Statement re Notes Offer

Royal Bank of Scotland Group PLC
24 September 2002


THE ROYAL BANK OF SCOTLAND GROUP plc
24 September 2002


THE ROYAL BANK OF SCOTLAND GROUP plc
DATED SUBORDINATED FIXED RATE NOTES


The Royal Bank of Scotland Group plc ('the Group') is pleased to announce that
it intends to offer dated subordinated fixed rate notes ('Notes') denominated in
US Dollars.

Banc of America Securities, Goldman Sachs & Co., and JPMorgan have been
appointed as Joint Lead Managers to advise the Group on this transaction.

The Notes will be issued under a Form F-3 Shelf Registration Statement which the
Group has filed with the Securities and Exchange Commission, Washington, D.C.
and which provides for the offer and sale from time to time of up to US$8
billion aggregate initial offering price of debt securities.

The Notes are expected to be rated Aa3/A/AA- by Moody's, S&P and Fitch
respectively. It is proposed that the Notes are listed on the Luxembourg 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 Notes in any State of the
United States in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the Securities Laws of any such
State. No Notes will be offered to the public in the United Kingdom.

Stabilisation FSA.


Enquiries to:

The Royal Bank of Scotland Group plc

Fred Watt

Group Finance Director

Tel: [phone]

Ron Huggett

Capital Raising Director

Tel: [phone]


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