Dividend Declaration

Royal Bank of Scotland Group

28th June 2019

NatWest Markets Plc ‐ Declaration of Interim Dividend

NatWest Markets Plc ("NatWest Markets") today announces it has declared an interim ordinary dividend payable to its parent company, The Royal Bank of Scotland Group plc (together with its subsidiaries, the "RBS Group"), of 100.12 pence per ordinary share, corresponding to a total payment of £400 million.

Today's interim dividend would have resulted in the NatWest Markets Plc CET1 ratio as at 31 March 2019 reducing by c.105 bps to c.16.0% and is consistent with the NatWest Markets Plc CET1 ratio target of c.15% by 2020. There is no impact on the RBS Group CET1 ratio.

NatWest Markets Investor Relations

Richard Coombs

Head of NatWest Markets Investor Relations

+44 (0) 207 672 1768

RBS Investor Relations

Alexander Holcroft

Head of Investor Relations

+44 (0) 207 672 1758

Forward Looking Statements

This document contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements that include, without limitation, the words 'expect', 'estimate', 'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'plan', 'could', 'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal', 'objective', 'may', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on these expressions. These statements concern or may affect future matters, such as RBSG or NWM's future economic results, business plans and current strategies. In particular, this document may include forward-looking statements relating to RBSG or NWM in respect of, but not limited to their respective: regulatory capital positions and related requirements, financial positions, profitability and financial performance (including financial, capital and operational targets), access to adequate sources of liquidity and funding, increasing competition from new incumbents and disruptive technologies, impairment losses and credit exposures under certain specified scenarios, substantial regulation and oversight, ongoing legal, regulatory and governmental actions and investigations, LIBOR, EURIBOR and other benchmark reform and exposure to economic and political risks (including with respect to Brexit and climate change), operational risk, conduct risk, cyber and IT risk and credit rating risk. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments, interest and exchange rate fluctuations and general economic conditions. These and other factors, risks and uncertainties that may impact any forward-looking statement or RBSG or NWM's actual results are discussed in NWM's 2018 Annual Report and Accounts and other regulatory filings, RBSG's UK2018 Annual Report and Accounts and materials filed by RBSG with, or furnished to, the US Securities and Exchange Commission, including, but not limited to, RBSG's most recent Annual Report on Form 20-F and Reports on Form 6-K. The forward-looking statements contained in this document speak only as of the date of this document and RBSG and NWM do not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except to the extent legally required.

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