Pricing for US$ Pref Shares

Royal Bank of Scotland Group PLC
25 June 2007


THE ROYAL BANK OF SCOTLAND GROUP PLC AGREES PRICE FOR US$950 MILLION PREFERENCE
SHARE ISSUE

25th June 2007


The Royal Bank of Scotland Group plc ('the Group') is pleased to announce the
pricing of 38,000,000 Category II Non-cumulative Dollar Preference Shares to be
designated Series S ('the Series S Dollar Preference Shares'), which will be
issued in the form of American Depositary Receipts ('the Series S ADRs') in the
United States, at a subscription price of US$25.00 per share, with a dividend
rate of US$1.65 per share.


Non-cumulative preferential dividends on the Series S Dollar Preference Shares
will be payable in US dollars quarterly in arrears on 31 March, 30 June, 30
September and 31 December, at a rate of US$1.65 annually per Series S Dollar
Preference Share. The first dividend is payable on 30 September 2007. The Series
S Dollar Preference Shares can be redeemed in whole or in part, by the Group, at
any time on or after 30 June 2012 at US$25.00 per share, plus accrued dividends
for the then-current dividend period.


The Group is being advised in connection with the issue by Merrill Lynch & Co.,
Wachovia Securities and RBS Greenwich Capital.


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 S Dollar 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 S Dollar Preference Shares will be offered to
the public in the UK.


For further information, or to obtain a copy of the related prospectus, please
contact;


The Royal Bank of Scotland Group plc

Guy Whittaker                       Ron Huggett
Group Finance Director              Director,
Executive House G                   Capital Management and Securitisation
RBS Gogarburn                       280 Bishopsgate
PO Box 1000                         London
Edinburgh                           EC2M 4RB
EH12 1HQ                            Tel: [phone]
Tel: [phone]

Merrill Lynch International

Siddharth Prasad
Merrill Lynch Financial Centre
2 King Edward Street
London
EC1A 1HQ
Tel: [phone]



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