1 March 2018

The Royal Bank of Scotland Group plc

Legal Entity Identifier: 2138005O9XJIJN4JPN90

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INITIAL NOTIFICATION OF TRANSACTION OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs") IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014

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1.�� The Royal Bank of Scotland Group plc (the "Company") announces that the undernoted PDMRs of the Company undertook the following transactions in the Company's ordinary shares of �1 each (the "Shares") (ISIN: GB00B7T77214) on the dates shown.

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Name of PDMR	Position of PDMR	Type of transaction	No. of Shares purchased / sold	Transaction price per share	Date of transaction
Yasmin Jetha	Non-executive director	Purchase	20,000	�2.690	26-02-2018
Chris Marks	CEO, NatWest Markets	Sale	354,000	�2.692	26-02-2018
David Stephen	Chief Risk Officer	Sale	175,000	�2.692	26-02-2018
Lena Wilson	Non-executive director	Purchase	6,000	�2.689	26-02-2018

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2.�� The Company also announces it was notified on 28 February 2018 that the trustee of The Royal Bank of Scotland Group plc Buy As You Earn Share Plan (the "Plan") purchased Shares on that date on behalf of the PDMR named below as a participant in the Plan.�

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Name of PDMR

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Position of PDMR

No. of Shares purchased

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Purchase price

Chris Marks

CEO, NatWest Markets

�2.691

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All transactions took place on the London Stock Exchange (XLON).

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For further information contact:-

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RBS Investor Relations
Alexander Holcroft
Head of Equity Investor Relations
+44 20 7672 1758

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RBS Media Relations �

+44(0)131 523 4205

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