AVS Selling Price

04 July 2000

As announced on 20 June 2000, resolutions in relation to the bonus issue of Additional Value Shares were passed at an EGM of the shareholders of The Royal Bank of Scotland Group plc held on that date.

Ordinary shareholders were given the opportunity to have the Additional Value Shares that they had been allotted sold through a Selling Facility provided by Goldman Sachs International, Merrill Lynch International and UBS Warburg, as Joint Bookrunners. The Royal Bank of Scotland Group plc now announces completion of the bookbuilding process for the sale of the Additional Value Shares conducted by the Joint Bookrunners.

The Group is pleased to announce that a net selling price of £0.777196 per Additional Value Share after commissions and dealing expenses, will be paid on 12 July 2000 to Ordinary Shareholders who elected to sell their Additional Value Shares through the Selling Facility.

Applications have been made for the Additional Value Shares to be admitted to the Official List of the UK Listing Authority and to trade on the London Stock Exchange. It is expected that Admission will become effective and trading will commence on 12 July 2000. The Ordinary Shares are also expected to begin trading "ex-AVS" on 12 July 2000.