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 203
                      GBP7,582,494 (MTN) FRN due July 2005
ISIN Number         : XS0128956405
Issue Nomin     GBP : 7,582,494.00
Period              : 22-Apr-2003 to 21-Jul-2003          Payment Date 21-Jul-2003
Number of Days      : 90
Rate                : 3.50125
Denomination    GB  : 7,582,494.00

Amount Payable 
per Denomination    : 65,461.33

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

   Short Name: Royal Bk Scot.Grp
   Category Code: RC
   Sequence Number: 00004155
   Time of Receipt (offset from UTC): 20030422T142501+0100