Securitisation Transaction

Royal Bank of Scotland Group PLC
31 May 2006


The Royal Bank of Scotland Group plans Corporate Loan Synthetic Securitisation


31 May 2006


The Royal Bank of Scotland Group (RBSG) is pleased to announce that The Royal
Bank of Scotland plc (RBS) plans to launch a securitisation transaction linked
to its sterling corporate loan book. This securitisation is structured as a
funded synthetic collateralised loan obligation.


Marketing will take place over the next two weeks for a circa £3.5bn issue to be
placed in US Dollars, Euros and Sterling. The Securities will not be registered
under the US Securities Act of 1933 (the 'Securities Act') and may not be
offered or sold in the United States except to qualified institutional buyers
under Rule 144A of the securities Act.


This announcement should not be construed as an offer or solicitation to buy or
sell the Securities or any other securities, or any interest in any securities,
and nothing herein should be construed as a recommendation or advice to invest
in any securities. The investments and investment services referred to herein
are available only to persons to whom this material may be lawfully delivered in
accordance with applicable securities laws. This includes any sale of Securities
in any State of the United States in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the Securities
Laws of any such State. This material is not available to private customers
within the meaning of the rules of the Financial Services Authority.


This announcement is not for publication or distribution in the United States.


For further information, please contact:


The Royal Bank of Scotland Group plc


Richard O'Connor                         Ron Huggett

Head of Investor Relations               Director, Capital Management

280 Bishopsgate                          280 Bishopsgate

London                                   London

EC2M 4RB                                 EC2M 4RB

Tel: [phone]                 Tel: [phone]


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