Issue of Equity

Royal Bank of Scotland Group PLC
09 November 2005


THE ROYAL BANK OF SCOTLAND GROUP

COMPLETES US$ 550 MILLION PREFERENCE SHARE ISSUE

09 November 2005

The Royal Bank of Scotland Group plc ('the Group') has completed the issue of
22,000,000 Category II Non-cumulative Dollar Preference Shares designated Series
P ('the Series P Dollar Preference Shares'). The proceeds of the issue of the
Series P Dollar Preference Shares, after deducting underwriting commissions,
amount to approximately US$533,000,000. Application has been made for the Series
P Dollar Preference Shares to be listed on the New York Stock Exchange.

This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of the Series P Dollar Preference
Shares in any State of the US in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the Securities Laws of
any such State. Further, no Series P Dollar Preference Shares will be offered to
the public in the UK.

For further information, please contact:

The Royal Bank of Scotland Group plc
Fred Watt                                            Ron Huggett

Group Finance Director                               Director Capital Management

Executive House G                                    280 Bishopsgate

RBS Gogarburn                                        London

PO Box 1000                                          EC2M 4RB

Edinburgh                                            Tel: [phone]

EH12 1HQ

Tel: [phone]

Citigroup

Alan Patterson

Managing Director

Citigroup Global Markets Limited

Citigroup Centre

33 Canada Square

Canary Wharf

London

E14 5LB

Tel: [phone]




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