FRN Variable Fixed Rate

FRN Variable Fixed Rate 

    LONDON--(BUSINESS WIRE)--March 26, 2003--

As Agent Bank, please be advised of the following rate determined on:
14-Mar-2003

Issue               : The Royal Bank of Scotland Group plc
                      USD 500,000,000 FRN due March 2004 
ISIN Number         : XS0164746140
Issue Nomin     USD : 500,000,000.00
Period              : 18-Mar-2003 to 18-Jun-2003     Payment Date 18-Jun-2003
Number of Days      : 92
Rate                : 1.27875
Denomination    US  : 1,000.00       10,000.00       100,000.00

Amount Payable      : 3.27           32.68           326.79 
per Denomination    

Institutional       Telephone   [phone]
Trust Services      Facsimile   44(0) 1202 34 7438

   Short Name: Royal Bk Scot.Grp.
   Category Code: RC
   Sequence Number: 00003311
   Time of Receipt (offset from UTC): 20030326T150636+0000