FRN Variable Rate Fix

Royal Bank of Scotland Group PLC
                  

As Agent Bank, please be advised of the following rate determined on:24-Oct-2005

Issue               : The Royal Bank of Scotland - Series 2422
                      GBP 60,000,000 FRN Due 24 Apr 2007
ISIN Number         : XS0233353878
Common Code/
144A ISIN           : 23335387
Issue Nomin     GBP : 60,000,000.00
Period              : 24-Oct-2005 to 24-Jan-2006     Payment Date 24-Jan-2006
Number of Days      : 92
Rate                : 4.495
Denomination    GB  : 100,000.00    60,000,000.0
Amount Payable 
per Denomination    : 1,148.72      689,233.33

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