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THE ROYAL BANK OF SCOTLAND STRENGTHENS GLOBAL FINANCIAL INSTITUTIONAL FX SALES

31st May 2006

The Royal Bank of Scotland, Global Banking & Markets (RBS) continues to strengthen its Financial Institutional FX Sales team, making a number of hires globally.

In the UK:
Angela Feeney joined in May from Westpac where she has been for 7 years, most recently running the AUD & NZD options books during the London/New York market. Angela has been recruited specifically with a view to further expand client footprint within the currency derivatives business. Angela will take up her full responsibilities once FSA registration has been completed.
Caroline Jones joined in February as an associate on the UK Institutional FX Sales desk from JP Morgan (London) where she had recently completed their graduate trainee programme.
Kim Le joins the team as an associate, transferring from an internal client-facing role in a support function.

Angela, Caroline and Kim will all report to Brian Perry, Head of UK Institutional FX Sales.

In Europe:
Stephane Targui joined in February from BNP Paribas as the Head of French Institutional FX. At BNP, Stephane had experience in both FX Options trading and structuring roles.
Aiden Hopfner transfers internally from the e-commerce sales business. He will join the Nordic Institutional FX Sales desk working with Ian Smyth. Aiden will take up his full responsibilities once FSA registration has been completed.

Stephane and Aidan will both report to Enrico Casini, Head of European Institutional FX Sales.

In North America:
Wendy Rosen joined in May from Hotspot, where she was a Director, covering sales to Financial Institutions, leading their Asset Management sales effort. She will concentrate on expanding the North American real-money franchise.
Brian McCarthy also joined in May from UBS (Stamford) where he was a Director, FX Sales. He will also focus on expanding the North American real money franchise.
Chris Connelly joined in April from Deutsche Bank (NY) as an associate on the North American Institutional FX Sales desk.

Wendy, Brian and Chris will all report to Craig Donaldson, Head of North American Institutional FX Sales.

In Asia:
Erin Yau joined in May from Merrill Lynch (Hong Kong) where she worked in FX Sales to Financial Institutions. Erin will report to Nick Strain, Head of Asia Institutional FX Sales (Hong Kong).

Commenting on the hires Peter Nielsen, Head of Treasury & Investor Products said:

“Naturally I am delighted with our new hires; they represent an excellent mix of experienced FX Sales people and bright prospects, they will complement our existing team very well. Recent surveys have confirmed RBS as a major player in Foreign Exchange, we are here to stay and these hires represent a further clear statement of our commitment to the business.”