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|                                                                                                                                                                                                                                                                                                                                     |   | CONFORMED                COPY |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|
|                                                                                                                                                                                                                                                                                                                                |   |                          |
|  Amended                and Restated Programme Agreement Reuters                Group PLCas                Issuer and                Guarantor and Reuters                Finance PLCas                Issuer  £1,000,000,000Euro                Medium                Term Note Programme  |
|                                                                                                                                                                                                                                                                                                                                |   |
| 9                June                2006                                                                                                                                                                                                                                                                                           |

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| **CLAUSE** |                                                               | **PAGE** |
|------------|--------------------------------------------------------------------|----------|
|       |                                                               |     |
| 1.         | DEFINITIONS          AND INTERPRETATION                            | 1        |
| 2.         | AGREEMENTS          TO ISSUE AND PURCHASE NOTES                    | 5        |
| 3.         | CONDITIONS          OF ISSUE; UPDATING OF LEGAL OPINIONS           | 6        |
| 4.         | REPRESENTATIONS,          WARRANTIES AND UNDERTAKINGS              | 9        |
| 5.         | UNDERTAKINGS          OF THE ISSUERS                               | 13       |
| 6.         | INDEMNITY                                                          | 16       |
| 7.         | AUTHORITY          TO DISTRIBUTE DOCUMENTS                         | 17       |
| 8.         | DEALERS’          UNDERTAKINGS                               | 17       |
| 9.         | FEES,          EXPENSES AND STAMP DUTIES                           | 18       |
| 10.        | TERMINATION          OF APPOINTMENT OF DEALERS                     | 18       |
| 11.        | APPOINTMENT          OF NEW DEALERS                                | 19       |
| 12.        | INCREASE          IN THE AGGREGATE NOMINAL AMOUNT OF THE PROGRAMME | 19       |
| 13.        | STATUS          OF THE DEALERS AND THE ARRANGER                    | 20       |
| 14.        | COUNTERPARTS                                                       | 20       |
| 15.        | COMMUNICATIONS                                                     | 20       |
| 16.        | BENEFIT          OF AGREEMENT                                      | 20       |
| 17.        | CALCULATION          AGENT                                         | 21       |
| 18.        | STABILISATION                                                      | 21       |
| 19.        | CONTRACTS          (RIGHTS OF THIRD PARTIES) ACT 1999              | 21       |
| 20.        | GOVERNING          LAW                                             | 21       |

| APPENDIX                A                                                       | 22 |
|---------------------------------------------------------------------------------|----|
| INITIAL                DOCUMENTATION LIST                                       | 22 |
| APPENDIX                B                                                       | 24 |
| SELLING                RESTRICTIONS                                             | 24 |
| APPENDIX                C                                                       | 27 |
| PART                I                                                           | 27 |
| FORM                OF                DEALER ACCESSION LETTER - PROGRAMME       | 27 |
| PART                II                                                          | 28 |
| FORM                OF                CONFIRMATION LETTER - PROGRAMME           | 28 |
| PART                III                                                         | 29 |
| FORM                OF                DEALER ACCESSION LETTER - NOTE ISSUE      | 29 |
| PART                IV                                                          | 30 |
| FORM                OF                CONFIRMATION LETTER - NOTE ISSUE          | 30 |
| APPENDIX                D                                                       | 31 |
| LETTER                REGARDING INCREASE IN THE NOMINAL AMOUNT OF THE PROGRAMME | 31 |
| APPENDIX                E                                                       | 32 |
| FORM                OF                SUBSCRIPTION AGREEMENT                    | 32 |
| SIGNATORIES                                                                     | 36 |

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| (1) | **REUTERS            GROUP PLC**(**“RG"**            and an **“Issuer”**); |
|-----|------------------------------------------------------------------------------------------------|

| (2) | **REUTERS                  FINANCE PLC**                  (**“RF”**,                  an                  **“Issuer”**and                  together                  with RG, the **“Issuers”**);                  and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | **ABN                  AMRO BANK N.V., CITIGROUP GLOBAL MARKETS LIMITED, CREDIT SUISSE                  SECURITIES                  (EUROPE) LIMITED, HSBC BANK plc, J.P. MORGAN SECURITIES LTD., MORGAN                  STANLEY & CO. INTERNATIONAL LIMITED**and                  **UBS                  LIMITED**(the                  **“Initial                  Dealers”**). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | RG                  established a euro medium note programme on 16 December 1998, in                  connection with which, RG and certain dealers entered into an amended                  and                  restated programme agreement dated 7 November 2003 (**“Principal                  Programme Agreement”**). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | By                  resolutions of its Board of Directors, dated 24 October 2003 and                  a duly                  authorised committee of such Board of Directors dated 6 November                  2003, RF                  has resolved to join the Programme as an                  Issuer. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | By                  a                  resolution of its Board of Directors, dated 21 October 2003, RG                  (in such                  capacity, the **“Guarantor”**)                  has                  resolved to unconditionally and irrevocably guarantee pursuant                  to the                  terms of the Guarantee the issue of any Notes by RF under the                  Programme. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | The                  parties                  hereto have agreed to make certain modifications to the Principal                  Programme Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | This                  Agreement amends and restates the Principal Programme Agreement.                  Any Notes                  issued under the Programme on or after the date hereof shall be                  issued                  pursuant to this Agreement. This does not affect any Notes issued                  under                  the Programme prior to the date of this                  Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (F) | The                  parties                  wish to record the arrangements agreed between them in relation                  to the                  sale by the Issuers and the purchaser by Dealers from time to time                  of                  Notes. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | **DEFINITIONS AND INTERPRETATION** |
|----|------------------------------------|

| 1.1 | For                  the                  purposes of this Agreement. except where the context requires                  otherwise: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

1

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|   | (a) | in                  respect of                  the appointment of a third party as a Dealer for the duration of                  the                  Programme, the Confirmation Letter substantially in the form set                  out in                  Part II of Appendix C hereto; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                  respect of                  the appointment of a third party as a Dealer for one or more particular                  issues of Notes under the Programme, the Confirmation Letter substantially                  in the form set out in Part IV of Appendix C                  hereto; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in                  respect of                  the appointment of a third party as a Dealer for the duration of                  the                  Programme, the Dealer Accession Letter substantially in the form                  set out                  in Part I of Appendix C hereto; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                  respect of                  the appointment of a third party as a Dealer for one or more particular                  issues of Notes under the Programme, the Dealer Accession Letter                  substantially in the form set out in Part III of Appendix C                  hereto; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

2

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3

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|   | (a) | in                  relation                  to each Tranche of Notes only the applicable Final Terms shall                  be deemed                  to be included in the Prospectus;                  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for                  the                  purpose of clause 4.3 in respect of the Agreement and the Issue                  Date, the                  Prospectus means the Prospectus as at the Agreement Date, but without                  prejudice to (a) above not including any subsequent revision, supplement                  or amendment to it or incorporation of information in it; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Terms                  and                  expressions defined in the Trust Deed, the Agency Agreement, the                  Conditions and/or the applicable Final Terms and not otherwise                  defined in                  this Agreement shall have the same meanings in this Agreement,                  except                  where the context otherwise requires. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | In                  this                  Agreement, clause headings are inserted for convenience and ease                  of                  reference only and shall not affect the interpretation of this                  Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4 | All                  references in this Agreement to the provisions of any statute shall                  be                  deemed to be references to that statute as from time to time modified,                  extended, amended or re-enacted. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | All                  references in this Agreement to an agreement, instrument or other                  document                  (including this Agreement, the Trust Deed, the Agency Agreement,                  any Notes                  and any Conditions appertaining thereto) shall be construed as                  a reference                  to that agreement, |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.6 | Words                  denoting the singular number only shall include the plural number                  also and                  vice versa; words denoting the masculine gender only shall include                  the                  feminine gender also, and words denoting persons only shall include                  firms                  and corporations and vice versa. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7 | All                  reference                  in this Agreement to Euroclear and/or Clearstream, Luxembourg shall,                  wherever the context so permits, be deemed to include reference                  to any                  additional or alternative clearing system approved by the relevant                  Issuer,                  the Trustee and the Agent. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.8 | All                  reference                  in this Agreement to “listing”                  and “listed”                  in relation to any Notes which are to have a “listing or be “listed”                  (i) on the London Stock Exchange, shall be construed to mean that                  Notes                  have been admitted to the Official List and admitted to trading                  on the                  London Stock Exchange’s                  Gilt Edged                  and Fixed Interest Market; and (ii) on other Stock Exchange in                  a                  jurisdiction within the European Economic Area, listing and listed                  shall                  be construed to mean that the Notes have been admitted to trading                  on a                  market within that jurisdiction which is a regulated market for                  the                  purposes of the Investment Services Directive (Directive                  93/22/EEC). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.9 | References                  in                  this Agreement to “consolidated”                  in relation to the Issuer shall, if it                  prepares both consolidated accounts and non-consolidated accounts                  in                  accordance with IFRS accounting principles be construed as references                  to                  “consolidated and                  non-consolidated”. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.10 | References                  in                  this Agreement to a Directive include any relevant implementing                  measure of                  each Member State of the European Economic Area which has implemented                  such                  Directive. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **AGREEMENTS                  TO ISSUE AND PURCHASE                  NOTES** |
|----|------------------------------------------------------------------------------|

| 2.1 | Subject                  to                  the terms and conditions of this Agreement, each Issuer and in                  the case of                  an issue by RF, RF and the Guarantor may from time to time agree                  with any                  Dealer to issue, and any Dealer may agree to purchase,                  Notes. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Unless                  otherwise agreed between the parties, on each occasion upon which                  an                  Issuer and in the case of an issue by RF, RF and RG and any Dealer                  agree                  on the terms of the issue by such Issuer and purchase by such Dealer                  of                  one or more Notes: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such                  Issuer                  shall cause such Notes which shall be initially represented by                  a Temporary                  Global Note or a Permanent Global Note, as indicated in the applicable                  Final Terms, to be issued and delivered to a common depositary                  for                  Euroclear and Clearstream, Luxembourg on the agreed Issue                  Date; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  securities account of the relevant Dealer with Euroclear and/or                  Clearstream, Luxembourg (as specified by the relevant Dealer) will                  be                  credited with such Notes on the agreed Issue Date, as described                  in the                  Procedures Memorandum; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  relevant                  Dealer or, as the case may be, the Lead Manager shall, subject                  to such                  Notes being so credited, cause the net purchase moneys for such                  Notes to                  be paid in the relevant currency by transfer of funds to the designated                  account of the Agent or (in the case of syndicated issues) the                  designated                  account of such Issuer with Euroclear and/or Clearstrearn, Luxembourg                  so                  that such payment is credited to such account for value on such                  Issue                  Date, as described in the Procedures                  Memorandum. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Unless                  otherwise agreed between the relevant Issuer and in the case of                  an issue                  by RF, RF and RG and the relevant Dealers, where more than one                  Dealer has                  agreed with the relevant Issuer and in the case of an issue by                  RF, RF and                  RG to purchase a particular |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

5

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| 2.4 | Where                  the                  relevant Issuer agrees with two or more Dealers to issue and such                  Dealers                  agree to purchase, Notes on a syndicated basis, the relevant Issuer                  and                  the Guarantor (if applicable) shall enter into a Subscription Agreement                  with such Dealers. The relevant Issuer and the Guarantor (if applicable)                  may also enter into a Subscription Agreement with one Dealer only.                  For the                  avoidance of doubt, the Agreement Date in respect of such issue                  shall be                  the date on which the Subscription Agreement is signed on behalf                  of all                  parties thereto. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | The                  procedures which the parties intend should apply for the purposes                  of                  issues of Notes not to be subscribed pursuant to a Subscription                  Agreement                  are set out in Annex A, Part 1 of the Procedures Memorandum. The                  procedures which the parties intend should apply for the purposes                  of                  issues to be subscribed pursuant to a Subscription Agreement are                  set out                  in Annex A, Part 2 of the Procedures                  Memorandum. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | Each                  Issuer                  acknowledges and agrees that any issue of Notes denominated in                  a currency                  in respect of which particular laws, guidelines, regulations,                  restrictions, Directives, consents, approvals or reporting requirements                  apply may only be issued in circumstances which comply with such                  laws,                  guidelines, regulations, restrictions or reporting requirements                  from time                  to time. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7 | Each                  Dealer                  acknowledges that each Issuer may sell Notes issued under the Programme                  to                  any institution which has not become a Dealer pursuant to clause                  11. Each                  Issuer, and in the case of an issue by RF, the Guarantor hereby                  undertake                  to each of the Dealers that it will, in relation to any such sales,                  comply                  with the restrictions and agreements set out in Appendix B hereto                  as if it                  were a Dealer. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8 | The                  relevant                  Issuer will procure that any Dealer may at any time obtain from                  the Agent                  details of the outstanding principal amount of Notes of any Series                  issued                  by it in relation to which such Dealer is a relevant                  Dealer. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.9 | Time                  shall be                  of the essence of any agreement reached pursuant to this clause                  2. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **CONDITIONS                    OF ISSUE; UPDATING OF LEGAL                    OPINIONS** |
|----|-------------------------------------------------------------------------------------------|

| 3.1 | **First                  issue** |
|-----|----------------------------------|

| 3.2 | **Each                  issue** |
|-----|---------------------------------|

|   | (a) | there                  having                  been, as at the proposed Issue Date, no occurrence of any event                  making                  untrue, inaccurate or incorrect to an extent which is material                  as                  aforesaid any of the warranties contained in clause 4 (as if such                  representations and warranties were repeated on such date with                  reference                  to then existing circumstances taking into account the issue of                  such                  Notes); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

6

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|   | (b) | there                  being                  no outstanding breach which is material in the context of the issue                  of the                  Notes, of any of the obligations of the relevant Issuer and the                  Guarantor                  (if applicable) under this Agreement, the Trust Deed, the Agency                  Agreement                  or any Notes which has not been expressly waived by the relevant                  Dealer on                  or prior to the proposed Issue                  Date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | subject                  to                  clause 12, the aggregate nominal amount (or, in the case of Notes                  denominated in a currency other than pounds sterling, the pounds                  sterling                  equivalent (determined as provided in clause 3.5) of the aggregate                  nominal                  amount) of the Notes to be issued, when added to the aggregate                  nominal                  amount (or, in the case of Notes denominated in a currency other                  than                  pounds sterling, the pounds sterling equivalent (determined as                  aforesaid)                  of the aggregate nominal amount) of all Notes outstanding (as defined                  in                  the Trust Deed) on the proposed Issue Date (excluding for this                  purpose                  Notes due to be redeemed on such Issue Date) not exceeding £1,000,000,000                  (or its equivalent in other currencies as determined pursuant to                  clause                  3.5; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | in                  the case                  of Notes which are intended to be listed, the relevant authority                  or                  authorities having agreed on or prior to the Issue Date to list                  such                  Notes, subject only to the issue of the relevant                  Notes; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | there                  having                  been, between the Agreement Date and the Issue Date for such Notes,                  in the                  opinion of the relevant Dealer after consultation with the relevant                  Issuer                  if practicable, no such change in national or international financial,                  political or economic conditions or currency exchange rates or                  exchange                  controls as would, in the opinion of the relevant Dealer be likely                  to                  prejudice materially the success of the offering and distribution                  of the                  Notes proposed to be issued or dealings in the Notes on the secondary                  market; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | there                  being                  in full force and effect all governmental or regulatory resolutions,                  approvals or consents required for the relevant Issuer to issue                  the Notes                  and (if applicable) for the Guarantor to give the Guarantee in                  respect of                  the Notes on the proposed Issue Date and for the relevant Issuer                  to fulfil                  its obligations under such Notes and (if applicable) for the Guarantor                  to                  fulfil its obligations pursuant to the terms of the Guarantee and                  the                  relevant Issuer and (if applicable) the Guarantor having delivered                  to the                  relevant Dealer (and, to the extent not previously delivered, to                  the                  Arranger) certified copies of such resolutions. approvals or consents                  and,                  where applicable, certified English translations                  thereof; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the                  forms of                  the Final Terms, the applicable Global Notes (including, if applicable,                  the Guarantee to be enfaced thereon), Notes in definitive form                  (including,                  if applicable, the Guarantee to be enfaced thereon) and Receipts,                  Coupons                  or Talons (each as applicable) in relation to the relevant Tranche                  and the                  relevant settlement procedures having been agreed by the relevant                  Issuer,                  the Guarantor (if applicable) the relevant Dealer, the Trustee                  and the                  Agent; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | the                  relevant                  currency being accepted for settlement by Euroclear and Clearstream                  Luxembourg; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                  delivery                  to the Common Depositary of the Temporary Global Note and/or the                  Permanent                  Global Note representing the relevant Notes as provided in the                  Agency                  Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | no                  meeting of                  the holders of the Notes (or any of them) to consider matters which                  might                  in the reasonable opinion of the relevant Dealer or the Lead Manager                  be                  considered to be material in the context of the issue of such Notes                  having                  been duly convened but not yet held or, if held but adjourned,                  the                  adjourned meeting having not been held and the relevant Issuer                  and the                  Guarantor (if applicable) not |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

7

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|   | (k) | the                  relevant                  Issuer delivering to the relevant Dealer (or, in the case of Notes                  issued                  on a syndicated basis, the Lead Manager on behalf of the relevant                  Dealers)                  such opinions, documents and certificates as such Dealer or Lead                  Manager,                  as the case may be, agrees with the relevant Issuer and in the                  case of an                  issue by RF, RF and RG prior to the Agreement Date;                  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | any                  calculations or determinations which are required by the relevant                  Conditions to have been made prior to the Issue Date having been                  duly                  made. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | **Waiver** |
|-----|------------|

| 3.4 | **Updating                  of legal opinions** |
|-----|-------------------------------------------------|

| 3.5 | **Determination                  of amounts outstanding** |
|-----|-----------------------------------------------------------|

|   | (a) | the                  pounds                  sterling equivalent of Notes denominated in another Specified Currency                  (as                  set out in the relevant Final Terms) (which in the case of Dual                  Currency                  Notes, shall be so if the subscription monies are not paid in pounds                  sterling) shall be determined, at the discretion of the relevant                  Issuer,                  either as of the Agreement Date for such Notes or on the preceding                  day on                  which commercial banks and foreign exchange markets are open for                  business                  in London, in each case on the basis of the spot rate for the sale                  of the                  pounds sterling against the purchase of such Specified Currency                  in the                  London foreign exchange market quoted by any leading international                  bank                  selected by the relevant Issuer on the relevant day of                  calculation; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

8

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|   | (b) | the                  pounds                  sterling equivalent of Dual Currency Notes, Index Linked Notes                  and Partly                  Paid Notes shall be calculated in the manner specified above by                  reference                  to the original nominal amount on issue of such Notes (in the case                  of                  Partly Paid Notes regardless of the amount of the subscription                  price                  paid); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  pounds                  sterling equivalent of Zero Coupon Notes and other Notes issued                  at a                  discount or a premium shall be calculated in the manner specified                  above by                  reference to the nominal amount of the relevant                  issue. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | **REPRESENTATIONS,                  WARRANTIES AND                  UNDERTAKINGS** |
|----|------------------------------------------------------------------------------------|

| 4.1 | As                  at the                  date of this Agreement, RG hereby represents, warrants and undertakes                  to                  the Dealers and each of them as                  follows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that                  the                  audited consolidated financial statements of the Group for the                  three most                  recent financial years were prepared in accordance with the requirements                  of law and with accounting principles required for the purposes                  of the                  Prospectus Regulation consistently applied and that they give a                  true and                  fair view of (i) the consolidated financial condition of the Group                  as at                  the date to which they were prepared (the **“relevant                  date”**)                  and (ii)                  the consolidated results of operations and changes in the financial                  position of the Group for the financial year ended on the relevant                  date                  and that there has been no material adverse change nor any development                  or                  event involving a prospective material adverse change of which                  RG is, or                  might reasonably be expected to be, aware in the consolidated condition                  (financial or otherwise) of the Group since the most recent relevant                  date,                  except as disclosed in the                  Prospectus; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that                  the                  Prospectus contains all the information relating to RF, to it and                  to the                  Group and the Notes to be issued or guaranteed by it required by                  section                  87A of the FSMA and otherwise complies with the Prospectus Rules                  and also                  contains all the information relating to RF, to it and to the Group                  and                  the Notes to be issued or guaranteed by it required by English                  law and                  regulations and otherwise complies with such law and regulations                  to the                  extent applicable to the Programme; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | that                  it has                  been duly incorporated and is validly existing under English law                  (and the                  laws of any other jurisdiction in which it carries on business)                  with full                  power and authority and legal capacity to own, lease and operate                  its                  properties and conduct its business and, in its capacity as an                  Issuer, to                  issue the Notes upon the terms and conditions set out in the Notes                  and the                  Agreements and, in its capacity as Guarantor, to give the Guarantee                  in                  respect of the Notes issued by RF and, in each case, execute and                  perform                  its obligations under the Notes and the Agreements to which it                  is a                  party; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | that                  the                  issue of Notes and the execution and delivery of the Agreements                  by it, in                  its capacity as an Issuer, and the giving of the Guarantee, in                  its                  capacity as Guarantor, have been duly authorised by it and, in                  the case of                  Notes, upon due execution, issue and delivery in accordance with                  the Trust                  Deed and the Agency Agreement, will constitute, and, in the case                  of the                  Agreements constitute, its legal, valid and binding obligations                  enforceable in accordance with their respective terms subject as                  specified                  in the most recent English legal opinion provided to the Dealers                  and the                  Trustee pursuant to this Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | that                  the                  execution and delivery of the Agreements, the issue, offering and                  distribution of Notes and the performance of the terms of any Notes                  and                  the Agreements by it will not infringe any English law or regulation                  and                  are not contrary to the provisions of its memorandum and articles                  of                  association and will not result in any breach of the terms of,                  or                  constitute a default under, any |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

9

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|   | (f) | that                  no Event                  of Default is subsisting in relation to any outstanding Note issued                  or                  guaranteed (if applicable) by it and no event has occurred which                  might                  constitute (after an issue of such Notes) an Event of Default                  thereunder; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | that,                  save as                  described in the Prospectus or as otherwise disclosed in writing                  by it to                  the Dealers, no action or proceeding of or before any court or                  administrative tribunal has been commenced against any member of                  the Group                  or, to the best of its knowledge and belief, is threatened, which                  (i)                  would restrain or affect the execution and delivery by each of                  it and RF                  of the Agreements to which it and RF are parties or the performance                  and                  compliance by each of it and RF of, and with, the obligations expressed                  to                  be assumed by each of them respectively therein or the legality,                  validity                  or enforceability thereof, or (ii) which would be reasonably expected                  to                  succeed and, if successful, to have a material adverse effect on                  the                  financial position of the Group; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | that                  no                  consents, approvals, authorisations, orders, filings, registrations                  or                  qualifications of or with any court or governmental authority in                  the                  United Kingdom is required and no other action or thing (including,                  without limitation. the payment of any stamp or other similar tax                  or duty)                  is required to be taken, fulfilled or done by it or RF, as the                  case may                  be, for or in connection with (i) the execution, issue and offering                  of                  Notes under the Programme and compliance by it or RF, as the case                  may be,                  with the terms of any Notes issued by it under the Programme or                  (ii) the                  execution and delivery of, and compliance with the terms of, the                  Agreements; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | that                  all                  corporate approvals and authorisations required by it and RF, as                  the case                  may be, for or in connection with (i) the execution, issue and                  offering of                  Notes under the Programme, and compliance by it or RF, as the case                  may be,                  with the terms of any Notes issued under the Programme and (ii)                  the                  execution and delivery of, and compliance with the terms of, the                  Agreements have been obtained and are in full force and                  effect; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | its                  obligations to pay the principal of and interest on the Notes issued                  by it                  and its obligations under the Guarantee in respect of Notes issued                  by RF                  are, or when incurred will be, its direct, unconditional and unsecured                  obligations ranking *pari                  passu*                  in all                  respects and rateably, without preference or priority by reason                  of date of                  issue, currency of payment or otherwise, with all its other unsecured                  and                  unsubordinated obligations (whether outstanding at the date hereof                  or                  hereafter); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | that                  none of                  it, its affiliates and any persons acting on any of their behalf                  (which                  for the avoidance of doubt shall not include any Dealer), has engaged                  or                  will engage in any directed selling efforts (as defined in Rule                  902(c)                  under the Securities Act) with respect to the Notes issued or guaranteed                  (if applicable) by it; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | that                  it, its                  affiliates and each person acting on any of their behalf (which                  for the                  avoidance of doubt shall not include any Dealer) have complied                  and will                  comply with the offering restrictions requirement of Regulation                  S under                  the Securities Act; with respect to the Notes issued or guaranteed                  (if                  applicable) by it; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | that                  in                  relation to each Tranche of Notes issued or guaranteed (if applicable)                  by                  it; for which a Dealer is named as a Stabilising Manager in the                  applicable                  Final Terms, it has not issued and will not issue, without the                  prior                  consent of that Dealer, any press or other public announcement                  referring                  to the proposed issue of such Notes unless the announcement adequately                  discloses that stabilising action may take place in relation to                  the Notes                  to be issued. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

10

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| 4.2 | As                  at the                  date of this Agreement, RF hereby represents, warrants and undertakes                  to                  the Dealers and each of them as                  follows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | when                  prepared                  the audited non-consolidated financial statements of RF for the                  most                  recent financial year will be prepared in accordance with the requirements                  of law and with accounting principles required for the purposes                  of the                  Prospectus Regulation consistently applied and they will give a                  true and                  fair view of (i) the non-consolidated financial condition of RF                  as at the                  date to which they will be prepared (the **“relevant                  date”**)                  and (ii)                  the consolidated results of operations and changes in the financial                  position of RF for the financial year ended on the relevant date                  and that                  there has been no material adverse change nor any development or                  event                  involving a prospective material adverse change of which RF is,                  or might                  reasonably be expected to be, aware in the non-consolidated condition                  (financial or otherwise) of RF since its incorporation (in the                  case of the                  period prior to the preparation of such financial statements) or                  (in the                  case of the following period) since the most recent relevant date,                  except                  as disclosed in the Prospectus; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that                  the                  Prospectus contains all the information relating to it and the                  Notes to be                  issued by it required by section 87A of the FSMA and otherwise                  complies                  with the Prospectus Rules and also contains all the information                  relating                  to it and the Notes to be issued by it required by English law                  and                  regulations and otherwise complies with such law and regulations                  to the                  extent applicable to the Programme; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | that                  it has                  been duly incorporated and is validly existing under English law                  (and the                  laws of any other jurisdiction in which it carries on business)                  with full                  power and authority and legal capacity to own, lease and operate                  its                  properties and conduct its business and to issue the Notes upon                  the terms                  and conditions set out in the Notes issued by it and the Agreements                  and                  execute and perform its obligations under the Notes issued by it                  and the                  Agreements to which it is a party; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | that                  the                  issue of Notes by it and the execution and delivery of the Agreements                  by                  it have been duly authorised by it and, in the case of Notes, upon                  due                  execution, issue and delivery in accordance with the Trust Deed                  and the                  Agency Agreement, will constitute, and, in the case of the Agreements                  constitute, its legal, valid and binding obligations enforceable                  in                  accordance with their respective terms subject as specified in                  the most                  recent English legal opinion provided to the Dealers and the Trustee                  pursuant to this Agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | that                  the                  execution and delivery of the Agreements, the issue, offering and                  distribution of Notes and the performance of the terms of any Notes                  and                  the Agreements by it will not infringe any English law or regulation                  and                  are not contrary to the provisions of its memorandum and articles                  of                  association and will not result in any breach of the terms of,                  or                  constitute a default under, any instrument, agreement or order                  to which it                  is a party or by which it or its property is bound; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | that                  no Event                  of Default is subsisting in relation to any outstanding Note issued                  by it                  and no event has occurred which might constitute (after an issue                  of such                  Notes) an Event of Default thereunder; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | that,                  save as                  described in the Prospectus or as otherwise disclosed in writing                  by it to                  the Dealers, no action or proceeding of or before any court or                  administrative tribunal has been commenced against it or, to the                  best of                  its knowledge and belief, is threatened, which (i) would restrain                  or                  affect the execution and delivery by it of the Agreements to which                  it is a                  party or the performance and compliance by it of, and with, the                  obligations expressed to be assumed by it therein or the legality,                  validity or enforceability thereof, or (ii) which would be reasonably                  expected to |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

11

----

|   | (h) | that                  no                  consents, approvals, authorisations, orders, filings, registrations                  or                  qualifications of or with any court or governmental authority in                  the                  United Kingdom is required and no other action or thing (including,                  without limitation, the payment of any stamp or other similar tax                  or duty)                  is required to be taken, fulfilled or done by it for or in connection                  with                  (i) the execution, issue and offering of Notes under the Programme                  and                  compliance by it with the terms of any Notes issued by it under                  the                  Programme or (ii) the execution and delivery of, and compliance                  with the                  terms of, the Agreements; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | that                  all                  corporate approvals and authorisations required by it for or in                  connection                  with (i) the execution, issue and offering of Notes by it under                  the                  Programme and compliance by it with the terms of any Notes issued                  by it                  under the Programme and (ii) the execution and delivery of, and                  compliance                  with the terms of, the Agreements have been obtained and are in                  full force                  and effect; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | its                  obligations to pay the principal of and interest on the Notes issued                  by it                  are, or when incurred will be, its direct, unconditional and unsecured                  obligations ranking *pari                  passu*                  in all                  respects and rateably, without preference or priority by reason                  of date of                  issue, currency of payment or otherwise, with all its other unsecured                  and                  unsubordinated obligations (whether outstanding at the date hereof                  or                  hereafter); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | that                  none of                  it, its affiliates, and any persons acting on any of their behalf                  (which                  for the avoidance of doubt shall not include any Dealer), has engaged                  or                  will engage in any directed selling efforts (as defined in Rule                  902(c)                  under the Securities Act) with respect to the Notes issued by it; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | that                  it, its                  affiliates and each person acting on any of their behalf (which                  for the                  avoidance of doubt shall not include any Dealer) have complied                  and will                  comply with the offering restrictions requirement of Regulation                  S under                  the Securities Act with respect to the Notes issued by it; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | that                  in                  relation to each Tranche of Notes issued by it for which a Dealer                  is named                  as a Stabilising Manager in the applicable Final Terms, it has                  not issued                  and will not issue, without the prior consent of that Dealer, any                  press or                  other public announcement referring to the proposed issue of such                  Notes                  unless the announcement adequately discloses that stabilising action                  may                  take place in relation to the Notes to be                  issued. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | With                  regard                  to each issue of Notes, the relevant Issuer and the Guarantor (if                  applicable) shall be deemed to repeat the representations, warranties                  and                  agreements contained in clauses 4.1 and 4.2 as at the Agreement                  Date for                  such Notes (any agreement on such Agreement Date being deemed to                  have been                  made on the basis of, and in reliance on, such representations,                  warranties                  and agreements) provided always that each of the above representations,                  warranties and agreements shall be qualified by, and to the extent                  of, any                  information disclosed in writing for the purpose of such qualifications                  to, and acknowledged in writing by, the relevant Dealers or, as                  the case                  may be, the Dealers and the Arranger on or before the relevant                  Agreement                  Date. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | RF                  and RG                  shall be deemed to repeat the representations, warranties and agreements                  contained in clauses 4.1 and 4.2 on each date on which the Prospectus                  is                  revised, supplemented or amended and on each date on which the                  aggregate                  nominal amount of the Programme is increased in accordance with                  clause                  12. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Except                  to the                  extent as may be acknowledged by the Dealers in clause 4.3,                  representations, warranties and undertakings contained in this                  clause                  shall continue in full |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

12

----

| 5. | **UNDERTAKINGS                  OF THE ISSUERS** |
|----|--------------------------------------------------|

| 5.1 | **Notification                  of material developments** |
|-----|------------------------------------------------------------|

|   | (a) | The                  relevant                  Issuer and the Guarantor (if applicable) shall promptly after becoming                  aware of the occurrence thereof notify each Dealer of any Event                  of Default                  or any condition, event or act which would after an issue of Notes                  (or                  would with the giving of notice and/or the lapse of time) constitute                  an                  Event of Default or of any breach of the representations and warranties                  or                  undertakings contained in the Agreements and shall take such steps                  as may                  reasonably be requested by the Dealers or, in relation to any specific                  Tranche, the relevant Dealer or the Lead Manager on behalf of the                  relevant                  Dealers, respectively, (and in such case prior to the Issue Date)                  to                  remedy and/or publicise the same. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If,                  following                  the Agreement Date and before the Issue Date of the relevant Notes,                  the                  relevant Issuer becomes aware that the conditions specified in                  clause 3.2                  will not be satisfied in relation to that issue, such Issuer shall                  forthwith notify the relevant Dealer (except as otherwise specifically                  provided) to this effect giving full details thereof. In such                  circumstances, the relevant Dealer shall be entitled (but not bound)                  by                  notice to the relevant Issuer to be released and discharged from                  its                  obligations under the agreement reached under clause                  2. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | **Updating                  of Prospectus** |
|-----|---------------------------------------------|

|   | (a) | On                  or before                  each anniversary of the date of this Agreement, the Issuers shall,                  prior                  to the first issue of Notes falling on or after the first anniversary                  of                  the date of the most recent Prospectus, update or amend the Prospectus                  (following consultation with the Arranger who will consult with                  the                  Dealers) by the publication of a supplement thereto or a new Prospectus,                  in a form reviewed by the Dealers. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If                  a                  significant new factor, material mistake or inaccuracy arises or                  is noted                  relating to the information included in the Prospectus as then                  amended and                  supplemented which is capable of affecting an assessment by investors                  of                  the Notes, a supplement to the Prospectus or new Prospectus will                  be                  prepared in a form reviewed by the Dealers, provided that each                  of the                  relevant Issuer and the Guarantor undertakes that in the period                  from and                  including an Agreement Date to and including the related Issue                  Date of the                  new Notes, it will only prepare and publish a supplement to, or                  replacement of, the Prospectus if it is required, or has reasonable                  grounds to believe that it is required, to do so in order to comply                  with                  Section 87G of the FSMA and, in such circumstances, such supplement                  to, or                  replacement of, the Prospectus shall, solely as between the relevant                  Issuer and the Guarantor and the relevant Dealer and solely for                  the                  purposes of Section 87Q(4) of the FSMA and clause 3.2(a), be deemed                  to                  have been prepared and published so as to comply with the requirements                  of                  Section 87G of the FSMA. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If                  the terms                  of the Programme are modified or amended in a manner which would                  make the                  Prospectus inaccurate or misleading then a new Prospectus will                  be prepared                  and published in accordance with the Prospectus Regulation by the                  relevant                  Issuer and (if applicable) the Guarantor in a form approved by                  the                  Dealers. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Upon                  any                  supplement or replacement Prospectus being prepared and published                  as                  provided above the Issuer and the Guarantor shall supply to each                  Dealer                  such |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

13

----

| 5.3 | **Listing** |
|-----|-------------|

| 5.4 | **The                  Agreements** |
|-----|-------------------------------------|

|   | (a) | without                  prior                  consultation with the Dealers, terminate any of the Agreements                  or effect                  or permit to become effective any amendment to any such Agreement                  which,                  in the case of an amendment, would or might adversely affect the                  interests                  of any Dealer or any holder of Notes issued after the date of such                  amendment; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | without                  prior                  consultation with the Dealers, appoint a different Trustee under                  the Trust                  Deed; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without                  prior                  consultation with the Dealers, appoint a different Agent under                  the Agency                  Agreement, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

14

----

| 5.5 | **Lawful                  compliance** |
|-----|----------------------------------------|

| 5.6 | **Authorised                  representative** |
|-----|------------------------------------------------|

| 5.7 | **Auditors’                  comfort letters** |
|-----|------------------------------------------------------|

| 5.8 | **Information                  on Noteholders’ meetings** |
|-----|-----------------------------------------------------------------|

| 5.9 | **Ratings** |
|-----|-------------|

15

----

| 5.10 | **Commercial                  Paper** |
|------|---------------------------------------|

|   | (a) | the                  relevant                  Dealer covenants in the terms set out in paragraph 2(iii) of Appendix                  B;                  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  redemption value of each Note is not less than £100,000 (or an amount of                  equivalent value denominated wholly or partly in a currency other                  than                  sterling), and no part of any Note may be transferred unless the                  redemption value of that part is not less than £100,000 (or such an                  equivalent amount). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | **INDEMNITY** |
|----|---------------|

| 6.1 | Without                  prejudice to the other rights or remedies of the Dealers, the relevant                  Issuer and, in the case of Notes issued by RF, RG jointly and severally                  with RF undertakes to each Dealer that if that Dealer or any Relevant                  Party relating to that Dealer incurs any liability, damages, cost,                  loss or                  expense (including, without limitation. legal fees, costs and expenses)                  (a                  **“Loss”**)                  arising out                  of, in connection with, or based                  on: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any                  failure                  by the relevant Issuer to issue on the agreed Issue Date any Notes                  which a                  Dealer has agreed to purchase; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                  actual or                  alleged breach of the representations, warranties and undertakings                  contained in, or made or deemed to be made by such Issuer or the                  Guarantor                  (if applicable) under the Agreement;                  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any                  untrue or                  misleading (or allegedly untrue or misleading) statement in, or                  any                  omission (or alleged omission) from, the Prospectus;                  or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any                  untrue or                  misleading (or allegedly untrue or misleading) statement in any                  additional                  written information provided by the relevant Issuer or the Guarantor                  (if                  applicable) to the Dealers under clause                  7, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | In                  case any                  action shall be brought against any Relevant Party in respect of                  which                  recovery may be sought from the relevant Issuer and/or the Guarantor                  (if                  applicable) under this clause 6, the relevant Dealer shall promptly                  notify                  the relevant Issuer and the Guarantor (if applicable) in writing                  but                  failure to do so will not relieve the relevant Issuer or the Guarantor                  (if                  applicable) from any liability under this                  Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | If                  it so                  elects within a reasonable time after receipt of the notice referred                  to in                  clause 6.2, the relevant Issuer and/or the Guarantor (if applicable)                  may                  assume the defence of the action with legal advisers chosen by it and                  approved by the Relevant Party. Notwithstanding such election a                  Relevant                  Party may employ separate legal advisers, and the relevant Issuer                  and/or                  the Guarantor (if applicable) shall bear the fees and expenses                  of such                  separate legal advisers if: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                  use of                  the legal advisers chosen by the relevant Issuer or the Guarantor                  (if                  applicable) to represent the Relevant Party would present such                  legal                  advisers with a conflict of                  interest; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

16

----

|   | (b) | the                  actual or                  potential defendants in, or targets of, any such action include                  both the                  Relevant Party and the relevant Issuer or the Guarantor (if applicable)                  and the Relevant Party concludes that there may be legal defences                  available to it and/or other Relevant Parties which are different                  from or                  additional to those available to the relevant Issuer or the Guarantor                  (if                  applicable); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  relevant                  Issuer or the Guarantor (if applicable) has not employed legal                  advisers                  satisfactory to the Relevant Party to represent the Relevant Party                  within                  a reasonable time after notice of the institution of such action;                  or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                  relevant                  Issuer or the Guarantor (if applicable) authorises the Relevant                  Party to                  employ separate legal advisers at the expense of the relevant Issuer                  or                  the Guarantor (if applicable). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4 | Neither                  the                  relevant Issuer nor the Guarantor (if applicable) shall be liable                  in                  respect of any settlement of any action effected without its consent,                  such                  consent not to be unreasonably withheld or delayed. Neither the                  relevant                  Issuer nor the Guarantor (if applicable) shall without the prior                  written                  consent of the Relevant Party settle or compromise or consent to                  the entry                  of any judgment with respect to any pending or threatened claim                  or action                  in respect of which recovery may be sought hereunder (whether or                  not the                  Relevant Party is an actual or potential party to such claim or                  action)                  unless such settlement, compromise or consent includes an unconditional                  release of the Relevant Party from all liability arising out of                  such claim                  or action and does not include a statement as to or an admission                  of fault,                  culpability or failure to act by or on behalf of the Relevant                  Party. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | **AUTHORITY          TO DISTRIBUTE DOCUMENTS** |
|----|------------------------------------------------|

| 7.1 | Subject                  to                  clause 8 below, each Issuer hereby authorises each of the Dealers                  on                  behalf of such Issuer and the Guarantor (if applicable) to provide                  copies                  of and make oral statements consistent with (i) the Prospectus                  (and any                  translation of all or any part of the Prospectus or any summary                  drawn up                  pursuant to Article 19(4) of the Prospectus Directive, as the case                  may                  be), (ii) the relevant Final Terms and (iii) such additional written                  information as such Issuer or the Guarantor (if applicable) shall                  provide                  to the Dealers and approve for the Dealers to use in connection                  with the                  Programme. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | No                  Dealer is                  authorised to give any information or make any representation in                  connection with the offering or sale of any Notes other than those                  contained or consistent with, the Prospectus, the relevant Final                  Terms and                  such additional written information as the relevant Issuer shall                  provide                  to the Dealers or approve for the Dealers to use as contemplated                  by clause                  7.1 above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | **DEALERS’                  UNDERTAKINGS** |
|----|-------------------------------------------------|

| 8.1 | Each                  Dealer                  undertakes to comply with the restrictions and agreements set out                  in                  Appendix B hereto unless otherwise agreed with the relevant                  Issuer. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Each                  Dealer                  undertakes with the relevant Issuer and the Guarantor (if applicable)                  that                  it will indemnify and hold harmless such Issuer and Guarantor (if                  applicable), each of their respective affiliates and each person                  who                  controls such Issuer and the Guarantor (if applicable) (within                  the meaning                  of section 15 of the Securities Act or section 20 of the Exchange                  Act) and                  each of their respective directors, officers, employees and agents                  from |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

17

----

| 9. | **FEES,                  EXPENSES AND STAMP DUTIES** |
|----|------------------------------------------------------|

|   | (a) | pay                  to each                  Dealer all commissions agreed between the relevant Issuer and such                  Dealer                  in connection with the sale of any Notes to that Dealer and any                  value                  added or other tax thereon); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | pay                  (together                  with any value added tax or other tax                  thereon): |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                  fees and                  expenses of its legal advisers and                  auditors: |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                  cost of                  listing and maintaining the listing of any Notes which are to be                  listed on                  a Stock Exchange: |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                  cost of                  obtaining any credit rating for the                  Notes: |
|--------|-------|-----------------------------------------------------------------------------------------------------------|

|   | (iv) | the                  fees and                  expenses of the Trustee and the agents appointed under the Agency                  Agreement; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | all                  expenses                  in connection with the establishment of the Programme and each                  future                  update of the Programme including, but not limited to, the preparation,                  printing, delivery and distribution of the Prospectus, all supplements                  and                  amendments to it, replacement of it and each update to it and the                  cost of                  any publicity or advertising agreed by the relevant Issuer and                  in the case                  of an issue by RF, RF and RG; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | pay                  to J.P.                  Morgan Securities Ltd. the fees and disbursements of the legal                  advisers                  appointed to represent the Dealers and the Trustee (including any                  value                  added tax or other tax thereon) in connection with the establishment                  of                  the Programme; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | pay                  promptly,                  and in any event before any penalty becomes payable, any United                  Kingdom,                  Luxembourgeois or Belgian stamp, documentary, registration or similar                  duty                  or tax including any stamp duty reserve tax) payable in connection                  with                  the entry into performance (including any transaction carried out                  pursuant                  to this Agreement), enforcement or admissibility in evidence of                  any Note,                  any of the Agreements, any Final Terms or any communication pursuant                  thereto or on any exchange of the Temporary Global Note for a Permanent                  Global Note or of a Global Note for Definitive                  Notes. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | **TERMINATION                  OF APPOINTMENT OF DEALERS** |
|-----|------------------------------------------------------------|

18

----

| 11. | **APPOINTMENT                  OF NEW DEALERS** |
|-----|-------------------------------------------------|

| 11.1 | Nothing                  in                  this Agreement shall prevent the Issuers and the Guarantor from                  appointing                  one or more New Dealers for the duration of the Programme or, with                  regard                  to an issue of a particular Tranche of Notes, the relevant Issuer                  from                  appointing one or more New Dealers for the purposes of that Tranche,                  in                  either case upon the terms of this Agreement and provided that,                  unless                  such appointment is effected pursuant to a Subscription                  Agreement: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any                  New                  Dealer shall have first delivered to the relevant Issuer and Guarantor                  an                  appropriate Dealer Accession Letter;                  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  relevant                  Issuer and Guarantor shall have delivered to such New Dealer an                  appropriate Confirmation Letter. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Upon                  receipt                  of the relevant Confirmation Letter or execution of the relevant                  Subscription Agreement, as the case may be, each such New Dealer                  shall,                  subject to the terms of the relevant Dealer Accession Letter or                  the                  relevant Subscription Agreement, as the case may be, become a party                  to                  this Agreement, vested with all authority, rights, powers, duties                  and                  obligations of a Dealer as if originally named as a Dealer hereunder                  provided further that, except in the case of the appointment of                  a New                  Dealer for the duration of the Programme, following the Issue Date                  of the                  relevant Tranche, the relevant New Dealer shall have no further                  such                  authority, rights, powers, duties or obligations except such as                  may have                  accrued or been incurred prior to, or in connection with, the issue                  of                  such Tranche. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | The                  Issuers                  shall promptly notify the other Dealers, the Trustee and the Agent                  of any                  appointment of a New Dealer for the duration or the Programme by                  supplying                  to such parties a copy of any Dealer Accession Letter and Confirmation                  Letter. Such notice shall be required to be given in the case of                  an                  appointment of a New Dealer for a particular Tranche of Notes to                  the                  Trustee and the Agent only. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | **INCREASE                  IN THE AGGREGATE NOMINAL AMOUNT OF THE                  PROGRAMME** |
|-----|-------------------------------------------------------------------------------------------------|

| 12.1 | From                  time to                  time the Issuers may wish to increase the aggregate nominal amount                  of the                  Notes that may be issued under the Programme. In such circumstances,                  the                  Issuers may give notification of such an increase (subject as set                  out in                  clause 12.2) by delivering to the Dealers, with a copy to the Trustee                  and                  the Agent, a letter substantially in the form set out in Appendix                  D                  hereto. Upon the date specified in such notice (which date may                  not be                  earlier than seven London business days after the date the notice                  is                  given) and subject to satisfaction of the conditions precedent                  set out in                  clause 12.2, all references in the Agreements to a Euro Medium                  Term Note                  Programme of a certain nominal amount shall be deemed to be references                  to                  a Euro Medium Term Note Programme of the increased nominal                  amount. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Notwithstanding                  clause 12.1, the right of the Issuers to increase the aggregate                  nominal                  amount of the Programme shall be subject to each Dealer having                  received                  and found satisfactory all the documents and confirmations described                  in                  Part II of the Initial Documentation List (with such changes as                  may be                  relevant with reference to the circumstances at the time of the                  proposed                  increase as are agreed between the Issuers and the Dealers), and                  the                  satisfaction of any further conditions precedent that any of the                  Dealers                  may reasonably require, including, without limitation, the production                  of a                  new |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

19

----

| 13. | **STATUS                    OF THE DEALERS AND THE                    ARRANGER** |
|-----|----------------------------------------------------------------------------------|

| 14. | **COUNTERPARTS** |
|-----|------------------|

| 15. | **COMMUNICATIONS** |
|-----|--------------------|

| 15.1 | All                  communications shall be by telex, fax or letter delivered by hand                  or (but                  only where specifically provided in the Procedures Memorandum)                  by                  telephone. Each communication shall be made to the relevant party                  at the                  telex number, fax number or address or telephone number and, in                  the case                  of a communication by telex, fax or letter, marked for the attention                  of,                  or (in the case of a communication by telephone) made to, the person                  or                  department from time to time specified in writing by that party                  to the                  other for the purpose. The initial telephone number, telex number,                  fax                  number and person(s) or department so specified by each party are                  set out                  in the Procedures Memorandum. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | A                  communication shall be deemed received (if by telex) when a confirmed                  answerback is received at the end of the transmission, (if by fax)                  when an                  acknowledgement of receipt is received, (if by telephone) when                  made or (if                  by letter) when delivered, in each case in the manner required                  by this                  clause. However, if a communication is received after business                  hours on                  any business day or on a day which is not a business day in the                  place of                  receipt it shall be deemed to be received and become effective                  on the next                  business day in the place of receipt. Every communication shall                  be                  irrevocable save in respect of any manifest error                  therein. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | **BENEFIT                  OF AGREEMENT** |
|-----|-------------------------------------------|

| 16.1 | This                  Agreement shall be binding upon and shall inure for the benefit                  of the                  Issuers, the Guarantor and each Dealer and their respective successors                  and                  permitted assigns. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | A                  Dealer may                  only assign or transfer its rights or obligations under this Agreement                  with the prior written consent of the Issuers (such consent not                  to be                  unreasonably withheld) except for an assignment and/or transfer                  of all of                  a Dealer’s                  rights and                  obligations hereunder in whatever form such Dealer determines may                  be                  appropriate to a partnership, corporation, trust or other organisation                  in                  whatever form that may succeed to, or to which the Dealer transfers,                  all                  or substantially all of the Dealer’s                  assets and business and that |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

20

----

| 17. | **CALCULATION                  AGENT** |
|-----|----------------------------------------|

| 17.1 | In                  the case                  of any Series of Notes which require the appointment of a Calculation                  Agent the Agent shall act as Calculation Agent, unless the relevant                  Dealer                  or, as the case may be, the Lead Manager requests the relevant                  Issuer to                  appoint such Dealer or Lead Manager, or a person nominated by such                  Dealer                  or Lead Manager (a **“Nominee”**),                  as                  Calculation Agent. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2 | Should                  such a                  request be agreed by the relevant Issuer the appointment of that                  Dealer,                  Lead Manager or Nominee shall be automatic upon the issue of the                  relevant                  Series of Notes and shall, except as agreed, be on the terms set                  out in                  the Calculation Agency Agreement set out in Schedule 1 to the Agency                  Agreement, and no further action shall be required to effect the                  appointment of such Dealer, Lead Manager or Nominee as Calculation                  Agent                  in relation to that Series of Notes, and the Schedule to the Calculation                  Agency Agreement shall be deemed to be duly annotated to include                  such                  Series. The name of the Dealer, Lead Manager or Nominee so appointed                  will                  be entered in the applicable Final                  Terms. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | **STABILISATION** |
|-----|-------------------|

| 19. | **CONTRACTS                    (RIGHTS OF THIRD PARTIES) ACT                    1999** |
|-----|----------------------------------------------------------------------------------------|

| 20. | **GOVERNING                  LAW** |
|-----|------------------------------------|

21

----

| 1. | A                  certified                  copy of the Memorandum and Articles of Association of RF and                  RG. |
|----|---------------------------------------------------------------------------------------------------------------------------------|

| 2. | A                  certified                  copy of all resolutions and other authorisations required to be                  passed or                  given, and evidence of any other action required to be taken on                  behalf of                  RF and RG: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to                  approve                  its entry into the Agreements, the creation of the Programme and                  the issue                  of Notes; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to                  authorise                  appropriate persons to execute each of the Agreements and any Notes                  and to                  take any other action in connection therewith;                  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to                  authorise                  appropriate persons to enter into agreements with any Dealer on                  behalf of                  RF and/or RG in connection with the issue of Notes in accordance                  with                  clause 2 of this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | A                  certified                  list of the names, titles and specimen signatures of the persons                  authorised on behalf of RF and RG in accordance with paragraph                  2(c)                  above. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Certified                  copies of any other governmental or other consents, authorisations                  and                  approvals required for RF and RG to issue Notes and for RG to give                  the                  Guarantee, for RF and RG to execute and deliver the Agreements                  and for RF                  and RG to fulfil their respective obligations under the                  Agreements. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Confirmation                  that one or more master Temporary Global Notes and master Permanent                  Global                  Notes with the Guarantee enfaced thereon (from which copies can                  be made                  for each particular issue of Notes), duly executed by a person                  or persons                  authorised to take action on behalf of RF and/or RG as specified                  in                  paragraph 2(b) above, have been delivered to the                  Agent. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | A                  legal                  opinion addressed to each of the Dealers and the Trustee dated                  on or after                  the date of this Agreement, in such form and with such content                  as the                  Dealers and the Trustee may reasonably require, from Ashurst, legal                  advisers to RF and RG as to English                  law. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | A                  conformed                  copy of each Agreement and confirmation that executed copies of                  such                  documents have been delivered, in the case of the Trust Deed, to                  the                  Trustee and, in the case of the Agency Agreement, to the Trustee                  and the                  Agent (for itself and the other agents party                  thereto). |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | A                  printed                  final version of the Prospectus and the Procedures                  Memorandum. |
|----|-----------------------------------------------------------------------------------------------------------------------------|

| 9. | Confirmation                  that the Prospectus has been approved as a base prospectus by the                  Financial Services Authority and has been published in accordance                  with the                  Prospectus Directive. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Comfort                  letters from PricewaterhouseCoopers as independent auditors of                  RF and RG                  in such form and with such content as the Dealers may reasonably                  request. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Confirmation                  that the Programme has been rated by the Credit Rating                  Agencies. |
|-----|-----------------------------------------------------------------------------------------------------------------|

22

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| 1. | A                  certified                  copy of the Memorandum and Articles of Association of RF and RG                  or                  confirmation that they have not been changed since they were last                  submitted to the Dealers. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | A                  certified                  copy of all resolutions and other authorisations required to be                  passed or                  given, and evidence of any other action required to be taken, on                  behalf of                  RF and RG to approve the increase in the amount of the                  Programme. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Certified                  copies of any other governmental or other consents, authorisations                  and                  approvals required for the                  increase. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Confirmation                  that one or more master Temporary Global Notes and master Permanent                  Global                  Notes with the Guarantee enfaced thereon (from which copies can                  be made                  for each particular issue of Notes), duly executed by a person                  or persons                  authorised to take action on behalf of RF and RG as specified in                  paragraph                  2(b) of Part I of the Initial Documentation List, have been delivered                  to                  the Agent. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | A                  legal                  opinion addressed to each of the Dealers and the Trustee dated                  on or after                  the date of this Agreement, in such form and with such content                  as the                  Dealers and the Trustee may reasonably require, from Ashurst, legal                  advisers to RF and RG as to English                  law. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | A                  printed                  final version of the Prospectus. |
|----|------------------------------------------------------------------------------|

| 7. | Comfort                  letters from PricewaterhouseCoopers as independent auditors of                  RF and RG                  in such form and with such content as the Dealers may reasonably                  request. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Confirmation                  from the Credit Rating Agencies that there has been no change in                  the                  rating assigned by them to the Programme as a result of the                  increase. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

23

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| 1. | **United                  States** |
|----|------------------------------------|

| (1) | The                  Notes                  have not been and will not be registered under the Securities Act,                  and may                  not be offered or sold within the United States or to, or for the                  account                  or benefit of, U.S. persons except in accordance with Regulation                  S under                  the Securities Act or pursuant to an exemption from the registration                  requirements of the Securities Act. Each Dealer represents and                  agrees that                  it has offered and sold any Notes, and will offer and sell any                  Notes (i)                  as part of their distribution at any time and (ii) otherwise until                  40 days                  after the completion of the distribution of all Notes of the Tranche                  of                  which such Notes are a part, as determined and certified as provided                  below, only in accordance with Rule 903 of Regulation S under the                  Securities Act. Each Dealer who has purchased Notes of a Tranche                  hereunder                  (or in the case of a sale of a Tranche of Notes issued to or through                  more                  than one Dealer, each of such Dealers as to the Notes of such Tranche                  purchased by or through it or in the case of a syndicated issue,                  the                  relevant Lead Manager) shall determine and certify to the Agent                  the                  completion of the distribution of the Notes of such Tranche. On                  the basis                  of such notification or notifications, the Agent agrees to notify                  such                  Dealer/Lead Manager of the end of the distribution compliance period                  with                  respect to such Tranche. Each Dealer also agrees that, at or prior                  to                  confirmation of sale of Notes, it will have sent to each distributor,                  dealer or person receiving a selling concession, fee or other remuneration                  that purchases Notes from it during the distribution compliance                  period a                  confirmation or notice to substantially the following                  effect: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Each                  Dealer                  represents and agrees that it, its affiliates or any persons acting                  on its                  or their behalf have not engaged and will not engage in any directed                  selling efforts with respect to any Note, and it and they have                  complied                  and will comply with the offering restrictions requirement of Regulation                  S. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In                  addition                  in respect of Notes where TEFRA D is specified in the applicable                  Final                  Terms: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | except                  to the                  extent permitted under U.S. Treas. Reg. Section 1.163-5(c)(2)(i)(D)                  (the                  “**D                  Rules**”),                  each                  Dealer (a) represents that it has not offered or sold, and agrees                  that                  during the restricted period it will not offer or sell, Notes in                  bearer                  form to a person who is within the United States or its possessions                  or to                  a United States person, and (b) represents that it has not delivered                  and                  agrees that it will not deliver within the United States or its                  possessions definitive Notes in bearer form that are sold during                  the                  restricted period; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each                  Dealer                  represents that it has and agrees that throughout the restricted                  period it                  will have in effect procedures reasonably designed to ensure that                  its                  employees or agents who are directly engaged in selling Notes in                  bearer                  form are aware that such Notes may not be offered or sold during                  the                  restricted period to a person who is within the United States or                  its                  possessions or to a United States person, except as permitted by                  the D                  Rules; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

24

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|   | (c) | if                  it is a                  United States person, each Dealer represents that it is acquiring                  the                  Notes for purposes of resale in connection with their original                  issuance                  and if it retains Notes in bearer form for its own account, it                  will only                  do so in accordance with the requirements of U.S. Treas. Reg. Section                  1.163-5(c)(2)(i)(D)(6); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | with                  respect                  to each affiliate that acquires Notes from a Dealer for the purpose                  of                  offering or selling such Notes during the restricted period, such                  Dealer                  repeats and confirms the representations and agreements contained                  in                  subparagraphs (a), (b) and (c) on such affiliate’s                  behalf. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | In                  respect of                  Notes where TEFRA C is specified in the applicable Final Terms,                  such Notes                  must be issued and delivered outside the United States and its                  possessions                  in connection with their original issuance. Each Dealer represents                  and                  agrees that it has not offered, sold or delivered, and will not                  offer,                  sell or deliver, directly or indirectly, such Notes within the                  United                  States or its possessions in connection with their original issuance.                  Further, each Dealer represents and agrees in connection with the                  original                  issuance of such Notes that it has not communicated, and will not                  communicate, directly or indirectly, with a prospective purchaser                  if such                  purchaser is within the United States or its possessions and will                  not                  otherwise involve its U.S. office in the offer or sale of such                  Notes. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Each                  issue of                  Index Linked Notes or Dual Currency Notes shall be subject to such                  additional U.S. selling restrictions as the relevant Issuer and                  the                  relevant Dealer may agree as a term of the issue and purchase of                  such                  Notes, which additional selling restrictions shall be set out in                  the                  applicable Final Terms. The relevant Dealer agrees that it shall                  offer,                  sell and deliver such Notes only in compliance with such additional                  U.S.                  selling restrictions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **United                  Kingdom** |
|----|-------------------------------------|

|   | (a) | in                  relation                  to any Notes which have a maturity of less than one year, it is                  a person                  whose ordinary activities involve it in acquiring, holding, managing                  or                  disposing of investments (as principal or agent) for the purposes                  of its                  business and (ii) it has not offered or sold and will not offer                  or sell                  the Notes other than to persons whose ordinary activities involve                  them in                  acquiring, holding, managing or disposing of investments (as principal                  or                  as agent) for the purposes of their businesses or who it is reasonable                  to                  expect will acquire, hold, manage or dispose of investments (as                  principal                  or agent) for the purposes of their businesses where the issue                  of the                  Notes would otherwise constitute a contravention of Section 19                  of the FSMA                  by the Issuer; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | it                        has only                        communicated or caused to be communicated and will only communicate                        or                        cause to be communicated an invitation or inducement to engage                        in                        investment activity (within the meaning of Section 21 of                        the FSMA)                        received by it in connection with the issue or sale of the                        Notes in                        circumstances in which Section 21(1) of the FSMA does not                        apply to the                        Issuer or the Guarantor;                        and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | it                  has                  complied and will comply with all applicable provisions of the                  FSMA with                  respect to anything done by it in relation to the Notes in, from                  or                  otherwise involving the United                  Kingdom. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **Japan** |
|----|-----------|

25

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| 4. | **Germany** |
|----|-------------|

| 5. | **The                  Netherlands** |
|----|--------------------------------------|

| 6. | **General** |
|----|-------------|

26

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| (i) | a                  copy of the                  Programme Agreement; |
|-----|----------------------------------------------------------------------|

| (ii) | a                  copy of                  current versions of all documents referred to in Part I of Appendix                  A of                  the Programme Agreement; and |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | a                  reliance                  letter from the independent auditors of the                  Issuers, |
|-------|--------------------------------------------------------------------------------------------------------------------|

27

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28

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| (i) | a                  copy of the                  Programme Agreement; and |
|-----|--------------------------------------------------------------------------|

| (ii) | a                  copy of                  current versions of such of the other documents referred to in                  Part I of                  Appendix A of the Programme Agreement as we have                  requested, |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

29

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30

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31

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| 1. | This                  Agreement appoints each Manager which is not a party to the Programme                  Agreement (each a **“New                  Dealer”**)                  as a New                  Dealer in accordance with the provisions of clause 11 of the Programme                  Agreement for the purposes of the issue of the Notes. The Lead                  Manager                  confirms that it is in receipt of the documents referenced                  below: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | a                  copy of the                  Programme Agreement; and |
|--|-----|--------------------------------------------------------------------------|

|  | (ii) | a                  copy of                  such of the documents referred to in Part I of Appendix A of the                  Programme                  Agreement as the Lead Manager (on behalf of the Managers) has requested |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

32

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| 2. | Subject          to the terms and conditions of the Programme Agreement and this Agreement          the Issuer hereby agrees to issue the Notes and the Managers jointly          and severally agree to subscribe or procure subscribers for the Notes          at a price of [*specify*] per cent. of the principal amount of          the Notes (the **“****Purchase          Price”**),          being the issue price of [*specify*] per cent. less a selling commission          of [*specify*] per cent. of such principal amount and a combined          management and underwriting commission of [*specify*] per cent.          of such principal amount. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The                  settlement procedures set out in Part [1/2] of Annex A to the Procedures                  Memorandum shall apply as if set out in this Agreement provided                  that, for                  the purposes of this Agreement: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                  sum                  payable on the Issue Date shall represent the Purchase Price less                  any                  amount payable in respect of Managers’                  expenses as                  provided in the agreement referred to in clause 4 of this                  Agreement); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | **“Issue                  Date”**                  means                  [*specify*]                  a.m.                  ([*specify*]                  time) on                  [*specify*]                  or such                  other time and/or date as the Issuer and the Lead Manager on behalf                  of the                  Managers may agree; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | **“Payment                  Instruction Date”**                  means the                  Issue Date unless there is to be a pre-closing for the issue in                  which case                  it means the business day (being a day on which banks and foreign                  exchange                  markets are open for business in London) prior to the Issue                  Date. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The                  arrangements in relation to expenses have been separately agreed                  between                  the Issuer [, the Guarantor] and the Lead                  Manager. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The                  obligation of the Managers to purchase the Notes is conditional                  upon: |
|----|-------------------------------------------------------------------------------------------------------------|

|   | (i) | the                  conditions set out in clause 3(2) (other than that set out in clause                  3(2)(e) of the Programme Agreement being satisfied as of the Payment                  Instruction Date (on the basis that the references therein to **“relevant                  Dealer”**                  shall be                  construed as references to the Lead Manager);                  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                  delivery                  to the Lead Manager on the Payment Instruction Date                  of: |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|  | (A) | a                  legal                  opinion addressed to the Managers and the Trustee dated the Payment                  Instruction Date in such form and with such contents as the Lead                  Manager,                  on behalf of the Managers, may reasonably require from Ashurst,                  the legal                  advisers to the Issuer [and the Guarantor] as to English                  law; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (B) | a                  certificate                  dated as at the Payment Instruction Date signed by a duly authorised                  officer of the Issuer [and a certificate dated as at the Payment                  Instruction Date signed by a duly authorised officer of the Guarantor] |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

33

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|  | (C) | [a]                  comfort                  letter[s] dated the Payment Instruction Date from the independent                  auditors                  of [the Issuer the Guarantor], in such form and with such content                  as the                  Managers may reasonably request. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | The                  Lead                  Manager, on behalf of the Managers, may, by notice to the Issuer                  and after                  consultation with the Issuer if practicable, terminate this Agreement                  at                  any time prior to payment of the net purchase money to the Issuer,                  if in                  the opinion of the Lead Manager, there shall have been such a change                  in                  national or international financial, political or economic conditions                  or                  currency exchange rates or exchange controls as would in its view                  be                  likely to prejudice materially the success of the offering and                  distribution of the Notes or dealings in the Notes in the secondary                  market                  and, upon such notice being given, the parties to this Agreement                  shall                  (except for any liability of the Issuer[, or failing whom, the                  Guarantor]                  in relation to expenses as provided in the agreement referred to                  in clause                  4 of this Agreement and except for any liability arising before                  or in                  relation to such termination) be released and discharged from their                  respective obligations under this                  Agreement. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | A                  person who                  is not a party to this Agreement has no right under the Contracts                  (Rights                  of Third Parties) Act 1999 to enforce any term of this Agreement,                  but this                  does not affect any right or remedy of a third party which exists                  or is                  available apart from that Act. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Clause                  20 of                  the Programme Agreement shall also apply to this Agreement as if                  expressly                  incorporated herein. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | This                  Agreement may be signed in any number of counterparts, all of which,                  taken                  together, shall constitute one and the same agreement and any party                  may                  enter into this Agreement by executing a                  counterpart. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

34

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35

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36

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