FRN Variable Rate Fix

FRN Variable Rate Fix 

    LONDON--(BUSINESS WIRE)--March 26, 2003--

As Agent Bank, please be advised of the following rate determined on:26-Mar-2003

Issue               : Royal Bank of Scotland Plc - Series 535
                      £3,070,000 (MTN) FRN Due 26 September 2007
ISIN Number         : XS0155723025
Issue Nomin     GBP : 3,070,000.00
Period              : 26-Mar-2003 to 26-Jun-2003     Payment Date 26-Jun-2003
Number of Days      : 92
Rate                : 3.6325
Denomination    GB  : 10,000.00

Amount Payable 
per Denomination    : 91.56

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

   Short Name: Royal Bk.of Scot.
   Category Code: RC
   Sequence Number: 00003329
   Time of Receipt (offset from UTC): 20030326T155501+0000