US$400m Pref. Shr Issue-Amend

Royal Bank of Scotland Group PLC 17 November 2000 The issuer has made the following amendment to the 'US$400m Pref. Share Issue' announcement released 17 November 2000 at 17:58 under RNS No 3538U. The description of the dividend rate in paragraph 2 should read 7.816% and not US$7.816% as previously shown. All other details remain unchanged. The full corrected version is shown below. THE ROYAL BANK OF SCOTLAND GROUP plc AGREES PRICE ON US$400 MILLION PREFERENCE SHARE ISSUE The Royal Bank of Scotland Group plc ('the Group') announces that the dollar preference share issue has been priced today. The issue will comprise 400,000 Non-cumulative Dollar Preference Shares, designated 'Series 3 Preference Shares', with a nominal value of US$0.01 each, issued under the Group's Form F-3 Shelf Registration filed with the Securities and Exchange Commission, Washington, D.C. The subscription price is US$1,000 per share in the form of American Depositary Shares evidenced by American Depositary Receipts. Non-cumulative preferential dividends on the Series 3 Preference Shares will be payable in US dollars semi-annually in arrears on 30 June and 31 December, at a dividend rate of 7.816% per annum. The Series 3 Preference Shares can be redeemed by the Group, in whole or in part, any time on or after 31 December, 2005. If they are not redeemed then, the investors have the opportunity to convert them into the Group's Ordinary Shares. The Group is being advised in connection with the issue by Goldman, Sachs & Co and Merrill Lynch & Co. Fred Watt, Group Financial Director of the Group commented: 'We are delighted with the excellent reception this issue has received from the US investor community. The US is an important market for the Group and we are pleased that there has been such strong investor appetite for this issue.' For further information, please contact: The Royal Bank of Scotland Group plc Fred Watt Group Finance Director 42 St. Andrew Square Edinburgh EH2 2YE Tel: 0131 523 2028 Ron Huggett Capital Raising Director Waterhouse Square 138-142 Holborn London EC1N 2TH Tel: 020 7293 9390
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