 MarafiqProject FinanceJanuary 2008Middle East Independent Oil & Gas Deal of the Year 2007 RAK PetroleumProject FinanceJanuary 2008

Airport Finance Deal of the Year 2007 Europe. Budapest AirportJanes Transport FinanceDecember 2007European Leisure Deal of the Year 2007 Spencer DockProject FinanceJanuary 2008European Transport Airport Deal of the Year2007 Budapest Airport Project FinanceJanuary 2008Asia-Pacific Oil and Gas Deal of the Year 2007 Coogee Resources PFIJanuary 2008Asia Independents Oil & Gas Deal of the Year Coogee ResourcesProject FinanceJanuary 2008Global Renewables Portfolio Refinancing Deal of the Year 2007 Babcock & Brown Global Wind Partners Project FinanceJanuary 2008Middle East IPP Deal of the Year 2007 Mesaieed (adviser)Project FinanceJanuary 2008Best Project Finance Deal 2007 Leightons acquisition of Al HabtoorAsiamoneyJanuary 2008Middle East Oil&Gas Deal of the Year Qatargas IVProject FinanceJanuary 2008European Renewable Acquisition Deal of the Year TrinergyProject FinanceJanuary 2008European Renewables (Biofuels) Deal of the Year EnsusProject FinanceJanuary 2008Global Deal of the Year Barka2/Al-Rusail (adviser)Project Finance January 2008

Capabilities by product areaEquities

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Equities overviewResearch, broking, distribution (primary and secondary) and execution of core equities productsABN 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 clientsABN 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 StatesWide range of high-quality equity services with an established track record in a number of key sectors with particular strength in the smaller companies sectorOur research teams cover 1,200 large companies Strength in core and derivatives with focused acceleration of growth in derivativesFully integrated equity multi-product set covering:derivative products, securities finance and equity-linkedstructuring and trading in core equitiesprimary and secondary distribution to private, corporate, institutional and hedge fund clientscorporate broking (Hoare Govett)investment researchproprietary tradingResearch Awards and RankingNo. 1 Pan-European Economics; No. 3 Global Economics Thomson Extel survey 2007No. 1 Top brokerage firm for Hedge Fund Research Thomson Extel survey 2007No. 2 UK Small Cap Broker Thomson Extel survey 2007No. 2 Accuracy of European recommendationsNo. 1 Accuracy of Asian recommendations AQ, Q2 2007No. 4 most award winning broker for United Kingdom and Ireland Sunday Times StarMine survey 2006Australia No. 1 Research House for Analysts Recommendations 2007 StarMineNew Zealand Stockbroker of the Year 2007 INFINZ Awards

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Equity Capital Markets overviewABN AMRO brings a strong ECM business to the combined bank

Ministry of Finance, The Netherlands

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

A.H. Betting, Director Financing , Directorate Ministry of Finance, The NetherlandsFrance 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, FranceTianjin Development Holdings Limited, China

"We really admire ABN AMRO's teamwork, professionalism and dedication" Mr Wang Guanghao, Chairman, Tianjin Dev. Hold. Ltd, ChinaEquity-Linked Deal of the Year BAE Systems, The Treasurer2006 Best GDR/ADR InnoLux Display CorpThe AssetDecember 2007Kazakhstan Deal of the year KazMunaiGas Exploration, The Banker2007 Best Convertible Bond - Tata SteelThe AssetDecember 2007Australian Deal of the Year Telstra 3The Banker2007 Taiwan Equities Deal of the Year ProMOS Technologies, IFR Asia2006 Deal of the Year, Kazakhstan Eurasian Natural CorporationThe BankerMay 2008 Best Australian Equity-Linked Deal of the Year Macquarie Communication Infrastructure GroupThe AssetDecember 2007Best Secondary offerBest GDR /ADR LG Philips LCD CompanyThe Asset2006 Top Bank in Benelux Investment BankingTop Bank in Benelux Capital MarketsDealogic, Recognition of Excellence2007 Eastern European Deal of the Year Rosneft IPOThe Banker2007Best Equity House in the NetherlandsEuromoney2006 Excellence in Netherlands Investment Banking, Top Bank in Netherlands Capital MarketsDealogic, Recognition of ExcellenceFebruary 2008

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Equity Capital MarketsABN AMRO offers a full range of equity capital markets and related advisory servicesDuring the last tenyears, 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 expertiseGlobal 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 keyinvestorsOver one hundred and forty dedicated equity capital markets specialists located in eleven regional hubs around the worldEstablished track record in key sectors and regionsABN 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 highlightsKPN, 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 NetherlandsMahindra & 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 deadlinesBharat Doshi, Chief Financial Officer, Mahindra & Mahindra Limited, IndiaLargest ever oil and gas IPO globally, largest European IPO since 1999, largest equity market privatisation of a Russian company ever and first ever mass retail offering in RussiaUSD10.7bn Rosneft RussiaLargest convertible bond issuance in Asia ex Japan since 2002USD515m KEPCOSouth KoreaHighest over subscription rate ever for a Hong Kong public offerUSD161m Tianjin Ports Development HoldingsHong Kong First privatisation undertakenby the French government post the presidential and legislative elections. Sole bank to have been involved in all the France Telecom offerings since 2003 EUR2.7bn France Telecom, FranceKey role in supporting one of the most significantLatin America IPOS of 2007. A landmark domestic and emerging market transaction USD569.6m MRV Engenharia e Participacoes SALargest secondary offering in Europe in 2006EUR5.5bn NATIXIS, France Third largest CEE IPO and largest kazakh IPO everUSD2.3bn KazMunaiGas KazakhstanFirst ever Yen denominated convertible bond offering from IndiaUSD100m Larsen & Toubro, IndiaLargest ever IPO in India USD2.0bn Cairn IndiaIndiaSixth largest IPO in CEE in 2007USD1bn OJSC Magnitogorsk iron and steel works Russia Second largest offering in the Netherlands in 2007 and largest sell-down as a percentage of market cap EUR523.9m WavinThe NetherlandsLargest UK convertible since 2002 USD1.1bn Shire PlcUnited KingdomLargest Dutch IPO in six years and first Dutch IPO with significant retail participation since 2000EUR1.4bn SNS ReaalThe NetherlandsSecondary offering since 2000, largest Australian offer in seven years and largest equity offer in the global telecoms sector since 2000. AUD15.5bn Telstra AustraliaLargest hard-underwritten IPO in Australia in 2006AUD691m RiverCityMotorway GroupAustraliaThird largest ever accelerated Capital increase globally. Largest ever accelerated transaction in Spain and second largest equity raising since 2000 EUR2.7bn IberdrolaSpainFirst ever equity and equity-linked combined offering in AustraliaAUD1.4bn Macquarie Communications GroupFirst Bookrun United States Domestic convertible bond issueUSD500m Suntech Power HoldingsChina

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Hoare Govett overviewActivitiesEquity fundraising (primary and secondary)IPOs as Sponsor (Main Market) and Nominated Adviser (AIM)Public takeoversTransaction advice and executionKey relationships with the Board of United Kingdom PlcLeading corporate broker/adviser to over one hundred United Kingdom listed companies and investment fundsNo. 1 broker to deals in six of last seven yearsClient base ranging from FTSE 100 to AIMLeading franchise among FTSE 350, giving Hoare Govett a top five market shareCombines with Equities to be the pre-eminent firm in the UK Mid and Smaller Cap market

Source: Thomson Financial General corporate finance adviceShare buy backsInvestor relationsShare dealing services for clients

Hoare Govett the leading brokers to dealsRank 2003Rank 2004Rank 2005Rank 2006Rank 20071 UBS Warburg1 Hoare Govett1 Hoare Govett1 Hoare Govett1 Hoare Govett2 Hoare Govett1 Cazenove2 Cazenove2 Cazenove2 Cazenove3 Cazenove3 UBS3 Merrill Lynch3 Merrill Lynch3 UBS4 Merrill Lynch4 Merrill Lynch4 DKW4 Panmure3 Citigroup5 CSFB5 DKW5 Deutsche Bank4 Brewin Dolphin3 Merrill Lynch6 Lehman Brothers6 HSBC5 UBS4 Arbuthnot6 Evolution Securities6 West LB Panmure 7 CSFB7 Collins Stewart7 UBS7 Deutsche Bank6 Collins Stewart T.8 KBC8 Citigroup7 KBC7 Dresdner Kleinwort9 Citigroup9 Numis9 Durlacher9 Seymour Pierce7 Panmure Gordon10 Unicredito Italiano10 Goldman Sachs9 Teather & Greenw.10 DKW10 Collins Stewart

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Hoare Govett a strong corporate client baseA broad spread of quality companies at all levelsHoare Govett has won more than twenty clients since January2006More than 50% of our FTSE 350 clients have been advised by Hoare Govett for more than ten years

FTSE 100 clients

FTSE 250 clientsAegis GroupBovis HomeseasyJet GroupMarstonsSeverfield-RowanAmlinBrown (N) GroupEmapMorgan SindallShanks GroupArrivaBSS GroupFKIMouchel ParkmanSpectrisAshteadCharterHaysNorthern RockSpirentAVEVA GroupDairy CrestHuntingPremier FarnellVT GroupBalfour BeattyDana PetroleumInformaPremier FoodsWSP GroupBBA AviationDexion AbsoluteImperial EnergySavills

Capabilities by product areaFX

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FX overviewA world class FX business: RBS #4ABN AMRO #12

Best Foreign Exchange Bank in the Netherlands Global Finance 2007>10th6th5th20072006FX Market Share North AmericaSource: 2007 Euromoney FX Poll, Euro-weightedBest Leveraged Sector Platform SmartprimeProfit & Loss, Digital FX Awards April 2008Currency Derivatives House RISK Awards 2007 2008 P&L Innovation Award Dashboards & SmartprimeProfit & Loss, Digital FX Awards April 2008Best Range of Execution ToolsProfit & Loss, Digital FX Awards April 2008

FX Market Share Western Europe200720063rd4th>10th

FX Market Share Asia200720066th6th>10th

FX Market Share Australasia200720062nd 12th>10th

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FX week best bank awards 2007A world class FX business as voted for byCorporates Financial InstitutionsInvestors7th

5th4th

5th5th6th4th

5th2nd2nd

Best Bank Overall for FXBest Bank for Currency OptionsBest Bank for FX Structured ProductsBest Bank for FX Prime BrokerageBest Bank for USD/GBPBest Bank for EUR/GBPBest Bank for FX in the EurozoneBest Bank for Emerging EMEA CurrenciesTotal votes

InvestorsBest Bank Overall for FX13th 8th

Financial Institution votesBest Bank Overall for FXBest Bank for FX Prime Brokerage13th 3rd 8th 4th

Corporate votesBest Bank Overall for FXBest Bank for Structured ProductsBest Bank for FX in the Euro-zoneBest Bank for FX in Asia-PacificBest Bank for Emerging Asian CurrenciesBest Bank for Emerging Lat. Am. Curr.Best Bank for FX in LondonBest Bank for EUR/USDBest Bank for FX Research and Strategy6th

2nd

4th5th3rd3rd5th5th4th

5th

Capabilities by product areaDerivatives

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DerivativesA leading derivatives house across rates and currency, equity and property derivativesRBS has a market leading Property Derivatives franchise. In October 2007, for example, RBS traded the first Japanese property derivative with Grosvenor GroupRISK MagazineABN AMRO was at the forefront of the creation of the new market; it was the first bank to establish a full-time, dedicated property derivatives desk in London in September 2005. Furthermore, it was the first bank to launch a property derivatives sector trade, a USD61m deal which saw ABN AMRO breaking new ground as the first synthetic traders of United Kingdom retail property

The Banker Magazine

1st2nd3rd5th4th

1st1st1st2nd5th

1st3rd4th5thRatesForward Rate AgreementsExotic Interest Rate ProductsShort Dated Interest Rate SwapsInterest Rate SwapsOvernight Index SwapsInflationInflations Swaps EURInflations SWAPS GBPInflation Caps/Floors GBPInflation Caps/Floors EURInflation Caps/Floors USDCurrencyVanilla Currency OptionsCurrency ForwardsExotic Currency OptionsCross Currency SwapsRISK Inter Dealer Rankings 077th9th6th8th7th2nd7th7thInterest Rate SwapsInterest Rate OptionsExotic Interest Rate ProductsForward Rate AgreementsCross Currency SwapsCross Options OverallCurrency ForwardsExotic Currency ProductsRISK End User Rankings 07

2nd

1st1st1st2nd2nd2nd4thRatesInterest Rate Swap - HKDCurrencyLong-dated USDLong-dated Other CurrenciesLong-dated YenChinese Renminbi ForwardsHong Kong Dollar ForwardsJapanese Yen OptionsOverall Currency derivativesAsia RISK Inter Dealer Rankings 07 9th10th 9th

3rd 2nd 3rd 1stInterest rate derivatives overallCredit derivatives overallCurrency derivatives overall

Credit DerivativesCredit Hybrid Products, Asia ex JapanCredit Hybrid Products, JapanCPDOs, Asia ex japanSynthetic CDOs of ABS, JapanAsia RISK End User Rankings 07

RISK Corporate End-User Rankings 08Interest Rate Swaps overallInterest Rate Options overall Exotic Interest Rate Products overallForward Rate Agreements overallCross Currency Swaps overallCurrency Options overallCurrency Forwards overallExotic Currency Products overall4th5th6th5th3th2nd1st1st

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Derivatives accoladesDeal of the Year CPDOs RISK Awards2007Innovation of the Year CPDOsIFR Awards2006 #4 European Repo Business ICMA European Repo MarketSurvey 2007 (Market Value)Most Innovative Banking ProductBucharest Business WeekFinancial Awards for Excellence December 2007Best Issuer of the yearGerman Structured Society AwardsDecember 2006Publics Choice no1Gouden Tak AwardApril 2008 (The Netherlands)Best Financial Innovation for Turbo product and Financial Product of the Year Golden Bull AwardsSeptember 2007 Best Issuer of Leverage Products for the Mini Future CertificatesItalian Certificate AwardsMay 2007Inflation Derivatives House of the YearRISK AwardsJanuary 2008 5th Overall Risk Inter-Dealer Survey RISKSeptember 2007 5th OverallRisk Corporate End User SurveyRISKApril 20079th OverallRisk Institutional Investor End User SurveyRISK May 2007 Best in Nordic for Structured ProductsStructured ProductsNovember 2007 Best in United Kingdom for Structured ProductsStructured ProductsNovember 2007 Currency Derivatives House of the YearRISK AwardsJanuary 2007Best in Japan for Synthetic CDO of ABS Asia Risk End-User Survey 2007 Most Original Product AutopilotGouden Tak AwardApril 2008 (The Netherlands)Best Issuer Overall Gouden Tak AwardApril 2008 (The Netherlands)Best Web SiteGouden Tak AwardApril 2008 (The Netherlands)

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Credit Derivatives and Alternatives TradingDeal of the Year Surf (CPDO) Risk MagazineJanuary 2007Deal of the Year Surf (CPDO)Euromoney February 2007Innovation of the Year Surf (CPDO)IFR December 2006Deal of the Year - FremantleCredit Magazine December 2007Most Innovative Structured Deal of the Year Surf (CPDO) The Asset, triple A awards January 2007

Innovation in Synthetic StructuresThe Dynamic Portfolio Insurance (DPI)RBS engineered the DPI which is effectively an evolution of CPDO and CPPI technology providing credit managers with more flexibility. It is also a variant of Dynamic Portfolio Insurance (DPI). It is effectively a levered credit product offering managers considerably more flexibility than other levered products, resulting in the generation of positive performance for investorsImproved returns through the credit cyclePrincipal protection (index linked if required)Portfolio transparency (composition and pricing)Diversification of underlying credits and investment strategiesAbility to de-risk and lock in returnsDaily liquidity (1 per cent bid/offer under normal market conditions)Sterling or Euro denominatedAccess the expertise of one of Europes most experienced credit managers

No. 4 in Credit Derivatives Indices, CMBXNo. 4 in Credit Derivatives Indices, ABXNo. 5 in Credit Derivatives Indices, CDX EM7 and diversifiedNo. 4 in Credit Derivatives Indices, iTraxx AsiaNo. 5 in Credit Derivatives Indices, bank proprietary platformsEuromoney, Debt Trading poll, November 2007

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Credit and Alternatives Trading (contd)Key transactionsPolestar DPI for Threadneedle Asset ManagementGBP100mDynamic Portfolio Insurance KILTS CDO of ABSUSD150mSynthetic CDO of ABS for Wharton Asset Management

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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

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

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

The firm has an established track record in structuring options on Mutual Funds for third party retail distribution.RBS Fund Derivatives have established centres in the US and Europe, and become a leading-edge provider of Fund of Hedge Fund Manager solutions

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

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

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Fund Linked Derivatives - DealsFund Derivative products provide structured and dynamic solutions for clients, linked to a broad range of fund types and strategies:mutual funds alternative / absolute returntraditional fixed incomehigh yieldCommoditiesreal estateprivate equity

These solutions can help investors meet regulatory, tax and accounting requirements, enhance yields, and protect capital investments.SRI/ECO Fund of Hedge Fund Capital Protected NotesUSD30mAsian BankMomentum Capital Protection Basket of RBS Fund of FundsUSD30mAsian Pension Fund

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Equity DerivativesStructuring/packaging, distribution and trading of derivatives solutions to meet requirements of corporate, institutional, hedge fund and retail clientsDelivery of profitable trading strategies across a broad range of productsVolatility productsExotics productsRetail CertificatesSecurities FinancePIP initiative launch of online trading platform "marketindex in the UK, after successful launch in Ger, Aust & Switz

Structuring/packaging, distribution and trading of derivatives solutions to meet requirements of corporates, private equity, holding companies & pension funds and retail clientsDelivery of profitable trading strategies across a broad range of products:Multi-asset structured productsBespoke structured equity financing transactions (delta one/equity swaps)Vanilla and light exotics on equity indices and single stock underlyersMulti-asset structured products for distribution through internal and external intermediaries to retail, private banking and ultra-high net worth individualsBespoke 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

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Exotics & Hybrid Structuring & TradingThe 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 CommoditiesOnshore capabilities in 10 countries in both Interest Rates and FX products with G11 and local currency offeringsFull complex product suite in Interest Rates, FX Options and Commodities with over 100 new products developed since 2006Over 6,000 Complex Derivative transactions done by MET in 30 currencies with clients in 60 countries around the globe in the past two yearPioneering transactions with innovative new products e.g.Knock In Spread Swap (KISS)Average Vols SwapCallable Ratio European Forward KORBSs 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 2ndPioneer and leader in inflation derivatives (structuring and trading) RBS was the first bank to launch inflation swaps and options on BloombergRecognised leader in currency derivatives providing highly innovative solutions to its global client base The JV with Sempra Commodities will create a leading commodities business for both physical and derivative transactions. Currently Sempra is the No 1 metals dealer and No 4 Gas marketer

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Exotics & Hybrid Structuring & Trading (contd)Landmark TransactionsOne of the largest inflation hybrids ever traded EUR150m Lunar Funding V PLC Asset Backed Notes Restructure of USD16.2bn Spread Option into long dated FX-linked structure with Indonesian public sector clientInnovative and complex real rate swaption GBP270m real rate swaption for BNFLMYR155m Structured funding swap with large Malaysian engineering corporationA rare two dimensional hedge of Chilean Inflation and FX riskUSD250m for Chicago Bridge & IoanFirst FX linked structured product for Malaysian retail market for AM Investment ManagementLaunch date: June 2007Top 2 (for 3 years) as hedge provider for largest French public sector bankRanked 4th on all Structured MTNs in 2007Global MTN Awards 2007Best Structured product in the Netherlands 2007Macro Exotica Trading & PIPIEX Goudan Tak 2007Digital Spread NoteInternational Vanilla MTN Dealer of the YearGlobal MTN Awards 2007Special Mention Inflation House Global MTN Awards 2007Inflation swaps EUR: #1Inflation swaps GBP: #1Inflation caps/Floors GBP: #1Inflation caps/Floors EUR: #2Inflation caps/Floors USD: #5Inter-Dealer Rankings 2007Credentials

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Exotic Commodity DerivativesEarly 2001 demand from the Dutch Utilities challenged ABN AMRO to create a Financial Market to hedge the price risk on gas and powerIn the course of time ABN AMRO extended their service to hedge the price risk also for metals and EU EmissionsToday ABN AMRO is known as a client focused supplier of price risk solutions on all kind of commodities

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 LondonOur commodity product specialists have many years of combined experience in transacting energy and base metals derivatives and emissions trading, as early as 2002We have executed transactions in Gas and Power derivatives for tenors and volumes far beyond market standards

CapabilitiesBy product area Mergers & Acquisitions

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Mergers & Acquisitions overviewLeague Tables, GlobalABN AMRO #13Energy Advisor of the YearAcquisitions MonthlyJanuary 2008 Sweden Deal of the Year Opicas Acquisition of Capio The Banker2007 Best Deal of the YearBest Domestic M&AAcquisition of Maxis Communications by BinariangGSMThe AssetDecember 2007Best M&A Deal of the Year Tata Steels Acquisition of CorusAsiamoneyJanuary 2008Deal of the YearBest M&A DealBest Cross-border M&A DealTata Steels Acquisition ofCorusFinance AsiaDecember 2007Deal of the Year Maynilad Water Re-privatisationCFO AsiaDecember 2007M&A House of the Year AsiamoneyJanuary 2008Best Leveraged Buyout - Acquisition of UTAC by Global A&T ElectronicsThe AssetDecember 2007Best Arranger of Acquisition Financing LoansEuroweek Loan Awards 2006January 2007European M&A Deal of the Year ABN AMRO

Financial News Awards for Excellence in Investment Banking November 2007No. 2 Asia Pacific Acquisition Financing House of the YearEuroweek February 2008Deal of the Year Acquisition of Scottish Power plc by Iberdrola Energy RiskJanuary 2008Emerging Markets Deal of the Year Acquisition of Wataniya by Qatar TelecomTelecom FinanceJanuary 2008Source: Thomson Financial, FY 2007Note: (1) Dealogic, announced deals, Review Full Year 2007Excellence in Netherlands M&A- Involved in seven of the top ten M&A deals in the Netherlands

Dealogic, Recognition of ExcellenceFebruary 2008Deal of the Year, Kuwait - Acquisition of Wataniya by Qatar TelecomThe BankerMay 2008Deal of the Year, UK Tata Steels Acquisition of CorusThe BankerMay 2008Deal of the Year, Malaysia Binariang GSMs acquisition of Maxis CommunicationThe BankerMay 2008Deal of the Year, Philippines Maynilad Water Re-privatisationThe BankerMay 2008Deal of the Year, Australia Carlyle Group and National Hires acquisition of Coates HireThe BankerMay 2008Deal of the Year, New Zealand The acquisition of Yellow PagesThe BankerMay 2008

EuropeEuropeBenelux13th3rd

Asia PacificAsia Pacific (ex-Japan)110th

AmericasUnited States Latin America16th5th

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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 teamOur local offices are supported by experienced advisory professionals working out of our key centresLondon/AmsterdamHong KongSydneySao PauloThrough our network and contacts with the wider group, we are well positioned to execute domestic and cross-border transactionsIn 2007, we completed 168 transactions with an aggregate deal value of USD284billion and rank No. 13 worldwide (Dealogic).

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M&A established international sector coverageSector coverage teams provide clients with in-depth knowledge of selected industry sectors on a global basis drawing on the local knowledge and market expertise needed to execute both domestic and cross-border transactions

Telecom, Media & Technology

FIPS

Global Industries

Energy & Resources

Capabilities by product areaTransaction Banking

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Transaction Banking overviewLeading provider of global transaction banking solutions, delivering cash, trade, supply chain and card products and services to corporates and FIsProcesses more than 2 billion transactions annually in more than 50 currenciesProducts such as multi-bank cash concentration and our liquidity advisory desks were firsts for the industry, raising the bar for our competitorsFifth broadest geographic footprint, with presence in over 50 countriesOur local banking presence combined with our broad product capabilities and award-winning delivery channels have resulted in strong client relationshipsLeading Transaction Banking BusinessTop 5 globally in international payment flows (Euromoney, 2007)Top 3 Trade Business (excl air & shipping) Dealogic FY 2007)No. 5 Best Cash Management Bank in Asia voted by corporates (AsiaMoney 2007) No. 6 Usage in Cash Management in Asia (Greenwich2007) TRI*M client satisfaction scores increasing year-on-year with most regional scores above competitor averageUnlock and leverage trapped cash Liquidity managementOptimise use of capitalMaximise returns by investing excess cashGenerate cash/funding through internal sourcesStrengthen balance sheet and mitigate riskImprove payments efficiencyPayables solutionsImprove process efficiencyOptimise days payables outstandingImprove and strengthen partner/supplier relationshipsGain insights through leading information toolsStreamline the supply chain Trade and supply chain managementSpeed up delivery of goods at lower costMarket-leading solutions including award-winning MaxTrad trade portalState-of-the-art technology plus long track recordGlobal reach and consistencyConvert cash faster Receivables managementImprove control of information and processesReduce days sales outstanding (i.e. speeding up cash conversion)Free up working capitalTransaction Banking helps clients optimise working capital enabling them to generate more profit with less capital while reducing risk

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Transaction Banking awardsTransaction Banking An award winning businessBest Bank for Liquidity Management Western Europe Global Finance January 2006 - 08

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

Best Bank for Risk ManagementWestern EuropeGlobal FinanceJanuary 2006, 2007

Second Best CLS Third Party Offering GloballyFX Week PollNovember 2007

Best CLS Linked Bank Offering Western EuropeGlobal FinanceJanuary 2003 - 08

Best Bank for Supply Chain Finance EuropeTreasury Management InternationalJanuary 2008

Best Bank for Supply Chain Finance South AmericaTreasury Management InternationalJanuary 2008

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

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

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

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

Best Trade Finance Bank EuropeGlobal Finance2001-07

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

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Transaction Banking productsOur clients can expect tailored solutions from a product range that spans their working capital cyclesWe take a fully comprehensive approach to our clients needs, creating complete solutions that integrate elements of our award-winning product set. The breadth of our expertise and solutions gives us the flexibility to meet varied client demands

PaymentsCollectionsLiquidity managementTrade and supply chainElectronic funds transfers (domestic and cross-border)Domestic ACHsSEPA Credit TransfersCard issuance service (business credit/debit cards, corporate payroll cards, lodge cards)Cheque issuance service (bank cheque, corporate cheque)Tailor-made, timely reportingIncoming electronic funds transferCash/cheque collection services International direct debits Integrated receivables managementReconciliation services (SmartCollect, invoice matching)Global merchant servicesSettlement bank servicesMulti-bank cash concentrationAutomated global balance transferZero balancing (domestic, regional and global)Notional pooling (single and multi currency)Interest optimisation (domestic and cross border)Shadow reporting of inter-company loan balancesShort-term investment and fundingGlobal nettingAutomated multi-currency conversionLiquidity advisory services Supply chain financeTraditional trade productsTrade financingPurchase order managementLetters of credit document preparation

Capabilities by product areaCommodities

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Commodities With RBS Sempra Commodities we are able to: Meet the financial and physical commodity requirements of our customer base globally across a broad range of industry sectors, including oil & gas, metals & mining, industrials & transportation, power and utilities.Provide short-, medium- and long-term hedging and risk solutions to RBS's existing project finance and structured finance customers around the world.Offer a complete derivatives risk management and trading platform for RBS customers.Develop bespoke commodities products for investors in combination with our existing Structured Investor Products platform.Enable customers to trade in carbon and green credits products.

RBS Sempra Commodities deals in:Power - industry leading power marketer with a primary focus on the North American and the European wholesale markets. Natural gas - international natural gas marketer with a primary focus on the North American (ranked #4 in 2007 by 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.Formed on 1st April 2008, RBS Sempra Commodities creates significant additional value by leveraging Sempra Energy and RBS' commodities capabilities across our extensive global footprint and deep corporate and institutional relationships.

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Commodities accoladesThe combined entities provide our clients with a global commodities platform#4 in Western US Natural Gas short term - SempraEnergy RiskMarch 2008#4 in UK NBP curve SempraEnergy RiskMarch 2008

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Carbon TradingThe effort to combat climate change has given birth to a new and fast-growing commodity market. The Kyoto Protocol and related initiatives have created a novel asset: greenhouse gas emission reductions; commonly referred to as carbon credits. The assets are created under government-established emissions trading systems such as the EU Emissions Trading Scheme (ETS) and those planned in the US and Australia

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 LondonOur product specialists have many years of combined experience in emissions trading, including working for the Dutch Governments CER buying program as early as 2001We 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)

Appendix

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Eco-markets

Market leader in renewables in 2007 RBS was 3rd in Infrastructure Journals Mandated Lead Arranger league table for wind and renewables financingWindLeading Market leader in wind farm financingOver 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 regimesIn-depth knowledge across a range of regulatory regimes including financings of multi-jurisdictional portfolios of wind farmsSignificant capability in Capital Markets, mezzanine debt and equitySolarSolar photovoltaic financing is new to the European market only surfaced in H2 2007 and has been confined to Iberia up until nowRBS is the leading international bank to take on financing in this areaWith more than 12 businesses ABN AMRO has the broadest range of expertise and experience in the market:Equities (IPOs, Hoare Govett has a strong energy sector client base and a growing number of clients in the Eco-sector)Structured Finance (windfarm financing)Corporate finance (Acquisitions Recent mandates include Suzlon Energys EUR3.5bn takeover of REpower)Trading (Voluntary offsets(Carbon Trading), Metals (platinum & palladium), Agriculture (bio-fuel feedstocks), Derivatives / Hedging)Investment products Fund-Linked Derivatives Natural catastrophe securities CARE NotesGRAIN Biofuel feedstock trading strategyGlobal SRI equity productBrazilian 'Ethical' equity fund, 'Green Fund' Indian SRI fund, Renewable Energy Private Equity Fund (Q1 2008)Private Investor Products based onClimate Change & Environment IndexWater IndexBiofuels Commodity and Equity Indices Renewable Energy Waste Management Index, Natural Gas Index Eco Total Returns Index

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Sustainability accoladesSustainable Bank of the Year Financial Times Sustainable Banking Awards June 2007Award for Corporate Social Responsibility Best of European Business March 2007

Worlds third Greenest CompanyThe Independent July 2007Best European bank for Corporate responsibility Dow Jones Sustainability Index (DJSI) September 2006Gold Medal for International Corporate Achievement in Sustainable DevelopmentWorld Environment Center January 2006Global Emerging Markets Sustainable Bank of the Year (ABN AMRO India)Financial Times Sustainable Banking Awards June 2007Global Renewables Portfolio Refinancing Deal of the Year - Babcock & Brown Global Wind PartnersProject Finance magazine January 2008Renewables Arranger of the YearInfrastructure Journal March 2007

The Top Global Banks for Environmental, Social and Strategic Governance (ESG) RankBankRating1Socit GnraleAAA2Credit Agricole SAAAA3RBS Global Banking & MarketsAAA4ABN AMRO Holding NVAAA5BBV Argentaria SAAA6Banco Santander Central Hispano SAAA7Standard Chartered PlcAA8Bank of Nova ScotiaA9KBC Groupe SAA10BNP ParibasA11UBS AGA12HSBC Holdings PlcA13Mizuho Financial GroupA14Citigroup IncA15Credit Suisse GroupA16Sumitomo Mitsui Financial GroupBBB17JP Morgan Chase & CompanyBBB18Fortis NVBBB19Mitsubishi UFS Financial GroupBBB20Barclays PlcBBB21Deutsche Bank AGBB22Bank of America CorporationBBSource: Innovest, February 2008

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Emerging Debt and Forex MarketsABN AMRO'sstrong 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 yieldsABN AMRO is a leading bank in the emerging markets with local presence in 28 countries, covering 73 non-G11 currenciesRussia and CIS Loan House IFRDecember 2007Best Arranger - Eastern European LoansEuroWeekJanuary 2007Best Arranger of Russian LoansEuroWeekJanuary 2007EEMEA Bond HouseIFRDecember 2007No. 2 Most Impressive Bank in Other Currencies (than USD, EUR, GBP)EuroWeekJanuary 2007Best Debt House - Latin AmericaEuromoneyJuly 2007Latin America Loan House IFRDecember 2006Best Debt House - Venezuela EuromoneyJuly 2007No. 4 Best Bank for Emerging Latin American Currencies FX Week, Best Bank Awards, Corporate VoteNovember 2007Source: Thomson Finance Full Year 2007Excellence in Brazil Fixed IncomeTop Bank in: Brazil Fixed Income Brazil Fixed Income in Industrials and Consumer & Retail Dealogic, Recognition of ExcellenceFebruary 2008Excellence in Eastern Europe Fixed Income, Top Bank in: Emerging Market Fixed Income Emerging Market Energy and Natural Resources Fixed Income- Led Russia Fixed IncomeDealogic, Recognition of ExcellenceFebruary 2008

International Emerging Markets BondsAll International Emerging Market BondsAll International Emerging Market Bonds Latin AmericaAll International Emerging Market Bonds EEMEA2nd 1st 3rd

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Shipping Finance overviewRBS + ABN AMRO = a leading force in shipping and port financing, able to offer a full suite of products to our global clients in this sectorShipping Debt Deal of the Year CSC Nanjing TankerJanes Transport Finance 2007 Gala AwardsDecember 2007Shipping House of the YearJanes Transport Finance 2007 Gala AwardsDecember 2007

Global shipping loan portfolio league tableSource: Marine Money International, May 2007

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 sectorActive in marine Equity Capital MarketsBroker to port companies and leading provider of research in this sectorABN AMRO provides a full range of funding alternatives to the Shipping & Ports sectorBanker to over 150 of the worlds top shipping companiesLeading lender to the shipping industry with a loan portfolio in excess of USD23billion no.1 in GreecePrincipal asset classes: Bulk Carriers, Crude Oil & Product Tankers, Container Ships, Chemical Tankers, LPG & LNG, Reefers and Car Carriers70% of exposure secured against vessels under five years of ageWide range of innovative tax and residual value debt structuresTailor made risk management and investment products exclusive to the Banks global shipping client baseSpecialist syndication team within our loan markets platform

Chart1

40800

21000

19800

19400

15900

16100

12000

11200

11000

11000

10000

9000

8600

8600

8400

7500

7200

6300

6000

5800

5600

2800

2300

1900

1400

1200

Amount (USDm)

Sheet1

Endangered Animals

200520062007

Tiger203050

Albatross501020

Rhino603010

Elephant504030

Siamese Crocodile203040

Simien Wolf104050

Cheetah202040

Orang-utan503010

Turtle401030

Gorilla105020

Sheet1

00000000

00000000

00000000

Tiger

Albatross

Rhino

Elephant

Siamese Crocodile

Simien Wolf

Cheetah

Orang-utan

Endangered Species

Sheet2

00000000

00000000

00000000

Tiger

Albatross

Rhino

Elephant

Siamese Crocodile

Simien Wolf

Cheetah

Orang-utan

Endangered Species

Sheet3

0000000000

0000000000

0000000000

Tiger

Albatross

Rhino

Elephant

Siamese Crocodile

Simien Wolf

Cheetah

Orang-utan

Turtle

Gorilla

Endangered Species

HSH Nordbank40800

RBS21000

Nordea19800

KfW IPEX-Bank19400

Deutsche Schiffsbank15900

DnB NOR16100

Calyon12000

Lloyds TSB11200

Mizuho11000

Bank of Scotland11000

Commerzbank10000

DVB9000

HVB8600

Danish Ship Finance8600

SMBC8400

Fortis7500

Bremer Landesbank7200

ABN Amro6300

Deutsche Bank6000

Danske Bank5800

BNP Paribas5600

Dresdner Bank2800

Natixis2300

JP Morgan1900

Alpha Bank1400

Bank of Ireland1200

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Structured Asset Finance & Aviation CapitalStructured Asset FinanceMedia Financing

Executed in excess of 50 tax and debt transactions in the film and television sector raising in excess of USD10billion to date Consistently the largest arranger and participant in UK film tax transactions by volume in the corporate marketCorporate Jet FinancingCorporate and VIP Jet book > USD2.25billion Structured Asset Finance Aerospace & Defence has committed financing for over 35, (mainly new, large cabin) Corporate Jets with an aggregate value of circa USD1.10billion outside North America 75 years of experience in the aviation industry Market share of new jet Large Cabin space estimated at 12%

Aviation CapitalExecuted in excess of 75 transactions completed in 2007 involving 251 aircraftCombined commercial aircraft secured debt and operating lease book of USD12billionOwn, managed or have committed to finance over 265 aircraft on operating lease, and debt finance over 300 aircraft

RBS has a large, sustainable and diversified book of assets under management, transacting assets since 1975 across all sectors, assets and productsKey FactsGBP12.5billion commitments 1,800 facilities Over 300 relationships Lifetime revenues of approx. GBP600million over 15+ years Residual value book of c.GBP450million Strong credit counterparties and low default ratesAircraft Finance Innovator of the YearJanes Transport Finance December 2007#5 Commercial Aircraft LessorBy ScaleAir Finance Journal Survey2007ABS Deal of the Year AirspeedISR Awards December 20078th in Leveraged Media Loans(by volume)Loan Markets Association 2007

Disclaimers

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ABN AMRO Global DisclaimerThis 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 1000ABN AMRO is authorised by De Nederlandsche Bank and regulated by the Financial Services Authority; regulated by the AFM for the conduct of business in the Netherlands and the Financial Services Authority for the conduct of UK business.Copyright 2007 ABN AMRO. All rights reserved. This communication is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without ABN AMRO's prior express consent.

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Global disclaimer for trading areasThe contents of this document are indicative and are subject to change without notice. This document is intended for your sole use on the basis that before entering into this, and/or any related transaction, you will ensure that you fully understand the potential risks and return of this, and/or any related transaction and determine it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such advisors as you deem necessary to assist you in making these determinations. The Royal Bank of Scotland plc (RBS) will not act as your advisor or owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on RBS for investment advice or recommendations of any sort. RBS makes no representations or warranties with respect to the information and disclaims all liability for any use you or your advisors make of the contents of this document. However this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed. RBS and its affiliates, connected companies, employees or clients may have an interest in financial instruments of the type described in this document and/or related financial instruments. Such interest may include dealing, trading, holding, acting as market-makers in such instruments and may include providing banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein. RBS is authorised and regulated in the UK by the Financial Services Authority, in Hong Kong by the Hong Kong Monetary Authority, in Singapore by the Monetary Authority of Singapore, in Japan by the Financial Services Agency of Japan, in Australia RBS (Australia) Pty Ltd ABN 36 088 574 270 is authorised and regulated by the Australian Securities and Investments Commission and acts as agent for RBS ABN 30 101 464 528 and in the US, by the New York State Banking Department and the Federal Reserve Board. The financial instruments described in this document are made in compliance with an applicable exemption from the registration requirements of the US Securities Act of 1933. N.B. Trading Areas are: Government Trading; Credit Trading; Proprietary Trading & Hedging; Capital Markets Sales; Currency Options/Equity Index; Derivatives and Futures; Interest Rate Derivatives; Sales and Marketing; Futures Broking; Margin Trading; Shipping; Strategy and Agency Treasury Services (for the purposes of these disclaimers only)The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.The daisy device logo, RBS, The Royal Bank of Scotland and Make it happen are trade marks of The Royal Bank of Scotland Group plc.

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Global disclaimer for presentations by advisory areas to issuersThe 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 investorsThis 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.