Interim results for the half year ended June 30 2004

<table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" summary="Interim results<br>for the half year<br>ended June 30 2004 no frames"> <tr class="HeaderEmail"> <td id="LogoDiv" rowspan="2"> <a target="_blank" href="http://www.rbs.com"><img border="0" src="http://www.shareholder.com/shared/dynamicdoc/RBS/740/logo.gif" alt="logo"></a> </td><td id="TitleDiv" rowspan="2"> <h1 id="DocTitle">Interim results<br>for the half year<br>ended June 30 2004</h1> <div id="NavArrows"> <a href="http://www.shareholder.com/visitors/dynamicdoc/document.cfm?documentid=740&companyid=RBS&Page=1" class="button"><img src="http://www.shareholder.com/visitors/dynamicdoc/v3/images/rew_off.gif" width="14" height="14" alt="First Page" border="0"></a> <span style="display:none;">|</span> <a href="http://www.shareholder.com/visitors/dynamicdoc/document.cfm?documentid=740&companyid=RBS&Page=51" class="button"><img src="http://www.shareholder.com/visitors/dynamicdoc/v3/images/prev_off.gif" width="14" height="14" alt="Previous Page" border="0"></a> <span id="PageLabel"> Page 51 of 51 </span> <a href="http://www.shareholder.com/visitors/dynamicdoc/document.cfm?documentid=740&companyid=RBS&Page=52" class="button"><img src="http://www.shareholder.com/visitors/dynamicdoc/v3/images/next_on.gif" width="14" height="14" alt="Next Page" border="0"></a> <span style="display:none;">|</span> <a href="http://www.shareholder.com/visitors/dynamicdoc/document.cfm?documentid=740&companyid=RBS&Page=52" class="button"><img src="http://www.shareholder.com/visitors/dynamicdoc/v3/images/ffwd_on.gif" width="14" height="14" alt="Last Page" border="0"></a> </div></td> <td colspan="2"> <form id="SectionSelect" name="SectionSelect" action="http://www.shareholder.com/visitors/dynamicdoc/document.cfm?documentid=740&companyid=RBS" method="post"> <label for="Sections">Table of Contents</label> <br><select class="FormFields" name="Page" id="Sections" size="1"> <option value="1">Front Cover</option> <option value="2">Table of Contents</option> <option value="3">Results Summary</option> <option value="4">2004 First Half Highlights</option> <option value="5">Group Chief Executive’s Review</option> <option value="9">Financial Review</option> <option value="11">Summary Consolidated Profit And Loss Account</option> <option value="12">Divisional Performance</option> <option value="13">     Corporate Banking And Financial Markets</option> <option value="15">     Retail Banking</option> <option value="17">     Retail Direct</option> <option value="18">     Manufacturing</option> <option value="19">     Wealth Management</option> <option value="20">     RBS Insurance</option> <option value="22">     Ulster Bank</option> <option value="23">     Citizens</option> <option value="25">     Central Items</option> <option value="26">Average Balance Sheet</option> <option value="27">Average Interest Rates, Yields, Spreads And Margins</option> <option value="28">Statutory Consolidated Profit And Loss Account</option> <option value="29">Consolidated Balance Sheet</option> <option value="30">Overview Of Consolidated Balance Sheet</option> <option value="32">Statement Of Consolidated Total Recognised Gains And Losses</option> <option value="33">Consolidated Cash Flow Statement</option> <option value="34">Notes</option> <option value="41">Analysis Of Income, Expenses And Provisions</option> <option value="42">Asset Quality</option> <option value="42">     Analysis Of Loans And Advances To Customers</option> <option value="43">     Cross Border Outstandings</option> <option value="43">     Selected Country Exposures</option> <option value="44">     Risk Elements In Lending</option> <option value="45">     Provisions For Bad And Doubtful Debts</option> <option value="46">Market Risk</option> <option value="47">Regulatory Ratios And Other Information</option> <option value="48">Additional Financial Data For US Investors</option> <option value="49">Forward-Looking Statements</option> 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