Preference Share Issue

Royal Bank of Scotland Group PLC 26 August 2004 THE ROYAL BANK OF SCOTLAND GROUP COMPLETES US$ 925 MILLION PREFERENCE SHARE ISSUE 26th AUGUST 2004 The Royal Bank of Scotland Group plc ('the Group') has completed the issue of 37,000,000 Category II Non-cumulative Dollar Preference Shares designated Series M ('the Series M Dollar Preference Shares'). The proceeds of the issue of the Category II Non-cumulative Dollar Preference Shares, after deducting underwriting commission, amount to US$895,862,500. Application has been made for the Series M Dollar Preference Shares to be listed on the New York Stock Exchange. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series M Preference Shares in any State of the US in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the Securities Laws of any such State. Further, no Series M Preference Shares will be offered to the public in the UK. For further information, please contact: The Royal Bank of Scotland Group plc Fred Watt Ron Huggett Group Finance Director Capital Raising Diector 42 St Andrew Square 280 Bishopsgate Edinburgh London EH2 2YE EC2M 4RB Tel: 0131 523 5171 Tel: 0207 375 4925 Citigroup Alan Patterson Managing Director Citigroup Global Markets Limited Citigroup Centre 33 Canada Square Canary Wharf London E14 5LB Tel: 0207 986 8990 This information is provided by RNS The company news service from the London Stock Exchange
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