Royal Bank of Scotland Group PLC

As Agent Bank, please be advised of the following rate determined on:12-Jan-2004

Issue               : Royal Bank of Scotland Group PLC
                      GBP500,000,000 FRN due 10 January 2005
ISIN Number         : XS0171790552
Issue Nomin     GBP : 500,000,000.00
Period              : 12-Jan-2004 to 13-Apr-2004      Payment Date 13-Apr-2004
Number of Days      : 92
Rate                : 4.0425
Denomination    GB  : 1,000.00  10,000.00    100,000.00

Amount Payable 
per Denomination    : 10.16       101.61      1,016.15

Institutional       Telephone   44(0) 1202 34 1286

Trust Services      Facsimile   44(0) 1202 34 7438