Ratings On Various Royal Bank of Scotland Group Hybrid Securities Lowered

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1 March 24, 2009 Ratings On Various Royal Bank of Scotland Group Hybrid Securities Lowered Primary Credit Analyst: Nigel Greenwood, London (44) ; Secondary Credit Analyst: Nick Hill, London (44) ; LONDON (Standard & Poor's) March 24, Standard & Poor's Ratings Services said today that it lowered its ratings on various hybrid capital securities (Hybrids) issued by The Royal Bank of Scotland Group PLC (RBSG; A/Stable/A-1) by one notch to '-' from '', and Hybrids issued by its main operating entity The Royal Bank of Scotland PLC (RBS; A+/Stable/A-1) by one notch to '' from '+'. At the same time, we lowered the ratings on preference shares with voting rights (Preference Shares) of RBSG and National Westminster Bank PLC (A+/Stable/A-1) by two notches. Furthermore, the ratings on RBSG and RBS Hybrids and Preference Shares were removed from CreditWatch with negative implications, where they were placed on Jan. 19, Our counterparty credit ratings on RBS and RBSG are unchanged. The downgrades reflect our view that the Hybrids and Preference Shares face a marginally heightened risk of nonpayment, given the combination of economic recession and consequently very weak financial prospects for RBSG, which have necessitated substantial government support, including capital injections and an asset protection scheme. In our view, the potential for further losses, notwithstanding the asset protection scheme, as well as potential state aid approval conditions, contributes to increased potential for coupon deferral to preserve capital and cash. With respect to our rating action on the RBSG Preference Shares, while we consider that the potential for full nationalization (including the RBSG voting Preference Shares) is probably 1

2 low, we are of the view that the potential for payment interruption should be reflected by an additional downward notch relative to other perpetual deferrable instruments. However, we continue to believe that deferral remains unlikely for the Hybrids and Preference Shares due in part to substantial capital injections from the government. This will likely lead to relatively high regulatory capital ratios. (For more information, see "Various ABN AMRO Bank Junior Subordinated Debt Ratings Cut To '' After Rating Action On Royal Bank of Scotland Debt," published on March 24, 2009, on RatingsDirect.) RATINGS LIST To From Royal Bank of Scotland Group PLC (The) US$1.2 bil var rate callable perp regulatory tier I nts ser 1 - /Watch Neg CAD600 mil var rate callable perp Tier 1 hybrid ser /Watch Neg EUR1.25 bil var rate non-cum trust pfd secs perp - /Watch Neg US$750 mil 6.8% callable non-cum trust pfd secs perp - /Watch Neg US$850 mil 4.709% non-cum trust pfd secs callable perp - /Watch Neg EUR1.25 bil 5.5% non-cum pfd perp secs ser 1 B+ /Watch Neg EUR1.25 bil 5.25% non-cum euro pfd perp secs ser 2 B+ /Watch Neg EUR500 mil 4.243% /fltg perp callable non-cum trust pfd secs - /Watch Neg US$200 mil ser A B+ /Watch Neg US$400 mil ser C B+ /Watch Neg US$8 mil non-cum pref shrs ser F B+ /Watch Neg US$200 mil 7.375% reset cap secs - /Watch Neg US$300 mil perp non-cum pref shares ser H B+ /Watch Neg US$225 mil 8.5% perp non-cum pref shares ser J B+ /Watch Neg US$300 mil 8% perp non-cum pref shares ser I B+ /Watch Neg US$1.5 bil perp pref sh ser /Watch Neg US$1.5 bil perp pref sh ser /Watch Neg US$50 mil 7.993% perp cap sec ser B - /Watch Neg US$850 mil 5.75% callable exchgble cap secs ser B Standard & Poor s RatingsDirect March 24,

3 - /Watch Neg US$925 mil 6.4% callable non-cum perp pref shares ser M B+ /Watch Neg US$1 bil 6.35% non cum dollar pref shares callable ser N B+ /Watch Neg US$550 mil 6.25% non-cum dollar callable perp pref shares ser P B+ /Watch Neg US$675 mil 6.75% non-cum perp callable pref shares ser Q B+ /Watch Neg US$650 mil 6.125% callable non-cum perp pref shares ser R B+ /Watch Neg US$950 mil 6.6% callable perp pref shares ser S B+ /Watch Neg US$1.45 bil 7.25% non cum perp callable pref stk ser T B+ /Watch Neg EUR1.3 bil var rate callable non-cum perp pref stk ser 3 B+ /Watch Neg US$1.6 bil 6.99% /fltg callable perp pref stk - /Watch Neg US$1.5 bil var rate callable non-cum perp pref stk ser U B+ /Watch Neg 200 mil non-cum pref shares ser 1 B+ /Watch Neg 750 mil 8.162% callable non-cum perp pref stk ser 1 B+ /Watch Neg 5 mil var rate fxd/fltg rate non-cum perp pref stk ser 2 B+ /Watch Neg National Westminster Bank PLC US$500 mil var rate nts ser C US$500 mil var rate perp nts US$500 mil perp primary fltg rate cap nts ser A US$500 mil perp primary fltg rate cap nts ser B US$500 mil 7.75% perp nts EUR400 mil 6.625% sub perp nts due 10/29/2049 EUR100 mil fltg rate sub perp nts 350 mil perp var rate nts 200 mil perp 11.5% sub nts 200 mil step-up sub perp nts 325 mil step-up sub perp nts 3

4 US$300 mil non-cum pref shares ser C mil 9% non-cum pref shares ser A - RBS Capital Trust A(1) EUR1.25 bil var rate non-cum trust pfd secs perp - /Watch Neg RBS Capital Trust B(1) US$750 mil 6.8% callable non-cum trust pfd secs perp - /Watch Neg RBS Capital Trust C(1) EUR500 mil 4.243% /fltg perp callable non-cum trust pfd secs - /Watch Neg RBS Capital Trust D(1) 400 mil % /fltg perp callable non-cum trust pfd secs - /Watch Neg RBS Capital Trust I(1) US$850 mil 4.709% non-cum trust pfd secs callable perp - /Watch Neg RBS Capital Trust II(2) US$650 mil 6.425% /FRN callable non-cum trust pfd secs perp - /Watch Neg RBS Capital Trust III(2) US$950 mil 5.512% non-cum trust pfd secs callable perp - /Watch Neg RBS Capital Trust IV(2) US$550 mil fltg rate non-cum trust pfd callable secs perp - /Watch Neg Royal Bank of Scotland PLC (The) EUR mil jr sub step-up nts EUR500 mil var rate fltg perp callable jr sub (Upper Tier II) nts ser 1587 EUR1 bil var rate callable perp jr sub (Upper Tier II) nts ser bil callable jr sub lower tier 2 fxd/fltg med-term nts ser 1818 CAD700 mil var rate fxd/fltg step-up callable perp jr sub med-term nts ser Standard & Poor s RatingsDirect March 24,

5 mil fltg rate jr sub perp nts ser mil var rate jr sub perp nts ser mil var rate callable perp jr sub nts ser mil 5.625% jr sub perp callable nts 500 mil 6.2% jr sub callable perp nts ser mil 5.625% callable upper tier II perp nts 350 mil 6.25% perp callable jr sub nts ser mil 5.125% perp callable jr sub nts ser mil 6% callable upper tier II perp nts ser mil var rate/fltg step-up callable perp jr sub nts ser 2538 Argon Capital PLC 750mn 8.162% callable non-cum perp pref stk issue series 1(1) B+ /Watch Neg (1) Guaranteed by Royal Bank of Scotland Group PLC (The). (2) Guaranteed by Royal Bank of Scotland PLC (The). Additional Contact: Financial Institutions Ratings Europe; Ratings information is available to RatingsDirect subscribers at It can also be found on Standard & Poor's public Web site at select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow (7)

6 Copyright 2009, Standard & Poors, a division of The McGraw-Hill Companies, Inc. (S&P). S&P and/or its third party licensors have exclusive proprietary rights in the data or information provided herein. This data/information may only be used internally for business purposes and shall not be used for any unlawful or unauthorized purposes. Dissemination, distribution or reproduction of this data/information in any form is strictly prohibited except with the prior written permission of S&P. Because of the possibility of human or mechanical error by S&P, its affiliates or its third party licensors, S&P, its affiliates and its third party licensors do not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P, its affiliates and its third party licensors be liable for any direct, indirect, special or consequential damages in connection with subscribers or others use of the data/information contained herein. Access to the data or information contained herein is subject to termination in the event any agreement with a thirdparty of information or software is terminated. Analytic services provided by Standard & Poor's Ratings Services (Ratings Services) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor's may have information that is not available to Ratings Services. Standard & Poor's has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor's reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact Client Services, 55 Water Street, New York, NY 10041; (1) or by to: Copyright Standard & Poors, a division of The McGraw-Hill Companies. All Rights Reserved. Standard & Poor s RatingsDirect March 24,

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