Non-Cum Trust Preferred

Royal Bank of Scotland Group PLC
04 December 2003



THE ROYAL BANK OF SCOTLAND GROUP PLC AND RBS CAPITAL TRUST II COMPLETE SALE OF
US$650 MILLION NON-CUMULATIVE TRUST PREFERRED SECURITIES


The Royal Bank of Scotland Group plc has agreed to issued US$650 million of
Non-cumulative Trust Preferred Securities ('the Securities') through RBS Capital
Trust II. The offering was targeted to US institutional investors. The
securities will pay a fixed 6.425% coupon rate until January 3, 2034. The
Securities are redeemable at the option of RBS Capital Trust II on January 3,
2034 or on any distribution payment date thereafter at par, subject to prior
consent by the UK Financial Services Authority. After January 3, 2034, the
distribution rate will adjust to 1.9425% per annum above three-month US dollar
LIBOR. The Securities have a liquidation preference of US$1,000. The securities
will be issued on December 10, 2003.


No application has been or will be made to list the Notes in the UK or the US
and the Notes are not being offered or sold to the public in the UK.


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
EC2M 4RB                                              EC2M 4RB
Tel: [phone]                                    Tel: [phone]

Citigroup Global Markets                              JP Morgan
Alan Patterson                                        David Sismey
Managing Director                                     Vice President
Citigroup Centre                                      125 London Wall
33 Canada Square                                      London
Canary Wharf                                          EC2Y 0JP
London
E14 5LB
Tel: [phone]                                    Tel: [phone]

The Royal Bank of Scotland
Gordon Taylor
Director
135 Bishopsgate
London
EC2M 3UR
Tel: [phone]



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