Citizens' Results

Royal Bank of Scotland Group PLC
7 August 2001


The Royal Bank of Scotland Group plc (RBSG) is pleased to attach a copy of the
results of Citizens Financial Group, Inc., its U.S. banking subsidiary.

The financial information contained in the attached has been prepared in
accordance with accounting principles generally accepted in the United States
of America ('U.S. GAAP'). Citizens' operating earnings before taxation,
amortization of goodwill and core deposit intangible and their one-time costs
of their acquisitions and other one-time costs for the six-months ended June
30, 2001 based on U.K. GAAP and U.S. GAAP as adjusted were as follows:

$ In Millions                           Six-Months Ended June 30,
                                     2001                       2000

U.K. GAAP                            $336                       $280
U.S. GAAP                            $337                       $277


           Citizens Reports 18% Increase in Cash Operating Earnings


PROVIDENCE, RI -- Citizens Financial Group, Inc. ('Citizens') today reported
record cash operating earnings of $221 million for the six-month period ended
June 30, 2001, up 18% from $187 million for the comparable prior year period.

Cash operating earnings exclude the amortization of various intangible assets,
including goodwill and core deposit intangible, related to various
acquisitions, one-time merger and other costs and the cumulative effect of
accounting change. This reporting is consistent with Citizens parent The Royal
Bank of Scotland Group plc.

At June 30, 2001, total assets were $32.4 billion compared with $30.2 billion
at June 30, 2000. Citizens had strong organic loan and deposit growth. Loans
and leases, excluding consumer mortgages, increased 12%. Deposits increased
10%.

'This has been an exciting period for Citizens,' said Lawrence K. Fish,
Chairman, President and CEO of Citizens Financial Group, Inc. 'We are very
pleased with our continuing strong organic growth in loans and deposits.
Citizens is dedicated to providing outstanding service to our customers and
our communities and this is recognized in the market.'

'Our agreement, subject to regulatory consents, to acquire Mellon Bank's
retail, business banking and certain middle market businesses, announced on
July 17, will enable us to replicate the success of Citizens' franchise in a
new region. We look forward to bringing our commitment to exceptional service
and our full range of banking products and services to customers in the
mid-Atlantic states in the months and years to come,' Fish said.

Net interest income was up $31 million, or 6%, for the six-month period ended
June 30, 2001 primarily due to strong organic loan and deposit growth
partially offset by a decrease in net interest margin due to a lower rate
environment.

Noninterest income increased $42 million, or 24%, for the six-month period
ended June 30, 2001. The growth in noninterest income is being driven by
strong growth in Citizens major business lines.

Noninterest operating expense, which excludes the impact of one-time merger
and other costs and the amortization of goodwill and core deposit intangible,
was $380 million for the six-month period ended June 30, 2001, $3 million less
than the comparable prior year period. This reflects Citizens continued
corporate commitment to expense control.

Citizens also recorded pre-tax costs for amortization of goodwill and core
deposit intangible of $59 million for the six-month period ended June 30, 2001
compared with $56 million for the six-month period ended June 30, 2000.
Citizens recorded one-time merger and other costs of $46 million, $30 million
after tax, for the six-month period ended June 30, 2000. These costs include
the acquisition of UST Corp. on January 11, 2000. Including the impact of the
one-time costs, amortization and cumulative effect of accounting change, net
income was $169 million for the six-month period ended June 30, 2001 and $106
million for the comparable prior year period.

Citizens Financial Group, Inc. is a $32.4 billion financial services company
headquartered in Providence, RI. It operates as Citizens Bank in Connecticut,
Massachusetts, New Hampshire and Rhode Island. Citizens is a wholly owned
subsidiary of The Royal Bank of Scotland Group plc. With more than 330
branches and 835 ATMs in Connecticut, Massachusetts, New Hampshire, and Rhode
Island, Citizens is the second largest commercial bank holding company in New
England. Upon completion of the Mellon transaction, Citizens will be one of
the nation's 20 largest banks with $49 billion in assets, more than 770
branches, more than 1,400 ATMs and more than 12,000 employees in 7 states. For
more information, please contact our website, citizensbank.com.


7 August 2001


CITIZENS FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)
                                                            SIX MONTHS ENDED
                                                                JUNE 30,
                                                         2001              2000

(In Millions)

Net interest income                                     $ 538             $ 507
Provision for credit losses                                39                23

                                                     --------          --------
Net Interest Income after provision                       499               484
for credit losses
                                                     --------          --------
Noninterest Income                                        218               176

Noninterest Expense

Operating                                                 380               383

Amortization of goodwill and core deposit intangible       59                56

                                                     --------          --------
Total noninterest expense                                 439               439

                                                     --------          --------

Earnings before income taxes                              278               221
Income Taxes                                              110                85
                                                     --------          --------
Net income-operating                                      168               136
Cumulative effect of accounting change, net of tax          1                 -
One-time merger and other costs, net of tax                 -                30
                                                     --------          --------
Net Income                                                169               106
Cash basis and one-time adjustment, net of tax             52                81
                                                     --------          --------
Cash basis-operating earnings                           $ 221             $ 187
                                                        =====             =====



CITIZENS FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)
                                                                 JUNE 30
                                                           2001            2000

(In Millions)
Assets

-------
Cash and due from banks                              $      803      $    1,199
Short-term investments                                       95              46
Securities                                                9,366           7,625

Loans and leases:                                        18,743          17,933
Less: Allowance for possible credit losses                  301             295
                                                    -----------    ------------
Net loans and leases                                     18,442          17,638
                                                    -----------    ------------
Goodwill and core deposit intangible                      1,929           1,941

Other assets                                              1,727           1,776
                                                    -----------    ------------
Total assets                                          $  32,362      $   30,225
                                                        =======         =======
Liabilities and Stockholder's Equity

-----------------------------------------
Deposits                                              $  23,235      $   21,107

Borrowed funds                                            5,383           5,993
Other liabilities                                           521             411
                                                    -----------    ------------
Total liabilities                                        29,139          27,511
                                                    -----------    ------------
Stockholder's equity                                      3,223           2,714

                                                    -----------    ------------
Total liabilities and stockholder's equity             $ 32,362      $   30,225
                                                        =======         =======