FRN Variable Rate Fix

FRN Variable Rate Fix 

    LONDON--(BUSINESS WIRE)--April 25, 2003--

As Agent Bank, please be advised of the following rate determined on: 25-Apr-2003

Issue               : The Royal Bank of Scotland Group Plc
                      US$750,000,000 FRN Due October 2003
ISIN Number         : XS0156562398
Issue Nomin     USD : 750,000,000.00
Period              : 29-Apr-2003 to 29-Jul-2003      Payment Date 29-Jul-2003
Number of Days      : 91
Rate                : 1.34125
Denomination    US  : 1,000.00         10,000.00           100,000.00

Amount Payable 
per Denomination    :     3.39             33.90               339.04

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

   Short Name: Royal Bk Scot.Grp
   Category Code: RC
   Sequence Number: 00004302
   Time of Receipt (offset from UTC): 20030425T153635+0100