CHARTER OF THE AUDIT COMMITTEE
OF THE BOARD OF DIRECTORS
OF RIGGS NATIONAL CORPORATION

I. Purpose

The Audit Committee (the ďCommitteeĒ) of the Corporation is appointed by, and generally acts on behalf of, the Board of Directors (the ďBoardĒ) of Riggs National Corporation (the ďCorporationĒ). The role of the Committee is one of oversight, not one of management. It is the Committeeís responsibility to oversee managementís production of the Corporationís financial statements and the audit of those statements undertaken by the independent auditors, as well as to oversee the creation and maintenance of disclosure controls and procedures and internal control over financial reporting.

II. Membership

III. Meetings and Procedures

IV. Duties and Responsibilities. The Committee will take the following actions, to the extent it deems necessary or appropriate:

A. Financial Reporting Process.

B. Risks and Control Environment.

C. Independent Auditors.

D. Other Matters.