Barclays Global Financial Services Conference

Costs a comparatively efficient base - RBS cost:income ratio versus peers RBS Core 1 Cost:income ratio, % 2009 RBS Group 1 66 52 2010 2011 56 56 54 62 669 59 Peers² Top quartile 52 54 57 Median 57 56 62 Bottom quartile 60 60 62 67 Average 56 58 61 1 Excluding Direct Line Group. 2 Peer group adjusted for exceptional items. Peer banks include Barclays, Lloyds Banking Group, HSBC, SocGen, BNP Paribas, UniCredit, Citi, JP Morgan Chase & Co, Santander, Bank of America, Deutsche Bank and Wells Fargo. **RBS Group 12

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