Dividend Declaration

Royal Bank of Scotland Group PLC
01 December 2003


THE ROYAL BANK OF SCOTLAND GROUP plc

DIVIDEND ON SERIES D, SERIES E, SERIES F, SERIES G, SERIES H, SERIES I, SERIES J
AND SERIES K NON-CUMULATIVE DOLLAR PREFERENCE SHARES of US$0.01 FOR THE THREE
MONTHS TO 31 DECEMBER 2003

The Directors have declared the specified dividends on the undernoted Series of
non-cumulative dollar preference shares, all of which are represented by
American Depositary Shares, for the three months to 31 December 2003. The
dividends will be paid on 31 December 2003 at the undernoted rates to holders on
the register at the close of business on 16 December 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 16 December 2003.

Series                                           Dividend payable per share
Series D                                         US$0.51328125
Series E                                         US$0.50625
Series F                                         US$0.478125
Series G                                         US$0.4625
Series H                                         US$0.453125
Series I                                         US$0.50
Series J                                         US$0.53125
Series K                                         US$0.4921875


1 December 2003

End

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