Dividend Declaration

Royal Bank of Scotland Group PLC
03 March 2003

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 31 MARCH 2003

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 2003.
The dividends will be paid on 31 March 2003 at the undernoted rates to holders
on the register at the close of business on 14 March 2003. 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 14 March 2003.

Series                                             Dividend payable per share
Series 1                                           US$45.59
Series 2                                           US$44.085



3 March 2003

End


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