On September 30, 2004, The Royal Bank of Scotland Group plc (the "Company") will, in accordance with the terms of the indenture relating to its $850,000,000 principal amount of 5.75% Exchangeable Capital Securities, Series B ("X-CAPS, Series B"), exchange each $25 principal amount of X-CAPS, Series B for one Non-cumulative Dollar Preference Share, Series L with a liquidation preference of $25 ("Series L Dollar Preference Shares"). The Series L Dollar Preference Shares will be in the form of American Depositary Shares evidenced by American Depositary Receipts. Non-cumulative preferential dividends on the Series L Dollar Preference Shares will accrue at the rate of $1.4375 per share annually, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2004, when, as and if declared by the Company's board of directors or a committee thereof. The Series L Dollar Preference Shares will be redeemable at the Company's option at a redemption price of $25 per share, plus the dividends otherwise payable for the then-current quarterly dividend period accrued to the redemption date, beginning after September 30, 2009. Application has been made to list the Series L Dollar Preference Shares on the New York Stock Exchange under the symbol "RBS Pr L".
For further information, please contact:
The Royal Bank of Scotland Group plc
Ron Huggett
Capital Raising Director
5th Floor. 280 Bishopsgate
London EC2M 4RB
Tel: 020 7085 4925
Richard O'Connor
Head of Investor Relations
10th Floor. 280 Bishopsgate
London EC2M 4RB
Tel: 020 7672 1758
The Bank of New York, Trustee
Paul Pereira
The Bank of New York
One Canada Square
London E14 5AL
Tel: 020 7964 7495
