US$ pref share issue price

Royal Bank of Scotland Group PLC
21 September 2007



THE ROYAL BANK OF SCOTLAND GROUP PLC AGREES PRICE FOR US$1.45 BILLION PREFERENCE
SHARE ISSUE

21st September 2007


The Royal Bank of Scotland Group plc ('the Group') is pleased to announce the
pricing on 20th September, 2007 of 58,000,000 Category II Non-cumulative Dollar
Preference Shares to be designated Series T ('the Series T Dollar Preference
Shares'), which will be issued in the form of American Depositary Receipts ('the
Series T ADRs') in the United States, at a subscription price of US$25.00 per
share, with an annual dividend rate of US$1.8125 per share.


Non-cumulative preferential dividends on the Series T 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$1.8125 annually per Series T Dollar
Preference Share. The first dividend is payable on 31 December 2007. The Series
T Dollar Preference Shares can be redeemed in whole, but not in part, by the
Group, at any time on or after 31 December 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.,
RBS Greenwich Capital, Morgan Stanley, UBS Investment Bank and Wachovia
Securities.


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]           Morgan Stanley

Merrill Lynch International  Alexandra MacMahon
Siddharth Prasad             20 Bank Street
Merrill Lynch Financial      Canary Wharf
Centre
2 King Edward Street         London
London                       E14 4AD
EC1A 1HQ                     Tel: [phone]
Tel: [phone]           Wachovia Securities

UBS Investment Bank          Stuart Aylward
Gary Abrahams                1 Plantation Place
100 Liverpool Street         30 Fenchurch Street
London                       London
EC2M 2RH                     EC3M 3BD
Tel: [phone]           Tel: [phone]

                             For a copy of the prospectus, please call
                             1-866-289-1262.


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 T 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.

This announcement is not an invitation nor is it intended to be an inducement to
engage in investment activity for the purpose of Section 21 of the Financial
Services and Markets Act 2000 of the United Kingdom (the 'FSMA'). To the extent
that this announcement does constitute an inducement to engage in any investment
activity included within this announcement, it is directed only at (i) persons
who are outside the United Kingdom, (ii) persons who are investment
professionals within the meaning of Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (as amended) of the United
Kingdom (the 'Financial Promotion Order'); (iii) persons who fall within
Articles 49(2)(a) to (d) ('high net worth companies, unincorporated associations
etc.') of the Financial Promotion Order; and (iv) any other persons to whom this
announcement for the purposes of Section 21 of FSMA can otherwise lawfully be
made (all such persons together being referred to as 'relevant persons'), and
must not be acted on or relied upon by persons other than relevant persons. Any
invitation or inducement to engage in any investment activity included within
the announcement is available only to relevant persons and will be engaged in
only with relevant persons. Anyone other than a relevant person must not rely on
this announcement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange