Issue of Equity

Royal Bank of Scotland Group PLC
29 November 2005


The Royal Bank of Scotland Group plc

THE ROYAL BANK OF SCOTLAND GROUP PLC PLANS TO ISSUE NON-CUMULATIVE TRUST
PREFERRED SECURITIES


The Royal Bank of Scotland Group plc ('RBSG') intends to issue Non-Cumulative
Trust Preferred Securities (the 'Securities') denominated in Euros through RBS
Capital Trust C.


Application will be made to the UK Listing Authority for the Securities to be
admitted to the official list of the UK Listing Authority and to the London
Stock Exchange plc (the 'LSE') for the Securities to be admitted to trading on
the LSE's Professional Securities Market. It is expected the Securities will
qualify as Innovative Tier One Capital for RBSG. It is intended that the net
proceeds of the offering will be used for general corporate purposes.


The Group is being advised in connection with the issue by the RBS Financial
Markets, with JP Morgan Securities and UBS acting as senior co-managers.


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]



The Royal Bank of Scotland Financial Markets

Gordon Taylor
Director, Primary Markets
135 Bishopsgate
London
EC2M 3UR
Tel: [phone]





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