Issue of Equity

Royal Bank of Scotland Group PLC
19 March 2001

The Royal Bank of Scotland Group plc (the 'Company')

Profit Sharing (Share Ownership) Scheme

3,557,018 new ordinary shares of 25 pence each will be allotted on 21 March
2001 as fully paid up under the Company's Profit Sharing (Share Ownership)
Scheme. These new shares rank pari passu in all respects with the existing
shares of the Company. Application has been made for new shares to be admitted
to the Official List.