Royal Bank of Scotland Group PLC

As Agent Bank, please be advised of the following rate determined on:29-Dec-2003

Issue               : Royal Bank Of Scotland
                      �125,000,000 (MTN) FRN Due 21 Jun 2005
ISIN Number         : XS0058062166
Issue Nomin     GBP : 125,000,000.00
Period              : 29-Dec-2003 to 29-Mar-2004      Payment Date 29-Mar-2004
Number of Days      : 91
Rate                : 4.415
Denomination    GB  : 100,000.00

Amount Payable 
per Denomination    : 1,097.82

Institutional       Telephone   44(0) 1202 34 1286

Trust Services      Facsimile   44(0) 1202 34 7438