FRN Variable Rate Fix

FRN Variable Rate Fix 

    LONDON--(BUSINESS WIRE)--Feb. 18, 2003--

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

Issue               : Royal Bank of Scotland - Series 208
                      US$5,000,000(MTN) FRN/Fixed Due 20/8/2008
ISIN Number         : XS0133826460
Issue Nomin     USD : 5,000,000.00
Period              : 20-Feb-2003 to 20-Aug-2003 Payment Date 20-Aug-2003
Number of Days      : 181
Rate                : 1.84
Denomination    US  : 100,000.00

Amount Payable 
per Denomination    : 925.11

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

   Short Name: Royal Bk Scot.Grp
   Category Code: RC
   Sequence Number: 00002069
   Time of Receipt (offset from UTC): 20030218T163714+0000