THE ROYAL BANK OF SCOTLAND ADDS TO ITS FIXED INCOME E-COMMERCE TEAM

23 November 2005

The Royal Bank of Scotland Financial Markets ("RBS") is pleased to announce the appointment of Marcus Beard as a Product manager for the Fixed Income eCommerce team.

Marcus joins RBS from CSFB where he was the Chief Operating Officer for Interest Rate Products trading and during his tenure at CSFB, Marcus was responsible for the day to day business management within the rates business and he also worked on a number of electronic trading and STP projects including responsibility for the implementation of Swapswire and other new product initiatives. Prior to this, Marcus worked as a derivatives trader at Credit Lyonnais and as a risk manager at Saudi International Bank.

Marcus will take up his full responsibilities once FSA registration has been completed.

Commenting on Marcus’s appointment, Michelle Neal, said: "The continued build-out of our cash and derivatives electronic trading products and distribution is a key initiative for both our rates and capital markets businesses and Marcus’s experience will provide the additional focus required to work towards achieving our goals."

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