STATEMENT

By RNWM

Tuesday 9^th October 2012

Accompanied by my General Counsel, after forcing the situation through many Letters since my Storming of the RBS AGM 0n 30^th May 2012 and despite his assurances that he took Complaints of “ Systemic Institutionalised Fraud” seriously, I finally met with the RBS Chairman with RBS inhouse General Counsel in a poky meeting room on the 11^th Floor of RBS Bishopsgate London HQ on 6th September 2012.

The meeting was badly handled by the RBS Chairman as 30 minutes over coffee did not do justice to my Claim for Compensation and Allegations of Corporate Governance Infringements, Regulatory Breaches and Systemic Institutionalised Corporate Fraud inside RBS.

I attended the meeting in good faith “to try to progress this matter in a mutually acceptable manner “ and came fully prepared, as I had been led to believe that the meeting would be much longer, to systematically outline in detail what lies behind the Allegations.

I do not believe that I was given a fair hearing in the brief meeting as rather than seeing the need to consider the matter as part of "Cleaning Up" RBS he tried ever more, with further denial, delay, deflection to "Cover Up" the situation and the whole meeting seemed to centre around debate with him about the RBS Chairman’s defence that the alleged misconduct of 2 named Managing Directors of RBS Special Situations was not Criminal, it may be “Sharp business practice” but just normal dealmaking & business banking practice inside RBS.

I have an exact recording of the meeting.

I asserted, following the provision of specialist Business Crimes legal counsel, that possible crimes committed by the previously identified officers of RBS fall under the Fraud Act 2006 under the General offence of Fraud and demonstrated that I have clear evidence of Fraud by abuse of power, false representation, failure to disclose information and through this misrepresentation officers of RBS deliberately acted contrary to the interests of other parties with legitimate interests t maximize their own interests at RBS.

This financial engineering along with Advisors such as KPMG of  manufactured Insolvency and the onward Illegal sale of assets, in the case of Torex Retail Plc to Cerberus Capital Management LP, along with the other 10 case examples to be cited & soon to be publically announced has lead to £ Billions of redistributed funds & tens of thousands of UK jobs lost as a direct consequence of the actions of RBS bankers.

As Chairman of the Board of Management with overall responsibility for Corporate Governance and with fiduciary duties as a Director,Sir Philip Hampton has NOT reported the possibility of a series of Criminal misconduct having been committed inside RBS to the appropriate external authorities thereby the Cover Up continues.

After this dreadful meeting & the exchanges of email correspondence with Sir Philip since I no longer trust RBS to effectively investigate itself and thereby conduct a full proper investigation particularly given the extent of the very serious Allegations made against RBS, Partners of its advisors KPMG & Linklaters LP and Cerberus Capital Management LP and now feel that an investigation would be better done by other 3^rd parties to get a fair, just outcome.

I noted that in The Scotsman newspaper today that Stephen Hester, RBS CEO said:

- “the banks generally were changing in response to hostile public opinion with a new generation of management and fresh attitudes helping to put right the mistakes of the past.

- I don’t think politicians were deliberately attacking RBS, I think they were attacking the mistakes RBS made and they were using that to attack the broader mistakes.

- We are listening and talking. Our attitude has been very important, and I hope we are showing people how we are dealing with things they are critical of.

-The debate has been very intense, and while the economy remains difficult the level of debate will be bad-tempered and banks will continue to feature. We will have to wear our tin hats for some time.

- Changes are going on that will lead to the reputational blemishes being addressed,

-I believe we are responding, but people quite rightly want to see a track record of evidence.”

I have seen NO EVIDENCE of a “new generation of management and fresh attitudes helping to put right the mistakes of the past” – the PR spin does not reflect the reality.

I will not stand for any further procrastination by RBS beyond the deadline set @ 5pm on Friday 5^th October 2012 and therefore reserve all my various rights and remedies with all Embargoes soon to be lifted regarding further Regulatory / Political briefings, meetings with Business Executives / Investors affected in the other 10 case examples cited, Civil & Criminal Legal actions in UK / USA jurisdictions, Media announcements and Social Media postings.