rbs201103316kbatch.htm
 
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
 
Report of Foreign Private Issuer
 
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
 
For the month of March 2011
 
Commission File Number: 001-10306
 
The Royal Bank of Scotland Group plc
 
RBS, Gogarburn, PO Box 1000
Edinburgh EH12 1HQ
 
(Address of principal executive offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F X
  
Form 40-F ___
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):_________
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):_________

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes
   ___
No X
 
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
 
 
The following information was issued as Company announcements in London, England and is furnished pursuant to General Instruction B to the General Instructions to Form 6-K:
 
 

 
Exhibit 1 
Investor Round Table on US Business dated 7 March 2011
Exhibit 2 
Publication of Prospectus dated 8 March 2011
Exhibit 3 
Director/PDMR Shareholding dated 8 March 2011
Exhibit 4 
Director/PDMR Shareholding dated 8 March 2011
Exhibit 5 
Director/PDMR Shareholding dated 8 March 2011
Exhibit 6 
Publication of Prospectus dated 8 March 2011
Exhibit 7
RBS sells Brighton Hilton Hotel to Topland Group dated 11 March 2011
Exhibit 8
Form 8.3 - [AssetCo plc] dated 15 March 2011
Exhibit 9
Form 8.3 - [AssetCo plc] dated 16 March 2011
Exhibit 10
Publication of Prospectus dated 18 March 2011
Exhibit 11
RBS agrees sale of Spanish real estate assets dated 23 March 2011
Exhibit 12
Final Results - RBS Holdings N.V. dated 29 March 2011
Exhibit 13
Morgan Stanley European Financials Conference dated 29 March 2011
Exhibit 14
Total Voting Rights dated 31 March 2011
Exhibit 15
Pillar 3 Disclosure dated 31 March 2011

 
 
Exhibit 1
 
The Royal Bank of Scotland Group plc (RBS) - Investor Round Table on US Business
 
RBS will be hosting an investor round table on its US business at its Stamford, Connecticut office at 3.30pm EST on Monday 7th March 2011. The slides will be available on the website www.rbs.com/ir shortly after the presentation begins.
 
If you would like a copy of this presentation in a different format (eg. large print, audio or braille) please contact the Investor Relations team on +44 20 7672 1758 or investor.relations@rbs.com.
 
 
For further information:
 
Investor Relations
Richard O'Connor
Head of Investor Relations
+44 (0) 20 7672 1758
 
Exhibit 2

Publication of Prospectus
 
The following prospectus has been approved by the UK Listing Authority and is available for viewing:
 
Supplementary Offering Memorandum dated 8 March 2011 to The Royal Bank of Scotland Group plc and The Royal Bank of Scotland plc U.S.$35,000,000,000 Medium-Term Note Program dated 10 June 2010
 
To view the full document, please paste the following URL into the address bar of your browser.
 
http://www.rns-pdf.londonstockexchange.com/rns/5355C_-2011-3-8.pdf
 
A copy of the above Supplementary Offering Memorandum has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do
 
For further information, please contact:
 
Emete Hassan
Head of Debt Investor Relations
The Royal Bank of Scotland Group plc
280 Bishopsgate
London EC2M 4RB
 
TEL: + 44 20 7672 1758
FAX: + 44 20 7672 1801
 
DISCLAIMER - INTENDED ADDRESSEES
 
Please note that the information contained in the Supplementary Offering Memorandum (and the Offering Memorandum to which it relates) may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Offering Memorandum) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Offering Memorandum is not addressed. Prior to relying on the information contained in the Offering Memorandum and the Supplementary Offering Memorandum you must ascertain from the Offering Memorandum whether or not you are part of the intended addressees of the information contained therein.
 
Your right to access this service is conditional upon complying with the above requirement.
 
Exhibit 3

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1) 
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3) 
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Ellen Alemany
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 5,523,704 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
60,192             0.0001%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
Vesting of this award is subject to delivery against financial and operational performance targets developed in the strategic plan, over a three-year period.  In addition, the award will only vest if risk management during the performance period has been effective.  Clawback provisions will also apply.
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4) 
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Nathan Mark Bostock
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 4,495,191 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
447,561                       0.00076%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
Vesting of this award is subject to delivery against financial and operational performance targets developed in the strategic plan, over a three-year period.  In addition, the award will only vest if risk management during the performance period has been effective.  Clawback provisions will also apply.
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1) 
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3) 
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Paul Robert Geddes
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 3,371,393 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
2,538                           0.000004%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
Vesting of this award is subject to delivery against financial and operational performance targets developed in the strategic plan, over a three-year period.  In addition, the award will only vest if risk management during the performance period has been effective.  Clawback provisions will also apply.
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3) 
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Brian Hartzer
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 4,354,716 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
-
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
Vesting of this award is subject to delivery against financial and operational performance targets developed in the strategic plan, over a three-year period.  In addition, the award will only vest if risk management during the performance period has been effective.  Clawback provisions will also apply.
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1) 
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Stephen Alan Michael Hester
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 10,114,178 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
3,463,297                    0.00592%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
The award will vest after completion of a three year performance period, subject to the following performance conditions being met:-
 
·
Relative Total Shareholder Return (25%)
·
Core bank Economic Profit (25%)
·
Balance Sheet and Risk (25%)
·
Strategic Scorecard (25%)
 
In addition, the award will only vest if risk management during the performance period has been effective and that financial and non-financial performance has been satisfactory in line with the Group's strategic plan.  The award is subject to clawback provisions.  Any vested shares will be subject to a further six month retention period post vesting. 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
John Patrick Hourican
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 449,520 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
9,063                           0.000015%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
Vesting of this award is subject to delivery against financial and operational performance targets developed in the strategic plan, over a three-year period.  In addition, the award will only vest if risk management during the performance period has been effective.  Clawback provisions will also apply.
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3) 
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4) 
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Christopher Paul Sullivan
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 3,371,393 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
24,550                         0.00004%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
Vesting of this award is subject to delivery against financial and operational performance targets developed in the strategic plan, over a three-year period.  In addition, the award will only vest if risk management during the performance period has been effective.  Clawback provisions will also apply.
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4) 
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Ron Teerlink
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 3,371,393 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
17,656                         0.00003%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
Vesting of this award is subject to delivery against financial and operational performance targets developed in the strategic plan, over a three-year period.  In addition, the award will only vest if risk management during the performance period has been effective.  Clawback provisions will also apply.
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1) 
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Bruce Winfield Van Saun
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
Award of a conditional right to acquire ordinary shares under the RBS 2010 Long Term Incentive Plan.  The date of award was 7 March 2011 and the award will vest on 7 March 2014, subject to the achievement of performance conditions as outlined in Section 23 below.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 6,321,362 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
-
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
The award will vest after completion of a three year performance period, subject to the following performance conditions being met:-
 
·
Relative Total Shareholder Return (25%)
·
Core bank Economic Profit (25%)
·
Balance Sheet and Risk (25%)
·
Strategic Scorecard (25%)
 
In addition, the award will only vest if risk management during the performance period has been effective and that financial and non-financial performance has been satisfactory in line with the Group's strategic plan.  The award is subject to clawback provisions.  Any vested shares will be subject to a further six month retention period post vesting. 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
Exhibit 4

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3) 
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Ellen Alemany
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
Computershare Retained Shares Nominee - 564,423
 
8 State the nature of the transaction
 
A conditional share award over 2,623,760 ordinary shares under The RBS 2010 Deferral Plan.  The date of award is 7 March 2011 with 1,049,504 ordinary shares vesting on 8 March 2011 and the remainder vesting as follows:-
 
524,752 on 7 March 2012
524,752 on 7 March 2013
524,752 on 7 March 2014
 
The award is subject to clawback provisions prior to vesting of the shares.  Vested shares are subject to a six month retention period following vesting.
 
The number of ordinary shares received as a result of the vesting on 8 March 2011 has been reduced by the amount required to discharge Ms Alemany's relevant tax liability.  Following this reduction, Ms Alemany has retained 564,423 ordinary shares.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 2,623,760 ordinary shares with 1,049,504 ordinary shares vesting on 8 March 2011 and 564,423 being retained on 8 March 2011 (please see section 8 above). 
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.00097%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011 and 8 March 2011 (please see section 8 above)
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
624,615                       0.00107%
 
16. Date issuer informed of transaction
 
7 March 2011 and 8 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Nathan Mark Bostock
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
Computershare Retained Shares Nominee - 280,837
 
8 State the nature of the transaction
 
A conditional share award over 1,432,842 ordinary shares under The RBS 2010 Deferral Plan.  The date of award is 7 March 2011 with 573,137 ordinary shares vesting on 8 March 2011 and the remainder vesting as follows:-
 
286,569 on 7 March 2012
286,569 on 7 March 2013
286,567 on 7 March 2014
 
The award is subject to clawback provisions prior to vesting of the shares.  Vested shares are subject to a six month retention period following vesting.
 
The number of ordinary shares received as a result of the vesting on 8 March 2011 has been reduced by the amount required to discharge Mr Bostock's relevant tax liability.  Following this reduction, Mr Bostock has retained 280,837 ordinary shares.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 1,432,842 ordinary shares with 573,137 ordinary shares vesting on 8 March 2011 and 280,837 being retained on 8 March 2011 (please see section 8 above). 
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.00048%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011 and 8 March 2011 (please see section 8 above)
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
728,398                       0.00124%
 
16. Date issuer informed of transaction
 
7 March 2011 and 8 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3) 
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4) 
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Paul Robert Geddes
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
Computershare Retained Shares Nominee - 176,211
 
8 State the nature of the transaction
 
A conditional share award over 899,039 ordinary shares under The RBS 2010 Deferral Plan.  The date of award is 7 March 2011 with 359,616 ordinary shares vesting on 8 March 2011 and the remainder vesting as follows:-
 
179,808 on 7 March 2012
179,808 on 7 March 2013
179,807 on 7 March 2014
 
The award is subject to clawback provisions prior to vesting of the shares.  Vested shares are subject to a six month retention period following vesting.
 
The number of ordinary shares received as a result of the vesting on 8 March 2011 has been reduced by the amount required to discharge Mr Geddes' relevant tax liability.  Following this reduction, Mr Geddes has retained 176,211 ordinary shares.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 899,039 ordinary shares with 359,616 ordinary shares vesting on 8 March 2011 and 176,211 being retained on 8 March 2011 (please see section 8 above). 
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.0003%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011 and 8 March 2011 (please see section 8 above)
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
178,749           0.00031%
 
16. Date issuer informed of transaction
 
7 March 2011 and 8 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4) 
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Brian Hartzer
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
Computershare Retained Shares Nominee - 264,317
 
8 State the nature of the transaction
 
A conditional share award over 1,348,558 ordinary shares under The RBS 2010 Deferral Plan.  The date of award is 7 March 2011 with 539,423 ordinary shares vesting on 8 March 2011 and the remainder vesting as follows:-
 
269,712 on 7 March 2012
269,712 on 7 March 2013
269,711 on 7 March 2014
 
The award is subject to clawback provisions prior to vesting of the shares.  Vested shares are subject to a six month retention period following vesting.
 
The number of ordinary shares received as a result of the vesting on 8 March 2011 has been reduced by the amount required to discharge Mr Hartzer's relevant tax liability.  Following this reduction, Mr Hartzer has retained 264,317 ordinary shares.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 1,348,558 ordinary shares with 539,423 ordinary shares vesting on 8 March 2011 and 264,317 being retained on 8 March 2011 (please see section 8 above). 
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.00045%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011 and 8 March 2011 (please see section 8 above)
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
264,317                       0.00045%
 
16. Date issuer informed of transaction
 
7 March 2011 and 8 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Stephen Alan Michael Hester
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
The award relates to an allocation of shares under the Share Bank arrangements for annual incentives in respect of the 2010 performance year.  The allocation is made as a conditional right to acquire ordinary shares under The RBS 2010 Deferral Plan. 
 
The date of award was 7 March 2011 and the award will vest in two equal tranches on 7 March 2012 and 7 March 2013 and any vested shares are subject to a further six month retention period post vesting.  Mr Hester has voluntarily agreed to a total retention period of 12 months post vesting.  Clawback provisions will apply prior to vesting of the shares. 
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 4,585,094 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
3,463,297                    0.00592%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
The Royal Bank of Scotland Group plc also announces that for 2011 cash bonuses for Executive Directors have been discontinued and replaced by a long-term Share Bank.  The 2011 Share Bank arrangements have been agreed for Mr Hester.  Subject to the achievement of the required performance objectives during 2011, Mr Hester has a right to receive up to a maximum of 6 million shares under the Share Bank arrangements in March 2012. 
 
The final award for the 2011 Share Bank will be between 0% and 100% of the maximum potential allocation and will be determined based on 2011 performance.  An announcement will be made at the time the award is made, which is expected to be March 2012.  The award would vest in March 2013 and March 2014 and clawback provisions will apply prior to vesting of the shares.  Vested shares will be subject to a six month retention period post vesting.
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1) 
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
John Patrick Hourican
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
Computershare Retained Shares Nominee - 1,123,348
 
8 State the nature of the transaction
 
A conditional share award over 5,731,368 ordinary shares under The RBS 2010 Deferral Plan.  The date of award is 7 March 2011 with 2,292,547 ordinary shares vesting on 8 March 2011 and the remainder vesting as follows:-
 
1,146,274 on 7 March 2012
1,146,274 on 7 March 2013
1,146,273 on 7 March 2014
 
The award is subject to clawback provisions prior to vesting of the shares.  Vested shares are subject to a six month retention period following vesting.
 
The number of ordinary shares received as a result of the vesting on 8 March 2011 has been reduced by the amount required to discharge Mr Hourican's relevant tax liability.  Following this reduction, Mr Hourican has retained 1,123,348 ordinary shares.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 5,731,368 ordinary shares with 2,292,547 ordinary shares vesting on 8 March 2011 and 1,123,348 being retained on 8 March 2011 (please see section 8 above). 
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.00192%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011 and 8 March 2011 (please see section 8 above)
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
1,132,411                    0.00194%
 
16. Date issuer informed of transaction
 
7 March 2011 and 8 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Christopher Paul Sullivan
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
Computershare Retained Shares Nominee - 214,758
 
8 State the nature of the transaction
 
A conditional share award over 1,095,703 ordinary shares under The RBS 2010 Deferral Plan.  The date of award is 7 March 2011 with 438,282 ordinary shares vesting on 8 March 2011 and the remainder vesting as follows:-
 
219,141 on 7 March 2012
219,141 on 7 March 2013
219,139 on 7 March 2014
 
The award is subject to clawback provisions prior to vesting of the shares.  Vested shares are subject to a six month retention period following vesting.
 
The number of ordinary shares received as a result of the vesting on 8 March 2011 has been reduced by the amount required to discharge Mr Sullivan's relevant tax liability.  Following this reduction, Mr Sullivan has retained 214,758 ordinary shares.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 1,095,703 ordinary shares with 438,282 ordinary shares vesting on 8 March 2011 and 214,758 being retained on 8 March 2011 (please see section 8 above). 
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.00037%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011 and 8 March 2011 (please see section 8 above)
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
239,308                       0.00041%
 
16. Date issuer informed of transaction
 
7 March 2011 and 8 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1) 
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4) 
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Ron Teerlink
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
Computershare Retained Shares Nominee - 404,568 ordinary shares
 
8 State the nature of the transaction
 
A conditional share award over 1,011,418 ordinary shares under The RBS 2010 Deferral Plan.  The date of award is 7 March 2011 with 404,568 ordinary shares vesting on 8 March 2011 and the remainder vesting as follows:-
 
202,284 on 7 March 2012
202,284 on 7 March 2013
202,282 on 7 March 2014
 
The award is subject to clawback provisions prior to vesting of the shares.  Vested shares are subject to a six month retention period following vesting.
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 1,011,418 ordinary shares with 404,568 ordinary shares vesting and being retained on 8 March 2011. 
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.00069%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011 and 8 March 2011 (please see section 8 above)
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
422,224           0.00072%
 
16. Date issuer informed of transaction
 
7 March 2011 and 8 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
 
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.
 
1) 
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
2) 
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
4) 
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Bruce Winfield Van Saun
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
-
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
-
 
8 State the nature of the transaction
 
The award relates to an allocation of shares under the Share Bank arrangements for annual incentives in respect of the 2010 performance year.  The allocation is made as a conditional right to acquire ordinary shares under The RBS 2010 Deferral Plan. 
 
The date of award was 7 March 2011 and the award will vest in two equal tranches on 7 March 2012 and 7 March 2013 and any vested shares are subject to a further six month retention period post vesting.  Clawback provisions will apply prior to vesting of the shares. 
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
Award granted over 3,030,882 ordinary shares.
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.44492
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
-
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17 Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
The Royal Bank of Scotland Group plc also announces that for 2011 cash bonuses for Executive Directors have been discontinued and replaced by a long-term Share Bank.  The 2011 Share Bank arrangements have been agreed for Mr Van Saun.  Subject to the achievement of the required performance objectives during 2011, Mr Van Saun has a right to receive up to a maximum of 3.75 million shares under the Share Bank arrangements in March 2012. 
 
The final award for the 2011 Share Bank will be between 0% and 100% of the maximum potential allocation and will be determined based on 2011 performance.  An announcement will be made at the time the award is made, which is expected to be March 2012.  The award would vest in March 2013 and March 2014 and clawback provisions will apply prior to vesting of the shares.  Vested shares will be subject to a six month retention period post vesting.
 
24. Name of contact and telephone number for queries
 
Jason Knauf, Head of Group Media Relations, Royal Bank of Scotland Group
Tel No.  0131 523 4414
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011

Exhibit 5

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
 
This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4
 
(1)
An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2)
An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
(3)
An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4)
An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
Please complete all relevant boxes in block capital letters.
 
1. Name of the issuer
 
The Royal Bank of Scotland Group plc
 
2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i
 
3. Name of person discharging managerial responsibilities/director
 
Christopher Paul Sullivan
 
4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person
 
N/A
 
5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
 
In respect of a holding of the person referred to in 3
 
6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares
 
Ordinary shares of £0.25
 
7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them
 
The Royal Bank of Scotland plc Trustee Account BAYE and Profit Sharing
 
8. State the nature of the transaction
 
Participation in The Royal Bank of Scotland Group plc Share Incentive Plan
 
 
9. Number of shares, debentures or financial instruments relating to shares acquired
 
281
 
10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)
 
0.0000005%
 
11. Number of shares, debentures or financial instruments relating to shares disposed
 
-
 
12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
 
-
 
13. Price per share or value of transaction
 
£0.4440
 
14. Date and place of transaction
 
7 March 2011
 
15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
239,589 shares     0.00041%
 
16. Date issuer informed of transaction
 
7 March 2011
 
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
 
17. Date of grant
 
-
 
18. Period during which or date on which it can be exercised
 
-
 
19. Total amount paid (if any) for grant of the option
 
-
 
20. Description of shares or debentures involved (class and number)
 
-
 
23. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
 
-
 
22. Total number of shares or debentures over which options held following notification
 
-
 
23. Any additional information
 
-
 
24. Name of contact and telephone number for queries
 
Aileen Taylor, Group Secretary
 
0131 626 4099
 
Name and signature of duly authorised officer of issuer responsible for making notification
 
Aileen Taylor, Group Secretary
 
Date of notification
 
8 March 2011
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4.

(1)                     An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2)                     An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
(3)                     An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4)                     An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 

 
Please complete all relevant boxes in block capital letters.
 

 
1. Name of the issuer

The Royal Bank of Scotland Group plc

2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i

3. Name of person discharging managerial responsibilities/director

John Patrick Hourican

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

N/A

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest

In respect of a holding of the person referred to in 3

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares

Ordinary shares of £0.25

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

John Patrick Hourican

8 State the nature of the transaction

Release and sale of 58,868 ordinary shares from The Royal Bank of Scotland Group plc Restricted Share Plan

9. Number of shares, debentures or financial instruments relating to shares acquired

58,868

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

0.0001%

11. Number of shares, debentures or financial instruments relating to shares disposed

58,868

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

0.0001%

13. Price per share or value of transaction

£0.4387

14. Date and place of transaction

7 March 2011

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
 
1,132,411        0.00194%

16. Date issuer informed of transaction

7 March 2011

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant

-

18. Period during which or date on which it can be exercised

-

19. Total amount paid (if any) for grant of the option

-

20. Description of shares or debentures involved (class and number)

-

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

-

22. Total number of shares or debentures over which options held following notification

-

23. Any additional information

-

24. Name of contact and telephone number for queries

Aileen Taylor, Group Secretary

0131 626 4099

Name and signature of duly authorised officer of issuer responsible for making notification

Aileen Taylor, Group Secretary

Date of notification

8 March 2011
 
 
 
 
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4

(1)                     An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2)                     An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.
(3)                     An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4)                     An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
 

 
Please complete all relevant boxes in block capital letters.
 

 
1. Name of the issuer

The Royal Bank of Scotland Group plc

2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
 
i

3. Name of person discharging managerial responsibilities/director

Paul Robert Geddes

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

N/A

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest

In respect of a holding of the person referred to in 3

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares

Ordinary shares of £0.25

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

Paul Robert Geddes

 
 
8 State the nature of the transaction

Sale of 17,191 ordinary shares effected to meet an immediate income tax and National Insurance liability which arose on the release of 33,640 ordinary shares from The Royal Bank of Scotland Group plc Restricted Share Plan.  Mr Geddes has retained 16,449 of the released shares.
 
9. Number of shares, debentures or financial instruments relating to shares acquired

16,449

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

0.00003%

11. Number of shares, debentures or financial instruments relating to shares disposed

-

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

-

13. Price per share or value of transaction

£0.4387

14. Date and place of transaction

7 March 2011

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

195,198                                   0.00033%

16. Date issuer informed of transaction

7 March 2011

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant

-

18. Period during which or date on which it can be exercised

-

19. Total amount paid (if any) for grant of the option

-

20. Description of shares or debentures involved (class and number)

-

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

-

22. Total number of shares or debentures over which options held following notification

-

23. Any additional information

-

24. Name of contact and telephone number for queries

Aileen Taylor, Group Secretary

0131 626 4099

Name and signature of duly authorised officer of issuer responsible for making notification

Aileen Taylor, Group Secretary

Date of notification

8 March 2011

Exhibit 6

Publication of Prospectus
 
The following prospectus has been approved by the UK Listing Authority and is available for viewing:
 
Listing Prospectus Supplement dated 8 March 2011 to The Royal Bank of Scotland Group plc and The Royal Bank of Scotland plc £90,000,000,000 Euro Medium Term Note Programme dated 10 June 2010
 
To view the full document, please paste the following URL into the address bar of your browser:
 
http://www.rns-pdf.londonstockexchange.com/rns/5756C_-2011-3-8.pdf
 
 
A copy of the above Supplementary Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do
 
For further information, please contact:
 
Emete Hassan
Head of Debt Investor Relations
The Royal Bank of Scotland Group plc
280 Bishopsgate
London EC2M 4RB
 
TEL: + 44 20 7672 1758
FAX: + 44 20 7672 1801
 
DISCLAIMER - INTENDED ADDRESSEES
 
Please note that the information contained in the Supplementary Prospectus (and the Prospectus to which it relates) may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus and the Supplementary Prospectus is not addressed. Prior to relying on the information contained in the Prospectus and the Supplementary Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.
 
Your right to access this service is conditional upon complying with the above requirement.
 
Exhibit 7

The Royal Bank of Scotland Group PLC - Sale of Brighton Hilton Hotel
 
RBS sells Brighton Hilton Hotel to Topland Group

The Royal Bank of Scotland Group plc ("RBS") announces today that it continues to make good progress in the sale of its hotel portfolio within the Non-Core Division and that it has sold the Brighton Hilton Hotel to Topland Group for £39.25 million in cash. 
 
RBS has now agreed the sale of 11 large hotels including six last year.
 
 
Investor Relations
Richard O'Connor
+44 207 672 1763
+44 7909 873 681
 
Media Relations
+44 131 626 3997
+44 7920 087 902
 
Exhibit 8


FORM 8.3
 
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
 
 
 
1.         KEY INFORMATION
 
(a) Identity of the person whose positions/dealings are being disclosed:
The Royal Bank of Scotland Group plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
     The naming of nominee or vehicle companies is insufficient
-
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
     Use a separate form for each offeror/offeree
AssetCo plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
N/A
(e) Date position held/dealing undertaken:
14/03/2011
(f)  Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer?
NO
 
 
2.         POSITIONS OF THE PERSON MAKING THE DISCLOSURE
 
 
(a)        Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
 
Class of relevant security:
 
Ordinary 25p shares
 
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
1,043,236
1.1500
0
0.00
(2) Derivatives (other than options):
0
0.00
0
0.00
(3) Options and agreements to purchase/sell:
0
0.00
0
0.00
 
     TOTAL:
1,043,236
1.1500
0
0.00
 
All interests and all short positions should be disclosed.
 
Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
 
 
(a)        Rights to subscribe for new securities (including directors' and other executive options)
 
Class of relevant security in relation to which subscription right exists:
  
Details, including nature of the rights concerned and relevant percentages:
  
 
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1©, copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
 
3.         DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
 
 
(a)        Purchases and sales
 
Class of relevant security
Purchase/sale
 
Number of securities
Price per unit
       
 
 
(a)        Derivatives transactions (other than options)
 
Class of relevant security
Product description
e.g. CFD
Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
Number of reference securities
Price per unit
         
 
©          Options transactions in respect of existing securities
 
 
(a)        Writing, selling, purchasing or varying
 
Class of relevant security
Product description e.g. call option
Writing, purchasing, selling, varying etc.
Number of securities to which option relates
Exercise price per unit
Type
e.g. American, European etc.
Expiry date
Option money paid/ received per unit
               
 
 
(a)        Exercising
 
Class of relevant security
Product description
e.g. call option
Number of securities
Exercise price per unit
       
 
 
(a)        Other dealings (including subscribing for new securities)
 
Class of relevant security
Nature of dealing
e.g. subscription, conversion
Details
Price per unit (if applicable)
       
 
The currency of all prices and other monetary amounts should be stated.
 
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1©, copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
 
4.         OTHER INFORMATION
 
 
(a)        Indemnity and other dealing arrangements
 
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
None
 
 
 
(b)        Agreements, arrangements or understandings relating to options or derivatives
 
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i)  the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
 
 
(c)        Attachments
 
Is a Supplemental Form 8 (Open Positions) attached?
NO
 
 
Date of disclosure:
15 March 2011
Contact name:
Richard Hopkins
Telephone number:
020 7672 0354
 
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk.  The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
 
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
 
Exhibit 9


FORM 8.3
 
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
 
 
 
1.         KEY INFORMATION
 
(a) Identity of the person whose positions/dealings are being disclosed:
The Royal Bank of Scotland Group plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
     The naming of nominee or vehicle companies is insufficient
-
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
     Use a separate form for each offeror/offeree
AssetCo plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
N/A
(e) Date position held/dealing undertaken:
15/03/2011
(f)  Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer?
NO
 
 
2.         POSITIONS OF THE PERSON MAKING THE DISCLOSURE
 
 
(a)        Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
 
Class of relevant security:
 
Ordinary 25p shares
 
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
1,036,937
1.1431
0
0.00
(2) Derivatives (other than options):
0
0.00
0
0.00
(3) Options and agreements to purchase/sell:
0
0.00
0
0.00
 
     TOTAL:
1,036,937
1.1431
0
0.00
 
All interests and all short positions should be disclosed.
 
Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
 
 
(a)        Rights to subscribe for new securities (including directors' and other executive options)
 
Class of relevant security in relation to which subscription right exists:
  
Details, including nature of the rights concerned and relevant percentages:
  
 
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1©, copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
 
3.         DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
 
 
(a)        Purchases and sales
 
Class of relevant security
Purchase/sale
 
Number of securities
Price per unit
 
Ordinary 25p
 
 
Sale
 
6,299
 
0.18416
 
 
(a)        Derivatives transactions (other than options)
 
Class of relevant security
Product description
e.g. CFD
Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
Number of reference securities
Price per unit
         
 
©          Options transactions in respect of existing securities
 
 
(a)        Writing, selling, purchasing or varying
 
Class of relevant security
Product description e.g. call option
Writing, purchasing, selling, varying etc.
Number of securities to which option relates
Exercise price per unit
Type
e.g. American, European etc.
Expiry date
Option money paid/ received per unit
               
 
 
(a)        Exercising
 
Class of relevant security
Product description
e.g. call option
Number of securities
Exercise price per unit
       
 
 
(a)        Other dealings (including subscribing for new securities)
 
Class of relevant security
Nature of dealing
e.g. subscription, conversion
Details
Price per unit (if applicable)
       
 
The currency of all prices and other monetary amounts should be stated.
 
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1©, copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
 
4.         OTHER INFORMATION
 
 
(a)        Indemnity and other dealing arrangements
 
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
None
 
 
 
(b)        Agreements, arrangements or understandings relating to options or derivatives
 
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i)  the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
 
 
(c)        Attachments
 
Is a Supplemental Form 8 (Open Positions) attached?
NO
 
 
Date of disclosure:
16 March 2011
Contact name:
Richard Hopkins
Telephone number:
020 7672 0354
 
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk.  The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
 
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
 
Exhibit 10

Publication of Prospectus
 
The following prospectus has been approved by the UK Listing Authority and is available for viewing:
 
Supplementary Prospectus dated 18 March 2011 to The Royal Bank of Scotland Group plc and The Royal Bank of Scotland plc £90,000,000,000 Euro Medium Term Note Programme dated 10 June 2010
 
To view the full document, please paste the following URL into the address bar of your browser.
 
http://www.rns-pdf.londonstockexchange.com/rns/2615D_-2011-3-18.pdf
 
A copy of the above Supplementary Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do
 
For further information, please contact:
 
Emete Hassan
Head of Debt Investor Relations
The Royal Bank of Scotland Group plc
280 Bishopsgate
London EC2M 4RB
 
TEL: + 44 20 7672 1758
FAX: + 44 20 7672 1801
 
DISCLAIMER - INTENDED ADDRESSEES
 
Please note that the information contained in the Supplementary Prospectus (and the Prospectus to which it relates) may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus and the Supplementary Prospectus is not addressed. Prior to relying on the information contained in the Prospectus and the Supplementary Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.
 
Your right to access this service is conditional upon complying with the above requirement.
 
Exhibit 11
 
Royal Bank of Scotland Group PLC - RBS agrees sale of Spanish real estate assets to Perella Weinberg
 
The Royal Bank of Scotland Group plc
 
23 March 2011
 
RBS agrees sale of Spanish real estate assets to Perella Weinberg Real Estate Fund I LP
 
The Royal Bank of Scotland Group plc ("RBS") announces today that it has sold a portfolio of its commercial real estate loans and assets in Spain to several wholly owned, indirect SPV subsidiaries of Perella Weinberg Real Estate Fund I LP (specifically, Grey Grafton S.A R.L, Violet Grafton S.A R.L. and Orange Grafton S.A R.L.).  The portfolio has a par value of €286 million.  The proceeds from the transaction are in cash.
 
The disposal represents a further step in RBS's plan to run off or dispose of the assets within the Non-Core Division. By 31 December 2010, overall funded assets in Non-Core had reduced to £138 bn from the original funded asset base of £258 bn.
 
 RBS was advised on the sale by its Global Banking and Markets division.
 
 
 
Richard O'Connor
Head of Investor Relations
+44 (0) 20 7672 1758
 
Media Relations
Tel: +44 (0) 131 626 3997
 
Exhibit 12

RBS Holdings N.V.
Results for the year ended 31 December 2010

 
RBS Holdings N.V. today announces the publication of its 2010 Annual Report.  This 2010 annual report is the first annual report of RBS Holdings N.V. after the separation of ABN AMRO Bank N.V. on 1 April 2010. RBS Holdings N.V. and its banking entity RBS N.V. are majority owned by The Royal Bank of Scotland Group plc
 
The RBS Holdings N.V. 2010 Annual Report is available on the RBS website (www.RBS.com). 

 

RBS Holdings N.V. (until 1 April 2010 named ABN AMRO Holding N.V.) is the parent company of The Royal Bank of Scotland N.V. ('RBS N.V.') consolidated group of companies and associated companies ('Group').
 
 
 
Contents
Page
 
Financial Review
3
 
Condensed consolidated income statement
4
 
Condensed consolidated statement of comprehensive income
5
 
Condensed consolidated balance sheet
6
 
Commentary on condensed consolidated balance
7
 
Condensed consolidated statement of changes in equity
8
 
Condensed consolidated cash flow statement
9
 
Management reports
10
 
Risk factors
11
 
Contacts
24
   
   
 
 
 
Financial review
 
 
Operating profit/(loss) before tax
 
Operating profit before tax for the year was €425 million compared with a loss of €4,847 million in 2009. This results from an improvement in operating income following significant fair value losses in 2009 which were not repeated in 2010, a reduction in operating expenses and lower loan impairments reflecting the gradual improvement in market conditions.
 
Total income
 
Total income increased 177% to €3,872 million compared with €1,397 million in 2009. This is principally due to losses on counterparty Credit Valuation Adjustments ('CVA') and Collateralised Debt Obligations ('CDO') in 2009, which were not repeated in 2010.
 
Net interest income decreased by €407 million, reflecting further reductions in interest earning assets, which were transferred to The Royal Bank of Scotland plc ('RBS plc'). In addition interest income reduced by €162 million due to reductions in the balance sheet following Non-Core disposals in Asia and Latin America. The decrease in net interest income was partially offset by an adjustment made to the carrying value of Tier 1 hybrid capital securities which adjusted interest payable.
 
Non-interest income/(loss) increased to €2,445 million from a loss of €437 million in 2009, primarily due to the increase in other operating income and income from trading activities.  The increase in other operating income is mainly attributable to the non reoccurrence of the fair value losses of €2,024 on a portfolio of credit default swaps, used to hedge the loan book following the tightening of the credit spreads in the first half of 2009. The increase in trading income mainly relates to the non reoccurrence of credit market losses in 2009 on exposures to monoline insurers and CDOs which were substantially risk transferred to RBS plc. Net fee and commissions payable improved largely due to a true-up in the fee calculation for the asset protection scheme ('APS') back-to-back agreement between RBS N.V. and RBS plc offset by a decrease in fees and commissions receivable due to reduced business origination and activity following transfers of businesses to RBS plc.
 
Operating expenses
 
Operating expenses decreased to €3,380 million from €4,621 million in 2009. This reflects the transfer of businesses to RBS plc and Non-Core disposals, thus reducing the scale of operations and number of employees within the Group. Additionally the 2009 results included charges related to costs incurred on the sale of businesses in Asia and the related goodwill impairments.
 
Impairment losses
 
Impairment losses were €67 million for the year ended 31 December 2010, compared with €1,623 million in 2009. Large specific provisions were made in 2009 reflecting the challenging credit environment.
 
Tax
 
The effective tax rate for 2010 was 71.0% compared with 9.6% in 2009.
 
Profit/(loss) from discontinued operations
Discontinued operations recorded a €985 million profit after tax compared with a €18 million loss after tax for the prior year. The results from discontinued operations are mainly attributable to the gain on the sale of the Dutch State acquired businesses included in the new ABN AMRO Bank on 1 April 2010.
 
 
 
Condensed consolidated income statement
for the year ended 31 December 2010
 
             2010 
               €m 
            2009* 
                 €m 
Interest receivable
3,061 
4,763 
Interest payable
(1,634)
(2,929)
 
Net interest income                                                                                           
1,427 
1,834 
Fees and commissions receivable
1,152 
                1,506 
Fees and commissions payable
214 
                (483)
Income/(loss) from trading activities
1,131 
                (303)
Other operating loss
(52)
                (1,157)
 
Non-interest income/(loss)
2,445 
(437)
 
Total income/(loss)
3,872 
1,397 
Operating expenses
(3,380)
(4,621)
 
Profit/(loss) before impairment losses
492 
(3,224)
Impairment losses
(67)
(1,623)
 
Operating profit/(loss) before tax
425 
(4,847)
Tax (charge)/credit
(302)
                465 
Profit/(loss) from discontinued operations, net of tax
985 
(18)
Profit/(loss) for the year
1,108 
(4,400)
     
Profit/(loss) attributable to:
    
Non-controlling interests
(2)
(1)
Shareholders of the parent company
1,110 
(4,399)
 
1,108 
(4,400)
 

*2009 comparatives have been re-presented for the classification of the Dutch State acquired businesses as discontinued operations.
 
 
 
Condensed consolidated statements of comprehensive income
for the year ended 31 December 2010
 
2010 
€m 
 
2009 
€m 
 
Profit/(loss) for the year
1,108 
(4,400)
Other comprehensive income
    
Available-for-sale financial assets
         (2,105)
20 
Cash flow hedges
           1,393 
(254)
Currency translation
              105 
(296)
 
Other comprehensive (loss)/income before tax
            (607)
(530)
Tax credit
              199 
 138 
Other comprehensive (loss)/income after tax
            (408)
(392)
Total comprehensive income/(loss) for the year
700 
(4,792)
     
Total comprehensive (loss)/income recognised in the statement of changes in equity is attributable as follows:
    
Non-controlling interests
                (2)
5 
Shareholders of the parent company
              702 
(4,797)
 
              700 
 (4,792)
 
 
 
Condensed consolidated balance sheets
for the year ended 31 December 2010
 
        2010 
           €m 
        2009 
           €m 
 
Assets
    
Cash and balances at central banks
8,323 
28,382 
Loans and advances to banks
26,705 
37,719 
Loans and advances to customers
44,496 
219,958 
Debt securities
52,260 
84,800 
Equity shares
22,634 
17,236 
Settlement balances
3,573 
3,398 
Derivatives
28,272 
57,392 
Intangible assets
199 
645 
Property, plant and equipment
283 
1,961 
Deferred tax
5,440 
5,427 
Prepayments, accrued income and other assets
5,388 
7,538 
Assets of disposal groups
2,809 
4,889 
Total assets
200,382 
469,345 
     
 
Liabilities
    
Deposits by banks
31,985 
44,948 
Customer accounts
54,905 
201,098 
Debt securities in issue
53,411 
96,291 
Settlement balances and short positions
5,202 
7,503 
Derivatives
35,673 
62,959 
Accruals, deferred income and other liabilities
5,213 
13,675 
Retirement benefit liabilities
75 
154 
Deferred tax
195 
241 
Subordinated liabilities
6,894 
14,666 
Liabilities of disposal groups
1,857 
8,894 
Total liabilities
195,410 
450,429 
     
Non-controlling interests
24 
36 
Shareholders of the parent company
4,948 
18,880 
Total equity
4,972 
18,916 
     
Total liabilities and equity
200,382 
469,345 

 
 
Commentary on condensed consolidated balance sheets
 
2010 compared with 2009

Total assets were €200.4 billion at 31 December 2010, a decrease of €269.0 billion, or 57%, when compared with €469.4 billion at 31 December 2009. The decrease in Loans and advances to customers, Intangible assets, Property plant and equipment, Prepayments, accrued income and other assets is mostly due to the sale of Dutch State acquired businesses included in the new ABN AMRO Bank on 1 April 2010.
 
Cash and balances at central banks decreased by €20.0 billion or 71% to €8.3 billion at 31 December 2010 compared with €28.4 billion at 31 December 2009 due to a reduction in surplus cash balances held at central banks and other liquid assets, which had been built up as a prudent measure ahead of the legal separation of the Dutch State acquired businesses. Following separation on 1 April 2010, the liquid assets and associated short-term wholesale funding were managed down to business as usual levels.
 
Loans and advances to banks decreased by €11.0 billion, or 29%, to €26.7 billion at 31 December 2010 compared with €37.7 billion at 31 December 2009. This decrease is predominantly attributable to a decrease in time deposits placed of €7.5 billion due to a dividend settlement with Santander, as well as the sale of Dutch State acquired businesses included in the new ABN AMRO Bank.
 
Debt securities decreased by €32.5 billion to €52.3 billion, reflecting the sale of Dutch State acquired businesses as well as a decrease in the fair value of government securities, and significant divestments of debt securities.  Equity shares increased by €5.4 billion, to €22.6 billion, largely due to a recovery of the equity markets in 2010.
 
Derivative assets decreased by €29.1 billion, or 51%, to €28.3 billion at 31 December 2010 compared with €57.4 billion at 31 December 2009. Derivative liabilities decreased by €27.3 billion, or 43%, to €35.7 billion at 31 December 2010 compared to the balance of €63.0 billion at 31 December 2009. This was partly attributable to the sale of Dutch State acquired businesses included in the new ABN AMRO Bank, the novation to RBS plc of derivative financial instruments and the lower volume of over the counter traded derivatives.
 
Total liabilities were €195.4 billion as at 31 December 2010, a decrease of € 255.0 billion, or 57% when compared with €450.4 billion at 31 December 2009. Deposits by banks, Customer accounts, Debt securities in issue, Subordinated liabilities, and Accruals, deferred income and other liabilities have significantly decreased due to the sale of Dutch State acquired businesses included in the new ABN AMRO Bank N.V. on 1 April 2010.
 
Total equity at 31 December 2010 was €5.0 billion, a decrease of €13.9 billion compared with 31 December 2009. This was mainly due to a decrease in share premium and retained earnings as a result of the €9.0 billion dividend distributions by RBS Holdings to RFS Holdings for the benefit of Santander, coupled with a €6.5 billion dividend distribution for the benefit of the Dutch State as part of the sale of the new ABN AMRO Bank on 1 April 2010.  In addition, during the year €1.4 billion in unrealised losses were recorded in other comprehensive income predominantly relating to available-for-sale debt securities. Cash flow hedging reserves improved by €1.0 billion due to the realisation of reserves following the sale of the new ABN AMRO Bank. In order to capitalise the remaining shared assets and the remaining Dutch State acquired businesses, Santander and the Dutch state injected €0.1 billion and €0.3 billion, respectively in capital.  RBS Group injected €0.5 billion in the second half of 2010 in order to further strengthen the Group's capital position.

 
 
Condensed consolidated statements of changes in equity
for the year ended 31 December 2010
 
         2010 
            €m 
         2009 
            €m 
 
Called-up share capital
    
At 1 January and 31 December
1,852 
1,852 
 
Share premium account
    
At 1 January
11,943 
5,343 
Share premium increase
915 
6,600 
Dividends distributed to the shareholders of the parent company
(10,671)
- 
At 31 December
2,187 
11,943 
 
Available-for-sale reserve
    
At 1 January
(840)
(865)
Unrealised (losses)/gains in the year
(1,827)
75 
Realised (gains)/losses in the year
(278)
(55)
Taxation
526 
5 
At 31 December
(2,419)
(840)
 
Cash flow hedging reserve
    
At 1 January
(1,071)
(866)
Amount recognised in equity during the year
1,393 
(253)
Amount transferred from equity to earnings in the year
- 
(1)
Taxation
(350)
49 
At 31 December
(28)
(1,071)
 
Foreign exchange reserve
    
At 1 January
299 
517 
Gains/(losses) arising during the period
151 
(200)
Reclassification of foreign currency gains/(losses) included in the income statement
(46)
(102)
Taxation
23 
84 
At 31 December
427 
299 
 
Retained earnings
    
At 1 January
6,697 
11,096 
Profit/(loss) attributable to shareholders of the parent company
    
-continuing operations
125 
(4,381)
-discontinuing operations
985 
(18)
Dividends distributed to shareholders of the parent company
(4,863)
- 
Other changes
(15)
- 
At 31 December
2,929 
6,697 
     
Equity attributable to shareholders of the parent company
4,948 
18,880 
 
Non-controlling interests
    
At 1 January
 36 
46  
Comprehensive (loss)/income in the year
(2)
           5  
Repayment to non-controlling interests
(10)
        (15) 
At 31 December
24 
         36  
     
Total equity at 31 December
4,972 
18,916 
       
 
 
 
Condensed consolidated cash flow statements
for the year ended 31 December 2010
 
      2010
€m 
2009 
€m 
Operating activities
    
Operating profit/(loss) before tax
425 
(4,847)
Operating profit before tax on discontinued operations
1,080 
30 
     
Adjustments for non-cash items
184 
4,739 
Net cash inflow/(outflow) from trading activities
1,689 
(78)
Changes in operating assets and liabilities
(27,328)
45,756 
Net cash flows from operating activities before tax
(25,639)
45,678 
Income taxes (paid)/received
(133)
- 
Net cash flows from operating activities
(25,772)
45,678 
     
Net cash flows from investing activities
8,355 
(8,262)
     
Net cash flows from financing activities
152 
(2,889)
     
Effects of exchange rate changes on cash and cash equivalents
218 
(414)
     
Net (decrease)/increase in cash and cash equivalents
(17,047)
34,113 
Cash and cash equivalents at 1 January
20,601 
(13,512)
Cash and cash equivalents at 31 December
3,554 
20,601 
 
 
 
Management report
 
Management's report on the Annual Report 2010 for purposes of Section 5:25 sub 2 Financial Supervision Act
 
The Managing Board certifies that, to the best of their knowledge:
the financial statements give a true and fair view, in all material respects, of the assets, liabilities, financial position and profit and loss of  RBS Holdings N.V. and its consolidated entities;
the annual report gives a true and fair view, in all material respects, of  RBS Holdings N.V. and its consolidated entities as per 31 December 2010 and their state of affairs during 2010; and the annual report describes the material risks that RBS Holdings N.V. is facing.
 
Managing Board
 
Amsterdam, 28 March 2011

 
 
Risk factors
 
Set out below are certain risk factors which could affect the Group's future results and cause them to be materially different from expected results. The Group's results are also affected by competition and other factors. The factors discussed in this report should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties.
 
Risks relating to the Group
 
 
The Group is reliant on RBS Group
 
The Group is part of RBS Group and receives capital from RBS Group. The Group also receives certain services from RBS Group and has access to the infrastructure of RBS Group which the Group requires in order to operate its business. The reduction or cessation of the ability of RBS Group to provide intra-group funding, capital injections or support directly or indirectly to the Group may result in funding or capital pressures and liquidity stress for the Group and may have a material adverse effect on the operations, financial condition and results of operations of the Group.
 
The Group's businesses, earnings and financial condition have been and will continue to be affected by the global economy and instability in the global financial markets
 
The performance of the Group has been and will continue to be influenced by the economic conditions of the countries in which it operates, particularly the Netherlands, the United Kingdom, other countries throughout Europe, the United States and Asia. The outlook for the global economy over the near to medium term remains challenging, particularly in the Netherlands, the United Kingdom, other European economies and the United States. In addition, the global financial system has yet to fully overcome the difficulties which first manifested themselves in August 2007 and financial markets conditions have not yet fully normalised. These conditions led to severe dislocation of financial markets around the world and unprecedented levels of illiquidity in 2008 and 2009, resulting in the development of significant problems at a number of the world's largest corporate institutions operating across a wide range of industry sectors, many of which are the Group's customers and counterparties in the ordinary course of its business. In response to this economic instability and market illiquidity, a number of governments, including the government of the Netherlands, the government of the United Kingdom and the governments of the other EU member states and the United States Government intervened in order to inject liquidity and capital into the financial system, and in some cases, to prevent the failure of these institutions.
 
Despite such measures, the volatility and disruption of the capital and credit markets have continued, with many forecasts predicting only modest levels of GDP growth in the near to medium term. Similar conditions are likely to exist in a number of the Group's key markets, including those in the Netherlands, the United Kingdom and the rest of Europe. These conditions have exerted, and may continue to exert, downward pressure on asset prices and on availability of credit for financial institutions and upward pressure on the cost of credit for financial institutions, including RBS Holdings and RBS N.V., and will continue to impact the credit quality of the Group's customers and counterparties. Such conditions, alone or in combination with regulatory changes or actions of other market participants, may cause the Group to incur losses or to experience further reductions in business activity, increased funding costs and funding pressures, decreased asset values, additional write-downs and impairment charges and lower profitability.
 
In particular, the performance of the Group may be affected by economic conditions impacting EU member states. For example, the financial problems recently experienced by the governments of certain EU member states (including Greece and Ireland) may lead to the issuance of significant volumes of debt by such member states and European Union entities, which may in turn reduce demand for debt issued by financial institutions and corporate borrowers. This, as well as credit rating downgrades experienced by such member states, could adversely affect the Group's access to the debt capital markets and may increase the Group's funding costs, which could have a material adverse impact on the Group's earnings, cash flow and financial condition. In addition, EU member states in which the Group operates have agreed to provide financial assistance to certain member states, currently Greece and Ireland, and may be required to provide financial assistance to other EU member states in the future, which may in turn have a negative impact on the financial condition of those EU member states providing the assistance. The Group's exposure to the economies of such member states has resulted in the Group making significant provisions. Should the adverse economic conditions currently faced by such member states be replicated in other EU member states, the risks discussed above would be exacerbated.
 
In addition, the Group will continue to be exposed to the risk of loss if major corporate borrowers or counterparty financial institutions fail or are otherwise unable to meet their obligations. The Group is currently exposed to country concentration risk in the Netherlands, the United States, the United Kingdom, Greece, Spain and the rest of Europe and certain business sector concentration risk relating to personal and banking and financial institution exposures and the natural resources sector. The Group's performance may also be affected by future recovery rates on assets and the historical assumptions underlying asset recovery rates, which (as has already occurred in certain instances) may no longer be accurate given the unprecedented market disruption and general economic instability. The precise nature of all the risks and uncertainties the Group faces as a result of current economic conditions cannot be predicted and many of these risks are outside the control of the Group.
 
An extensive restructuring and balance sheet reduction programme of RBS Group is ongoing and may adversely affect the Group's business, results of operations, financial condition, capital ratios and liquidity
 
The RBS Group is in the course of implementing an extensive restructuring of its businesses, operations and assets, including those of the members of RBS Group, and may, in the future, consider making further changes to its business, operations, structure and assets.
 
As part of this restructuring and the Group's refocus on core strengths and its disposal programme, RBS Holdings has been restructured into Core and Non-Core components. The Group expects to substantially run down or dispose of the businesses, assets and portfolios within the Non-Core division by 2013 and, during the course of 2010, it concluded the sales of businesses in Latin America, Asia, Europe and the Middle East.
 
Because the ability to dispose of assets and the price achieved for such disposals will be dependent on prevailing economic and market conditions, which may remain challenging, there is no assurance that the Group will be able to sell or run-down (as applicable) those remaining businesses it is seeking to exit either on favourable economic terms to the Group or at all. Tax liabilities could arise on the disposal of assets. Furthermore, where transactions are entered into for the purpose of selling non-core assets and businesses, they may be subject to conditions precedent, including government and regulatory approvals and completion mechanics that in certain cases may entail consent from customers. There is no assurance that such conditions precedent will be satisfied, or consents and approvals obtained, in a timely manner or at all. Any of the above factors could affect the Group's ability to implement its strategic plan and have a material adverse effect on the Group's business, results of operations, financial condition, capital ratios and liquidity and could result in a loss of value in securities issued by the Group (the 'Securities').
 
In addition, the Group may be liable for any deterioration in businesses being sold between the announcement of the disposal and its completion. In certain cases, the period between the announcement of a transaction and its completion may be lengthy and may span many months. Other risks that may arise out of the disposal of the Group's assets include ongoing liabilities up to completion of the relevant transaction in respect of the assets and businesses disposed of, commercial and other risks associated with meeting covenants to the buyer during the period up to completion, the risk of employee and customer attrition in the period up to completion, substantive indemnity obligations in favour of the buyer, the risk of liability for breach of warranty, the need to continue to provide transitional service arrangements for potentially lengthy periods following completion of the relevant transaction to the businesses being transferred and redundancy and other transaction costs. Further, the Group may be required to enter into covenants agreeing not to compete in certain markets for specific periods of time. In addition, the Group will lose existing customers, deposits and other assets (both directly through the sale and potentially through the impact on the rest of the Group's business arising from implementing the restructuring plans) and the potential for realising additional associated revenues and margins that it otherwise might have achieved in the absence of such disposals.
 
Any of the above factors could negatively affect the Group's ability to implement its strategic plan and have a material adverse effect on the Group's business, results of operations, financial condition, capital ratios and liquidity and could result in a loss of value in the Securities.
 
Any future restructuring may impact issues of securities by RBS Holdings and RBS N.V. and may result in changes to their businesses, operations and assets. Although it is difficult to determine the impact that such changes may have (if any) on RBS Holdings or RBS N.V., these changes may have a material adverse impact on their business, financial condition, results of operations and prospects and RBS Holdings' and RBS N.V.'s credit ratings, and may also negatively impact the value in the Securities.
 
Lack of liquidity is a risk to the Group's business and its ability to access sources of liquidity has been, and will continue to be, constrained
 
Liquidity risk is the risk that a bank will be unable to meet its obligations, including funding commitments, as they fall due. This risk is inherent in banking operations and can be heightened by a number of enterprise specific factors, including an over-reliance on a particular source of wholesale funding (including, for example, short-term and overnight funding), changes in credit ratings or market-wide phenomena such as market dislocation and major disasters. During recent years, credit markets worldwide have experienced a severe reduction in liquidity and term funding. During this time, the market perception of bank credit risk has changed significantly and banks that are deemed by the market to be riskier have issued debt at a premium to the cost of debt for banks that are perceived by the market as being safer. The uncertainty regarding the perception of credit risk across different banking groups also led to reductions in inter-bank lending, and hence, in common with many other banking groups, the Group's access to traditional sources of liquidity has been, and may again be, restricted.
 
The Group's liquidity management focuses on maintaining a diverse and appropriate funding strategy for its assets, controlling the mismatch of maturities and carefully monitoring its undrawn commitments and contingent liabilities. However, the Group's ability to access sources of liquidity (for example, through the issue or sale of financial and other instruments or through the use of term loans) during recent periods of liquidity stress has been constrained to the point where it, in common with many other banking groups, has had to rely on shorter term and overnight funding with a consequent reduction in overall liquidity. While money market conditions improved during the course of 2009 and 2010, with the Group seeing a material reduction of funding from central banks, further tightening of credit markets could have a materially adverse impact on the Group. The Group, in common with other banking groups, may need to seek funds from alternative sources and potentially at higher costs than has previously been the case.
 
In addition, there is also a risk that corporate and financial institution counterparties with credit exposures may seek to reduce their credit exposures to banks, given current risk aversion trends. It is possible that credit market dislocation becomes so severe that overnight funding from non-government sources ceases to be available.
 
There can be no assurance that the measures described above, alongside other available measures, will succeed in improving the funding and liquidity in the markets in which the Group operates, or that these measures, combined with any increased cost of any funding currently available in the market, will not lead to a further increase in the Group's overall cost of funding or require the Group to consider disposals of other assets not previously identified for disposal to reduce its funding requirements, each of which could have a material adverse impact on the Group's financial condition and results of operations or result in a loss of value in the Securities.
 
The financial performance of the Group has been affected by deteriorations in borrower credit quality and it may continue to be impacted by any further deteriorations, including as a result of prevailing economic and market conditions, and legal and regulatory developments
 
Risks arising from changes in credit quality and the recoverability of loans and amounts due from counterparties are inherent in a wide range of the Group's businesses. Whilst some economies stabilised over the course of the last two years, the Group may continue to see adverse changes in the credit quality of its borrowers and counterparties, for example as a result of their inability to refinance their debts, with increasing delinquencies, defaults and insolvencies across a range of sectors (such as the financial institution and natural resources sectors) and in a number of geographies (such as the Netherlands, the United Kingdom, the rest of Europe and the United States). The credit quality of the Group's borrowers and counterparties is impacted by prevailing economic and market conditions, as well as by the legal and regulatory landscape in their respective markets, and if there is a further deterioration in economic and market conditions in one or more markets in which the Group operates or there are changes to the legal or regulatory landscapes in such markets, this could worsen the credit quality of the Group's borrowers and counterparties and also impact the Group's ability to enforce contractual security rights.
 
The trends and risks affecting borrower credit quality have caused, and in the future may cause, the Group to experience further and accelerated impairment charges, higher costs, additional write-downs and losses for the Group, and may result in a loss of value in the Securities.
 
The actual or perceived failure or worsening credit of the Group's counterparties has adversely affected and could continue to adversely affect the Group
 
The Group's ability to engage in routine funding transactions has been and will continue to be adversely affected by the actual or perceived failure or worsening credit of its counterparties, including other financial institutions and corporate borrowers. The Group has exposure to many different industries and counterparties and routinely executes transactions with counterparties in the financial industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds and other institutional clients. As a result, defaults by, or even the perceived creditworthiness of or concerns about, one or more corporate borrowers, financial institutions, sovereign counterparties or the financial services industry generally, have led to market-wide liquidity problems, losses and defaults and could lead to further losses being incurred by the Group or by other institutions. Many of these transactions expose the Group to credit risk in the event of default by the Group's counterparty or client and the Group does have significant exposures to certain individual counterparties (including counterparties in certain geographic markets, particularly the Netherlands, the United Kingdom, the rest of Europe and the United States). In addition, the Group's credit risk is exacerbated when the collateral it holds cannot be realised or is liquidated at prices not sufficient to recover the full amount of the loan or derivative exposure that is due to the Group, which is most likely to occur during periods of illiquidity and depressed asset valuations, such as those experienced in recent years. Any such losses could have an adverse effect on the Group's results of operations and financial condition or result in a loss of value in the Securities.
 
The Group's earnings and financial condition have been, and its future earnings and financial condition may continue to be, affected by depressed asset valuations resulting from poor market conditions
 
Financial markets continue to be subject to significant stress conditions, where steep falls in perceived or actual asset values have been accompanied by a severe reduction in market liquidity, as exemplified by recent events affecting asset-backed collateralised debt obligations, residential mortgage-backed securities and the leveraged loan market. In dislocated markets, hedging and other risk management strategies have proven not to be as effective as they are in normal market conditions due in part to the decreasing credit quality of hedge counterparties. Severe market events have resulted in the Group recording large write-downs on its credit market exposures in recent years. Any deterioration in economic and financial market conditions could lead to further impairment charges and write-downs. Moreover, market volatility and illiquidity (and the assumptions, judgements and estimates in relation to such matters that may change over time and may ultimately not turn out to be accurate) make it difficult to value certain of the Group's exposures. Valuations in future periods, reflecting, among other things, then-prevailing market conditions and changes in the credit ratings of certain of the Group's assets, may result in significant changes in the fair values of the Group's exposures, even in respect of exposures, such as credit market exposures, for which the Group has previously recorded write-downs. In addition, the value ultimately realised by the Group may be materially different from the current or estimated fair value. Any of these factors could require the Group to recognise further significant write-downs in addition to those already recorded or realised or realise increased impairment charges, which may have a material adverse effect on its financial condition and its results of operations or result in a loss of value in the Securities.
 
Changes in interest rates, foreign exchange rates, credit spreads, bond, equity and commodity prices, basis risks associated with hedging transactions, volatility and correlation risks and other market factors have significantly affected and will continue to affect the Group's business and results of operations
 
Some of the most significant market risks the Group faces are interest rate, foreign exchange, credit spread, bond, equity and commodity price and basis, volatility and correlation risks. Changes in interest rate levels, yield curves and spreads may affect the interest rate margin realised between lending and borrowing costs, the effect of which may be heightened during periods of liquidity stress, such as those experienced in recent years. Changes in currency rates, particularly in the euro-sterling and euro-US dollar exchange rates, affect the value of assets, liabilities, income and expenses denominated in non-euro currencies and may affect income from foreign exchange dealing. RBS Holdings prepares its consolidated financial statements in euro. Fluctuations in the exchange rates used to translate other currencies into euro affect RBS Holdings' reported consolidated financial condition, results of operations and cash flows from year to year and those of the Group's non-eurozone operations. The performance of financial markets may affect bond, equity and commodity prices and, therefore, cause changes in the value of the Group's investment and trading portfolios. This has been the case during the period since August 2007, with market disruptions and volatility resulting in significant variations in the value of such portfolios. As part of its ongoing derivatives operations, the Group also faces significant basis, volatility and correlation risks for which materialisation is highly dependent on relative changes in the first order risks referred to above. While the Group has implemented risk management methods to mitigate and control these and other market risks to which it is exposed, it is difficult, particularly in the current environment, to predict with accuracy changes in economic or market conditions and to anticipate the effects that such changes could have on the Group's financial performance and business operations.
 
The Group's borrowing costs, its access to the debt capital markets and its liquidity depend significantly on its credit ratings
 
RBS N.V. has been subject to a number of downgrades in the recent past. Any future reductions in the long-term or short-term credit ratings of RBS N.V. would further increase the Group's borrowing costs, require the Group to replace funding lost due to the downgrade, which may include the loss of customer deposits, and may also limit the Group's access to capital and money markets and trigger additional collateral requirements in derivatives contracts and other secured funding arrangements. The credit ratings of RBS N.V. are also important to the Group when competing in certain markets. As a result, any further reductions in RBS N.V.'s long-term or short-term credit ratings could adversely affect the Group's access to liquidity and competitive position, increase its funding costs and have a material adverse impact on the Group's earnings, cash flow and financial condition or result in a loss of value in the Securities. 
 
The Group's business performance could be adversely affected if its capital is not managed effectively or as a result of changes to capital adequacy and liquidity requirements
 
Effective management of the Group's capital is critical to its ability to operate its businesses, to grow organically and to pursue RBS Group's strategy of returning to standalone strength. The Group is required by regulators in the Netherlands, the United Kingdom, the United States and other jurisdictions in which it undertakes regulated activities, to maintain adequate capital resources. The maintenance of adequate capital is also necessary for the Group's financial flexibility in the face of continuing turbulence and uncertainty in the global economy.
 
On 17 December 2009, the Basel Committee on Banking Supervision (the 'Basel Committee') proposed a number of fundamental reforms to the regulatory capital framework in its consultative document entitled 'Strengthening the resilience of the banking sector'. On 12 September 2010, the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee, announced further details of the proposed substantial strengthening of existing capital requirements, and the reforms were endorsed by the G-20 leaders after the G-20 Summit in Seoul in November 2010. On 16 December 2010, the Basel Committee published the Basel III rules in documents entitled 'Basel III: A global regulatory framework for more resilient banks and banking systems' (containing the reforms relating to capital) and 'Basel III: International framework for liquidity risk measurement, standards and monitoring' (containing the reforms relating to liquidity).
 
The Basel Committee's package of reforms includes increasing the minimum common equity requirement from 2 per cent (before the application of regulatory adjustments) to 4.5 per cent. (after the application of stricter regulatory adjustments). The total Tier 1 capital requirement, which includes common equity and other qualifying financial instruments, will increase from 4 per cent. to 6 per cent. The total capital requirement (which comprises Tier 1 capital and Tier 2 capital) remains at 8 per cent. In addition, banks will be required to maintain, in the form of common equity (after the application of deductions), a capital conservation buffer of 2.5 per cent. to withstand future periods of stress, bringing the total common equity requirements to 7 per cent. If there is excess credit growth in any given country resulting in a system-wide build up of risk, a countercyclical buffer within a range of 0 per cent. to 2.5 per cent. of common equity (or possibly other fully loss absorbing capital) is to be applied as an extension of the conservation buffer. In addition, a leverage ratio will be introduced, together with a liquidity coverage ratio and a net stable funding ratio. The liquidity coverage ratio is intended to promote resilience to potential liquidity stress scenarios lasting for a 30-day period. The net stable funding ratio is intended to limit over reliance on short-term wholesale funding and has been developed to provide a sustainable maturity structure of assets and liabilities. The Basel Committee is conducting further work on systemically important financial institutions and contingent capital in close coordination with the Financial Stability Board. The Basel Committee has stated that measures may include capital surcharges, contingent capital and bail-in debt (which could be introduced by statute, possibly impacting existing as well as future issues of debt and exposing them to the risk of conversion into equity and/or write-down of principal amount). Such measures would be in addition to proposals for the write-off of Tier 1 and Tier 2 debt (and its possible conversion into ordinary shares) if a bank becomes non-viable. The Basel Committee is expected to complete by early to mid 2011 a methodology for identifying global systemically important financial institutions with a view to the Financial Stability Board and national authorities determining by mid-2011 those institutions to which the recommendations for global systemically important financial institutions will initially apply. In addition, by mid-2011, the Basel Committee is to complete a study of how much additional loss absorbency capacity global systemically important financial institutions should have and how much of such capacity could be provided by the various proposed instruments (which include contingent capital securities and bail-in debt).
 
The implementation of the Basel III reforms will begin on 1 January 2013, however the requirements are subject to a series of transitional arrangements and will be phased in over a period of time, to be fully effective by 2019.
 
To the extent the Group has estimated the indicative impact that Basel III reforms may have on its risk-weighted assets and capital ratios, such estimates are preliminary and subject to uncertainties and may change. In particular, the estimates assume mitigating actions will be taken by the Group (such as deleveraging of legacy positions and securitisations, including non-core, as well as other actions being taken to derisk market and counterparty exposures), which may not occur as anticipated, in a timely manner, or at all.
 
The Basel Committee changes and other future changes to capital adequacy and liquidity requirements in the jurisdictions in which it operates, including the European Commission's public consultation on further possible changes to the Capital Requirements Directive launched in February 2010, may require the Group to raise additional Tier 1 (including Core Tier 1) and Tier 2 capital and will result in existing Tier 1 and Tier 2 securities issued by the Group ceasing to count towards the Group's regulatory capital, either at the same level as present or at all. If the Group is unable to raise the requisite Tier 1 and Tier 2 capital, it may be required to further reduce the amount of its risk-weighted assets and engage in the disposal of core and other non-core businesses, which may not occur on a timely basis or achieve prices which would otherwise be attractive to the Group.
 
As at 31 December 2010, the Group's Tier 1 and Core Tier 1 capital ratios were 11.1 per cent. and 8.8 per cent., respectively, calculated in accordance with Dutch Central Bank (De Nederlandsche Bank N.V.) requirements. Any change that limits the Group' s ability to manage effectively its balance sheet and capital resources going forward (including, for example, reductions in profits and retained earnings as a result of write-downs or otherwise, increases in risk-weighted assets, delays in the disposal of certain assets or the inability to syndicate loans as a result of market conditions, a growth in unfunded pension exposures or otherwise) or to access funding sources, could have a material adverse impact on its financial condition and regulatory capital position or result in a loss of value in the Securities.
 
The value of certain financial instruments recorded at fair value is determined using financial models incorporating assumptions, judgements and estimates that may change over time or may ultimately not turn out to be accurate
 
Under IFRS, the Group recognises at fair value: (i) financial instruments classified as 'held-for-trading' or 'designated as at fair value through profit or loss'; (ii) financial assets classified as 'available-for-sale'; and (iii) derivatives, each as further described in 'Critical Accounting policies' on page 109 of the Annual Report and Accounts. Generally, to establish the fair value of these instruments, the Group relies on quoted market prices or, where the market for a financial instrument is not sufficiently active, internal valuation models that utilise observable market data. In certain circumstances, the data for individual financial instruments or classes of financial instruments utilised by such valuation models may not be available or may become unavailable due to changes in market conditions, as has been the case during the recent financial crisis. In such circumstances, the Group's internal valuation models require the Group to make assumptions, judgements and estimates to establish fair value. In common with other financial institutions, these internal valuation models are complex, and the assumptions, judgements and estimates the Group is required to make often relate to matters that are inherently uncertain, such as expected cash flows, the ability of borrowers to service debt, residential and commercial property price appreciation and depreciation, and relative levels of defaults and deficiencies. Such assumptions, judgements and estimates may need to be updated to reflect changing facts, trends and market conditions. The resulting change in the fair values of the financial instruments has had and could continue to have a material adverse effect on the Group's earnings and financial condition. Also, recent market volatility and illiquidity have challenged the factual bases of certain underlying assumptions and have made it difficult to value certain of the Group's financial instruments. Valuations in future periods, reflecting prevailing market conditions, may result in further significant changes in the fair values of these instruments, which could have a material adverse effect on the Group's results of operations and financial condition or result in a loss of value in the Securities.
 
The Group operates in markets that are highly competitive and consolidating. If the Group is unable to perform effectively, its business and results of operations will be adversely affected
 
The consolidation that has taken place in recent years among banking institutions in the Netherlands, the United Kingdom, the United States and throughout Europe continues to change the competitive landscape for banks and other financial institutions. If financial markets continue to be volatile, more banks may be forced to consolidate. This consolidation, in combination with the introduction of new entrants into the Netherlands, the United States and United Kingdom markets from other European and Asian countries, could increase competitive pressures on the Group.
 
Furthermore, increased government ownership of, and involvement in, banks generally may have an impact on the competitive landscape in the major markets in which the Group operates. The effects of the substantial government shareholding and involvement in banks may differ from jurisdiction to jurisdiction, and such involvement may cause the Group to experience stronger competition for corporate, institutional and retail clients and greater pressure on profit margins. Future disposals and restructurings by the Group and the compensation structure and restrictions imposed on the Group may also have an impact on its ability to compete effectively. Since the markets in which the Group operates are expected to remain highly competitive in all areas, these and other changes to the competitive landscape could adversely affect the Group's business, margins, profitability, financial condition and prospects or result in a loss of value in the Securities.
 
As a further condition to RBS Group receiving HM Treasury support, the Group is prohibited from making discretionary coupon payments on, and exercising call options in relation to, certain of its existing hybrid capital instruments, which may impair the Group's ability to raise new capital through the issuance of Securities
 
RBS Group was required to obtain State aid approval for the aid given to RBS Group by Her Majesty's Treasury in the United Kingdom ('HM Treasury') as part of the placing and open offer undertaken by RBS Group in December 2008, the issuance of £25.5 billion of B shares in the capital of RBS Group (which are, subject to certain terms and conditions, convertible into ordinary shares in the share capital of RBS Group) to HM Treasury, a contingent commitment by HM Treasury to subscribe for up to an additional £8 billion of B shares in the capital of RBS Group if certain conditions are met and RBS Group's participation in the United Kingdom Government's Asset Protection Scheme (the 'APS'), which covers, among other things, a pool of assets within the businesses of the Group (the former ABN AMRO Holding N.V. group) that were acquired by RBS Group (the 'State Aid'). In that context, as part of the terms of the State Aid approval, RBS Group, together with HM Treasury, agreed with the terms of a State Aid restructuring plan.
 
On 26 November 2009, RBS Group also entered into a State Aid Commitment Deed with HM Treasury containing commitments and undertakings given by RBS Group to HM Treasury that are designed to ensure that HM Treasury is able to comply with the commitments given by it to the European Commission for the purpose of obtaining approval for the State Aid provided to RBS Group.
 
As part of these commitments and undertakings, RBS Group has agreed that RBS Holdings will not pay investors any coupons on, or exercise any call rights in relation to, certain hybrid capital instruments specified in an announcement by RBS Group on 31 August 2010, unless in any such case there is a legal obligation to do so, for an effective period of two years commencing on 1 April 2011. The Group is also subject to restrictions on the exercise of call rights in relation to the Group's other hybrid capital instruments.
 
It is possible that the Group may, in future, be subject to further restrictions on payments on the Group's hybrid capital instruments, whether as a result of undertakings given to regulatory bodies, changes to capital requirements such as the Basel III rules published by the Basel Committee on 16 December 2010 or otherwise.
 
The undertakings described above may serve to limit the Group's ability to raise new capital through the issuance of Securities.
 
The Group could fail to attract or retain senior management, which may include members of the Group's Supervisory Board and Managing Board, or other key employees, and it may suffer if it does not maintain good employee relations
 
The Group's ability to implement its strategy depends on the ability and experience of its senior management, which may include members of the Group's Supervisory Board and Managing Board, or other key employees. The loss of the services of certain key employees, particularly to competitors, could have an adverse impact on the Group's business. The Group's future success will also depend on its ability to attract, retain and remunerate highly skilled and qualified personnel competitively with its peers. This cannot be guaranteed, particularly in light of heightened regulatory oversight of banks and heightened scrutiny of, and (in some cases) restrictions placed upon, management and employee compensation arrangements, in particular those in receipt of government funding (such as RBS Group). In connection with its accession to the APS, RBS Group agreed with HM Treasury that it will be at the leading edge of implementing the G 20 principles and to consult with UK Financial Investments Limited in connection with RBS Group's remuneration policy and RBS Group made a commitment to HM Treasury to comply with the UK Financial Services Authority (the 'FSA') Remuneration Code which came into force on 1 January 2010. On 1 January 2011, a revised FSA Remuneration Code came into effect to implement the requirements of the Capital Requirements Directive III. In addition, as a result of its accession to the APS, RBS Group also has reached agreement with HM Treasury in relation to remuneration arrangements for certain employees involved in the APS, including approval rights for the Asset Protection Agency on related performance targets. The deferral and claw-back provisions implemented by RBS Group may impair the ability of RBS Group to attract and retain suitably qualified personnel in various parts of RBS Group's businesses.
 
In recent years, the Group has altered certain of the pension benefits it offers to staff and some employees continue to participate in defined benefit arrangements. The following two changes have been made to the United Kingdom defined benefit pension plans: (i) a yearly limit on the amount of any salary increase that will count for pension purposes; and (ii) a reduction in the severance lump sum for those who take an immediate undiscounted pension for redundancy.
 
In addition to the effects of such measures on the Group's ability to retain senior management and other key employees, the marketplace for skilled personnel is becoming more competitive, which means the cost of hiring, training and retaining skilled personnel may continue to increase. The failure to attract or retain a sufficient number of appropriately skilled personnel could place the Group at a significant competitive disadvantage and prevent the Group from successfully implementing its strategy, which could have a material adverse effect on the Group's financial condition and results of operations or result in a loss of value in the Securities.
 
In addition, certain of the Group's employees in Europe and other jurisdictions in which the Group operates are represented by employee representative bodies, including works councils and trade unions. Engagement with its employees and such bodies is important to the Group and a breakdown of these relationships could adversely affect the Group's business, reputation and results. As the Group implements cost-saving initiatives and disposes of, or runs-down, certain assets or businesses (including as part of its restructuring plans), it faces increased risk in this regard and there can be no assurance that the Group will be able to maintain good relations with its employees or employee representative bodies in respect of all matters. As a result, the Group may experience difficulties in consultation processes with employee representative bodies in relevant jurisdictions and strikes or other industrial action from time to time, which could have a material adverse effect on its business and results of operations and could cause damage to its reputation.
 
Each of the Group's businesses is subject to substantial regulation and oversight. Significant regulatory developments could have an effect on how the Group conducts its business and on its results of operations and financial condition
 
The Group is subject to financial services laws, regulations, corporate governance requirements, administrative actions and policies in each jurisdiction in which it operates. All of these are subject to change, particularly in the current regulatory and market environment, where there have been unprecedented levels of government intervention, changes to the regulations governing financial institutions and reviews of the industry, including nationalisations or injections of government capital in the United States, the United Kingdom and other European countries. In recent years, there has also been increasing focus in the Netherlands, the United Kingdom and United States and other jurisdictions in which the Group operates on compliance with anti-bribery, anti-money laundering, anti-terrorism and other similar sanctions regimes.
 
As a result of the environment in which the Group operates, increasing regulatory focus in certain areas and ongoing and possible future changes in the financial services regulatory landscape (including requirements imposed by virtue of RBS Group's participation in government or regulator-led initiatives), the Group expects to face greater regulation and scrutiny in the Netherlands, the United Kingdom, the United States and other countries in which it operates, including throughout the rest of Europe.
 
Although it is difficult to predict with certainty the effect that recent regulatory developments and heightened levels of public and regulatory scrutiny will have on the Group, the enactment of legislation and regulations in the Netherlands, the United Kingdom, the other parts of Europe in which the Group operates and the United States (such as new liquidity rules in the Netherlands in anticipation of the implementation of, and other changes required by, the EU Capital Requirements Directives, the bank levy in the United Kingdom or the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States) is likely to result in increased capital and liquidity requirements and changes in regulatory requirements relating to the calculation of capital and liquidity metrics or other prudential rules relating to capital adequacy frameworks, and may result in an increased number of regulatory investigations and actions. Any of these developments could have an adverse impact on how the Group conducts its business, applicable authorisations and licences, the products and services it offers, its reputation, the value of its assets, its funding costs and its results of operations and financial condition or result in a loss of value in the Securities.
 
Areas in which, and examples of where, governmental policies, regulatory changes and increased public and regulatory scrutiny could have an adverse impact on the Group include, but are not limited to:
 
  ·
the monetary, fiscal, interest rate and other policies of central banks and other governmental or regulatory bodies;
 
  ·
requirements to separate retail banking from investment banking, and restrictions on proprietary trading and similar activities within a commercial bank and/or a group which contains a commercial bank;
 
  ·
government-imposed requirements with respect to lending to small and medium sized businesses and larger commercial and corporate entities and residential mortgage lending;
 
  · 
requirements to operate in a way that prioritises objectives other than shareholder value creation;
 
  ·
changes to financial reporting standards (including accounting standards), corporate governance requirements, corporate structures and conduct of business rules;
 
  · 
the imposition of restrictions on the Group's ability to compensate its senior management and other employees;
 
  ·
regulations relating to, and enforcement of, anti-bribery, anti-money laundering, anti-terrorism or other similar sanctions regimes;
 
  ·
rules relating to foreign ownership, expropriation, nationalisation and confiscation of assets;
 
  ·
other requirements or policies affecting the Group's profitability, such as the imposition of onerous compliance obligations, further restrictions on business growth or pricing and the introduction of, or changes to, levies, fees or taxes applicable to the Group's operations (such as the imposition of financial activities taxes and changes in tax rates that reduce the value of deferred tax assets); and
 
  ·
other unfavourable political, military or diplomatic developments producing social instability or legal uncertainty which, in turn, may affect demand for the Group's products and services.
 
The Group is and may be subject to litigation and regulatory investigations that may impact its business
 
The Group's operations are diverse and complex, and it operates in legal and regulatory environments that expose it to potentially significant litigation, regulatory investigation and other regulatory risk. As a result, the Group is, and may in the future be, involved in various disputes, legal proceedings and regulatory investigations in the Netherlands, the United Kingdom, other parts of the EU, the United States and other jurisdictions, including class action litigation, anti-money laundering charges and sanctions, compliance investigations and review by the European Commission under State Aid rules. Furthermore, the Group, like many other financial institutions, has come under greater regulatory scrutiny in recent years and expects that environment to continue for the foreseeable future, particularly as it relates to compliance with new and existing corporate governance, employee compensation, conduct of business, anti-money laundering and anti-terrorism laws and regulations, as well as the provisions of applicable sanctions programmes. Disputes, legal proceedings and regulatory investigations are subject to many uncertainties, and their outcomes are often difficult to predict, particularly in the early stages of a case or investigation. Adverse regulatory action or adverse judgments in litigation could result in restrictions or limitations on the Group's operations or have a significant effect on the Group's reputation or results of operations or result in a loss of value in the Securities. For details about certain litigation and regulatory investigations in which the Group is involved, see page 159 of the Annual Report and Accounts'.
 
The Group may be required to make further contributions to its pension schemes if the value of pension fund assets is not sufficient to cover potential obligations
 
The Group maintains a number of defined contribution pension schemes and defined benefit pension schemes for past and a number of current employees. The RBS AA Pension Scheme in the UK and the Stichting Pensioenfonds RBS Nederland in the Netherlands are the largest of the schemes for the Group and its main sources of pension risk. Pensions risk is the risk that the assets of the Group's various defined benefit pension schemes which are long term in nature do not fully match the timing and amount of the schemes' liabilities, as a result of which the Group is required or chooses to make additional contributions to the schemes. Pension scheme liabilities vary with changes to long-term interest rates, inflation, pensionable salaries and the longevity of scheme members as well as changes in applicable legislation. The schemes' assets comprise investment portfolios that are held to meet projected liabilities to the scheme members.
 
Risk arises from the schemes because the value of these asset portfolios, returns from them and any additional future contributions to the schemes may be less than expected and because there may be greater than expected increases in the estimated value of the schemes' liabilities. In these circumstances, the Group could be obliged, or may choose, to make additional contributions to the schemes, and during recent periods, the Group has voluntarily made such contributions to the schemes. Given the recent economic and financial market difficulties and the prospect that they may continue over the near and medium term, the Group may experience increasing pension deficits or be required or elect to make further contributions to its pension schemes and such deficits and contributions could be significant and have an adverse impact on the Group's results of operations or financial condition or result in a loss of value in the Securities.
 
The Group is subject to enforcement risks relating to the United States Department of Justice's criminal investigation of its dollar clearing activities
 
In May 2010, following a criminal investigation by the United States Department of Justice ('DoJ') into RBS N.V.'s dollar clearing activities, Office of Foreign Assets Control compliance procedures and other Bank Secrecy Act compliance matters, RBS N.V. (formerly ABN AMRO Bank N.V.) formally entered into a Deferred Prosecution Agreement ('DPA') with the DoJ resolving the investigation. The investigation was in relation to activities before the Consortium Members acquired RBS Holdings including its subsidiary RBS N.V. The agreement was signed by RBS N.V. and is binding on that entity and its subsidiaries.
 
Pursuant to the DPA, RBS N.V. paid a penalty of U.S. $500 million and agreed that it will comply with the terms of the DPA and continue to fully co-operate with any further investigations. Payment of the penalty was covered by a provision established in April 2007 when an agreement in principle to settle was first announced. Upon satisfaction of the conditions of the DPA for the period of 12 months from 10 May 2010, the matter will be fully resolved. Failure to comply with the terms of the DPA during the 12-month period could result in the DoJ recommencing its investigations, the outcome of which would be uncertain and could result in public censure and fines or have an adverse impact upon the Group's operations, any of which could have a material adverse impact on its business, reputation, results of operations and financial condition.
 
The legal demerger of ABN AMRO Bank N.V. (as it was then named) has resulted in a cross liability arrangement that changes the legal recourse available to investors
 
On 6 February 2010, ABN AMRO Bank N.V. (as it was then named) was demerged into two entities, being RBS N.V. (the former ABN AMRO Bank N.V.) and the new ABN AMRO Bank.
 
In principle investors now only have recourse to the entity to which the relevant assets and liabilities have been transferred for payments in respect of the appropriate securities. Under the Dutch Civil Code, however, each entity remains liable to creditors for the monetary obligations of the other entity that existed at the date of the legal demerger in the event that the other entity cannot meet its obligations to those creditors. In each case, the liability relates only to obligations existing at the date of the legal demerger.
 
The liability of RBS N.V. is limited to the equity retained at legal demerger. At the time of the legal demerger, this liability amounted to €4.0 billion and this liability will reduce over time. The liability of the new ABN AMRO Bank N.V. is limited to the amount of equity acquired at legal demerger, which amounted to €1.8 billion, which will also reduce over time.
 
RBS N.V. has made arrangements to mitigate the risks of liability to the creditors which transferred to the new ABN AMRO Bank upon legal demerger. The new ABN AMRO Bank has also made arrangements to mitigate the risks of liability to the creditors that remain in RBS N.V. Both of these entities hold the level of regulatory capital agreed upon with the Dutch Central Bank for purposes of covering any residual risks.
 
Operational risks are inherent in the Group's operations
 
The Group's operations are dependent on the ability to process a very large number of transactions efficiently and accurately while complying with applicable laws and regulations where it does business. The Group has complex and geographically diverse operations and operational risk and losses can result from internal and external fraud, errors by employees or third parties, failure to document transactions properly or to obtain proper authorisation, failure to comply with applicable regulatory requirements and conduct of business rules (including those arising out of anti-bribery, anti-money laundering and anti-terrorism legislation, as well as the provisions of applicable sanctions programmes), equipment failures, business continuity and data security system failures, natural disasters or the inadequacy or failure of systems and controls, including those of the Group's suppliers or counterparties. Although the Group has implemented risk controls and loss mitigation actions, and substantial resources are devoted to developing efficient procedures, to identify and rectify weaknesses in existing procedures and to train staff, it is not possible to be certain that such actions have been or will be effective in controlling each of the operational risks faced by the Group. Any weakness in these systems or controls, or any breaches or alleged breaches of such laws or regulations, could result in increased regulatory supervision, enforcement actions and other disciplinary action, and have an adverse impact on the Group's business, applicable authorisations and licenses, reputation, results of operations and the price of any Securities.
 
The Group is exposed to the risk of changes in tax legislation and its interpretation and to increases in the rate of corporate and other taxes in the jurisdictions in which it operates
 
The Group's activities are subject to tax at various rates around the world computed in accordance with local legislation and practice. Action by governments to increase tax rates or to impose additional taxes or to restrict the tax reliefs currently available to the Group would reduce the Group's profitability. Revisions to tax legislation or to its interpretation might also affect the Group's results in the future.
 
The Group's operations have inherent reputational risk
 
Reputational risk, meaning the risk to earnings and capital from negative public opinion, is inherent in the Group's business. Negative public opinion can result from the actual or perceived manner in which the Group conducts its business activities, from the Group's financial performance, from the level of direct and indirect government support or from actual or perceived practices in the banking and financial industry. Negative public opinion may adversely affect the Group's ability to keep and attract customers. The Group cannot ensure that it will be successful in avoiding damage to its business from reputational risk.
 
The Group's business and earnings may be affected by geopolitical conditions
 
The performance of the Group is significantly influenced by the geopolitical and economic conditions prevailing at any given time in the countries in which it operates, particularly the Netherlands, the United Kingdom and other countries in Europe, the United States and Asia. For example, the Group has a presence in countries where businesses could be exposed to the risk of business interruption and economic slowdown following the outbreak of a pandemic, or the risk of sovereign default following the assumption by governments of the obligations of private sector institutions. Similarly, the Group faces the heightened risk of trade barriers, exchange controls and other measures taken by sovereign governments which may impact a borrower's ability to repay. Terrorist acts and threats and the response to them of governments in any of these countries could also adversely affect levels of economic activity and have an adverse effect upon the Group's business.
 
The recoverability and regulatory capital treatment of certain deferred tax assets recognised by the Group depends on the Group's ability to generate sufficient future taxable profits and there being no adverse changes to tax legislation, regulatory requirements or accounting standards
 
In accordance with IFRS, the Group has recognised deferred tax assets on losses available to relieve future profits from tax only to the extent that it is probable that they will be recovered. The deferred tax assets are quantified on the basis of current tax legislation and accounting standards and are subject to change in respect of the future rates of tax or the rules for computing taxable profits and allowable losses. Failure to generate sufficient future taxable profits or changes in tax legislation or accounting standards may reduce the recoverable amount of the recognised deferred tax assets.
 
There is currently no restriction in respect of deferred tax assets recognised by the Group for regulatory purposes. Changes in regulatory capital rules may restrict the amount of deferred tax assets that can be recognised and such changes could lead to a reduction in the Group's Core Tier 1 capital ratio. In particular, on 16 December 2010, the Basel Committee published the Basel III rules setting out certain changes to capital requirements (see the risk factor above headed 'The Group's business performance could be adversely affected if its capital is not managed effectively or as a result of changes to capital adequacy and liquidity requirements'). Those rules include a requirement that deferred tax assets which rely on future profitability of the Group to be realised may only receive limited recognition when calculating the common equity component of Tier 1 which therefore limits the amount of deferred tax assets which can count towards that component of Tier 1 capital. The implementation of the Basel III reforms will begin on 1 January 2013, however the restrictions on recognition of deferred tax assets within the common equity component of Tier 1 are subject to a phased-in deduction starting on 1 January 2014, to be fully effective by 1 January 2018.  
 
Risks relating to the Asset Protection Scheme
 
On 22 December 2009, the RBS Group acceded to the Asset Protection Scheme with HMTreasury acting on behalf of the United Kingdom Government. Neither RBS Holdings nor RBS N.V. is a party to the APS. The APS is a unique form of credit protection over a complex range of diversified assets and exposures (the "Covered Assets") in a number of jurisdictions and, as at 31 December 2010, included assets and exposures of RBS N.V. and its wholly-owned subsidiaries in the amount of €17.5 billion (the "RBS N.V. Covered Assets"). If losses on assets covered by the APS exceed £60 billion (net of recoveries), HM Treasury will bear 90 percent of further losses. In the event of a further severe or prolonged economic downturn, which could result in extreme credit losses on the RBSG Group's asset portfolio, the APS provides additional protection to the RBSG Group's capital ratios and financial position. The RBS Group continues to carry the risk of losses, impairments and write-downs with respect to assets not covered by the APS.
 
On 26 November 2009, RBS N.V. and RBS entered into two back-to-back contracts in relation to the RBS N.V. Covered Assets, which were effective from 22 December 2009 (the 'Contracts'). Pursuant to the Contracts, RBS N.V. has purchased credit protection through a financial guarantee and a credit default swap arrangement with RBS to strengthen its capital position and to de-risk future earnings. The guarantee agreement provides RBS N.V. with 100 per cent. protection over a specific portfolio of covered assets held at amortised cost by the Group The credit derivative agreement provides equivalent protection over a portfolio of derivatives owned by the RBS N.V. Group. The Contracts were amended and restated on 16 July 2010 with retrospective effect. The amendments related to, among other things, the triggers for, and calculation of, losses in respect of which protection is provided under the Contracts.
 
There are limits on the coverage provided by the Contracts and uncovered exposures and risks may have a material adverse impact on the Group's business, financial condition, capital position, liquidity and results of operation
 
Protection under the Contracts, which is linked to the circumstances in which protection is available under the APS, may be limited or may cease to be available where (i) RBS N.V. Covered Assets are not correctly or sufficiently logged or described, (ii) a RBS N.V. Covered Asset is disposed of (in whole or in part) prior to a trigger event, (iii) the terms of the APS do not apply or are uncertain in their application, (iv) certain criminal conduct has or may have occurred in respect of RBS N.V. Covered Assets, (v) a breach of bank secrecy, confidentiality, data protection or similar laws has or may occur, (vi) certain of the extensive governance, asset management, audit and reporting obligations under the UK Asset Protection Scheme Terms and Conditions (the 'Scheme Conditions') are not complied with, where the Group is required to comply with, or to ensure that RBS can comply with, such obligations pursuant to the Contracts, (vii) the Group does not comply with, or enable RBS to comply with, the instructions of a step-in manager appointed by HM Treasury in respect of RBS N.V. Covered Assets or (viii) HM Treasury seeks to appoint a step-in manager in respect of RBS N.V. Covered Assets and it is not possible to obtain consent from the Dutch Central Bank (if required) to such step-in.
 
If the Group is required to seek consent from the Dutch Central Bank to such step-in, and such consent is not obtained by the date (which will be no less than 10 business days after the notice from HM Treasury) on which the step-in rights must be effective, and other options to effect compliance are not possible (at all or because the costs involved prove prohibitive), the relevant RBS N.V. Covered Assets would need to be withdrawn by RBS Group from the APS where permissible under the Scheme Conditions or, otherwise, with HM Treasury consent. If RBS Group cannot withdraw such Covered Assets from the APS, RBS Group would be likely to lose protection in respect of these assets under the APS.
 
The Group is subject to limitations on actions it can take in respect of the RBS N.V. Covered Assets and certain related assets and to extensive governance, asset management, audit and reporting obligations under the Scheme Conditions which the Group is required to comply with, or to ensure that RBS can comply with, pursuant to the Contracts. The Group's compliance with such relevant obligations is dependent on its ability to (i) implement efficiently and accurately approval processes and reporting, governance and management systems in accordance with the relevant obligations and (ii) comply with applicable laws and regulations where it does business. Since the Group's operational systems were not originally designed to facilitate compliance with these extensive continuing obligations, there is a risk that the Group will fail to comply with a number of these obligations. Where the Group is in breach of the continuing obligations under the Scheme Conditions that it is required to comply with, or to ensure that RBS can comply with, pursuant to the Contracts or is otherwise unable to provide or verify information as required under the APS, recovery of losses under the Contracts may be adversely impacted and HM Treasury may in addition have the right to exercise certain step-in rights in respect of RBS N.V. Covered Assets, including the right to require RBS to appoint a step-in manager in relation to RBS N.V. Covered Assets who may exercise oversight, direct management rights and certain other rights. The occurrence of the risks or circumstances referred to above may impact the enforceability and/or level of protection available to RBS Group under the APS.
 
If RBS Group loses protection under the APS in respect of any RBS N.V. Covered Asset as a result of a failure of RBS N.V. to comply in a material respect with its obligations under the Contracts, the credit protection provided to the Group by the Contracts would be lost and any losses incurred on such asset would continue to be borne fully by the Group. This may materially reduce the protection anticipated by the Group for its stressed losses, in which case its business, results of operations and financial condition will suffer, its credit ratings may drop, its capital ratios may decline, its ability to lend and access funding will be further limited and its cost of funding may increase. The occurrence of any or all of such events may cause the price of the Securities to decline substantially.
 
The extensive governance, asset management and information requirements under the Scheme Conditions, which the Group is required to comply with or to ensure that RBS plc can comply with, pursuant to the Contracts may have an adverse impact on the Group. In addition, any changes or modifications to the Scheme Conditions may have a negative impact on the expected benefits of the Contracts and may have an adverse impact on the Group
 
HM Treasury may, following consultation with RBS Group, modify or replace certain of the Scheme Conditions in such a manner as it considers necessary (acting reasonably) in certain circumstances, which may be retrospective. The protection provided to the Group by the Contracts is linked, in certain respects, to the protection that RBS Group receives under the APS. As a consequence, modifications to, or replacements of, the Scheme Conditions may result in (i) a loss of or reduction in the protection expected by the Group under the Contracts, (ii) an increase in the risk weightings of the RBS N.V. Covered Assets, (iii) a material increase in the continuing reporting obligations or asset management conditions applicable to the Group under the Scheme Conditions which the Group is required to comply with, or to ensure that RBS can comply with, pursuant to the Contracts and/or (iv) restrictions or limitations on the Group's operations. The consequences of any such modifications are impossible to quantify and are difficult to predict and may have a material adverse effect on the Group's financial condition and results of operations.
 
There are extensive governance, asset management and information requirements under the Scheme Conditions in relation to the RBS N.V. Covered Assets which the Group is required to comply with, or to ensure that RBS can comply with, pursuant to the Contracts and HM Treasury also has the right to require the appointment of one or more step-in managers to exercise certain step-in rights in certain circumstances. The step-in rights are extensive and include certain oversight, investigation, approval and other rights, the right to require the modification or replacement of any of the systems, controls, processes and practices of the Group and extensive rights in relation to the direct management and administration of the RBS N.V. Covered Assets. Additionally pursuant to the accession agreement between HM Treasury and RBS Group relating to the accession to the APS (the 'Accession Agreement'), HM Treasury has the right to require RBS to appoint one or more Special Advisers ('SOC Special Advisers') to exercise oversight functions over certain assets in the APS. On 18 June 2010, the Asset Protection Agency required that RBS appoint SOC Special Advisers in relation to certain assets and business areas in order to provide additional support to the Senior Oversight Committee of RBS and there have been four such appointments to date granting certain oversight rights in relation to certain specified assets. Two of those appointments related to assets owned by RBS N.V. The obligations of the Group and the rights of HM Treasury may, individually or in the aggregate, impact the way the Group runs its business and may serve to limit the Group's operations with the result that the Group's business, results of operations and financial condition will suffer. In addition, the market's reaction to such controls and limitations may have an adverse impact on the price of the Securities.
 
Any changes to the expected regulatory capital treatment of the Contracts, may negatively impact the Group's capital position
 
One of the objectives of the Contracts was to improve capital ratios at a consolidated level for the Group and at an individual level for certain relevant members of the Group. There is a risk that the interpretation of the relevant regulatory capital requirements by one or more of the relevant regulatory authorities may differ from that assumed by the Group, with the result that the anticipated improvement to the Group's capital ratios will not be fully achieved.
 
There is a further risk that, given that the current regulatory capital requirements and the regulatory bodies governing these requirements are subject to unprecedented levels of review and scrutiny both globally and locally, the regulatory capital treatment may differ from that assumed by the Group in respect of the Contracts. Any changes to the regulatory capital treatment of the Contracts could negatively impact the Group's capital ratios, which could cause the Group's business, results of operations and financial condition to suffer, its credit ratings to drop, its ability to lend and access to funding to be further limited and its cost of funding to increase. The occurrence of any or all of such events may cause the price of the Securities to decline substantially.
 
Fulfilling the disclosure obligations of the Group under the Contracts may give rise to litigation and regulatory risk
 
In order to fulfil (or as a consequence of fulfilling) its disclosure obligations under the Contracts by disclosing certain information to RBS Group, RBS, and/or the subsequent disclosure to HM Treasury or the FSA or their disclosure of such information to third parties for certain specified purposes, the Group may incur the risk of civil suits, criminal liability or regulatory actions. Adverse regulatory action or adverse judgments in litigation could have a significant effect on the Group's reputation or results of operations or result in a loss of value in the Securities. Alternatively, in order to avoid the risk of such civil suits or regulatory actions or to avoid the risk of criminal liability, RBS Group may choose to or be required to remove RBS N.V. Covered Assets from the APS so as not to be required to disclose such information to HM Treasury or the FSA, with the result that such assets will not be protected by the APS, which would result in a loss of protection to the Group under the Contracts. The effect of the removal of such RBS N.V. Covered Assets will impact the level of protection available to the Group and may materially reduce the protection anticipated by the Group for its stressed losses, in which case its business, results of operations and financial condition will suffer. 
 
Investors should be aware that the materialisation of any of the above risks may adversely affect the value of any Securities.
 
 
 
Contacts

 
RBS Group Investor Relations
Investor.relations@rbs.com
+44 207 672 1758
RBS Group Media Relations
+44 131 523 4414(UK)
+31 20 464 1150 (NL)
  
Exhibit 13
 
The Royal Bank of Scotland Group plc (RBS) - Morgan Stanley European Financials Conference
 
 
Stephen Hester, Group Chief Executive Officer, will present at the Morgan Stanley European Financials Conference in London on Tuesday 29th March 2011 at 8.00am (UK).  The slides will be available on our website www.rbs.com/ir shortly before the presentation commences.
 
 
If you would like a copy of this presentation in a different format (eg. large print, audio or braille) please contact the Investor Relations team on +44 20 7672 1758 or investor.relations@rbs.com.
 
 
For further information:
 
Investor Relations
Richard O'Connor
Head of Investor Relations
+44 (0) 20 7672 1758
 
Exhibit 14

The Royal Bank of Scotland Group plc
Total Voting Rights - Conformity with the Disclosure and Transparency Rules
 
In conformity with the Disclosure and Transparency Rules, The Royal Bank of Scotland Group plc ('RBSG') hereby notifies the following in respect of its issued share capital with voting rights as at 31 March 2011:-
 
Share Class and nominal value
Number of Shares issued
Voting rights per share
Total Voting rights -
31-Mar-11
       
Ordinary shares of £0.25
58,579,302,987
1
58,579,302,987
11% Cumulative Preference Shares of £1
500,000
4
2,000,000
5.5% Cumulative Preference Shares of £1
400,000
4
1,600,000
Non-cumulative Preference Shares of £1 (series 1)
54,442
1
54,442
Non-cumulative Preference Shares of €0.01 (Series 1)
1,250,000
4
5,000,000
Non-cumulative Preference Shares of €0.01 (Series 2)
784,989
4
3,139,956
Non-cumulative Preference Shares of €0.01 (Series 3)
9,429
1
9,429
Non-cumulative Preference Shares of US$0.01 (Series M)
23,125,869
4
92,503,476
Non-cumulative Preference Shares of US$0.01 (Series N)
22,113,160
4
88,452,640
Non-cumulative Preference Shares of US$0.01 (Series P)
9,883,307
4
39,533,228
Non-cumulative Preference Shares of US$0.01 (Series Q)
20,646,938
4
82,587,752
Non-cumulative Preference Shares of US$0.01 (Series R)
10,163,932
4
40,655,728
Non-cumulative Preference Shares of US$0.01 (Series S)
26,449,040
1
26,449,040
Non-cumulative Preference Shares of US$0.01 (Series T)
51,245,839
1
51,245,839
Non-cumulative Preference Shares of US$0.01 (Series U)
10,130
1
10,130
Series 1 class B shares of £0.01
51,000,000,000
N/A
N/A
       
Total:
109,745,940,062
  
59,012,544,647
 
of which none are held in Treasury.
 
The above figures may be used by shareholders of the respective classes of shares as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in their shareholding, under the FSA's Disclosure and Transparency Rules.
 
Exhibit 15

The Royal Bank of Scotland Group plc
 
Pillar 3 Disclosure 2010
 
The above document has been published on the Group's website at http://www.investors.rbs.com/report_subsidiary_results
 
 
 
For further information contact:
 
Richard O'Connor
Head of Investor Relations
+44 (0) 20 7672 1758


 


Signatures

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 


 
 
Date: 31 March 2011
 
 
THE ROYAL BANK OF SCOTLAND GROUP plc (Registrant)
 
 
 
By:
/s/ Jan Cargill
 
 
Name:
Title:
Jan Cargill
Deputy Secretary