Dividend Declaration

Royal Bank of Scotland Group PLC
25 July 2001

THE ROYAL BANK OF SCOTLAND GROUP plc

DIVIDEND ON SERIES 1 AND SERIES 2 NON-CUMULATIVE CONVERTIBLE DOLLAR PREFERENCE
SHARES OF US$0.01 FOR THE PERIOD TO 30 SEPTEMBER 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 30 September
2001. The dividends will be paid on 28 September 2001 at the undernoted rates
to holders on the register at the close of business on 13 September 2001. As
at the date of this announcement all of the undernoted non-cumulative 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 13 September 2001.

Series                         Dividend payable per share

Series 1                    US$45.59

Series 2                    US$44.085











25 July 2001

End