Scrip Dividend

Royal Bank of Scotland Group PLC
16 May 2001

The Royal Bank of Scotland Group plc

Scrip Dividend

18,260,883 new ordinary shares of 25 pence each will expect to be listed on 18
May 2001 as fully paid up under the Company's Scrip Dividend Scheme. These new
shares will rank pari passu in all respects with the existing shares of the
Company. Application has been made to the London Stock Exchange and the UK
Listing Authority for the new shares to be admitted to the Official List.

Further copies of this announcement are available at the Company's Offices at
36 St Andrew Square, Edinburgh, EH2 2YB and Waterhouse Square, 138 - 142
Holborn, London EC1N 2TN.

END

16 May 2001