Issue of Non-Cum Trust Prefs

Royal Bank of Scotland Group PLC
21 May 2002

The Royal Bank of Scotland Group plc

21th May 2002

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 LP A.

Application has been made to list the Securities on the Luxembourg Stock
Exchange. It is expected the Securities will qualify as Tier One Capital of
RBSG. It is intended that the net proceeds of the offering will be used for
general corporate purposes and to strengthen the capital base of RBSG.

RBSG is being advised in connection with the issue by Goldman Sachs
International as structuring adviser, BNP PARIBAS and The Royal Bank of
Scotland.

The Securities have not nor will 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                                  Capital Raising Director
42 St Andrew Square                                     Drapers Gardens
Edinburgh                                               12 Throgmorton Avenue
EH2 2YE                                                 London
Tel: [phone]                                      EC1N 2TH
                                                        Tel: [phone]

Goldman Sachs International;                            BNP PARIBAS;
Sazia Azim                                              Michael Blanning
Executive Director                                      10 Harewood Avenue
Peterborough Court                                      London
133 Fleet Street                                        NW1 6AA
London                                                  Tel: [phone]
EC4A 2BB
Tel: [phone]

The Royal Bank of Scotland
Gordon Taylor
Associate Director
135 Bishopsgate
London
EC2M 3UR
Tel: [phone]

Stabilisation FSA



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