Redemption of Euro Shares

Royal Bank of Scotland Group PLC
18 November 2004



REDEMPTION OF NON-CUMULATIVE EURO PREFERENCE SHARES

The Royal Bank of Scotland Group plc has given notice that it will, on 31st
March 2005 (the 'Redemption Date'), redeem all the 750,000 Non-cumulative Euro
Preference Shares, Series 1 of €0.01 each, that are listed on the London Stock
Exchange. Consequently, on the Redemption Date, each share will therefore become
due and payable at its redemption amount of €1,000.00 together with dividends
payable for the then-current dividend period and accrued to the Redemption Date.

For further information please contact:

The Royal Bank of Scotland Group plc;

Ron Huggett                          Richard O'Connor

Capital Raising Director             Head of Investor Relations

280 Bishopsgate                      280 Bishopsgate

London                               London

EC2M 4RB                             EC2M 4RB

Tel: [phone]                   Tel: [phone]     


The Bank of New York (Paying Agent)

Trevor Blewer

Vice President

Global Trust Services

1 Canada Square

London

E14 5AL






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