Dividend Declaration

Royal Bank of Scotland Group PLC
21 February 2001

THE ROYAL BANK OF SCOTLAND GROUP plc

DIVIDEND ON SERIES 1 AND SERIES 2 NON-CUMULATIVE CONVERTIBLE DOLLAR PREFERENCE
SHARES FOR THE PERIOD TO 31 MARCH 2001



The Directors have declared the specified dividends on the undernoted Series
of Non-cumulative convertible dollar preference shares, all of which are
represented by American Depositary Shares, for the six months to 31 March
2001. The dividends will be paid on 30 March 2001 at the undernoted rates to
holders on the register at the close of business on 15 March 2001. As at the
date of this announcement all of the undernoted Non-cumulative convertible
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 15 March 2001.

Series Dividend payable per share

Series 1    US$45.59

Series 2    US$44.085

21 February 2001

End