Royal Bank of Scotland Group PLC

As Agent Bank, please be advised of the following rate determined on:16-Dec-2003

Issue               : The Royal Bank of Scotland Group plc
                      USD 500,000,000 FRN due 18 Mar 2004
ISIN Number         : XS0164746140
Issue Nomin     USD : 500,000,000.00
Period              : 18-Dec-2003 to 18-Mar-2004       Payment Date 18-Mar-2004
Number of Days      : 91
Rate                : 1.17
Denomination    US  : 1,000.00     10,000.00     100,000.00

Amount Payable 
per Denomination    : 2.96         29.58         295.75

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438