RBS.L Regulatory News (RBS)

12 May 2017

The Royal Bank of Scotland Group plc

Legal Entity Identifier: 2138005O9XJIJN4JPN90

INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs") in accordance with Article 19 of the EU Market Abuse Regulation 596/2014

1. The Royal Bank of Scotland Group plc (the "Company") announces that ordinary shares of £1 each in the Company ("Shares") (ISIN: GB00B7T77214) were delivered to PDMRs on 12 May 2017, as set out below.

Unless otherwise stated, the Shares delivered represent payment of a fixed share allowance for the six month period ending 30 June 2017 and have been calculated using a share price of £2.6642.

The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:-

The above transactions took place outside of a trading venue. The opening price on the date that the Shares were delivered and some were withheld to meet associated tax liabilities was £2.6010. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs in the Computershare Retained Share Nominee account and will be released in instalments over a three year period.

2. The Company announces that on 11 May 2017 Ross McEwan, Chief Executive, transferred 27,602 Shares to charity for nil consideration. The transfer is in line with the commitments Mr McEwan made in February 2015 and February 2016 to transfer all of his 2015 fixed share allowance and half of his 2016 fixed share allowance to charity. Following the transfer to charity, Mr McEwan has relinquished all legal and beneficial rights to the Shares. The transfer took place outside of a trading venue.

For further information contact:-

RBS Investor RelationsAlexander HolcroftHead of Equity Investor Relations+44 20 7672 1758

RBS Media Relations

+44(0)131 523 4205