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Royal Bk.of Scot. (81NQ)

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Friday 13 June, 2003

Royal Bk.of Scot.

Issue of Debt

Royal Bank of Scotland PLC
13 June 2003


    £500 million (Junior) Subordinated Upper Tier II Note Issue

    The Royal Bank of Scotland plc ("the Bank") has issued a £200m tap of the
    £300 million (Junior) Subordinated Upper Tier II issue launched on 29 August
    2002. The notes will be perpetual with a first call date of 16th September

    The tap has been priced at a spread of 83 basis points against the UK
    Treasury 6 % due December 2028 and will be fungible with the existing issue
    on or after 5 August 2003.

    The lead manager and bookrunner for the deal was The Royal Bank of Scotland,
    with BNP Paribas and JP Morgan as co-lead managers.

    The notes have been issued under the Bank's Euro Medium Term Note Programme,
    and will be listed on the London Stock Exchange.

    For further information, please contact:

    The Royal Bank of Scotland Group plc

    Fred Watt

    Group Finance Director

    42 St. Andrew Square

    Edinburgh EH2 2YE

    Tel: 0131 523 2028

    Ron Huggett

    Capital Raising Director

    280 Bishopsgate

    London EC2 4RB

    Tel: 020 7375 4925

    Gordon Taylor

    Director, Primary Markets

    135 Bishopsgate

    London EC2M 3UR

    Tel: 020 7648 3095

    Stabilisation FSA

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