Issue of Debt

Royal Bank of Scotland Group PLC
08 December 2006


The Royal Bank of Scotland Group plc

8 December 2006

THE ROYAL BANK OF SCOTLAND GROUP PLC AND RBS CAPITAL TRUST D ANNOUNCE CLOSING OF
GBP 400 MILLION NON-CUMULATIVE TRUST PREFERRED SECURITIES

The Royal Bank of Scotland Group plc ('RBSG') has today closed the issue of GBP
400 million of non-cumulative Trust Preferred Securities ('the Securities')
through RBS Capital Trust D ('Trust D').

The Securities will pay a fixed 5.6457% coupon per annum until 8 June 2017. The
Securities are redeemable at the option of Trust D in whole or in part on 8 June
2017 and on any distribution payment date thereafter at par. After 8 June 2017,
the distribution rate will adjust to 3-month Sterling Libor + 1.69%. The
Securities have a liquidation preference of GBP 1,000 each.

The Royal Bank of Scotland as Lead Manager, together with Banc of America
Securities Limited, JPMorgan, Lehman Brothers and Wachovia Securities as Co-Lead
Managers and Caja de Ahorros y Pensiones de Barcelona, 'la Caixa', Danske Bank,
ING Wholesale Banking and MEDIOBANCA as Co-Managers, managed the issue of the
Securities.

RBSG and Trust D hereby also advise that the rating of the Securities by Fitch
Inc. appearing on page 15 on the Listing Particulars published in connection
with the listing of the Securities on the London Stock Exchange plc should read
'AA' and not 'AA-' as stated therein.

The Securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the 'Securities Act'), or under any state
securities laws and may not be offered, sold or delivered in the United States,
or to or for the account or benefit of US persons (as defined under Regulation S
under the Securities Act) unless registered under the Securities Act or an
exemption from the registration requirements of the Securities Act is available.
The Securities are being offered and sold only to certain persons in
transactions outside the United States in compliance with Regulation S under the
Securities Act.

For further information, please contact:

The Royal Bank of Scotland Group plc

Guy Whittaker                        Ron Huggett
Group Finance Director               Director, Capital Management
RBS Gogarburn                        280 Bishopsgate
Edinburgh                            London
EH12 1HQ                             EC2M 4RB
Tel: [phone]                   Tel: [phone]

RBS Global Banking & Markets
Gordon Taylor
Director, Primary Markets
135 Bishopsgate
London
EC2M 3UR
Tel [phone]




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