Equity Derivatives and Structured Retail: Success Through Innovation. November 2010

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1 Equity Derivatives and Structured Retail: Success Through Innovation November 2010

2 Agenda The Royal Bank of Scotland Structured Product Trends Integrated Approach Product Segments Client Engagement Online Key Strengths

3 The Royal Bank of Scotland

4 The Royal Bank of Scotland (RBS) Banks by capital strength (H1 2010) In 2007 RBS acquires some activities of the ABN AMRO group (including its Investment Banking Division Global Banking and Markets) During the financial crisis of 2008, RBS was intervened by the UK Government. As a result, the UK Government owns 84% of the capital Since then, RBS has been following a rigorous plan to achieve strategic plan targets Long-term credit ratings for RBS plc of A+ (S&P), Aa3 (Moody s) and AA- (Fitch) with stable outlook Rank Institution Core Tier 1 (%) Tier 1 (%) 1 UBS Credit Suisse RBS Barclays HSBC Citigroup JP Morgan Chase Lloyds Banking Group Standard Chartered Deutsche Bank Source: Company Data/RBS, correct as of 4 August 2010

5 The Royal Bank of Scotland (RBS) Equity Derivatives and Structured Retail The Royal Bank of Scotland plc Retail and Wealth Management Natwest Global Banking Global Markets Markets Coutts Corporate Finance Equities & Structured Retail Citizens Equity Capital Markets Corporate Risk Solutions RBS Insurance Debt Capital Markets Corporate Coverage Fixed Income, Commodities and Currencies Institutional Coverage, Research and Strategy Global FIG Counterparty Exposure Management

6 Structured Product Trends

7 Structured Products 2010 Global Trends Overview: Despite lower sales in 2009, global sales in 2010 are predicted to recover Gross Sales $340 bln structured products to mature Investors are expecting the following: Capital Protection element Income based on government bonds Diversification into less risky products USD bn forecast Europe North America Asia-Pacific Source: StructuredRetailProducts.com, tranche products only

8 Structured Products Long term trends We clearly see some developments that will affect Structured Retail going forward People are living longer and need to take more responsibility for own retirement Technology is transforming distribution of financial services Customers are demanding value for money and simplicity Trust is key Wealth appreciation across the world Self-Directed Investor will grow significantly These trends will result in significant changes in the way private investors are being serviced Products will be simple and transparent Investors interested in execution and not in advice Online trading and execution platforms will increase

9 Integrated Approach

10 Equity Derivatives and Structured Retail Integrated Approach Pre-sale services Distribution After-sale services Product Idea Generation Product Development Packaging & Delivery of the Products The Distributor Liquidity/ Pricing Management Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 key stages of our offering from product idea inception to after-sale services Retail Investors

11 Equity Derivatives and Structured Retail Integrated Approach Structured Retail requires an integrated approach to deliver its entire product capability to private investors.

12 Equity Derivatives and Structured Retail Product Range We have a top-tier multi-asset product capability with a variety of wrappers and are leading customised tradable indices

13 Product Segments

14 Equity Derivatives and Structured Retail Structured Product Segments Leverage Return Yield Enhancement Performance Securities Principal Protection Risk

15 Equity Derivatives and Structured Retail Client Profiles It is vital to identify each client s risk profile... Client Risk Appetite LOW MID HIGH Capital Protection Product Type Yield Enhancement Performance Trackers Leverage Certificates when selecting products for their portfolio

16 Equity Derivatives and Structured Retail Structured Product Segments Principal Protection Leverage Investments that protect against downside exposure to an underlying index or basket of securities Return Yield Enhancement Performance Securities Address principal preservation in combination with equity exposure in achieving better return than fixed income or cash Principal Protection May require capped or limited upside in the underlying Examples: CPN, CPPI, Call Spreads Risk

17 Equity Derivatives and Structured Retail Structured Product Segments Yield Enhancement Leverage Products that create additional current yield and increase certainty of revenue for current assets Return Principal Protection Yield Enhancement Performance Securities Investors will give up some or all appreciation in underlying security Best suited for investor who believes the underlying asset will trade in a tight range over the life Examples: Reverse Convertible, Autocall Risk

18 Equity Derivatives and Structured Retail Structured Product Segments Performance trackers Leverage Products that provide returns that are directly linked to the performance of the underlying instrument Return Performance Securities Investors are equally exposed to the downside as well as the upside Yield Enhancement Examples: 1:1 certificates Principal Protection Risk

19 Equity Derivatives and Structured Retail Structured Product Segments Leveraged Performance Leverage Leverage For investors willing to put up risk premium that will provide exposure to a much larger notional investment Return Performance Securities Yield Enhancement Best suited for investors who are looking for exposure to an asset class where they are underweighted Full premium loss is possible Principal Protection Examples: Mini Futures Risk

20 Client Engagement Online

21 Equity Derivatives and Structured Retail Client Engagement Online Statistics and Figures 2009 / 2010 (YTD) Total hits ~ 8.7 mln / 4.2 mln Total page views ~ 35 mln / 16.5 mln Client reach with over 1 million unique visitors Products listed in more than 10 exchanges with real time pricing Product coordination and short time to market delivery with over 30,000 products and 3,000 products issued a month Innovative products and underlyings

22 Key Strengths

23 Equity Derivatives and Structured Retail Key Strengths One stop shop all you need from one sales contact Extensive experience of legal, compliance and product suitability in the structured products market Advise clients in wrapping structured products for retail market Offer product information (ie., pricing, term sheets, prospectus) on web-site in six languages (German, English, Italian, France, Portuguese and Spanish) Tailor-made websites according to client product distribution requirements Brochures and marketing support tailored to client needs and the private investor White labelling solutions Reliable execution and a consistently high service level small bid/offer spreads market liquidity

24 Equity Derivatives and Structured Retail Our Market Position Germany - all products Commerzbank 20% Deutsche Bank 19% RBS 12% BNP 7% Citi 6% Hong Kong - all products Soc Gen 17% KBC 16% Deutsche Bank 16% BNP 13% RBS 11% Benelux - all products RBS 80% Rabobank 9% Citi 5% ING 3% Commerzbank 1% Switzerland - all products Deutsche Bank 19% Vontobel 18% ZKB 17% Goldman Sachs 9% Source: Local Exchanges UBS 9% RBS 7% UK - all products RBS 43% Barclays 23% Societe General 23% Goldman 10% Merill 1% Australia - all products MacBank 34% Citi 28% RBS 18% UBS 15% WBC 2% Italy - certificates Banca Aletti 25% Deutsche Bank 16% RBS 14% Unicredit 11% Banca Imi 9%

25 Equity Derivatives and Structured Retail Our track record Selection of Awards in 2008/09 Euromoney Award 2009: Best Global Structured Products House Gouden Tak 2009: Best Website (1 st ), Best Return/Risk Profile product (1 st ), Best product (2 nd ) Swiss Derivative Awards 09: Best Leverage Products (2 nd position) Structured products Europe Awards 2008: Best in Nordics, Best in Ireland (Ulster Bank) Focus MONEY Zertifikatepreis 2009: Best client magazine Italian Certificates Awards 2009: Best Issuer of Leverage Products (1 st ), Best Marketing Service to Investors (1 st ) Finance Asia Structured Products Awards 2008: Best Islamic Product Brokerwahl.de 2009: FOREX Broker of the year (1 st ), CFD Broker of the year (2 nd ) Trailblazer Awards 2008: Triple A (Asset Asian Awards), Derivatives & Structured Products Order Finansowy Home & Market Award 2009 (Poland): Best Structured Life Product

26 Disclaimer This marketing communication has been prepared by The Royal Bank of Scotland N.V., The Royal Bank of Scotland plc or an affiliated entity ('RBS') and for the purposes of Directive 2004/39/EC has not been prepared in accordance with the legal and regulatory requirements to promote the independence of research. Regulatory restrictions on RBS dealing in any financial instruments mentioned at any time before is distributed to you do not apply. This document has been prepared for information purposes only. It shall not be construed as, and does not form part of an offer, nor invitation to offer, nor a solicitation or recommendation to enter into any transaction or an offer to sell or a solicitation to buy any security or other financial instrument. No representation, warranty or assurance of any kind, express or implied, is made as to the accuracy or completeness of the information contained herein and RBS and each of their respective affiliates disclaim all liability for any use you or any other party may make of the contents of this document. The contents of this document are subject to change without notice and RBS does not accept any obligation to any recipient to update or correct any such information. Views expressed herein are not intended to be and should not be viewed as advice or as a recommendation. RBS makes no representation and gives no advice in respect of any tax, legal or accounting matters in any applicable jurisdiction. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. The information contained herein is proprietary to RBS and is being provided to selected recipients and may not be given (in whole or in part) or otherwise distributed to any other third party without the prior written consent of RBS. RBS and its respective affiliates, connected companies, employees or clients may have an interest in financial instruments of the type described in this document and/or in related financial instruments. Such interest may include dealing in, trading, holding or 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. This marketing communication is intended for distribution only to major institutional investors as defined in Rule 15a-6(a)(2) of the U.S. Securities Act Any U.S. recipient wanting further information or to effect any transaction related to this trade idea must contact RBS Securities Inc., 600 Washington Boulevard, Stamford, CT, USA. Telephone: The Royal Bank of Scotland plc. Registered in Scotland No Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. The Royal Bank of Scotland plc is authorised and regulated by the Financial Services Authority. The Royal Bank of Scotland N.V., established in Amsterdam, The Netherlands. Registered with the Chamber of Commerce in The Netherlands, No Authorised by De Nederlandsche Bank N.V. and regulated by the Authority for the Financial Markets in The Netherlands. The Royal Bank of Scotland plc is in certain jurisdictions an authorised agent of The Royal Bank of Scotland N.V. and The Royal Bank of Scotland N.V. is in certain jurisdictions an authorised agent of The Royal Bank of Scotland plc. Copyright 2010 The Royal Bank of Scotland plc. 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 The Royal Bank of Scotland plc s prior express consent. The Royal Bank of Scotland N.V. is not an affiliate of Pershing LLC or The Bank of New York Mellon Corporation.

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