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Preference Share Pricing

13th May 2005 09:31

Royal Bank of Scotland Group PLC13 May 2005 THE ROYAL BANK OF SCOTLAND GROUP AGREES PRICE FOR US$1 BILLION PREFERENCE SHARE ISSUE 13th May 2004 The Royal Bank of Scotland Group plc ("the Group") is pleased to announce thepricing of 40,000,000 Category II Non-cumulative Dollar Preference Shares to bedesignated Series N ("the Series N Dollar Preference Shares"), which will beissued in the form of American Depositary Receipts ("the Series N ADRs") in theUnited States, at a subscription price of US$25.00 per share, with a coupon of6.35% per annum. Non-cumulative preferential dividends on the Series N Dollar Preference Shareswill be payable in US dollars quarterly in arrears on 31 March, 30 June, 30September and 31 December, at a rate of US$1.5875 annually per Series N DollarPreference Share. The first coupon is payable 30 June 2005. The Series N DollarPreference Shares can be redeemed in whole or in part at any time on or after 30June 2010 at US$25.00 per share, plus accrued dividends for the then-currentdividend period. The Group is being advised in connection with the issue by Merrill Lynch & Co.who are also acting with Citigroup Global Markets, Inc, Morgan Stanley, RBSGreenwich Capital, UBS Securities LLC, and Wachovia Securities as managers. This announcement shall not constitute an offer to sell or the solicitation ofan offer to buy, nor shall there be any sale of the Series N Dollar PreferenceShares in any State of the US in which such offer, solicitation or sale would beunlawful prior to the registration or qualification under the securities laws ofany such State. Further, no Series N Dollar Preference Shares will be offered tothe public in the UK. 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: 0131 523 5171 Tel: 020 7085 4925 Siddharth Prasad Managing Director Merrill Lynch International 2 King Edward Street London EC1A 1HQ Tel: 020 7996 5320 Stabilisation FSA This information is provided by RNS The company news service from the London Stock Exchange

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