Royal Bank of Scotland (“RBS”) has announced a 1-for-20 reverse stock
split. As a result of the reverse stock split, each RBS American Depositary Share will be converted
into the
right to receive .05 (New) Royal Bank of Scotland American Depositary
Shares. The reverse stock split will become effective on
November 7, 2008.
This action will be coordinated with the Options Clearing Corporation.
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