Citizens Financial Results

Royal Bank of Scotland Group PLC
1 March 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.

Following the change of the accounting year end by RBSG these results are
presented for the 12 month period to 31 December 2000 with comparatives from
the 12 months to 31 December 1999.

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 recent acquisitions and other one-time costs for the year ended 31
December 2000 based on U.K. GAAP and U.S. GAAP as adjusted were as follows:-


$ In Millions                                        Year Ended 31 December

                                                 2000                      1999
U.K. GAAP                                        $567                      $419
U.S. GAAP                                        $561                      $414

1 March 2001

Contact:   Fred Watt          Group Finance Director        020 7427 8412

                                                            0131 523 2028
           Grahame Whitehead  Deputy Group Finance Director 020 7427 9450

                                                            0131 523 2970
           Heather Campion    Public Relations              001 401 456 7635

Page 1 of 5





Citizens Reports 26% Increase in Cash Operating Earnings

Double Digit Organic Loan and Deposit Growth



PROVIDENCE, RI -- Citizens Financial Group, Inc. ('Citizens') today reported
cash operating earnings of $375 million for the year 2000, up 26% from $298
million in 1999.

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

At December 31, 2000, total assets were $30.9 billion compared to $23.2
billion at December 31, 1999. The acquisition of UST Corp. added assets of
$5.7 billion. Excluding the impact of UST, Citizens had strong organic loan
growth. Commercial loans and leases increased 12% and consumer loans increased
21%. In addition to deposits gained through the acquisition of UST, organic
growth in both savings and demand deposits has increased significantly.
Savings accounts increased 23% along with an increase in demand deposits of
30%.

'We are pleased to report record cash earnings for the seventh consecutive
year at Citizens. This year we successfully integrated State Street and
USTrust customers, and had strong organic growth as well. Our continued
dedication to our customers, our community and our employees is clearly a
winning strategy in the marketplace,' said Lawrence K. Fish, Chairman,
President and CEO of Citizens Financial Group, Inc.

Net interest income was up $326 million, or 46%, primarily due to UST, the
full year impact of acquiring State Street Bank's commercial banking business
and strong organic loan and deposit growth.

Noninterest income increased $143 million for 2000. In addition to the
aforementioned impact of UST and State Street, the growth in noninterest
income is being driven by strong growth in International and Cash Management
revenue along with growth in other fee-based businesses.

Noninterest operating expense, which excludes the impact of one-time merger
and other costs and the amortization of goodwill and core deposit intangible,
was $792 million for 2000, a $288 million increase over 1999. The increase is
primarily related to the UST acquisition and the full year impact of State
Street's commercial banking business.

Citizens also recorded pre-tax costs for amortization of goodwill and core
deposit intangible of $116 million for 2000 compared to $54 million for 1999.
Citizens recorded one-time merger and other costs of $61 million, $39 million
after tax, for 2000. These costs include the acquisition of UST Corp. on
January 11, 2000. In 1999, one-time costs were $16 million, $10 million after
tax, including the purchase of State Street Bank's commercial banking business
on October 1, 1999. Including the impact of the one-time costs and
amortization, net income was $230 million for the year 2000 and $241 million
in 1999.



Page 2 of 5




Citizens Financial Group, Inc., is a $30.9 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 plc. With more than 300 branches and
800 ATMs in Connecticut, Massachusetts, New Hampshire, and Rhode Island,
Citizens is the second largest commercial bank holding company in New England.

For more information, please contact us at our website www.citizensbank.com.

Page 3 of 5



CITIZENS FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)
                                                                YEAR ENDED 
                                                                DECEMBER 31

                                                             2000          1999

(In Millions)

Net interest income                                        $1,032           706
Provision for credit losses                                    59            25

                                                          --------      --------
Net Interest Income after provision                           973           681

for credit losses
                                                          --------      --------
Noninterest Income                                            380           237

Noninterest Expense

Operating                                                     792           504

Amortization of goodwill and core deposit                     116            54
    intangible

                                                          --------      --------
Total noninterest expense                                     908           558


Earnings before income taxes                                  445           360
Income Taxes                                                  176           109
Net income-operating                                      --------      --------

                                                              269           251
One-time merger and other costs, net of tax                    39            10
                                                          --------      --------
Net Income                                                    230           241
Cash basis and one-time adjustment, net of tax                145            57
                                                          --------      --------
Cash basis-operating earnings                             $   375       $   298
                                                            =====         =====

Page 4 of 5

CITIZENS FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)
                                                               DECEMBER 31

                                                            2000           1999

(In Millions)

Assets

-------
Cash and due from banks                               $      930     $      570
Federal funds sold and other                                 189             45

short-term investments
Securities                                                 8,803          7,201

Loans and leases:                                         17,790         13,426
Less: Allowance for possible credit losses                   296            224
                                                     -----------      ---------
Net loans and leases                                      17,494         13,202
                                                     -----------      ---------
Goodwill and core deposit intangible                       1,988            946

Other assets                                               1,524          1,216
                                                     -----------    -----------
Total assets                                           $  30,928      $  23,180
                                                         =======        =======
Liabilities and Stockholder's Equity

-----------------------------------------
Deposits                                               $  22,541     $   15,609

Borrowed funds                                             4,938          5,433
Other liabilities                                            414            259
                                                     -----------    -----------
Total liabilities                                         27,893         21,301
                                                     -----------    -----------
Stockholder's Equity                                       3,035          1,879

                                                     -----------    -----------
Total liabilities and stockholder's equity            $   30,928        $23,180