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Royal Bk.of Scot. (81NQ)

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Thursday 06 March, 2003

Royal Bk.of Scot.

RBS sells .500m undated bonds

Royal Bank of Scotland PLC
06 March 2003


The Royal Bank of Scotland plc ("the Bank") has today launched a £500 million
(Junior) Subordinated Upper Tier II issue. The notes will be perpetual with a
first call date of 14 March 2016. The deal has been priced at a spread of 95
basis points against the UK Treasury 8% due 2015. The lead manager and
bookrunner for the deal was The Royal Bank of Scotland, with BNP Paribas and JP
Morgan Chase as co-lead managers.

The notes have been issued under the Bank's Euro Medium Term Note Programme, and
are expected to be rated Aa2/A/AA- by Moody's, Standard & Poor's and Fitch
respectively. The notes will be listed on the London Stock Exchange.

Stabilisation FSA.

For further information, please contact:

The Royal Bank of Scotland Group plc

Grahame Whitehead
Deputy Group Finance Director
42 St. Andrew Square
Edinburgh EH2 2YE
Tel: 0131 523 2970

Ron Huggett
Capital Raising Director
5th Floor. 280 Bishopsgate
London EC2M 4RB
Tel: 020 7375 4925

Gordon Taylor
Associate Director, Primary Markets
135 Bishopsgate
London EC2M 3UR
Tel: 020 7648 3095

                      This information is provided by RNS
            The company news service from the London Stock Exchange                GGXL