DoneDeals. Featured in this issue... Delivering Specialist Solutions Offshore. Offshore

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1 Spring Vol.3 DoneDeals Offshore Delivering Specialist Solutions Offshore Featured in this issue... P04. Ambitious Plans Clever financial solution enables Bespad Holdings Ltd to begin work on first phase of development. P08. Funding Growth Specialist funding for Prorendita 1 helps meet German demand for UK TEP funds. P14. Valuable Currency Structured foreign exchange hedge helps NedGroup Investments control expenses over budget. P04 P08 P14

2 Offshore DoneDeals Spring 2006.Vol.03 Jersey 02 Bevco LLC Japanese Bank Bespad Holdings Ltd Purple Heather Ltd Continental Financial Services Ltd Watermark Holdings Ltd Guernsey 08 Prorendita 1, 2 and 3 Hallwood Investments Ltd Northern Trust (Guernsey) Limited Capital International Mid Europa Partners LLP A client of Mourant International Finance Administration Isle of Man 14 Nedgroup Investments Gibraltar 15 Quay Real Estates Ltd Government of Gibraltar DealMakers Alex Rodger Regional Managing Director, Corporate Banking Keith Bailey Regional Managing Director, Treasury & Investor Solutions Mike Gray Regional Managing Director, Sales Andrew Page Regional Chief Executive Officer, Securities Services Jersey Graeme Smith Regional Director, Corporate Banking Stephen Reilly Regional Director, Treasury & Investor Solutions Guernsey Ken Bradley Regional Director, Corporate Banking Neil De Garis Regional Director, Treasury & Investor Solutions Isle of Man Victoria McEneaney Regional Director, Corporate Banking Helen Edwards Regional Director, Treasury & Investor Solutions Gibraltar Marvin Cartwright Regional Head, Corporate Banking Nick Gordon Regional Head, Treasury & Investor Solutions

3 Building and strengthening relationships Welcome to Done Deals... Our regular look at a cross section of transactions that RBS International has played a part in. Over the coming pages, we ve drawn together deals that we hope emphasise the breadth and depth of our capabilities. These stretch from creating complex offshore structures such as Jersey Unit Trusts to structuring foreign exchange hedges and providing short and long term loans to help support local property development. As well as our own expertise, we draw on the specialist skills of our colleagues from across the entire Royal Bank of Scotland (RBS) to create comprehensive solutions for our customers. In this Done Deals, you ll see examples of us working together with RBS Global Banking & Markets and Asset Management specialists amongst others. The common theme in all the deals featured is that, however technical or straightforward, we always approach each transaction with the same enthusiasm and determination. We thrive on the challenge of developing solutions and understand that our success is one of a partnership with our customer. We hope Done Deals succeeds in conveying our aim of being a trusted partner and we would welcome the opportunity to explore ways to work with you in 2006 and beyond. ALEX RODGER MANAGING DIRECTOR, CORPORATE BANKING RBS INTERNATIONAL KEITH BAILEY MANAGING DIRECTOR, TREASURY & INVESTOR SOLUTIONS RBS INTERNATIONAL t t e... Alex.Rodger@rbsint.com e... Keith.Bailey@rbos.com

4 Jersey 02 Bevco LLC Custodian needed for 2.4 billion new issue of shares following global merger of brewing business drink to success RBS International structures wider facility to enable fine pricing Customer achieves cost efficient solution and benefit of the Bank s global custody expertise When the Santo Domingo family was seeking a global custodian within a European timezone, RBS International s custody specialism was brought to its attention. Poised to complete on a $7.8bn merger with FTSE100 brewing group SABMiller PLC, the family had need of a custodian partner to settle and hold the 2.4 billion new issue of shares. Referred by a RBS colleague in New York, where the Santo Domingo family has close ties, the RBS International team in Jersey quickly set about building upon the credentials of RBS and demonstrating why its reputation as a global custodian stands. Having no prior relationship with the family and working with significant assets and to a challenging merger timetable, the Bank efficiently dealt with complex due diligence requirements before going on to structure a wider facility for this important new client. By doing this it was able to extend a finely priced, structured tariff, recognising the long-term relationship potential. The Santo Domingo family, and its key advisory team, were impressed by the RBS International global custody expertise and its determination to work closely with the family to come up with a creative and mutually attractive solution to meet its needs, within the ambitious time constraints. From our initial contact with RBS International, we have been particularly impressed with the high level of professionalism. The constant attention we received plus a tremendous effort at quick turnaround led to a satisfactory closure. We are very grateful. Robert Hamshaw, Managing Director, Santo Domingo family office

5 Jersey 03 Japanese Bank RBS International's performance sets it apart from other administrators we have worked with and we are impressed with the service provided. A Japanese bank spokesperson a complex vehicle Japanese bank requires specialist tax-efficient investment vehicle RBS draws on structured finance expertise to create leverageddebt fund Jersey Unit Trust from RBS International completes the tax-efficient structure When one of Japan s leading banks required a specialist tax-efficient investment vehicle, RBS joined forces to deliver the innovative product the bank was seeking. Putting into play its leveraged-finance expertise, RBS in London created a European leveraged-debt fund on behalf of the Japanese bank and then called on RBS International in Jersey to support the fund. The Bank has a solid track record in running offshore funds and Jersey Unit Trusts and, by drawing on this knowledge and collaborating with its RBS colleagues, it was able to create a highly specialised and tailored solution that met the customer s exact needs. This involved the setting up of a Jersey Unit Trust, with RBS International supporting the fund through its fund administration, investment management and corporate trustee services. RBS International was up against a tough competitor to win this role so needed to show that it had the capability to handle the complexities of the project and deliver a sound solution for the fund within the timeframe dictated by the customer. By keeping a level head and working efficiently with the many different parties involved, it did just this, proving it has both the flair and appetite for complex transactions and can be relied on to deliver solid results. The tax-efficient investment vehicle has helped the Japanese bank achieve its aim of securing a sound leveraged debt solution and is contributing to the successful performance of the bank.

6 Jersey 04 Bespad Holdings Ltd Having RBS International on board was a huge boost during this exciting time for our business. It took the time to really understand the project and our objectives and worked extremely hard to develop a solution that was right for us. Bob Beslievre, Managing Director, Bespad Holdings Ltd Large scale, ambitious development project requires tailored funding solution ambitious plans RBS International uses property expertise to help create multiphase development and repayment schedule Clever financial structure paves the way for the building work to begin Securing a bespoke funding solution was a top priority for Bespad Holdings when it took on a huge development project in the south west of Jersey. The scale of the project, which involved the phased acquisition of a large hotel site together with the development, in stages, of more than 50 flats and a number of luxury houses, called for some serious planning. It also represented by far the largest challenge that experienced developer Bespad had faced. To help move the project from vision to reality, the Bank worked alongside Bespad and the vendor, carefully piecing together a structure that would enable the deal to go ahead. This included setting up a two-stage acquisition with an element of deferred consideration and a multiphase repayment programme from Bespad to both Bank and vendor. With a funding solution that took into account the intricacies of the construction plan and cash flow, Bespad's ambitious development project got off to a good start with the first phase already a success.

7 Jersey 05 Purple Heather Ltd seizing the opportunity Property opportunity presents funding challenge for fledgling developers Confidence in firm leads RBS International to create funding package that pushes the boundaries Funding gives project the go ahead and enables developers to demonstrate capabilities Presented with a rare opportunity to build five detached houses in a stunning and extremely sought-after location in rural Jersey, the pair behind Purple Heather were determined to make a go of it. The two Directors are experienced building contractors but as this was their first opportunity into the world of developing, the project represented a challenge in terms of securing funding. To overcome this, Purple Heather s initial reaction was to secure finance through a business partner but, when RBS International got involved, this all changed. RBS International recognised the potential of the development opportunity and, drawing on its property finance expertise together with its confidence in the pair s ability to make a success of the project, the Bank set about creating a funding strategy that would enable Purple Heather to go ahead with the development on its own. To achieve this, the Bank held extensive discussions with valuers, surveyors and lawyers and combined this with its sector knowledge to put together a structured property development package. By creating a controlled environment for the development, RBS International was able to fund a project that didn t fall within the Bank s usual lending parameters and, in doing so, managed to support the strategic growth of a valuable customer. This development represents the opportunity of a lifetime and we are extremely grateful to RBS International for understanding its potential and supporting us to see the project through. Billy McIntosh and Paul Cowieson, Directors, Purple Heather Ltd

8 Jersey 06 Continental Financial Services Ltd We have been working with the Bank for a number of years now and continue to be impressed by the knowledge and enthusiasm of the team and the hard work it puts into developing each solution for us. Peter L. Watts, Managing Director, Continental Financial Services Ltd Continental seeks yield enhancement solutions for a prominent client yield enhancement RBS International creates structured products tailored to requirements Bespoke solution from Bank helps bolster returns for Continental s client Continental Financial Services Limited, a licensed and regulated Trust and Company service provider, seeks the support of a bank with the capability to create the structured financial solutions that can bolster returns. RBS International is helping to provide this support; drawing on its financial markets expertise in both Jersey and London to put together tailored products for Continental s clients. Recently, this has seen the Bank working alongside Continental to create bespoke yield enhancement solutions for a particular client. To achieve this, the Bank spent time with both Continental and the client, developing a solid understanding of the risk and investment strategy and used this knowledge to build structures to meet their specific requirements. The result was a product that saw US$2 million invested against a basket of Asian currencies over a one-year term, together with a second product where US$3 million was linked to the commodities index over five years. These were in addition to existing products that RBS International had structured on behalf of Continental's client. Working with a bank that has a sound knowledge of structured investment products and the appetite for understanding the individual requirements of its clients is helping Continental to enhance the first-class service which it provides.

9 Jersey 07 Watermark Holdings Ltd Watermark wants to refinance part of its UK property portfolio and associated interest hedging position long-term plan with a short-term horizon RBS International s close relationship with Watermark enables it to structure an alternative short-term flexible facility Solution from the Bank gives Watermark time to consolidate and identify future acquisitions for its portfolio When property-investment company Watermark sought to refinance four of its UK properties, the firm approached RBS International, as it knew the Bank had the ability to understand the complexities of their requirements and come up with a suitable solution. A million 12-month facility was used to refinance facilities from three other lenders and cover associated interest-hedging break costs. RBS International then worked against a tight deadline to ensure the facilities were ready to be met on time. The Bank had already demonstrated its capabilities, having worked with Watermark on two further UK Property refinancings earlier in With the successful completion of this latest facility, the Bank has bought the total of deals done with the Watermark Group to 120 million in RBS International is eager to develop this relationship and as the firm continues to prosper and grow. With this support, Watermark are now in an ideal position to reorganise and add to its portfolio in 2006, with interest rate hedging appropriate to the quantum and profile of the portfolio. Building on its knowledge of our business, RBS International was able to put in place a short-term funding solution that is helping achieve our long-term property investment ambitions. Nigel Le Quesne, Director, Watermark Holdings Ltd

10 Guernsey 08 Prorendita 1, 2 and 3 German issuing house moves into the UK TEP market RBS International fills specialist funding role Success of initial company leads to two more companies funding growth With the launch of its Prorendita 1, a company that purchases and trades in TEPs (Traded Endowment Policies), issuing house IDEENKAPITAL needed a bank with the capability to deliver financing facilities for the highly specialised sector. Already successful at selling closed-end funds, IDEENKAPITAL was making its first foray into UK TEPs in order to diversify its product range and meet demand from German investors. From the outset, it was suggested that IDEENKAPITAL turn to RBS International for the specialist funding it needed. RBS International in Guernsey has earned a solid reputation through putting together finance for the TEP industry and set to work at once, creating a facility that would help Prorendita 1 make its mark. Working to a tight timeframe, it structured facilities to enable further TEP purchases and cover future interest and premium costs. With assets in sterling and liabilities in euros, the Bank is also managing currency conversions on behalf of its customer. Following strong investor appetite for the initial company, RBS International has gone on to support IDEENKAPITAL with the launch of two further companies that trade in the UK TEP market. The knowledge and expertise of the RBS International team in Guernsey was exactly what we needed during this crucial time for our business and it has been central to the success of our companies. Daniela Schulte, Director, Prorendita 1, 2 and 3

11 Guernsey 09 Hallwood Investments Ltd RBS International s approach to developing a solution was refreshing. It went out of its way to overcome the challenges confronting us and has succeeded in helping us mitigate the foreign exchange risks as market conditions changed. Tony Gumbiner, Director, Hallwood Investments Ltd a clever structure Solution required to help mitigate foreign exchange risks but US dollar versus sterling rate makes hedging expensive RBS International proposes Medium Term Note followed by hedging when rates converge Solution is cost effective while also giving Hallwood Investments the piece of mind it required As a US dollar based company with a large investment portfolio in sterling, Hallwood Investments Ltd was eager to protect its position against the risk of a strengthening US dollar versus sterling. However, the problem facing the firm was that with US dollar and sterling interest rates so far adrift, the usual hedging solutions were not cost efficient. Additionally, no credit line was in place for the hedging transaction, which would mean waiting for a legal opinion on the British Virgin Islands-registered company. To help its customer overcome these challenges, RBS International s Treasury & Investor Solutions experts came up with the solution of a Medium Term Note, which didn t require a credit line but fully matched Hallwood s requirements of giving it protection in the event of the US dollar weakening against sterling. While the Medium Term Note was in place, US dollar and sterling rates started to converge, making a hedging solution practical so the Bank moved quickly and secured the necessary legal opinion and set up a credit line before the Medium Term Note reached maturity. It then structured the hedging instrument to give Hallwood on-going peace of mind. With Hallwood's foreign exchange risk successfully covered, the firm has strengthened its position and can concentrate on growing business.

12 Guernsey 10 Northern Trust (Guernsey) Limited RBS International s enthusiasm for working alongside us to provide credit solutions for our Global Fund Services Clients was impressive. We admire its skill and determination and look forward to developing this relationship. Biff Bowman, Managing Director, Northern Trust (Guernsey) Limited Northern Trust is keen to support its GFS client demands for credit solutions a successful collaboration RBS International demonstrates that collaboration between the two can create a powerful funding service Following success of initial facilities, this joint approach will enable Northern Trust to provide credit solutions to many more of its GFS clients As a major global player in custody and fund administration, Northern Trust (Guernsey) Limited is keen to provide the fullest range of services to its Global Fund Services (GFS) clients while at the same time ensuring that the provision of credit facilities to support this business is not limited to their own internal policy guidelines. With a significant appetite for lending and solid experience of creating solutions for funds, RBS International believed it was the ideal partner for Northern Trust and set about convincing the firm that they should join forces to provide total credit solutions for Northern Trust s GFS client base. To put the arrangements in place, RBS International drew on expertise from across RBS and, together with Northern Trust, held meetings with clients in both Europe and the United States. This led to a successful partnership between the two and, following the success of the initial transactions, there are already plans in place to create credit solutions for more of Northern Trust s GFS clients. RBS International s collaboration with Northern Trust marks the start of an exciting new phase in the relationship between the two companies and provides the ideal route for Northern Trust to meet the credit demands of its GFS clients whilst at the same time allowing it to focus on delivering its core global custody, fund administration and related services.

13 Guernsey 11 Capital International Capital International requires a back-to-back trade for US$16 million CDO financial solutions RBS International sets up intraday account to accommodate the trade Solution enables Capital International to sell down its CDO the same day Capital International specialises in working with first-tier banks to create structured financial vehicles that are distributed to private banking clients across Europe and the Middle East. Set up eight years ago, the successful firm has built up operations in Guernsey, Jersey and Israel and supplies its products to around 60 private banks. Working with RBS Global Banking & Markets experts in London, Capital International created a US $16 million collatorized debt obligation (CDO) with a capital guarantee and a bespoke cash flow. Eager to execute a back-to-back trade to sell the CDO on to its clients the same day, the firm then sought a custody bank capable of accommodating the trade. This opened the door for RBS International to demonstrate its skills. Keen to help provide a complete solution for Capital International, RBS International worked closely with its RBS colleagues in London to build up an understanding of the transaction and set the wheels in motion for the trade to take place. To help RBS International accommodate the back-to-back trade, RBS Global Banking & Markets team provided a guarantee stating that, if any part of the CDO remained unsold, it would buy it back. This enabled RBS International the confidence to go ahead and establish an intra-day account to enable the transaction to take place, and it did this in time to meet the demanding timetable for the creation and trading of the CDO. With this latest transaction a success, Capital International is continuing to deliver the sophisticated financial solutions that its clients have come to expect from the firm. An excellent example of teamwork, RBS International and RBS Global Banking & Markets provided a complete solution for us, creating a CDO and enabling us to sell it down the same day. Joshua Rurka, Director, Capital International

14 Guernsey 12 Mid Europa Partners LLP Private equity firm needs a bank to help support latest fund fund knowledge RBS International creates comprehensive 240 million package of facilities, including a bridge overdraft, foreign exchange and standby guarantees Facilities provided oil the workings of the fund, helping to make it a success RBS International was eager to demonstrate what it could do when it heard that Mid Europa Partners was looking for a bank to structure facilities for its Emerging Europe Convergence Fund II. The RBS International team has expertise in supporting private equity funds and was confident that it could put together a compelling package for Mid Europa Partners, a leading independent private equity firm focusing on opportunities in central and eastern Europe. Up against a tight deadline, the Bank worked closely with Ogier Fund Administration (Guernsey) Limited, the fund administrator and the manager, quickly building up an understanding of the firm and its needs. From this foundation, it structured a compelling 240 million package comprising bridge overdraft, standby guarantee and forward foreign exchange facilities. RBS International's range of facilities has given Mid Europa Partners greater flexibility in meeting the short-term financing needs of the Fund enabling it to manage its investments more efficiently and is helping the firm improve the potential for returns for investors. The combination of RBS International s expertise and its willingness to work closely with us resulted in a flexible package of facilities. We are grateful for the Bank s support. Bill Morrow, Chief Operating Officer, Mid Europa Partners LLP

15 Guernsey 13 A client of Mourant International Finance Administration We were particularly impressed with the level of service from RBS International in relation to a complicated guarantee arrangement. The Bank has managed to offer terms which were not available from other local institutions and it is this, together with the Client Relationship Manager flexibility shown on the part of RBS International, that has been hugely appreciated. Rob Jones, Business Manager, Mourant maximising returns Fund requires powerful solution to help maximise returns Rising to the challenge, RBS International creates Standby Letters of Credit and a bridging facility Solution helps return capital to investors Working with a bank that has the expertise to handle complex fund management transactions was vital for fund administrator Mourant when it was looking for a bank to take over certain guarantees already issued on behalf of a Fund. Both of the existing guarantees were structured on a fully cash-backed basis and, generally speaking, it is not in the interest of any Fund to hold cash deposits as security, given the adverse impact on returns. Through a proactive approach to supporting the fund management sector, RBS International has built up a solid understanding of its needs and was in a position to take on the complex transaction and create a solution that would work for the Fund. To maximise returns for investors, the Bank delivered a funding package with a value of more than 24 million. This included Standby Letters of Credit together with a bridging facility. As a result of the new guarantees provided by RBS International, 4.4 million of capital has now been returned to investors.

16 Isle of Man 14 Nedgroup Investments We really appreciate the proactive approach RBS International took to identifying our needs and then developing a solution that was right for our business. By helping to minimise the risk of currency movements, the Bank s hedges are helping us to control our expenses against budget and improve efficiency. Lloyd Jones, Financial Director, Nedgroup Investments valuable currency International nature of Nedgroup s business creates an ongoing need to mitigate foreign exchange exposure RBS International structures foreign exchange hedging solution to match firm s commitments Following success of first hedge in 2005, hedge structure is repeated in 2006 to provide ongoing protection for Nedgroup It was during a meeting with its customer Nedgroup Investments that RBS International identified the firm s ongoing exposure to fluctuating foreign exchange rates and demonstrated how a foreign exchange hedge could help manage this exposure. Part of Nedbank Group, which is one of South Africa s leading financial organisations, Nedgroup Investments is an international asset management house with offices in London, the Isle of Man and South Africa. Its foreign exchange exposure had come about because of the need to convert US dollars into sterling on a monthly basis so that it could meet the expenses, such as salaries and rental payments, of the Isle of Man and London offices. It also needed to ensure that all currency transactions remained within the budget exchange rate that Nedbank Group sets on an annual basis. Drawing on the Treasury & Investor Solutions expertise of RBS International in the Isle of Man, the Bank moved quickly to build up an understanding of Nedgroup s foreign exchange exposure and its requirements. It then went on to develop a structured foreign exchange hedge for the remainder of 2005, which accommodated the budget rate of its parent group and also allowed the firm to convert to sterling on a monthly basis to meet requirements. RBS International s proactive approach to identifying the firm s needs and its ability to translate these into a solid solution helped make the 2005 hedge a success and the Bank has since gone on to trade a separate foreign exchange hedge for Nedgroup s 2006 requirements. By hedging its foreign exchange exposure, Nedgroup has achieved greater control over its finances and improved the efficiency of its Isle of Man operation.

17 Gibraltar 15 Quay Real Estates Ltd tight deadlines Gibraltar property investment opportunity calls for speedy financing solution Quick response and solid funding package from RBS International keeps the deal on track With first Gibraltar property transaction a success, customer sets sights on expanding portfolio Always eager for a challenge, RBS International was determined to show what it was made of when a leading Gibraltar estate agent contacted it to put together a last-minute property loan. The property, which was a luxury flat in Gibraltar s sought-after Queensway Quay Marina Development, was being bought as a buy-to-let investment and the buyers needed to move quickly to seize the opportunity. Adding to the tension, the deal was taking place over the Christmas period and one of the principals was also on holiday throughout. To complete by 28 December, all parties had their work cut out. Putting Christmas festivities on the backburner, RBS International swung into action, setting up a loan facility to accommodate the deal and getting it sanctioned within just 24 hours. It juggled negotiations with the buyers and between the lawyers in Gibraltar and the UK to drive the deal forward, demonstrating its capabilities and having all the finances in place by Christmas Eve. The Bank's response exceeded the expectations of the buyers and underlined its ability to structure sound deals to tight timeframes, which is a vital ingredient of success in the property industry. And with a successful acquisition behind them, the buyers are eager to increase their property holdings in Gibraltar. We needed to move quickly to take advantage of this investment opportunity, which is easier said than done in the run-up to Christmas. But, with RBS International working on our behalf, all the financing fell into place and our Gibraltar acquisition was a success. Consultant to Quay Real Estate Ltd

18 Gibraltar 16 Government of Gibraltar The Government of Gibraltar has recently expressed its satisfaction with the ability of RBS International to meet the Government s everyday banking needs, particularly in the areas of foreign exchange transactions, use of IT solutions and the provision of innovative lending solutions adapted for its specific needs. The Government of Gibraltar Foreign exchange exposure on housing project prompts Government of Gibraltar to seek out hedging solution cultivating hedges Structure from RBS International tailors foreign exchange hedge to meet requirements of the Government Solution helps Government meet its diverse commitments A multi-million pound Government housing project was the catalyst for the Government of Gibraltar to seek a foreign exchange hedging solution. With the contractor s costs incurred in euros, the Government was exposed to exchange rate movements and, to help it manage this exposure, it wanted to set up a hedge. RBS International was keen to help and, in the first instance, set about understanding the project. Rather than just one hedging solution, this culminated in RBS International structuring a whole raft of hedges tailored to the project s cash flow, which involved phased payments from the Government to the contractor. As well as putting together the successful hedging solution, RBS International has also increased a revolving loan facility to assist the Government with its future capital expenditure programme. RBS International is also extending the Bank s electronic banking platform, which the Government already uses, to a number of the Government's departments. The combination of tailored financial solutions and cutting-edge electronic banking is helping the Government manage its finances and meet its diverse commitments head on.

19 Offshore DoneDeals Our specialist capabilities are an important part of the service we offer our customers. We are able to demonstrate how quickly we recognise the challenges that our customers face and show how some of the complexities of transacting new business have been overcome. Our appetite for business and relentless focus on relationships and broad spectrum of solutions we have to offer shows our commitment to delivering specialist solutions offshore. We welcome the opportunity to explore ways in which to work with you more closely in The Royal Bank of Scotland International Limited ("RBS International"). Registered Office: Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission for carrying on banking, investment and insurance business. Guernsey business address: PO Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Isle of Man business address: Royal Bank House, 2 Victoria Street, Douglas, Isle of Man IM99 1NJ. Licensed by the Isle of Man Financial Supervision Commission for banking and investment business and registered with the Insurance and Pensions Authority in respect of general business. The Royal Bank of Scotland (Gibraltar) Limited. The Royal Bank of Scotland International ('RBS International') is the registered business name of The Royal Bank of Scotland (Gibraltar) Limited under the Business Names Registration Ordinance. The Royal Bank of Scotland (Gibraltar) Limited registered office: PO Box 766, 1 Corral Road, Gibraltar. Registration No Licensed by the Financial Services Commission under the Banking Ordinance Licensed by the Gibraltar Financial Services Commission to transact Investment Business (License No. FSC 00159B). Principal place of business of The Royal Bank of Scotland (Gibraltar) Limited is in Gibraltar. RBSI International Securities Services. RBS International Securities Services comprises RBSI Custody Bank Limited (RBSICB) and RBSI Fund Administration Limited (RBSIFA), both of which have registered offices at 71 Bath Street, St. Helier, Jersey, JE4 8PJ and business addresses at Liberté House, La Motte Street, St. Helier, Jersey JE4 5RL. RBSICB: Regulated by the Jersey Financial Services Commission for carrying on banking and investment business. Guernsey business address: PO Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey. GY1 4BQ. Licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994 and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Isle of Man business address: Royal Bank House, 2 Victoria Street, Douglas, Isle of Man, IM99 1NJ. Licensed by the Isle of Man Financial Supervision Commission to conduct banking and investment business. RBSI FA: Regulated by the Jersey Financial Services Commission in the carrying on of Trust Company Business. NatWest. The Royal Bank of Scotland International Limited ("RBSI") trading as NatWest. Registered Office: Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission for carrying on banking, investment and insurance business. Business address: PO Box 11, 16 Library Place, St Helier, Jersey, JE4 8NH. Guernsey business address: PO Box 604, National Westminster House, Le Truchot, St. Peter Port, Guernsey, GY1 4NW. Licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Isle of Man business address: PO Box 7, 1 Prospect Hill, Douglas, Isle of Man, IM99 1AQ. Licensed by the Isle of Man Financial Supervision Commission for banking and investment business and registered with the Insurance and Pensions Authority in respect of general business. Gibraltar business address: National Westminster House, PO Box 707, 57 Line Wall Road, Gibraltar. Licensed under the Banking Ordinance of Gibraltar Licensed under the Gibraltar Financial Services Ordinance 1989 (License number FSC0066OB). NatWest is the registered business name of RBSI under the Business Names Registration Ordinance. Isle of Man Bank Limited ("IOMB"). Registered Company Number: 1 Isle of Man. Registered Office: 2 Athol Street, Douglas, Isle of Man, IM99 1AN. Licensed by the Isle of Man Financial Supervision Commission for banking and investment business and registered with the Insurance and Pensions Authority in respect of general business. Our services are not offered to any person in any jurisdiction where their advertisement, offer or sale is restricted or prohibited by law or regulation or where we are not appropriately licensed. Calls may be recorded. Internet s are not necessarily secure as information might be intercepted, lost or destroyed. Please do not any account or other confidential information. The Royal Bank of Scotland Plc. Registered in Scotland. No Registered office: 36 St Andrew Square, Edinburgh EH2 2YB. Authorised and regulated by the Financial Services Authority.

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