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RBS GROUP 2012

443

Class of preference share Number of shares

in issue Interest rate

Redemption

date on or afte

Redemption

price per share Debt/equity (1)

Non-cumulative preference shares of US$0.01

Series F 6.3 million 7.65% 31 March 2007 US$25 Debt

Series H 9.7 million 7.25% 31 March 2004 US$25 Debt

Series L 30.0 million 5.75% 30 September 2009 US$25 Debt

Series M 23.1 million 6.4% 30 September 2009 US$25 Equity

Series N 22.1 million 6.35% 30 June 2010 US$25 Equity

Series P 9.9 million 6.25% 31 December 2010 US$25 Equity

Series Q 20.6 million 6.75% 30 June 2011 US$25 Equity

Series R 10.2 million 6.125% 30 December 2011 US$25 Equity

Series S 26.4 million 6.6% 30 June 2012 US$25 Equity

Series T 51.2 million 7.25% 31 December 2012 US$25 Equity

Series U 10,130 7.64% 29 September 2017 US$100,000 Equity

Non-cumulative convertible preference shares of US$0.01

Series 1 64,772 9.118% 31 March 2010 US$1,000 Debt

Non-cumulative preference shares of €0.01

Series 1 1.25 million 5.5% 31 December 2009 €1,000 Equity

Series 2 784,989 5.25% 30 June 2010€1,000 Equity

Series 3 9,429 7.0916% 29 September 2017 €50,000 Equity

Non-cumulative convertible preference shares of £0.01

Series 1 14,866 7.387% 31 December 2010£1,000 Debt

Non-cumulative preference shares of £1

Series 1 54,442

3 month

LIBOR + 2.33% 5 October 2012£1,000 Equity

Note:

(1) Those preference shares where the Group has an obligation to pay dividends are classified as debt; those where distributions are discretionary are classified as equity. The conversion rights

attaching to the convertible preference shares may result in the Group delivering a variable number of equity shares to preference shareholders; these convertible preference shares are treated as

debt.

In the event that the non-cumulative convertible preference shares are

not redeemed on or before the redemption date, the holder may convert

them into ordinary shares in the company at the prevailing market price.

Under existing arrangements, no redemption or purchase of any non-

cumulative preference shares may be made by the company without the

prior consent of the UK Financial Services Authority.