RBS Enhances Mortgage Group Amid Broad Expansion

Scott Eichel and David Cannon Named Co-Heads of Growing Team That Includes 16 New Professionals

RBS Greenwich Capital, a leading institutional fixed-income firm that provides the full range of debt capital markets services and is part of The Royal Bank of Scotland (RBS), today announced the expansion of its Mortgage Business with the addition of 16 professionals to its Mortgage-Backed Securities team. Fifteen of the hires join RBS from Bear Stearns & Co., led by Scott Eichel, who will Co-Head Asset-Backed and Mortgage Trading with RBS veteran David Cannon.

Mr. Eichel is joined by six other traders from Bear Stearns, including his two senior traders, Adam Siegel and Paul Van Lingen. Joining Eichel, Siegel and Van Lingen are ABX trader David Dietche, CDO trader Matt Katke, CDS trader Keith Lind and ARMS trader Joe Steffa. RBS has also hired John Suh from Bank of America Securities to trade Mortgage Derivatives.

'I'm looking forward to having Scott as a partner to further strengthen the mortgage platform as we aspire to become our customers' top counterparty across the mortgage product line,' said Mr. Cannon. 'These additions are a perfect complement to the existing team that was already considered one of the strongest on the street.'

RBS also bolstered its No. 1 ranked (Orion Surveys 2006 and 2007) 35-person institutional MBS sales team with the addition of eight salespeople, also from Bear Stearns. The additions to the sales team include Corey DeForrest, Andrew Javorksy, Dan Hoffman, Andrew Kail, Jesse Maffei, Lou Rosenfeld, and Darryl Smith in Connecticut, and Matt Zisette who joins the Los Angeles office.

'We are excited to have a group of salespeople and traders of this caliber coming on board,' said Jeffrey DiModica, Managing Director and Head of ABS Sales in Greenwich. 'We believe this team is well-positioned as a premier MBS/ABS counterparty across all product lines in which our customers are involved.'

RBS Greenwich Capital is a wholly-owned subsidiary of The Royal Bank of Scotland Group (RBS) and leading institutional fixed-income firm providing the full range of debt capital market services to both those seeking to raise capital and those seeking to invest it. Established in 1981, RBS Greenwich Capital is a perennial industry leader in the US Treasury, agency and mortgage-backed securities markets, and in providing real estate and asset-backed financing to its customers. Working alongside its parent, RBS, the firm has established a significant presence in the US credit, foreign exchange and derivatives markets. The firm also has a longstanding reputation in providing high-quality futures brokerage services and trade strategies to select clients. For more information about RBS Greenwich Capital, visit www.rbsgc.com.

The Royal Bank of Scotland Group is one of the largest financial services groups in the world and includes NatWest, Coutts, Ulster Bank, Direct Line and Churchill Insurance. In 2007, RBS, in conjunction with Fortis Bank and Banco Santander acquired ABN AMRO. It serves over 30 million customers worldwide and employs 140,000 people in 4 continents.

Contact:
Josh Passman
Cubitt Jacobs & Prosek
212.279.3115 x 203
jpassman@cjpcom.com

Peter Ward
RBS Global Banking & Markets
203.618.6783
peter.ward@rbsgc.com

Source: RBS

CONTACT: Josh Passman of Cubitt Jacobs & Prosek for RBS, +1-212-279-3115
x 203, jpassman@cjpcom.com; or Peter Ward of RBS Global Banking & Markets, +1-
203-618-6783, peter.ward@rbsgc.com

Web site: http://www.rbsgc.com/