Document:

Untitled Document

EXHIBIT 4.2.1

 VARIATION AGREEMENT dated
  27 March 2002 

BETWEEN

	(1)
      	THE
      ROYAL BANK OF SCOTLAND plc, whose registered office is at 36 St Andrew Square,
      Edinburgh, EH2 2YB (“the Company”); and 
	 	 
	(2)
      	IAIN
      SAMUEL ROBERTSON of Northlands, 22 Sandpit Lane, St Albans, Hertfordshire,
      AL1 4HL (the “Executive”)
	 	 
	WHEREAS
	 	 
	(A)	The
      Executive is employed by the Company under the terms of a service agreement
      dated 2 and 3 April 1992 as supplemented by a letter from the Company to
      the Executive dated 26 May 1992 (“the Supplement Letter”) and as varied
      by a Variation Agreement dated 4 December 1996 (all together referred to
      in this Agreement as “the Service Agreement”). 
	 	 
	(B)	The
      parties wish to amend the Service Agreement so that the Company will employ
      the Executive and the Executive shall serve the Company on amended terms
      and conditions.
	 	 
	NOW
      THEREFORE IT IS AGREED AS FOLLOWS:
	 	 
	1.	Interpretation
      

      

      Capitalised words and expressions used in this Agreement which are not otherwise
      defined herein shall have the meanings ascribed to them in the Service Agreement.
	 	 
	2.	Variations

      

      The parties agree that the Service Agreement shall, with effect from the
      date hereof, be varied as follows: 
	 	 
	 	(i)
      	Clause
      SECOND shall be amended by the deletion on the fifth line of the words “twenty-four
      months” and substituted therefor the words “twelve months”.
	 	 	 
	3.
      	Effect
      

      

      Save as expressly varied hereby, the provisions of the Service Agreement
      shall remain in full force and effect in accordance with its terms. 
	 	 
	4.	Governing
      Law

      

      The terms of this Agreement shall be governed by and construed in all respects
      in accordance with the laws of Scotland and the parties hereto agree to
      submit to the non-exclusive jurisdiction of the Scottish courts: IN WITNESS
      WHEREOF these presents typewritten on this and the preceding page were executed
      in duplicate as follows:

 

	SIGNED
      for and on behalf of 

      THE ROYAL BANK OF SCOTLAND plc 

      by MILLER ROY MCLEAN

      at

      on

      before the undernoted witness: 	/s/
      Mr. M. McLean
	 	 
	Witness 

      Full Name

      Address 

      

      Occupation  	

      Sheryl Anderson 

      2 Sawmill Cottage 

      Dalmahoy, EH278EB 

      Project Manager 
	 	 
	SIGNED by the said
      IAIN SAMUEL ROBERTSON
 at

      on

      before the undernoted witness: 	/s/
      Iain Samuel Robertson 
	 	 
	Witness 

      Full Name

      Address 

      

      Occupation 	

      Miss Paula J. Francis
      

      12 Priory Road, Hampton 

      Middlesex, TW12 2NT 

      Personal AssistantUntitled Document

EXHIBIT 4.5.1

  VARIATION AGREEMENT dated                                                   2002

BETWEEN

	(1)	NATIONAL WESTMINSTER BANK Plc whose registered office is at
      135

      Bishopsgate, London, EC2M 3UR ("NatWest"); and
	 	 
	(2) 	GORDON PELL of Mulsanne Farm, Nightingales Lane, Chalfont
      St Giles,

      Buckinghamshire, HP8 4SQ (the "Executive")
	 	 
	WHEREAS
	 	 
	(A)	The Executive is employed by NatWest under the terms of a
      service agreement dated 5th January 2000 as varied by a Variation Agreement
      dated 6th March 2000 (the "Service Agreement").
	 	 
	(B)	The parties wish to amend the Service Agreement so that NatWest
      will employ

      the Executive and the Executive shall serve NatWest on amended terms and

      conditions.
	 	 
	NOW THEREFORE IT IS AGREED AS FOLLOWS:
	 	 
	1.	 Interpretation

       Capitalised words and expressions used in this Agreement which are not
        otherwise defined herein shall have the meanings ascribed to them in the
        Service Agreement.

	 	 
	2.	Variations

       The parties agree that the Service Agreement shall, with effect from
        1 January 2002 be varied as follows:

	 	 
	 	(i)	Clause 5.9 shall be deleted.
	 	 
	 	(ii)	Clauses 5.2 and 5.3 shall be deleted and replaced
      with the following words as a new clause 5.2:
 
 “(a) The
        Royal Bank of Scotland plc operates a flexible compensation and benefits
        package called RBSelect. NatWest shall procure the provision of RBSelect
        to the Executive. The Salary Element forms part of the Executive’s Value
        Account under RBSelect and is used to calculate certain benefits such
        as pension, Profit Share and any discretionary bonus payment or any other
        payment directly linked to salary.

       (b) The Salary Element would also be used to calculate severance payments
        including redundancy.

       (c) Value Account is £522,917, which includes a Salary Element of
        £500,000 per annum. Full details of the RBSelect are contained in
        The Royal Bank of Scotland’s guidebook in relation to the scheme.

       (c) The Executive’s Value Account less the cost of any benefits elected
        through RBSelect will be paid monthly on the 18th day of each month (or
        on the last preceding working day where the 18th day falls on a weekend)
        and shall be at the absolute discretion of the Remuneration Committee
        subject to review annually on the 1st day of April of each year or any
        other day approved by the Remuneration Committee with any adjustments
        having immediate effect. Such a review will not result in a reduction
        in salary but neither the review nor the result of any previous review
        will imply that an increase will be made.

        

        (d) All remuneration payable in cash to the Executive under this Agreement
        shall be credited to a bank account to be maintained by the Executive
        with NatWest (or such other UK banking entity within the Group as the
        Executive may nominate).” 

	 	 	 
	3.	Effect

       Save as expressly varied hereby, the provisions of the Service Agreement
        shall remain in full force and effect in accordance with its terms.

	 	 
	4.	Governing Law

       The terms of this Agreement shall be governed by and construed in all
        respects in accordance with the laws of England and Wales and the parties
        submit to the exclusive jurisdiction of the English Courts as regards
        any claim or matter arising under this Agreement.

  

	SIGNED for and on behalf
      of

      NATIONAL WESTMINSTER BANK Plc 

      by MILLER ROY MCLEAN, Secretary 

      at Edinburgh

      on 26 April 2002

      before the undernoted witness:	/s/ Miller Roy McLean
	 	 
	Witness

        Full Name 

        Address

      Occupation
	 
	 	 
	SIGNED by the said GORDON PELL 

      at London

      on 22 May 2002

      before the undernoted witness:	/s/ G Pell
	 	 
	Witness

      Full Name 

      Address 

      

      

      Occupation 	

      MRS. D S BATEMAN 

      54 Inks Green 

      Catingford London E4 9EL

      

      Secretary 	

      /s/ D S Bateman<BR><BR>

<!-- MARKER FORMAT-SHEET="Right Bold" -->
<P ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>EXHIBIT 10.1 </B></FONT></P>

<BR><BR>

<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
    <TD WIDTH="70%" align="left" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><strong><font color="#999999" size="1">Deloitte
      &amp; Touche<br>
      Saltire Court<br>
      20 Castle Terrace<br>
      Edinburgh EH1 OBR </font></strong></font> <p><font color="#999999" size="1"><strong><font face="Arial, Helvetica, sans-serif">Tel:
        National 0131 221 0002<br>
        International + 44 131 221 0002<br>
        Fax: 0131 535 7888<br>
        DX ED239 &#8211; Edinburgh 1<br>
        www.deloitte.co.uk</font></strong></font><br>
      </p></TD>
    <TD WIDTH="30%" align="right" valign="bottom"><img src="mar1003_ltrhead.jpg" width="167" height="67"></TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Left Bold" -->
<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>INDEPENDENT AUDITORS&#146; CONSENT </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">We consent to the
incorporation by reference of our report dated 26 February 2003 appearing  in this Annual
Report on Form 20-F of The Royal Bank of Scotland Group plc for the year  ended 31
December 2002, in the following Registration Statements:</FONT> </P>

<TABLE WIDTH="50%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH="15%" ALIGN=left><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Form</FONT></TD>
<TD WIDTH="35%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Registration Statement No.</FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="15%" ALIGN=left><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">S-8</FONT></TD>
<TD WIDTH="35%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">333-85208</FONT></TD>
</TR>
<TR>
<TD WIDTH="15%" ALIGN=left><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">F-3</FONT></TD>
<TD WIDTH="35%"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">333-100661</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<IMG SRC="mar1003_dtsign.jpg">

<BR>
<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">19 March 2003</FONT>
</P>
<P ALIGN="LEFT">&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="16%"><img src="ftr-dlt.jpg"></td>
    <td width="84%" valign="middle"><font color="#999999" size="1" face="Arial, Helvetica, sans-serif">Aberdeen,
      Belfast, Birmingham, Bristol, Cambridge, Cardiff, Crawley, Edinburgh, Glasgow,
      Leeds, Liverpool, London, Manchester, Milton Keynes, Newcastle Upon Tyne,
      Nottingham, Reading, St Albans and Southampton<br>
      </font>
      <font color="#999999" size="1" face="Arial, Helvetica, sans-serif">Principal place of business at which a list of partners&#8217;
      names is available: Stonecutter Court, 1 Stonecutter Street, London EC4A
      4TR<br>
      Authorised by the Financial Services Authority in respect of regulated activities.<br></font></td>
  </tr>
</table>

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