Approval of proposal by Royal Bank of Scotland Group

The following press release was published by the Board of Governors of the Federal Reserve System on March 27, 2008. It is reproduced in full below.

The Federal Reserve Board on Thursday announced its approval of the notice under section 4 of the Bank Holding Company Act by The Royal Bank of Scotland Group plc, Edinburgh, Scotland, to engage, on a limited basis, in physical commodity trading, energy management services, and energy tolling as activities that are complementary to a financial activity.

Attached is the Board's Order relating to this action.

Source: Board of Governors of the Federal Reserve System