THE ROYAL BANK OF SCOTLAND FINANCIAL MARKETS FURTHER STRENGTHENS ITS RATES BUSINESS

11th July 2005

The Royal Bank of Scotland Financial Markets (RBS) has today announced the following appointments to its Global Rates business:

Tim Murphy joins RBS as a senior trader on the European Government bond desk. Tim will report to Steve Ashley, Global Head of Delta Trading and will be based in London. Tim was previously at ABN Amro, where he has worked for the last 15 years as a senior Bond Trader.

Dr Kevin Gaynor joins RBS as Head of Financial Markets Economics and Rates Research. Kevin will report to Andrew McLaughlin, Group Chief Economist and Kit Juckes, Head of Fixed Income Research and will be based in London. Previously, Kevin was at UBS, where he has worked for the last 10 years, as head of European Economics and most recently, Head of European Equity Strategy.

Henrik Melph joins RBS as Head of Central Bank sales in the Rates Liquid Products Sales team. Henrik will report to Chris Fleming, Head of Rates Flow and Liquid Product Sales. Prior to joining RBS Henrik was at UBS where he was Head of Central Bank Liquid product Sales.

Commenting on the appointments Ian Gaskell, Global Head of Rates said: "We are delighted that Tim, Kevin and Henrik have joined RBS. They all bring with them a wealth of experience in their respective areas and will play a major role in continuing to drive the Global Rates business forward."

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