Joint capabilities
May 2008
ABN AMRO/RBS GBM – joint capabilities presentation
• This presentation provides a useful overview to an internal audience, covering a range of complementary strengths and synergies across major
asset classes and geographies, using current awards/accolades and league tables.
• Where the appropriate client agreement is held to present joint capabilities, the specific content can be taken from individual slides to create
more focused material for external use.
• Please note that league table positions and volumes for 2007 are not aggregated, as it would misrepresent the position that would have existed
if the two businesses had been working as one throughout the year. However, from 1 January 2008 transactions underwritten by RBS and ABN
AMRO are consolidated for the purpose of expressing league table volumes and rankings. These new league table positions are labelled RBS
only, and cover Q1 2008.
• We hope that you will find this pack of credentials to be a useful tool in aiding and understanding of the way that the two businesses fit
together.
This presentation is designed to inform employees and clients of RBS’s and ABN AMRO’s capabilities.
It should be noted, however, that currently clients can only benefit from the expertise of both banks if
they explicitly give their approval for a joint approach.
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2
Contents
Introduction
4
Capabilities by product area
•
•
•
•
•
•
•
•
•
•
•
Bond Markets
Securitisation
Loan Markets
Leveraged Finance/High Yield
Project Finance
Equities
– Hoare Govett
FX
Derivatives
– Credit Derivatives and Alternatives Trading
– Fund Linked Derivatives
– Equity Derivatives
– Exotics & Hybrid Structuring & Trading
– Exotic Commodity Derivatives
Mergers and Acquisitions
Transaction Banking
Commodities
10
14
17
23
26
29
34
36
39
42
44
46
47
49
50
54
58
Appendix
•
•
•
•
•
Eco-markets
Sustainability – accolades
Emerging Debt & Forex Markets
Shipping Finance – overview
Structured Asset Finance & Aviation Capital
63
64
65
66
67
68
3
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Disclaimers
Introduction
• A key priority for us is to bring the benefits of the combination of ABN AMRO with RBS to our joint client base.
• ABN AMRO brings considerable strengths in equities, corporate finance/advisory, emerging markets and transaction banking.
• RBS Global Banking & Markets brings its expertise from leading positions across the spectrum of debt and risk management products globally,
equally relevant to both borrowers and investors.
• Combined we maintain a broad global network in more than fifty countries for an extensive international presence, clients the combined benefit
of local knowledge and world class skills.
• RBS and ABN AMRO will continue to operate independently for several months, pending integration, and no client information will be shared
during this period. However, in some circumstances we will be able to provide access to new capabilities almost immediately.
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4
Our joint capabilities at a glance
League table positions, Q1 20081
All International Bonds
All Euromarket Issues
All Bonds in EUR
7
5
4
All International FRNs
All Covered Bonds (All Currencies)
Global Securitisations (ex Agencies)
Cross Border Traditional Private Placements2
Global Loans
EMEA Loans
US Loans
Asia Pacific Loans (Ex Japan, ex ANZ)
Emerging Markets Loans
European Leveraged Loans
Project Finance EMEA MLA
Global Equity Issues
UK Equity Issues
Asia Pacific (ex Japan) Equity Issues
RBS is Global Bank of the Year
ABN AMRO is Sustainable Bank of the Year
4
3
4
1
8
3
7
16
3
2
1
10
5
8
Polls, 2007
Global FX (by Marketshare)3
Best Bank for FX in the Eurozone4
Best Bank for Prime Brokerage4
Best bank Structured Product4
Global M&A5
European M&A5
Asia Pacific (ex Japan) M&A5
USA M&A6
Latin American M&A6
12
5
4
5
13
13
10
16
5
4) FX Week Awards 2007
5) Thomson Financial, Completed Deals, Full Year 2007
6) Dealogic, Announced Deals, Full Year 2007
5
‘M&A
‘M&A House
House
of
of the
the Year
Year (Asia)’
(Asia)’
‘Russia
‘Russia and
and CIS
CIS
Loan
Loan House
House of
of the
the Year’
Year’
‘Best
‘Best Bank
Bank for
for Liquidity
Liquidity
Management
Management Western
Western
Europe
Europe and
and CEE’
CEE’
2007
2007
2007
2007
2007
2007
‘Energy
‘Energy Advisor
Advisor
of
of the
the Year’
Year’
‘EEMEA
‘EEMEA Bond
Bond House
House
of
of the
the Year’
Year’
Best
Best Bank
Bank Europe
Europe 2007
2007
Supply
Supply Chain
Chain Finance
Finance
2007
2007
2007
2007
2007
2007
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Notes
1) Thomson Financial, Q1 2008
2) Private Placements Monitor, FY 2007
3) Euromoney FX Poll 2007
4
5
-
What the media says
“Diversification, liquidity and
leadership were the central tenets
the marketplace not only needed but
rewarded handsomely, making RBS
Greenwich Capital IFR’s North
American Securitisation House of
the Year
“….for broadening its sterling
franchise through the development
of new business and providing
leadership, innovation and liquidity
in all market conditions, RBS is
IFR’s Sterling Bond House of the
Year”
(ifr, December 2007)
“ while all major emerging markets
bookrunners took full advantage of
the booming conditions in early
2007, ABN AMRO stood out. …
ABN AMRO almost doubled its
market share this year, establishing
itself as a top-tier force to be
reckoned with.”
(ifr, December 2007)
“RBS has boasted one of the most
consistent project finance teams of
the last few years […]. The deal
portfolio was probably the widest
and most high profile of the market.
Significantly, RBS can profess to
have one of the most balanced
projects lists in terms of sector and
region”
(Project Finance International,
Yearbook 2008)
“This is the deal that catapults
corporate India in the global M&A
stage and starts a new trend in the
country’s M&A history. The USD 13
billion equivalent acquisition, which
included GBP 500 million of existing
debt, is the largest by any India
company and the second largest
M&A deal in the steel industry.”
(The Asset, December 2007)
“As well as promoting the options
market, RBS has also been keen to
add more of an international
presence to its traditional strength in
UK inflation. The fruits of this global
presence started to appear last
year, with significant trades
happening in all three of those
markets.”
(Risk Magazine, 2008)
“ABN AMRO continued its form of
2006 and was involved not only in
the leading M&A financings, which
ruled centre stage, but also brought
a broad mix of transactions for
Indian corporate. This is the third
year running that ABN AMRO has
enjoyed pole position in this sector.”
(ifrAsia, December 2007)
“Royal Bank of Scotland came from
nowhere to build a powerful fixed
income franchise in Europe. Now it
wants to go global…”
(Institutional Investor, 2007)
“Several international banks walked
away from the Maxis deal, reckoning
its size meant it couldn’t be done.
ABN AMRO and CIMB showed it
could.”
(Euromoney, February 2008)
“RBS is the unrivalled leader in
European syndicated loans and is
consistently at the top of the
leveraged finance league tables. It
has also maintained its leadership in
the sterling bond market and
structured finance markets”
(EuroWeek, 2007)
“…The three deals show that ABN
AMRO is at the forefront is leading
some of the biggest trends in Latin
American debt: acquisition,
financing, private equity, and localmarket distribution. All are important
benchmarks for the region“
(Euromoney, July 2007)
“…the success of the USD 1.5
billion privatization of UTAC – a
landmark deal that is the largest
private equity-led public M&A
transaction ever completed in Asia
this year and the largest technology
M&A deal in Singapore in the past
six years.”
(The Asset, December 2007)
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Truly global coverage
The combined
businesses will have a
significant presence in
more than 50 countries
RBS locations before integration of ABN AMRO
North America
EMEA
Asia Pacific
United States
Finland
France
Germany
Greece
Ireland
Italy
Portugal
Spain
Sweden
United Kingdom
Australia
China
Hong Kong
(China)
Japan
Malaysia
Singapore
Latin America
--
RBS locations after integration of ABN AMRO
Americas
Argentina
Brazil1
Canada
Chile
Colombia
Mexico
United States
Venezuela
Western Europe
Notes:
1) Presence to be established during 2008
2) Rep office
3) Presence through 40% stake in Saudi Hollandi Bank
7
Italy
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
Czech Republic
Egypt2
Emirates
Kazakhstan
Poland
Romania
Russia
Slovakia
Turkey
Saudi Arabia3
South Africa United
United Arab Emirates
Uzbekistan
Asia
Australia
China
Hong Kong (China)
India
Indonesia
Japan
Korea (South)
Malaysia
New Zealand
Pakistan
Philippines
Singapore
Taiwan
Thailand
Vietnam
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Austria
Belgium
Channel Island
Denmark
Finland
France
Germany
Gibraltar
Greece
Ireland
Central & Eastern Europe,
Middle East & Africa
Results
Financial information as at 28 February 2008
RBS group
GBP billion
Group operating profit
10.282
Total assets
1,901
Risk-weighted assets
609
Return on equity (%)
19.9
BIS capital ratio (%)
11.2
Core tier 1 (%)
4.5
BIS tier 1 ratio (%)
7.3
Income ratio (%)
40.7
Source – Published full-year 2007 results of The Royal Bank of Scotland Group including 76 days’ ownership of part of ABN AMRO Group
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Credit ratings
Credit agency ratings
Moody’s2
Rating agency1
Standard & Poor’s3
Fitch4
Rating type
Short term
Long term
Short term
Long term
Short term
Long term
The Royal Bank of Scotland Group plc
P-1
Aa1
A-1+
AA-
F1+
AA+
The Royal Bank of Scotland plc
P-1
Aaa
A-1+
AA
F1+
AA+
ABN AMRO Bank NV
P-1
Aa2
A-1+
AA-
F1+
AA-
Notes:
1. Source – Credit Rating Agencies as listed
2. On 17 October 2007 Moody’s Investor Services affirmed the ratings of The Royal Bank of Scotland Group plc and subsidiaries as above. The outlook for long-term debt remains negative. At the same time Moody’s
affirmed the ratings for ABN AMRO Bank NV, but changed the outlook on the long-term debt ratings from stable to developing
3. On 3 September 2007 S&P affirmed the ratings of The Royal Bank of Scotland Group plc and subsidiaries as above. The outlook for long-term debt remains negative. On 23 October S&P affirmed the ratings of ABN
AMRO Bank NV and re-iterated the positive outlook for ratings
4. On 9 Oct 2007 Fitch Ratings affirmed the ratings of The Royal Bank of Scotland Group plc and subsidiaries as above, noting that ABN AMRO Bank NV’’s long-term IDR of AA- remains on Rating Positive Watch to reflect
the average long-term IDR of the consortium members being higher than that of ABN AMRO
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Capabilities by product area
Bond Markets
Bond Markets – overview
League tables
All International Bonds
RBS #7
All Euromarket Issues
RBS #5
All Bonds in EUR
RBS #4
GBP, EUR, USD, AUD
All International Bonds
All Euromarket Issues
All Bonds in EUR
All International FRNs
All International Sterling Bonds
All International USD FRN
All IG US Corporate Bonds
All IG Bonds in EUR
All AUD International Issues*
All int SFR bonds ex secur.
Corporate FI
All Corporate Bonds in EUR
7th
10th
5rd
4th
4th
2nd
9th
5th
9th
Emerging Markets
All International Emerging Market Bonds – EEMEA
4th
All International FRNs
9th
RBS #4
Source:
Thomson Financial Q1 2008
Covered Bonds
All Covered Bonds in EUR
All Covered Bonds (all Currencies)
All Jumbo Covered Bonds
Frequent Borrowers
All Agency Bonds in EUR
Municipal, City, State, Province in EUR
3rd
3rd
6th
1st
7th
Source: Thomson Financial Q1 2008
#1 in Cross-Border Traditional Private Placements
(Private Placements Monitor, FY 2007)
Leading in Non-Core
Currencies
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Bond Markets – leadership and strong momentum
Key highlights
• Consistently a leading player in the EUR market across all market
• Huge Momentum across the corporate spectrum
• Leading multi-currency bond franchise for Agencies,
segments (Sovereign, Supranational, Agency, Financials and
Corporates) with particular strength in continental Europe
Supranationals and the European Public Sector with top positions
in all markets
• World-class covered bond franchise and a leader in most of the
constituent markets, throughout Europe and the United States
• Consistent League table progress across key client groups –
• Strong multi-currency bank and insurance hybrid capital platform
Corporates, FIs and Frequent Borrowers
offering both institutional and retail capabilities
•
•
•
•
• Consistent No. 3 position in the Swiss Franc market and the No.1
foreign house
• Significant and rapidly growing global EM business. Currently No.
2 as per IFR for all International Emerging Market Bonds
• Recently reopened many of the different new issue market
World-class Capital Advisory & Structuring (Hybrid)
Significant role in GBP/United Kingdom
Leading in Private Placements, Liability Management and EMTNs
United States franchise now No. 3 non-domestic bank in the
United States
• Strong secondary franchise, providing market critical liquidity
segments following summer crisis demonstrating clients trust us to
deliver what we say we will achieve. Covered Bonds – HBOS, EUR
Corporate – E.ON, EUR Sovereign Market – Italy, Latam EM –
TGI, Asian High Grade – Kexim
across GBP, EUR, IG, HY, ABS and CDS
• Deep relationships with investors and seamless execution – key in
difficult markets
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Bond Markets – awards (selection)
Between the two
companies we have
received bond markets
awards in almost every
geography and
client sector
EEMEA Bond House
IFR
December 2007
Sterling Bond House
IFR
December 2007
Best Lead Manager for Covered
Bonds
TheCover (Euroweek)
January 2008
Non-Core Currency Bond – IBRD
IFR
December 2007
Financial Bond – Sub Debt –
RBS Tier 1, IFR
December 2007
Latin American Bond – CVRD
IFR
December 2007
Sterling Bond – Legal & General,
IFR
December 2007
Deal of the Year – Washington
Mutual Covered Bond
Euromoney
December 2007
Latin American Domestic
Currency Bond – IFC
IFR
December 2007
Middle Eastern Financial
Institution Bond of the Year –
Abu Dhabi Commercial Bank
EuroWeek
January 2007
Deal of the Year – Maxis
Euromoney
February 2008
No. 2 Most Impressive Bank in
other currencies (than USD,
EUR, GBP)
EuroWeek
January 2007
3rd Z/Yen Ranking
Operational Performance for
Asia Securities 2007
Deal of the Year – Gazprom
Credit Magazine
January 2008
No. 1 Senior Financial Institutions Bond – Wachovia Bank
EuroWeek
January 2007
Best Investment Grade Bond
Deal of the Year – Export-Import
Bank of Korea
Asiamoney
January 2008
No.2 Best Asian Financial
Institution Bond Deal of the Year
– Woori Bank
Euroweek Asia
January 2008
Deal of the Year, South Korea –
Kexim
The Banker
May 2008
No.1 Best Asian Financial
Institution Bond Deal of the Year
– Export-Import Bank of Korea
Euroweek Asia
January 2008
Covered Bond – CFF
IFR
December 2007
Best Supranational / Agency
Deal of the Year – World Bank
EuroWeek
January 2008
No. 2 Best Sovereign Deal of the
Year – Republic of Italy
EuroWeek
January 2008
Deal of the Year – TransCredit
Bank
Credit Magazine
January 2008
13
Best High Grade Corporate Bond
House
Credit Magazine
2007
Best Liquidity Provider – GBP
Corporate Bonds
Credit Magazine
2007
Best Bank for Corporate Finance
2007
TMI Awards
December 2007
2 Corporate Bond House
Top 5 DCM House
Financial News Awards for
Excellence in Investment
Banking 2007
Investment-grade Corporate
Bond – Enel
IFR
December 2007
Asia Shipping Debt Deal of the
Year – CSC Nanjing Tanker
Jane’s Transport Finance
December 2007
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Bond Arranger of the Year
Infrastructure Journal
March 2007
Capabilities by product area
Securitisation
Securitisation – global overview
League tables, Q1 2008
Global Securitisations
(excluding Agencies)
RBS #4
All ABS
RBS #5
Europe
United States
United States ABS
United States MBS
US MBS - FCA
8th
Securitisations in GBP
Securitisations – All European RMBS*
Securitisations – All EUR
All International Issuers
All International Issuers (excluding self-funded)
All European Issuers
7th
5th
All MBS
RBS #8
North American Securitisation
House
IFR
2006 and 2007
1st
2nd
1st
1st
1st
1st
Source: Thomson Financial Q1 2008
European Securitisation House
IFR
2006 and 2007
Asia Pacific Securitisation of the
Year- Softbank
IFR
December 2007
Securitisation House of the Year
The Banker
2006
European Securitisation
of the Year – BTA Ipoteka
IFR
December 2007
ABS Deal of the Year, Europe Airspeed
ISR
December 2007
ABS Arranger of the year –
Europe
ISR
2006 and 2007
RMBS Deal of the Year –
Kazakh Mortgage Backed
Securities 2007-1
ISR
December 2007
Emerging Market Deal of the
Year – Thor Asset Purchase
Utility receivables secur.
ISR
December 2007
Corporate Deal of the Year,
Europe - Punch Taverns Finance
ISR
December 2007
Aircraft Capital Markets Award –
Airspeed
Jane’s Transport Finance
December 2007
15
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Best Securitisation House
Credit Magazine
2007/2006
Securitisation – leadership across regions and sectors
Key highlights
• Leadership position in both developed and emerging markets
• Strong franchise across key geographies – United States, Europe
globally for term securitisation focused primarily on consumer asset
classes
and Asia Pacific
• Strong franchise across all key asset classes – RMBS, CMBS,
• Second largest conduit sponsor globally operating nine conduits
ABS and WBS
• Huge expansion of the United States ABS business
worldwide with commitments of USD65billion
• Consistently a top player in EUR ABS. Ranked No. 1 four times in
complementing a leading MBS/CMBS business
• Unrivalled position as No. 1 sales force in global ABS
• Continued No. 1 ranking in investor surveys (Orion, Credit,
the last seven years
• Italian healthcare asset/securitisation platform
• Rapidly expanding Eastern European ABS business. First to
Greenwich)
• Deal successes include the largest Japanese WBS for Softbank
market with ABS in Kazakhstan (RMBS) and Russia (credit cards)
and lead Turkish ABS
and landmark transactions in tough market conditions such as EMAC Netherlands)
• Client confidence evidenced by repeat business in all geographies
• RBS has the largest ABS trading desk and volumes in Europe
(Delta Lloyd, Kensington, Ford, BES, Unipol, VW, Garanti,
Bradesco)
providing liquidity, a key service to investors
• Strong United States Auto ABS franchise
• Reopened primary EUR ABS market with EMAC NL post summer
• A leading ABS research house (ranked top five by Credit
Magazine for the last four years and No. 3 for best ABS ideas by
Euromoney in 2007)
ABS market turmoil
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Capabilities by product area
Loan Markets
Loan Markets – global overview
League tables
Global
Global
Global Loans
8th
North America
North America Loans
US Loans
US Leveraged Loans
US Investment-Grade Loans
9th
7th
14th
5th
Europe
Western Europe
EMEA Loans
EMEA Leveraged Loans
EMEA Sponsor Driven
EMEA Non Sponsor Driven Leveraged
EEMEA Emerging Markets
EMEA Project Finance
EMEA Financial Institutions
RBS #8
EMEA
RBS #3
United States
RBS #7
Asia Pacific
Middle East
RBS #10
Middle East Overall
Middle East Financial Institutions
3rd
3rd
2nd
1st
2nd
3rd
1st
5th
6th
1st
FY 2007
Source: Thomson Financial
bookrunners, Q1 2008
Latin America
Latin American Loans
3rd
Asia Pacific
Asia Pacific Leveraged Loans
Asia Pacific Loans
Asia Pacific Loans (ex. Japan and Australia & New Zealand)
Australia & New Zealand
Australia Syndicated Loans
Australasia Leveraged Loans
5th
10th
16th
5th
5th
3rd
Emerging Markets
Emerging Markets Loans
6th
18
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Source: Thomson Financial bookrunners Q1 2008
Loan Markets – leadership across regions and sectors
The combined loan
markets businesses
present our clients with a
truly global platform and
a product portfolio which
is second to none
Key highlights
• We hold a 50% market share in the Netherlands
• Leadership role in the emerging loan markets of
EMEA, Latin America and Asia
• A reputation for structural innovation and delivering
tailor-made solutions for our clients
• Single unified syndication, sales and trading
platform which cuts across industries, products and
geographies
• Integrated structured and corporate loans origination
platform
• Proven track record in cross border M&A financing
(thirty-five acquisition (non leverage) deals closed in
Europe 2007)
• Leadership across key sectors such as project
finance, structured financing, real estate finance,
M&A and leveraged finance
• Combined real estate loan and CMBS platform in
Europe and Asia – a ground-breaking initiative
• Launched a dedicated FI team delivering
benchmark transactions (USD1.85billion facility for
Qatar National Bank)
• Launch of a dedicated shipping team winning key
mandates (USD404.9million term loan for
TBS International Ltd)
• Successfully brought transactions to market in the
most challenging conditions – Rio Tinto
and Heidelberg
• Leading in loan trading delivering a strong
performance in the secondary market providing
critical liquidity during market turmoil
• A top 10 lead arranger in the US syndicated loan
market
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Loan Markets – awards
The combined entities
provide our clients with a
global loan platform,
recognised by leading
trade media
Most Impressive Arranger
Euroweek
Loan Awards 2007 (& 2005-06)
February 2008
Global Bank of the Year
PFI
January 2008
Best Project Finance House
Euromoney Awards of
Excellence
July 2007
India Loan House of the Year
IFR Asia
December 2007
Best Debt House – Latin
America
Euromoney Awards of
Excellence
July 2007
Best Secondary Loan House
Euroweek Loan Awards 2007
February 2008
Russia and CIS Loan House
IFR
December 2007
Best Arranger of Acquisition
Finance 2007 (& 2005-06)
EuroWeek Loan Awards
February 2008
Best Arranger of
Western European Loans
Euroweek Loan Awards
January 2007
Best at Project Finance Middle East
Euromoney Awards of
Excellence
July 2007
No. 2 Asia Pacific Acquisition
Financing House of the Year
Euroweek
February 2008
Bank of the Year – Americas
PFI
January 2007
Latin American Loan House of
the Year
IFR
December 2006
Best Arranger of Corporate
Loans
Euroweek Loan Awards 2006
January 2007
Best Arranger of
UK Loans
Euroweek Loan Awards
February 2008
Best Debt House in the
Middle East
Euromoney Awards for
Excellence,
July 2006
Best Arranger of
Turkish Loans
Euroweek Loan Awards
February 2008
Best Arranger of Russian
Loans 2007 (& 2006)
Euroweek Loan Awards
February 2008
Best Arranger of CEE Loans
(ex Russia)
Euroweek Loan Awards
February 2008
Best Debt House-Pakistan
The Asset
December 2007
Best Arranger of Loans for
Indian Borrowers
Euroweek 2008
Best Arranger of Loans for
Malaysian Borrowers
Euroweek 2008
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Loan Markets – deal success
Borrower
Value Country
(USDm)
Bank
Value Country
(USDm)
Bank
21 Amadeus Global Travel Distribution
SA
6,316.90 Spain
ABN AMRO
22 Companhia Vale do Rio Doce –
CVRD
6,000.00 Brazil
ABN AMRO
23 Gazprom
5,450.00 Russia
ABN AMRO
24 Banque PSA Finance
5,378.51 France
RBS
25 Dubai World
5,000.00 UAE
RBS
RBS
26 Cableuropa SA
4,828.97 Spain
RBS
RBS
27 Ojer Telekomunikasyon AS
4,700.00 Turkey
ABN AMRO
28 Vivarte SA
4,504.27 France
RBS
1
Dr Ing hcF Porsche AG
46,474.57 Germany
ABN AMRO
2
Rio Tinto Plc
40,000.00 UK
RBS
3
HeidelbergCernent AG
21,930.68 Germany
RBS
4
Akzo Nobel NV
18,695.39 Netherlands ABN AMRO
5
Imperial Tobacco Group Plc
18,622.11 UK
RBS
6
Iberdrola SA
15,622.55 Spain
ABN AMRO/
RBS
7
ProSiebenSat.1 Media AG
8
Inmobiliaria Colonial SA-Colonial
Grp 9 TDCA'S
9,636.63 Spain
TDC A/S
9
10,382.64 Germany
Borrower
9,497.60 Denmark
RBS
29 Metrovacesa SA
4,403.13 Spain
RBS
10 SSAB Svenskt Stal AB
8,800.00 Sweden
RBS
30 Ojer Telekomunikasyon AS
4,300.00 Turkey
ABN AMRO
11 Glencore International AG
8,775.00 Switzerland
ABN AMRO
31 Asciano Finance Trust
4,260.90 Australia
ABN AMRO
12 Pernod Ricard SA
8,184.92 France
RBS
32 Premier Foods Plc
4,096.76 UK
RBS
13 Macquarie Group
8,041.32 Australia
ABN AMRO/
RBS
33 H3G Italia
3,894.08 Italy
ABN AMRO/
RBS
14 Sabic Innovative Plastic Holdings
BV
7,665.00 Saudi
Arabia
ABN AMRO
34 Endemol Entertainment Holding NV
3,799.70 Netherlands
ABN AMRO
35 FirstGroup
3,750.00 UK
RBS
15 PPR SA
7,470.80 France
RBS
36 Taylor Wood row plc
3,297.36 UK
RBS
16 Corus Group Plc
7,182.87 UK
ABN AMRO
37 Tesco plc
3,281.38 UK
RBS
17 Binariang GSM Sdn Bhd
7,100.00 Malaysia
ABN AMRO
38 Telenet BidCo NV
3,261.95 Belgium
ABN AMRO
18 Arqiva Ltd
6,766.17 UK
RBS
39 AV Metals Inc
3,100.00 Netherlands
ABN AMRO
19 TELEMAR SA
6,516.11 Brazil
ABN AMRO
40 Rosneft
3,098.00 Russia
ABN AMRO
20 Vitol SA
6,413.00 Switzerland
RBS
Source: ABN AMRO/RBS Global Bookrunner Deal list
RBS6245d
RBS
ABN AMRO
RBS/ABN AMRO joined
21
Loan Markets – deal successes (cont’d)
North American Public Power
Deal of the Year – OOIL
Project Finance Magazine
January 2008
European Leisure Deal of the
Year - Spencer Dock
Project Finance Magazine
January 2008
Asia-Pacific Oil and Gas Deal of
the Year – Coogee Resources
PFI
January 2008
Global Renewables Portfolio
Refinancing Deal of the Year –
Babcock & Brown global wind
partners
Project Finance Magazine
January 2008
Middle East Power IWPP Deal of
the Year – Marafic
Project Finance Magazine
January 2008
Best Loan Arranger in Australian
Market
Asiamoney
January 2007
Best Western European Loan
2006 - Telefonica/O2
EuroWeek
February 2007
Trade Finance Deal of the Year –
Ghana Cocoa
Trade Finance
February 2008
Middle East Oil & Gas Deal of the
Year – RAK Petroleum
Jane’s Transport Finance
December 2007
Port Finance Deal of the Year –
North America – GTC & MTC
Holdings
Jane’s Transport Finance
December 2007
Best Leveraged Finance Deal,
Australia – CVC’s acquisition of
DCA
Asiamoney
January 2008
Trade Finance Deal of the Year –
XDM (China)
Trade Finance
February 2008
Middle East Telecoms Deal of
the Year 2007 – Etihad Etisalat
(Mobily)
Project Finance
January 2008
European Transport Port Deal of
the Year 2007 – Mersin Port
Project Finance
January 2008
Latin America Power Deal of the
Year – Iberdrola Mexico
Project Finance Magazine
February 2007
Asia Pacific Syndicated Loan,
Leveraged Loan of the Year –
Tata Steel
IFR Asia
December 2007
Trade Finance Deal of the Year
- Avea (Turkey)
Trade Finance
February 2008
Trade Finance Deal of the Year
-United Company Rusal (Russia)
TFR
February 2008
Saudi Arabia, Deal of the Year
2007 – SABIC
The Banker
May 2007
Best Leveraged Finance Deal of
the Year, Asia – Binariang GSM
Asiamoney
January 2008
Best Syndicated Loan – Tata
Steel/ Corus
The Asset
December 2007
Trade Finance Deal of the Year
- Pluspetrol Norte (Peru)
TFR
February 2008
Best Project Finance Deal –
Cross City Tunnel
Finance Asia
December 2007
Trade Finance Deal of the Year
- Evraz (Russia)
TFR
February 2008
Trade Finance Deal of the Year
- Mechel (Russia)
Trade Finance
February 2008
South Asian Syndicated Loan of
the Year
1. Reliance Industries
2. Tata Steel Year
3. Suzlon Energy
Euroweek
February 2008
Trade Finance Deal of the Year
- PDVSA (Venezuela)
Trade Finance
February 2008
Trade Finance Deal of the Year
-United Company Rusal (Russia)
Trade Finance
February 2008
Trade Finance Deal of the Year
- KazMunaiGaz (Kazakhstan)
Trade Finance
February 2008
Trade Finance Deal of the Year
- Evraz (Russia)
Trade Finance
February 2008
Trade Finance Deal of the Year
- Metinvest (Ukraine)
TFR
February 2008
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22
Trade Finance Deal of the Year
- Metinvest (Ukraine))
Trade Finance
February 2008
Capabilities by product area
Leveraged Finance/High Yield
Leveraged Finance/High Yield – overview
Global
Global High Yield Debt
North America
US Leveraged Loans
10th
14th
Europe
EMEA Leveraged Loans
EMEA Sponsored Loans (Mandated Arrangers)
EMEA Sponsored Loans – Bookrunners
4th
3rd
3rd
Source: Thomson Financial Q1 2008
Maxis Communications Berhad
USD 7,100,000,000
Acquisition financing facility to
Binariang GSM for the privatisation
of Maxis Communications Berhad
Sole Underwriter
May 2007
USD 1,000,000,000
Asset Based Revolving Credit
Facility
USD 1,500,000,000
USD 1,500,000,000
Term
Loan A Facility
USD 5,165,000,000
USD 5,165,000,000
Term Loan B Facility
USD
USD 1,500,000,000
1,500,000,000
Senior Notes
Joint Bookrunner and
Lead Arranger
August 2007
Leveraged Finance House of the
Year – Europe
PEN Awards for Excellence in
Advisory Services
October 2007
Best Debt Provider - Europe
Global Private Equity Awards
March 2007
Best Leveraged Finance Deal of
the Year – Binariang GSM
Asiamoney
January 2008
Senior Debt Arranger of the Year
Acquisitions Monthly
December 2007
Bank of Choice for European
Leveraged Finance 2006
PEN
Poll 2007
Top Bank for European
Leveraged Finance
Private Equity News
February 2007
No. 2 Asia Pacific Leveraged
Finance Deal of the Year – 3Com
Corp
Euroweek,
February 2008
European Debt Provider of the
Year
Private Equity International
March 2008
Best Leveraged Finance Deal CVC’s Acquisition of DCA
2007 Asiamoney Awards
January 2008
Leveraged Telecoms Deal of the
Year – Arquiva acquisition of
NGW
Telecomfinance Awards
January 2008
24
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Best Arranger of Acquisition
Finance 2007 (& 2005-06)
EuroWeek Loan Awards
February 2008
Leveraged Finance/High Yield – leadership and growth
Key highlights
• Global Network: Combined product expertise with advisory
• Demonstrated outstanding deal success in 2007 across its
services and network reach to lead many of the largest crossborder corporate leveraged transactions, including Orascom/Wind,
Tata/Corus, SABIC/GE Plastics and Basell/Lyondell
footprint, with particular achievements in North America, one of the
world’s most competitive markets (reflected in our third Rank in the
TMT LBO/MBO Financing League table (01/01/07-31/07/07))
• Asia: Built the No. 1 ranked Asian leveraged finance franchise
• Made significant investments in resources and created Leveraged
(Dealogic FY 2007), including the sole underwriting of Maxis, at
USD7.1billion of debt facilities – the largest transaction ever
attempted in ex-Japan Asia
Capital Markets (alignment of Leveraged Loan Markets and High
Yield Capital Markets and a Financial Sponsors Group) bringing
together global coverage operation
• Netherlands: ABN AMRO has topped the league table rankings
• Europe: RBS has remained in the top of the league table rankings
during the past five years in the Netherlands, leading transactions
such as HEMA, Maxeda DIY and Endemol in 2007
over the most difficult time in the market in 2007 and extended its
deal footprint into Eastern Europe
• United States: ABN AMRO has extended its reach in the United
• United States: RBS led some of the key United States deals –
States by creating a combined Leveraged Finance/High Yield
franchise to support clients in cross-border acquisitions such as
TNT Logistics (Netherlands/United States) and Hindalco/Novelis
(India/Canada)
Bell Canada USD40billion and Alltel USD28billion
• Asia Pacific: Strong growth with footprint extended into Hong
Kong and completed deals in Japan, Singapore, China, New
Zealand
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25
Capabilities by product area
Project Finance
Project Finance – overview
Global
Project Finance Loans Mandated Arrangers
2nd
Best Project Finance
Financial Advisory Bank
• Petrochemical
• Transport
Best Project Finance
Arranging Bank
•
•
•
•
Americas
Project Finance Loans Mandated Arrangers
Project Finance Loans Bookrunners
8th
6th
EMEA
Project Finance Loans Mandated Arrangers
Telecoms
2nd
PFI/PPP
Oil & Gas
Transport
Source: Thomson Financial Full Year 2007
Project Finance
Borrowers Survey
2007
Trade and Project Finance
House of the Year
The Banker Investment Banking
Awards
2007 & 2006
Global Bank Arranger
Infrastructure Journal Awards
March 2008
Global Bank of the Year 2007
PFI Awards
December 2007
Oil&Gas Arranger of the Year
Infrastructure Journal Awards
March 2008
Oil&Gas Adviser of the Year
Infrastructure Journal Awards
March 2008
Bank of the Year – Americas
PFI Awards
January 2007
Best at Project Finance
Middle East
Euromoney, Awards of
Excellence
July 2007
27
Best Arranger of Project Finance
Euromoney Loan Awards
February 2008
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Best Project Finance House
Euromoney
Awards for Excellence
2007 & 2006
Project Finance – winning deals
North America Acquisition Deal
of the Year – OOIL/Global
Container Terminals
Project Finance
January 2008
European Transport Airport Deal
of the Year2007 – Budapest
Airport
Project Finance
January 2008
Global Renewables Portfolio
Refinancing Deal of the Year
2007 – Babcock & Brown Global
Wind Partners
Project Finance
January 2008
Global Deal of the Year –
Barka2/Al-Rusail (adviser)
Project Finance
January 2008
North America Single Asset
Power Deal of the Year – Sandy
Creek Project Finance,
January 2008
Port Finance Deal of the
Year2007 – North America.
Jane’s Transport Finance
December 2007
European Leisure Deal of the
Year 2007 – Spencer Dock
Project Finance
January 2008
Middle East IPP Deal of the Year
2007 – Mesaieed (adviser)
Project Finance
January 2008
Asia–Pacific Transport Aviation
Deal of the Year 2006
Sydney Airport – Australia,
Project Finance
March 2007
Middle East Oil&Gas Deal of the
Year – Qatargas IV
Project Finance
January 2008
North America Transport Deal of
the Year – Northwest Parkway
Project Finance
January 2008
Airport Finance Deal of the Year
2007 – Europe.
Budapest Airport
Jane’s Transport Finance
December 2007
Asia Independents Oil & Gas
Deal of the Year – Coogee
Resources
Project Finance
January 2008
Structured Finance Transaction
of the Year –
Reliance Rail Consortium
CFO Australia
January 2008
European Renewable
Acquisition Deal of the Year –
Trinergy
Project Finance
January 2008
Middle East Water/Utilities Deal
of the Year – Sur IWPP
Project Finance
January 2008
Middle East Independent Oil &
Gas Deal of the Year 2007 – RAK
Petroleum
Project Finance
January 2008
Asia-Pacific Oil and Gas Deal of
the Year 2007 – Coogee
Resources
PFI
January 2008
Infrastructure Deal of the Year
2007 – Mersin Port
PFI awards
January 2008
European Renewables (Biofuels)
Deal of the Year – Ensus
Project Finance
January 2008
Middle East Refinancing Deal of
the Year – SEGAS (adviser)
Project Finance
January 2008
Middle East Power IWPP Deal of
the Year 2007 Marafiq
Project Finance
January 2008
EMEA Adviser of the Year 2006
PFI
January 2007
Middle East Telecoms Deal of
the Year 2007 – Etihad Etisalat
(Mobily)
Project Finance
January 2008
Best Project Finance Deal 2007 –
Leighton’s acquisition of Al
Habtoor
Asiamoney
January 2008
Middle East Manufacturing Deal
of the Year 2007 – EMAL
Project Finance
January 2008
Middle East PPP Deal of the Year
2007 – Al Ain
Project Finance
January 2008
European Transport Port Deal of
the Year 2007 – Mersin Port
Project Finance
January 2008
Asia-Pacific Acquisition Deal of
the Year – Tata Steel’s Corus
acquisition bridge financing
Project Finance
January 2008
28
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North America Public Power
Deal of the Year – Invenergy St
Clair
Project Finance
January 2008
Capabilities by product area
Equities
Equities – overview
Research, broking,
distribution (primary and
secondary) and
execution of core
equities products
ABN AMRO’s ideas-led
approach across
equities research, sales
and trading, along with
the product and delivery
innovation of private
investor products,
continues to be highly
valued by its clients
ABN AMRO’s primary
market activities are
carried out by our Equity
Capital Markets group
Key Highlights
•
•
•
•
ABN AMRO has one of the broadest equity product offerings in the international investment community
Network of more than 1,000 Equities professionals based in over 26 countries
Presence across Europe, Asia (ex-Japan) and Australia, plus distribution in the United States
Wide range of high-quality equity services with an established track record in a number of key sectors – with
particular strength in the smaller companies sector
• Our research teams cover 1,200 large companies
• Strength in core and derivatives with focused acceleration of growth in derivatives
Research Awards and Ranking
• No. 1 Pan-European Economics;
• No. 3 Global Economics – Thomson Extel survey 2007
• No. 1 Top brokerage firm for Hedge Fund Research – Thomson Extel
survey 2007
• No. 2 UK Small Cap Broker – Thomson Extel survey 2007
• No. 2 Accuracy of European recommendations
• No. 1 Accuracy of Asian recommendations –
AQ, Q2 2007
• No. 4 most award winning broker for United Kingdom and Ireland –
Sunday Times StarMine survey 2006
• Australia – No. 1 Research House for Analysts Recommendations
2007 – StarMine
• New Zealand Stockbroker of the Year 2007 – INFINZ Awards
30
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Fully integrated equity multiproduct set covering:
• derivative products, securities
finance and equity-linked
• structuring and trading in core
equities
• primary and secondary
distribution to private,
corporate, institutional and
hedge fund clients
• corporate broking (Hoare
Govett)
• investment research
• proprietary trading
Equity Capital Markets – overview
ABN AMRO brings a
strong ECM business to
the combined bank
Bookrunner Positions
Global Debt Equity and Equity Related
Asia Pacific equities
All UK Equities
Tianjin Development Holdings
Limited, China
Source: Thomson Financial Q1 2008
"We really admire ABN AMRO's
teamwork, professionalism and
dedication"
Mr Wang Guanghao, Chairman,
Tianjin Dev. Hold. Ltd,
China
Ministry of Finance, The
Netherlands
"The most important thing for us is
that we can really trust ABN AMRO to
put our interests first and to think
"outside the box" when necessary"
A.H. Betting, Director Financing ,
Directorate Ministry of Finance,
The Netherlands
France Telecom, France
"ABN AMRO have worked with us
over the last few years to raise capital
through well structured transactions
and have provided first class
objective financial advice“
10th
8th
5th
Best Equity House in the
Netherlands
Euromoney
2006
Eastern European Deal of the
Year – Rosneft IPO
The Banker
2007
Top Bank in Benelux Investment
Banking
Top Bank in Benelux Capital
Markets
Dealogic, Recognition of
Excellence
2007
Best Secondary offer
Best GDR /ADR – LG Philips
LCD Company
The Asset
2006
Excellence in Netherlands
Investment Banking, Top Bank
in Netherlands Capital Markets
Dealogic, Recognition of
Excellence
February 2008
Deal of the Year, Kazakhstan –
Eurasian Natural Corporation
The Banker
May 2008
Best GDR/ADR –
InnoLux Display Corp
The Asset
December 2007
Kazakhstan Deal of the year –
KazMunaiGas Exploration, The
Banker
2007
Best Convertible Bond - Tata
Steel
The Asset
December 2007
Australian Deal of the Year –
Telstra 3
The Banker
2007
Best Australian Equity-Linked
Deal of the Year –
Macquarie Communication
Infrastructure Group
The Asset
December 2007
Taiwan Equities Deal of the Year
– ProMOS Technologies,
IFR Asia
2006
RBS6245d
Michel Combes,
Chairman/ CEO of TDF, Former
CFO of France Telecom, France
Equity-Linked Deal of the Year –
BAE Systems,
The Treasurer
2006
31
Equity Capital Markets
ABN AMRO offers a full
range of equity capital
markets and related
advisory services
During the last ten years,
we have led over 1,000
equity offerings around
the world, awarding each
structure its own degree
of customisation,
creativity and innovation
Key Highlights
• Drawing on the full financial resources of its parents,
ABN AMRO offers world class equity capital markets
expertise
• Global equity distribution power. Over 800 equity
research, sales and trading professionals worldwide.
Dedicated equities distribution personnel located in
the United States to sell international offerings to
key investors
• Over one hundred and forty dedicated equity capital
markets specialists located in eleven regional hubs
around the world
• Established track record in key sectors and regions
• ABN AMRO has consistently been ranked in the top
five for small/mid-cap issues for the past five years
with greater breadth of European small/mid-cap
coverage than any other bank
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32
2006 and 2007 ECM highlights
Largest ever oil and gas IPO
globally, largest European IPO
since 1999, largest equity market
privatisation of a Russian
company ever and first ever mass
retail offering in Russia
USD10.7bn – Rosneft Russia
Largest secondary
offering in Europe
in 2006
EUR5.5bn –
NATIXIS, France
Largest convertible
bond issuance in Asia
ex Japan since 2002
USD515m – KEPCO
South Korea
Third largest CEE IPO
and largest kazakh
IPO ever
USD2.3bn –
KazMunaiGas
Kazakhstan
Largest Dutch IPO in
six years and first
Dutch IPO with
significant retail
participation since
2000
EUR1.4bn – SNS Reaal
The Netherlands
Highest over –
subscription rate ever for
a Hong Kong public offer
USD161m – Tianjin Ports
Development Holdings
Hong Kong
First ever Yen
denominated
convertible bond
offering from India
USD100m – Larsen &
Toubro, India
Secondary offering
since 2000, largest
Australian offer in seven
years and largest equity
offer in the global
telecoms sector since
2000.
AUD15.5bn – Telstra
Australia
Largest ever
IPO in India
USD2.0bn –
Cairn India
India
Largest hardunderwritten IPO in
Australia in 2006
AUD691m – RiverCity
Motorway Group
Australia
First privatisation undertaken
by the French government post the
presidential and legislative
elections. Sole bank to have been
involved in all the France Telecom
offerings since 2003 EUR2.7bn –
France Telecom, France
Sixth largest IPO in
CEE in 2007
USD1bn – OJSC
Magnitogorsk iron and
steel works Russia
Third largest ever accelerated
Capital increase globally.
Largest ever accelerated
transaction in Spain and
second largest equity raising
since 2000
EUR2.7bn – Iberdrola
Spain
Key role in supporting one
of the most significant
Latin America IPOS of 2007.
A landmark domestic and
emerging market transaction
USD569.6m – MRV Engenharia
e Participacoes SA
Second largest offering
in the Netherlands in
2007 and largest selldown as a percentage of
market cap EUR523.9m
– Wavin
The Netherlands
First ever equity and
equity-linked
combined offering in
Australia
AUD1.4bn – Macquarie
Communications Group
Largest UK
convertible since
2002
USD1.1bn –
Shire Plc
United Kingdom
First Bookrun United
States Domestic
convertible bond issue
USD500m – Suntech
Power Holdings
China
KPN, the Netherlands
"Over the last three years we at Mahindra & Mahindra Limited had three
opportunities to work with ABN AMRO – twice for Global Convertible Issues
(FCCBs) and once for the Initial Public Offering of one of our subsidiaries,
Mahindra Finance, a focused rural finance company. We were impressed by the
professional competency of ABN AMRO's team, which worked hard to get the best
deal for the company. What impressed us even more was the friendly and cordial
manner in which the ABN AMRO bankers interacted in spite of the time pressures
and tight deadlines“
"During these past years KPN has gone through some major developments, during
which we have received continuous support from ABN AMRO. The team has
provided high quality advice to us on various occasions, which has helped KPN to
position itself as an attractive investment in the European telecom sector. I am
confident that the relationship between ABN AMRO and KPN will continue to be
strong and on behalf of KPN I am very much looking forward to another exciting
ten years of co-operation between our two companies“
Ad Scheepbouwer, CEO, KPN, the Netherlands
Bharat Doshi, Chief Financial Officer, Mahindra & Mahindra Limited, India
33
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Mahindra & Mahindra Limited, India
Hoare Govett – overview
• Key relationships with
the Board of United
Kingdom Plc
• Leading corporate
broker/adviser to over
one hundred United
Kingdom listed
companies and
investment funds
– No. 1 broker to deals
in six of last seven
years
Activities
• Equity fundraising (primary and secondary)
• IPOs – as Sponsor (Main Market) and Nominated
Adviser (AIM)
• Public takeovers
• Transaction advice and execution
• General corporate finance advice
• Share buy backs
• Investor relations
• Share dealing services for clients
Hoare Govett – the leading brokers to deals
Rank 2003
Rank 2004
Rank 2005
Rank 2006
Rank 2007
1 UBS Warburg
1 Hoare Govett
1 Hoare Govett
1 Hoare Govett
1 Hoare Govett
2 Hoare Govett
1 Cazenove
2 Cazenove
2 Cazenove
2 Cazenove
3 Cazenove
3 UBS
3 Merrill Lynch
3 Merrill Lynch
3 UBS
– Leading franchise
among FTSE 350,
giving Hoare Govett
a top five market
share
4 Merrill Lynch
4 Merrill Lynch
4 DKW
4 Panmure
3 Citigroup
5 CSFB
5 DKW
5 Deutsche Bank
4 Brewin Dolphin
3 Merrill Lynch
6 Lehman Brothers
6 HSBC
5 UBS
4 Arbuthnot
6 Evolution Securities
6 West LB Panmure
7 CSFB
7 Collins Stewart
7 UBS
7 Deutsche Bank
– Combines with
Equities to be the
pre-eminent firm in
the UK Mid and
Smaller Cap market
6 Collins Stewart T.
8 KBC
8 Citigroup
7 KBC
7 Dresdner Kleinwort
9 Citigroup
9 Numis
9 Durlacher
9 Seymour Pierce
7 Panmure Gordon
10 Unicredito Italiano
10 Goldman Sachs
9 Teather & Greenw.
10 DKW
10 Collins Stewart
– Client base ranging
from FTSE 100 to
AIM
RBS6245d
Source: Thomson Financial
34
Hoare Govett – a strong corporate client base
A broad spread of
quality companies at all
levels
FTSE 100 clients
Hoare Govett has won
more than twenty clients
since January 2006
More than 50% of our
FTSE 350 clients have
been advised by Hoare
Govett for more than ten
years
FTSE 250 clients
Aegis Group
Bovis Homes
easyJet Group
Marstons
Severfield-Rowan
Amlin
Brown (N) Group
Emap
Morgan Sindall
Shanks Group
Arriva
BSS Group
FKI
Mouchel Parkman
Spectris
Ashtead
Charter
Hays
Northern Rock
Spirent
AVEVA Group
Dairy Crest
Hunting
Premier Farnell
VT Group
Balfour Beatty
Dana Petroleum
Informa
Premier Foods
WSP Group
BBA Aviation
Dexion Absolute
Imperial Energy
Savills
Star Energy
IBA Health
BAE Systems
Rexam
GBP502m
GBP137m
USD4.1bn
GBP286m
Recommended cash offer for
Datamonitor
Proposal recommended all
share offer for iSoft
Placing and acquisition of
Armor Group
Placing and acquisition of Ol
Plastic Products
May 2007
May 2007
May 2007
EcoSecurities
Placing and Offer for
Subscription
GBP37.7m
GBPtbc
Secondary Placing
Financial Adviser,
Sponsor & Placing Agent
June 2007
June 2007
35
November 2007
SMG
GBP95.1m
Rights issue
GBP340m
Cash offer by
Petronas Int. Corp
Joint adviser & Broker
November 2007
November 2007
RBS6245d
informa
Capabilities by product area
FX
FX – overview
A world class FX
business:
RBS #4
ABN AMRO #12
FX Market Share Western Europe
2007
2006
3rd
4th
>10th
FX Market Share Asia
Currency Derivatives House
RISK Awards
2007
2007
2006
FX Market Share North America
6th
5th
2007
2006
2008 P&L Innovation Award –
Dashboards & Smartprime
Profit & Loss, Digital FX Awards
April 2008
>10th
2007
2006
No. 1 Best FX (Vanilla) Provider for Local (Asian) Currencies
No. 3 Best for Macro-Economic Research in Australia
No. 2 Best for Technical Analysis in Australia
No. 4 Best for Overall FX Services in India
No. 5 Best for Overall FX Services in Indonesia
No. 5 Best for Overall FX Services in Malaysia
No. 4 Best for Overall FX Services in Taiwan
No. 3 Best for FX Prime Broking Services in Taiwan
No. 3 Best Single-Bank Electronic Trading Platform in Taiwan
Asiamoney, FX Poll, Corporate Votes
September 2007
2nd
12th
>10th
Source: 2007 Euromoney FX Poll, Euro-weighted
RBS6245d
Best Foreign Exchange Bank
in the Netherlands
Global Finance
2007
>10th
FX Market Share Australasia
Best Leveraged Sector Platform
– Smartprime
Profit & Loss, Digital FX Awards
April 2008
Best Range of Execution Tools
Profit & Loss, Digital FX Awards
April 2008
6th
6th
37
FX week – best bank awards 2007
A world class FX
business as voted for by
• Corporates
• Financial Institutions
• Investors
Total votes
6th
4th
Best Bank Overall for FX
Best Bank for Currency Options
Best Bank for FX Structured Products
Best Bank for FX Prime Brokerage
Best Bank for USD/GBP
Best Bank for EUR/GBP
Best Bank for FX in the Eurozone
Best Bank for Emerging EMEA Currencies
7th
5th
4th
5th
2nd
2nd
5th
5th
Financial Institution votes
Best Bank Overall for FX
Best Bank for FX Prime Brokerage
13th
3rd
8th
4th
Corporate votes
Best Bank Overall for FX
Best Bank for Structured Products
Best Bank for FX in the Euro-zone
Best Bank for FX in Asia-Pacific
Best Bank for Emerging Asian Currencies
Best Bank for Emerging Lat. Am. Curr.
Best Bank for FX in London
Best Bank for EUR/USD
Best Bank for FX Research and Strategy
6th
5th
3rd
3rd
5th
5th
4th
2nd
5th
4th
Investors
Best Bank Overall for FX
13th
8th
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38
Capabilities by product area
Derivatives
Derivatives
A leading derivatives
house across rates and
currency, equity and
property derivatives
ABN AMRO was at the
forefront of the creation of
the new market; it was the
first bank to establish a
full-time, dedicated
property derivatives desk
in London in September
2005. Furthermore, it was
the first bank to launch a
property derivatives
sector trade, a USD61m
deal which saw ABN
AMRO breaking new
ground as the first
synthetic traders of United
Kingdom retail property
The Banker Magazine
RBS has a market
leading Property
Derivatives franchise. In
October 2007, for
example, RBS traded the
first Japanese property
derivative with Grosvenor
Group…
RISK Magazine
RISK End User Rankings 07
RISK Corporate End-User Rankings 08
Interest Rate Swaps overall
Interest Rate Options overall
Exotic Interest Rate Products overall
Forward Rate Agreements overall
Cross Currency Swaps overall
Currency Options overall
Currency Forwards overall
Exotic Currency Products overall
4th
5th
6th
5th
3th
2nd
1st
1st
Interest Rate Swaps
Interest Rate Options
Exotic Interest Rate Products
Forward Rate Agreements
Cross Currency Swaps
Cross Options Overall
Currency Forwards
Exotic Currency Products
7th
9th
6th
8th
7th
2nd
7th
7th
Asia RISK End User Rankings 07
RISK Inter Dealer Rankings 07
Rates
Forward Rate Agreements
Exotic Interest Rate Products
Short Dated Interest Rate Swaps
Interest Rate Swaps
Overnight Index Swaps
1st
2nd
3rd
5th
4th
Inflation
Inflations Swaps – EUR
Inflations SWAPS – GBP
Inflation Caps/Floors GBP
Inflation Caps/Floors EUR
Inflation Caps/Floors USD
1st
1st
1st
2nd
5th
Currency
Vanilla Currency Options
Currency Forwards
Exotic Currency Options
Cross Currency Swaps
1st
3rd
4th
5th
Interest rate derivatives overall
Credit derivatives overall
Currency derivatives overall
9th
10th
9th
Credit Derivatives
Credit Hybrid Products, Asia ex Japan
Credit Hybrid Products, Japan
CPDOs, Asia ex japan
Synthetic CDOs of ABS, Japan
3rd
2nd
3rd
1st
Asia RISK Inter Dealer Rankings 07
2nd
Currency
Long-dated USD
Long-dated Other Currencies
Long-dated Yen
Chinese Renminbi Forwards
Hong Kong Dollar Forwards
Japanese Yen Options
Overall Currency derivatives
1st
1st
1st
2nd
2nd
2nd
4th
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Rates
Interest Rate Swap - HKD
Derivatives – accolades
Inflation Derivatives House of
the Year
RISK Awards
January 2008
5th Overall
Risk Inter-Dealer Survey
RISK
September 2007
Most Original Product –
Autopilot
Gouden Tak Award
April 2008
(The Netherlands)
Best Issuer Overall
Gouden Tak Award
April 2008
(The Netherlands)
Best Web Site
Gouden Tak Award
April 2008
(The Netherlands)
Currency Derivatives House of
the Year
RISK Awards
January 2007
5th Overall
Risk Corporate End User Survey
RISK
April 2007
Best in Benelux for Structured
Products
Structured Products
November 2007
Best in Nordic for Structured
Products
Structured Products
November 2007
Public’s Choice no1
Gouden Tak Award
April 2008
(The Netherlands)
Innovation of the Year – CPDOs
IFR Awards
2006
9th Overall
Risk Institutional Investor End
User Survey
RISK May 2007
#4 European Repo Business
ICMA European Repo Market
Survey 2007
(Market Value)
Best Issuer of Leverage
Products – for the Mini Future
Certificates
Italian Certificate Awards
May 2007
Best Leverage Products – for the
Introduction of Mini future
Certificates
Swiss Derivatives Awards
April 2007
Best in Japan for Synthetic CDO
of ABS
Asia Risk End-User Survey 2007
Best Financial Innovation for
Turbo product and Financial
Product of the Year Golden Bull
Awards
September 2007
Best Certificate of the Year
The introduction of Water
Certificates – Italian Certificate
Awards
May 2007
Best in United Kingdom for
Structured Products
Structured Products
November 2007
Most Innovative Banking
Product
Bucharest Business Week
Financial Awards for Excellence
December 2007
Best Issuer of the year
German Structured Society
Awards
December 2006
Deal of the Year – CPDOs
RISK Awards
2007
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Credit Derivatives and Alternatives Trading
Deal of the Year – Surf (CPDO)
Euromoney
February 2007
Deal of the Year – Surf (CPDO)
Risk Magazine
January 2007
Deal of the Year - Fremantle
Credit Magazine
December 2007
Innovation of the Year – Surf
(CPDO)
IFR
December 2006
Innovation in Synthetic Structures
The Dynamic Portfolio Insurance (DPI)
RBS engineered the DPI which is effectively an evolution of CPDO
and CPPI technology providing credit managers with more flexibility.
It is also a variant of Dynamic Portfolio Insurance (DPI). It is
effectively a levered credit product offering managers considerably
more flexibility than other levered products, resulting in the
generation of positive performance for investors
Most Innovative Structured Deal
of the Year – Surf (CPDO)
The Asset, triple A awards
January 2007
• Improved returns through the credit cycle
• Principal protection (index linked if required)
• Portfolio transparency (composition and pricing)
• Diversification of underlying credits and investment strategies
• Ability to de-risk and lock in returns
• Daily liquidity (1 per cent bid/offer under
No. 4 in Credit Derivatives Indices, CMBX
No. 4 in Credit Derivatives Indices, ABX
United Kingdom
No. 5 in Credit Derivatives Indices, CDX EM7 and diversified
February 2007
normal market conditions)
No. 4 in Credit Derivatives Indices, iTraxx Asia
• Sterling or Euro denominated
• Access the expertise of one of Europe’s
No. 5 in Credit Derivatives Indices, bank proprietary platforms
Euromoney, Debt Trading poll, November 2007
Polestar DPI
EUR 100,000,000
Managed DPI Notes
7 yrs and 10 yrs
most experienced credit managers
Arranger
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Credit and Alternatives Trading (cont’d)
Key transactions
Polestar DPI for Threadneedle
Asset Management
GBP100m
Dynamic Portfolio Insurance
Constant Proportion Debt
Obligation
EUR50m
AAA – Surf Step-Up (Europe)
KILTS – CDO of ABS
USD150m
Synthetic CDO of ABS for Wharton
Asset Management
PRAR (Europe)
EUR15.5bn Securitisation of
Balance Sheet Exposures
Arranger, January 2007
Gennaker Notes (Europe)
100% Principal Protected EUR10m
Long/Short Credit Index CPPI
Notes
Alesco CLO (Global)
Synthetic CLO for Cohen & Co.
USD681m
Arranger
March 2007
Life Settlements Notes (Global)
US Life Settlement portfolio
USD60m
Contingent Coupons
Due Aug 2016
Angel CLO (Europe)
CLO tranche
EUR90m
Arranger
September 2007
Kleros Preferred Funding
CDO of ABS (Global)
USD2bn
Managed by Strategos Capital
LLC, October 2007
AMSTEL SHER (Asia)
Securitisation of Balance Sheet
Exposures
EUR500m
Arranger
January 2007
CPPI of ABS (Europe)
Static ABS portfolio with variable
structural leverage
EUR50m
January 2007
Leopard V – Tightest Print
EUR400m
European CLO for Prudential M&G
Adrastea
CDO of Super High Grade ABS
(Global). Managed by Harding
Advisory LLC
USD2bn
September 2007
Constant Proportion Debt
Obligation
Surf Step-Up (Global)
EUR50m
Due Jul 2017
Euribor + 100bp
Constant Proportion Debt
Obligation
AAA – Surf (Europe)
EUR40m
Due Oct 2016
Euribor + 200bp
Synergie Notes (Asia), managed
by AXA IM
100% Principal Protected
Long/Short Credit CPPI Notes
USD55m
Contingent Coupon
Due Oct 2014
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Fund Linked Derivatives
Key highlights
• ABN AMRO has successfully leveraged its Fund-linked Derivatives
• RBS Fund Derivatives have established centres in the US and
platform in recent years to deliver a series of innovative and
relevant solutions to the Bank’s client base worldwide
Europe, and become a leading-edge provider of Fund of Hedge
Fund Manager solutions
• The business is led by European hub for structuring and trading
• The business has pioneered a range of sophisticated financing
investor derivative products linked to Mutual Funds and
Alternatives
structures (including the first CLO of loans to Hedge Funds, and a
flexible variable funding note with FX trading capabilities), and built
an important distribution capability for Fund of Fund Managers
• ABN Fund Derivatives has a devoted and growing presence in
• More recently, the team has established a structured derivative
Asia with specialists in structuring products to meet the needs of
local investors across the region
service for institutional and private investors, providing principal
protection and pass-through options on funds.
• The firm has an established track record in structuring options on
Mutual Funds for third party retail distribution.
RBS6245d
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Fund Linked Derivatives - Deals
Fund Derivative
products provide
structured and dynamic
solutions for clients,
linked to a broad range
of fund types and
strategies:
•mutual funds
•alternative / absolute
return
•traditional fixed income
•high yield
Fund of Hedge Fund financing
USD750m
US Asset Manager
Collateralised Hedge Fund
Obligation
Seeding Hedge Fund Platform
USD300m
Global Institutional Investor
Gap Risk facility
Fund of Hedge Funds & Mutual
Funds
USD850m
US Custody Bank
•Commodities
•real estate
•private equity
These solutions can help
investors meet
regulatory, tax and
accounting
requirements, enhance
yields, and protect
capital investments.
Mutual Fund Basket Linked
Capital Protected Schuldschein
EUR100m
European Bank
Fund of Hedge Fund financing
USD325m
US Bank
Principal Protected Note with
Embedded Call Option on RBS
Fund of Funds
USD50m
UK Private Bank
Capital Protection Note on Fund
of Funds
Fund of Hedge Funds
EUR30m
Middle Eastern Bank
US Private Equity Capital
Protected Notes
USD130m
Central Bank CEE
Asia Real Estate Linked Notes
USD250m
European Bank
Fund Basket Capital Protected
Notes
EUR660m
EU Corporate
SRI/ECO Fund of Hedge Fund
Capital Protected Notes
USD30m
Asian Bank
Capital Protection Notes on
Fund of Funds
Fund of Hedge Funds
EUR10m
French Insurance Company
Momentum Capital Protection
Basket of RBS Fund of Funds
USD30m
Asian Pension Fund
Fund of Hedge Fund Basket
Capital Protected Notes
USD120m
EU-Auto-Corporate
Fund of Hedge Fund Capital
Protected Notes
USD 250m
Asian Insurance
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Equity Derivatives
Structuring/packaging,
distribution and trading of
derivatives solutions to
meet requirements of
corporate, institutional,
hedge fund and retail
clients
Delivery of profitable
trading strategies across a
broad range of products
• Volatility products
• Exotics products
• Retail Certificates
• Securities Finance
Structuring/packaging, distribution and trading of derivatives
solutions to meet requirements of corporates, private equity,
holding companies & pension funds and retail clients
Delivery of profitable trading strategies across a broad range
of products:
• Multi-asset structured products
• Bespoke structured equity financing transactions (delta
one/equity swaps)
• Vanilla and light exotics on equity indices and single stock
underlyers
Multi-asset structured products for distribution through internal
and external intermediaries to retail, private banking and ultra-high
net worth individuals
Bespoke structured equity financing transactions (delta
one/equity swaps) via monetisation or acquisition of minority stakes
in listed companies and the ability to provide large financing to
corporates, private equity, holding companies and pension fund
Best in UK for Structured
Products
Structured Products
November 2007
#1 in OTC Stock Basket Options
Asia Risk Inter Dealer Survey
January 2008
#1 in Ladder/Lookback
Asia Risk Inter Dealer Survey
January 2008
‘Best Certificate of the Year’ first prize for
the introduction of Water Certificates –
Italian Certificate Awards
May 2007
‘Best Issuer of Leverage Products’ first prize
for the Mini Future Certificates – Italian
Certificate Awards
May 2007
‘Best Structured Product 2006’ and ‘Prize
Awarded by the Public’ for the Digital
Spread Note – Gouden Tak award
April 2007 (Netherlands)
‘Best Financial Innovation’ for Turbo product
and ‘Financial Product of the Year’ – Golden
Bull Awards
September 2007 (Netherlands)
#4 European Repo Business
ICMA European Repo Market
Survey
2007 (market value)
‘Most Innovative Banking Product’ –
Bucharest Business Week, Financial Awards
for Excellence
December 2007
PIP initiative – launch of online
trading platform "marketindex”
in the UK, after successful
launch in Ger, Aust & Switz
‘Best Leverage Products’ first prize for the
introduction of mini future certificates –
Swiss Derivatives Awards
April 2007
‘Best Participation Products’ second prize
for the implementation of the CYD Research
indices – Swiss Derivatives Awards
April 2007
46
RBS6245d
Best in Nordic for Structured
Products
Structured Products
November 2007
‘Best in Benelux for Structured Products’ –
Structured Products magazine
November 2007
Exotics & Hybrid Structuring & Trading
The combination of RBS
and ABN AMRO
capabilities creates a top
tier provider of
derivatives across rates,
currency and commodity
Key highlights
• Global Integrated Trading & Structuring business in
complex products across Interest Rates, FX and
Commodities
• Onshore capabilities in 10 countries in both Interest
Rates and FX products with G11 and local currency
offerings
• Full complex product suite in Interest Rates, FX
Options and Commodities with over 100 new
products developed since 2006
• Over 6,000 Complex Derivative transactions done
by MET in 30 currencies with clients in 60 countries
around the globe in the past two year
• Pioneering transactions with innovative new
products e.g.
• RBS’s flow delta trading businesses, incorporating
short term markets is a leading provider of interest
rates services covering all currencies and
maturities. In exotic interest rate products RBS is
ranked 2nd
• Pioneer and leader in inflation derivatives
(structuring and trading) – RBS was the first bank to
launch inflation swaps and options on Bloomberg
• Recognised leader in currency derivatives providing
highly innovative solutions to its global client base
• The JV with Sempra Commodities will create a
leading commodities business for both physical and
derivative transactions. Currently Sempra is the No
1 metals dealer and No 4 Gas marketer
– Knock In Spread Swap (KISS)
– Average Vols Swap
– Callable Ratio European Forward KO
RBS6245d
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Exotics & Hybrid Structuring & Trading (cont’d)
Credentials
Landmark Transactions
Restructure of USD16.2bn
Spread Option into long dated
FX-linked structure with
Indonesian public sector client
Innovative and complex real rate
swaption
GBP270m real rate swaption for
BNFL
First FX linked structured
product for Malaysian retail
market for AM Investment
Management
Launch date: June 2007
One of the largest inflation
hybrids ever traded
EUR150m Lunar Funding V PLC
Asset Backed Notes
MYR155m Structured funding
swap with large Malaysian
engineering corporation
The largest inflation ranger
every traded
EUR125m Range Accrual on
Euro HICP – CMS payoff
Large Gas swap (355mm cubic
meters) with Dutch Energy
Company (Hybrid Oil / FX) +
special feature
Groundbreaking onshore
USD220m transaction in Brazil,
combining complex derivative
technology and local currency
capabilities
A rare two dimensional hedge of
Chilean Inflation and FX risk
USD250m for Chicago Bridge &
Ioan
Restructuring of EUR243.4m
Rates Exotics Structure with
Portuguese public sector client
Currency Derivatives House of
the Year
Risk Awards 2007
Inflation Derivatives House of
the Year
Risk Awards 2008
Ranked 4th on all Structured
MTNs in 2007
Global MTN Awards 2007
Inflation swaps EUR: #1
Inflation swaps GBP: #1
Inflation caps/Floors GBP: #1
Inflation caps/Floors EUR: #2
Inflation caps/Floors USD: #5
Inter-Dealer Rankings 2007
Top 2 (for 3 years) as hedge
provider for largest French
public sector bank
Ranked 3rd on Interest Rate
linked eMTN Sales Market Share
in 2007
January 2008
Best Structured product in the
Netherlands 2007
Macro Exotica Trading & PIP
IEX Goudan Tak 2007
Digital Spread Note
#4 Inflation Linked EMTN Sales
Global MTN Awards 2007
‘International Vanilla MTN Dealer
of the Year’
Global MTN Awards 2007
Special Mention Inflation House
Global MTN Awards 2007
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Exotic Commodity Derivatives
Early 2001 demand from
the Dutch Utilities
challenged ABN AMRO
to create a Financial
Market to hedge the
price risk on gas and
power
In the course of time
ABN AMRO extended
their service to hedge
the price risk also for
metals and EU
Emissions
Key highlights
• ABN AMRO was one of the first banks to become active in commodity price risk solutions. Our focus is purely
on our clientbase by originating transactions on hedging the price risk on energy, precious and base metals
ands EU Emissions. Our branch network is supported by the product specialists in Amsterdam and the trading
team in London
• Our commodity product specialists have many years of combined experience in transacting energy and base
metals derivatives and emissions trading, as early as 2002
• We have executed transactions in Gas and Power derivatives for tenors and volumes far beyond market
standards
Today ABN AMRO is
known as a client
focused supplier of price
risk solutions on all kind
of commodities
>1,020 MT LME Cash Nickel
Swap
>438,240 MWh APX
Baseload Power Swap
>20,000 MT Bitumen Swap
Restructuring of the price
reference
Hedging price risk on
Nickel
Hedging price risk on
Dutch Power
Road building construction
Trade execution
November 2003
Trade execution
November 2005
Trade execution
April 2006
Trade execution
April 2008
49
RBS6245d
>250,000,000 cubic metres
Dutch Natural Gas Swap
Capabilities
By product area – Mergers & Acquisitions
Mergers & Acquisitions – overview
League Tables, Global
ABN AMRO #13
Americas
Europe
United States
Latin America
16th
5th
Asia Pacific
Europe
Benelux
13th
3rd
Asia Pacific (ex-Japan)1
10th
Source: Thomson Financial, FY 2007Note:
(1) Dealogic, announced deals, Review Full Year 2007
M&A House of the Year
Asiamoney
January 2008
Energy Advisor of the Year
Acquisitions Monthly
January 2008
No. 2 Asia Pacific Acquisition
Financing House of the Year
Euroweek
February 2008
Best Arranger of Acquisition
Financing Loans
Euroweek Loan Awards 2006
January 2007
Excellence in Netherlands M&A
- Involved in seven of the top ten
M&A deals in the Netherlands
Dealogic, Recognition of
Excellence
February 2008
Sweden Deal of the Year –
Opica’s Acquisition of Capio
The Banker
2007
Deal of the Year, Philippines –
Maynilad Water Re-privatisation
The Banker
May 2008
European M&A Deal of the Year
– ABN AMRO
Best Leveraged Buyout Acquisition of UTAC by Global
A&T Electronics
The Asset
December 2007
Deal of the Year, UK – Tata
Steel’s Acquisition of Corus
The Banker
May 2008
Financial News Awards for
Excellence in Investment
Banking
November 2007
Deal of the Year, Australia –
Carlyle Group and National
Hire’s acquisition of Coates Hire
The Banker
May 2008
Deal of the Year – Acquisition of
Scottish Power plc by Iberdrola
Energy Risk
January 2008
Deal of the Year, New Zealand –
The acquisition of Yellow Pages
The Banker
May 2008
Deal of the Year – Maynilad
Water Re-privatisation
CFO Asia
December 2007
Tata Steel’s Acquisition of
Corus
Finance Asia
December 2007
Emerging Markets Deal of the
Year – Acquisition of Wataniya
by Qatar Telecom
Telecom Finance
January 2008
Deal of the Year, Malaysia –
Binariang GSM’s acquisition of
Maxis Communication
The Banker
May 2008
• Best Deal of the Year
• Best Domestic M&A
Acquisition of Maxis
Communications by Binariang
GSM
The Asset
December 2007
Deal of the Year, Kuwait Acquisition of Wataniya by Qatar
Telecom
The Banker
May 2008
RBS6245d
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• Deal of the Year
• Best M&A Deal
• Best Cross-border M&A Deal
Best M&A Deal of the Year – Tata
Steel’s Acquisition of Corus
Asiamoney
January 2008
Mergers and Acquisitions (M&A)
We are committed to
providing our clients
with in-depth knowledge
of selected industry
sectors on a global basis
supported by a thorough
understanding of the
local conditions and first
class transaction
execution capability
Key Highlights
• ABN AMRO employs more than 370 M&A professionals
in 28 countries working together closely under the
auspices of a single global corporate finance
management team
• Our local offices are supported by experienced advisory
Essent Kabelcom B.V.
Akzo Nobel
EUR 2,600,000,000
EUR 11,000,000,000.
EUR 1.250,000,000
Sale of Organon Biosciences
by Akzo Nobel to
Schering-Plough
Sale of Getronics N.V. to Royal
KPN N.V.
Financial Adviser
Netherlands, November 2007
Sole financial Adviser,
Netherlands, September 2007
Acquisition of Essent
Kabelcom B.V.
Joint financial adviser, joint
mandated lead arranger and joint
bookrunner on the acquisition
debt financing
Netherlands, January 2007
professionals working out of our key centres
– London/Amsterdam
– Hong Kong
Iberdrola S.A.
– Sydney
EUR 17,062,000,000
Acquisition of Scottish Power
– Sao Paulo
Sole financial adviser and
broker,mandated lead arranger
and joint bookrunner
Spain/United Kingdom, April 2007
• Through our network and contacts with the wider group,
Tata Steel Limited
GBP 6,658,000,000
Acquisition of Corus Group plc
Joint Financial Advisor
UK/India, April 2007
we are well positioned to execute domestic and crossborder transactions
• In 2007, we completed 168 transactions with an
aggregate deal value of USD284billion and rank No. 13
worldwide (Dealogic).
Maxis Communications
USD 1,400,000,000
USD 11,700,000,000
Acquisition of United Test and
Assembly Center Ltd by Global
A&T Electronics (jointly owned by
TPG and Affinity) by way of
scheme arrangement
Offer by Binariang GSM to
acquire 100% of the issued share
capital of Maxis Communications
in Malaysia
Restructuring of the Coca-Cola
bottling in the Philippines by
gaining management control
Financial Adviser
Singapore, October 2007
Financial Adviser
Malaysia, July 2007
Sole Financial Adviser
Philippines, February 2007
The Coca-Cola Company
USD 590,000,000
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M&A – established international sector coverage
Sector coverage teams
provide clients with indepth knowledge of
selected industry
sectors on a global basis
drawing on the local
knowledge and market
expertise needed to
execute both domestic
and cross-border
transactions
FIPS
Pearl Group Limited
GBP 4,980,000,000
Advised Pearl Group
of Resolution plc
Joint Financial Adviser
UK, November 2007
Telecom, Media & Technology
USD 3,800,000,000
AmcorpGroup Berhad
AMMB Holdings Berhad
Royal & Sun Alliance Plc
EUR 2,100,000,000
USD 695million
Strategic sale of shares in
AMMB to ANZ Group
DKK 6.4billion (GBP584m)
Acquisition of 24.7% minority
in Codan Forsikring A/S
Acquisition of Casema Holding
B.V. and merger with Multikabel
B.V.
Acquisition of 51% stake in
Wataniya by Qatar Telecom
Sale of Getronics N.V. to Royal
KPN N.V.
May 2007
Financial Adviser
UK/Denmark , May 2007
Financial Adviser to Cinven
Netherlands, Sept 2006
Sole Financial Adviser,
Qatar, March 2007
Sole financial Adviser,
Netherlands, September 2007
Energy & Resources
EUR 11,000,000,000.
Sale of Organon Biosciences by
Akzo Nobel to Schering-Plough
Financial Adviser
Netherlands, November 2007
EUR 1.250,000,000
Global Industries
Carrefour Group
EUR 17,062,553,639
Public Offer for Scottish Power
by Iberdrola
Sole Financial Adviser
Spain/UK, April 2007
GBP 6,200,000,000
Undisclosed
Undisclosed
Recommended cash offer for
Corus Group plc
Acquisition of Apollinaris
Mandatory tender offer for up
to 100% of the shares in Deutz
AG
Financial Adviser
UK/India, April 2007
Sole financial adviser to The
Coca-Cola Company
UK/Germany, May 2006
Sole Financial Advisor to SDF
Italy/Germany, July 2007
€ 825 million
Acquisition of Atacadão
Financial & Strategic Adviser
Brazil / France
Announced, April 2007
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Capabilities by product area
Transaction Banking
Transaction Banking – overview
• Leading provider of global transaction banking solutions, delivering cash, trade, supply chain and card products
Leading Transaction
Banking Business
• Top 5 globally in
international payment
flows (Euromoney,
2007)
• Top 3 – Trade
and services to corporates and FIs
• Processes more than 2 billion transactions annually in more than 50 currencies
• Products such as multi-bank cash concentration and our liquidity advisory desks were firsts for the industry,
raising the bar for our competitors
• Fifth broadest geographic footprint, with presence in over 50 countries
• Our local banking presence combined with our broad product capabilities and award-winning delivery channels
have resulted in strong client relationships
Business (excl air &
shipping) Dealogic FY
2007)
• No. 5 Best Cash
Management Bank in
Asia voted by
corporates (AsiaMoney
2007)
• No. 6 Usage in Cash
Management in Asia
(Greenwich2007)
• TRI*M client
Convert cash faster
Receivables management
• Improve control of information and
processes
• Reduce days sales outstanding (i.e.
speeding up cash conversion)
• Free up working capital
Improve payments efficiency
Payables solutions
• Improve process efficiency
• Optimise days payables outstanding
• Improve and strengthen partner/supplier
relationships
• Gain insights through leading information
tools
Streamline the supply chain
Trade and supply chain management
• Speed up delivery of goods at lower cost
• Market-leading solutions including awardwinning MaxTrad trade portal
• State-of-the-art technology plus long track
record
• Global reach and consistency
55
RBS6245d
satisfaction scores
increasing year-onyear with most
regional scores above
competitor average
Transaction
Banking helps
clients optimise
working capital
enabling them to
generate more
profit with less
capital while
reducing risk
Unlock and leverage trapped cash
Liquidity management
• Optimise use of capital
• Maximise returns by investing excess cash
• Generate cash/funding through internal
sources
• Strengthen balance sheet and mitigate risk
Transaction Banking – awards
Transaction Banking –
An award winning
business
Best Bank for Supply Chain
Finance – Europe
Treasury Management
International
January 2008
Best Trade Finance Bank
Europe
Global Finance
2001-07
Best CLS – Linked Bank Offering
Western Europe
Global Finance
January 2003 - 08
Second Best CLS Third Party
Offering Globally
FX Week Poll
November 2007
Best Bank for Liquidity
Management – Eastern Europe
Global Finance
January 2007 & 2008
Best Bank for Risk Management
Western Europe
Global Finance
January 2006, 2007
Best Online Trade Finance
Provider
Trade Finance Awards for
Excellence
2003-06
Best Bank for Liquidity
Management – Western Europe
Global Finance
January 2006 - 08
Best Bank for Supply Chain
Finance – South America
Treasury Management
International
January 2008
Trade Finance Deal of the Year
- Magnitogorsk Iron and Steel
Works (Russia)
Trade Finance
February 2008
Trade Finance Deal of the Year
- OGK-4 (Russia)
Trade Finance
February 2008
Best Corporate Banking
Initiative – Supply Chain Portal
Indian Banks’ Association,
Banking Technology Awards
2007
Best Corporate Banking
Initiative – Business Banking
Portal
Indian Banks’ Association,
Banking Technology Awards
2007
Trade Finance Deal of the Year
- Reliance Communications
(India)
TFR
February 2008
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Transaction Banking – products
Our clients can expect
tailored solutions from a
product range that spans
their working capital
cycles
We take a fully
comprehensive
approach to our clients’
needs, creating complete
solutions that integrate
elements of our awardwinning product set. The
breadth of our expertise
and solutions gives us
the flexibility to meet
varied client demands
Payments
Collections
Liquidity
management
Trade and supply
chain
• Electronic funds
• Incoming electronic
• Multi-bank cash
• Supply chain finance
• Traditional trade
•
•
•
•
•
transfers (domestic and
cross-border)
Domestic ACHs
SEPA Credit Transfers
Card issuance service
(business credit/debit
cards, corporate payroll
cards, lodge cards)
Cheque issuance service
(bank cheque, corporate
cheque)
Tailor-made, timely
reporting
•
•
•
•
•
•
funds transfer
Cash/cheque collection
services
International direct debits
Integrated receivables
management
Reconciliation services
(SmartCollect™, invoice
matching)
Global merchant
services
Settlement bank services
•
•
•
•
•
•
•
•
•
concentration
Automated global
balance transfer
Zero balancing
(domestic, regional and
global)
Notional pooling (single
and multi currency)
Interest optimisation
(domestic and cross
border)
Shadow reporting of
inter-company loan
balances
Short-term investment
and funding
Global netting
Automated multicurrency conversion
Liquidity advisory
services
products
• Trade financing
• Purchase order
management
• Letters of credit
document preparation
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Capabilities by product area
Commodities
Commodities –
Formed on 1st April
2008, RBS Sempra
Commodities creates
significant additional
value by leveraging
Sempra Energy and
RBS' commodities
capabilities across our
extensive global
footprint and deep
corporate and
institutional
relationships.
With RBS Sempra Commodities we are able to:
RBS Sempra Commodities deals in:
•Meet the financial and physical commodity
requirements of our customer base globally across
a broad range of industry sectors, including oil &
gas, metals & mining, industrials & transportation,
power and utilities.
•Power - industry leading power marketer with a primary
focus on the North American and the European
wholesale markets.
•Provide short-, medium- and long-term hedging
and risk solutions to RBS's existing project finance
and structured finance customers around the
world.
•Offer a complete derivatives risk management
and trading platform for RBS customers.
•Develop bespoke commodities products for
investors in combination with our existing
Structured Investor Products platform.
•Enable customers to trade in carbon and green
credits products.
•Natural gas - international natural gas marketer with a
primary focus on the North American (ranked #4 in 2007
by Platt’s) and European wholesale markets as well as
the international Liquefied Natural Gas (‘LNG’).
•Coal - major participant in the international physical and
financial wholesale coal and dry freight markets.
•Crude oil and oil products - worldwide trader of oil and
oil products, specializing in physical delivery of crude oil
and crude related product, storage and transportation, as
well as on-shore and off-shore blending capabilities.
•Metals - leading metals trading group, specialising in
base metals, precious metals, steel and plastics.
•Green credits - active participant in the international
green credits markets via EUETS, the Kyoto Based
Instruments Market, as well as all US based allowances
markets including SO2, NOX, RGGI, RECs and VERs.
•Agricultural products - Growing business in ethanol
and bio-fuels primarily focused on North America and
warehousing storage facilities for coffee and cocoa.
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59
Commodities accolades
The combined entities
provide our clients with a
global commodities
platform
1st Overall Metal Broker Sempra
Energy & Commodity Rankings
2008
February 2008
#5 European Electricity,
Eastern Europe - Sempra
March 2008
#4 in UK NBP curve – Sempra
Energy Risk
March 2008
#5 European Electricity, Spain
– Sempra
Energy Risk
March 2008
#4 European Electricity,
Germany – Sempra
Energy Risk
March 2008
#4 in Western US Natural Gas
short term - Sempra
Energy Risk
March 2008
#4 in Eastern US Natural Gas
short term - Sempra
Energy Risk
March 2008
#4 in Western US Natural Gas
long term - Sempra
Energy Risk
March 2008
#2 Research in Weather Sempra
Energy Risk
March 2008
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Carbon Trading
The effort to combat
climate change has
given birth to a new and
fast-growing commodity
market. The Kyoto
Protocol and related
initiatives have created a
novel asset: greenhouse
gas emission
reductions; commonly
referred to as ‘carbon
credits’.
Key highlights
The assets are created
under governmentestablished emissions
trading systems – such
as the EU Emissions
Trading Scheme (ETS)
and those planned in the
US and Australia
• Our product specialists have many years of combined
• ABN AMRO was one of the first banks to become active
in the carbon markets. We focus on trading EU
Allowances under the EU Emissions Trading Scheme
and originating CER/ERU (Certified Emissions
Reduction/Emission Reduction Unit) transactions via our
branch network, supported by regional product
specialists in Amsterdam, Sydney, Sao Paulo, and a
trading team in London
experience in emissions trading, including working for
the Dutch Government’s CER buying program as early
as 2001
• We have executed transactions in Issued CERs,
First bank-mediated sale of
CERs to private company –
June 2005
Trading of EUAs for
compliance
June 2006 – April 2008
Sourcing CERs for carbon
neutrality - June 2007
>150 million tonnes CO2e
Trading EUAs and CERs
June 2006 – April 2008
Forward CERs out to 2012 and Safekeeping services for
CERs (Seller holds CERs in our a/c Annex I National
Registry)
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Appendix
Eco-markets
Market leader in renewables – in 2007 RBS was 3rd in
Infrastructure Journal’s Mandated Lead Arranger league
table for wind and renewables financing
With more than 12 businesses ABN AMRO has the
broadest range of expertise and experience in the market:
• Equities (IPOs, Hoare Govett has a strong energy sector client base and
a growing number of clients in the Eco-sector)
Wind
• Structured Finance (windfarm financing)
• Corporate finance (Acquisitions – Recent mandates include Suzlon
• Leading Market leader in wind farm financing
• Over 8.7 GW financed globally since 1998 (2 GW in 2006 & 2005, and 3
•
•
•
Energy’s EUR3.5bn takeover of REpower)
GW in 2007)
Leading the market on new financing structures in new regimes
In-depth knowledge across a range of regulatory regimes including
financings of multi-jurisdictional portfolios of wind farms
Significant capability in Capital Markets, mezzanine debt and equity
• Trading (Voluntary offsets(Carbon Trading), Metals (platinum &
palladium), Agriculture (bio-fuel feedstocks), Derivatives / Hedging)
Investment products
•
•
•
•
•
•
•
Solar
• Solar photovoltaic financing is new to the European market – only
surfaced in H2 2007 and has been confined to Iberia up until now
• RBS is the leading international bank to take on financing in this area
Fund-Linked Derivatives
Natural catastrophe securities
CARE Notes
GRAIN Biofuel feedstock trading strategy
Global SRI equity product
Brazilian 'Ethical' equity fund, 'Green Fund'
Indian SRI fund, Renewable Energy Private Equity Fund (Q1 2008)
Private Investor Products based on
63
Climate Change & Environment Index
Water Index
Biofuels – Commodity and Equity Indices
Renewable Energy
Waste Management Index, Natural Gas Index
Eco Total Returns Index
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•
•
•
•
•
•
Sustainability – accolades
The Top Global Banks for Environmental, Social and
Strategic Governance (ESG)
Rank Bank
Rating
1
Société Générale
AAA
2
Credit Agricole SA
AAA
3
RBS Global Banking & Markets
AAA
4
ABN AMRO Holding NV
AAA
5
BBV Argentaria SA
AA
6
Banco Santander Central Hispano SA
AA
7
Standard Chartered Plc
AA
8
Bank of Nova Scotia
A
9
KBC Groupe SA
A
10
BNP Paribas
A
11
UBS AG
A
12
HSBC Holdings Plc
A
13
Mizuho Financial Group
A
14
Citigroup Inc
A
15
Credit Suisse Group
A
16
Sumitomo Mitsui Financial Group
BBB
17
JP Morgan Chase & Company
BBB
18
Fortis NV
BBB
19
Mitsubishi UFS Financial Group
BBB
20
Barclays Plc
BBB
21
Deutsche Bank AG
BB
22
Bank of America Corporation
BB
Sustainable Bank of the Year
Financial Times Sustainable
Banking Awards
June 2007
Award for Corporate Social
Responsibility
Best of European Business
March 2007
Gold Medal for International
Corporate Achievement in
Sustainable Development
World Environment Center
January 2006
Renewables Arranger of the Year
Infrastructure Journal
March 2007
World’s third Greenest Company
The Independent
July 2007
Best European bank for
Corporate responsibility
Dow Jones Sustainability Index
(DJSI)
September 2006
Global Emerging Markets
Sustainable Bank of the Year
(ABN AMRO India)
Financial Times Sustainable
Banking Awards
June 2007
Global Renewables Portfolio
Refinancing Deal of the Year Babcock & Brown Global Wind
Partners
Project Finance magazine
January 2008
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Source: Innovest, February 2008
64
Emerging Debt and Forex Markets
ABN AMRO is a leading
bank in the emerging
markets with local
presence in 28 countries,
covering 73 non-G11
currencies
Best Debt House - Latin America
Euromoney
July 2007
Latin America Loan House
IFR
December 2006
Best Debt House - Venezuela
Euromoney
July 2007
No. 4 Best Bank for Emerging
Latin American Currencies FX
Week, Best Bank Awards,
Corporate Vote
November 2007
integrated through active networked hubs in London, New York, and Singapore
• Offering 24-hour trading coverage and a globally integrated product suite with a complete range of non-G11
linear products, including FX, FX options, Fixed Income Trading, Rates, Credit and Structured Credit solutions
• Through our extensive network coverage we provide onshore and offshore risk solutions in Local Markets across
associated asset classes, by tailoring local solutions that meet our clients’ needs – including liquidity
management, regulatory support, currency protection for global corporations; investment strategies for local
companies with interests in G11 markets; or FX investments for hedge funds in search of higher yields
International Emerging Markets Bonds
EEMEA Bond House
IFR
December 2007
All International Emerging Market Bonds
All International Emerging Market Bonds – Latin America
All International Emerging Market Bonds – EEMEA
Best Arranger - Eastern
European Loans
EuroWeek
January 2007
Russia and CIS Loan House
IFR
December 2007
Best Arranger of Russian Loans
EuroWeek
January 2007
Excellence in Eastern Europe
Fixed Income, Top Bank in:
- Emerging Market Fixed Income
- Emerging Market Energy and
Natural Resources Fixed
Income
- Led Russia Fixed Income
Dealogic, Recognition of
Excellence
February 2008
2nd
1st
3rd
Source: Thomson Finance Full Year 2007
Best Debt House - Turkey
Euromoney
July 2007
Best at Project Finance Middle East
Euromoney
July 2007
Best Debt House - Middle East
Euromoney Awards for
Excellence
July 2006
No. 5 Best Bank for Emerging
EMEA Currencies
FX Week, Best Bank Awards,
Total Votes
November 2007
65
Excellence in India Fixed Income
Top Bank in:
- India Syndicated Loans
- India Energy and Natural
Resources Fixed Income
Dealogic, Recognition of
Excellence
February 2008
No. 2 Most Impressive Bank in
Other Currencies (than USD,
EUR, GBP)
EuroWeek
January 2007
Best Debt House - Central Asia
Euromoney
July 2007
Best Debt House - Kazakhstan
Euromoney
July 2007
India Loan House
IFR Asia Awards
December 2006, 2007
Best Debt House – Pakistan
The Asset
December 2007
No. 1 Best FX (Vanilla) Provider
for Asian Currencies
Asiamoney, FX Poll, Corporate
Votes
September 2007
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Excellence in Brazil Fixed
Income
Top Bank in:
- Brazil Fixed Income
- Brazil Fixed Income in
Industrials and Consumer &
Retail
Dealogic, Recognition of
Excellence
February 2008
• ABN AMRO's strong presence in 28 non-G11 countries stretches from Argentina to Vietnam, and remains
Shipping Finance – overview
Key highlights
• Experienced global marine M&A practitioner (Sell side advisor to
Fraser Surrey Docks, Adsteam), adviser to Financial Sponsors
and provider of leveraged finance in this sector
excess of USD23billion – no.1 in Greece
• Active in marine Equity Capital Markets
• Broker to port companies and leading provider of research in
• Principal asset classes: Bulk Carriers, Crude Oil & Product
Tankers, Container Ships, Chemical Tankers, LPG & LNG,
Reefers and Car Carriers
this sector
• ABN AMRO provides a full range of funding alternatives to the
• 70% of exposure secured against vessels under five years of
Shipping & Ports sector
age
• Wide range of innovative tax and residual value debt structures
• Tailor made risk management and investment products
Shipping Debt Deal of the Year –
CSC Nanjing Tanker
Jane’s Transport Finance
2007 Gala Awards
December 2007
Global shipping loan portfolio league table
45,000
30,000
Bank of
Ireland
Alpha Bank
JP Morgan
Natixis
Dresdner
Bank
BNP Paribas
Danske Bank
Deutsche
Bank
ABN Amro
Fortis
Bremer
Landesbank
HVB
DVB
Commerzbank
Mizuho
Lloyds TSB
Nordea
KfW IPEXBank
Deutsche
Schiffsbank
RBS
Bank of
Scotland
Source: Marine Money International, May 2007
66
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Most Innovative Ship Finance
Deal of the year – OSG Nakilat
Shipping Economist
2005
HSH
Nordbank
0
Calyon
15,000
DnB NOR
Ship Finance Bank of the Year
2005
Lloyds List Greek Awards
• Specialist syndication team within our loan markets platform
Amount (USDm)
Asia Shipping Debt Deal of the
Year – Shanghai Time Shipping
Jane’s Transport Finance
January 2006
exclusive to the Bank’s global shipping client base
SMBC
Shipping House of the Year
Jane’s Transport Finance
2007 Gala Awards
December 2007
• Banker to over 150 of the world’s top shipping companies
• Leading lender to the shipping industry with a loan portfolio in
Danish Ship
Finance
RBS + ABN AMRO = a
leading force in shipping
and port financing, able
to offer a full suite of
products to our global
clients in this sector
Structured Asset Finance & Aviation Capital
RBS has a large,
sustainable and
diversified book of
assets under
management,
transacting assets since
1975 across all sectors,
assets and products
Key Facts
• GBP12.5billion
commitments
• 1,800 facilities
• Over 300 relationships
• Lifetime revenues of
approx. GBP600million
over 15+ years
• Residual value book of
c.GBP450million
• Strong credit
counterparties and low
default rates
Structured Asset Finance
Aviation Capital
Media Financing
• Executed in excess of 75 transactions completed in
2007 involving 251 aircraft
8th
in Leveraged Media Loans
(by volume)
Loan Markets Association
2007
• Combined commercial aircraft secured debt and
operating lease book of USD12billion
• Own, managed or have committed to finance over 265
Executed in excess of 50 tax and debt transactions in
the film and television sector raising in excess of
USD10billion to date
• Consistently the largest arranger and participant in UK
film tax transactions by volume in the corporate
market
Corporate Jet Financing
• Corporate and VIP Jet book > USD2.25billion
• Structured Asset Finance Aerospace & Defence has
aircraft on operating lease, and debt finance over 300
aircraft
Aircraft Finance Innovator of the
Year
Jane’s Transport Finance
December 2007
#5 Commercial Aircraft Lessor
By Scale
Air Finance Journal Survey
2007
ABS Deal of the Year – Airspeed
ISR Awards
December 2007
committed financing for over 35, (mainly new, large
cabin) Corporate Jets with an aggregate value of circa
USD1.10billion outside North America
• 75 years of experience in the aviation industry
• Market share of new jet ‘Large Cabin’ space estimated
at 12%
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67
Disclaimers
ABN AMRO Global Disclaimer
This marketing communication has been prepared by ABN AMRO Bank N.V. or an affiliated company (‘ABN AMRO’) and for the purposes of Directive 2004/39/EC has not been prepared in accordance with the legal and
regulatory requirements designed to promote the independence of research. As such regulatory restrictions on ABN AMRO dealing in any financial instruments mentioned in this marketing communication at any time before it is
distributed to you do not apply.
This marketing communication is for your private information only and does not constitute an analysis of all potentially material issues nor does it constitute an offer to buy or sell any investment. Prior to entering into any
transaction with ABN AMRO, you should consider the relevance of the information contained herein to your decision given your own investment objectives, experience, financial and operational resources and any other relevant
circumstances. Views expressed herein are not intended to be and should not be viewed as advice or as a recommendation. You should take independent advice on issues that are of concern to you.
Neither ABN AMRO nor other persons shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this
communication.
Any views or opinions expressed herein might conflict with investment research produced by ABN AMRO.
ABN AMRO and its affiliated companies may from time to time have long or short positions in, buy or sell (on a principal basis or otherwise), make markets in the securities or derivatives of, and provide or have provided,
investment banking, commercial banking or other services to any company or issuer named herein.
Any price(s) or value(s) are provided as of the date or time indicated and no representation is made that any trade can be executed at these prices or values. In addition, ABN AMRO has no obligation to update any information
contained herein.
This marketing communication is not intended for distribution to retail clients in the UK under any circumstances.
For U.S. Clients: This document is intended for distribution only to major institutional investors as defined in Rule 15a-6(a)(2) under the U.S. Securities Act 1934. Any U.S. recipient of this document wanting further information
or to effect any transaction related to this trade idea must contact a registered representative of ABN AMRO Incorporated, Park Avenue Plaza, 55 East 52nd Street, New York, N.Y. 10055, US, tel: +1 212 409 1000
Copyright 2007 ABN AMRO. All rights reserved. This communication is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without ABN
AMRO's prior express consent.
69
RBS6245d
ABN AMRO is authorised by De Nederlandsche Bank and regulated by the Financial Services Authority; regulated by the AFM for the conduct of business in the Netherlands and the Financial Services Authority for the conduct
of UK business.
Global disclaimer for trading areas
The contents of this document are indicative and are subject to change without notice. This document is intended for your sole use on the basis that before entering into this, and/or any related transaction, you will ensure that
you fully understand the potential risks and return of this, and/or any related transaction and determine it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant
circumstances. You should consult with such advisors as you deem necessary to assist you in making these determinations. The Royal Bank of Scotland plc (“RBS”) will not act as your advisor or owe any fiduciary duties to you
in connection with this, and/or any related transaction and no reliance may be placed on RBS for investment advice or recommendations of any sort. RBS makes no representations or warranties with respect to the information
and disclaims all liability for any use you or your advisors make of the contents of this document. However this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any
jurisdiction which may not lawfully be disclaimed.
RBS and its affiliates, connected companies, employees or clients may have an interest in financial instruments of the type described in this document and/or related financial instruments. Such interest may include dealing,
trading, holding, acting as market-makers in such instruments and may include providing banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein. RBS is
authorised and regulated in the UK by the Financial Services Authority, in Hong Kong by the Hong Kong Monetary Authority, in Singapore by the Monetary Authority of Singapore, in Japan by the Financial Services Agency of
Japan, in Australia RBS (Australia) Pty Ltd ABN 36 088 574 270 is authorised and regulated by the Australian Securities and Investments Commission and acts as agent for RBS ABN 30 101 464 528 and in the US, by the New
York State Banking Department and the Federal Reserve Board. The financial instruments described in this document are made in compliance with an applicable exemption from the registration requirements of the US
Securities Act of 1933.
The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.
The daisy device logo, RBS, The Royal Bank of Scotland and Make it happen are trade marks of The Royal Bank of Scotland Group plc.
70
RBS6245d
N.B. Trading Areas are: Government Trading; Credit Trading; Proprietary Trading & Hedging; Capital Markets Sales; Currency Options/Equity Index; Derivatives and Futures; Interest Rate Derivatives; Sales and Marketing;
Futures Broking; Margin Trading; Shipping; Strategy and Agency Treasury Services (for the purposes of these disclaimers only)
Global disclaimer for presentations by advisory areas to issuers
The information in this document is intended to provide you with a summary of potential transaction structures and terms and conditions that may or may not lead to transactions being entered into between us. It is not intended
that either of us would be bound by any of these proposed terms and conditions until both of us agree to, and sign, formal written contracts.
Nothing in this document should be construed as legal, tax or investment advice or as a recommendation or an offer to purchase or underwrite any securities from you, or to sell securities to you or to extend any credit to you or
to do any of those things on your behalf.
The information in this document is confidential and proprietary to us. It has been produced solely for your use and that of your professional advisers and should not be reproduced or disclosed to any other person without our
consent. This document remains our property and must be returned to us on request and any copies you have made must be destroyed. Neither of us should rely on any representation or undertaking inconsistent with the
above paragraphs.
Any views or opinions (including statements or forecasts) constitute our judgement as of the date indicated and are subject to change without notice. We do not undertake to update this document.
[This document is issued by The Royal Bank of Scotland plc ("RBS") which is authorised and regulated by the Financial Services Authority.]*
For Private Placements, replace the sentence above with the paragraph below
[This document is issued by The Royal Bank of Scotland plc ("RBS") which is authorised and regulated by the Financial Services Authority in accordance with the regulatory regime applying to United Kingdom ("UK") investment
business. In the United States, this document is issued by RBS Securities Corporation (“RBSSC”), a member of the NASD and an indirect wholly-owned subsidiary of RBS]*
* Delete as applicable
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.
71
RBS6245d
N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, CDO’s and Risk Finance); Origination (including: UK Origination, Europe Origination, Frequent & Public
Sector Borrowers, Financial Institutions Group Originations, High Yield Origination, Private Placements, Syndications); Group Treasury and FM Investment Management (Agency Treasury Services is a Trading Area for the
purposes of these disclaimers)
Global disclaimer for presentations by advisory areas to investors
This document has been prepared for information purposes only. The investments and investment services referred to are not available to retail customers within the meaning of the rules of the Financial Services Authority, nor
for persons who are subject to US securities laws and should not be distributed in the US or to any US person nor in any jurisdiction in which its distribution would be prohibited. It should not be construed as an offer or
solicitation to buy or sell any securities or any interest in securities.
The information in this document is confidential and is intended for use only by the recipient. It should not be reproduced or disclosed to any other person without our consent. This document remains our property and must be
returned to us on request and any copies you have made must be destroyed.
[Include where relevant: The information contained herein has been prepared by us on the basis of information provided by the [Transferor/Issuer] or one of more of its affiliates to assist interested parties in making a preliminary
analysis of [Describe Transaction] and does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.
The terms of this [Preliminary Term Sheet/Presentation] are qualified in their entirety by the Offering Circular, which will be made available by us in respect of the transaction described herein, which will supersede the terms
hereof.]*
This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us. We make no representation or warranty (express or implied) of
any nature, nor do we accept any responsibility or liability of any kind, with respect to the accuracy or completeness of the information in this document. This shall not, however, restrict, exclude, or limit any duty or liability to a
person under any applicable laws or regulations of any jurisdiction, which may not lawfully be disclaimed.
Each recipient of this document should make its own independent evaluation of the transaction and of the relevance and adequacy of the information in this document and should make such other investigations as it deems
necessary to determine whether to participate in the transaction.
The Royal Bank of Scotland plc ("RBS"), and its affiliates, connected companies, employees or clients may have an interest in the securities (or related securities or other financial instruments or their related derivatives)
("Securities") mentioned in this document. This may involve activities such as dealing in, holding, acting as market-makers, or performing financial or advisory services, in relation to any of the Securities referred to in this
document. It may also have acted as a manager or co-manager of a public offering of such Securities, and may also have an investment banking relationship with any companies mentioned in this document.
Neither of us should rely on any representation or undertaking inconsistent with the above paragraphs.
This document is issued by RBS, which is authorised and regulated by the Financial Services Authority. Any views or opinions (including statements or forecasts) constitute our judgement as of the date indicated and are subject
to change without notice.
[Additional paragraph for Asset-Backed issues:
Average lives of, or the potential yields on, any security cannot be predicted as the actual rate of repayment on the underlying assets, as well as a number of other relevant factors, cannot be determined. No assurance can be
given that the assumptions on which the possible average lives of, or yields on, the securities are made will provide to be realistic. Information about possible average lives of, or yields on, the securities in this document must,
therefore, be viewed with caution.]*
* Delete as applicable
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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N.B. Advisory Areas are: Structured Capital Markets (including Transaction Execution, Securitisation, Debt Structuring, CDO’s and Risk Finance); Origination (including: UK Origination, Europe Origination, Frequent & Public
Sector Borrowers, Financial Institutions Group Originations, High Yield Origination, Private Placements, Syndications); Group Treasury and FM Investment Management (Agency Treasury Services is a Trading Area for the
purposes of these disclaimers)