FRN Variable Fixed Rate

FRN Variable Fixed Rate 

    LONDON--(BUSINESS WIRE)--March 27, 2003--

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

Issue               : The Royal Bank of Scotland Group plc
                      EUR 1,000,000,000 FRN due 20 September 2004 
ISIN Number         : XS0164745258
Issue Nomin     EUR : 1,000,000,000.00
Period              : 18-Mar-2003 to 20-Jun-2003     Payment Date 20-Jun-2003
Number of Days      : 94
Rate                : 2.607
Denomination    EU  : 1,000.00       10,000.00       100,000.00

Amount Payable      : 6.81           68.07           680.72 
per Denomination    

Institutional       Telephone   [phone]
Trust Services      Facsimile   44(0) 1202 34 7438

   Short Name: Royal Bk of Scot
   Category Code: RC
   Sequence Number: 00003368
   Time of Receipt (offset from UTC): 20030327T164810+0000