Capital Raising

Royal Bank of Scotland Group PLC
19 November 2004

THE ROYAL BANK OF SCOTLAND GROUP

AGREES PRICE EURO1,250 MILLION PREFERRED SECURITIES

19th November 2004

The Royal Bank of Scotland Group plc ('the Group') is pleased to announce the
pricing of 1,250,000 Category II Non-cumulative Euro Preferred Securities to be
designated Series 1 ('the Series 1 Euro Preferred Securities'), at a
subscription price of Euro 1,000 per security, with a coupon of 5.50%.

Non-cumulative preferential dividends on the Series 1 Euro Preferred Securities
will be payable in Euro annually in arrear on 31 December, with the first
payment being on the 31st December 2005. The Series 1 Euro Preferred Securities
can be redeemed on each quarter end on or after 31 December 2009 at Euro 1,000
per security, plus accrued dividends for the then-current dividend period.

The Group is being advised in connection with the issue by ABN AMRO, BNP
PARIBAS, RBS Financial Markets and UBS Investment Bank.

The Securities have not been nor will be registered under the United States
Securities Act of 1933, as amended (the 'Securities Act'), or under any state
securities laws and may not be offered, sold or delivered in the United States,
or to or for the account or benefit of US persons (as defined under Regulation S
under the Securities Act) unless registered under the Securities Act or an
exemption from the registration requirements of the Securities Act is available.
The Securities are being offered and sold only to certain persons in
transactions outside the United States in compliance with Regulation S under the
Securities Act.

Stabilisation FSA / IPMA



For further information, please contact;

The Royal Bank of Scotland Group plc

Fred Watt                                            Ron Huggett

Group Finance Director                               Capital Raising Director

42 St Andrew Square                                  280 Bishopsgate

Edinburgh                                            London

EH2 2YE                                              EC2M 4RB

Tel: [phone]                                   Tel: [phone]



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