Issue of Equity

Royal Bank of Scotland Group PLC
12 December 2005

The Royal Bank of Scotland Group plc

12th December 2005

THE ROYAL BANK OF SCOTLAND GROUP PLC AND RBS CAPITAL TRUST C COMPLETE SALE OF
EURO 500 MILLION NON-CUMULATIVE TRUST PREFERRED SECURITIES

The Royal Bank of Scotland Group plc ('RBSG') has issued Euro 500 million of
Non-cumulative Trust Preferred Securities ('the Securities') through RBS Capital
Trust C ('Trust C').

The Trust C Securities will pay a fixed 4.243% coupon rate until January 12,
2016. The Securities are redeemable at the option of Trust C in whole or in part
on January 12, 2016 and on any distribution payment date thereafter at par.
After January 12, 2016 the distribution rate will adjust to 3-month EURIBOR +
1.69%. The Securities have a liquidation preference of Euro 1,000 each.

RBS Financial Markets, together with J.P. Morgan Securities Ltd. and UBS Limited
acting as senior co-managers, managed the issue of these Securities for the
Group.

Settlement of the Trust C Securities is on December 12, 2005.

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
Fred Watt                                            Ron Huggett

Group Finance Director                               Director, Capital Management

RBS Gogarburn                                        280 Bishopsgate

Edinburgh                                            London

EH12 1HQ                                             EC2M 4RB

Tel: [phone]                                   Tel:     [phone]

RBS Financial Markets
Gordon Taylor

Director, Primary Markets

135 Bishopsgate

London

EC2M 3UR

Tel [phone]



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