Disposal

Royal Bank of Scotland Group PLC 25 May 2000 THE ROYAL BANK OF SCOTLAND GROUP PLC AGREES DISPOSAL OF NATWEST PRIVATE EQUITY INTERESTS The Royal Bank of Scotland Group plc ('RBSG') has agreed to realise its interest in the private equity investment portfolios managed by the former NatWest Equity Partners ('the NWEP Portfolios'). The NWEP Portfolios, which will continue to be managed by Bridgepoint Capital Limited (formerly NatWest Equity Partners), will be placed with a consortium of investors led by Coller Capital Limited ('Coller Capital'), This consortium is made up of three syndicates advised respectively by Coller Capital, Hamilton Lane Advisers Inc. and Lexington Partners Inc. Consideration for the placing, which is subject to certain conditions, will amount to approximately £522 million for the NWEP Portfolios as at 1 March 2000 ('the Effective Date'), which represents a premium to the last formal valuation of the NWEP Portfolios adjusted to the Effective Date. In addition, the consortium is assuming RBSG's unfunded commitments in respect of the NWEP Portfolios, putting a total value on the transaction of approximately £670 million (over $1 billion) as at the Effective Date. Due to the complex nature of the placing process, completion will be phased. The impact of the transaction is not expected to be material to RBSG. Fred Goodwin, Group Chief Executive of RBSG said: 'This transaction maximises value for Royal Bank of Scotland Group shareholders following the agreement by the former management of NatWest to dispose of NatWest Equity Partners to its management. The Royal Bank of Scotland Group will continue to be an active direct investor in the private equity market through Royal Bank Development Capital which currently has around £250 million invested'. For further information, please contact: For The Royal Bank of Scotland Group plc Finlay Williamson Head of Group Corporate Finance 0131 523 2818 Howard Moody, Group Director, Communications 0131 523 2056 For Coller Capital Jeremy Coller, Coller Capital 020 7631 8500 Shona Prendergast, Penrose Financial 020 7726 8686
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