Delivering Specialist Solutions Offshore

DoneDealsOffshore

Su

mm

er

20

07

.Vo

l.5

Featured in this issue...P08. Star PropertyCollaboration between RBS International and RBS Grouphotel and leisure specialists results in robust developmentfunding package for Rising Star’s landmark hotel

P15. Specialist ExpertiseRothmann & Cie’s TEP fund receives a boost with gearedloan facility

P18. Ocean AppealComprehensive funding facility for Gibraltar marina complexconvinces Ocean Village to move banking to RBS International

P08 P15 P18

Adrian Gill Regional Managing Director, Corporate Banking 01534 285220

John Retter Regional Managing Director,

Treasury & Investor Solutions 01534 285362

Mike Gray Deputy Regional Managing Director, Corporate Banking 01534 285430

Jersey

Graeme Smith Regional Director, Corporate Banking 01534 285689

Stephen Reilly Regional Director, Treasury & Investor Solutions 01534 285362

Guernsey

Ken Bradley Regional Director, Corporate Banking 01481 702520

Neil De Garis Regional Director, Treasury & Investor Solutions 01481 706671

Isle of Man

Victoria McEneaney Regional Director, Corporate Banking 01624 646380

Neil De Garis Regional Director, Treasury and Investor Solutions 01481 706671

Gibraltar

Marvin Cartwright Regional Head, Corporate Banking + 350 72790

Nick Gordon Regional Head, Treasury & Investor Solutions + 350 49248

Summer 2007.Vol.05

DealMakers

DoneDealsOffshore

Jersey 02Hallin Marine Systems Limited

M&G

The Condor Group

Quadriga Capital

Client of Mourant International Fund Administration

Harbert Management Corporation

Guernsey 08Rising Star LLP

Alternative Energy Deposit

Image Group

EQT

Emerging Europe Convergence Fund II LP

TEP One LP

Rothmanns & Cie Trustfonds

Isle of Man 16Equiom Trust Company Limited

Gibraltar 18Ocean Village Marina Limited & Ocean Village Properties Limited

Kings Wharf Limited

Buildingand strengthening relationships

Welcome to Done Deals......our regular look at a cross section of recent transactionsacross the offshore jurisdictions.

RBS International has seen some significant changes in recent months. We losea familiar face in this edition of Done Deals: after an extraordinary 40-yearcareer with the Bank, Alex Rodger, Regional Managing Director retired inMay 2007. We are sure that all of our clients would like to join us in wishingAlex a long and happy retirement.

We also welcome two new arrivals: Adrian Gill and John Retter. Adrian joins usas Regional Managing Director from the UK where he represented the Midlandsregion. He will be working closely with John, our new Regional ManagingDirector for Treasury & Investor Solutions in RBS International, who hasglobal responsibility for Product Development in Treasury & Investor Productsfor RBS Global Banking Markets. Together, they are committed to pooling theirwealth of expertise to support the development of local business and areambitious to grow the Bank so that it can help even more clients take advantageof opportunities and achieve the complex financial solutions they are seeking.

The deals showcased in this edition of Done Deals are testament to thebreadth and depth of RBS International’s capabilities and our commitmentto delivering a first-class service to clients. Treasury solutions, such as hedging,liquidity and multi-currency cash management are at the very heart of ouroffshore business and we continue to invest in these in each jurisdiction.

Combining our offshore expertise with the strength of RBS Group, we striveto create comprehensive and seamless solutions that are tailored to our clients’requirements. We hope Done Deals is successful in demonstrating not onlyour capabilities but also the passion and commitment we bring to developingsolutions for our clients.

We would welcome the opportunity to demonstrate how we can support your organisation.

ADRIAN GILL JOHN RETTER

REGIONAL MANAGING REGIONAL MANAGINGDIRECTOR, DIRECTOR,

CORPORATE BANKING TREASURY & INVESTORSOLUTIONS

RBS INTERNATIONAL RBS INTERNATIONAL

t... 01534 285220 t... 01534 285362e...adrian.gill@rbsint.com e...john.retter@rbos.com

guaranteed

success

Jersey 02

Hallin Marine Systems Limited

“When we secured a significant new contract in the Gulf of Mexico,its progress rested on a bank guarantee to underpin our business.The prompt service we received from RBS International and itsability to put in place a solid solution was invaluable in helping usprogress with the year-long contract.”

John Giddens, Chief Executive, Hallin Marine Systems Limited

Hallin Marine Systems needs a bank guarantee to undertake significant new contract in the Gulf of Mexico

RBS International draws ontrade finance experience tostructure comprehensive facility

Trade solution gives all parties the confidence to progress with the contract

�

�

�

Singapore-based Hallin Marine SystemsLimited (Hallin Marine) provides sub-seasolutions to the global oil and gas industry,undertaking contracts such as maintenancework and the laying of underwater cables.

To fulfil a recent contract in the Gulf ofMexico, the firm needed to hire a barge overthe course of a year to transport equipmentand personnel. However, before releasingthe barge, its owners requested that abond be put in place to ensure the assetwas protected.

As Hallin Marine already had a successfulbanking relationship with RBS Internationaland was confident of its capabilities, thefirm turned to the Bank once more for help.Working quickly given the limited timeavailable to complete the transaction,the RBS International team includedInternational Banking specialists fromRBS Group who have extensive experienceof structuring global trade financefacilities. The resulting comprehensivesolution suited Hallin Marine’s needs.

The Bank’s solution hinged on using a Letterof Credit (LoC) issued in favour of HallinMarine. By adding confirmation to the LoC,RBS International used it to underpin thebank guarantee for the barge owners.

RBS International’s comprehensive structureresulted in a robust yet streamlined tradesolution, giving all parties in the Gulf ofMexico the confidence to progress withthe contract.

well connected

Jersey 03

M&G Investments

“We were delighted when RBS Group put us in touch with RBSInternational, because the Bank clearly had the expertise tostructure the short term liquidity facility that we were looking for.With the facility in place, our fund is able to react quickly toinvestment opportunities.”

Peter Baxter, Offshore Business Director, M&G Investments

Liquidity facility sought by M&Gfor its Luxembourg domiciled realestate fund

RBS International utilisesexpertise to structure facility

Facility is enabling fund to makestrategic acquisitions, prior toreceipt of investor cash

�

�

�

M&G Investments (M&G), the fundmanagement arm of Prudential plc, hasestablished an office in Luxembourg.From here, the business aims to meetinvestor demand for European real estateand has launched the M&G EuropeanProperty Fund. This is a retail fund whichgives investors access to a mixed portfolioof European commercial propertyinvestments both directly and throughinvestment in other funds.

To enable the fund to buy assets inadvance of receiving investments, M&Gwas eager to set up a liquidity facility andturned to RBS International for help, becauseof its expertise in creating such solutions.Although RBS International does not havean office in Luxembourg, M&G/Prudentialhas a strong relationship with RBS Groupand it was via the Group’s Trustee andDepository Services in Luxembourg thatthe recommendation came.

With the fund often up against shortdeadlines to purchase real estate assets,RBS International had to work quickly tobuild up a thorough understanding of thestructure of the Luxembourg fund and createa solution to match its needs. Rather thanrelying on the uncalled capital commitmentsof investors, the Bank would need to baseits lending on the Net Asset Value of thefund and this would have to be monitoredcarefully.

A swift and sound response from RBSInternational ensured that the liquidityfacility was set up in time for the fund tocomplete a key acquisition and the fundis now continuing to utilise the facility onan ongoing basis.

full steam ahead

Jersey 04

The Condor Group

“We were impressed with the way that Lombard was able to workso proactively with our chosen supplier, Rabeys Group, to producea bespoke facility for our business.”

Bob Sait, The Condor Group

To enhance its service,The Condor Group requires new fleet of commercial vehicles

Working with Rabeys, thecompany’s chosen supplier,Lombard creates a bespokecontract hire facility

Solution from Lombard seesCondor and Rabeys takingcontrol of the vehicles

�

�

�

The Condor Group (Condor) operates a dailypassenger and freight ferry service to theChannel Islands and France from the southcoast of the UK. To continue enhancingits service, Condor wanted to acquire anew fleet of heavy commercial vehiclesbut was keen to secure an arrangementthat would take care of the procurement,service and maintenance of the vehiclesover a seven-year period followed bytheir disposal at the end of this time.

As Condor has a strong working relationshipwith the RBS Group, it was recommendedthat it turn to Lombard, the RBS Group’sasset finance subsidiary, for support in securing the fleet in the manner that it wanted.

With extensive experience of creatingbespoke contract hire services for itscustomers, Lombard was eager to rise

to the challenge. To put together the facility,Lombard worked in partnership with Rabeys,a Channel Islands business that suppliesand maintains commercial vehicles andspecialises in adapting vehicles to theJersey and Guernsey roads.

Lombard negotiated a contract hire facilitythat would provide Condor with itsvehicles but with Rabeys procuring,servicing, maintaining and disposing ofthem. With fixed prices over seven years,it also gave Condor visibility over costs,enabling it to manage its business better.

By working together with Rabeys,Lombard was able to deliver a solutionthat matched Condor’s needs and securedits vehicles in an efficient manner.

ahead

of time

Jersey 05

Quadriga Capital

“RBS International has acted as banker to each of our funds andhas always provided solutions to maximise efficiency and helpimprove returns. The revolving credit facility it has set up for ourQuadriga Capital Private Equity III continues this trend and we arepleased to have the support of the Bank’s experienced Jersey teambehind us.”

Douglas Wm. Smith, Chief Financial Officer, Quadriga Capital

RBS International suggestsliquidity line for fund managementcustomer Quadriga Capital

Bank’s facility enables fund tomake time critical investmentsprior to funds being received

With fund able to react quickly to investment opportunities, the facility increases competitive edge

�

�

�

The Quadriga Capital Private Equity IIIfund makes equity and equity-relatedinvestments in medium-sized companiesacross Germany, Switzerland, Austria andthe Benelux countries. The fund, managedby Quadriga Capital, is structured as aJersey Limited Partnership.

RBS International in Jersey has considerableexperience of providing cash managementand liquidity line solutions to the privateequity sector and has acted as banker to each of the Quadriga Capital funds.Because of this, when the Bank suggesteda liquidity line for its latest fund, QuadrigaCapital was interested to hear how thismight be structured.

To help the fund run smoothly, RBSInternational proposed setting up afacility that would enable the fund tomake investments prior to receivingmoney from its investors. The new facilitysmooths out any timing difficulties andwould give the fund a competitive advantageif it was up against others to invest.RBS International's facility is also on arevolving basis, with a 30-day period toclear funds borrowed on each occasion.

Quadriga Capital was quick to take upRBS International’s proposal and therevolving credit facility is now in place,helping the fund to take advantage ofinvestment opportunities.

team players

Jersey 06

Client of Mourant International Finance Administration

“Working with a bank that understands the needs of private equityfunds is enormously helpful to us in providing a comprehensiveservice to our clients. The liquidity solution that RBS Internationalhas developed for our client is helping to enhance the overallefficiency of the fund.”

Chris Le Boutillier, Business Manager, Mourant International Finance Administration

Mourant International Finance Administration(MIFA) is part of the offshore law firm,Mourant de Feu and Jeune, which wasfounded in Jersey in 1947. Mourant (theparent) today has a client base that includesmore than half of the FTSE 100 companiesand over 800 employees. Its MIFA divisionspecialises in the administration of privateequity and venture capital funds.

MIFA regularly chooses RBS Internationalto provide funding solutions, so when aclient of MIFA was looking for an unsecuredrevolving credit facility of USD 100m, theBank was the obvious choice. Over the pastfive years the RBS International bankingteam and the MIFA fund administrationteams have developed a close workingrelationship, with the Bank having providedfunding for this particular client on severaloccasions.

The Jersey team’s extensive knowledge andunderstanding of the specialist bankingneeds of both the fund administrator andunderlying client enabled RBS Internationalto facilitate this deal. To assist the fundwith its liquidity needs, the Bank’s solutionwas to put in place a one-year revolvingcredit facility, taking into account thequality of the fund’s investors.

As well as minimising the number ortimes the fund needs to call on investorsfor funding, RBS International’s facilitiesare also enabling MIFA to reduceadministration costs whilst ensuring that the fund is running efficiently.

A Private Equity Fund client ofMIFA requires a substantialRevolving Credit Facility

RBS International isapproached due to an existingclose relationship with MIFAand sector expertise

Revolving Credit Facility enablesMIFA to ensure that the fundoperates at optimal efficiency

�

�

�

bespoke

funding

Jersey 07

Harbert Management Corporation

“Obtaining a subscription facility for our recent fund has provided uswith necessary flexibility in funding our investments. The responsivenessand professionalism of the entire RBS International team in puttingthe facility in place was truly top notch. We couldn't be morepleased with the outcome.”

Scott O’ Donnell, Managing Director, European Real Estate, Harbert Management Corporation

When Harbert Management Corporation(Harbert) needed a funding facility for itsHarbert European Real Estate Fund II,an existing customer of RBS Internationalrecommended the US-based businessturn to the Bank for help.

The Harbert European Real Estate FundII provides US and European investorswith the opportunity to invest in aportfolio of commercial and retailproperties across central and westernEurope. The facility would enable thefund to purchase property beforedrawdown of monies from investors and it was key that the business secure thefacility quickly in order to achieve costsavings on its intended purchase.

With extensive experience of developingfunding solutions for the fund managementsector, RBS International responded swiftlyto Harbert's need for a funding facility.Demonstrating its capabilities, the Bank’sJersey team put together a bespoke $40 million multi-currency facility.

RBS International's facility, together withits clear commitment to the success ofthe Harbert European Real Estate FundII impressed Harbert. The Bank's facilityis now helping the fund to effectivelymanage cash-flows and liquidity.

Funding facility sought forHarbert European Real EstateFund II

RBS International isrecommended by existingcustomer and responds with a bespoke facility

Bank funding bridges receipt of monies from investors andenables swift purchase ofproperty portfolio

�

�

�

star property

Guernsey 08

Rising Star LLP

Land acquisition and development finance sought by Rising Star to build a new hotel close to London Heathrow Airport’s Terminal Five

RBS International creates robust package in collaboration with RBS Group’s Hotel and Leisure sector specialists in the UK

Funding helps Rising Star take a significant step with its ambitious five-year growth plan

�

�

�

When Rising Star LLP (Rising Star) wasseeking funding facilities to enable it toacquire and subsequently transform a sitenear Heathrow’s new Terminal Five into a350-bed hotel and conference centre, thecompany turned to RBS International inGuernsey for help.

Rising Star was set up to hold thisparticular asset, with the intentions of theprincipals being to develop a hotel to becomepart of a much larger portfolio of hotels.Rising Star's associated companies arecurrently involved with the construction ofa hotel in Manchester and having alreadydeveloped a four star property at Excel inLondon's Docklands, the group is rapidlyexpanding across the UK.

Given previous positive experience,they had no hesitation in turning to RBSInternational for support because it alreadyhad a solid relationship with the Bank andknew that the team in Guernsey had theskills and appetite to see Rising Star’svision become reality.

To create the facilities needed by RisingStar, RBS International worked closelywith its RBS Group colleagues in London,drawing on the sector expertise of theHotel and Leisure team.

By drawing on its knowledge andunderstanding of the Sachdev family andcollaborating with the wider RBS Group,RBS International was able to structure atotal finance package with a high degreeof leverage. The facilities sanctionedprovided an initial drawdown to supportthe site acquisition and will allow asecond tranche to facilitate the two-yearconstruction programme for the hotel.

A speedy confirmation of the fundingpackage, allied to it's ability to meetstrict timelines, enabled RBS Internationalto assist Rising Star with this significantstep and play an important part in theHotel group's growth ambitions.

09

“When completed, this landmark hotel will be the jewel in our portfolio. It was a pleasure to work withthe team at RBS International who displayed great focus and control in ensuring that this complextransaction was completed in a diligent manner within a tight timeframe.”

Ramesh Sachdev, Rising Star LLP

going green

Guernsey 10

Alternative Energy Deposit

“The potential of alternative energy investments interested me so,when RBS International came up with a bespoke structure thatenabled me to invest in a number of clean and renewable sourcesof energy via an offshore deposit structure, I was delighted.”

High Net Worth Customer of RBS International

High net worth customer ofRBS International seeksalternative investmentopportunities

The Bank creates bespokeinvestment structure based onthe RBS plc Alternative EnergyDeposit

Solution from RBS International provides customer with exciting new product

�

�

�

When a long-standing customer ofRBS International in Guernsey waslooking for new ways to invest his funds,the Bank came up with the suggestion of alternative energies.

A savvy investor, always interested inexploring new opportunities, was keen to take a closer look at the possibilitiespresented by alternative energies.With the sector seen increasingly as animportant weapon in the fight againstglobal warming as well as a way to meetrising energy demands around the world,it is experiencing rapid growth

To help its customer seize the opportunitiespresented by alternative energies, RBSInternational engineered a bespokeinvestment structure based on the RBSplc Alternative Energy Deposit.

A structured five-year deposit, this givesinvestors the opportunity to invest inthree distinct alternative energies: solarpower, wind power and ethanol, which is aclean burning, high octane fuel producedfrom crops such as corn.

The initiative – a first for RBS International– is a great example of the Bank’s Treasury& Investor Solutions team in Guernseydeveloping a bespoke offshore investmentproduct to meet a customer's aspirations,in this case to invest in alternative energies.

the perfect package

Guernsey 11

Image Group

“Moving our banking to RBS International has provided us with thepro-active and cost effective service we are seeking. We believethat working with RBS International will provide the platform for us to take Image Group to its next stage of success.”

Steve Gillman, Partner, Image Group

Image Group, a design and marketingagency with offices in Guernsey andJersey, put its banking business out totender predominantly because it wasseeking a bank able to help the ownersachieve their business goals.

The Bank immediately invested time inbuilding up a thorough understanding ofthe business and creating a comprehensiveand competitively priced package, tailoredto the on-going needs of Image Group.

In addition to the term loan and developmentline, the Bank incorporated a five-yearinterest rate swap to help Image Groupmanage the impact of fluctuating interestrates. It also introduced Streamline, RBSplc’s credit and debit card payment system,to process transactions generated by thecompany’s Internet retail business.

Another part of the Bank's solution wasto set Image Group up with eQ, RBSInternational's online banking packagewhich has been developed specificallyfor offshore businesses.

RBS International’s compelling packagegave Image Group the confidence to transferits business to the Bank and the companyis now proceeding with the refurbishmentof it’s new premises in Jersey whilstcontinuing to develop its business.

Image Group puts bankingbusiness out to tender

RBS International develops tailored comprehensive package to support the business

Refinancing enables thecompany to refurbish Jerseyoffices and continue developingits marketing business

�

�

�

cutting-edge

solutions

Guernsey 12

EQT

“RBS International’s understanding of the private equity fund sectormeant that it delivered a solution capable of improving theefficiency of our banking. Central to this is eQ, its electronic bankingpackage, which is giving us much greater control over our bankaccounts and is simple to use.”

Gary Mauger, Head of Operations, (Guernsey) Mourant International Finance Administration

EQT is a private equity group withoperations in Europe and China. Thebusiness manages a number of fundsactive in buyouts and mezzanine financelooked after by Mourant International FundAdministration (MIFA). As RBS Internationalhas a strong relationship with MIFA, workingalongside the company to provide bankingfacilities for a number of funds under itsadministration, the Bank was proactive indeveloping an attractive proposal.

With specialist expertise in creating bankingsolutions for the fast-paced private equityfund sector, RBS International in Guernseywas eager to play a part in supporting EQT.

Demonstrating its understanding of theniche private equity fund market wheretime pressure is key, RBS Internationalcame up with a competitively priced andcomprehensive solution that would leadto more efficient banking for EQT’s funds.

RBS International’s banking package ishelping MIFA manage EQT’s privateequity funds more efficiently.

EQT manages private equity funds

RBS International makes proactive approach to fund administrator, recommending a new banking package

Bank's solution, with itsspecialist electronic bankingpackage, eQ, enhances thefund’s efficiency

�

�

�

extending

bridges

Guernsey 13

Mid Europa Partners Emerging Europe Convergence Fund II LP

“Once again RBS International has come through for us, structuringan extended bridging facility that enabled us to acquire an importantnew asset. Its support of our fund and willingness to go the extramile has been invaluable over the past two years.”

Bill Morrow, Chief Operating Officer, Mid Europa Partners LLP

Mid Europa Partners LLP (Mid Europa) isan independent private equity firm focusingon opportunities in Central and EasternEurope. It had previously sought RBSInternational’s help in setting up bridgingfacilities to give it operational flexibilityand now wanted to extend these facilitiesso it could draw down funds for periodsof up to 90 days rather than the traditional30-day bridge period. At the time that itapproached the Bank, the business wasbidding to acquire an Eastern Europeantelecoms business with the intention ofa post completion equity sell down toensure the Fund’s concentration cap was observed. The extended bridge wasimportant in ensuring the Fund had acompetitive edge in the ability to achievean early completion if required.

As RBS International had alreadystructured facilities for the EmergingEurope Convergence Fund II, MidEuropa turned to the Bank once againwhen it needed to vary these facilities.

Having built a solid relationship with MidEuropa and its fund administrator, RBSInternational was eager to support itscustomer by varying the bridging facilities.

Drawing on its knowledge of Mid Europaand of the private equity fund sector tostructure the facility, RBS Internationalput in place the extended bridge, whichis now helping the Emerging EuropeConvergence Fund II implement itsstrategy for growth.

Mid Europa Partners requiresextended bridging facilities forits private equity fund

RBS International rises to thechallenge, drawing on in-depthknowledge of the business tostructure facilities

Extended bridge enables thebusiness to acquire assets tobuild the fund

�

�

�

raising

the bar

Guernsey 14

TEP One LP

“RBS International’s enthusiasm for going the extra mile to supportus was impressive and, with our loan in place, we can now focus oncontinuing to develop our TEP fund.”

Paul Sands, Managing Director, TEP One LP

TEP One seeks funding facilitywith high loan to value

RBS International responds with loan facility incorporating a Risk Participation Agreement

Loan enables TEP One todevelop fund and continuemeeting investor demand for TEPs

�

�

�

When RBS International in Guernseyrecently structured a loan facility for itsexisting customer TEP One, it demonstrateda genuine appetite for developing bespokestructures that meet the individual needsof customers.

TEP One operates in the niche TEP(Traded Endowment Policies) sector,running a fund that enables Germaninvestors to put money into UK TEPs.The business was eager to take out aloan to continue developing its fund butwas seeking a higher loan to value thanRBS International would normally consider.

To accommodate its customer, RBSInternational used its considerableexperience of structuring facilities for the TEP sector and set about developing a solution that would enable it to lend thefunds to TEP One.

RBS International joined forces with Hypound Vereinsbank, the German fund initiator’slocal bank, and were able to structure aloan facility that included a Risk ParticipationAgreement. As a result, RBS Internationalwas able to achieve the higher loan tovalue that TEP One was seeking.

With the loan in place, TEP One iscontinuing to develop its fund and torespond to the growing market demand for TEPs.

specialist

expertise

Guernsey 15

Rothmann & Cie Trustfonds

“RBS International’s knowledge of the TEP sector has beeninvaluable in helping us deliver sophisticated investment solutionsto our German market. We are grateful for the Bank’s support andlook forward to continuing this relationship.”

Thomas Gerald Foth, Managing Director, Rothmann & Cie Trustfonds

Operating two funds that give the Germanmarket the opportunity to invest in UK TEPs(Traded Endowment Policies), it is vital forRothmann & Cie to have the support of abank that understands the highly specialisedsector and can respond with appropriatefunding solutions.

Rothmann & Cie found such a bank inRBS International, which, via its team in Guernsey, has developed extensiveexperience of creating financing facilitiesfor the growing TEP market.

RBS International has worked alongsideRothmann & Cie for three years, initiallystructuring a loan for its original TEPfund. Rothmann & Cie went on to launcha second fund and the Bank was askedto provide its support by creating a furtherfinancing solution.

The Bank set up loan facilities enablingRothmann & Cie to borrow money on ageared basis against policies held by thefund. The fund then uses this money topurchase further TEPs and to cover futureinterest and premium costs associatedwith the policies.

As part of its ongoing commitment toRothmann & Cie, RBS International hasalso introduced the business to its GlobalBanking & Markets (GBM) colleagues inLondon. GBM are working to create twonew investment instruments that Rothmann& Cie aims to sell on to clients, expandingthe scope of highly specialised investmentsit provides.

With support from RBS International,Rothmann & Cie is helping to meet demandfrom investors seeking ever moresophisticated investment solutions.

Rothmann & Cie requires loan facility to support TEP fund

With expertise in the TEPsector, RBS Internationalstructures facility

Bank’s solution contributes tocontinued growth of TEP fund

�

�

�

moving

forward

Isle of Man 16

Equiom Trust Company Limited

Strategic decision by Equiom to acquire IOM trust company

RBS International’s specialist knowledge allows management to finance the acquisition

Equiom completes buyout and is able to focus on developing its growing client base

�

�

�

The opportunity arose for the managementteam of Equiom Trust Company Limited(Equiom) to buy out the business whenan Irish Bank took the decision to sell offits Isle of Man trust company.

The deal represents the largestManagement Buy Out (MBO) in thefinancial services sector that the Isle of Man has seen to date so, naturally,competition to provide the funding wasintense. Especially eager to providefunding was RBS International, which has had a relationship with Equiom for some time and is experienced atstructuring funding solutions for localfinancial services businesses.

Teamwork was the key influencer whenEquiom chose RBS International’s fundingsolution. The RBS International teamincluded colleagues from RBS Group’sCorporate & Structured Finance division.

As well as having specialist knowledge offunding leveraged transactions, the teamalso has close working relationships withISIS Equity Partners, the private equityhouse backing the MBO and DeloitteCorporate Finance, who were the MBOteam’s advisers.

Co-ordinating efforts, RBS Internationalstructured a compelling senior debtpackage to support the transaction andensured everything was in place to meetthe demanding timetable that would givethe MBO team exclusivity in buying thebusiness from its parent.

Now that the MBO is complete, Equiomis able to realise its ambitions to furtherdevelop its growing client base.

17

“We were very impressed with RBS International, they worked exceptionally hard to deliver the financepackage in record time.”

Sheila Dean, Managing Director, Equiom Trust Company Limited

ocean

appeal

Gibraltar 18

Ocean Village Marina Limited & Ocean Village Properties Limited

“RBS International’s commercially orientated approach was impressive and facilitated faster development ofpre-sold Ocean Village phases”

Mike Nicholls, Financial Director,

Ocean Village Marina Limited & Ocean Village Properties Limited

Gibraltar property businessseeks funding to expand marinaand resort complex

RBS International provides fullfunding for two of the marina’sresidential blocks

Funding enables business toprogress with landmarkdevelopment

�

�

�

It was while attending a propertyconference in France that Ocean Villageand RBS International’s Offshore RealEstate Finance team struck up arelationship that would lead to the twoworking together. Back on home ground in Gibraltar, the Bank was proactive indemonstrating how it could help thecompany and, before long, RBSInternational put together a fundingproposal for a major phase of thecompany’s Ocean Village complex.

Ocean Village, a marina and resort complexin Gibraltar, offers a range of residentialapartments together with retail, leisureand commercial outlets and the largestmarina in Gibraltar. The site is beingdeveloped in different phases and it wasthe construction of two apartment buildings,comprising 165 premier apartments, thatthe company was seeking funding for.

Taking into account Gibraltar’s strongeconomy, which is fuelling demand forgood quality properties, and OceanVillage’s track record of pre-selling itsbuildings, RBS International was happyto put in place a two-year developmentloan that would provide full funding forthe apartments. The Bank structured thefacility with a cash-release mechanism,enabling Ocean Village to withdraw cashlinked to construction milestones and alsoassisted with hedging to protect the clientagainst rising interest rates.

The comprehensive development facilitiesmean that Ocean Village is now makingswift progress with further phases of thislandmark development,and has movedRBS International to the forefront of itsbanking relationships, following 21 yearswith its previous banker.

developing

success

Gibraltar 19

King’s Wharf Limited

“We have worked with RBS International in the past, so when theBank approached us to suggest it helped fund our marina-frontapartments, we were eager to find out what it could do. Living up to expectations, the Bank provided a solid package of support andwe are pleased to be working together again.”

James Garbarino, Director, King’s Wharf Limited

Gibraltar property companyKing’s Wharf requires fundingto develop marina-frontapartments

Development funding forscheme comes from RBSInternational

Development helps to establishcompany’s reputation inGibraltar’s property industry

�

�

�

Having built more than 2000 property unitsin Gibraltar and completed a number ofsuccessful land reclamation projects overa 25-year period, The Montagu Group is aveteran of the local property scene. Its latestjoint venture project sees King's WharfLimited (King's Wharf) building 144 marina-front apartments and it was these that RBSInternational was eager to help fund.

King’s Wharf already had a funding offerin place that would enable it to develop theapartments. However, as RBS Internationaland King’s Wharf had worked together in thepast, the business had first hand experienceof the Bank’s capabilities and it asked RBSInternational to offer an alternative proposal.

Quickly mobilising a team capable ofsecuring the funding in time to meet thecompany’s timetable for building themarina apartments, the Bank structureda three-year development loan, whichalso incorporated an interest rate swap tohelp mitigate the impact that rising interestrates would have on loan repayments. It thendelivered the credit-approved package tothe table within two weeks of its initial meetingwith the company, assuring King’s Wharfthat RBS International was a bank withthe drive and commitment to support its ambitions.

RBS International’s funding solution ishelping ensure King’s Wharf managesits latest landmark property venture tothe desired conclusion, further cementingthe company’s reputation in Gibraltar.

With a long-established offshore presence, RBS International hasthe expertise to deliver the wide-ranging specialist solutions thatour customers seek. We understand the challenges facing businessesand combine our offshore capabilities with a strong commitment toproviding a first-class service to all that we work with.

Our emphasis is on building long-term relationships with our customersand working alongside you as your business develops and grows.To complement our own expertise we also draw on the knowledge andservices of our colleagues from across The Royal Bank of ScotlandGroup to ensure you receive the comprehensive solutions that willgive you the competitive edge in today’s dynamic marketplace.

We would welcome the opportunity to demonstrate how we canhelp your organisation.

DoneDealsOffshore

THIS IS AN ADVERTISEMENT FEATURE

The Royal Bank of Scotland International Limited (RBS International). Registered Office: P.O. Box 64, RoyalBank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commissionfor carrying on deposit-taking business under the Banking Business (Jersey) Law 1991 and for carrying oninvestment and insurance business under the Financial Services (Jersey) Law 1998. Guernsey businessaddress: P.O. Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Regulatedby the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick ofGuernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick ofGuernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Isle ofMan business address: Royal Bank House, 2 Victoria Street, Douglas, Isle of Man IM99 1NJ. Licensed by theIsle of Man Financial Supervision Commission for banking and investment business and registered with theInsurance and Pensions Authority in respect of general business. The Royal Bank of Scotland International(RBS International) is the registered business name of The Royal Bank of Scotland (Gibraltar) Limited (RBSGibraltar) under the Business Names Registration Ordinance. Registered office: PO Box 766, 1 Corral Road,Gibraltar. Registration No 32094. Licensed by the Gibraltar Financial Services Commission under the BankingOrdinance 1992 and to transact Investment Business (Licence No. FSC 00159B).

NatWest. The Royal Bank of Scotland International Limited (RBS International) trading as NatWest. RegisteredOffice: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Regulated by the JerseyFinancial Services Commission for carrying on deposit-taking business under the Banking Business (Jersey)Law 1991 and for carrying on investment and insurance business under the Financial Services (Jersey) Law1998. Business address: PO Box 11, 16 Library Place, St Helier, Jersey, JE4 8NH. Guernsey business address:PO Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Regulated by theGuernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey)Law, 1994, as amended, 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 businessaddress: PO Box 7, 1 Prospect Hill, Douglas, Isle of Man, IM99 1AQ. Licensed by the Isle of Man FinancialSupervision Commission for banking and investment business and registered with the Insurance and PensionsAuthority 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 1992 and the GibraltarFinancial Services Ordinance 1989 (Licence number FSC0066OB). NatWest is the registered business name of The Royal Bank of Scotland International Limited under the Business Names Registration Ordinance.

Isle of Man Bank Limited (IOMB). Registered Company Number: 1 Isle of Man. Registered Office: 2 AtholStreet, Douglas, Isle of Man, IM99 1AN. Licensed by the Isle of Man Financial Supervision Commission forbanking and investment business and registered with the Insurance and Pensions Authority in respect ofgeneral business.

Our services are not offered to any person in any jurisdiction where their advertisement, offer or sale isrestricted or prohibited by law or regulation or where we are not appropriately licensed.

The Royal Bank of Scotland Plc. Registered in Scotland. No, 90312. Registered office: St Andrew Square,Edinburgh EH2 2YB. Authorised and regulated by the Financial Services Authority.

Calls may be recorded.

Internet e-mails are not necessarily secure as information might be intercepted, lost or destroyed.Please do not e-mail any account or other confidential information.

RBSI eQ is a trademark of the Royal Bank of Scotland International Limited, used under licence by RBSInternational, NatWest, Isle of Man Bank and The Royal Bank of Scotland (Gibraltar) Limited.

Lombard Finance (CI) Limited,Registered in Jersey: No 35313 Registered Office: 1 St Andrews Place, St Helier, Jersey, JE2 3RP

05/07