Redemption of Shares

Royal Bank of Scotland Group PLC
02 December 2004



REDEMPTION OF NON-CUMULATIVE USD 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 500,000 Non-cumulative USD
Preference Shares, Series 2 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)

Violet Pagan
Assistant Vice President
Depositary Receipts
101 Barclay Street
New York
NY10286
Tel: [phone]






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