London, December 17, 2008—Shearman & Sterling has represented the 13 investment banks acting as lead underwriters of The Royal Bank of Scotland's $2.5 billion senior notes offering in the US, guaranteed by the UK Treasury.

This was the first offering of debt securities into the United States by a UK bank with the benefit of a UK government guarantee. The transaction involved novel and complex cross-border disclosure and documentation issues. It sets a market precedent in these transactions.

Lead partner Richard Price said, “We were delighted to assist the dealers in this landmark transaction. Our US and English law expertise allowed us to deliver sophisticated advice on what is a novel transaction.”

The team advising the investment banks also included Apostolos Gkoutzinis (London-Capital Markets) and Paul Beck (London-Capital Markets). Partner Clifford Atkins (London-Capital Markets) and counsel Mei Lian (London-Capital Markets) advised on the UK Credit Guarantee Scheme aspect of the offering. Partner Iain Scoon (London-Tax) and associate Carine Stoffels (London-Tax) advised on the tax implications of the transaction.

For additional information contact: Caroline Paul | London | T +44 20 7655 5068 |