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					RBS Iberia

      Credentials




   September 2011
Contents

The Royal Bank of Scotland Group                                  3
The Royal Bank of Scotland in Iberia                             11
Clients & Businesses:
•   Corporate clients                                            14
    – Corporate Coverage & Origination
    – Loan markets
    – Corporate DCM Origination
    – Corporate Risk Solutions (CRS)
    – Corporate Finance & ECM
    – Global Transaction Services (GTS)
•   Financial Institutions & Public Sector clients               24
    – FIs & Public Sector Coverage
    – FIs DCM Origination
    – Institutional Coverage, Research and Strategy (ICRS)
Disclaimer                                                       29




                                                                      RBS00000
                                                             2
The Royal Bank of Scotland
                    Group
The Royal Bank of Scotland Group
•   Founded in 1727
•   One of the foremost financial services groups globally
•   Our operations span retail banking, corporate and commercial banking, financial markets activities, wealth management and insurance
•   Across the group, we are committed to developing customer relationships that last, enabling you to make better, more informed financial decisions
•   Around 40 million customers worldwide, presence in 38 countries
•   Since 2000, the RBS group has made several acquisitions including NatWest, Charter One in the US and as part of the consortium which
    acquired ABN AMRO (October 2007)




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RBS Group structure

                                                                   Customers




                                                                  Citizens                                Corporate      Global Banking
    UK Retail             Wealth               Ulster Bank                               Insurance
                                                               Financial Group                             Banking         & Markets


RBS                 Coutts & Co            Ulster Bank         Citizens Bank         Direct Line      RBS                RBS
NatWest             RBS Coutts                                 Charter One           Churchill        NatWest
                                                                                                      RBS WorldPay
                                                                                                      Lombard

•   UK Personal     •    Wealth            Island of Ireland   US                    •   Personal     •   UK Business    •   Corporate and
                         Management                                                                       & Commercial       Institutional
                                           •   Personal        •    Personal         •   Commercial
                                           •   Business        •    Small Business
                                                                                                      •   UK Corporate

                                           •   Corporate       •    Commercial
                                                                                                      •   Global
                                                                                                          Transaction
                                               Markets
                                                                                                          Services




Restructuring and Risk            Support functions




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A strong and diverse portfolio of brands




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A long-term commitment to clients through changing times

            1692                                   1727                                        1728                                    1826
John Campbell sets up business as        The Royal Bank of Scotland is       We invent the first overdraft, one of the       We print the first double-sided
  a goldsmith-banker in London – a     founded by Royal Charter and we       most important banking innovations,           banknotes in an effort to thwart the
  predecessor to our current wealth               establish our              by allowing William Hog, a merchant, to        counterfeiter (a century before the
 management business, RBS Coutts           first office in Edinburgh            take out of this account GBP1,000                   Bank of England)
                                                                                       (GBP63,663 today)
                                                                                      more than he had in it

            1874                                   1960                                        1985                                    1988
   RBS opens its first branch in      We open RBS’s first representative            We set up Direct Line insurance,         We acquire Citizens Financial
London and from the 1920s develops           office in New York                    the first UK insurance company to          Group in the United States,
 by acquisition a major presence in                                              use the telephone as its main channel            established in 1828
              England                                                               of communication, replacing the
                                                                                 middlemen with speed and simplicity


            1994                                   1997                                        2000                                    2002
  We launch Europe’s first online       We’re the first British bank to           In the biggest takeover in the history       We successfully complete the
    store with secure payment         announce a fully-fledged internet               of British banking we acquire           largest IT integration project
            capabilities                     banking service                           NatWest, creating a highly           undertaken in banking worldwide,
                                                                                        diversified financial group        bringing together RBS and NatWest
                                                                                                                                     retail technology


            2004                                   2007                                        2009                                 Present
 Takeover of Charter One in the US     We join forces with ABN AMRO,                  RBS is a signatory of The            RBS is one of the foremost global
              by RBS                    combining strengths in debt and             Copenhagen Communiqué on                   financial services groups
                                       equity financing, corporate finance               Climate Change
                                          advisory, local markets and
                                               transaction banking




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Access the resources of our global network
Because our clients
                               RBS group locations around the world
operate globally, we are
firmly committed to
maintaining an extensive
worldwide presence

With regional trading hubs
in the world’s key financial
centres, our capabilities
                                                                                                London
are available around the
clock                                                                                      Stamford                                Tokyo
                                                                                                                              Hong Kong
                                                                                                                 Singapore



                                                                                                                                     Sydney




                               Americas                 Europe, the Middle East and Africa                                   Asia Pacific

                               Brazil1                  Austria                   Italy                  South Africa        Australia        Malaysia
                               Canada                   Belgium                   Kazakhstan             Spain               China            Singapore
                               Mexico                   Czech Republic            Luxembourg             Sweden              Hong Kong        South Korea
                               United States            Denmark                   Netherlands            Switzerland         India            Taiwan
                                                        Finland                   Norway                 Turkey2             Indonesia        Thailand
                                                        France                    Poland                 United Arab         Japan
                                                        Germany                   Qatar                  Emirates
                                                        Greece                    Russia                 United Kingdom
                                                        Ireland

                               Notes: (1) Clients based in Brazil serviced out of our Stamford hub
                               (2) Subject to regulatory approval




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RBS factsheet
May 2011
                                                                           Key messages                                                  RBS Remains a Strong Counterparty (Q1 2011
RBS Group annual results Q1 2011 highlights
                                                                           • It is now more than two years since the                     • Long-term credit ratings for RBS plc of A+ (S&P), Aa3
• The Royal Bank of Scotland Group reports a Q1 2011 operating                 announcement of our five-year strategic plan and RBS         (Moody’s) and AA- (Fitch), with Stable outlook
     profit1 of GBP1,053 million, compared with a profit of GBP55
                                                                               continues to make solid, demonstrable progress in
     million in Q4 2010                                                                                                                                                 S&P        Moody’s        Fitch
                                                                               line with our strategic objectives
• Core RBS operating profit1 was GBP2,093 million, up 25 per cent          •   Strong performance from the RBS Core businesses             BBVA                           AA            Aa2        AA-
     from Q4 2010                                                                                                                          BNP Paribas                    AA            Aa2        AA-
                                                                               with operating profits up 25 per cent quarter-on-
• Q1 attributable loss of GBP528 million includes an asset                     quarter                                                     Santander                      AA            Aa2         AA
     protection scheme (APS) charge of GBP469 million and a charge                                                                         HSBC Bank                      AA            Aa2         AA
                                                                           •   Core return on equity improved to 15 per cent in Q1
     for movements in the fair value of own debt (FVOD) of GBP480                                                                          Barclays Bank Plc             AA-            Aa3        AA-
                                                                               2011, in line with the Group’s strategic targets
     million                                                                                                                               JPMorgan Chase Bank           AA-            Aa1        AA-
                                                                           •   Group Core Tier 1 ratio strengthened by 50 basis
• Core Tier 1 ratio of 11.2 per cent, Group loan:deposit ratio of 115          points in Q1 2011 to 11.2 per cent, positioning the
                                                                                                                                           Deutsche Bank                  A+            Aa3        AA-
     per cent, core return on equity 15 per cent                                                                                           Société Génerale               A+            Aa2          A+
                                                                               Group well ahead of new Basel capital requirements
Notes: 1) Operating profit/(loss) before tax, movement in the fair value                                                                   UBS                            A+            Aa3          A+
                                                                           •   Cost:income ratio improved to 58 per cent as Non-           RBS Plc                        A+            Aa3        AA-
of own debt (FVOD), Asset Protection Scheme credit default swap -
                                                                               Core expenses were 33 per cent lower and GBM                RBS N.V.                       A+             A2        AA-
fair value changes amortisation of purchased intangible assets,
                                                                               expenses rose less than income                              Bank of America NA             A+            Aa3          A+
integration and restructuring costs, strategic disposals, bonus tax,
write-down of goodwill and other intangible assets and RFS Holdings
                                                                           •   Balance sheet continues to strengthen and become            Citibank NA                    A+             A1          A+
                                                                               more liquid with Non-Core third party assets declining.     Credit Suisse                  A+            Aa1        AA-
minority interest. Statutory operating loss before tax of GBP116
                                                                               The Group loan:deposit ratio improved to 115 per            ING Bank NV                    A+            Aa3          A+
million for the quarter ended 31 March 2011
                                                                               cent and liquidity reserves were GBP151 billion             Commerzbank                     A             A2          A+
                                                                           •   Non-Core third party assets (excluding derivatives)         Notes: The table shows long term ratings at bank level
Key financials                                                                 declined by GBP13 billion to GBP125 billion                 sourced from Bloomberg and bank websites as at May 5
                                                                                                                                           2011, sorted in descending order by S&P ratings
Total Core income1                                        GBP7,547m
                                                                                                                                           Banks by capital strength (Q1 2011)
Operating profit before impairment losses2                GBP2,965m
                                                                                                                                           Rank Institution                   Core Tier 1      Tier 1
                                                                           “Financial strength and resilience
Impairment losses (core bank)                              (GBP872m)                                                                         1     UBS                              15.6%      17.9%
                                                                           continue to show sharp improvement as                             2     Credit Suisse                    13.0%      18.2%
Core operating profit2                                    GBP2,093m
                                                                           Core business profitability broadens and                          3     Standard Chartered*              11.8%      14.0%
Group operating profit   2                                GBP1,053m                                                                          4     Citigroup                        11.3%      13.3%
                                                                           Non-Core risks are reduced”
Loss before tax                                            (GBP116m)                                                                         5     RBS                              11.2%      13.5%
                                                                           Stephen Hester, Group Chief Executive                             6     Barclays                         11.0%     13.5%1
Loss attributable to shareholders                          (GBP528m)
                                                                                                                                             7     HSBC*                            10.5%      12.1%
Notes:                                                                                                                                       8     Lloyds Banking Group             10.0%      11.4%
(1) Excluding movement in fair value of own debt, Asset Protection Scheme credit default swap - fair value changes, strategic                9     JP Morgan Chase                  10.0%      12.3%
    disposals and RFS Holdings minority interest.                                                                                           10     Deutsche Bank                     9.6%      13.4%
(2) Operating profit/(loss) before tax, movements in the fair value of own debt (FVOD), Asset Protection Scheme credit default             Source: Company data/RBS, correct as at May 5 2011
    swap, fair value changes, amortisation of purchased intangible assets, integration and restructuring costs, strategic disposals,       Note: (1) FY 2010
    bonus tax, write-down of goodwill and other intangible assets and RFS Holdings minority interest. Statutory operating loss
    before tax of GBP116 million for the quarter ended 31 March 2011




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RBS factsheet
May 2011
Industry & client recognition at a glance                                                           Industry & client recognition at a glance
Q1 2011                                                                                             Q1 2011
Global Banking                                                                                      Markets
The Banker Investment Banking                                                                       Risk Interdealer Rankings            #5 Overall
                                  Most Innovative in Asset and Liability Management
Awards 2010                                                                                         The Banker Investment Banking        Most Innovative in Inflation Products
                                                                                                    Awards 2010                          Most Innovative in Asset and Liability Management
                                  Asia-Pacific Securitisation (Macquarie Leasing)
                                  Corporate Issuer (BAA)                                                                                 Best Bank Overall
                                                                                                    Life and Pensions Risk Awards
                                  US Dollar Bond (Wal-Mart Stores)                                                                       Best Bank for Advisory and Execution: Interest and
IFR Awards 2010                                                                                     2010
                                  Covered Bond (CIBC)                                                                                    Inflation Risk
                                  Sterling Bond (National Express)
                                                                                                                                         #2 Inflation Overall
                                  Emerging EMEA Loan (BP Angola & Caspian)                          Risk Institutional Investor
                                                                                                                                         #2 Currency Options EUR/GBP
                                                                                                    Rankings
                                                                                                                                         #2 Currency Swaps EUR/GBP
AsiaMoney Deal of the Year        Best Investment Grade Bond
Euromoney Awards for              Best Debt House in the UK                                         Global Investor/ISF Synthetic
                                                                                                                                         Top 5 across all categories
Excellence                        Best Debt House in the Netherlands                                Finance Awards
Acquisitions Monthly Awards       M&A Advisor of the Year – Benelux                                                                      #1 Fed Agency Debt Strategy
                                                                                                    Institutional Investor All-America
                                  #2 Manager of US ABS (FY 2010)                                                                         #2 US Government Strategy
Asset Backed Alert                                                                                  Fixed Income Research Poll
                                  #2 Bookrunner of European ABS3 (FY 2010)                                                               #2 General Strategy and Technical Analysis
The Treasurer Deal of the Year    Corporate Finance (Tui Travel)                                    Shares Magazine Awards 2010          Best Exchange Traded Products
Awards 2010                       European Corporates (Heidelberg)                                  Euromoney                            #7 Globally in FX – Market Share
                                  Rising Star Bond House                                            FX Poll                              #4 Overall – United Kingdom – Market Share
The Asset Triple A Awards 2010
                                  Best Corporate Bond (Reliance Holdings)                                                                #1 Overall Unweighted & Weighted Global Equity Lending
                                                                                                    ISF Equity Lending Survey
                                                                                                                                         #1 Overall Most Improved Lender
Global Finance 2011               Best bank for liquidity management – Western Europe
                                                                                                    Total Derivatives Dealer Ranking     #2 All Inflation Products
                                  Corporate Hybrid Bond Deal of the Year (SSE)                      Survey                               #1 Sterling Overall
Euroweek Deals of the Year 2010
                                  Sterling Bond (GDF Suez)
                                                                                                    Extel Pan European Survey            #1 Hedge Fund Sales
Dealogic Global Investment                                                                          Asset Asian Awards 2010              Best Equity Derivatives House
                                  Top Bank for UK Investment Grade Bonds




                                                                                                                                                                                                  RBS61190a
Banking Recognition of
Excellence 2010                                                                                     Structured Products                  Best Structured Product House in
                                                                                                    Awards 2010                          Australia/Italy/UK/Switzerland
Euromoney Deal of the Year
                                  Wind Telecommunications/FDIC/BP/Reliance
Awards 2010                                                                                         MTN-I Europe Awards 2011             European Solution Award for Inflation and Innovation
                                                                                                Notes(1) All Debt rankings based on DCM and Loans (excluding self-led, money markets and short
League Table Performance                                                                        term)
                                                                                                (2) 2007 rank: RBS estimate - RBS ranked at #6 and ABN AMRO at #14. Prior to 01/01/08 ABN
                                  2011 YTD     2010          2009         2008          2007
                                                                                                AMRO deals were not consolidated with RBS. As such, 2007 RBS + ABN AMRO bookrunner
Global All Debt1                       #12       #9            #7            #5          #52    volumes are summed and may include an element of potential duplication
Source: Dealogic                                                                                (3) excluding government-repo deals



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Recent events and UK government ownership trend at RBS

          07/08 October 2008                       04 November 2008                              19 January 2009                               08 April 2009
   The UK Government announces a          RBS published the prospectus relating to   RBS’ trading update and announcement        RBS Group announces results of the Placing
  support package to stem the financial      its GBP20 billion recapitalisation       of its capital restructuring, converting    and Open Offer announced on 16 March
                 crisis                    UK Government ownership of RBS =           GBP5 billion of preference shares into     2009 – consequently the HMT shareholding
     UK Government ownership                                0%                            GBP5 billion of ordinary shares              in RBS rose from 58% to 70%
             of RBS = 0%                                                             UK Government ownership of RBS =                 UK Government ownership of
                                                                                                         58%                                    RBS = 70%




October 08 November 08               December 08        January 09        February 09            March 09             April 09         May 09      November 09         December 09




         13 October 2008             28 November 2008               26 February 2009                    08 May 2009                    03 November 2009                December 2009
 RBS’ announcement of its level RBS publishes the results of RBS announced 2008 Full Year           RBS announces Interim         RBS announces agreement to     RBS enters Asset Protection
        of participation and      the placing and open offer results and key decisions of an     Management Statement for Q1      enter UK Government’s Asset    Scheme and UK Government
 recapitalisation placing GBP15 UK Government ownership of      in-depth strategic review                  2009                        Protection Scheme           injects GBP25.5billion of
  billion of ordinary shares and         RBS = 58%           UK Government ownership of          UK Government ownership of       UK Government ownership                    capital
   GBP5 billion of preference                                          RBS = 58%                         RBS = 70%                 (ordinary shareholding) of    UK Government economic
               shares                                                                                                                      RBS = 70%                        interest
  UK Government ownership                                                                                                                                              in RBS = c. 84%
           of RBS = 0%




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RBS in Iberia
Committed to clients in Spain and Portugal
A successful story                                                        Clients served
•   Since 2001, RBS has evolved from being an unknown in the              •   Corporate clients
    Spanish financial playground to lead the main deals
                                                                          •   Financial Institutions
•   With the acquisition of ABN AMRO in October 2007, RBS                 •   Public Sector
    incorporates the teams of Mergers & Acquisitions, Equity and
    Global Transaction Services (GTS), increasing its capacity to         Product offering
    advise and to offer a broad range of products to its clients          •   Debt Product:
•   RBS Iberia has the financial strength, international reach and            – Debt Capital Markets (DCM): Bonds, High Yield, Private Placements
    local know-how necessary to offer fast and effective financial            – Syndicated Loans, Club Deals, Forward Start Loans
    solutions to businesses, financial institutions and public
    companies                                                                 – Bilateral Facilities

•   We act as relation bankers, focus more on long-term                   •   Equity Capital Markets (ECM):
    relationship with our clients, than on isolate transactions               – Right issues
                                                                              – IPOs
                                                                              – Convertibles
                                                                          •   Hedging and Derivatives:
                                                                              – Interest rates and FXs
                                                                              – Inflation
                                                                              – Commodities
                                                                          •   Corporate Finance (M&A)
                                                                          •   Global Transaction Services




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RBS Iberia business organisation chart

                                                             Executive Country Head Spain & Portugal
                                                                        Iñaki Basterreche


                                                       Senior Advisor
                                                       Alberto Ibáñez




                                                 Debt Markets                  FM Sales

                                                                                                 Head
                   Head                                                                                                Head
                                 Head FIs                                                      Corporate                          Head
                 Corporate                                                                                 Head GTS   Portfolio
                                 Coverage     Head                                    Head     Finance &                          GRG(1
                 Coverage                                  Head                                                       Manag.
                                              Corp                      Head           ICRS       ECM
                                                          FI DCM
                                              DCM                       CRS              &
                                                           Orig.
                                              Orig.                                   Equity




                                                                                                           Hernán
                   Javier        Lázaro de   Alberto      Mariano       Paco          Luis      César                 Francisco    Luis
                                                                                                           López-
                   Sierra         Lázaro     Viarego      Aldama        Canós        Torroba    Ciriza                  Serrat    Moreno
                                                                                                           Yanes




(1) GRG = Global Restructuring Group




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Corporate Clients
1. Corporate Coverage & Origination – Javier Sierra
With a very specialised     Our activity
team, Corporate manages     •   Corporate department manages the day to day relationship with clients and other teams who benefits from the
relationship with clients       GBM coverage approach, both in terms of geography and in terms of products
and acts as an
intermediary between
                            •   Corporate liaises with product areas to provide client solutions
Product Specialists and     •   We also have the capacity to set-up loans for large corporate clients
client                      Our market
                            •   In Spain & Portugal RBS is a leading financing and risk management bank involved in most major transactions
                            •   We provide advice in the following Sectors:
                                – Global Infrastructure Group (GIG)
                                – Energy & Resources (E&R)
                                – Telecom, Media & Technology (TMT)
                                – Retail, Consumer & Healthcare (RCH)
                            Our clients
                            •   We provide a high level of coverage to most of the IBEX-35 companies
                            •   Corporate coordinates with other RBS specialist areas such as corporate debt, M&A, financing & risk
                                solutions, debt capital and equity capital markets in order to offer a comprehensive service to our clients
                            •   Our strategy
                            •   Our ambition is to add value to our clients businesses through the provision of innovative solutions
                            •   Corporate coverage is product neutral. Products are tools to structure solutions –GBM provides solutions, not
                                products




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2. Loan markets – Christoph Weaver
These are just a few of
                                              Nubia 2000 S.L.
the recent transactions
which our clients in
Spain have successfully
completed with the                             EUR 864,000,000

support of RBS Loan                    Senior Term and Revolving Facilities

Markets                                   Mandated Lead Arranger

                                      September 2010
                                          Spain




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3. Corporate DCM Origination – Alberto Viarengo
Our approach relies on
building strong
relationships and
gaining a deep
understanding of our
clients’ businesses
Assembling effective
solutions that are right
for clients, drawing on
our recognised
strengths in debt
financing




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4. Corporate Risk Solutions (CRS) – Francisco Canós
With a small team of 9   Our business
professionals, CRS       •   The management and reduction of risk is a priority for the majority of large corporate entities and financial
Iberia has become a          institutions, especially after the introduction of the new International Accounting Standards (IAS)
reference in Spain and
                         •   Risk Solutions in Spain and Portugal is comprised of a Flow team, a Strategic team, and SRS team
Portugal
                             – Flow team deals with the day-to-day activities of our clients, giving them market intelligence, access to a
                               wide variety of markets in real time, as well as the ability to trade using electronic platforms
                             – The Strategic team works with our clients to develop integral solutions developed to fit their exact needs
Our base products:           – The SRS team deals with projects arising from the bank activities etc. Risk Solutions works directly with
                               clients as well as through other departments at RBS, with the aim of providing clients with the necessary
•   Derivatives
                               tools to develop integral solutions to address their financial risks
•   Rates
                         •   RBS is at the cutting edge of products for both liability and asset managers, and is a leading player not just in
•   FX                       the Euro market, but also in the rest of the G7 markets and in the emerging markets
•   Inflation
•   Credit derivatives
    and alternative
    trading
•   Equity derivatives   Some examples
    and equity trading
•   Exotics, Hybrid
    structuring and
    trading
•   Commodities




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5. Corporate Finance & ECM – César Ciriza
RBS employs more than      Our business
200 M&A execution          •   The Corporate Finance advisory teams assist in the origination and execution of mandates across sectors.
professionals in 25            Often acting as a central point of contact for financial advice to clients throughout the transaction
countries
                           •   We are committed to providing our clients with in-depth knowledge of selected industry sectors on a global
                               basis
key centres: London,       •   Supported by a thorough understanding of the local conditions
Amsterdam, Hong Kong
and New York               •   And first-class transaction execution capability
                           Major sectors
Through our network        •   Financial Institutions
and contacts with the      •   Technology, Media & Telecoms
wider group, we are well
positioned to execute      •   Healthcare
domestic and cross-        •   Integrated Energy
border transactions
                           •   Consumer


                           Some examples

                                                                                                                                 M&A




                                                                                                                            EUR 215,000,000
                                                                                                                       Sale of Grupo SOS biscuit
                                                                                                                     Business (Cuétara) to Nutrexpa


                                                                                                                            Joint Financial Adviser
                                                                                                                    December 2008
                                                                                                                       Iberia




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Equity Capital Markets (ECM) offers a full range of equity capital markets
and related advisory services

               Initial Public Offerings              Convertible And Exchangeable
                                                     Bonds




               Capital Raisings                      ‘Quick to Market’ Equity
                                                     Offerings




               Privatisations                        Equity Advisory Service




                                                                                    RBS61190a
                                          21
Trading, sales and distribution capabilities
UK and Europe focussed distribution platform with one of the largest international networks

RBS equities distribution well placed to tap all pockets of demand           Our international equities distribution

 Demand split in recent offerings                                                                                                            Sales/
                                                                                                      Research         Sales    Traders                     ECM
                                                                                                                                            Traders
 Europe                             UK                                       UK                                  72        33       27            20         43
 •    Strong track record of        •   Leading UK sales franchise
      distribution                      through RBS Hoare Govett             Rest of Europe                      13        21        4                6      26
 •    Leading Benelux equities      •   RBS participated in 89% of UK
                                                                             Asia                                71        22       24            17         20
      business inherited from           equity raisings
      ABN AMRO                                                               Australia                           37        16       10                8      11
 •    Highly experienced Nordic
                                                                             Middle East                           -        -         -                -      2
      sales force
                                                                             Americas                             4        16        2                4       6

                                                                             Total                               193    108         67            55        108
                                        Europe
                                         40%              UK
                                                         45%                 Spanish companies covered

                                                                             Antena 3                      Gamesa                         Banco Sabadell
 US
                                                                             BBVA                          IAG                            Banco Santander
 •    Dedicated sales team                     US                            Bankinter                     Iberdrola Renovables           Telefónica
      specialised in selling                  15%
      European equities to                                                   Banesto                       Banco Popular                  Telecinco
      international investors                                                Ferrovial                     Repsol YPF

                                                                             As % of RBS EU coverage: 3%




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6. Global Transaction Services (GTS) – Hernán López-Yanes
The Global Transaction      Our activity
Services organisation       •   Global Transaction Services delivers cash, trade and supply chain, and card products and services to
was created to capitalise       Corporates and Financial Institutions
on the bank’s proven
success in providing
                            •   We bring our leadership in transaction banking services and our unique network product offering combined
                                with top class sterling clearing services as well as leading merchant-acquiring solutions
innovative transaction
and working capital         Our clients
solutions to the global     •   We have a wide range commercial and wholesale
wholesale market
                            Our coverage: clearing capabilities around the world




                                                                           London
                                                              Stamford                                                  Tokyo
                                                                                                                 Hong Kong

                                                                                                     Singapore


                                                                                                                         Sydney




                            Our strategy
                            •   Make sure that clients benefit from local knowledge, word-class skills and state of the art solutions
                            •   We are committed to investing in new technologies to ensure we can deliver an ever-changing, world class of
                                services to our clients




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GTS products in Spain & Portugal
Our clients can expect
                            Payments                            Collections                       Liquidity management                Trade and supply chain
tailored solutions from a
product range that          •   Electronic funds transfers      •   Incoming electronic funds     •   Multi-bank cash concentration   •   Supply chain finance
spans their working             (domestic and cross-border)         transfer                      •   Automated global balance        •   Traditional trade products
capital cycles              •   Domestic ACHs                   •   Cash/cheque collection            transfer                        •   Trade financing
                            •   SEPA Credit Transfers               services                      •   Zero balancing (domestic,       •   Purchase order management
                            •   Cheque issuance service (bank   •   International direct debits       regional and global)            •   Letters of credit document
We take a fully                 cheque, corporate cheque)       •   Integrated receivables        •   Notional pooling (single and        preparation
comprehensive               •   Tailor-made, timely reporting       management                        multi currency)
approach to our clients’                                        •   Reconciliation services       •   Interest optimisation
                                                                    (SmartCollect™, invoice           (domestic and cross border)
needs, creating
complete solutions that
                                                                    matching)                     •   Shadow reporting of inter-
                                                                •   Global merchant services          company loan balances
integrate elements of                                                                             •   Short-term investment and
our award-winning                                                                                     funding
product set                                                                                       •   Global netting
                                                                                                  •   Automated multi-currency
                                                                                                      conversion
                                                                                                  •   Liquidity advisory services

Good examples




    Supply Chain Finance             RFP                                                              Global Liquidity                Liquidity Management
                                                                                                       Management

            Turkey              United Kingdom                          USA                           United Kingdom




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Financial Institutions &
         Public Sector
1. Financial Institutions & Public Sector Coverage – Lázaro de Lázaro
RBS has the right          Our activity
people to cover a wide
                           RBS has a strong and proven capability to deliver a specific range of solutions tailor made to the regulatory, legal,
range of products for
                           and market constraints of the financial institutions
Financial Institutions
                           Financial Institutions Coverage is managed by two units:
Our Hub has an             •   Global Banking
ambitious plan to boost        – Credit Markets
the Public Sector              – Equity Capital Markets
Business in the Spanish
                               – Corporate Finance
market: we have become
Primary Dealers for            – Structured Products
Tesoro and                 •   Global Markets
'Colaborador Simple' for
                               – Flow Credits
Generalitat de Catalunya
                               – Flow Rates
                               – Solutions
                           We also cover Public Sector clients:
                           •   SSA’s (Supra, Sovereigns and Agencies)
                               – Sovereigns: Kingdom of Spain (Spanish Treasury and Bank of Spain), Republic of Portugal
                               – Agencies: CESCE, ICO, FROB
                           •   Sub-Sovereigns: regions (Generalitat de Catalunya, Generalitat de Valencia, Junta de Andalucía,…)




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2. FIs DCM Origination – Mariano Aldama
DCM area gives
technical support to
Financial Institution
Coverage and uses
Institutional Coverage,
Research & Strategy
(ICRS) to distribute part
of its products


We are specially strong
in senior debt, covered
bonds ('cedulas'),
subordinated debt and
hybrids


Our central departments
are organised in four
expertise areas: Debt,
Securitization, Conduit
business and Principal
finance




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3. Institutional Coverage, Research & Strategy (ICRS) – Luis Torroba
With our detailed           Products
understanding of risk       Delta Trading
modelling and rates         • Our Flow Delta trading business is a leading provider of interest rate risk management solutions to our clients
markets, we are able to     • Our approach is to provide liquidity consistently and in size, irrespective of market conditions
help our clients identify   • A recognised market-leader in electronic debt markets
and manage their risk       − RBS has developed a market-leading electronic trading platform for fixed income cash and derivative
exposures, mitigate            products. Through this platform, we are able to offer our global client base access to highly competitive,
short-term risks and           automatically executed prices in all major currencies
realise strategic value     Credit Trading
by providing a 'one stop'   • The Credit Trading businesses at RBS comprise over 100 professionals providing liquidity in a broad range of
Rates service, covering        cash and derivative products
all currencies and all         – We make markets in bonds, indices and credit default swaps referenced to all the leading global corporate
maturities                        and institutional names, both investment grade and high yield
                            Structured Derivative products
                            Options & Exotics
                            • Our Rates Options and Exotics business provides our customers with an extensive and competitive product
                               range and supports a market-leading and highly innovative Structured Solutions business, making RBS one of
                               the foremost Structured Product houses for investors
                            • Inflation
                            • RBS is a leading global inflation house, offering innovative inflation-linked solutions to a global investor base
                            Structured Credit
                            • In Structured Credit, our focus ranges from relatively high volume, industrialised products to highly complex
                               solutions, tailored to meet the specific needs of clients
                            • 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
                               – vanilla and light exotics on equity indices and single stock underlyers




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Disclaimer




This document has been prepared for information purposes only. Nothing in this document should be construed as legal, tax or investment advice or as an offer to purchase or underwrite any securities
from you, or to sell securities to you or to extend any credit or financial facilities to you or to do any of those things on your behalf
The information in this document is confidential and proprietary to The Royal Bank of Scotland plc, and shall 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. 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. The information contained herein 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. 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
The Royal Bank of Scotland plc is authorised and regulated by the Financial Services Authority and is registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.
The Royal Bank of Scotland, N.V. is an authorized agent of The Royal Bank of Scotland plc
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. Registered in U.S. Patent and Trademark Office and
internationally




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