Royal Bank of Scotland Group PLC

As Agent Bank, please be advised of the following rate determined on: 18-Dec-2003

Issue               : The Royal Bank of Scotland Group plc
                      EUR 1,000,000,000 FRN due 20 Sep 2004
ISIN Number         : XS0164745258
Issue Nomin     EUR : 1,000,000,000.00
Period              : 22-Dec-2003 to 22-Mar-2004        Payment Date 22-Mar-2004
Number of Days      : 91
Rate                : 2.181
Denomination    EU  : 1,000.00      10,000.00       100,000.00

Amount Payable 
per Denomination    : 5.51          55.13           551.31

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