Issue: Convertible Securities

Royal Bank of Scotland Group PLC
24 June 2003



23 JUNE 2003


THE ROYAL BANK OF SCOTLAND GROUP PLC

COMPLETES US$850 MILLION EXCHANGEABLE CAPITAL SECURITIES ISSUE

The Royal Bank of Scotland Group plc ('the Group') has completed the issue of
34,000,000 Exchangeable Capital Securities, Series B at an issue price of
US$25.00 per share. The proceeds of the issue of Exchangeable Capital
Securities, Series B, after deducting underwriting commission, amount to
US$827,249,281.25. Application has been made for the Exchangeable Capital
Securities, Series B to be listed on the New York Stock Exchange.

No application has been made to list the Exchangeable Capital Securities, Series
B in the UK and the Exchangeable Capital Securities, Series B are not being
offered or sold to the public in the UK.



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: [phone]

Ron Huggett
Capital Raising Diector
280 Bishopsgate
London
EC2M 4RB
Tel: [phone]

Citigroup Global Markets Limited
Mike Coppock
Citigroup Centre
33 Canada Square
Canary Wharf
London
E14 5LB
Tel: [phone]



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