Issue of Debt

Royal Bank of Scotland Group PLC
05 November 2003


THE ROYAL BANK OF SCOTLAND GROUP plc ISSUES US$750m SUBORDINATED FIXED RATE
NOTES DUE 2013

The Royal Bank of Scotland Group plc ('the Group') will complete the issue of
US$750m subordinated fixed rate notes due 12 November 2013 ('Notes'). The Notes
will be issued at a price of 99.65%, with a coupon of 5.00%, payable semi
annually in May and November. Proceeds from the issue of the Notes, after
deducting underwriting commission, amount to US$ 744,000,000

Lehman Brothers, RBS Greenwich Capital and UBS acted as Joint Lead Managers to
advise the Group on this transaction.

The Notes will be issued under a Shelf Registration Statement which the Group
has filed with the U.S. Securities and Exchange Commission 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                  Richard O'Connor
                                                      Head of Investor Relations
Ron Huggett                                           280 Bishopsgate
Capital Raising Director                              London
280 Bishopsgate                                       EC2N 4RB
London                                                Tel: [phone]
EC2N 4RB
Tel: [phone]

Schroder Lehman Brothers                              The Royal Bank of Scotland

Nick Turnor                                           Gordon Taylor
Executive Director                                    Director
1 Broadgate                                           135 Bishopsgate
London                                                London
                                                      EC2M 3UR
EC2M 7HA                                              Tel: [phone]
Tel: [phone]

UBS

Gary Abrahams
Executive Director
100 Liverpool Street
London
EC2M 2RH
Tel: [phone]

Stabilisation - FSA


5 November 2003

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