Dividend Declaration

Royal Bank of Scotland Group PLC
01 September 2003

THE ROYAL BANK OF SCOTLAND GROUP plc

DIVIDEND ON SERIES 1 AND SERIES 2 NON-CUMULATIVE CONVERTIBLE DOLLAR PREFERENCE
SHARES OF US$0.01 FOR THE PERIOD TO 30 SEPTEMBER 2003

The Directors have declared the specified dividends on the undernoted series of
non-cumulative convertible dollar preference shares, all of which are
represented by American Depositary Shares, for the six months to 30 September
2003. The dividends will be paid on 30 September 2003 at the undernoted rates to
holders on the register at the close of business on 15 September 2003. As at the
date of this announcement all of the undernoted non-cumulative dollar preference
shares are held by The Bank of New York, N.A. as Depositary who have advised
that the record date for the American Depositary Receipts which evidence the
undernoted American Depositary Shares is 15 September 2003.

Series                                              Dividend payable per share
Series 1                                            US$45.59
Series 2                                            US$44.085


1 September 2003

End


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