FRN Variable Rate Fix

Royal Bank of Scotland Group PLC
                  

As Agent Bank, please be advised of the following rate determined on:05-Jan-2006

Issue               : The Royal Bank of Scotland Group plc - Series 2405
                      GBP 400,000,000 FRN due 05 Apr 2007
ISIN Number         : XS0231360230
Common Code/
144A ISIN           : 231360230
Issue Nomin     GBP : 400,000,000.00
Period              : 05-Jan-2006 to 05-Apr-2006     Payment Date 05-Apr-2006
Number of Days      : 90
Rate                : 4.61438
Denomination    GB  : 50,000.00    400,000,000.
Amount Payable 
per Denomination    : 568.90       4,551,169.32

Institutional       Telephone   [phone]
Trust Services      Facsimile   44(0) 1202 34 1267