9 November 2016
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 the PDMRs on 8 November 2016, as set out below.
The Shares delivered represent payment of a fixed share allowance for the six month period ended 31 December 2016 and were based on a share price of £1.8746.
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:-
| Name of PDMR | Position of PDMR | No. of Shares delivered | No. of Shares withheld to satisfy associated tax liability | No. of Shares retained |
| Elaine Arden | Chief HR Officer | 76,684 | 36,042 | 40,642 |
| Mark Bailie | Chief Operating Officer | 213,379 | 100,289 | 113,090 |
| Christopher Marks | Chief Executive, Corporate & Institutional Banking | 213,379 | 100,289 | 113,090 |
| Leslie Matheson | Chief Executive, Personal & Business Banking | 160,035 | 75,217 | 84,818 |
| Ross McEwan | Chief Executive | 266,724 | 125,361 | 141,363 |
| Simon McNamara | Chief Administrative Officer | 173,371 | 81,485 | 91,886 |
| Jonathan Pain | Chief Conduct & Regulatory Affairs Officer | 80,018 | 37,609 | 42,409 |
| Alison Rose | Chief Executive, Commercial & Private Banking | 186,707 | 87,753 | 98,954 |
| David Stephen | Chief Risk Officer | 186,707 | 87,753 | 98,954 |
| Ewen Stevenson | Chief Financial Officer | 213,379 | 100,289 | 113,090 |
| David Wheldon | Chief Marketing Officer | 60,013 | 28,207 | 31,806 |
The above transactions took place outside of a trading venue. The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.873. Shares retained after payment of associated tax liabilities are held on behalf of PDMRs in the Computershare Retained Share Nominee account and will be released in instalments over a five year period.
In February 2016, Mr McEwan confirmed that he intended to transfer half of his 2016 fixed share allowance to charity. In light of this commitment, he will transfer half of his retained shares to charity when they are released over the course of the five year period.
2. The Company announces that on 8 November 2016 Ross McEwan, Chief Executive, transferred 16,528 Shares to charity for nil consideration. The transfer is in line with the commitment Mr McEwan made in February 2015 not to benefit from his 2015 fixed share allowance. 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.
3. The Company also announces that it has been notified that the following PDMRs sold Shares on the dates detailed below. All transactions took place on the London Stock Exchange (XLON).
| Name of PDMR | Position of PDMR | No. of Shares sold | Price of transaction | Date of transaction |
| Mark Bailie | Chief Operating Officer | 550,000 | £1.870 | 2016-11-04 |
| Christopher Marks | Chief Executive, Corporate & Institutional Banking | 550,000 | £1.874 | 2016-11-04 |
| Leslie Matheson | Chief Executive, Personal & Business Banking | 240,000 | £1.850 | 2016-11-09 |
| David Stephen | Chief Risk Officer | 100,000 | £1.874 | 2016-11-08
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For further information contact:-
RBS Investor Relations
Alexander Holcroft
Head of Equity Investor Relations
+44 20 7672 1758
RBS Media Relations
+44(0)131 523 4205