Issue of Debt

Royal Bank of Scotland Group PLC
27 June 2003


THE ROYAL BANK OF SCOTLAND GROUP PLC COMPLETES US$350MN ISSUE OF SUBORDINATED
FIXED RATE NOTES DUE 2018

The Royal Bank of Scotland Group plc ('the Group') has completed the issue of
US$350 million subordinated fixed rate notes due 2018 ('Notes'). The notes were
issued at 99.872%, with a coupon of 4.70%, payable semi annually on 3 January
and 3 July. Proceeds from the issue of the Notes, after deducting underwriting
commission, amount to US$347,693,500.00

Goldman Sachs & Co., and UBS acted 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$7
billion aggregate initial offering price of debt securities, capital securities
and preference shares.

The Notes are expected to be rated Aa3/A/AA- by Moody's, S&P and Fitch
respectively.

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

EC2N 2DL                                              EC2N 4RB

Tel: [phone]                                    Tel: [phone]

Schroder Goldman Sachs & Co.                          UBS

Shazia Azim                                           Gary Abrahams

Executive Director                                    Executive Director

120 Fleet Street                                      100 Liverpool Street

River Court                                           London

London                                                EC2M 2RH

EC4A 2HS                                              Tel: [phone]

Tel: [phone]

Stabilisation - FSA


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