FRN Variable Rate Fix

FRN Variable Rate Fix 

    LONDON--(BUSINESS WIRE)--April 22, 2003--

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

Issue               : The Royal Bank of Scotland plc - Series 117
                      GB£4,110,000 (MTN) FRN due 18th Oct 2004
ISIN Number         : XS0103524871
Issue Nomin     GBP : 4,110,000.00
Period              : 22-Apr-2003 to 18-Kul-2003          Payment Date 18-Jul-2003
Number of Days      : 87
Rate                : 3.65125
Denomination    GB  : 10,000.00

Amount Payable 
per Denomination    : 87.03

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


   Short Name: Royal Bk Scot.Grp
   Category Code: RC
   Sequence Number: 00004153
   Time of Receipt (offset from UTC): 20030422T140606+0100