Issue of Debt

Royal Bank of Scotland Group PLC
02 December 2004

THE ROYAL BANK OF SCOTLAND GROUP PLC

ISSUES US$675MN ISSUE OF SUBORDINATED FIXED RATE NOTES DUE 2015


The Royal Bank of Scotland Group plc ('the Group') announces the issue of US$(1)
675 million subordinated fixed rate notes due 2015 ('Notes'). The notes will be
issued at 99.971%, with a coupon of 5.05%, payable semi annually on 8 January
and 8 July. Proceeds from the issue of the Notes, after deducting underwriting
commission, will amount to US$ 671,766,750


Banc of America Securities LLC and Greenwich Capital Markets, Inc. are Joint
Lead Managers on this transaction with JP Morgan Securities, Inc. as co-manager.

The Notes will be issued under a Form F-3 Shelf Registration Statement which the
Group has filed with the Securities and Exchange Commission, Washington, D.C.

The Notes are expected to be rated Aa3/A+/AA- by Moody's, S&P and Fitch
respectively. The Notes will be listed on the Luxembourg Stock Exchange.

This release is not an offer for sale of securities. The Notes have not been
registered under the U.S. Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an exemption from the registration
requirements of the Securities Act



For further information, please contact:


The Royal Bank of Scotland Group plc

Ron Huggett                                          Richard O'Connor

Capital Raising Director                             Head of Investor Relations

280 Bishopsgate                                      280 Bishopsgate

London                                               London

EC2N 2DL                                             EC2N 4RB

Tel: [phone]                                   Tel: [phone]

Banc of America                                      The Royal Bank of Scotland plc


Mike Coppock                                         Gordon Taylor

Managing Director                                    Director Primary Markets

5 Canada Square                                      135 Bishopsgate

London                                               London

E14 5AQ                                              EC2M 3UR

Tel: [phone]                                   Tel: [phone]



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