Dividend Declaration

Royal Bank of Scotland Group PLC
26 August 2004


THE ROYAL BANK OF SCOTLAND GROUP plc

DIVIDEND ON SERIES M NON-CUMULATIVE DOLLAR PREFERENCE SHARES of US$0.01 FOR THE
PERIOD 26 AUGUST TO 30 SEPTEMBER 2004

The Directors have declared the specified dividend on the undernoted Series of
non-cumulative dollar preference shares, all of which are represented by
American Depositary Shares, for the period 26 August 2004 to 30 September 2004.
The dividend will be paid on 30 September 2004 at the undernoted rate to holders
on the register at the close of business on 15 September 2004. 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 15 September 2004.

Series                                     Dividend payable per share

Series M                                   US$0.1511111


26 August 2004

End

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