Annual Report and Accounts

Royal Bank of Scotland Group PLC
14 March 2005


THE ROYAL BANK OF SCOTLAND GROUP plc

SUBMISSION TO THE DOCUMENT VIEWING FACILITY AND ANNUAL REPORT AND ACCOUNTS 2004

In accordance with sections 9.31(a) and 9.32 of the UK Listing Authority rules,
The Royal Bank of Scotland Group plc has today submitted to the Document Viewing
Facility the circular Letter to Shareholders (including notice for the Annual
General Meeting) and supporting documentation.

The 2004 Annual Report and Accounts is being mailed to shareholders today and is
also available on the Group's website. Shareholders should note that the website
has been changed to www.rbs.com

The Group's Annual Report on Form 20-F will be filed with the US Securities and
Exchange Commission this week.

Note 53 of the Report and Accounts on page 190 shows a reconciliation between
consolidated shareholders' equity under UK GAAP and under US GAAP in more detail
than that shown on page 48 of the Preliminary Statement of Annual Results for
the year end 31 December 2004 published on 24 February 2005. The Preliminary
Statement contained an error in the reconciliation for 2004 and the corrected
data, extracted from the Report and Accounts, is shown below. The Group's UK and
US GAAP results for the period are unaffected by this change and there is no
impact on any other data in the Preliminary Statement.

Reconciliation between UK and US GAAP

The following table summarises the significant adjustments, which would result
from the application of US generally accepted accounting principles ('US GAAP')
instead of UK GAAP.

                                                                                              2004          2003
Consolidated shareholders' equity                                                               £m            £m

Shareholders' funds - UK GAAP                                                               31,865        26,098
Goodwill                                                                                     3,002         2,222
Proposed dividend                                                                            1,308         1,059
Software development costs                                                                     399           660
Pension costs                                                                                  190         2,828
Taxation                                                                                      (108)       (1,020)
Others (net)                                                                                  (465)         (182)
                                                                                            _______       _______
Shareholders' equity - US GAAP                                                              36,191        31,665
                                                                                            _______       _______

Contacts

Richard O'Connor

Head of Investor Relations

0207 672 1758


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